Document:

Exhibit 4.6 (c)

 

Varietal Distribution Merger Sub, Inc.

CDRV Investors, Inc.

 

10.25%/11.25% Senior Notes due 2015

 

guaranteed as to the

payment of principal, premium,

if any, and interest by

 

The Guarantors listed on Schedule I hereto

 

 

Exchange and Registration Rights Agreement

 

June 29, 2007

 

Goldman, Sachs & Co.,
 Banc of America Securities LLC,

J.P. Morgan Securities Inc.,

Deutsche Bank Securities Inc.
    As representatives of the several
Purchasers
    named in Schedule I to the Purchase
Agreement,
 c/o Goldman, Sachs & Co.  

85 Broad Street,

New York, New York  10004

 

Ladies and Gentlemen:

 

This Exchange
and Registration Rights Agreement (this “Agreement”) is
dated as of June 29, 2007, among Varietal Distribution Merger Sub,
Inc., a Delaware corporation (“Varietal”),
CDRV Investors, Inc., a Delaware corporation (the “Company”),
the guarantors listed on Schedule I hereto (the “Guarantors”)
and Goldman, Sachs & Co., Banc of America Securities LLC, J.P. Morgan
Securities Inc. and Deutsche Bank Securities Inc. as representatives (the “Representatives”) of the several initial purchasers (the “Purchasers”) named on Schedule I to the Purchase
Agreement (as defined below).

 

This Agreement
is entered into in connection with the Purchase Agreement, dated as of June 26,
2007 (the “Purchase Agreement”), by and among
Varietal and the Purchasers, which provides for, among other things, the sale
by Varietal to the Purchasers of $675,000,000 aggregate principal amount of the
Issuer’s (as defined below) 10.25%/11.25% Senior Notes due 2015 (the “Notes”). The Notes are issued under an indenture, dated as
of the date hereof (as amended or supplemented from time to time, the “Indenture”), among Varietal, the Company, the Guarantors and
Law Debenture Trust Company of New York, as trustee (together with any
successors in such capacity, the “Trustee”). Pursuant
to the Purchase Agreement and the Indenture, the Guarantors are required to
guarantee (collectively, the “Guarantees”)
the Issuer’s

 

 

obligations under the Notes and the Indenture. References to the “Securities” shall mean, collectively, the Notes and, when
issued, the Guarantees and, unless the context otherwise requires, any
reference herein to a “Security,” an “Exchange Security” or a “Registrable
Security” shall include a reference to the related Guarantee. References to the
“Issuer” refer to (x) prior to the
consummation of the merger of Varietal with and into the Company (the “Merger”), Varietal and (y) from and after the consummation
of the Merger, the Company. In order to induce the Purchasers to enter into the
Purchase Agreement, the Issuer has agreed to provide the registration rights
set forth in this Agreement for the benefit of the Purchasers and any
subsequent holder or holders of the Securities. The execution and delivery of
this Agreement is a condition to the Purchasers’ obligations under the Purchase
Agreement. As an inducement to the Purchasers to enter into the Purchase
Agreement and in satisfaction of a condition to the obligations of the
Purchasers thereunder, the Issuer and the Guarantors agree with the Purchasers
for the benefit of holders (as defined herein) from time to time of the
Registrable Securities (as defined herein) as follows:

 

1.             Certain Definitions.

 

For purposes
of this Agreement, the following terms shall have the following respective
meanings:

 

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

 

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

 

“Business Day” shall have the meaning set forth in
Rule 13e-4(a)(3) promulgated by the Commission under the Exchange Act, as
the same may be amended or succeeded from time to time.

 

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

 

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

 

“EDGAR System” means the EDGAR filing system of the
Commission and the rules and regulations pertaining thereto promulgated by the
Commission in Regulation S-T under the Securities Act and the Exchange Act, in
each case as the same may be amended or succeeded from time to time (and
without regard to format).

 

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

 

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Commission
declares the Shelf Registration Statement effective or as of which the Shelf
Registration Statement otherwise becomes effective.

 

“Electing Holder” shall mean any holder of Registrable
Securities that has returned a completed and signed Notice and Questionnaire to
the Issuer in accordance with Section 3(d)(ii) or Section 3(d)(iii)
and the instructions set forth in the Notice and Questionnaire.

 

“Exchange Act” shall mean the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated by the Commission
thereunder, as the same may be amended or succeeded from time to time.

 

“Exchange Offer” shall have the meaning assigned thereto in
Section 2(a).

 

“Exchange Registration” shall have the meaning assigned
thereto in Section 3(c).

 

“Exchange Registration Statement” shall have the meaning
assigned thereto in Section 2(a).

 

“Exchange Securities” shall have the meaning assigned thereto
in Section 2(a).

 

“Guarantor” shall have the meaning assigned thereto in the
Indenture.

 

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

 

“Material Adverse Effect” shall have the meaning set forth in
Section 5(c).

 

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

 

The term “person” shall mean a corporation, limited liability company,
association, partnership, organization, business, individual, government or
political subdivision thereof or governmental agency.

 

“Registrable Securities” shall mean the Securities; provided, however, that a
Security shall cease to be a Registrable Security upon the earliest to occur of
the following:  (i) in the circumstances
contemplated by Section 2(a), the Security has been exchanged for an
Exchange Security in an Exchange Offer as contemplated in Section 2(a) (provided that any Exchange Security that, pursuant to the
last two sentences of Section 2(a), is included in a prospectus for use in
connection with resales by broker-dealers shall be deemed to be a Registrable
Security with respect to Sections 5, 6 and 9 until resale of such Registrable
Security has been effected within the 180-day period referred to in
Section 2(a)); (ii) in the circumstances contemplated by
Section 2(b), a Shelf Registration Statement registering such Security
under the Securities Act has been declared or becomes effective and such
Security has been sold or otherwise transferred

 

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by the holder thereof pursuant to and in a manner contemplated by such
effective Shelf Registration Statement; (iii) such Security is sold
pursuant to Rule 144 under circumstances in which any legend borne by such
Security relating to restrictions on transferability thereof, under the
Securities Act or otherwise, is removed by the Issuer or pursuant to the
Indenture; (iv) such Security is eligible to be sold pursuant to
paragraph (k) of Rule 144; or (v) such Security shall cease to be outstanding.

 

“Registration Default” shall have the meaning assigned
thereto in Section 2(c).

 

“Registration Default Period” shall have the meaning assigned
thereto in Section 2(c).

 

“Registration Expenses” shall have the meaning assigned
thereto in Section 4.

 

“Resale Period” shall have the meaning assigned thereto in
Section 2(a).

 

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

 

“Rule 144,” “Rule 405,”
“Rule 415,” “Rule 424,”
“Rule 430B” and “Rule 433” shall mean, in each case, such rule
promulgated by the Commission under the Securities Act (or any successor provision),
as the same may be amended or succeeded from time to time.

 

“Securities Act” shall mean the Securities Act of 1933, as
amended, and the rules and regulations promulgated by the Commission
thereunder, as the same may be amended or succeeded from time to time.

 

“Shelf Registration” shall have the meaning assigned thereto
in Section 2(b).

 

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

 

“Special Interest” shall have the meaning assigned thereto in
Section 2(c).

 

“Trust Indenture Act” shall mean the Trust Indenture Act of
1939, as amended, and the rules and regulations promulgated by the Commission
thereunder, as the same may be amended or succeeded from time to time.

 

Unless the
context otherwise requires, any reference herein to a “Section” or “clause”
refers to a Section or clause, as the case may be, of this Agreement, and the
words “herein,”

 

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“hereof” and “hereunder” and other words of similar import refer to
this Agreement as a whole and not to any particular Section or other
subdivision.

 

2.             Registration Under the
Securities Act.

 

(a)           Except as set forth in
Section 2(b) below, the Issuer agrees to file under the Securities Act, no
later than 180 days after the Closing Date, a registration statement relating
to an offer to exchange (such registration statement, the “Exchange
Registration Statement,” and such offer, the “Exchange
Offer”) any and all of the Securities for a like aggregate principal
amount of debt securities issued by the Issuer  and
guaranteed by the Guarantors, which debt securities and guarantee  are substantially identical to the Securities  and the related Guarantee, respectively (and are entitled
to the benefits of a trust indenture which is substantially identical to the
Indenture or is the Indenture and which has been qualified under the Trust
Indenture Act), except that they have been registered pursuant to an effective
registration statement under the Securities Act and do not contain provisions
for the additional interest contemplated in Section 2(c) below (such new
debt securities hereinafter called “Exchange Securities”).
The Issuer agrees to use all commercially reasonable efforts to cause the
Exchange Registration Statement to become effective under the Securities Act no
later than 90 days after the filing of the Exchange Registration Statement (or
180 days if the Exchange Registration Statement is subject to review by the
Commission). The Exchange Offer will be registered under the Securities Act on
the appropriate form and will comply with all applicable tender offer rules and
regulations under the Exchange Act. Unless the Exchange Offer would not be
permitted by applicable law or Commission policy, the Issuer further agrees to
use all commercially reasonable efforts to (i) commence the Exchange Offer
promptly (but no later than 10 Business Days) following the Effective Time of
such Exchange Registration Statement, (ii) hold the Exchange Offer open
for at least 20 Business Days in accordance with Regulation 14E promulgated by
the Commission under the Exchange Act and (iii) exchange Exchange
Securities for all Registrable Securities that have been properly tendered and
not withdrawn promptly following the expiration of the Exchange Offer. The
Exchange Offer will be deemed to have been “completed” only if the debt
securities  and related guarantee received by
holders other than Restricted Holders in the Exchange Offer for Registrable
Securities are, upon receipt, transferable by each such holder without
restriction under the Securities Act and the Exchange Act and without material
restrictions under the blue sky or securities laws of a substantial majority of
the States of the United States of America. The Exchange Offer shall be deemed
to have been completed upon the Issuer having exchanged, pursuant to the
Exchange Offer, Exchange Securities for all Registrable Securities that have
been properly tendered and not withdrawn before the expiration of the Exchange
Offer, which shall be on a date that is at least 20 Business Days following the
commencement of the Exchange Offer. The Issuer agrees (x) to include in the
Exchange Registration Statement a prospectus for use in any resales by any
holder of Exchange Securities that is a broker-dealer and (y) to keep such
Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first
issued in the Exchange Offer and ending upon the earlier of the expiration of
the  90th day after the Exchange
Offer has been completed or such time as such broker-dealers no longer own any
Registrable Securities. With respect to such Exchange Registration Statement,
such holders shall have the benefit of the rights of indemnification and
contribution set forth in Subsections 6(a), (c), (d) and (e).

 

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(b)           If (i) on or prior to the time the
Exchange Offer is completed existing Commission interpretations are changed
such that the debt securities or the related guarantee received by holders
other than Restricted Holders in the Exchange Offer for Registrable Securities
are not or would not be, upon receipt, transferable by each such holder without
restriction under the Securities Act, (ii) the Effective Time of the Exchange
Registration Statement is not within 270 days following the Closing Date (or
360 days if the Exchange Registration Statement is subject to review by the
Commission) and the Exchange Offer has not been completed within 30 Business
Days of such Effective Time or (iii) any holder of Registrable Securities
notifies the Issuer prior to the 20th Business Day following the
completion of the Exchange offer that: 
(A) it is prohibited by law or Commission policy from participating
in the Exchange Offer, (B) it may not resell the Exchange Securities to
the public without delivering a prospectus and the prospectus supplement
contained if the Exchange Registration Statement is not appropriate or
available for such resales or (C) it is a broker-dealer and owns Securities
acquired directly from the Issuer or an affiliate of the Issuer, then the
Issuer and the Guarantors shall, in lieu of (or, in the case of clause (iii),
in addition to) conducting the Exchange Offer contemplated by
Section 2(a), file under the Securities Act no later than 30 days after
the time such obligation to file arises (but no earlier than 180 days after the
Closing Date), a “shelf” registration statement providing for the registration
of, and the sale on a continuous or delayed basis by the holders of, all of the
Registrable Securities, pursuant to Rule 415 or any similar rule that may
be adopted by the Commission (such filing, the “Shelf
Registration” and such registration statement, the “Shelf Registration Statement”). The Issuer agrees to use all
commercially reasonable efforts to cause the Shelf Registration Statement to
become or be declared effective no later than 90 days after such Shelf
Registration Statement filing obligation arises (or 180 days if the Shelf
Registration Statement is subject to review by the Commission, but no earlier
than 270 days, or 360 days, as applicable, after the date of the Indenture); provided that if at any time the Issuer is or becomes a
“well-known seasoned issuer” (as defined in Rule 405) and is eligible to
file an “automatic shelf registration statement” (as defined in Rule 405),
then the Issuer and the Guarantors shall file the Exchange Registration
Statement in the form of an automatic shelf registration statement as provided
in Rule 405. The Issuer agrees to use all commercially reasonable efforts
to keep such Shelf Registration Statement continuously effective for a period
ending on the earlier of the second anniversary of the Closing Date or such
time as there are no longer any Registrable Securities outstanding. No holder
shall be entitled to be named as a selling securityholder in the Shelf
Registration Statement or to use the prospectus forming a part thereof for
resales of Registrable Securities unless such holder is an Electing Holder. The
Issuer agrees, after the Effective Time of the Shelf Registration Statement and
promptly upon the request of any holder of Registrable Securities that is not
then an Electing Holder, to use all commercially reasonable efforts to enable
such holder to use the prospectus forming a part thereof for resales of
Registrable Securities, including, without limitation, any action necessary to
identify such holder as a selling securityholder in the Shelf Registration
Statement (whether by post-effective amendment thereto or by filing a
prospectus pursuant to Rules 430B and 424(b) under the Securities Act
identifying such holder), provided, however, that nothing in this Clause (y) shall relieve any
such holder of the obligation to return a completed and signed Notice and
Questionnaire to the Issuer in accordance with Section 3(d)(iii).

 

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(c)           In the event that (i) the Issuer and
the Guarantors have not filed the Exchange Registration Statement or the Shelf
Registration Statement on or before the date on which such registration statement
is required to be filed pursuant to Section 2(a) or Section 2(b),
respectively, or (ii) such Exchange Registration Statement or Shelf
Registration Statement has not become effective or been declared effective by
the Commission on or before the date on which such registration statement is
required to become or be declared effective pursuant to Section 2(a) or
Section 2(b), respectively, or (iii) the Exchange Offer has not been
completed within 30 Business Days after the Effective Time of the Exchange
Registration Statement relating to the Exchange Offer (if the Exchange Offer is
then required to be made) or (iv) any Exchange Registration Statement or
Shelf Registration Statement required by Section 2(a) or Section 2(b)
is filed and declared effective but shall thereafter either be withdrawn by the
Issuer or shall become subject to an effective stop order issued pursuant to
Section 8(d) of the Securities Act suspending the effectiveness of such
registration statement (except as specifically permitted herein) without being
succeeded immediately by an additional registration statement filed and
declared effective (each such event referred to in clauses (i) through (iv), a
“Registration Default” and each period
during which a Registration Default has occurred and is continuing, a “Registration Default Period”), then, as liquidated damages
for such Registration Default, subject to the provisions of Section 9(b),
special interest (“Special Interest”),
in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for
the first 90 days of the Registration Default Period and at a per annum rate of
0.50% thereafter for the remaining portion of the Registration Default Period. Special
Interest shall accrue and be payable only with respect to a single Registration
Default at any given time, notwithstanding the fact that multiple Registration
Defaults may exist at such time. The accrual of Special Interest shall be the
exclusive monetary remedy available to the holders of Registrable Securities
for any Registration Default.

 

(d)           The Issuer shall take, and shall
cause the Guarantors to take,  all actions
reasonably necessary or advisable to be taken by it to ensure that the
transactions contemplated herein are effected as so contemplated, including all
actions reasonably necessary or desirable to register the Guarantee under the
registration statement contemplated in Section 2(a) or Section 2(b),
as applicable.

 

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

 

3.             Registration Procedures.

 

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

 

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

 

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

 

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

 

(i)            prepare
and file with the Commission, no later than 180 days after the Closing Date, an
Exchange Registration Statement on any form which may be utilized by the Issuer
and the Guarantors and which shall permit the Exchange Offer and resales of
Exchange Securities by broker-dealers during the Resale Period to be effected
as contemplated by Section 2(a), and use all commercially reasonable
efforts to cause such Exchange Registration Statement to become effective no
later than 90 days after the filing of the Exchange Registration Statement (or
180 days if the Exchange Registration Statement is subject to review by the
Commission);

 

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

 

(iii)          promptly
notify each broker-dealer that has requested or received copies of the
prospectus included in such Exchange Registration Statement, and confirm such
advice in writing, (A) when such Exchange Registration Statement or the
prospectus included therein or any prospectus amendment or supplement or post-effective
amendment has been filed, and, with respect to such Exchange Registration
Statement or any post-effective amendment, when the same has become effective,
(B) of any comments by the Commission and by the blue sky or securities
commissioner or regulator of any state with respect thereto or any request by
the Commission for amendments or supplements to such Exchange Registration
Statement or prospectus or for additional information, in each case, that
relate to any information provided by an Electing Holder, (C) of the
issuance by the Commission of any stop order suspending the effectiveness of
such Exchange Registration Statement or the initiation or threatening of any
proceedings for that purpose, (D) if at any time the representations and warranties

 

8

 

of the Issuer contemplated by Section 5 cease to be true and
correct in all material respects, (E) of the receipt by the Issuer of any
notification with respect to the suspension of the qualification of the
Exchange Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, (F) the occurrence of any
event that causes the Issuer to become an “ineligible issuer” as defined in
Rule 405, or (G) if at any time during the Resale Period when a
prospectus is required to be delivered under the Securities Act, that such
Exchange Registration Statement, prospectus, prospectus amendment or supplement
or post-effective amendment does not conform in all material respects to the
applicable requirements of the Securities Act and the Trust Indenture Act or
contains an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing;

 

(iv)          in
the event that the Issuer and the Guarantors would be required, pursuant to Section 3(c)(iii)(G),
to notify any broker-dealers holding Exchange Securities, promptly prepare and
furnish to each such holder a reasonable number of copies of a prospectus
supplemented or amended so that, as thereafter delivered to purchasers of such
Exchange Securities during the Resale Period, such prospectus shall conform in
all material respects to the applicable requirements of the Securities Act and
the Trust Indenture Act and shall not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the
circumstances then existing;

 

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

 

(vi)          use
all commercially reasonable efforts to (A) register or qualify the
Exchange Securities under the securities laws or blue sky laws of such
jurisdictions as are contemplated by Section 2(a) no later than the
commencement of the Exchange Offer, to the extent required by such laws,
(B) keep such registrations or qualifications in effect and comply with
such laws so as to permit the continuance of offers, sales and dealings therein
in such jurisdictions until the expiration of the Resale Period, (C) take
any and all other actions as may be reasonably necessary or advisable to enable
each broker-dealer holding Exchange Securities to consummate the disposition
thereof in such jurisdictions and (D) obtain the consent or approval of
each governmental agency or authority, whether federal, state or local, which
may be required to effect the Exchange Registration, the Exchange Offer and the
offering and sale of Exchange Securities by broker-dealers during the Resale
Period; provided, however,
that neither the Issuer nor any Guarantor shall be required for any such
purpose to (1) qualify as a foreign corporation in any jurisdiction
wherein it would not otherwise be required to qualify but for the requirements
of this Section 3(c)(vi), (2) consent to general service of process
in any such jurisdiction or become subject to taxation in any

 

9

 

such jurisdiction or (3) make any changes to its certificate of
incorporation or by-laws or other governing documents or any agreement between
it and its stockholders;

 

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

 

(viii)        comply
with all applicable rules and regulations of the Commission, and make generally
available to its securityholders no later than eighteen months after the
Effective Time of such Exchange Registration Statement, an earnings statement
of the Issuer and its subsidiaries complying with Section 11(a) of the
Securities Act (including, at the option of the Issuer, Rule 158
thereunder).

 

(d)           In
connection with the Issuer’s and the Guarantors’ obligations with respect to
the Shelf Registration, if applicable,  the Issuer and the Guarantors
shall:

 

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

 

(ii)           distribute
through the facilities of the Depository Trust Company (“DTC”) the
Notice and Questionnaire to the holders of Registrable Securities (A) not less
than 30 days prior to the anticipated Effective Time of the Shelf Registration
Statement or (B) in the case of an “automatic shelf registration
statement” (as defined in Rule 405), distribute through DTC the Notice and
Questionnaire to the holders of Registrable Securities not later than the
Effective Time of such Shelf Registration Statement, and in any such case no
holder shall be entitled to be named as a selling securityholder in the Shelf
Registration Statement, and no holder shall be entitled to use the prospectus
forming a part thereof for resales of Registrable Securities at any time,
unless and until such holder has returned a completed and signed Notice and
Questionnaire to the Issuer;

 

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

 

10

 

(iv)          as
soon as reasonably practicable prepare and file with the Commission such
amendments and supplements to such Shelf Registration Statement and the
prospectus included therein as may be necessary to effect and maintain the
effectiveness of such Shelf Registration Statement for the period specified in
Section 2(b) and as may be required by the applicable rules and regulations
of the Commission and the instructions applicable to the form of such Shelf
Registration Statement, and furnish to the Electing Holders copies of any such
supplement or amendment simultaneously with or prior to its being used or filed
with the Commission to the extent such documents are not publicly available on
the Commission’s EDGAR System;

 

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

 

(vi)          provide
a representative for all of the Electing Holders (which itself must be an
Electing Holder) and not more than one counsel for all the Electing Holders the
opportunity to participate in the preparation of such Shelf Registration
Statement, each prospectus included therein or filed with the Commission and
each amendment or supplement thereto;

 

(vii)         for
a reasonable period prior to the filing of such Shelf Registration Statement,
and throughout the period specified in Section 2(b), make available at
reasonable times at the Issuer’s principal place of business or such other
reasonable place for inspection by the persons referred to in Section 3(d)(vi)
who shall certify to the Issuer that they have a current intention to sell the
Registrable Securities pursuant to the Shelf Registration such financial and
other information and books and records of the Issuer, and cause the officers,
employees, counsel and independent certified public accountants of the Issuer
to respond to such inquiries, as shall be reasonably necessary (and in the case
of counsel, not violate an attorney-client privilege, in such counsel’s
reasonable belief), in the judgment of the respective counsel referred to in
Section 3(d)(vi), to conduct a reasonable investigation within the meaning
of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information
gathering on behalf of the Electing Holders shall be conducted by one counsel
designated by the holders of at least a majority in aggregate principal amount
of the Registrable Securities held by the Electing Holders at the time
outstanding and provided further that each such
party shall be required to maintain in confidence and not to disclose to any
other person any information or records reasonably designated by the Issuer as
being confidential, until such time as (A) such information becomes a
matter of public record (whether by virtue of its inclusion in such Shelf
Registration Statement or otherwise), or (B) such person shall be required
so to disclose such information pursuant to a subpoena or order of any court or
other governmental agency or body having jurisdiction over the matter (subject
to the requirements of such order, and only after such person shall have given
the Issuer prompt prior 

 

11

 

written notice of such requirement), or (C) such information is required
to be set forth in such Shelf Registration Statement or the prospectus included
therein or in an amendment to such Shelf Registration Statement or an amendment
or supplement to such prospectus in order that such Shelf Registration
Statement, prospectus, amendment or supplement, as the case may be, complies
with applicable requirements of the federal securities laws and the rules and
regulations of the Commission and does not contain an untrue statement of a
material fact or omit to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of
the circumstances then existing;

 

(viii)        promptly
notify each of the Electing Holders and confirm such advice in writing,
(A) when such Shelf Registration Statement or the prospectus included
therein or any prospectus amendment or supplement or post-effective amendment
has been filed, and, with respect to such Shelf Registration Statement or any
post-effective amendment, when the same has become effective, (B) of any
comments by the Commission and by the blue sky or securities commissioner or
regulator of any state with respect thereto or any request by the Commission
for amendments or supplements to such Shelf Registration Statement or
prospectus or for additional information, (C) of the issuance by the
Commission of any stop order suspending the effectiveness of such Shelf
Registration Statement or the initiation or threatening of any proceedings for
that purpose, (D) if at any time the representations and warranties of the
Issuer set forth in Section 5 cease to be true and correct in all material
respects, (E) of the receipt by the Issuer of any notification with
respect to the suspension of the qualification of the Registrable Securities
for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose, (F) the occurrence of any event that causes the Issuer
to become an “ineligible issuer” as defined in Rule 405, or (G) if at
any time when a prospectus is required to be delivered under the Securities
Act, that such Shelf Registration Statement, prospectus, prospectus amendment
or supplement or post-effective amendment does not conform in all material
respects to the applicable requirements of the Securities Act and the Trust
Indenture Act or contains an untrue statement of a material fact or omits to
state any material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing;

 

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

 

(x)            if
requested by any Electing Holder, promptly incorporate in a prospectus
supplement or post-effective amendment such information as is required by the
applicable rules and regulations of the Commission and as such Electing Holder
specifies should be included therein relating to the terms of the sale of such
Registrable Securities, including information with respect to the principal
amount of Registrable Securities being sold by such Electing Holder, the

 

12

 

name and description of such Electing Holder, the offering price of
such Registrable Securities and any discount, commission or other compensation
payable in respect thereof and with respect to any other terms of the offering
of the Registrable Securities to be sold by such Electing Holder; and make all
required filings of such prospectus supplement or post-effective amendment
promptly after notification of the matters to be incorporated in such prospectus
supplement or post-effective amendment;

 

(xi)           furnish
to each Electing Holder and the counsel referred to in Section 3(d)(vi) an
executed copy (or a conformed copy) of such Shelf Registration Statement, each
such amendment and supplement thereto (in each case including all exhibits
thereto (in the case of an Electing Holder of Registrable Securities, upon
request) and documents incorporated by reference therein) and such number of copies
of such Shelf Registration Statement (excluding exhibits thereto and documents
incorporated by reference therein unless specifically so requested by such
Electing Holder) and of the prospectus included in such Shelf Registration
Statement (including each preliminary prospectus and any summary prospectus),
in conformity in all material respects with the applicable requirements of the
Securities Act and the Trust Indenture Act to the extent such documents are not
available through the Commission’s EDGAR System, and such other documents, as
such Electing Holder may reasonably request in order to facilitate the offering
and disposition of the Registrable Securities owned by such Electing Holder and
to permit such Electing Holder to satisfy the prospectus delivery requirements
of the Securities Act; and subject to Section 3(e), the Issuer hereby
consents to the use of such prospectus (including such preliminary and summary
prospectus) and any amendment or supplement thereto by each such Electing
Holder, in each case in the form most recently provided to such person by the Issuer,
in connection with the offering and sale of the Registrable Securities covered
by the prospectus (including such preliminary and summary prospectus) or any
supplement or amendment thereto;

 

(xii)          use
all commercially reasonable efforts to (A) register or qualify the
Registrable Securities to be included in such Shelf Registration Statement
under such securities laws or blue sky laws of such jurisdictions as any
Electing Holder shall reasonably request, (B) keep such registrations or
qualifications in effect and comply with such laws so as to permit the continuance
of offers, sales and dealings therein in such jurisdictions during the period
the Shelf Registration is required to remain effective under Section 2(b)
and for so long as may be necessary to enable any such Electing Holder to
complete its distribution of Securities pursuant to such Shelf Registration
Statement, (C) take any and all other actions as may be reasonably
necessary or advisable to enable each such Electing Holder to consummate the disposition
in such jurisdictions of such Registrable Securities and (D) obtain the
consent or approval of each governmental agency or authority, whether federal,
state or local, which may be required to effect the Shelf Registration or the
offering or sale in connection therewith or to enable the selling holder or
holders to offer, or to consummate the

 

13

 

disposition of, their Registrable Securities; provided,
however, that neither  the Issuer nor any Guarantor shall be required for any such
purpose to (1) qualify as a foreign corporation in any jurisdiction
wherein it would not otherwise be required to qualify but for the requirements
of this Section 3(d)(xii), (2) consent to general service of process
in any such jurisdiction or become subject to taxation in any such jurisdiction
or (3) make any changes to its certificate of incorporation or by-laws or
other governing documents or any agreement between it and its stockholders;

 

(xiii)         unless
any Registrable Securities shall be in book-entry only form, cooperate with the
Electing Holders to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold, which
certificates, if so required by any securities exchange upon which any
Registrable Securities are listed, shall be printed, penned, lithographed,
engraved or otherwise produced by any combination of such methods, on steel engraved
borders, and which certificates shall not bear any restrictive legends;

 

(xiv)        provide
a CUSIP number for all Registrable Securities, not later than the applicable
Effective Time;

 

(xv)         notify
in writing each holder of Registrable Securities of any proposal by the Issuer
to amend or waive any provision of this Agreement pursuant to Section 9(h)
and of any amendment or waiver effected pursuant thereto, each of which notices
shall contain the text of the amendment or waiver proposed or effected, as the
case may be;

 

(xvi)        comply
with all applicable rules and regulations of the Commission, and make generally
available to its securityholders no later than eighteen months after the
Effective Time of such Shelf Registration Statement an earnings statement of
the Issuer and its subsidiaries complying with Section 11(a) of the
Securities Act (including, at the option of the Issuer, Rule 158
thereunder).

 

(e)           In
the event that the Issuer would be required, pursuant to
Section 3(d)(viii)(G), to notify the Electing Holders, the Issuer shall
promptly prepare and furnish to each of the Electing Holders a reasonable
number of copies of a prospectus supplemented or amended so that, as thereafter
delivered to purchasers of Registrable Securities, such prospectus shall
conform in all material respects to the applicable requirements of the
Securities Act and the Trust Indenture Act and shall not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing. Each Electing Holder agrees that upon
receipt of any notice from the Issuer pursuant to Section 3(d)(viii)(G),
such Electing Holder shall forthwith discontinue the disposition of Registrable
Securities pursuant to the Shelf Registration Statement applicable to such
Registrable Securities until such Electing Holder shall have received copies of
such amended or supplemented prospectus, and if so directed by the Issuer, such
Electing Holder shall deliver to the Issuer (at the Issuer’s expense) all
copies,

 

14

 

other than permanent file copies, then in such Electing Holder’s
possession of the prospectus covering such Registrable Securities at the time
of receipt of such notice.

 

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

 

(g)           Until
the expiration of two years after the Closing Date, the Issuer will not, and
will not permit any of its “affiliates” (as defined in Rule 144) to,
resell any of the Securities that have been reacquired by any of them except
pursuant to an effective registration statement, or a valid exemption from the
registration requirements, under the Securities Act.

 

(h)           As
a condition to its participation in the Exchange Offer, each holder of
Registrable Securities shall furnish, upon the request of the Issuer, a written
representation to the Issuer (which may be contained in the letter of
transmittal or “agent’s message” transmitted via The Depository Trust Company’s
Automated Tender Offer Procedures, in either case contemplated by the Exchange
Registration Statement) to the effect that (A) it is not an “affiliate” of
the Issuer, as defined in Rule 405 of the Securities Act, or if it is such
an “affiliate,” it will comply with the registration and prospectus delivery
requirements of the Securities Act to the extent applicable, (B) it is not
engaged in and does not intend to engage in, and has no arrangement or
understanding with any person to participate in, a distribution of the Exchange
Securities to be issued in the Exchange Offer, (C) it is acquiring the
Exchange Securities in its ordinary course of business, (D) if it is a
broker-dealer that holds Securities that were acquired for its own account as a
result of market-making activities or other trading activities (other than
Securities acquired directly from the Issuer or any of its affiliates), it will
deliver a prospectus meeting the requirements of the Securities Act in
connection with any resales of the Exchange Securities received by it in the
Exchange Offer, (E) if it

 

15

 

is a broker-dealer, that it did not purchase the Securities to be
exchanged in the Exchange Offer from the Issuer or any of its affiliates, and
(F) it is not acting on behalf of any person who could not truthfully and
completely make the representations contained in the foregoing subclauses (A)
through (E).

 

4.             Registration Expenses.

 

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

 

16

 

5.             Representations and
Warranties.

 

The Issuer and
each Guarantor, jointly and severally, represent and warrant to, and agree
with, each Purchaser and each of the holders from time to time of Registrable
Securities that:

 

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

 

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

 

(c)           The
compliance by the Issuer with all of the provisions of this Agreement and the
consummation of the transactions herein contemplated will not (i) conflict
with or result in a breach or violation of any of the terms or provisions of,
or constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Issuer or any of its
subsidiaries is a party or by which the Issuer or any of its subsidiaries is
bound or to which any of the property or assets of the Issuer or any of its subsidiaries
is subject, (ii) result in any violation of the provisions of the 

 

17

 

certificate of incorporation, as amended, or the by-laws or other
governing documents, as applicable, of the Issuer  or
the Guarantors or (iii)  result in any violation of any statute or any
order, rule or regulation of any court or governmental agency or body having
jurisdiction over the Issuer or any of its subsidiaries or any of their
respective properties, except in the case of (i) and (iii) above, for such
conflicts, breaches or defaults as would not reasonably be expected to result
in a material adverse effect on the business, properties, condition (financial
or otherwise), results of operations or prospects of the Issuer and its
subsidiaries, taken as whole (a “Material Adverse Effect”);
and no consent, approval, authorization, order, registration or qualification
of or with any such court or governmental agency or body is required for the
consummation by the Issuer and the Guarantors of the transactions contemplated
by this Agreement, except (w) the registration under the Securities Act of
the Securities and qualification of the Indenture under the Trust Indenture
Act, (x) such consents, approvals, authorizations, registrations or
qualifications as may be required under state securities or blue sky laws in
connection with the offering and distribution of the Securities, (y) such
consents, approvals, authorizations, registrations or qualifications that have
been obtained and are in full force and effect as of the date hereof and
(z) such consents, approvals, authorizations, registrations or
qualifications that the failure to have would not reasonably be expected to
have a Material Adverse Effect.

 

(d)           This
Agreement has been duly authorized, executed and delivered by the Issuer.

 

6.             Indemnification and
Contribution.

 

(a)           Indemnification by the
Issuer and the Guarantors. The Issuer and each Guarantor, jointly
and severally, will indemnify and hold harmless each of the holders of
Registrable Securities included in an Exchange Registration Statement and each
of the Electing Holders of Registrable Securities included in a Shelf
Registration Statement against any losses, claims, damages or liabilities,
joint or several, to which such holder or such Electing Holder may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are
based upon an untrue statement or alleged untrue statement of a material fact
contained in any Exchange Registration Statement or Shelf Registration
Statement, as the case may be, under which such Registrable Securities were
registered under the Securities Act, or any preliminary, final or summary
prospectus (including, without limitation, any “issuer free writing prospectus”
as defined in Rule 433) contained therein or furnished by the Issuer to
any such holder or such Electing Holder, or any amendment or supplement
thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and will reimburse such holder and
such Electing Holder for any legal or other expenses reasonably incurred by
them in connection with investigating or defending any such action or claim as
such expenses are incurred; provided, however, that neither the Issuer nor any Guarantor shall be
liable to any such person in any such case to the extent that any such loss,
claim, damage or liability arises out of or is based upon an untrue statement
or alleged untrue statement or omission or alleged omission made in such
registration statement, or preliminary, final or summary prospectus (including,
without limitation, any “issuer free writing prospectus” 

 

18

 

as defined in
Rule 433), or amendment or supplement thereto, in reliance upon and in
conformity with written information furnished to the Issuer by such person
expressly for use therein.

 

(b)           Indemnification by the
Holders. Each holder of Securities, severally and not jointly, will
(i) indemnify and hold harmless the Issuer, each Guarantor and all other
holders of Registrable Securities, against any losses, claims, damages or
liabilities to which the Issuer, each Guarantor or such other holders of
Registrable Securities may become subject, under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon an untrue statement or
alleged untrue statement of a material fact contained in such registration
statement, or any preliminary, final or summary prospectus (including, without
limitation, any “issuer free writing prospectus” as defined in Rule 433)
contained therein or furnished by the Issuer to any such Electing Holder, or
any amendment or supplement thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, in
each case to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance
upon and in conformity with written information furnished to the Issuer by such
Electing Holder expressly for use therein, and (ii) reimburse the Issuer
and each Guarantor for any legal or other expenses reasonably incurred by the
Issuer and each Guarantor in connection with investigating or defending any
such action or claim as such expenses are incurred; provided,
however, that no such Electing Holder
shall be required to undertake liability to any person under this Section 6(b)
for any amounts in excess of the dollar amount of the proceeds to be received
by such Electing Holder from the sale of such Electing Holder’s Registrable
Securities pursuant to such registration.

 

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

 

19

 

action or
claim) unless such settlement, compromise or judgment (i) includes an
unconditional release of the indemnified party from all liability arising out
of such action or claim and (ii) does not include a statement as to, or an
admission of, fault, culpability or a failure to act by or on behalf of any
indemnified party.

 

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

 

(e)           The obligations of the Issuer and
each Guarantor under this Section 6 shall be in addition to any liability
which the Issuer or each Guarantor may otherwise have and shall extend, upon
the same terms and conditions, to each officer, director and partner of each
holder and each person, if any, who controls any holder within the meaning of
the Securities Act; and the obligations of the holders contemplated by this
Section 6 shall be in addition to any liability which the respective
holder may otherwise have and shall extend, upon the same terms and conditions,
to each officer and director of the Issuer or any Guarantor (including any
person who, with his consent, is named in any registration statement as about
to become a director of the

 

20

 

Issuer or any
of the Guarantor) and to each person, if any, who controls the Issuer within
the meaning of the Securities Act.

 

7.             Underwritten Offerings.

 

Each holder of
Registrable Securities hereby agrees with the Issuer and each other such holder
that no holder of Registrable Securities may participate in any underwritten
offering hereunder unless (a) the Issuer gives its prior written consent
to such underwritten offering, (b) the managing underwriter or
underwriters thereof shall be designated by Electing Holders holding at least a
majority in aggregate principal amount of the Registrable Securities to be
included in such offering, provided that
such designated managing underwriter or underwriters is or are reasonably
acceptable to the Issuer, (c) each holder of Registrable Securities
participating in such underwritten offering agrees to sell such holder’s
Registrable Securities on the basis provided in any underwriting arrangements
approved by the persons entitled selecting the managing underwriter or underwriters
hereunder and (d) each holder of Registrable Securities participating in
such underwritten offering completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements. Notwithstanding the
foregoing, the Issuer shall not be required to effect more than three
underwritten offerings under this Section 7 and any underwritten offering must
include Notes in an aggregate principal amount of at least $67.5 million.

 

8.             Rule 144.

 

The Issuer
covenants to the holders of Registrable Securities that to the extent it shall
be required to do so under the Exchange Act, the Issuer will use its reasonable
best efforts to timely file the reports required to be filed by it under the
Exchange Act or the Securities Act (including the reports under
Sections 13 and 15(d) of the Exchange Act referred to in subparagraph
(c)(1) of Rule 144), and shall take such further action as any holder of
Registrable Securities may reasonably request, all to the extent required from
time to time to enable such holder to sell Registrable Securities without
registration under the Securities Act within the limitations of the exemption
provided by Rule 144. Upon the request of any holder of Registrable
Securities in connection with that holder’s sale pursuant to Rule 144, the
Issuer shall deliver to such holder a written statement as to whether it has
complied with such requirements.

 

9.             Miscellaneous.

 

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

 

(b)           Specific Performance.
The parties hereto acknowledge that there would be no adequate remedy at law if
the Issuer fails to perform any of its obligations hereunder and that the
Purchasers and the holders from time to time of the Registrable Securities may
be irreparably harmed by any such failure, and accordingly agree that the
Purchasers and such holders, in addition to any other remedy to which they may
be entitled at law or in equity, shall be entitled

 

21

 

to compel
specific performance of the obligations of the Issuer under this Agreement in
accordance with the terms and conditions of this Agreement, in any court of the
United States or any State thereof having jurisdiction. Time shall be of the
essence in this Agreement.

 

(c)           Notices. All
notices, requests, claims, demands, waivers and other communications hereunder
shall be in writing (including emails) and shall be deemed to have been duly
given when delivered by hand, if delivered personally, by facsimile, by courier
or electronic mail, or three days after being deposited in the mail (registered
or certified mail, postage prepaid, return receipt requested) as follows:  If to the Issuer, to it at 1310 Goshen
Parkway, P.O. Box 2656, West Chester, Pennsylvania 19380, and if to a holder,
to the address of such holder set forth in the security register or other
records of the Issuer, or to such other address as the Issuer or any such
holder may have furnished to the other in writing in accordance herewith,
except that notices of change of address shall be effective only upon receipt.

 

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

 

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

 

(f)            Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York.

 

(g)           Headings. The
descriptive headings of the several Sections and paragraphs of this Agreement
are inserted for convenience only, do not constitute a part of this Agreement
and shall not affect in any way the meaning or interpretation of this
Agreement.

 

(h)           Entire Agreement;
Amendments. This Agreement and the other writings referred to herein
(including the Indenture and the form of Securities) or delivered pursuant
hereto which form a part hereof contain the entire understanding of the parties
with respect to its subject matter. This Agreement supersedes all prior
agreements and understandings between the parties

 

22

 

with respect
to its subject matter. This Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively) only by a written
instrument duly executed by the Issuer and the holders of at least a majority
in aggregate principal amount of the Registrable Securities at the time
outstanding. Each holder of any Registrable Securities at the time or
thereafter outstanding shall be bound by any amendment or waiver effected
pursuant to this Section 9(h), whether or not any notice, writing or
marking indicating such amendment or waiver appears on such Registrable
Securities or is delivered to such holder.

 

(i)            Inspection. For
so long as this Agreement shall be in effect, this Agreement and a complete
list of the names and addresses of all the holders of Registrable Securities to
the extent known by the Issuer following reasonable inquiry shall be made
available for inspection and copying on any Business Day by any holder of
Registrable Securities for proper purposes only (which shall include any
purpose related to the rights of the holders of Registrable Securities under
the Securities, the Indenture and this Agreement) at the offices of the Issuer
at the address thereof set forth in Section 9(c) and at the office of the
Trustee under the Indenture.

 

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

 

(k)           Severability. If
any provision of this Agreement, or the application thereof in any circumstance,
is held to be invalid, illegal or unenforceable in any respect for any reason,
the validity, legality and enforceability of such provision in every other
respect and of the remaining provisions contained in this Agreement shall not
be affected or impaired thereby.

 

23

 

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

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VARIETAL
  DISTRIBUTION MERGER SUB, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CDRV INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VWR INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VWR MANAGEMENT SERVICES LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

24

 

	
   

  	
  VWR, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WARD’S NATURAL SCIENCE ESTABLISHMENT, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SCIENCE KIT, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

25

 

 

	
  Accepted
  as of the date hereof:

  
	
   

  
	
  GOLDMAN, SACHS & CO.

  BANC OF AMERICA SECURITIES LLC

  J.P. MORGAN SECURITIES INC.

  DEUTSCHE BANK SECURITIES INC.

  
	
   

  
	
  By: 

  	
  Goldman, Sachs & Co.

  
	
   

  	
  For itself, the other Representatives

  and the other several Initial Purchasers

  named in Schedule I to the 

  foregoing Agreement.

  
	
   

  
	
   

  	
   

  
	
  (Goldman, Sachs & Co.)

  	
   

  
			

 

 

Exhibit A

 

CDRV INVESTORS, INC.

 

INSTRUCTION TO DTC PARTICIPANTS

 

[Date]

 

URGENT —
IMMEDIATE ATTENTION REQUESTED

 

DEADLINE FOR RESPONSE:  [    ](a)

 

The Depository
Trust Company (“DTC”) has identified you as a DTC
Participant through which beneficial interests in the VWR Funding, Inc.
(formerly known as CDRV Investors,
Inc.) (the “Issuer”)
10.25%/11.25% Senior Notes due 2015 (the “Securities”)
are held.

 

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

 

It is
important that beneficial owners of the Securities receive a copy of the
enclosed materials as soon as possible as their rights
to have the Securities included in the registration statement depend upon their
returning the Notice and Questionnaire by [        ].
Please forward a copy of the enclosed documents to each beneficial owner that
holds interests in the Securities through you. If you require more copies of
the enclosed materials or have any questions pertaining to this matter, please
contact VWR Funding, Inc. (formerly known as CDRV Investors, Inc.), [Address and Telephone Number of Issuer].

 

(a)           Not less than 28 calendar days from date of mailing.

 

A-1

 

CDRV
INVESTORS, INC.

 

Notice of
Registration Statement

and

Selling Securityholder Questionnaire

 

[               ]

 

Reference is
hereby made to the Exchange and Registration Rights Agreement (the “Exchange and Registration Rights Agreement”) between VWR
Funding, Inc. (formerly known as CDRV
Investors, Inc.) (the “Issuer”) and
the Purchasers named therein. Pursuant to the Exchange and Registration Rights
Agreement, the Issuer has filed or will file with the United States Securities
and Exchange Commission (the “Commission”) a
registration statement on Form [    ] (the “Shelf Registration Statement”) for the registration and
resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Issuer’s 10.25%/11.25% Senior
Notes due 2015 (the “Securities”). A
copy of the Exchange and Registration Rights Agreement has been filed as an
exhibit to the Shelf Registration Statement and can be obtained from the
Commission’s website at www.sec.gov. All capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Exchange and
Registration Rights Agreement.

 

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

 

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

 

The term “Registrable Securities” is defined in the Exchange and
Registration Rights Agreement.

 

A-2

 

ELECTION

 

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

 

Pursuant to
the Exchange and Registration Rights Agreement, the undersigned has agreed to indemnify
and hold harmless the Issuer, its officers who sign any Shelf Registration Statement,
and each person, if any, who controls the Issuer within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act of
1934, as amended (the “Exchange Act”),
against certain loses arising out of an untrue statement, or the alleged untrue
statement, of a material fact in the Shelf Registration Statement or the
related prospectus or the omission, or alleged omission, to state a material
fact required to be stated in such Shelf Registration Statement or the related
prospectus, but only to the extent such untrue statement or omission, or
alleged untrue statement or omission, was made in reliance on and in conformity
with the information provided in this Notice and Questionnaire.

 

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

 

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

 

A-3

 

QUESTIONNAIRE

 

(1)                                  (a)                                  Full
legal name of Selling Securityholder:

 

 

(b)                                 Full
legal name of registered Holder (if not the same as in (a) above) of Registrable
Securities listed in Item (3) below:

 

 

(c)                                  Full
legal name of DTC Participant (if applicable and if not the same as (b) above)
through which Registrable Securities listed in Item (3) below are held:

 

 

(2)                                  Address for notices
to Selling Securityholder:

 

 

 

 

Telephone:            

Fax:         

Contact Person:    

E-mail for Contact Person:  

 

(3)                                  Beneficial
Ownership of Securities:

 

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

 

(a)                                  Principal
amount of Registrable Securities beneficially owned:   

CUSIP No(s). of such Registrable Securities:  

 

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

CUSIP No(s). of such other Securities:            

 

(c)                                  Principal
amount of Registrable Securities that the undersigned wishes to be included in
the Shelf Registration Statement:                

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

 

(4)                                  Beneficial
Ownership of Other Securities of the Issuer:

 

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

 

A-4

 

State any exceptions here:

(5)                                  Individuals
who exercise dispositive powers with respect to the Securities:

 

If the Selling Securityholder is not an
entity that is required to file reports with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act (a “Reporting Company”), then the
Selling Securityholder must disclose the name of the natural person(s) who
exercise sole or shared dispositive powers with respect to the Securities. Selling
Securityholders should disclose the beneficial holders, not nominee holders or
other such others of record. In addition, the Commission has provided guidance
that Rule 13d-3 of the Securities Exchange Act of 1934 should be used by
analogy when determining the person or persons sharing voting and/or
dispositive powers with respect to the Securities.

 

(a)                                  Is
the holder a Reporting Company?

 

Yes                                                                                                                                                                          No

 

If “No,” please answer Item (5)(b).

 

(b)                                 List
below the individual or individuals who exercise dispositive powers with
respect to the Securities:

 

Please note that the names of the persons
listed in (b) above will be included in the Shelf Registration Statement and
related Prospectus.

 

(6)                                  Relationships
with the Issuer:

 

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

 

State any exceptions here:

 

 

 

 

A-5

 

(7)                                  Plan
of Distribution:

 

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

 

State any exceptions here:

 

 

 

 

Note: 
In no event may such method(s) of distribution take the form of an
underwritten offering of Registrable Securities without the prior written
agreement of the Issuer.

 

(8)                                  Broker-Dealers:

 

The Commission requires that all Selling
Securityholders that are registered broker-dealers or affiliates of registered
broker-dealers be so identified in the Shelf Registration Statement. In addition,
the Commission requires that all Selling Securityholders that are registered
broker-dealers be named as underwriters in the Shelf Registration Statement and
related Prospectus, even if they did not receive the Registrable Securities as
compensation for underwriting activities.

 

(a)                                  State
whether the undersigned Selling Securityholder is a registered broker-dealer:

 

Yes                                                                                                                                                                          No

 

A-6

 

(b)                                 If
the answer to (a) is “Yes,” you must answer (i) and (ii) below, and (iii) below
if applicable. Your answers to (i) and (ii) below, and
(iii) below if applicable, will be included in the Shelf Registration Statement
and related Prospectus.

 

(i)                                     Were
the Securities acquired as compensation for underwriting activities?

 

Yes                                                                                                                                                                          No

 

If you answered “Yes,” please provide a brief
description of the transaction(s) in which the Securities were acquired as
compensation:

 

 

 

(ii)                                  Were
the Securities acquired for investment purposes?

 

Yes                                                                                                                                                                          No

 

(iii)                               If
you answered “No” to both (i) and (ii), please explain the Selling
Securityholder’s reason for acquiring the Securities:

 

 

 

(c)                                  State
whether the undersigned Selling Securityholder is an affiliate of a registered
broker-dealer and, if so, list the name(s) of the broker-dealer affiliate(s):

 

Yes                                                                                                                                                                          No

 

 

 

(d)                                 If
you answered “Yes” to question (c) above:

 

(i)                                     Did
the undersigned Selling Securityholder purchase Registrable Securities in the
ordinary course of business?

 

Yes                                                                                                                                                                          No

 

If the answer is “No” to question (d)(i),
provide a brief explanation of the circumstances in which the Selling
Securityholder acquired the Registrable Securities:

 

 

 

 

A-7

 

(ii)                                  At
the time of the purchase of the Registrable Securities, did the undersigned
Selling Securityholder have any agreements, understandings or arrangements,
directly or indirectly, with any person to dispose of or distribute the
Registrable Securities?

 

Yes                                                                                                                                                                          No

 

If the answer is “Yes” to question (d)(ii),
provide a brief explanation of such agreements, understandings or arrangements:

 

 

 

 

If the answer is “No” to Item (8)(d)(i) or “Yes” to Item (8)(d)(ii), you
will be named as an underwriter in the Shelf Registration Statement and the
related Prospectus.

 

(9)                                  Hedging
and short sales:

 

(a)                                  State
whether the undersigned Selling Securityholder has or will enter into “hedging
transactions” with respect to the Registrable Securities:

 

Yes                                                                                                                                                                          No

 

If “Yes,” provide below a complete
description of the hedging transactions into which the undersigned Selling
Securityholder has entered or will enter and the purpose of such hedging transactions,
including the extent to which such hedging transactions remain in place:

 

 

 

(b)                                 Set
forth below is Interpretation A.65 of the Commission’s July 1997 Manual of
Publicly Available Interpretations regarding short selling:

 

“An issuer filed a Form S-3 registration
statement for a secondary offering of common stock which is not yet effective. One
of the selling shareholders wanted to do a short sale of common stock “against
the box” and cover the short sale with registered shares after the effective
date. The issuer was advised that the short sale could not be made before the
registration statement becomes effective, because the shares underlying the
short sale are deemed to be sold at the time such sale is made. There would,
therefore, be a violation of Section 5 if the shares were effectively sold
prior to the effective date.”

 

By returning this Notice and Questionnaire,
the undersigned Selling Securityholder will be deemed to be aware of the
foregoing interpretation.

 

A-8

 

*              *              *              *              *

 

By signing
below, the Selling Securityholder acknowledges that it understands its
obligation to comply, and agrees that it will comply, with the provisions of
the Exchange Act, particularly Regulation M (or any successor rule or
regulation).

 

The Selling
Securityholder hereby acknowledges its obligations under the Exchange and Registration
Rights Agreement to indemnify and hold harmless the Issuer and certain other persons
as set forth in the Exchange and Registration Rights Agreement.

 

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

 

By signing
below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items (1) through (9) above and the
inclusion of such information in the Shelf Registration Statement and related
Prospectus. The Selling Securityholder understands that such information will
be relied upon by the Issuer in connection with the preparation of the Shelf
Registration Statement and related Prospectus.

 

In accordance
with the Selling Securityholder’s obligation under Section 3(d) of the
Exchange and Registration Rights Agreement to provide such information as may
be required by law for inclusion in the Shelf Registration Statement, the
Selling Securityholder agrees to promptly notify the Issuer of any inaccuracies
or changes in the information provided herein which may occur subsequent to the
date hereof at any time while the Shelf Registration Statement remains in
effect and to provide such additional information that the Issuer may
reasonably request regarding such Selling Securityholder and the intended
method of distribution of Registrable Securities in order to comply with the
Securities Act. Except as otherwise provided in the Exchange and Registration
Rights Agreement, all notices hereunder and pursuant to the Exchange and Registration
Rights Agreement shall be made in writing, by hand-delivery, first-class mail,
or air courier guaranteeing overnight delivery as follows:

 

(i)                                     To
the Issuer:

 

 

 

 

A-9

 

(ii)                                  With
a copy to:

 

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

 

A-10

 

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

 

	
  Dated: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Selling Securityholder

  
	
   

  	
  (Print/type full legal name of beneficial owner of Registrable
  Securities)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

PLEASE RETURN
THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE
[        ] TO THE ISSUER’S COUNSEL AT:

 

 

 

 

 

A-11

 

Exhibit B

 

NOTICE OF
TRANSFER PURSUANT TO REGISTRATION STATEMENT

 

[Name of Trustee]

c/o [Name of Trustee]

[Address of Trustee]

 

Attention:  Trust Officer

 

Re:                               CDRV Investors, Inc.
(the “Issuer”)
 10.25%/11.25% Senior Notes due 2015

 

Dear Sirs:

 

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

 

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

 

Dated:

	
   

  	
   

  
	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Name)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  (Authorized Signature)

  

 

B-1Exhibit 4.7(a)

 

 

VARIETAL DISTRIBUTION MERGER SUB, INC.

 

 

VWR FUNDING, INC. (formerly known as CDRV
INVESTORS, INC.)

 

 

as Issuer

 

 

US$353,335,000.00

 

10.75% SENIOR SUBORDINATED NOTES
DUE 2017

 

€125,000,000.00

 

10.75% SENIOR SUBORDINATED NOTES
DUE 2017

 

 

INDENTURE

 

DATED AS OF JUNE 29, 2007

 

 

 

LAW DEBENTURE TRUST COMPANY OF NEW YORK

 

Trustee

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

Registrar and Paying-Agent

 

DEUTSCHE BANK AG, LONDON BRANCH

 

Common Depositary and Paying-Agent

 

 

CROSS-REFERENCE TABLE*

 

	
  Trust Indenture

  	
   

  	
   

  
	
  Act Section

  	
   

  	
  Indenture Section

  
	
  310

  	
  (a)(1)

  	
   

  	
  7.10

  
	
   

  	
  (a)(2)

  	
   

  	
  7.10

  
	
   

  	
  (a)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(4)

  	
   

  	
  N.A.

  
	
   

  	
  (a)(5)

  	
   

  	
  7.10

  
	
   

  	
  (b)

  	
   

  	
  7.3; 7.10

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  311

  	
  (a)

  	
   

  	
  7.11

  
	
   

  	
  (b)

  	
   

  	
  7.11

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  
	
  312

  	
  (a)

  	
   

  	
  2.5

  
	
   

  	
  (b)

  	
   

  	
  12.3

  
	
   

  	
  (c)

  	
   

  	
  12.3

  
	
  313

  	
  (a)

  	
   

  	
  7.6

  
	
   

  	
  (b)(1)

  	
   

  	
  7.6

  
	
   

  	
  (b)(2)

  	
   

  	
  7.6; 7.7

  
	
   

  	
  (c)

  	
   

  	
  7.6; 12.2

  
	
   

  	
  (d)

  	
   

  	
  7.6

  
	
  314

  	
  (a)

  	
   

  	
  4.3; 12.5

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
  (c)(1)

  	
   

  	
  12.4

  
	
   

  	
  (c)(2)

  	
   

  	
  12.4

  
	
   

  	
  (c)(3)

  	
   

  	
  N.A.

  
	
   

  	
  (d)

  	
   

  	
  N.A.

  
	
   

  	
  (e)

  	
   

  	
  12.5

  
	
   

  	
  (f)

  	
   

  	
  N.A.

  
	
  315

  	
  (a)

  	
   

  	
  7.1

  
	
   

  	
  (b)

  	
   

  	
  7.5; 12.2

  
	
   

  	
  (c)

  	
   

  	
  7.1

  
	
   

  	
  (d)

  	
   

  	
  7.1

  
	
   

  	
  (e)

  	
   

  	
  6.11

  
	
  316

  	
  (a) (last sentence)

  	
   

  	
  2.9

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  6.5

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  6.4

  
	
   

  	
  (a)(2)

  	
   

  	
  N.A.

  
	
   

  	
  (b)

  	
   

  	
  6.7

  
	
   

  	
  (c)

  	
   

  	
  2.13

  
	
  317

  	
  (a)(1)

  	
   

  	
  6.8

  
	
   

  	
  (a)(2)

  	
   

  	
  6.9

  
	
   

  	
  (b)

  	
   

  	
  2.4

  
	
  318

  	
  (a)

  	
   

  	
  12.1

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
  (c)

  	
   

  	
  12.1

  

 

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

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
   

  
	
   

  	
   

  	
   

  
	
  DEFINITIONS AND INCORPORATION BY REFERENCE

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1

  	
  Definitions

  	
  1

  
	
  SECTION 1.2

  	
  Other Definitions

  	
  45

  
	
  SECTION 1.3

  	
  Incorporation by Reference of Trust
  Indenture Act

  	
  46

  
	
  SECTION 1.4

  	
  Rules of Construction

  	
  46

  
	
  SECTION 1.5

  	
  Certain Calculations

  	
  47

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  
	
   

  	
   

  	
   

  
	
  THE NOTES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1

  	
  Form and Dating

  	
  47

  
	
  SECTION 2.2

  	
  Execution and Authentication

  	
  50

  
	
  SECTION 2.3

  	
  Registrar; Paying Agent

  	
  51

  
	
  SECTION 2.4

  	
  Paying Agent to Hold Money in Trust

  	
  52

  
	
  SECTION 2.5

  	
  Holder Lists

  	
  52

  
	
  SECTION 2.6

  	
  Transfer and Exchange

  	
  52

  
	
  SECTION 2.7

  	
  Replacement Notes

  	
  65

  
	
  SECTION 2.8

  	
  Outstanding Notes

  	
  65

  
	
  SECTION 2.9

  	
  Treasury Notes

  	
  66

  
	
  SECTION 2.10

  	
  Temporary Notes

  	
  66

  
	
  SECTION 2.11

  	
  Cancellation

  	
  66

  
	
  SECTION 2.12

  	
  Defaulted Interest

  	
  66

  
	
  SECTION 2.13

  	
  Record Date

  	
  67

  
	
  SECTION 2.14

  	
  Computation of Interest

  	
  67

  
	
  SECTION 2.15

  	
  CUSIP Numbers, ISIN Numbers and Common
  Codes

  	
  67

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  
	
   

  	
   

  	
   

  
	
  REDEMPTION AND PREPAYMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1

  	
  Notices to Trustee

  	
  67

  
	
  SECTION 3.2

  	
  Selection of Notes to Be Redeemed

  	
  68

  
	
  SECTION 3.3

  	
  Notice of Redemption

  	
  69

  
	
  SECTION 3.4

  	
  Effect of Notice of Redemption

  	
  70

  
	
  SECTION 3.5

  	
  Deposit of Redemption of Purchase Price

  	
  70

  
	
  SECTION 3.6

  	
  Notes Redeemed in Part

  	
  71

  
	
  SECTION 3.7

  	
  Optional Redemption

  	
  71

  

 

i

 

	
  SECTION 3.8

  	
  Mandatory Redemption

  	
  72

  
	
  SECTION 3.9

  	
  Offers to Repurchase by Application of
  Excess Proceeds

  	
  73

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  
	
   

  	
   

  	
   

  
	
  COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1

  	
  Payment of Notes

  	
  75

  
	
  SECTION 4.2

  	
  Maintenance of Office or Agency

  	
  76

  
	
  SECTION 4.3

  	
  Reports

  	
  76

  
	
  SECTION 4.4

  	
  Compliance Certificate

  	
  78

  
	
  SECTION 4.5

  	
  Taxes

  	
  78

  
	
  SECTION 4.6

  	
  Stay, Extension and Usury Laws

  	
  78

  
	
  SECTION 4.7

  	
  Limitation on Restricted Payments

  	
  79

  
	
  SECTION 4.8

  	
  Limitation on Dividends and Other Payment
  Restrictions Affecting Subsidiaries

  	
  87

  
	
  SECTION 4.9

  	
  Limitation on Incurrence of Indebtedness
  and Issuance of Preferred Stock

  	
  90

  
	
  SECTION 4.10

  	
  Limitation on Asset Sales

  	
  96

  
	
  SECTION 4.11

  	
  Limitation on Transactions with Affiliates

  	
  98

  
	
  SECTION 4.12

  	
  Limitation on
  Liens

  	
  100

  
	
  SECTION 4.13

  	
  Payments for Consent

  	
  101

  
	
  SECTION 4.14

  	
  Offer to Purchase upon Change of Control

  	
  101

  
	
  SECTION 4.15

  	
  Corporate Existence

  	
  104

  
	
  SECTION 4.16

  	
  Business Activities

  	
  104

  
	
  SECTION 4.17

  	
  Additional Guarantees

  	
  104

  
	
  SECTION 4.18

  	
  Limitation on Layering

  	
  105

  
	
  SECTION 4.19

  	
  [Reserved]

  	
  105

  
	
  SECTION 4.20

  	
  Further Instruments and Acts

  	
  105

  
	
  SECTION 4.21

  	
  Changes in Covenants Upon Change in Ratings

  	
  105

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
   

  	
   

  	
   

  
	
  SUCCESSORS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1

  	
  Merger, Consolidation or Sale of Assets

  	
  106

  
	
  SECTION 5.2

  	
  Successor Corporation Substituted

  	
  108

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  
	
   

  	
   

  	
   

  
	
  DEFAULTS AND REMEDIES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1

  	
  Events of Default

  	
  108

  
	
  SECTION 6.2

  	
  Acceleration

  	
  110

  
	
  SECTION 6.3

  	
  Other Remedies

  	
  112

  

 

ii

 

	
  SECTION 6.4

  	
  Waiver of Past Defaults

  	
  113

  
	
  SECTION 6.5

  	
  Control by Majority

  	
  113

  
	
  SECTION 6.6

  	
  Limitation on
  Suits

  	
  113

  
	
  SECTION 6.7

  	
  Rights of Holders of Notes to Receive
  Payment

  	
  114

  
	
  SECTION 6.8

  	
  Collection Suit by Trustee

  	
  114

  
	
  SECTION 6.9

  	
  Trustee May File Proofs of Claim

  	
  114

  
	
  SECTION 6.10

  	
  Priorities

  	
  115

  
	
  SECTION 6.11

  	
  Undertaking for Costs

  	
  115

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  
	
   

  	
   

  	
   

  
	
  TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1

  	
  Duties of Trustee

  	
  116

  
	
  SECTION 7.2

  	
  Rights of Trustee

  	
  117

  
	
  SECTION 7.3

  	
  Individual Rights of Trustee

  	
  118

  
	
  SECTION 7.4

  	
  Trustee’s Disclaimer

  	
  119

  
	
  SECTION 7.5

  	
  Notice of Defaults

  	
  119

  
	
  SECTION 7.6

  	
  Reports by Trustee to Holders of the Notes

  	
  119

  
	
  SECTION 7.7

  	
  Compensation and Indemnity

  	
  119

  
	
  SECTION 7.8

  	
  Replacement of Trustee

  	
  120

  
	
  SECTION 7.9

  	
  Successor Trustee by Merger, Etc

  	
  121

  
	
  SECTION 7.10

  	
  Eligibility; Disqualification

  	
  122

  
	
  SECTION 7.11

  	
  Preferential Collection of Claims Against
  the Company

  	
  122

  
	
  SECTION 7.12

  	
  Trustee’s Application for Instructions from
  the Company

  	
  122

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  
	
   

  	
   

  	
   

  
	
  DEFEASANCE; DISCHARGE OF THE INDENTURE

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1

  	
  Option to Effect Legal Defeasance or
  Covenant Defeasance

  	
  122

  
	
  SECTION 8.2

  	
  Legal Defeasance

  	
  123

  
	
  SECTION 8.3

  	
  Covenant Defeasance

  	
  123

  
	
  SECTION 8.4

  	
  Conditions to Legal or Covenant Defeasance

  	
  124

  
	
  SECTION 8.5

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

  	
  125

  
	
  SECTION 8.6

  	
  Repayment to Company

  	
  126

  
	
  SECTION 8.7

  	
  Reinstatement

  	
  126

  
	
  SECTION 8.8

  	
  Discharge

  	
  127

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
   

  
	
   

  	
   

  	
   

  
	
  AMENDMENT, SUPPLEMENT AND WAIVER

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1

  	
  Without Consent of Holders of the Notes

  	
  128

  

 

iii

 

	
  SECTION 9.2

  	
  With Consent of Holders of Notes

  	
  129

  
	
  SECTION 9.3

  	
  Compliance with Trust Indenture Act

  	
  130

  
	
  SECTION 9.4

  	
  Revocation and Effect of Consents

  	
  130

  
	
  SECTION 9.5

  	
  Notation on or Exchange of Notes

  	
  131

  
	
  SECTION 9.6

  	
  Trustee to Sign Amendments, Etc

  	
  131

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
   

  
	
   

  	
   

  
	
  SUBORDINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1

  	
  Agreement To Subordinate

  	
  131

  
	
  SECTION 10.2

  	
  Liquidation,
  Dissolution, Bankruptcy

  	
  132

  
	
  SECTION 10.3

  	
  Default on Designated Senior Indebtedness
  of the Company

  	
  132

  
	
  SECTION 10.4

  	
  Acceleration of Payment of Securities

  	
  134

  
	
  SECTION 10.5

  	
  When Distribution Must Be Paid Over

  	
  134

  
	
  SECTION 10.6

  	
  Subrogation

  	
  134

  
	
  SECTION 10.7

  	
  Relative Rights

  	
  134

  
	
  SECTION 10.8

  	
  Subordination May Not Be Impaired by
  Company

  	
  134

  
	
  SECTION 10.9

  	
  Rights of Trustee and Paying Agent

  	
  135

  
	
  SECTION 10.10

  	
  Distribution or Notice to Representative

  	
  135

  
	
  SECTION 10.11

  	
  Article X Not To Prevent Events of Default
  or Limit Right To Accelerate

  	
  135

  
	
  SECTION 10.12

  	
  Trust Moneys Not Subordinated

  	
  135

  
	
  SECTION 10.13

  	
  Trustee Entitled To Rely

  	
  136

  
	
  SECTION 10.14

  	
  Trustee To Effectuate Subordination

  	
  136

  
	
  SECTION 10.15

  	
  Trustee Not Fiduciary for Holders of Senior
  Indebtedness of the Company

  	
  136

  
	
  SECTION 10.16

  	
  Reliance by Holders of Senior Indebtedness
  of the Company on Subordination Provisions

  	
  136

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
   

  
	
   

  	
   

  	
   

  
	
  NOTE GUARANTEES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1

  	
  Guarantees

  	
  137

  
	
  SECTION 11.2

  	
  Execution and Delivery of Guarantee

  	
  138

  
	
  SECTION 11.3

  	
  Severability

  	
  139

  
	
  SECTION 11.4

  	
  Limitation of Guarantors’ Liability

  	
  139

  
	
  SECTION 11.5

  	
  Guarantors May Consolidate, Etc., on
  Certain Terms

  	
  139

  
	
  SECTION 11.6

  	
  Releases Following Sale of Assets

  	
  140

  
	
  SECTION 11.7

  	
  Release of a Guarantor

  	
  141

  
	
  SECTION 11.8

  	
  Benefits Acknowledged

  	
  141

  
	
  SECTION 11.9

  	
  Future Guarantors

  	
  141

  

 

iv

 

	
  ARTICLE XII

  	
   

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 12.1

  	
  Trust Indenture Act Controls

  	
  142

  
	
  SECTION 12.2

  	
  Notices

  	
  142

  
	
  SECTION 12.3

  	
  Communication by Holders of Notes with
  Other Holders of Notes

  	
  144

  
	
  SECTION 12.4

  	
  Certificate and Opinion as to Conditions
  Precedent

  	
  144

  
	
  SECTION 12.5

  	
  Statements Required in Certificate or
  Opinion

  	
  144

  
	
  SECTION 12.6

  	
  Rules by Trustee and Agents

  	
  145

  
	
  SECTION 12.7

  	
  No Personal Liability of Directors,
  Officers, Employees and Stockholders

  	
  145

  
	
  SECTION 12.8

  	
  Governing Law

  	
  145

  
	
  SECTION 12.9

  	
  No Adverse Interpretation of Other
  Agreements

  	
  145

  
	
  SECTION 12.10

  	
  Successors

  	
  145

  
	
  SECTION 12.11

  	
  Severability

  	
  145

  
	
  SECTION 12.12

  	
  Counterpart Originals

  	
  146

  
	
  SECTION 12.13

  	
  Table of Contents, Headings, Etc

  	
  146

  
	
  SECTION 12.14

  	
  Acts of Holders

  	
  146

  
	
  SECTION 12.15

  	
  Currency of Account; Conversion of Currency;
  Foreign Exchange Restrictions

  	
  147

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A-1

  	
  FORM OF
  US$ DENOMINATED NOTE

  	
   

  
	
  Exhibit A-2

  	
  FORM OF
  EUR DENOMINATED NOTE

  	
   

  
	
  Exhibit B

  	
  FORM OF
  NOTATIONAL GUARANTEE

  	
   

  
	
  Exhibit C

  	
  FORM OF
  CERTIFICATE OF TRANSFER

  	
   

  
	
  Exhibit D

  	
  FORM OF
  CERTIFICATE OF EXCHANGE

  	
   

  
	
  Exhibit E

  	
  FORM OF
  SUPPLEMENTAL
  INDENTURE TO BE DELIVERED BY FUTURE GUARANTORS

  	
   

  

 

v

 

This Indenture, dated as of June 29, 2007 is by and among Varietal
Distribution Merger Sub, Inc., a Delaware corporation that shall be merged with
and into CDRV Investors, Inc., a Delaware corporation as the surviving
corporation and being renamed VWR Funding, Inc. (the “Company”),
Law Debenture Trust Company of New York, as trustee (the “Trustee”),
Deutsche Bank Trust Company Americas as registrar and paying-agent and Deutsche
Bank AG, London Branch, as paying-agent and depositary.

 

The Company,
Varietal Distribution Merger Sub, Inc., each Guarantor and the Trustee agree as
follows for the benefit of each other and for the equal and ratable benefit of
the holders of the Company’s 10.75% Senior Subordinated Notes due 2017 issued
on the date hereof (the “Notes”) in two
tranches:  EUR Denominated Notes and US$
Denominated Notes (each as defined below). On or after the date hereof,
Varietal Distribution Merger Sub, Inc. shall be merged with and into CDRV
Investors, Inc., with CDRV Investors, Inc. continuing as the surviving
corporation, assuming all of the obligations of Varietal Distribution Merger
Sub, Inc. under this Indenture, and changing its name into VWR Funding, Inc.:

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.1         Definitions.

 

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

 

(a)           Indebtedness of any other Person
existing at the time such other Person is merged with or into or became a
Restricted Subsidiary of such specified Person, including Indebtedness incurred
in connection with, or in contemplation of, or to provide all or any portion of
the funds or credit support utilized in connection with, such other Person
merging with or into, or becoming a Restricted Subsidiary of, such specified
Person; and

 

(b)           Indebtedness secured by an existing
Lien encumbering any asset acquired by such specified Person.

 

“Acquisition Agreement” means that certain agreement and plan
of merger, dated as of May 2, 2007, between Varietal Distribution Merger Sub,
Inc., Parent, and CDRV Investors, Inc., as amended by the First Amendment to
Agreement and Plan of Merger dated May 7, 2007 and the Second Amendment to
Agreement and Plan of Merger dated May 30, 2007and as further amended, modified
and/or supplemented from time to time in accordance with the terms thereof,
pursuant to which Varietal Distribution merger Sub, Inc. has agreed to merge
with and into the Company, with the Company surviving such merger and changing
its name to VWR Funding, Inc.

 

“Additional Interest” means all additional interest owing on
the Notes pursuant to the Registration Rights Agreement.

 

 

“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.

 

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

 

“Applicable Currency Equivalent” means,
with respect to any monetary amount in a currency other than U.S. dollars, in
the case of the US$ Denominated Notes, or euros, in the case of the EUR
Denominated Notes, at any time for the determination thereof, the amount of
U.S. dollars or euros, as applicable, obtained by converting such foreign
currency involved in such computation into U.S. dollars or euros, as
applicable, at the spot rate for the purchase of U.S. dollars or euros, as
applicable, with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates” column
under the heading “Currency Trading” on the date not more than two Business
Days prior to such determination.

 

“Applicable Premium” means, with respect to any Note on any
applicable redemption date, the greater of:

 

(c)           1.0% of the Current Accretion Amount
of such Note; and

 

(d)           the excess, if any, of (x) the
present value at such redemption date of (i) the redemption price at June
30, 2012 (such redemption price being set forth in Section 3.7)
plus (ii) all required interest payments due on the Notes through June 30,
2012 (excluding accrued but unpaid interest to the date of redemption) computed
using a discount rate equal to the Benchmark Rate as of such redemption date
plus 50 basis points; over (y) the then outstanding Current Accretion Amount of
the Notes.

 

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

 

“Asset Sale” means (i) the sale, conveyance, transfer,
lease (as lessor) or other voluntary disposition (whether in a single
transaction or a series of related transactions) of property or assets
(including by way of a Sale and Lease-Back Transaction) of the Company (other
than the sale of Equity Interests of the Company) or any of its Restricted
Subsidiaries (each referred to in this definition as a “disposition”)
or (ii) the issuance or sale of Equity Interests of any Restricted
Subsidiary (whether in a single transaction or a series of related transactions),
in each case, other than:

 

(a)           a disposition of Cash Equivalents or
Investment Grade Securities or obsolete, damaged or worn out property or
equipment in the ordinary course of business

 

2

 

or inventory (or other assets) held for sale in the
ordinary course of business and dispositions of property no longer used or
useful in the conduct of the business of the Company and its Restricted
Subsidiaries or the disposition of inventory in the ordinary course of
business;

 

(b)           the disposition of all or
substantially all of the assets of the Company in a manner permitted pursuant
to Section 5.1 or any disposition that constitutes a Change of
Control;

 

(c)           the making of any Restricted Payment
or Permitted Investment that is permitted to be made, and is made, pursuant to Section 4.7
or the granting of a Lien permitted by Section 4.12;

 

(d)           any disposition of assets or issuance
or sale of Equity Interests of any Restricted Subsidiary (other than directors’
qualifying shares or shares required by applicable law to be held by a Person
other than the Company or a Restricted Subsidiary) in any transaction or series
of transactions with an aggregate fair market value of less than
$25.0 million;

 

(e)           any disposition of property or assets
or issuance of securities by a Restricted Subsidiary to the Company or by the
Company or a Restricted Subsidiary to another Restricted Subsidiary that is a
Wholly Owned Restricted Subsidiary or a Guarantor;

 

(f)            the lease, assignment, sublease,
license or sublicense of any real or personal property in the ordinary course
of business;

 

(g)           any issuance or sale of Equity
Interests in, or Indebtedness or other securities of, an Unrestricted
Subsidiary;

 

(h)           foreclosures on assets or transfers by
reason of eminent domain;

 

(i)            disposition of an account receivable
in connection with the collection or compromise thereof;

 

(j)            sales of accounts receivable, or
participations therein, in connection with any Receivables Facility;

 

(k)           the issuance by a Restricted
Subsidiary of Disqualified Stock or Preferred Stock that is permitted pursuant
to Section 4.9;

 

(l)            any financing transaction with
respect to property built or acquired by the Company or any Restricted
Subsidiary after the Issue Date, including Sale and Lease-Back Transactions and
Receivables Facility financings permitted under this Indenture;

 

3

 

(m)          transfers of property subject to
casualty or condemnation proceedings (including in lieu thereof) upon the
receipt of the net cash proceeds therefor;

 

(n)           the abandonment of intellectual
property rights in the ordinary course of business, which in the reasonable
good faith determination of the Company or a Restricted Subsidiary are not
material to the conduct of the business of the Company and its Restricted
Subsidiaries taken as a whole;

 

(o)           voluntary terminations of Hedging
Obligations;

 

(p)           Dispositions permitted under this
Indenture (including Sale and Lease-Back Transactions) by a Foreign Subsidiary
designed to generate foreign distributable reserves;

 

(q)           any Permitted Asset Swap; and

 

(r)            Sale and Lease-Back Transactions
involving (i) real property owned on the Issue Date, (ii) property acquired not
more than 180 days prior to such Sale and Lease Back Transaction for cash in an
amount at least equal to the cost of such property and (iii) other property for
cash consideration if the sale is treated as an Asset Sale.

 

“Appropriate Trust Funds” means, in
connection with a defeasance or discharge of the Notes: (a) with respect to the
US$ Denominated Notes, cash in U.S. dollars, non-callable U.S. Government
Securities, or a combination of cash in U.S. dollars and non-callable U.S.
Government Securities and (b) with respect to the EUR Denominated Notes, cash
in EUR, non-callable Euro Obligations, or a combination of cash in EUR and
non-callable Euro Obligations.

 

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

 

“Benchmark Rate” means (x) the Treasury
Rate with respect to US$ Denominated Notes and (y) the Bund Rate with respect
to EUR Denominated Notes.

 

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

 

“Board of Directors” means:

 

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

 

4

 

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

 

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

 

“Board Resolution” means a copy of a resolution certified by
the Secretary or an Assistant Secretary of the Company or any Restricted
Subsidiary to have been duly adopted by the Board of Directors, unless the
context specifically requires that such resolution be adopted by a majority of
the Disinterested Directors, in which case by a majority of such directors, and
to be in full force and effect on the date of such certification and delivered
to the Trustee.

 

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

 

“Bund Rate” means, as of the applicable
redemption date, the yield to maturity as of such redemption date of direct obligations
of the Federal Republic of Germany (Bunds or Bundesanleihen) with a constant
maturity (as compiled and published in the most recent financial statistics)
that has become publicly available at least two Business Days prior to the
redemption date (or, if such financial statistics are no longer published, any
publicly available source of similar market data)) most nearly equal to the
period from the redemption date to June 30, 2012; provided, however,
that if the period from such redemption date to June 30, 2012 is less than
one year, the weekly average yield on actually traded direct obligations of the
Federal Republic of Germany adjusted to a constant maturity of one year will be
used.

 

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

 

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

 

“Capital Stock” means:

 

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

 

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

 

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

 

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

 

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

 

5

 

in accordance with GAAP (except for temporary treatment of
construction-related expenditures under EITF 97-10, “The Effect of Lessee
Involvement in Asset Construction,” which will ultimately be treated as
operating leases upon a Sale and Lease-Back Transaction).

 

“Cash Equivalents” means:

 

(a)           U.S. dollars;

 

(b)           (i)            Sterling, Singapore Dollars, Swedish
Kroner, Canadian Dollars, euro, or any national currency of any participating
member state of the economic and monetary union contemplated by the Treaty on
European Union; or

 

(ii)           in the case of the Company or a
Restricted Subsidiary, such local currencies held by it from time to time in
the ordinary course of business;

 

(c)           securities issued or directly and
fully and unconditionally guaranteed or insured by the U.S. government or any
agency or instrumentality thereof the securities of which are unconditionally
guaranteed as a full faith and credit obligation of such government with
maturities of 24 months or less from the date of acquisition;

 

(d)           certificates of deposit, time
deposits and eurodollar time deposits with maturities of one year or less from
the date of acquisition, bankers’ acceptances with maturities not exceeding one
year and overnight bank deposits, in each case with (i) any lender under the
Credit Agreement or an Affiliate thereof or (ii) any commercial bank having
capital and surplus of not less than $250 million in the case of U.S.
banks and $100.0 million (or the U.S. dollar equivalent as of the date of
determination) in the case of non-U.S. banks;

 

(e)           repurchase obligations for underlying
securities of the types described in clauses (c) and (d) above entered
into with any financial institution meeting the qualifications specified in
clause (d) above;

 

(f)            commercial paper rated at least P-2
by Moody’s or at least A-2 by S&P and in each case maturing within 24
months after the date of creation thereof;

 

(g)           marketable short-term money market
and similar securities having a rating of at least P-2 or A-2 from either
Moody’s or S&P, respectively (or, if at any time neither Moody’s nor
S&P shall be rating such obligations, an equivalent rating from another
Rating Agency) and in each case maturing within 24 months after the date of
creation thereof;

 

(h)           investment funds investing 95% of
their assets in securities of the types described in clauses (a) through (g)
above;

 

6

 

(i)            readily marketable direct
obligations issued by any state, commonwealth or territory of the United States
or any political subdivision or taxing authority thereof having an Investment
Grade Rating from either Moody’s or S&P with maturities of 24 months or
less from the date of acquisition;

 

(j)            Indebtedness or Preferred Stock
issued by Persons with a rating of “A” or higher from S&P or “A2” or higher
from Moody’s with maturities of 24 months or less from the date of acquisition;

 

(k)           Investments with average maturities
of 12 months or less from the date of acquisition in money market funds rated
A- (or the equivalent thereof) or better by S&P or A3 (or the equivalent thereof)
or better by Moody’s:

 

(l)            shares of investment companies that
are registered under the Investment Company Act of 1940 and substantially all
the investments of which are one or more of the types of securities described
in clauses (a) through (k) above; and

 

(m)          in the case of any Foreign Subsidiary,
investments of comparable tenure and credit quality to those described in the
foregoing clauses (1) through (l) or other high quality short term
in-vestments, in each case, customarily utilized in countries in which such
Foreign Subsidiary operates for short term cash management purposes.

 

Notwithstanding the foregoing, Cash
Equivalents shall include amounts denominated in currencies other than those
set forth in clauses (a) and (b) above, provided that such
amounts are converted into any currency listed in clauses (a) and (b) as
promptly as practicable and in any event within ten Business Days following the
receipt of such amounts.

 

“Cash Pooling Arrangements” means a deposit account
arrangement among a single depository institution, the Company and one or more
Foreign Subsidiaries involving the pooling of cash deposits in and overdrafts
in respect of one or more deposit accounts (each located outside of the United
States and any States and territories thereof) with such institution by the
Company and such Foreign Subsidiaries for cash management purposes.

 

“Certificated EUR Denominated Note” means a certificated EUR
Denominated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.6(c) hereof, substantially in the form of
Exhibit A-2 hereto, except that such EUR Denominated Note shall not
bear the Global Note Legend and shall not have the “Schedule of Exchanges of
10.75% Senior Subordinated Notes” attached thereto.

 

“Certificated Notes” means Notes that are in the form of Exhibit A-1
(in the case of the US$ Denominated Notes) attached hereto or Exhibit A-2
(in the case of EUR Denominated Notes) attached hereto, in each case, other
than Global Notes.

 

“Certificated US$ Denominated Note” means a certificated US$
Denominated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.6(c) hereof, substantially in the form of
Exhibit A-1 hereto, except that such US$ Denominated Note shall

 

7

 

not
bear the Global Note Legend and shall not have the “Schedule of Exchanges of
10.75% Senior Subordinated Notes” attached thereto.

 

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

 

(a)           the sale, lease, transfer or other
conveyance, in one or a series of related transactions, of all or substantially
all of the assets of the Company and its Subsidiaries, taken as a whole, to any
Person other than to a Permitted Holder;

 

(b)           any transaction or event, the result
of which is that (i) prior to a Qualified Public Offering, Permitted Holders
own, beneficially and of record, directly or indirectly, capital stock
representing 50% or less of the total voting power of the Voting Stock of
Parent or (ii) on or after Qualified Public Offering, (x) a Person or a group
(within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange
Act, or any successor provision), including any group acting for the purpose of
acquiring, holding or disposing of securities (within the meaning of Rule
13d-5(b)(1) under the Exchange Act), other than the Permitted Holders, in a
single transaction or in a related series of transactions, by way of merger,
consolidation or other business combination or purchase of Beneficial Ownership,
directly or indirectly, owns 35% or more of the total voting power of the
Voting Stock of the Company or any of its direct or indirect parent entities,
including, without limitation, Parent and (y) the Permitted Holders do not own
beneficially and of record, directly or indirectly, Capital Stock representing,
a greater percentage of the voting power of Parent than the Person or group
referred to in clause (x) above ; or

 

(c)           the first day on which the majority
of the Board of Directors of the Company then in office shall cease to consist
of Continuing Directors.

 

“Change of Control Offer” means an offer to purchase required
to be made by the Company pursuant to Section 4.14 to all Holders.

 

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

 

“Code” means the United States Internal Revenue Code of 1986,
as amended from time to time, and the regulations promulgated and rulings
issued thereunder. Section references to the Code are to the Code as in effect
on the Issue Date and any subsequent provisions of the Code amendatory thereof,
supplemental thereto or substituted therefor.

 

“Commission” means the U.S. Securities and Exchange
Commission.

 

“Common Depositary” means a depositary
common to Euroclear and Clearstream, being initially the Person specified in
Section 2.3 as Common Depositary, until a successor Common Depositary, if any,
shall have become such pursuant to Section 2.3, and thereafter Common
Depositary shall mean or include each Person who is then a Common Depositary hereunder.

 

8

 

“Common Stock” of any Person means Capital Stock in such
Person that do not rank prior, as to the payment of dividends or as to the
distribution of assets upon any voluntary or involuntary liquidation,
dissolution or winding up of such Person, to Capital Stock of any other class
in such Person.

 

“Company” means initially, Varietal Distribution Merger Sub,
Inc. and, upon consummation of the merger contemplated by the Acquisition
Agreement, CDRV Investors, Inc. (to be renamed VWR Funding, Inc.), and any
successor thereto.

 

“Consolidated Depreciation and Amortization Expense” means,
with respect to any Person for any period, the total amount of depreciation and
amortization expense, including the amortization of deferred financing fees,
and other non-cash charges (excluding any non-cash item that represents an
accrual or reserve for a cash expenditure for a future period) of such Person
and its Restricted Subsidiaries for such period on a consolidated basis and
otherwise determined in accordance with GAAP.

 

“Consolidated Indebtedness” shall mean, as
of any date of determination, the sum, without duplication, of (a) the total
amount of Indebtedness under clauses (a)(i), (a)(ii), (a)(iii)
(but, in the case of clause (iii), only to the extent of any
unreimbursed drawings thereunder) and (a)(iv) of the definition thereof
of the Company and its Restricted Subsidiaries, plus (b) the greater of the
aggregate liquidation value and maximum fixed repurchase price without regard
to any change of control or redemption premiums of all Disqualified Stock of
the Company and the Guarantors and all Preferred Stock of its Restricted
Subsidiaries that are not Guarantors, in each case, as determined on a
consolidated basis in accordance with GAAP.

 

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

 

(a)           consolidated interest expense of such
Person and its Restricted Subsidiaries for such period, to the extent such
expense was deducted (and not added back) in computing Consolidated Net Income
(including (i) amortization of original issue discount resulting from the
issuance of Indebtedness at less than par, (ii) all commissions, discounts and
other fees and charges owed with respect to letters of credit or bankers
acceptances, (iii) non-cash interest expense (but excluding any non-cash
interest expense attributable to the movement in the mark-to-market valuation
of Hedging Obligations or other derivative instruments pursuant to GAAP), (iv)
the interest component of Capitalized Lease Obligations, (v) net payments, if
any, pursuant to interest rate Hedging Obligations with respect to
Indebtedness, (vi) net losses on Hedging Obligations or other derivative
instruments entered into for the purpose of hedging interest rate risk and
(vii) costs of surety bonds in connection with financing activities, and
excluding (x) amortization of deferred financing fees, debt issuance costs,
commissions, fees and expenses, (y) any expensing of bridge, commitment and
other financing fees and (z) commissions, discounts, yield and other fees and
charges (including any interest expense) related to any Receivables Facility); plus

 

9

 

(b)           consolidated capitalized interest of
such Person and its Restricted Subsidiaries for such period, whether paid or
accrued; less

 

(c)           interest income of such Person and
its Restricted Subsidiaries for such period.

 

For purposes
of this definition, interest on a Capitalized Lease Obligation shall be deemed
to accrue at an interest rate reasonably determined by the Company to be the
rate of interest implicit in such Capitalized Lease Obligation in accordance
with GAAP.

 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of
the Net Income of such Person and its Restricted Subsidiaries for such period,
on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that
(without duplication),

 

(a)           any
pro forma after-tax effect (using a reasonable estimate based on applicable tax
rates) of extraordinary, non-recurring or unusual gains or losses (less all
fees and expenses relating thereto) or expenses (including relating to the
Transactions), severance, integration costs, relocation costs and curtailments
or modifications to pension and post-retirement employee benefit plans shall be
excluded,

 

(b)           the
Net Income for such period shall not include the cumulative effect of a change
in accounting principles during such period,

 

(c)           any
pro forma after-tax effect (using a reasonable estimate based on applicable tax
rates) of income (loss) from disposed or discontinued operations and any net
after-tax gains or losses on disposal of disposed, abandoned or discontinued
operations shall be excluded,

 

(d)           any
pro forma after-tax effect (using a reasonable estimate based on applicable tax
rates) of gains or losses (less all accrued fees and expenses relating thereto)
attributable to asset dispositions other than in the ordinary course of
business, as determined in good faith by the Company, shall be excluded,

 

(e)           the
Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted
Subsidiary, or that is accounted for by the equity method of accounting, shall
be excluded; provided, that Consolidated Net Income of such Person shall be
increased by the amount of dividends or distributions or other payments that
are actually paid in cash (or to the extent converted into cash) to such Person
or a Subsidiary thereof that is the Company or a Restricted Subsidiary in
respect of such period,

 

(f)            solely
for the purpose of determining the amount available for Restricted Payments
under Section 4.7(d)(3) the Net Income for such period of any Restricted Subsidiary
(other than any Guarantor) shall be excluded if the declaration or payment of
dividends or similar distributions by that Restricted Subsidiary of its Net
Income is not at the date of determination wholly permitted without any prior
governmental approval

 

10

 

(which has not been obtained) or, directly
or indirectly, by the operation of the terms of its charter or any agreement,
instrument, judgment, decree, order, statute, rule, or governmental regulation
applicable to that Restricted Subsidiary or its stockholders, unless such restriction
with respect to the payment of dividends or similar distributions has been
legally waived, provided, that Consolidated Net Income of the Company will be
increased by the amount of dividends or other distributions or other payments
actually paid in cash (or to the extent converted into cash) to the Company or
a Restricted Subsidiary thereof in respect of such period, to the extent not
already included therein,

 

(g)           effects
of purchase accounting adjustments (including the effects of such adjustments
pushed down to such Person and such Subsidiaries) in component amounts required
or permitted by GAAP, resulting from the application of purchase accounting in
relation to the Transactions or any consummated acquisition or the amortization
or write-up, write-down or write-off of any amounts thereof, net of taxes,
shall be excluded,

 

(h)           any
pro forma after-tax effect (using a reasonable estimate based on applicable tax
rates) of income (loss) from the early extinguishment of Indebtedness or
Hedging Obligations or other derivative instruments shall be excluded,

 

(i)            any
pro forma after-tax effect (using a reasonable estimate based on applicable tax
rates) impairment charge or asset write-off, 
write-up or write-down, in each case, pursuant to GAAP and the amortization
of intangibles arising  (including
goodwill and organizational costs) pursuant to GAAP shall be excluded,

 

(j)            any
pro forma after-tax effect (using a reasonable estimate based on applicable tax
rates) non-cash compensation expense recorded from grants of stock appreciation
or similar rights, stock options, restricted stock or other rights shall be
excluded,

 

(k)           any
fees and expenses incurred during such period, or any amortization thereof for
such period, in connection with the Transactions and any acquisition,
Investment, Disposition, dividend or similar Restricted Payments, issuance or
repayment of Indebtedness, issuance of Equity Interests, refinancing or
recapitalization transaction or amendment or modification of any debt
instrument (in each case, including any such transaction consummated prior to
the Issue Date and any such transaction undertaken but not completed) and any
charges or non-recurring merger costs incurred during such period as a result
of any such transaction shall be excluded, and

 

(l)            accruals
and reserves that are established within twelve months after the Issue Date
that are so required to be established as a result of the Transactions in
accordance with GAAP shall be excluded.

 

Notwithstanding
the foregoing, for the purpose of Section 4.7 only, there shall be
excluded from Consolidated Net Income any income arising from any sale or other
disposition of Restricted Investments made by the Company and its Restricted
Subsidiaries, any repurchases

 

11

 

and redemptions of Restricted Investments made by the Company and its
Restricted Subsidiaries, any repayments of loans and advances which constitute
Restricted Investments made by the Company and any Restricted Subsidiary, any
sale of the stock of an Unrestricted Subsidiary or any distribution or dividend
from an Unrestricted Subsidiary, in each case only to the extent such amounts
increase the amount of Restricted Payments permitted under clause (3)(d)
of the first paragraph of Section 4.7.

 

“Contingent Obligations” means, with respect to any Person,
any obligation of such Person guaranteeing or having the economic effect of
guaranteeing any leases, dividends or other obligations that do not constitute
Indebtedness (“primary obligations”) of any
other Person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation,
any obligation of such Person, whether or not contingent, (i) to purchase
any such primary obligation or any property constituting direct or indirect
security therefor, (ii) to advance or supply funds (A) for the
purchase or payment of any such primary obligation or (B) to maintain working
capital or equity capital of the primary obligor or otherwise to maintain the
net worth or solvency of the primary obligor, (iii) to purchase property,
securities or services primarily for the purpose of assuring the owner of any
such primary obligation of the ability of the primary obligor to make payment
of such primary obligation against loss in respect thereof, or (iv) as an
account party with respect of any letter of credit, letter of guaranty or
bankers’ acceptance.

 

“Continuing Directors” means, as of any date of determination,
individuals who (i) were members of such Board of Directors on the Issue Date
or (ii) were either (x) nominated for election or elected to such Board of
Directors with the approval of a majority of the Continuing Directors who were
members of such Board of Directors at the time of nomination or election, (y)
appointed, approved or recommended by a majority of the then Continuing
Directors or (z) designated or appointed by a Permitted Holder.

 

“Conversion Rate” equals €1.33333333333 per
US$ 1.00.

 

“Corporate Trust Office of the Trustee” shall be at the
address of the Trustee specified in Section 12.2 hereof or such
other address as to which the Trustee shall specify for receipt of notices
under this Indenture.

 

“Credit Agreement” means that certain credit agreement, to be
dated as of the Issue Date, among the Company, Bank of America, N.A, as
Administrative Agent, Goldman Sachs Credit Partners L.P., Banc of America
Securities, LLC and J.P. Morgan Securities Inc. as Joint Lead Arrangers, the
lenders party thereto and certain other parties specified therein, providing
for $1,415.0 million of dollar and euro term loans and $250.0 million of
revolving credit borrowings (including the issuance of letters of credit),
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, replaced (whether at
maturity or thereafter) or refinanced from time to time in one or more
agreements or indentures (in each case with the same or new agents, lenders or
institutional investors), including any agreement adding or changing the
borrower or any guarantor or extending the maturity thereof or otherwise
restructuring all or any portion of the Indebtedness thereunder or increasing
the amount loaned or

 

12

 

issued thereunder or altering the maturity thereof (provided that such increase in borrowings is permitted under
Section 4.9).

 

“Credit Facilities” means, with respect to the Company, one
or more debt facilities (including, without limitation, the Credit Agreement)
or commercial paper facilities or Debt Issuances, in each case, with banks,
investment banks, insurance companies, mutual funds and/or other institutional
lenders or investors providing for revolving credit loans, term loans,
receivables or inventory financing (including through the sale of receivables
or inventory to such lenders or to special purpose entities formed to borrow
from (or sell receivables to) such lenders against such receivables or
inventory) or letters of credit or Debt Issuances, in each case, as amended,
restated, modified, renewed, refunded, replaced, supplemented or refinanced,
including refinancing with Debt Issuances, in whole or in part and without
limitation as to amounts, terms, conditions, covenants and other provisions,
from time to time. Indebtedness under Credit Facilities outstanding on the date
on which the Notes are first issued and authenticated under this Indenture
(after giving effect to the use of proceeds thereof) shall be deemed to have
been incurred on such date in reliance on the exception provided by clause (1)
of the second paragraph of Section 4.9.

 

“Debt Issuances” means, with respect to the Company or any
Restricted Subsidiary, one or more issuances after the Issue Date of
Indebtedness evidenced by notes, debentures, bonds or other similar securities
or instruments.

 

“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.

 

“Default Interest Rate” means a rate equal
to 2% per annum.

 

“Depositary” means, with respect to the Notes issuable or
issued in whole or in part in global form, the Persons specified in Section 2.3
hereof as the Depositaries, as applicable, with respect to the Notes, until a
successor shall have been appointed and become such pursuant to Section 2.6
hereof, and, thereafter, “Depositary” shall mean or include such successor.

 

“Designated Non-cash Consideration” means the fair market
value of non-cash consideration received by the Company or any of its
Restricted Subsidiaries in connection with an Asset Sale that is so designated
as Designated Non-cash Consideration pursuant to an Officers’ Certificate
setting forth the basis of such valuation, less the amount of cash or Cash
Equivalents received in connection with a subsequent sale of such Designated
Non-cash Consideration.

 

“Designated Preferred Stock” means Preferred Stock of the
Company or any direct or indirect parent company of the Company (other than
Disqualified Stock of the Company) that is issued for cash (other than to
Parent or any of its Subsidiaries or an employee stock ownership plan or trust
established by the Company or any of its Subsidiaries) and is so designated as
Designated Preferred Stock, pursuant to an Officers’ Certificate, on the
issuance date thereof, the

 

13

 

cash proceeds of which are excluded from the calculation set forth in
clause (3) of the first paragraph of Section 4.7.

 

“Designated Senior Indebtedness” means:

 

(a)           any Indebtedness outstanding under
the Credit Agreement and Hedging Obligations;

 

(b)           any Indebtedness outstanding under
the Senior Indenture; and

 

(c)           any other Senior Indebtedness
permitted under this Indenture that, at the date of determination, has an
aggregate principal amount outstanding of at least $25.0 million and is
specifically designated by the issuer thereof in the instrument evidencing or
governing such Senior Indebtedness as “Designated Senior Indebtedness” for
purposes of this Indenture.

 

“Disqualified Stock” means, with respect to any Person, any
Capital Stock of such Person which, by its terms (or by the terms of any
security into which it is convertible or for which it is putable or
exchangeable), or upon the happening of any event, matures or is mandatorily
redeemable (other than as a result of a change of control or asset sale),
pursuant to a sinking fund obligation or otherwise, or is redeemable at the
option of the holder thereof (other than as a result of a change of control or
asset sale), in whole or in part, in each case prior to the earlier of the
final maturity date of the Notes or the date the Notes are no longer
outstanding; provided, however,
that if such Capital Stock is issued to any plan for the benefit of employees
of the Company or any of its Subsidiaries or by any such plan to such
employees, such Capital Stock shall not constitute Disqualified Stock solely
because it may be required to be repurchased by the Company or any of its
Subsidiaries in order to satisfy applicable statutory or regulatory
obligations.

 

“Disposition Date” means the first day on
which the GSMP Group no longer constitutes Holders of a majority in aggregate principal
amount of the outstanding Notes.

 

“Domestic Subsidiaries” means, with respect to any Person,
any subsidiary of such Person other than a Foreign Subsidairy.

 

“DTC” means The Depository Trust Company and any successor.

 

“EBITDA” means, with respect to any Person for any period,
the Consolidated Net Income of such Person and its Restricted Subsidiaries for
such period

 

(a)           increased (without duplication) by:

 

(i)            provision for taxes based on income
or profits or capital (or any alternative tax in lieu thereof), including,
without limitation, foreign, state, franchise and similar taxes and foreign
withholding taxes of such Person and such subsidiaries paid or accrued during
such period deducted (and not added back) in computing Consolidated Net Income,
including payments made pursuant to any

 

14

 

tax sharing agreements or
arrangements among the Company, its Restricted Subsidiaries and any direct or
indirect parent company of the Company (so long as such tax sharing payments
are attributable to the operations of the Company and its Restricted Subsidiaries);
plus

 

(ii)           Fixed Charges of such Person and such
subsidiaries for such period to the extent the same was deducted (and not added
back) in calculating such Consolidated Net Income; plus

 

(iii)          Consolidated Depreciation and
Amortization Expense of such Person and such subsidiaries for such period to
the extent the same were deducted (and not added back) in computing Consolidated
Net Income; plus

 

(iv)          any fees, costs, commissions, expenses
or other charges (other than Depreciation or Amortization Expense) related to
any Equity Offering, Permitted Investment, acquisition, disposition, recapitalization
or the incurrence or repayment of Indebtedness permitted to be incurred under
this Indenture (including a refinancing thereof) (whether or not successful),
including (w) any expensing of bridge, commitment or other financing fees,
(x) such fees, costs, commissions, expenses or other charges related to
the offering of the Senior Notes, the Senior Subordinated Notes and the Credit
Facilities, (y) any such fees, costs (including call premium), commissions,
expenses or other charges related to any amendment or other modification of the
Existing Notes, the Senior Notes, the Subordinated Notes and the Credit Facilities
and (z) commissions, discounts, yield and other fees and charges
(including any interest expense) related to any Receivables Facility, and, in
each case, deducted (and not added back) in computing Consolidated Net Income; plus

 

(v)           the amount of any business
optimization expense and restructuring charge or reserve deducted (and not
added back) in such period in computing Consolidated Net Income, including any
restructuring costs incurred in connection with acquisitions after the Issue
Date, costs related to the closure and/or consolidation of facilities,
retention charges, contract termination costs, future lease commitments,
systems establishment costs, conversion costs and excess pension charges,
consulting fees and any one-time expense relating to enhanced accounting
function, or costs associated with becoming a standalone entity or public
company incurred in connection with any of the foregoing; provided
that the aggregate amount of expenses added pursuant to this clause (v) shall
not exceed an amount equal to 10% of EBITDA of the Company for the period of
four consecutive fiscal quarters most recently ended prior to the determination
date (without giving effect to any adjustments pursuant to this clause (v) or
clause (xii) below); plus

 

(vi)          any other non-cash charges, expenses
or losses including any write offs or write-downs and any non-cash expense
relating to the vesting of warrants,

 

15

 

reducing Consolidated Net
Income for such period (provided that
if any such non-cash charges represent an accrual or reserve for potential cash
items in any future period, the cash payment in respect thereof in such future
period shall be subtracted from EBITDA in such future period to the extent
paid, and excluding amortization of a prepaid cash item that was paid in a
prior period); plus

 

(vii)         the amount of any minority interest
expense consisting of subsidiary income attributable to minority equity
interests of third parties in any non-Wholly-Owned Subsidiary deducted (and not
added back) in such period in calculating Consolidated Net Income; plus

 

(viii)        the amount of management, monitoring,
consulting, transaction and advisory fees and related expenses paid in such period
to the Sponsor pursuant to the Management Agreement (as in effect on the Issue
Date) deducted (and not added back) in computing Consolidated Net Income; plus

 

(ix)           the amount of loss on sale of
receivables and related assets to the Receivables Subsidiary in connection with
a Receivables Facility deducted (and not added back) in computing Consolidated
Net Income; plus

 

(x)            costs or expense deducted (and not
added back) in computing Consolidated Net Income by such Person or any such
subsidiary pursuant to any management equity plan or stock option plan or any
other management or employee benefit plan or agreement or any stock subscription
or shareholder agreement, to the extent that such cost or expenses are funded
with cash proceeds contributed to the capital of the Company or net cash
proceeds of an issuance of Equity Interest of the Company (other than
Disqualified Stock) solely to the extent that such net cash proceeds are excluded
from the calculation of the amount available for Restricted Payments under
Section 4.7(d)(3); plus

 

(xi)           for the year ended December 31, 2006,
$11,500,000 relating to prior cost-reduction actions, acquisitions and signed
agreements, recorded on a quarterly basis; plus

 

(xii)          the amount of net cost savings and
acquisition synergies projected by the Company in good faith to be realized
during such period (calculated on a pro forma basis as though such cost savings
had been realized on the first day of such period) as a result of specified
actions taken or initiated in connection with the Transactions or any
acquisition or disposition by the Company or any Restricted Subsidiary, net of
the amount of actual benefits realized during such period that are otherwise
included in the calculation of EBITDA from such actions; provided
that (A) such cost savings are reasonably identifiable and factually
supportable as evidenced in an Officers Certificate, (B) such actions are taken
within 18 months after the Issue Date or the date of such acquisition or
disposition and (C) the aggregate amount of cost savings added pursuant to this

 

16

 

clause (xii) shall not exceed
an amount equal to the greater of (x) $35 million and (y) 10% of EBITDA of the
Company for the period of four consecutive fiscal quarters most recently ended
prior to the determination date (without giving effect to any adjustments
pursuant to clause (v) above or this clause (xii)); plus

 

(xiii)         any net after-tax non-recurring,
extraordinary or unusual gains or losses (less all fees and expenses relating
thereto) or expenses; plus

 

(xiv)        to the extent covered by insurance and
actually reimbursed or otherwise paid, or, so long as the Company has made a
determination that there exists reasonable evidence that such amount will in
fact be reimbursed or otherwise paid by the insurer and only to the extent that
such amount is (A) not denied by the applicable carrier in writing within 180
days and (B) in fact reimbursed or otherwise paid within 365 days of the date
of such evidence (with a deduction for any amount so added back to the extent
not so reimbursed or otherwise paid within such 365 days), expenses with
respect to liability or casualty events and expenses or losses relating to
business interruption; plus

 

(xv)         expenses to the extent covered by
contractual indemnification or refunding provisions in favor of the Company or
a Restricted Subsidiary and actually paid or refunded, or, so long as the
Company has made a determination that there exists reasonable evidence that
such amount will in fact be paid or refunded by the indemnifying party or other
obligor and only to the extent that such amount is (A) not denied by the
applicable indemnifying party or obligor in writing within 90 days and (B) in
fact reimbursed within 180 days of the date of such evidence (with a deduction
for any amount so added back to the extent not so reimbursed within such 180
days); plus

 

(xvi)        any non-cash increase in expenses (A)
resulting from the revaluation of inventory (including any impact of changes to
inventory valuation policy methods including changes in capitalization of
variances) or (B) due to purchase accounting associated with the Transactions;

 

(b)           decreased by (without duplication)
(i) non-cash gains increasing Consolidated Net Income of such Person and
such subsidiaries for such period, excluding any non-cash gains to the extent
they represent the reversal of an accrual or reserve for a potential cash item
that reduced EBITDA in any prior period and (ii) the minority interest
income consisting of subsidiary losses attributable to minority equity
interests of third parties in any non-Wholly-Owned Subsidiary to the extent
such minority interest income is included in Consolidated Net Income; and

 

(c)           increased or decreased by (without
duplication):

 

(i)            any net gain or loss resulting in
such period from Hedging Obligations and the application of Statement of
Financial Accounting Standards No. 133

 

17

 

and International Accounting
Standards No. 39 and their respective related pronouncements and
interpretations; plus or minus, as applicable,

 

(ii)           any net gain or loss included in
calculating Consolidated Net Income resulting in such period from currency
translation gains or losses related to currency remeasurements of indebtedness
(including any net loss or gain resulting from hedge agreements for currency
exchange risk).

 

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

 

“Equity Offering” means any public or private sale of Common
Stock or Preferred Stock of the Company or any of its direct or indirect parent
companies (excluding Disqualified Stock of such entity), other than
(i) public offerings with respect to Common Stock of the Company or of any
of its direct or indirect parent companies registered on Form S-4 or
Form S-8, (ii) any such public or private sale that constitutes an
Excluded Contribution or (iii) an issuance to any Subsidiary of the
Company.

 

“EUR Denominated Notes” means Notes
denominated in EUR.

 

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

 

“Euro Obligations” means non-callable government obligations
of any member nation of the European Union whose official currency is the EUR,
rated AAA or better by S&P and Aaa or better by Moody’s.

 

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

 

“Exchange Notes” means the series of Notes of either tranche
to be issued under this Indenture in exchange for the Transfer Restricted Notes
of the same tranche pursuant to the Registration Rights Agreement.

 

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

 

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

 

“Excluded Contribution” means net cash proceeds, marketable
securities or Qualified Proceeds, in each case received by the Company and its
Restricted Subsidiaries from:

 

(a)           contributions to its common equity
capital; and

 

18

 

(b)           the sale (other than to a Subsidiary
or to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement of the Company or any Subsidiary) of
Capital Stock (other than Disqualified Stock and Designated Preferred Stock),
in each case designated as Excluded Contributions pursuant to an Officers’
Certificate on the date such capital contributions are made or the date such
Equity Interests are sold, as the case may be, which are excluded from the
calculation set forth in clause (3) of the first paragraph of Section 4.7.

 

“Existing Notes” means VWR International, Inc.’s 67⁄8%
Senior Notes due 2012, VWR International, Inc.’s 8% Senior Subordinated Notes
due 2014, CDRV Investment Holdings Corporation’s 95⁄8% Senior Discount
Notes due 2015 and the Company’s Senior Floating Rate Notes due 2011.

 

“Fixed Charge Coverage Ratio” means, with respect to any
Person for any period consisting of such Person and its Restricted
Subsidiaries’ most recently ended four fiscal quarters for which internal
financial statements are available, the ratio of EBITDA of such Person for such
period to the Fixed Charges of such Person for such period. In the event that
the Company or any Restricted Subsidiary incurs, assumes, guarantees or repays
any Indebtedness or issues or redeems Disqualified Stock or Preferred Stock, in
each case subsequent to the commencement of the period for which the Fixed
Charge Coverage Ratio is being calculated but prior to the event for which the
calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio
shall be calculated giving pro forma
effect to such incurrence, assumption, guarantee or repayment of Indebtedness,
or such issuance or redemption of Disqualified Stock or Preferred Stock, as if
the same had occurred at the beginning of the applicable four-quarter period
and as if the Company or Restricted Subsidiary had not earned the interest
income actually earned during such period in respect of such cash used to
repay, repurchase, defease or otherwise discharge such Indebtedness.

 

If
Investments, acquisitions, dispositions, mergers or consolidations have been
made by the Company or any Restricted Subsidiary during the four-quarter
reference period or subsequent to such reference period and on or prior to or
simultaneously with the Calculation Date, then the Fixed Charge Coverage Ratio
shall be calculated on a pro forma
basis assuming that all such Investments, acquisitions, dispositions, mergers
or consolidations (and the change in any associated Fixed Charge obligations
and the change in EBITDA resulting therefrom) had occurred on the first day of
the four-quarter reference period.

 

If since the
beginning of such period any Person (that subsequently became a Restricted
Subsidiary or was merged with or into the Company or any Restricted Subsidiary
since the beginning of such period) shall have made any Investment,
acquisition, disposition, merger or consolidation that would have required
adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio
shall be calculated giving pro forma
effect thereto for such period as if such Investment, acquisition, disposition,
merger or consolidation had occurred at the beginning of the applicable
four-quarter period.

 

19

 

For purposes
of this definition, whenever pro forma
effect is to be given to an Investment, acquisition, disposition, merger or
consolidation (including, without limitation, the Transactions) and the amount
of income or earnings relating thereto, the pro forma
calculations shall be determined in good faith by a responsible financial or
accounting Officer of the Company and shall comply with the requirements of
Rule 11-02 of Regulation S-X promulgated by the Commission, except
that such pro forma calculations may include
operating expense reductions for such period in the amount not to exceed the
greater of (x) $50 million and (y) 10% of EBITDA of the Company for the period
of four consecutive fiscal quarters most recently ended prior to the
Calculation Date (without giving effect to any adjustments pursuant to this
paragraph) resulting from the transaction which is being given pro forma effect that (A) have been realized or
(B) for which the steps necessary for realization have been taken (or are
taken concurrently with such transaction) or (C) for which the steps
necessary for realization are reasonably expected to be taken within the
eighteen month period following such transaction and, in each case, including,
but not limited to, (a) reduction in personnel expenses,
(b) reduction of costs related to administrative functions,
(c) reduction of costs related to leased or owned properties and
(d) reductions from the consolidation of operations and streamlining of
corporate overhead, provided that,
in each case, such adjustments are set forth in an Officers’ Certificate signed
by the Company’s chief financial officer and another Officer which states
(i) the amount of such adjustment or adjustments, (ii) in the case of
items (B) or (C) above, that such adjustment or adjustments are based on
the reasonable good faith beliefs of the Officers executing such Officers’
Certificate at the time of such execution and (iii) that any related
incurrence of Indebtedness is permitted pursuant to this Indenture. If any Indebtedness
bears a floating rate of interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in
effect on the Calculation Date had been the applicable rate for the entire
period (taking into account any Hedging Obligations applicable to such
Indebtedness if the related hedge has a remaining term in excess of twelve
months).

 

Interest on a
Capitalized Lease Obligation shall be deemed to accrue at the interest rate
reasonably determined by a responsible financial or accounting officer of the
Company to be the rate of interest implicit in such Capitalized Lease
Obligation in accordance with GAAP. For purposes of making the computation
referred to above, interest on any Indebtedness under a revolving credit facility
computed on a pro forma basis shall be
computed based upon the average daily balance of such Indebtedness during the
applicable period. Interest on Indebtedness that may optionally be determined
at an interest rate based upon a factor of a prime or similar rate, a
eurocurrency interbank offered rate, or other rate, shall be deemed to have
been based upon the rate actually chosen, or, if none, then based upon such
optional rate chosen as the Company may designate.

 

“Fixed Charges” means, with respect to any Person for any
period, the sum of, without duplication, (a) Consolidated Interest Expense
(excluding all non-cash interest expense and amortization/accretion of original
issue discount (including any original issue discount created by fair value
adjustments to Indebtedness in existence as of the Issue Date as a result of
purchase accounting)) of such Person for such period, (b) all dividends
paid during such period (excluding items eliminated in consolidation) on any
series of Preferred Stock of such Person and its

 

20

 

Subsidiaries and (c) all dividends paid during such period
(excluding items eliminated in consolidation) on any series of Disqualified
Stock of such Person and its Subsidiaries.

 

“Foreign Subsidiary” means, with respect to any Person, (a)
any subsidiary of such Person that is organized and existing under the laws of
any jurisdiction outside the United States of America or (b) any subsidiary of
such Person that has no material assets other than the Capital Stock of one or
more subsidiaries described in clause (a) and other assets relating to an
ownership interest in any such Capital Stock or subsidiaries.

 

“Foreign Subsidiary Reorganization” means the reorganization
of the Company’s Foreign Subsidiaries (including the creation of a new holding
company subsidiary to hold substantially all of the capital stock of the
Company’s Foreign Subsidiaries).

 

“GAAP” means generally accepted accounting principles in the
United States in effect on the date hereof, except for any reports required to
be delivered pursuant to Section 4.3, which shall be prepared in
accordance with GAAP in effect on the date thereof. For purposes of this
Indenture, the term “consolidated”
with respect to any Person means such Person consolidated with its Restricted
Subsidiaries and does not include any Unrestricted Subsidiary.

 

“Global Note Legend” means the legend identified as such in Exhibit A-1
(in the case of the US$ Denominated Notes) attached hereto or Exhibit A-2
(in the case of EUR Denominated Notes) attached hereto.

 

“Global Notes” means the Notes that are in the form of Exhibit A-1
(in the case of the US$ Denominated Notes) attached hereto or Exhibit A-2
(in the case of EUR Denominated Notes) attached hereto, in each case, issued in
global form and registered in the name of the Depositary or its nominee.
Notwithstanding anything to the contrary contained herein, notices, delivery
and payment with respect to the Global Notes will be through the facilities of
the relevant Depositary.

 

“GSMP Group” means, collectively, (i) GSMP 2006 Onshore US, Ltd., GSMP
2006 Offshore US, Ltd. and GSMP 2006 Institutional US, Ltd., (ii) any other
Affiliate of GS Mezzanine Partners 2006 Onshore Fund L.P. or The Goldman Sachs
Group, Inc., and (iii) any Subsidiaries of the foregoing.

 

“guarantee” means a guarantee other than by endorsement of
negotiable instruments for collection in the ordinary course of business,
direct or indirect, in any manner including, without limitation, through letters
of credit or reimbursement agreements in respect thereof, of all or any part of
any Indebtedness or other obligations. When used as a verb, “guarantee” shall have a corresponding meaning.

 

“Guarantee” means any guarantee of the obligations of the
Company under this Indenture and the Notes by a Guarantor in accordance with
the provisions of this Indenture. When used as a verb, “Guarantee”
shall have a corresponding meaning.

 

21

 

“Guarantor” means any Person that incurs a Guarantee of the
Notes; provided that upon the release and
discharge of such Person from its Guarantee in accordance with this Indenture,
such Person shall cease to be a Guarantor. On the Issue Date, the Guarantors
will be each Domestic Subsidiary of the Company that is a Restricted Subsidiary
and a guarantor under the Credit Agreement or under the Senior Notes.

 

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

 

(a)           currency exchange, interest rate or
commodity swap agreements, currency exchange, interest rate or commodity cap
agreements and currency exchange, interest rate or commodity collar agreements;
and

 

(b)           other agreements or arrangements
designed to manage, hedge or protect such Person with respect to fluctuations
in currency exchange, interest rates or commodity, raw materials, utilities and
energy prices.

 

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

 

“Indebtedness” means, with respect to any Person,

 

(a)           any indebtedness (including principal
and premium) of such Person, whether or not contingent:

 

(i)            in respect of borrowed money,

 

(ii)           evidenced by bonds, notes, debentures
or similar instruments;

 

(iii)          evidenced by letters of credit (or,
without duplication, reimbursement agreements in respect thereof);

 

(iv)          Capitalized Lease Obligations;

 

(v)           representing the deferred and unpaid
balance of the purchase price of any property (other than Capitalized Lease
Obligations), except (A) any such balance that constitutes a trade payable or
similar obligation to a trade creditor in each case accrued in the ordinary
course of business (B) liabilities accrued in the ordinary course of business
and (C) earn-outs and other contingent payments in respect of acquisitions
except to the extent that the liability on account of any such earn-outs or
contingent payment becomes fixed, or

 

(vi)          representing any interest rate Hedging
Obligations,

 

if and to the extent that any of the foregoing Indebtedness (other than
letters of credit and Hedging Obligations) would appear as a liability upon a
balance sheet (excluding the footnotes thereto) of such Person prepared in accordance
with GAAP,

 

22

 

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

 

(c)           Disqualified Stock of such Person,
and

 

(d)           to the extent not otherwise included,
Indebtedness of another Person secured by a Lien on any asset (other than a
Lien on Capital Stock of an Unrestricted Subsidiary) owned by such Person
(whether or not such Indebtedness is assumed by such Person);

 

provided,
however, that notwithstanding the
foregoing, Indebtedness shall be deemed not to include (A)  Contingent Obligations incurred in the
ordinary course of business  (B) items
that would appear as a liability on a balance sheet prepared in accordance with
GAAP as a result of the application of EITF 97-10, “The Effect of Lessee
Involvement in Asset Construction,” and (C) obligations with respect to Receivables
Facilities. The amount of Indebtedness of any person under clause (d) above
shall be deemed to equal the lesser of (x) the aggregate unpaid amount of such
Indebtedness secured by such Lien and (y) the fair market value of the property
encumbered thereby as determined by such person in good faith.

 

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

 

“Independent Financial Advisor” means an accounting,
appraisal or investment banking firm or consultant of nationally recognized
standing that is, in the good faith judgment of the Board of Directors of the
Company, qualified to perform the task for which it has been engaged.

 

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

 

“Initial Purchaser” means Goldman, Sachs
& Co. as initial purchaser of the Notes under the Note Purchase Agreement.

 

“Investment Grade Rating” means a rating equal to or higher
than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by
S&P, or an equivalent rating by any other Rating Agency.

 

“Investment Grade Securities” means:

 

(a)           securities issued or directly and
fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (other than Cash Equivalents);

 

(b)           debt securities or debt instruments
with an Investment Grade Rating, but excluding any debt securities or
instruments constituting loans or advances among the Company and its Subsidiaries;

 

23

 

(c)           investments in any fund that invests
exclusively in investments of the type described in clauses (a) and (b) which
fund may also hold immaterial amounts of cash pending investment or distribution;
and

 

(d)           corresponding instruments in
countries other than the United States customarily utilized for high quality
investments.

 

“Investments” means, with respect to any Person, all direct
or indirect investments by such Person in other Persons (including Affiliates)
in the forms of loans (including guarantees or other obligations), advances or
capital contributions (including by means of any transfer of cash or other
property to others or any payment for property or services for the account or
use of others, but excluding accounts receivable, trade credit, advances to
customers, commission, travel, entertainment, relocation, payroll and similar
advances to officers and employees, in each case made in the ordinary course of
business), purchases or other acquisitions for consideration of Indebtedness,
Equity Interests or other securities issued by any other Person and investments
that are required by GAAP to be classified on the balance sheet (excluding the
footnotes) of such Person in the same manner as the other investments included
in this definition to the extent such transactions involve the transfer of cash
or other property. If the Company or any Subsidiary of the Company sells or
otherwise disposes of any Equity Interests of any direct or indirect Restricted
Subsidiary of the Company such that, after giving effect to any such sale or
disposition, such Person is no longer a Subsidiary of the Company, the Company
will be deemed to have made an Investment on the date of any such sale or
disposition equal to the fair market value of the Equity Interests of such
Subsidiary not sold or disposed of in an amount determined as provided in the
third paragraph of Section 4.7.

 

For purposes
of the definition of “Unrestricted Subsidiary” and Section 4.7,
(i) ”Investments” shall include the portion (proportionate to the
Company’s equity interest in such Subsidiary) of the fair market value of
the net assets of a Subsidiary of the Company at the time that such
Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary
as a Restricted Subsidiary, the Company shall be deemed to continue to have a
permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive)
equal to (x) the Company’s “Investment” in such Subsidiary at the time of
such redesignation less (y) the portion (proportionate to the Company’s
equity interest in such Subsidiary) of the fair market value of the net assets
of such Subsidiary at the time of such redesignation; (ii) any property
transferred to or from an Unrestricted Subsidiary shall be valued at its fair
market value at the time of such transfer, in each case as determined in good
faith by the Board of Directors of the Company, and (iii) any transfer of
Capital Stock that results in an entity which became a Restricted Subsidiary
after the Issue Date ceasing to be a Restricted Subsidiary shall be deemed to
be an Investment in an amount equal to the fair market value (as determined by
the Board of Directors of the Company in good faith as of the date of initial
acquisition) of the Capital Stock of such entity owned by the Company and its
Restricted Subsidiaries immediately after such transfer.

 

“Issue Date” means June 29, 2007.

 

24

 

“Legal Holiday” means a Saturday, a Sunday or a day on which
banking institutions in the City of New York, the city in which the principal
Corporate Trust Office of the Trustee is located or at a place of payment are
authorized by law, regulation or executive order to remain closed. If a payment
date is a Legal Holiday, payment shall 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.

 

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

 

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

 

“Limited Non-Guarantor Debt Exceptions” has the meaning
assigned to such term in Section 4.9.

 

“Management Agreement” means, collectively, (a) the
Management Services Agreement dated as of the Issue Date, by and among certain
management companies associated with the Sponsor and the Company and any direct
or indirect parent company and (b) the MDP Unit Purchase Agreement, in each
case, as in effect on the Issue Date or otherwise amended, modified or
supplemented.

 

“MDP Unit Purchase Agreement” means the MDP Unit Purchase
Agreement dated as of the Issue Date among Varietal Distribution Holdings, LLC,
Madison Dearborn Capital Partners Y-A, L.P., Madison Dearborn Capital Partners
Y-C, L.P. & Madison Dearborn Partners V Executive-A, L.P.

 

“Moody’s” means Moody’s Investors Service, Inc. and any
successor to its rating business.

 

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

 

“Net Proceeds” means with respect to any Asset Sale, the
proceeds thereof in the form of cash and Cash Equivalents (including any such
proceeds subsequently received (as and when received) in respect of deferred
payments or noncash consideration initially received, net of any costs relating
to the disposition thereof), net of (i) out-of-pocket expenses incurred
(including reasonable and customary broker’s fees or commissions, investment
banking, consultant, legal, accounting or similar fees, survey costs, title
insurance premiums, and related search and recording charges, transfer, deed,
recording and similar taxes incurred by the Company and its Restricted Subsidiaries
in connection therewith), and the Company’s good faith estimate of taxes paid
or payable (including payments under any tax sharing agreement or arrangement),
in

 

25

 

connection with such Asset Sale (including,
in the case of any such Asset Sale in respect of property of any Foreign
Subsidiary, taxes payable upon the repatriation of any such proceeds),
(ii) amounts provided as a reserve, in accordance with GAAP, against any
(x) liabilities under any indemnification obligations or purchase price
adjustment associated with such Asset Sale and (y) other liabilities associated
with the asset disposed of and retained by the Company or any of its Restricted
Subsidiaries after such disposition, including pension and other
post-employment benefit liabilities and liabilities related to environmental matters
(provided that to the extent and at the
time any such amounts are released from such reserve, such amounts shall
constitute Net Proceeds), (iii) the principal amount, premium or penalty,
if any, interest and other amounts on any Indebtedness or other obligation
which is secured by a Lien on the asset sold and (iv) in the case of any
such Asset Sale by a non-Wholly-Owned Restricted Subsidiary, the pro rata
portion of the Net Proceeds thereof (calculated without regard to this clause
(iv)) attributable to minority interests and not available for distribution to
or for the account of the Company or a Wholly Owned Restricted Subsidiary as a
result thereof.

 

“Note Custodian” means (a) in the case of the US$ Denominated
Notes, the Trustee when serving as custodian for the Depositary with respect to
the Global Notes, or any successor entity thereto and (b) in the case of the
EUR Denominated Notes, the Common Depositary or any successor entity thereto.

 

“Note Purchase Agreement” means the note purchase
agreement, dated June, 27, 2007, by and among the Company, GSMP 2006 Onshore US
Ltd., GSMP 2006 Offshore US Ltd., GSMP 2006 Institutional US Ltd., GS Mezzanine
Partners 2006 Institutional L.P., and Goldman, Sachs & Co.

 

“Notes” means the 10.75% Senior Subordinated Notes due
2017 of the Company issued on the date hereof consisting of two tranches: the
EUR Denominated Notes and the US$ Denominated Notes, and including any Exchange
Notes. The Notes shall be treated as a single class for all purposes under this
Indenture.

 

“Obligations” means any principal, interest, premium,
penalties, fees, indemnifications, reimbursements (including, without
limitation, reimbursement obligations with respect to letters of credit),
costs, expenses, damages and other liabilities, and guarantees of payment of
such principal, interest, premium, penalties, fees, indemnifications,
reimbursements, costs, expenses, damages and other liabilities, payable under
the documentation governing any Indebtedness.

 

“Offering Memorandum” means the final offering memorandum
related to the issuance of the Notes on the Issue Date, dated June 29, 2007.

 

“Officer” means the Chief Executive Officer, the President,
the Chief Financial Officer, the Chief Operating Officer, principal accounting
officer, controller, any Executive Vice President, Senior Vice President or
Vice President, the Treasurer or Assistant Treasurer or the Secretary or any
Assistant Secretary of the Company.

 

26

 

“Officers’ Certificate” means a certificate signed on behalf
of the Company, by two Officers of the Company, one of whom is the principal
executive officer, the principal financial officer, the treasurer or the
principal accounting officer of the Company, that meets the requirements set
forth in this Indenture.

 

“Opinion of Counsel” means an opinion from legal counsel who
is reasonably acceptable to the Trustee. The counsel may be an employee of or
counsel to the Company or any Subsidiary of the Company.

 

“Parent” means Varietal Distribution Holdings, LLC and any
successor.

 

“Participant” means, with respect to the DTC, Euroclear or
Clearstream, a Person who has an account with DTC, Euroclear or Clearstream,
and, with respect to any other Depositary, a Person who has an account with
such other Depositary.

 

“Paying Agent” means any Person authorized by the Company to
pay the principal of, premium, if any, or interest on any Notes on behalf of
the Company.

 

“Permitted Asset Swap” means, to the extent allowable under
Section 1031 of the Code, the concurrent purchase and sale or exchange of
Related Business Assets or a combination of Related Business Assets (excluding
any boot thereon) between the Company or any of its Restricted Subsidiaries and
another Person.

 

“Permitted Business” means the business and any services,
activities or businesses incidental, or directly related or similar to, or
complementary to any line of business engaged in by the Company and its
Subsidiaries as of the Issue Date or any business activity that is a reasonable
extension, development or expansion thereof or ancillary thereto.

 

“Permitted Debt” has the meaning assigned to such term in Section 4.9.

 

“Permitted Holders” means (i) the Sponsor, (ii) any
Person making an Investment in Parent concurrently with Sponsor on or following
the Issue Date, (iii) any Person who is an Officer or otherwise a member
of management of the Company or any of its Subsidiaries on the Issue Date, provided that if such Officers and members
of management beneficially own more shares of Voting Stock of either of the
Company or any of its direct or indirect parent entities than the number of
such shares beneficially owned by all the Officers as of the Issue Date or
issued within 90 days thereafter, such excess shall be deemed not to be beneficially
owned by Permitted Holders, (iv) any Related Party of any of the foregoing
Persons and (v) any “group” (within the meaning of Section 13(d)(3)
or Section 14(d)(2) of the Exchange Act or any successor provision) of
which any of the foregoing are members, provided
that in the case of such “group” and without giving effect to the existence of
such “group” or any other “group,” such Persons specified in clauses (i), (ii),
(iii), or (iv) above (subject, in the case of Officers, to the foregoing limitation),
collectively, have beneficial ownership, directly or indirectly, of more than
50% of the total voting power of the Voting Stock of the Company or any of its
direct or indirect parent entities held by such “group” and provided further, that, in no event shall
the

 

27

 

Sponsor own a lesser percentage of the Voting Stock than any other
person or group referred to in clauses (ii), (iii) or (iv).

 

“Permitted Investments” means

 

(1)           any Investment by the Company in any
Wholly Owned Restricted Subsidiary or a Restricted Subsidiary that is a
Guarantor, or by a Restricted Subsidiary in the Company or another Restricted
Subsidiary that is a Wholly Owned Restricted Subsidiary or a Guarantor;

 

(2)           any Investment in cash and Cash
Equivalents or Investment Grade Securities;

 

(3)           any Investment by the Company or any
Restricted Subsidiary in a Person that is engaged in a Permitted Business if as
a result of such Investment:

 

(A)  (x)
such Person becomes a Wholly Owned Restricted Subsidiary or a Restricted
Subsidiary that is a Guarantor or (y) such Person, in one transaction or a
series of related transactions, is merged, consolidated or amalgamated with or
into, or transfers or conveys substantially all of its assets to, or is
liquidated into, the Company or a Wholly Owned Restricted Subsidiary or a
Restricted Subsidiary that is a Guarantor,

 

(B)   no
Event of Default shall have occurred or be continuing or will result therefrom,
and

 

(C) after giving pro forma effect to such
Investment, either (x) the Company can incur $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in the first
paragraph of Section 4.9 or (y) the Total Net Leverage Ratio
immediately after giving effect to such Investment is less than the Total Net
Leverage Ratio immediately prior to such Investment, and,

 

in each case, any Investment held by such Person; provided
that such Investment was not acquired by such Person in contemplation of such
acquisition, merger consolidation, or transfer;

 

(4)           any Investment in securities or other
assets not constituting cash or Cash Equivalents or Investment Grade Securities
and received in connection with an Asset Sale made pursuant Section 4.10
or any other disposition of assets not constituting an Asset Sale;

 

(5)           any Investment existing on the Issue
Date or made pursuant to binding commitments in effect on the Issue Date or an
Investment consisting of any extension, modification, replacement, renewal of
any Investment existing on the Issue Date; provided that
the amount of any such Investment may be increased (x) as required by the

 

28

 

terms of such Investment as in existence on
the Issue Date or (y) as otherwise permitted under this Indenture;

 

(6)           loans and advances to, or guarantees
of Indebtedness of, directors, employees, officers and consultants not in
excess of $15.0 million outstanding at any one time, in the aggregate;

 

(7)           any Investment acquired by the
Company or any Restricted Subsidiary (A) in exchange for any other
Investment or accounts receivable held by the Company or Restricted Subsidiary
in connection with or as a result of a bankruptcy, workout, reorganization or
recapitalization of the issuer of such other Investment or accounts receivable
or (B) as a result of a foreclosure by the Company or Restricted
Subsidiary with respect to any secured Investment or other transfer of title
with respect to any secured Investment in default;

 

(8)           Hedging Obligations permitted under
clause (10) of the definition of “Permitted Debt”;

 

(9)           loans and advances to officers,
directors and employees for business-related travel expenses, moving expenses
and other similar expenses, in each case incurred in the ordinary course of
business;

 

(10)         any Investment by the Company or a
Restricted Subsidiary having an aggregate fair market value, taken together
with all other Investments made pursuant to this clause (10) that are at
that time outstanding not to exceed $100.0 million (with the fair market value
of each Investment being measured at the time made and without giving effect to
subsequent changes in value); provided that
if such Investment is in Capital Stock of a Person that subsequently becomes a
Restricted Subsidiary, such Investment shall thereafter be deemed permitted
under clause (1) above and shall not be included as having been made
pursuant to this clause (10);

 

(11)         Investments the payment for which
consists of Equity Interests of the Company or any of its direct or indirect
parent companies (exclusive of Disqualified Stock); provided
that such Equity Interests will not increase the amount available for
Restricted Payments under clause (3)(b) of the first paragraph of Section
4.7;

 

(12)         guarantees (including Guarantees) of
Indebtedness permitted under Section 4.9 and performance guarantees
consistent with past practice, and the creation of liens on the assets of the
Company or any of its Restricted Subsidiaries in compliance with Section
4.12;

 

(13)         Investments consisting of licensing of
intellectual property pursuant to joint marketing arrangements with other
Persons;

 

29

 

(14)         Investments relating to a Receivables
Subsidiary that, in the good faith determination of the Company, are necessary
or advisable to effect a Receivables Facility;

 

(15)         Investments consisting of earnest money
deposits required in connection with a purchase agreement or other acquisition;

 

(16)         any transaction to the extent it
constitutes an Investment that is permitted and made in accordance with the
provisions of the second paragraph of Section 4.11, except transactions
permitted by clauses (2), (6), (8), (10), (12) or (13);

 

(17)         Investments consisting of purchases and
acquisitions of inventory, supplies, material or equipment;

 

(18)         Investments in the ordinary course of
business consisting of endorsements for collection or deposit;

 

(19)         additional Investments in joint
ventures in an aggregate amount not to exceed $20.0 million at any time
outstanding;

 

(20)         loans and advances relating to
indemnification or reimbursement of any officers, directors or employees in
respect of liabilities relating to their serving in any such capacity or as
otherwise permitted under Section 4.11;

 

(21)         Investments in the nature of pledges or
deposits with respect to leases or utilities provided to third parties in the
ordinary course of business;

 

(22)         Investments in industrial development
or revenue bonds or similar obligations secured by assets leased to and
operated by the Company or any of its Subsidiaries that were issued in connection
with the financing of such assets, so long as the Company or any such
Subsidiary may obtain title to such assets at any time by optionally canceling
such bonds or obligations, paying a nominal fee and terminating such financing
transaction;

 

(23)         deposits made by the Company and
Foreign Subsidiaries in Cash Pooling Arrangements;

 

(24)         Investments made in connection with the
Foreign Subsidiary Reorganization;

 

(25)         Investments in (i) new offshore finance
companies, including, without limitation, non-Wholly-Owned Subsidiaries and
(ii) new Foreign Subsidiaries that would engage in transactions with other
Foreign Subsidiaries to maximize tax efficiency and dividend capacity; and

 

(26)         extensions of trade credit in the
ordinary course of business.

 

30

 

“Permitted Junior Securities” means:

 

(1)           Equity Interests in the Company or
any direct or indirect parent of the Company; or

 

(2)           unsecured debt securities that are
subordinated to all Senior Indebtedness (and any debt securities issued in
exchange for Senior Indebtedness) to substantially the same extent as, or to a
greater extent than the Notes and the related Guarantees are subordinated to
Senior Indebtedness under this Indenture and which do not mature or become
subject to a mandatory redemption obligation prior to the final maturity or the
Notes;

 

provided that the term
“Permitted Junior Securities” shall not include any securities distributed
pursuant to a plan of reorganization if the Indebtedness under the Senior
Credit Facilities or under the Senior Notes is treated as part of the same
class as the Notes for purposes of such plan of reorganization; provided further that to the extent that
any Senior Indebtedness of the Company or the Guarantors outstanding on the
date of consummation of any such plan of reorganization is not paid in full in
cash on such date, the holders of any such Senior Indebtedness not so paid in
full in cash have consented to the terms of such plan of reorganization.

 

“Permitted Liens” means the following
types of Liens:

 

(1)           deposits
of cash or government bonds made in the ordinary course of business to secure
surety or appeal bonds to which such Person is a party;

 

(2)           Liens
in favor of issuers of stay, customs, performance, surety, bid, indemnity,
warranty, release, appeal or similar bonds or with respect to other regulatory
requirements or letters of credit or bankers’ acceptance issued, and completion
guarantees provided for, in each case pursuant to the request of and for the
account of such Person in the ordinary course of its business or consistent
with past practice;

 

(3)           Liens
on property or shares of stock of a Person at the time such Person becomes a
Subsidiary; provided, however, that such Liens are not created or incurred in
connection with, or in contemplation of, or to provide all or any portion of
the funds or credit support utilized in connection with, such other Person
becoming such a Subsidiary; provided, further, however, that such Liens may not
extend to any other property owned by the Company or any Restricted Subsidiary;

 

(4)           Liens
on property at the time the Company or a Restricted Subsidiary acquired the
property, including any acquisition by means of a merger or consolidation with
or into the Company or any of its Restricted Subsidiaries; provided, however,
that such Liens are not created or incurred in connection with, or in
contemplation of, or to provide all or any portion of the funds or credit
support utilized for, such acquisition;

 

31

 

provided, further, however, that such Liens may not extend to any other
property owned by the Company or any Restricted Subsidiary;

 

(5)           Liens
securing Hedging Obligations so long as the related Indebtedness is permitted
to be incurred under this Indenture and is secured by a Lien on the same
property securing such Hedging Obligation;

 

(6)           Liens
on specific items of inventory or other goods and proceeds of any Person
securing such Person’s obligations in respect of bankers’ acceptances or
letters of credit issued or created for the account of such Person to
facilitate the purchase, shipment or storage of such inventory or other goods
and pledges or deposits in the ordinary course of business securing inventory
purchases from vendors;

 

(7)           Liens
in favor of the Company or any Restricted Subsidiary;

 

(8)           Liens
to secure any Indebtedness that is incurred to refinance any Indebtedness that
has been secured by a Lien existing on the Issue Date or referred to in
clauses (3), (4) and (19)(B) of this definition; provided, however, that
such Liens (x) are no less favorable to the Holders of the Notes, taken as
a whole, and (y) do not extend to or cover any property or assets of the
Company or any of its Restricted Subsidiaries not securing the Indebtedness so
refinanced;

 

(9)           Liens
on accounts receivable and related assets incurred in connection with a
Receivable Facility incurred pursuant to clause (18) of the definition of
“Permitted Debt”;

 

(10)         Liens
for taxes, assessments or other governmental charges or levies not overdue by
more than forty-five (45) days or the nonpayment of which in the aggregate
would not reasonably be expected to result in a material adverse effect, or
which are being contested in good faith by appropriate proceedings promptly
instituted and diligently conducted or for property taxes on property that the
Company or one of its Subsidiaries has determined to abandon if the sole
recourse for such tax, assessment, charge, levy or claim is to such property;

 

(11)         judgment
liens in respect of judgments that do not constitute an Event of Default;

 

(12)         pledges,
deposits or security under workmen’s compensation, unemployment insurance and
other social security laws or regulations, or deposits to secure the
performance of tenders, contracts (other than for the payment of Indebtedness)
or leases, or deposits to secure public or statutory obligations, or deposits
as security for contested taxes or import or customs duties or for the payment
of rent, or deposits or other security securing liabilities to insurance
carriers under insurance or self-insurance arrangements or earnest money
deposits required in connection with a purchase

 

32

 

agreement or other acquisition, in each case incurred in the ordinary
course of business or consistent with past practice;

 

(13)         carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
imposed by applicable law, (i) arising in the ordinary course of business
and securing obligations that are not overdue by more than 60 days,
(ii) (A) that are being contested in good faith by appropriate
proceedings and (B) the Company or a Restricted Subsidiary has set aside
on its books adequate reserves with respect thereto in accordance with GAAP or
(iii) the existence of which would not reasonably be expected to result in
a material adverse effect;

 

(14)         minor
survey exceptions, encumbrances, ground leases, easements or reservations of,
or rights of others for, licenses, rights of way, sewers, electric lines,
telegraph and telephone lines and other similar purposes, or zoning, building
codes or other restrictions (including, without limitation, minor defects or
irregularities in title and similar encumbrances) as to the use of real
properties or Liens incidental to the conduct of business or to the ownership
of properties that do not in the aggregate materially adversely affect the
value of said properties or materially impair their use in the operation of the
business;

 

(15)         leases,
licenses, subleases or sublicenses (including, without limitation, licenses and
sublicenses of intellectual property) granted to others in the ordinary course
of business that do not interfere in any material respect with the business of
the Company or any of its material Restricted Subsidiaries or which do not by
their own terms secure any Indebtedness;

 

(16)         the
rights reserved or vested in any Person by the terms of any lease, license,
franchise, grant or permit held by the Company or any of its Restricted
Subsidiaries or by a statutory provision, to terminate any such lease, license,
franchise, grant or permit, or to require annual or periodic payments as a
condition to the continuance thereof;

 

(17)         banker’s
Liens, rights of set-off or similar rights and remedies as to deposit accounts
or other funds maintained with a depositary institution;

 

(18)         Liens
arising from Uniform Commercial Code financing statement filings regarding
operating leases or consignments entered into by the Company and its Restricted
Subsidiaries in the ordinary course of business;

 

(19)         (A) other
Liens securing Indebtedness for borrowed money or other obligations with a
principal amount not exceeding $35.0 million at any time and (B) Liens
securing Indebtedness incurred to finance the construction, purchase or lease
of, or repairs, improvements or additions to, property of such Person;
provided, however, that (x) the Lien may not extend to any other property
(except for accessions to such property) owned by such Person or any of its
Restricted Subsidiaries at the time the Lien

 

33

 

is incurred, (y) such Liens attach concurrently with or within
270 days after the acquisition, repair, replacement, construction or
improvement (as applicable) of the property subject to such Liens and
(z) with respect to Capitalized Lease Obligations, such Liens do not at
any time extend to or cover any assets (except for accessions to such assets)
other than the assets subject to such Capitalized Lease Obligations; provided
that individual financings of property provided by one lender may be
cross-collateralized to other financings of equipment provided by such lender;

 

(20)         Liens
(i) of a collection bank arising under Section 4-210 of the
Uniform Commercial Code on items in the course of collection,
(ii) attaching to commodity trading accounts or other commodities
brokerage accounts incurred in the ordinary course of business; and
(iii) in favor of a banking institution arising as a matter of law
encumbering deposits (including the right of set-off) and which are within the
general parameters customary in the banking industry;

 

(21)         Liens
encumbering reasonable customary initial deposits and margin deposits and similar
Liens attaching to commodity trading accounts or other brokerage accounts
incurred in the ordinary course of business and not for speculative purposes;

 

(22)         Liens
that are contractual rights of set-off (i) relating to the establishment
of depository relations with banks not given in connection with the issuance of
Indebtedness, (ii) relating to pooled deposit or sweep accounts of the
Company or any Restricted Subsidiary to permit satisfaction of overdraft or
similar obligations incurred in the ordinary course of business of the Company
and its Restricted Subsidiaries or (iii) relating to purchase orders and
other agreements entered into by the Company or any Restricted Subsidiary in
the ordinary course of business;

 

(23)         Liens
solely on any cash earnest money deposits made by the Company or any of its
Restricted Subsidiaries in connection with any letter of intent or purchase
agreement permitted under this Indenture;

 

(24)         Liens
with respect to the assets of a Restricted Subsidiary that is not a Guarantor
securing Indebtedness of such Restricted Subsidiary incurred in accordance with
Section 4.9;

 

(25)         Liens
to secure Indebtedness incurred pursuant to clauses (20) and (26) of the
definition of “Permitted Debt”;

 

(26)         Liens
arising by operation of law under Article 2 of the Uniform Commercial
Code in favor of a reclaiming seller of goods or buyer of goods;

 

(27)         security
given to a public or private utility or any governmental authority as required
in the ordinary course of business;

 

34

 

(28)         landlords’
and lessors’ Liens in respect of rent not in default for more than 60 days or
the existence of which, individually or in the aggregate, would not reasonably
be expected to result in a material adverse effect;

 

(29)         Liens
in favor of customs and revenues authorities imposed by applicable law arising
in the ordinary course of business in connection with the importation of goods
and securing obligations (i) with respect to customs duties in the
ordinary course of business, (ii) that are not overdue by more than
60 days, (iii) (A) that are being contested in good faith by
appropriate proceedings and (B) the Company or Restricted Subsidiary has
set aside on its books adequate reserves with respect thereto in accordance
with GAAP or (iv) the existence of which would not reasonably be expected
to result in a material adverse effect;

 

(30)         Liens
on securities which are the subject of repurchase agreements incurred in the
ordinary course of business;

 

(31)         Liens
on the Capital Stock of Unrestricted Subsidiaries.

 

(32)         Liens
on inventory or equipment of the Company or any of its Restricted Subsidiaries
granted in the ordinary course of business to the Company’s or such Restricted
Subsidiary’s clients or customers at which such inventory or equipment is
located;

 

(33)         pledges
or deposits made in the ordinary course of business to secure liability to insurance
carriers and Liens on insurance policies and the proceeds thereof (whether
accrued or not), rights or claims against an insurer or other similar asset
securing insurance premium financings permitted under clause (21) of the
definition of “Permitted Debt”;

 

(34)         Liens
on cash deposits of the Company and Foreign Subsidiaries subject to a Cash Pooling
Arrangement or otherwise over bank accounts of the Company and Foreign
Subsidiaries maintained as part of the Cash Pooling Arrangement, in each case
securing liabilities for overdrafts of the Company and Foreign Subsidiaries
participating in such Cash Pooling Arrangements;

 

(35)         any
encumbrance or retention (including put and call agreements and rights of first
refusal) with respect to the Equity Interests of any joint venture or similar
arrangement pursuant to the joint venture or similar agreement with respect to
such joint venture or similar arrangement;

 

(36)         Liens
on property subject to Sale and Lease-Back Transactions permitted hereunder and
general intangibles related thereto; and

 

(37)         Liens
consisting of customary contractual restrictions on cash and Cash Equivalents.

 

35

 

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

 

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

 

“Purchase Money Note” means a promissory note of a
Securitization Subsidiary evidencing a line of credit, which may be irrevocable,
issued by the Company or any Subsidiary of the Company to such Securitization
Subsidiary in connection with a Qualified Securitization Financing, which note
is intended to finance that portion of the purchase price that is not paid in
cash or a contribution of equity and which (a) shall be repaid from cash
available to the Securitization Subsidiary, other than (i) amounts
required to be established as reserves, (ii) amounts paid to investors in
respect of interest, (iii) principal and other amounts owing to such
investors and (iv) amounts paid in connection with the purchase of newly
generated receivables, and (b) may be subordinated to the payments
described in clause (a).

 

“Qualified Public Offering” means the initial
underwritten public offering of common Equity Interests of the Company or any
direct or indirect parent of the Company pursuant to an effective registration
statement filed with the SEC in accordance with the Securities Act (other than
a registration statement on Form S-8 or any successor form).

 

“Qualified Proceeds” means assets that are used or useful in,
or Capital Stock of any Person engaged in, a Permitted Business; provided that the fair market value of any such assets or
Capital Stock shall be determined by the Board of Directors of the Company in
good faith.

 

“Rating Agencies”
means (1) S&P and Moody’s or (2) if S&P or Moody’s or both of them are
not making ratings publicly available, a nationally recognized statistical
rating organization within the meaning of Rule 15c3-1(c)(2) under the Exchange
Act, as the case may be, selected by the Company, which will be substituted for
S&P or Moody’s or both, as the case may be.

 

“Receivables Facility” means any of one or more receivables
financing facilities as amended, supplemented, modified, extended, renewed,
restated or refunded from time to time, the obligations of which are
non-recourse (except for customary representations, warranties, covenants and
indemnities made in connection with such facilities) to the Company or any of
its Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to
which the Company or any of its Restricted Subsidiaries sells their accounts
receivable to either (A) a Person that is not a Restricted Subsidiary or
(B) a Receivables Subsidiary that in turn sells its accounts receivable to
a Person that is not a Restricted Subsidiary.

 

“Receivables Fees” means distributions or payments made
directly or by means of discounts with respect to any accounts receivable or
participation interest therein issued or sold in connection with, and other
fees paid to a Person that is not a Restricted Subsidiary in connection with,
any Receivables Facility.

 

36

 

“Receivables Subsidiary” means any subsidiary formed for the
purpose of, and that solely engages only in one or more Receivables Facilities
and other activities reasonably related thereto.

 

“Record Date” for the
interest or Additional Interest, if any, payable on any applicable Interest
Payment Date means December 15, March 15, June 15 or September 15 (whether or
not on a Business Day) next preceding such Interest Payment Date.

 

“Redemption Price,” when used with respect to any Note to be
redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Refinancing Indebtedness” has the meaning
assigned to such term in Section 4.9.

 

“Refunding Capital Stock” has the meaning
set forth in clause (2) of the second paragraph of Section 4.7.

 

“Registration Rights Agreement” means the Registration Rights
Agreement dated as of the Issue Date among Varietal Distribution Merger Sub,
Inc., CDRV Investors, Inc., the Guarantors and Goldman, Sachs & Co. and the
GSMP Group.

 

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

 

“Regulation S Temporary Global Note Legend”
means the legend identified as such in Exhibit A-1 (in the case of
the US$ Denominated Notes) attached hereto or Exhibit A-2 (in the case
of EUR Denominated Notes) attached hereto.

 

“Related Business Assets” means assets (other than cash or
Cash Equivalents) used or useful in a Permitted Business, provided
that any assets received by the Company or a Restricted Subsidiary in exchange
for assets transferred by the Company or a Restricted Subsidiary shall not be
deemed to be Related Business Assets if they consist of securities of a Person,
unless upon a receipt of the securities of such Person, such Person would
become a Restricted Subsidiary.

 

“Related Party” means (a) with respect
to Madison Dearborn Partners, LLC, (i) any investment fund controlled by
or under common control with Madison Dearborn Partners, LLC, any officer,
director or person performing an equivalent function of the foregoing Persons,
or any entity controlled by any of the foregoing Persons and (ii) any
spouse or lineal descendant (including by adoption and stepchildren) of the
officers and directors referred to clause (a)(i); and (b) with respect to
any officer of the Company or its Subsidiaries, (i) any spouse or lineal
descendant (including by adoption and stepchildren) of the officer and
(ii) any trust, corporation or partnership or other entity, in each case
to the extent not an operating company, of which an 80% or more controlling
interest is held by the beneficiaries, stockholders, partners or owners who are
the officer, any of the persons described in clause (b)(i) above or any
combination of these identified relationships.

 

“Representative” means any trustee, agent
or representative (if any) for an issue of Senior Indebtedness of the Company
or any Guarantor.

 

37

 

“Responsible Officer” means, when used with respect to the
Trustee, any officer assigned to the Corporate Trust Office of the Trustee
having direct responsibility for the administration of this Indenture.

 

“Restricted Cash” shall
mean cash and Cash Equivalents held by the Company and its Restricted
Subsidiaries that are contractually restricted from being distributed to the
Company, except for such restrictions that are contained in agreements
governing Indebtedness permitted under Section 4.9 and that is secured
by such cash or Cash Equivalents, or that are classified as “restricted cash”
on the consolidated balance sheet of the Company prepared in accordance with
GAAP.

 

“Restricted Certificated EUR Denominated Notes”
means Restricted Certificated Notes that are EUR Denominated Notes.

 

“Restricted Certificated Notes” means
Certificated Notes that are Transfer Restricted Notes.

 

“Restricted Certificated US$ Denominated Notes”
means Restricted Certificated Notes that are US$ Denominated Notes.

 

“Restricted Global EUR Denominated Notes”
means Restricted Global Notes that are EUR Denominated Notes.

 

“Restricted Global Notes” means Global
Notes that are Transfer Restricted Notes.

 

“Restricted Global US$ Denominated Notes”
means Restricted Global Notes that are US$ Denominated Notes.

 

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

 

“Restricted Notes Legend” means the legend identified as such
in Exhibit A-1 (in the case of the US$ Denominated Notes) attached
hereto or Exhibit A-2 (in the case of EUR Denominated Notes) attached
hereto.

 

“Restricted Payment” has the meaning set forth in Section 4.7.

 

“Restricted Period” means the 40-day distribution compliance period
as defined in Regulation S. The Restricted Period shall be terminated upon the
receipt by the Trustee of an Officer’s Certificate from the Company confirming
the expiration of the Restricted Period.

 

“Restricted Subsidiary” means, at any time, any direct or
indirect Subsidiary of the Company (including any Foreign Subsidiary) that is
not then an Unrestricted Subsidiary; provided, however, that upon the occurrence of an Unrestricted
Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be
included in the definition of Restricted Subsidiary.

 

38

 

“Retired Capital Stock” has the meaning set
forth in clause (2) of the second paragraph of Section 4.7.

 

“S&P” means Standard and Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc., and any successor to its rating
business.

 

“Sale and Lease-Back Transaction” means any
arrangement with any Person providing for the leasing by the Company or any
Restricted Subsidiary of any real or tangible personal property, which property
has been or is to be sold or transferred by the Company or such Restricted
Subsidiary to such Person in contemplation of such leasing.

 

“Secured Indebtedness” means any Indebtedness secured by a
Lien permitted to be incurred by this Indenture.

 

“Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations of the Commission promulgated
thereunder.

 

“Senior Indebtedness” means:

 

(1)  all Indebtedness of the
Company or any Guarantor outstanding under the Credit Agreement or the Senior
Notes and related guarantees, whether outstanding on the Issue Date or
thereafter incurred;

 

(2)  all Hedging Obligations (and
guarantees thereof) owing to a lender or any affiliate of a lender under the
Credit Agreement (or a Person who was such a lender or an affiliate at the time
such Hedging Obligations were entered into);

 

(3)  any other Indebtedness of
the Company or any Guarantor permitted to be incurred under the terms of this
Indenture; and

 

(4)  all other Obligations of
such Person (including interest accruing on or after the filing of any petition
in bankruptcy or for reorganization relation to such Person whether or not
post-filing interest is allowed in such proceeding) in respect of Indebtedness
described in clauses (1) through (3) above,

 

unless the instrument creating or evidencing the same or pursuant to
which the same is outstanding expressly provides that such Indebtedness or
other Obligations are subordinate in right of payment to or pari passu in right of payment with the
Notes or the Guarantee of such Person, as the case may be; provided that Senior Indebtedness shall
not include:

 

(a) any obligation of such Person to the Company or any Subsidiary;

 

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

 

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

 

(d) that portion of any Indebtedness that at the time of Incurrence is
Incurred in violation of this Indenture.

 

39

 

“Senior Indenture” means the indenture
dated as of the Issue Date between and among the Company, the Guarantors,
Deutsche Bank Trust Company Americas as registrar and transfer agent and
Law Debenture Trust Company of New York, as trustee, pursuant to which the
Senior Notes were issued, as amended or supplemented from time to time.

 

“Senior Notes” means the $675.0 million
aggregate principal amount of Senior PIK Toggle Notes due 2015 of the Company.

 

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

 

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

 

“Significant Subsidiary” means any Restricted 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.

 

“Sponsor” means Madison Dearborn Partners, LLC and its
Affiliates (other than any portfolio company thereof).

 

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

 

“Subordinated Indebtedness” means (a) with respect to
the Company, any Indebtedness of the Company that is by its terms subordinated
in right of payment to the Notes and (b) with respect to any Guarantor of
the Notes, any Indebtedness of such Guarantor that is by its terms subordinated
in right of payment to its Guarantee of the Notes.

 

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

 

(a)           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 that Person or one or more of
the other Subsidiaries of that Person (or a combination thereof); and

 

(b)           any partnership, joint venture,
limited liability company or similar entity of which (x) more than 50% of
the capital accounts, distribution rights, total equity and

 

40

 

voting interests or general or limited partnership
interests, as applicable, are owned or controlled, directly or indirectly, by
such Person or one or more of the other Subsidiaries of that Person or a
combination thereof whether in the form of membership, general, special or limited
partnership or otherwise and (y) such Person or any Wholly Owned
Restricted Subsidiary of such Person is a controlling general partner or
otherwise controls such entity.

 

“Suspension Condition”
has the meaning assigned to such term in Section 4.22.

 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code
§§ 77aaa-77bbbb), as amended, as in effect on the date hereof.

 

“Total Assets” means total assets of the Company and its
Restricted Subsidiaries on a consolidated basis prepared in accordance with GAAP,
shown on the most recent balance sheet of the Company and its Restricted
Subsidiaries as may be expressly stated.

 

“Total Net Leverage Ratio”
shall mean the ratio of (i) (A) Consolidated Indebtedness of the Company and
its Restricted Subsidiaries on such date minus (B) the amount of cash
and Cash Equivalents in excess of any Restricted Cash that would be stated on
the balance sheet of the Company and its Restricted Subsidiaries (other than
Foreign Subsidiaries) and held by the Company and its Restricted Subsidiaries
(other than Foreign Subsidiaries) as of such date of determination, as
determined in accordance with GAAP, minus (C) cash of Foreign
Subsidiaries of the Company in an amount equal to the greater of (x) the
aggregate amount of Consolidated Indebtedness of Foreign Subsidiaries and (y)
60% of the cash and Cash Equivalents reflected on the consolidated balance
sheet of the Company delivered to the Trustee as of the last day of the
relevant determination period to (ii) EBITDA of the Company and its Restricted
Subsidiaries for the most recently ended four fiscal quarters for which
internal financial statements are available. The Total Net
Leverage Ratio shall be calculated on a pro forma basis as described in the
second, third and fourth paragraphs of the definition of the Fixed Charge
Coverage Ratio.

 

“Total Net Tangible Assets” means total
assets of the Company and its Restricted Subsidiaries, Less all goodwill, trade
names, trademarks, patents and any other like intangibles, all on a
consolidated basis prepared in accordance with GAAP, shown on the most recent
balance sheet of the Company and its Restricted Subsidiaries as may be
expressly stated.

 

“Transactions” means (i) the
transactions contemplated by the Acquisition Agreement, (ii) the entry into
the Credit Agreement and incurrence of Indebtedness thereunder on the Issue
Date by the Company and the guarantors thereunder, (iii) the issuance of
the Senior Notes and the provision of guarantees by the guarantors,
(iv) the issuance of the Notes and the provision of Guarantees by the
Guarantors thereof, (v) the refinancing of certain existing indebtedness
of CDRV Investors Inc., as contemplated in the Offering Memorandum,
(vi) the payment of fees and expenses related to each of the foregoing and
(vii) all other transactions relating to any of the foregoing in each
case, as contemplated as of the Issue Date pursuant to the terms of the
Acquisition Agreement.

 

41

 

“Transaction Expenses” means any fees or
expenses incurred or paid by the Company or any Restricted Subsidiary in
connection with the Transactions, including payments to officers, employees and
directors as change of control payments, severance payments, special or
retention bonuses and charges for repurchase or rollover of, or modifications
to, stock options or other equity interests.

 

“Transfer Restricted Notes” means Notes that bear or are
required to bear the Restricted Notes Legend.

 

“Treasury Rate” means, as of the applicable redemption date,
the yield to maturity as of such redemption date of United States Treasury
securities with a constant maturity (as compiled and published in the most
recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two (2) Business Days prior to such redemption date
(or, if such Statistical Release is no longer published, any publicly available
source of similar market data)) most nearly equal to the period from such
redemption date to June 30, 2012; provided, however, that if the period from such redemption date to
June 30, 2012, is less than one year, the weekly average yield on actually
traded United States Treasury securities adjusted to a constant maturity of one
year will be used.

 

“Trustee” has the meaning set forth in the preamble to this
Indenture.

 

“Unrestricted Certificated EUR Denominated Notes”
means Unrestricted Certificated Notes that are EUR Denominated Notes.

 

“Unrestricted Certificated Notes” means
Certificated Notes that are Unrestricted Notes.

 

“Unrestricted Certificated US$ Denominated Notes”
means Unrestricted Certificated Notes that are US$ Denominated Notes.

 

“Unrestricted Global EUR Denominated Notes”
means Unrestricted Global Notes that EUR Denominated Notes.

 

“Unrestricted Global Notes” means Global Notes
that are Unrestricted Notes.

 

“Unrestricted Global US$ Denominated Notes”
means Unrestricted Global Notes that US$ Denominated Notes.

 

“Unrestricted Notes” means Notes other than
Transfer Restricted Notes.

 

“Unrestricted Subsidiary” means (i) any Subsidiary of
the Company that at the time of determination is an Unrestricted Subsidiary (as
designated by the Board of Directors of the Company, as provided below) and
(ii) any Subsidiary of an Unrestricted Subsidiary. The Board of Directors
of the Company may designate any Subsidiary of the Company (including any
existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an
Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns
any Equity Interests or

 

42

 

Indebtedness of, or owns or holds any Lien on any property of, the
Company or any Subsidiary of the Company (other than any Unrestricted
Subsidiary of the Subsidiary to be so designated); provided
that (a) any Unrestricted Subsidiary must be an entity of which shares of
the Capital Stock or other equity interests (including partnership interests)
entitled to cast at least a majority of the votes that may be cast by all
shares or equity interests having ordinary voting power for the election of
directors or other governing body are owned, directly or indirectly, by the
Company, (b) such designation complies with Section 4.7 and
(c) each of (I) the Subsidiary to be so designated and (II) its
Subsidiaries have not at the time of designation, and do not thereafter,
create, incur, issue, assume, guarantee or otherwise become directly or
indirectly liable with respect to any Indebtedness pursuant to which the lender
has recourse to any of the assets of the Company or any Restricted Subsidiary
(other than the Capital Stock of such Subsidiary to be so designated). The
Board of Directors of the Company may designate any Unrestricted Subsidiary to
be a Restricted Subsidiary; provided that,
immediately after giving effect to such designation, no Event of Default shall
have occurred and be continuing and any Indebtedness assumed or otherwise
incurred in connection with such designation shall have been permitted to have
been incurred by the Company pursuant to Section 4.9. Any such
designation by the Board of Directors of the Company shall be notified by the
Company to the Trustee by promptly filing with such Trustee a copy of the Board
Resolution giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the foregoing provisions.

 

“U.S. Dollar Equivalent” means with respect to any monetary
amount in a currency other than U.S. dollars, at any time for determination
thereof, the amount of U.S. dollars obtained by converting such foreign currency
involved in such computation into U.S. dollars at the spot rate for the
purchase of U.S. dollars with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates” column
under the heading “Currency Trading” on the date two (2) Business Days prior to
such determination.

 

Except as
described in Section 4.9, whenever it is necessary to determine
whether the Company has complied with any covenant in this Indenture or a
Default has occurred and an amount is expressed in a currency other than U.S.
dollars, such amount will be treated as the U.S. Dollar Equivalent determined
as of the date such amount is initially determined in such currency.

 

“U.S. Government Securities” means securities that are

 

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

 

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

 

which, in
either case, are not callable or redeemable at the option of the issuers
thereof, and shall also include a depository receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act), as custodian with
respect to any such U.S. Government Securities or a specific payment of

 

43

 

principal of
or interest on any such U.S. Government Securities held by such custodian for
the account of the holder of such depository receipt; provided
that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the U.S. Government
Securities or the specific payment of principal of or interest on the U.S.
Government Securities evidenced by such depository receipt.

 

“US$ Denominated Global Notes” means Global
Notes denominated in US$.

 

“US$ Denominated Notes” means Notes
denominated in US$.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of
such Person, 100% of the outstanding Capital Stock or other ownership interests
of which (other than directors’ qualifying shares and shares issued to foreign
nationals under applicable law) shall at the time be owned by such Person or by
one or more Wholly Owned Subsidiaries of such Person or by such Person and one
or more Wholly Owned Subsidiaries of such Person. For purposes of determining
whether a Foreign Subsidiary constitutes a Wholly Owned Subsidiary, minority
interests in Foreign Subsidiaries (that are Restricted Subsidiaries) not owned
by the Company or any of its Wholly Owned Restricted Subsidiaries shall be
disregarded so long as the aggregate fair market value of all such minority
interests in all Foreign Subsidiaries (that are Restricted Subsidiaries) does
not exceed (x) 2% of Consolidated Total Assets, if the Total Net Leverage Ratio
is less than 6.75 to 1.00 and (y) otherwise, 1% of Consolidated Total Assets
(with fair market value of such minority interests in such Foreign Subsidiaries
being measured at the time such Foreign Subsidiaries were acquired or such
minority interests were issued and without giving effect to subsequent changes
in value).

 

44

 

SECTION 1.2         Other Definitions. 

 

	
  Term

  	
   

  	
  Defined in

  Section

  
	
  “Acceleration Notice”

  	
   

  	
  6.2

  
	
  “Act”

  	
   

  	
  12.14(a)

  
	
  “Affiliate Transaction”

  	
   

  	
  4.11

  
	
  “AHYDO redemption date”

  	
   

  	
  3.8

  
	
  “Asset Sale Offer”

  	
   

  	
  4.10

  
	
  “Base Currency”

  	
   

  	
  12.15

  
	
  “Blockage Notice”

  	
   

  	
  10.3

  
	
  “Change of Control Payment”

  	
   

  	
  4.14

  
	
  “Change of Control Payment Date”

  	
   

  	
  4.14

  
	
  “Covenant Defeasance”

  	
   

  	
  8.3

  
	
  “Current Accretion Amount”

  	
   

  	
  3.7(a)

  
	
  “Event of Default”

  	
   

  	
  6.1

  
	
  “Excess Proceeds”

  	
   

  	
  4.10

  
	
  “Judgment Currency”

  	
   

  	
  12.15

  
	
  “Legal Defeasance”

  	
   

  	
  8.2

  
	
  “Make-Whole Premium”

  	
   

  	
  3.7(c)

  
	
  “Mandatory Principal Redemption”

  	
   

  	
  3.8

  
	
  “Mandatory Principal Redemption Amount”

  	
   

  	
  3.8

  
	
  “Non-Payment Default”

  	
   

  	
  10.3

  
	
  “Offer Amount”

  	
   

  	
  3.9 (b)

  
	
  “Offer Period”

  	
   

  	
  3.9(b)

  
	
  “Pari Passu Indebtedness”

  	
   

  	
  3.9(b)

  
	
  “Payment Blockage Period”

  	
   

  	
  10.3

  
	
  “Payment Default”

  	
   

  	
  10.3

  
	
  “Purchase Date”

  	
   

  	
  3.9(b)

  
	
  “QIBs”

  	
   

  	
  2.1(b)

  
	
  “QIB Global Note”

  	
   

  	
  2.1(b)

  
	
  “Refinancing Indebtedness”

  	
   

  	
  4.9

  
	
  “Registrar”

  	
   

  	
  2.3

  
	
  “Regulation S”

  	
   

  	
  2.1(b)

  
	
  “Regulation S Global Note”

  	
   

  	
  2.1(b)

  
	
  “Regulation S Permanent Global Note”

  	
   

  	
  2.1(b)

  
	
  “Regulation S Temporary Global Note”

  	
   

  	
  2.1(b)

  
	
  “Rule 144A”

  	
   

  	
  2.1(b)

  
	
  “Successor Company”

  	
   

  	
  5.1

  
	
  “Successor Guarantor”

  	
   

  	
  11.5(a)

  
	
  “Suspension Condition”

  	
   

  	
  4.22

  
	
  “Suspended Covenants”

  	
   

  	
  4.22

  
	
  “tranche”

  	
   

  	
  2.1

  
	
  “US$Depositary”

  	
   

  	
  2.3

  

 

45

 

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 have the following meanings:

 

“indenture securities” means the Notes and any Guarantee;

 

“indenture security holder” means a Holder;

 

“indenture to be qualified” means this Indenture;

 

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

 

“obligor” on the Notes means the Company and any successor
obligor upon the Notes or any Guarantor.

 

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

 

SECTION 1.4         Rules of Construction.

 

Unless the
context otherwise requires:

 

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

 

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

 

(3)           “or”
is not exclusive;

 

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

 

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

 

(6)           unless
otherwise specified, any reference to Section or Article refers to such Section
or Article of this Indenture;

 

(7)           unless
expressly stated otherwise, all references herein to “principal amount” shall
mean, (i) when used with respect to any particular Note, at any time, the then
outstanding principal amount of such Note, including interest that has been
capitalized pursuant to Paragraph 1 of the reverse of the Note and added
thereto at or prior to such time, and (ii) when used with

 

46

 

respect to any other Indebtedness, the then outstanding principal
amount or accreted value of such Indebtedness;

 

(8)           unless
expressly stated otherwise, all references herein to “$”, “Dollars”, “dollars”,
“US$”, “U.S. $”, “USD”, “United States Dollars”, “United States dollars”, “U.S.
Dollars” or “U.S. dollars” shall mean the lawful currency of the United States
of America; “€”, “Euro”, “euro”, “EUR”, or “Eur” shall mean the lawful currency
of the Member States in the Economic and Monetary Union contemplated by the
Treaty of Rome, as amended, establishing the European Economic Community.

 

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

 

(10)         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 Commission from time to time.

 

SECTION 1.5         Certain Calculations.

 

For purposes of determining the percentage of principal amount of Notes
required to take any action under this Indenture, the principal amount of EUR
Denominated Notes shall be deemed to be converted into US$ using the Conversion
Rate. For purposes of Section 3.7(c), the specified percentage of Notes to
remain outstanding after a redemption of Notes under such Section 3.7(c), shall
be applied separately to US$ Denominated Notes and EUR Denominated Notes.
Except as set forth in the preceding sentence, if less than the entire amount
of the Notes is to be redeemed, the Trustee shall select the Notes for
redemption assuming that the principal amount of EUR Denominated Notes represents
the U.S. Dollar Equivalent thereof (it being understood the Company shall make
any adjustments that may be necessary to reflect the fact that the EUR
Denominated Notes are issued in minimum denominations of €50,000 and the US$
Denominated Notes are issued in minimum denominations of US$2,000).

 

ARTICLE II

THE NOTES

 

SECTION 2.1         Form and Dating.

 

The Notes and
the Trustee’s certificate of authentication shall be substantially in the form
of Exhibit A-1 (in the case of the US$ Denominated Notes) attached
hereto or Exhibit A-2 (in the case of EUR Denominated Notes) attached
hereto. The Notes may have notations, legends or endorsements required by law,
stock exchange rule or usage; provided, that
the text of any such notations, legends or endorsements shall be delivered to
the Trustee in writing by the Company. Each Note shall be dated the date of its
authentication. The US$ Denominated Notes initially shall be issued only in
minimum denominations of $2,000 and integral multiples of $1,000

 

47

 

thereof and the EUR Denominated Notes in minimum denominations of
€50,000 and integral multiples of €1,000 thereof.

 

The US$
Denominated Notes and the EUR Denominated Notes are each sometimes referred to
herein as a “tranche” of Notes; provided,
however, that all Notes issued
under this Indenture shall vote and consent together on all matters (as to
which any of such Notes may vote or consent) as one tranche and no tranche of
Notes will have the right to vote or consent as a separate tranche on any
matter.

 

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

 

(a)           The US$ Denominated Notes shall be
issued initially in the form of one or more Global Notes substantially in the
form attached as Exhibit A-1, which shall be deposited on behalf of
the purchasers of the US$ Denominated Notes represented thereby with the
Trustee as custodian for the Depositary, and registered in the name of the
Depositary or a nominee of the Depositary, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. The EUR Denominated Notes
shall be issued initially in the form of one or more Global Notes substantially
in the form attached as Exhibit A-2, which shall be deposited on
behalf of the purchasers of the EUR Denominated Notes represented thereby with the Common Depositary, and registered in
the name of the Common Depositary or the nominee of the Common Depositary for
the accounts of Euroclear or Clearstream, duly executed by the Company
and authenticated by the Trustee as hereinafter provided.

 

Each Global
Note shall represent such of the outstanding Notes as shall be specified
therein and each shall provide that it shall represent the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the
principal aggregate amount of outstanding Notes represented thereby may from
time to time be reduced or increased, as appropriate, to reflect exchanges,
redemptions and transfers of interests. Any endorsement of a Global Note to
reflect the amount of any increase or decrease in the aggregate principal
amount of outstanding Notes represented thereby shall be made by the Registrar
or the Note Custodian, at the direction of the Trustee, in accordance with
instructions given by the Holder thereof as required by Section 2.6
hereof. The aggregate amount outstanding of any Global Note shall be reflected
on the books and records of the Trustee.

 

Except as set
forth in Section 2.6 hereof, the Global Notes may be transferred,
in whole and not in part, only to another nominee of the Depositary or to a
successor of the Depositary or its nominee.

 

48

 

(b)           The Notes are being issued by the
Company only (i) to “qualified institutional buyers” (as defined in
Rule 144A under the Securities Act (“Rule 144A”))
(“QIBs”) and (ii) in reliance on
Regulation S under the Securities Act (“Regulation S”).
After such initial offers, Notes that are Transfer Restricted Notes may be
transferred to QIBs, in reliance on Rule 144A or outside the United States
pursuant to Regulation S or to the Company, in accordance with certain
transfer restrictions. Notes that are offered in reliance on Rule 144A
shall be issued in the form of one or more permanent Global Notes substantially
in the form set forth in Exhibit A-1 (in the case of the US$
Denominated Notes) attached hereto or Exhibit A-2 (in the case of EUR
Denominated Notes) attached hereto (the “QIB Global Note”)
deposited with the Note Custodian, duly executed by the Company and
authenticated by the Trustee as hereinafter provided.

 

Notes that are
offered in offshore transactions in reliance on Regulation S shall be
issued in the form of one or more permanent Global Notes substantially in the
form set forth in Exhibit A-1 (in the case of the US$ Denominated
Notes) attached hereto or Exhibit A-2 (in the case of EUR Denominated
Notes) attached hereto (the “Regulation S Global
Note”) deposited with the Note Custodian, duly executed by the
Company and authenticated by the Trustee as hereinafter provided. Regulation S
Global Note shall be initially issued in a temporary form bearing a Regulation
S Temporary Global Note Legend in a denomination equal to the
outstanding principal amount of the Notes of the applicable tranche initially
sold in reliance on Rule 903 (the “Regulation
S Temporary Global Note”). Following the termination of the
Restricted Period, beneficial interests in each Regulation S Temporary
Global Note shall be exchanged for beneficial interests in a Regulation S
Global Note in a permanent form issued in a denomination equal to the
outstanding principal amount of the Regulation S Temporary Global Note of the
applicable tranche upon expiration of the Restricted Period  (the “Regulation
S Temporary Global Note”). The QIB Global Note that is a US$
Denominated Note, the QIB Global Note that is a EUR Denominated Note, the
Regulation S Global Note that is a US$ Denominated Note and the
Regulation S Global Note s that is a EUR Denominated Note shall each be
issued with separate CUSIP numbers, ISIN numbers or Common Codes, as
applicable. The aggregate principal amount of each Global Note may from time to
time be increased or decreased by adjustments made on the records of the Note
Custodian. Transfers of Notes between QIBs and to or by purchasers pursuant to
Regulation S shall be represented by appropriate increases and decreases
to the respective amounts of the appropriate Global Notes, as more fully
provided in Section 2.16.

 

(c)           Section 2.1(b) shall
apply only to Global Notes deposited with or on behalf of the Depositary or
Common Depositary, as the case may be.

 

The Company
shall execute and the Trustee shall, in accordance with Section 2.1(b)
and this Section 2.1(c), authenticate and deliver the Global Notes
that (i) in the case of the US$ Denominated Notes, shall be registered in
the name of the Depositary or the nominee of the Depositary and, in the case of
the EUR Denominated Notes, shall be registered in the name of a nominee the
Common Depositary and (ii) shall be

 

49

 

delivered by the Trustee to the Depositary or Common Depositary, as the
case may be, or pursuant to the Depositary’s or Common Depositary’s, as the
case may be, instructions or held by the Trustee as Note Custodian for the
Depositary.

 

Participants
shall have no rights either under this Indenture with respect to any Global
Note held on their behalf by the Depositary, Common Depositary, or by the Note
Custodian as custodian for the Depositary or Common Depositary, as the case may
be, or under such Global Note, and each of the Depositary and the Common
Depositary will be treated by the Company, the Trustee and any agent of the
Company or the Trustee as the absolute owner of such Global Note for all
purposes whatsoever. Notwithstanding the foregoing, nothing herein shall
prevent the Company, the Trustee or any Agent or other agent of the Company or
the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or Common Depositary, as the case may
be, or impair, as between the Depositary or Common Depositary, as the case may
be,  and its respective Participants, the
operation of customary practices of such Depositary or Common Depositary, as
the case may be, governing the exercise of the rights of an owner of a
beneficial interest in any Global Note.

 

The Trustee
shall have no responsibility or obligation to any Beneficial Owner that is a
member of (or a participant in) DTC, Clearstream or Euroclear, as applicable,
or any other Person with respect to the accuracy of the records of DTC,
Clearstream or Euroclear (or their respective nominees), as applicable or of
any participant or member thereof, with respect to any ownership interest in
the Notes or with respect to the delivery of any notice (including any notice
of redemption) or the payment of any amount or delivery of any Notes (or other
security or property) under or with respect to the Notes. The Trustee may rely
(and shall be fully protected in relying) upon information furnished by DTC,
Clearstream or Euroclear, as applicable, with respect to its members,
participants and any beneficial owners in the Notes.

 

(d)           Notes issued in certificated form
shall be substantially in the form of Exhibit A-1 (in the case of
the US$ Denominated Notes) attached hereto or Exhibit A-2 (in the case
of EUR Denominated Notes) attached hereto.

 

SECTION 2.2         Execution and Authentication.

 

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

 

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

 

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

 

50

 

The Trustee
shall, upon a written order of the Company signed by two Officers directing the
Trustee to authenticate the Notes and certifying that all conditions precedent
to the issuance of the Notes contained herein have been complied with and
receipt of an Opinion of Counsel, authenticate Notes for original issue up to
the aggregate principal amount stated in paragraph 4 of the Notes. The
aggregate principal amount of Notes outstanding at any time may not exceed such
amount except as provided in Section 2.8 hereof.

 

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

 

SECTION 2.3         Registrar; Paying Agent.

 

The Company
shall maintain (i) an office or agency within the City and State of New
York where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and (ii) an office or
agency where Notes may be presented for payment to a Paying Agent. The Registrar
shall keep a register of the Notes and of their transfer and exchange. The
Company may appoint one or more co-registrars and one or more additional paying
agents. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Company may change any Paying
Agent or Registrar without notice to any Holder.

 

The Company
shall promptly notify the Trustee in writing, and the Trustee shall notify the
Holders, of the name and address of any Agent not a party to this Indenture.
The Company shall enter into an appropriate agency agreement with any Agent not
a party to this Indenture, which shall incorporate the provisions of the TIA.
The agreement shall implement the provisions of this Indenture that relate to
such Agent. If the Company fails to appoint or maintain a Registrar or Paying
Agent, or fails to give the foregoing notice, the Trustee shall act as such,
and shall be entitled to appropriate compensation in accordance with Section 7.7
hereof. The Company or any of its Restricted Subsidiaries may act as Paying
Agent or Registrar.

 

The Company
initially appoints Deutsche Bank Trust Company Americas to act as the Note
Custodian, Registrar and Paying Agent with respect to the US$ Denominated
Notes. The Company initially appoints (i) Deutsche Bank AG, London Branch,
located at the address set forth in Section 12.2, to act as the Note Custodian
and Paying Agent with respect to the EUR Denominated Notes, and (ii) Deutsche
Bank AG, London Branch, to act as the Common Depositary for Euroclear Bank
S.A./N.V. and Clearstream Banking Société Anonyme with respect to the Global
Notes that are the EUR Denominated Notes.

 

The Company
undertakes that it shall maintain a paying agent in a Member State of the
European Union that is not obligated to withhold or deduct tax pursuant to the
European Council Directive 2003/48/EC or any law implementing or complying
with, or introduced in order to conform to, such Directive. The Company shall
enter into an appropriate agency agreement with

 

51

 

any Paying Agent or co-Registrar not a party to this Indenture. Such
agreement shall implement the provisions of this Indenture that relate to such
agent. The Company shall notify the Trustee of the name and address of any such
agent.

 

The Company
initially appoints DTC to act as the Depositary with respect to the Global
Notes that are US$ Denominated Notes (the “US$
Depositary)”. The Company initially appoints Euroclear and
Clearstream to act as the Depositaries with respect to the Global Notes that
are EUR Denominated Notes.

 

SECTION 2.4         Paying Agent to Hold Money in Trust.

 

The Company
shall require each Paying Agent not a party to this Indenture to agree in
writing that the Paying Agent shall hold in trust for the benefit of the
Holders or the Trustee all money held by the Paying Agent for the payment of
principal, premium or Additional Interest, if any, or interest on the Notes,
and shall notify the Trustee of any default by the Company in making any such
payment. While any such default continues, the Trustee may require a Paying
Agent not a party to this Indenture to pay all money held by it to the Trustee.
The Company at any time may require a Paying Agent not a party to this
Indenture 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 Restricted
Subsidiary) shall have no further liability for the money. If the Company or a
Restricted Subsidiary acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Holders all money held by it as
Paying Agent. Upon the occurrence of events specified in Section 6.1(8)
hereof, (i) the Trustee shall serve as Paying Agent for the US$ Denominated Notes
regardless of whether or not the Trustee was a Paying Agent for the US$
Denominated Notes prior to any such event and (ii) if the Company is a Paying
Agent for the EUR Denominated Notes at such time, it shall cease to be a Paying
Agent and appoint a different Paying Agent for the EUR Denominated Notes.

 

SECTION 2.5         Holder Lists.

 

The Registrar
shall preserve in as current a form as is reasonably practicable the most
recent list available to it of the names and addresses of all Holders and shall
otherwise comply with TIA § 312(a). If the Trustee is not the Registrar,
the Company shall furnish to the Trustee at least seven (7) Business Days
before each interest payment date and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of the Holders, including the
aggregate principal amount of the Notes held by each Holder thereof, and the
Company shall otherwise comply with TIA § 312(a).

 

SECTION 2.6         Transfer and Exchange.

 

(a) Transfer and Exchange of Global Notes.
Except as otherwise set forth in this Section 2.6, a Global Note
may be transferred, in whole and not in part, only to another nominee of the
applicable Depositary or to a successor thereto or a nominee of such successor.
A beneficial interest in a Global Note shall be exchangeable for a Certificated
Note of the same

 

52

 

tranche
if (A) in the case of a US$ Denominated Global Note, the US$ Depositary
(x) notifies the Company that it is unwilling or unable to continue as
Depositary for such Global Note or (y) has ceased to be a clearing agency
registered under the Exchange Act, and, in either case, a successor Depositary
is not appointed by the Company within 120 days, (B) in the case of a EUR
Denominated Global Note, (x) Euroclear or Clearstream notifies the Company
that it is unwilling or unable to continue as clearing agency or (y) the
Common Depositary notifies the Company that it is unwilling or unable to
continue as common depositary for such EUR Denominated Global Note, and, in
either case, a successor Depositary is not appointed by the Company within 120
days or (C) in the case of any Global Note, there shall have occurred and
be continuing an Event of Default with respect to such Global Note. Upon the
occurrence of any of the preceding events in (A) or (B) above,
Certificated Notes delivered in exchange for any Global Note of the same
tranche or beneficial interests therein will be registered in the names, and
issued in any approved denominations, requested by or on behalf of the
applicable Depositary (in accordance with its customary procedures). Global
Notes also may be exchanged or replaced, in whole or in part, as provided in Sections
2.7 and 2.10 hereof. Every Note authenticated and delivered in
exchange for, or in lieu of, a Global Note of the same tranche or any portion
thereof, pursuant to this Section 2.6 or Section 2.7 or
2.10 hereof, shall be authenticated and delivered in the form of, and
shall be, a Global Note, except for Certificated Notes issued subsequent to any
of the preceding events in (A) or (B) above and pursuant to Section 2.6(c)
hereof. A Global Note may not be exchanged for another Note other than as
provided in this Section 2.6(a); provided, however,
beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 2.6(b), (c) or (f) hereof.

 

(b) Transfer and Exchange of Beneficial Interests
in the Global Notes. The transfer and exchange of beneficial interests in
the US$ Denominated Global Notes shall be effected through the US$ Depositary,
in accordance with the provisions of this Indenture and the Applicable
Procedures. The transfer and exchange of beneficial interests in the EUR
Denominated Global Notes shall be effected through the Common Depository, in
accordance with the provisions of this Indenture and the applicable rules and
procedures of Euroclear and Clearstream. Beneficial interests in the Restricted
Global Notes shall be subject to restrictions on transfer comparable to those
set forth herein to the extent required by the Securities Act. Beneficial
interests in US$ Denominated Global Notes shall be transferred or exchanged
only for beneficial interests in US$ Denominated Global Notes pursuant to this
clause (b). Beneficial interests in EUR Denominated Global Notes shall be
transferred or exchanged only for beneficial interests in EUR Denominated
Global Notes pursuant to this clause (b). Transfers of beneficial interests in
the Global Notes also shall require compliance with either subparagraph
(i) or (ii) below, as applicable, as well as one or more of the other
following subparagraphs, as applicable:

 

(i)
Transfer of Beneficial Interests in the Same Global Note. Beneficial
interests in any Restricted Global Note may be transferred to Persons who take
delivery thereof in the form of a beneficial interest in the same Restricted
Global Note in accordance with the transfer restrictions set forth in the
Restricted Notes Legend;  provided, however,
that prior to the expiration of the Restricted Period, transfers of beneficial
interests in a Regulation S Temporary Global Note may not be made to a U.S.
Person or for the account or benefit of a

 

53

 

U.S. Person (other than an
Initial Purchaser). Beneficial interests in any Unrestricted Global US$
Denominated Note may be transferred to Persons who take delivery thereof in the
form of a beneficial interest in an Unrestricted Global US$ Denominated Note.
Beneficial interests in any Unrestricted Global EUR Denominated Note may be
transferred to Persons who take delivery thereof in the form of beneficial
interest in an Unrestricted Global EUR Denominated Note. No written orders or
instructions shall be required to be delivered to the Registrar to effect the
transfers described in this Section 2.6(b)(i).

 

(ii)
All Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In connection with all transfers and exchanges of beneficial interests that are
not subject to Section 2.6(b)(i) hereof, the transferor of such
beneficial interest must deliver to the Registrar either (A) (1) a
written order from a Participant or an Indirect Participant given to the
applicable Depositary in accordance with the Applicable Procedures directing
such Depositary to credit or cause to be credited a beneficial interest in
another Global Note of the same tranche in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given in accordance
with the Applicable Procedures containing information regarding the Participant
account to be credited with such increase or (B) (1) a written order
from a Participant or an Indirect Participant given to the applicable
Depositary in accordance with the Applicable Procedures directing such
Depositary to cause to be issued a Certificated Note of the same tranche in an
amount equal to the beneficial interest to be transferred or exchanged and
(2) instructions given by the applicable Depositary to the Registrar
containing information regarding the Person in whose name such Certificated
Note shall be registered to effect the transfer or exchange referred to in
(1) above; provided that in
no event shall Certificated Notes be issued upon the transfer or exchange of
beneficial interests in a Regulation S Temporary Global Note prior to
(A) the expiration of the Restricted Period and (B) the receipt by
the Registrar of any certificates required pursuant to Rule 903. Upon
consummation of an Exchange Offer by the Company in accordance with Section 2.6(f)
hereof, the requirements of this Section 2.6(b)(ii) shall be deemed
to have been satisfied upon receipt by the Registrar of the instructions
contained in the Letter of Transmittal delivered by the Holder of such
beneficial interests in the Restricted Global Notes. Upon satisfaction of all
of the requirements for transfer or exchange of beneficial interests in Global
Notes contained in this Indenture and the Notes or otherwise applicable under
the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.6(g) hereof.

 

(iii)
Transfer of Beneficial Interests to Another Restricted Global Note. A
beneficial interest in (x) any Restricted Global US$ Denominated Note may
be transferred to a Person who takes delivery thereof in the form of a
beneficial interest in another Restricted Global US$ Denominated Note and
(y) a Restricted Global EUR Denominated Note may be transferred to a
Person who takes delivery thereof in the form of a beneficial interest in
another Restricted Global EUR Denominated Note if the transfer complies with
the requirements of Section 2.6(b)(ii) hereof and the Registrar
receives the following:

 

54

 

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

 

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

 

(iv)
Transfer and Exchange of Beneficial Interests in a Restricted Global Note
for Beneficial Interests in an Unrestricted Global Note. A beneficial
interest in (x) any Restricted Global US$ Denominated Note may be
exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global US$ Denominated Note or transferred to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global US$
Denominated Note or (y) Restricted Global EUR Denominated Note may be
exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global EUR Denominated Note or transferred to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global EUR
Denominated Note, in each case if the exchange or transfer complies with the
requirements of Section 2.6(b)(ii) hereof and:

 

(A)
such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the holder of the
beneficial interest to be transferred, in the case of an exchange, or the
transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (1) a Broker-Dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person
who is an affiliate (as defined in Rule 144) of the Company;

 

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

 

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

 

(D)
the Registrar receives the following:

 

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

 

(2)
if the holder of such beneficial interest in a Restricted Global Note proposes
to transfer such beneficial interest to a Person who shall take delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note of
the

 

55

 

same tranche, a certificate
from such holder in the form of Exhibit C hereto, including the
certifications in item (4) thereof;

 

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

 

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

 

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

 

(c) Transfer or Exchange of Beneficial Interests
for Certificated Notes. Beneficial interests in US$ Denominated Global
Notes shall be exchanged only for Certificated US$ Denominated Notes pursuant
to this clause (c). Beneficial interests in EUR Denominated Global Notes shall
be exchanged only for Certificated EUR Denominated Notes pursuant to this
clause (c).

 

(i) Beneficial Interests in Restricted Global
Notes to Restricted Certificated Notes. If any holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial
interest for a Restricted Certificated Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Restricted
Certificated Note, then, upon the occurrence of any of the events in paragraph
(i) or (ii) of Section 2.6(a) hereof and receipt by the
Registrar of the following documentation:

 

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

 

(B)
if such beneficial interest is being transferred to a QIB in accordance with
Rule 144A, a certificate substantially in the form of Exhibit C
hereto, including the certifications in item (1) thereof];

 

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

 

56

 

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

 

(E)
if such beneficial interest is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate substantially in
the form of Exhibit C hereto, including the certifications in item
(3)(c) thereof,

 

the
Trustee shall cause the aggregate principal amount of the applicable Global
Note to be reduced accordingly pursuant to Section 2.6(g) hereof,
and the Company shall execute and the Trustee shall authenticate and mail to
the Person designated in the instructions a Certificated Note in the applicable
principal amount. Any Certificated Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.6(c)
shall be registered in such name or names and in such authorized denomination
or denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall mail such Certificated Notes to the
Persons in whose names such Notes are so registered. Any Certificated Note
issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.6(c)(i) shall bear the Restricted Notes
Legend and shall be subject to all restrictions on transfer contained therein.

 

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

 

(iii) Beneficial Interests in Restricted Global
Notes to Unrestricted Certificated Notes. A holder of a beneficial interest
in a Restricted Global Note may exchange such beneficial interest for an
Unrestricted Certificated Note or may transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Certificated
Note only upon the occurrence of any of the events in subsection (i) or
(ii) of Section 2.6(a) hereof and if:

 

(A)
such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the holder of such
beneficial interest, in the case of an exchange, or the transferee, in the case
of a transfer, certifies in the applicable Letter of Transmittal that it is not
(1) a Broker-Dealer, (2) a Person participating in the distribution
of the Exchange Notes or (3) a Person who is an affiliate (as defined in
Rule 144) of the Company;

 

57

 

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

 

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

 

(D)
the Registrar receives the following:

 

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

 

(2)
if the holder of such beneficial interest in a Restricted Global Note proposes
to transfer such beneficial interest to a Person who shall take delivery
thereof in the form of an Unrestricted Certificated Note, a certificate from
such holder substantially in the form of Exhibit C hereto,
including the certifications in item (4) thereof;

 

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

 

(iv) Beneficial Interests in Unrestricted Global
Notes to Unrestricted Certificated Notes. If any holder of a beneficial
interest in an Unrestricted Global Note proposes to exchange such beneficial
interest for a Certificated Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Certificated Note, then,
upon the occurrence of any of the events in subsection (i) of Section 2.6(a)
hereof and satisfaction of the conditions set forth in Section 2.6(b)(ii)
hereof, the Trustee shall cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.6(g)
hereof, and the Company shall execute and the Trustee shall authenticate and
mail to the Person designated in the instructions a Certificated Note in the
applicable principal amount. Any Certificated Note issued in exchange for a
beneficial interest pursuant to this Section 2.6(c)(iii) shall be
registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from or through the Depositary and the
Participant or Indirect Participant. The Trustee shall mail such Certificated
Notes to the Persons in whose names such Notes are so registered. Any
Certificated Note issued in exchange for a beneficial interest pursuant to this
Section 2.6(c)(iii) shall not bear the Restricted Notes Legend.

 

(d) Transfer and Exchange of Certificated Notes
for Beneficial Interests. Restricted Certificated US$ Denominated Notes
shall be exchanged only for beneficial interests in Restricted Global US$
Denominated Notes pursuant to this clause (d). Restricted Certificated

 

58

 

EUR
Denominated Notes shall be exchanged only for beneficial interests in
Restricted Global EUR Denominated Notes pursuant to this clause (d).

 

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

 

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

 

(B)
if such Restricted Certificated Note is being transferred to a QIB in accordance
with Rule 144A, a certificate substantially in the form of Exhibit C
hereto, including the certifications in item (1) thereof;

 

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

 

(D)
if such Restricted Certificated Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in
accordance with Rule 144, a certificate substantially in the form of Exhibit C
hereto, including the certifications in item (3)(a) thereof; or

 

(E)
if such Restricted Certificated Note is being transferred pursuant to an
effective registration statement under the Securities Act, a certificate
substantially in the form of Exhibit C hereto, including the
certifications in item (3)(c) thereof,

 

the
Trustee shall cancel the Restricted Certificated Note, increase or cause to be
increased the aggregate principal amount of, in the case of clause
(A) above, the applicable Restricted Global Note, in the case of clause
(B) above, the applicable 144A Global Note, and in the case of clause
(C) above, the applicable Regulation S Global Note.

 

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

 

(A)
such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the Holder, in the case
of an exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is

 

59

 

not (1) a
Broker-Dealer, (2) a Person participating in the distribution of the
Exchange Notes or (3) a Person who is an affiliate (as defined in Rule
144) of the Company;

 

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

 

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

 

(D)
the Registrar receives the following:

 

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

 

(2)
if the Holder of such Certificated Notes proposes to transfer such Notes to a
Person who shall take delivery thereof in the form of a beneficial interest in
the Unrestricted Global Note, a certificate from such Holder substantially in
the form of Exhibit C hereto, including the certifications in item
(4) thereof;

 

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

 

Upon satisfaction of the conditions of any of the
subparagraphs in this Section 2.6(d)(ii), the Trustee shall cancel
the Certificated Notes and increase or cause to be increased the aggregate
principal amount of the Unrestricted Global Note.

 

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

 

If any such exchange or transfer from a Certificated
Note to a beneficial interest is effected pursuant to subparagraph (ii)(B),
(ii)(D) or (iii) above at a time when an Unrestricted Global Note has not
yet been issued, the Company shall issue and, upon the written request of

 

60

 

the
Company, the Trustee shall authenticate one or more Unrestricted Global Notes
in an aggregate principal amount equal to the principal amount of Certificated
Notes so transferred.

 

(e) Transfer and Exchange of Certificated Notes
for Certificated Notes. Upon request by a Holder of Certificated Notes and
such Holder’s compliance with the provisions of this Section 2.6(e),
the Registrar shall register the transfer or exchange of Certificated Notes.
Certificated US$ Denominated Notes shall be exchanged only for Certificated US$
Denominated Notes pursuant to this clause (e). Beneficial interests in
Certificated EUR Denominated Notes shall be exchanged only for Certificated EUR
Denominated Notes pursuant to this clause (e). Prior to such registration of
transfer or exchange, the requesting Holder shall present or surrender to the
Registrar the Certificated Notes duly endorsed or accompanied by a written
instruction of transfer in form satisfactory to the Registrar duly executed by
such Holder or by its attorney, duly authorized in writing. In addition, the
requesting Holder shall provide any additional certifications, documents and
information, as applicable, required pursuant to the following provisions of
this Section 2.6(e):

 

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

 

(A)
if the transfer will be made pursuant to a QIB in accordance with Rule 144A,
then the transferor must deliver a certificate substantially in the form of Exhibit C
hereto, including the certifications in item (1) thereof;

 

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

 

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

 

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

 

(A)
such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the Holder, in the case
of an exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (1) a Broker-Dealer,
(2) a Person participating in the

 

61

 

distribution of the Exchange
Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the
Company;

 

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

 

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

 

(D)
the Registrar receives the following:

 

(1)
if the Holder of such Restricted Certificated Notes proposes to exchange such
Notes for an Unrestricted Certificated Note, a certificate from such Holder
substantially in the form of Exhibit D hereto, including the
certifications in item (1)(d) thereof; or

 

(2)
if the Holder of such Restricted Certificated Notes proposes to transfer such
Notes to a Person who shall take delivery thereof in the form of an
Unrestricted Certificated Note, a certificate from such Holder substantially in
the form of Exhibit C hereto, including the certifications in item
(4) thereof;

 

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

 

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

 

(f) Exchange Offer. Upon the
occurrence of the Exchange Offer in accordance with the Registration Rights
Agreement, the Company shall issue and, upon the written request of the
Company, the Trustee shall authenticate (i) one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of
the beneficial interests in the Restricted Global Notes of the same tranche
tendered for acceptance by Persons that certify in the applicable Letters of
Transmittal that (x) they are not Broker-Dealers, (y) they are not
participating in a distribution of the Exchange Notes and (z) they are not
affiliates (as defined in Rule 144) of the Company, and accepted for exchange
in the Exchange Offer and (ii) Unrestricted Certificated Notes in an
aggregate principal amount equal to the principal amount of the Restricted
Certificated Notes of the same tranche tendered for acceptance by Persons that
certify in the applicable Letters of Transmittal that (x) they are not
Broker-Dealers,

 

62

 

(y) they are not participating in a distribution of the Exchange
Notes and (z) they are not affiliates (as defined in Rule 144) of the
Company, and accepted for exchange in the Exchange Offer. Concurrently with the
issuance of such Notes, the Trustee shall cause the aggregate principal amount
of the applicable Restricted Global Notes to be reduced accordingly, and the
Company shall execute and the Trustee shall authenticate and mail to the
Persons designated by the Holders of Certificated Notes so accepted
Unrestricted Certificated Notes in the applicable principal amount. Any Notes
that remain outstanding after the consummation of the Exchange Offer, and
Exchange Notes issued in connection with the Exchange Offer, shall be treated
as a single class of securities under this Indenture.

 

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

 

(h)  General
Provisions Relating to Transfers and Exchanges.

 

(i) To permit registrations of transfers and
exchanges, the Company shall execute and the Trustee shall authenticate Global
Notes and Certificated Notes upon the written request of the Company or at the
Registrar’s request.

 

(ii) No service charge shall be made to a holder of
a beneficial interest in a Global Note or to a Holder of a Certificated Note
for any registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections
2.7, 2.10, 3.6, 3.9, 4.10, 4.14 and 9.5
hereof).

 

(iii) Neither the Registrar nor the Company shall be
required to register the transfer of or exchange any Note selected for
redemption in whole or in part, except the unredeemed portion of any Note being
redeemed in part.

 

(iv) All Global Notes and Certificated Notes issued
upon any registration of transfer or exchange of Global Notes or Certificated
Notes shall be the valid obligations of the Company,

 

63

 

evidencing
the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Certificated Notes surrendered upon such registration of
transfer or exchange.

 

(v) The Company shall not be required (A) to
issue, to register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of
Notes for redemption under Section 3.2 hereof and ending at the
close of business on the day of selection, (B) to register the transfer of
or to exchange any Note so selected for redemption in whole or in part, except
the unredeemed portion of any Note being redeemed in part or (C) to
register the transfer of or to exchange a Note between a Record Date and the
next succeeding Interest Payment Date.

 

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

 

(vii) Upon surrender for registration of transfer of
any Note at the office or agency of the Company designated pursuant to Section 4.2
hereof, the Company shall execute, and the Trustee shall authenticate and mail,
in the name of the designated transferee or transferees, one or more
replacement Notes of any authorized denomination or denominations of a like
aggregate principal amount.

 

(viii) At the option of the Holder, Notes may be
exchanged for other Notes of any authorized denomination or denominations of a
like aggregate principal amount upon surrender of the Notes to be exchanged at
such office or agency. Whenever any Global Notes or Certificated Notes are so
surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and mail, the replacement Global Notes and Certificated Notes
which the Holder making the exchange is entitled to in accordance with the
provisions of Section 2.2 hereof.

 

(ix) All certifications, certificates and Opinions
of Counsel required to be submitted to the Registrar pursuant to this Section 2.6
to effect a registration of transfer or exchange may be submitted by facsimile.

 

(x) Notwithstanding anything herein to the
contrary, no transfers or exchanges of the Notes of one tranche for the Notes
of another tranche and no transfers or exchanges of beneficial interests in the
Notes of one tranche for the beneficial interests in the Notes of another
tranche shall be permitted. Whenever this Indenture refers to transfers or
exchanges of Notes (or beneficial interests therein) permitted or required
hereunder, it shall be deemed to refer to transfers or exchanges of Notes (or
beneficial interests therein) of a particular tranche into or for the Notes (or
beneficial interests therein) of the same tranche.

 

64

 

(i)  Legends.
Each Global Note shall bear a Global Note Legend. Each Global Note and each
Certificated Note shall bear a Restricted Notes Legend, except that Global
Notes and Certificated Notes issued pursuant to subparagraphs (b)(iv), c(iv),
(d)(iii), (e)(ii), (e)(iii) or (f) of this Section 2.6 shall not bear a
Restricted Notes Legend. Each Regulation S Temporary Global Note shall bear
Regulation S Temporary Global Note Legend.

 

SECTION 2.7         Replacement Notes.

 

If any
mutilated Note of a particular tranche is surrendered to the Trustee, or the
Company and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Note, the Company shall issue and the
Trustee, upon the written order of the Company signed by two Officers of the
Company, shall authenticate a replacement Note of the same tranche if the
Trustee’s requirements are met. In connection with the replacement of a Note,
the Company and the Trustee will require an indemnity bond from the Holder that
is sufficient in the judgment of the Trustee and the Company to protect the
Company, the Trustee, any Agent and any authenticating agent from any loss that
any of them may suffer if a Note is replaced. The Company and the Trustee may
charge for their expenses in replacing a Note.

 

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

 

SECTION 2.8         Outstanding Notes.

 

The Notes
outstanding at any time are all the Notes authenticated by the Trustee except
for those cancelled by it, those delivered to it for cancellation, those
reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section 2.8
as not outstanding. Except as set forth in Section 2.9 hereof, a
Note does not cease to be outstanding because the Company or an Affiliate of
the Company holds the Note.

 

If a Note is
replaced pursuant to Section 2.7 hereof, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a bona fide purchaser.

 

If the
principal amount of any Note is considered paid under Section 4.1
hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

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

 

65

 

SECTION 2.9         Treasury Notes.

 

In determining
whether the Holders of the required aggregate principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Company or by
any Affiliate of the Company shall be considered as though not outstanding,
except that for the purposes of determining whether the Trustee shall be
protected in relying on any such direction, waiver or consent, only Notes shown
on the register or identified by the Company in an Officers’ Certificate as
being owned shall be so disregarded. Notwithstanding the foregoing, Notes that
are to be acquired by the Company or an Affiliate of the Company pursuant to an
exchange offer, tender offer or other agreement shall not be deemed to be owned
by such entity until legal title to such Notes passes to such entity.

 

SECTION 2.10       Temporary Notes.

 

Until
Certificated Notes are ready for delivery, the Company may prepare and the
Trustee shall authenticate temporary Notes upon a written order of the Company
signed by two Officers of the Company in accordance with Section 2.2.
Temporary Notes shall be substantially in the form of Certificated Notes but
may have variations that the Company considers appropriate for temporary Notes.
Without unreasonable delay, the Company shall prepare and the Trustee shall
upon receipt of a written order of the Company signed by two Officers
authenticate Certificated Notes in exchange for temporary Notes.

 

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

 

SECTION 2.11       Cancellation.

 

The Company at
any time may deliver to the Trustee for cancellation any Notes previously
authenticated and delivered hereunder or which the Company may have acquired in
any manner whatsoever, and all Notes so delivered shall be promptly cancelled
by the Trustee. All Notes surrendered for registration of transfer, exchange or
payment, if surrendered to any Person other than the Trustee, shall be
delivered to the Trustee. The Trustee and no one else shall cancel all Notes
surrendered for registration of transfer, exchange, payment, replacement or
cancellation. Subject to Section 2.7 hereof, the Company may not
issue new Notes to replace Notes that it has redeemed or paid or that have been
delivered to the Trustee for cancellation. All cancelled Notes held by the
Trustee shall be disposed of in accordance with its customary practice, and
certification of their disposal delivered to the Company.

 

SECTION 2.12       Defaulted Interest.

 

If the Company
defaults in a payment of interest on the Notes, it 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 Holders on a subsequent special
record date, which date shall be at the earliest practicable date but in all
events at least five (5) Business Days prior to the payment date, in each
case at the rate provided in the Notes and in Section 4.1 hereof.
The Company shall fix or cause to be fixed each such special record date and
payment date and shall promptly thereafter

 

66

 

notify the Trustee of any such date. At least 15 days before the
special record date, the Company (or the Trustee, in the name and at the
expense of the Company) shall mail or cause to be mailed to Holders a notice
that states the special record date, the related payment date and the amount of
such interest to be paid.

 

SECTION 2.13       Record Date.

 

Unless
otherwise set forth in this Indenture, the record date for purposes of
determining the identity of Holders 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 § 316(c).

 

SECTION 2.14       Computation of Interest.

 

Interest and
Additional Interest, if any, on the Notes shall be computed on the basis of a
360-day year comprised of twelve 30-day months.

 

SECTION 2.15       CUSIP Numbers, ISIN
Numbers and Common Codes.

 

The Company in
issuing the Notes may use a “CUSIP” number an “ISIN” number and a Common Code,
and if it does so, the Trustee shall use the CUSIP number, the ISIN number or
the Common Code, as applicable, in notices of redemption or exchange as a
convenience to Holders; provided
that any such notice may state that no representation is made as to the
correctness or accuracy of the CUSIP number, ISIN number or Common Code printed
in the notice or on the Notes and that reliance may be placed only on the other
identification numbers printed on the Notes. The Company shall promptly notify
the Trustee of any change in the CUSIP number, the ISIN number or the Common
Code.

 

ARTICLE III

 

REDEMPTION AND PREPAYMENT

 

SECTION 3.1         Notices to Trustee.

 

If the Company
elects to redeem Notes pursuant to the optional redemption provisions of Section 3.7
hereof, it shall furnish to the Trustee, at least 40 days or such shorter
period as is acceptable to the Trustee before a redemption date, 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 Notes to be redeemed and (iv) the Redemption Price. In
no event may the Company elect to redeem Notes of one tranche without electing
to redeem the same percentage of Notes of the other tranche.

 

If the Company
is required to make an offer to purchase Notes pursuant to Section 4.10
or 4.14 hereof, it shall furnish to the Trustee, at least 30 days
or such shorter period as is acceptable to the Trustee before the scheduled
purchase date, an Officers’ Certificate setting forth (i) the Section of
this Indenture pursuant to which the offer to purchase shall occur,
(ii) the

 

67

 

terms of the offer, (iii) the principal amount of Notes to be
purchased, (iv) the purchase price and (v) the purchase date and
further setting forth a statement to the effect that (a) the Company or
one of its Subsidiaries has effected an Asset Sale and there are Excess
Proceeds aggregating more than $20.0 million or (b) a Change of
Control has occurred, as applicable.

 

The Company
will also provide the Trustee with any additional information that the Trustee
reasonably requests in connection with any redemption or offer.

 

SECTION 3.2         Selection of Notes to
Be Redeemed.

 

If less than
all of the Notes are to be redeemed at any time, the Registrar shall select the
Notes to be redeemed among the Holders in compliance with the requirements of
the principal national securities exchange, if any, on which the Notes are
listed or, if the Notes are not so listed, on a pro rata
basis, by lot or by such method as the Registrar shall deem fair and
appropriate (and in a manner that complies with applicable legal requirements); provided that no US$ Denominated Notes of $2,000 or less
and no EUR Denominated of €50,000 or less shall be redeemed in part.

 

Notices of
redemption shall be mailed by first class mail at least 30 but not more than
60 days before the redemption date to each Holder of Notes to be redeemed
at its registered address; provided that
redemption notices may be mailed more than 60 days prior to a redemption date
if the notice is issued in connection with Sections 8.2, 8.3 or 8.8
hereof. If any Note is to be redeemed in part only, the notice of redemption
that relates to such Note shall state the portion of the principal amount
thereof to be redeemed. A new Note in principal amount equal to the unredeemed
portion of the original Note will be issued in the name of the Holder thereof
upon cancellation of the original Note (or appropriate adjustments to the
amount and beneficial interests in a Global Note will be made, as appropriate).

 

On and after
the redemption date, interest will cease to accrue on Notes or portions of them
called for redemption. The Registrar shall make the selection from the Notes
outstanding and not previously called for redemption as long as the Company has
deposited with the Paying Agent funds in satisfaction of the applicable
Redemption Price pursuant to this Indenture and shall promptly notify the
Company in writing of the Notes selected for redemption. US$ Denominated Notes and portions of US$ Denominated
Notes selected shall be in amounts of $2,000 or multiples of $1,000; except
that if all of the US$ Denominated Notes of a Holder are to be redeemed, the
entire outstanding amount of US$ Denominated Notes held by such Holder,
even if not a multiple of $1,000, shall be redeemed. EUR Denominated Notes and portions of EUR Denominated Notes selected
shall be in amounts of €50,000
or multiples of €1,000; except
that if all of the EUR Denominated Notes of a Holder are to be redeemed, the
entire outstanding amount of EUR Denominated Notes held by such Holder, even if
not a multiple of €1,000, shall
be redeemed.

 

68

 

SECTION 3.3         Notice of Redemption.

 

Subject to the
provisions of Section 3.9, at least 30 days but not more than
60 days before a redemption date, the Company shall mail or cause to be
mailed by first class mail, a notice of redemption to the Trustee, the
Registrar and each Holder whose Notes are to be redeemed.

 

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

 

(1)           the redemption date;

 

(2)           the Redemption Price;

 

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

 

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

 

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

 

(6)           that, on the redemption
date and, if applicable, upon the satisfaction of any conditions to such
redemption set forth in such notice of redemption, the redemption price will
become due and payable upon each such Note or portion thereof, and that, unless
the Company defaults in making such redemption payment, interest, if any, on
Notes called for redemption ceases to accrue on and after the redemption date;

 

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

 

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

 

In addition, if
such redemption is subject to satisfaction of one or more conditions precedent,
such notice of redemption shall describe each such condition, and if
applicable, shall state that, in the Company’s discretion, the redemption date
may be delayed until such time as any or all such conditions shall be
satisfied, or such redemption may not occur and such notice may be rescinded in
the event that any or all such conditions shall not have been satisfied by the
redemption date as stated in such notice, or by the redemption date as so
delayed.

 

The Company
may provide in such notice that payment of the redemption price and the
performance of the Company’s obligations with respect to such redemption may be
performed by another person

 

69

 

At the
Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at the Company’s expense; provided, however, that the Company shall have delivered to the
Trustee, at least 40 days prior to the redemption date (or such shorter
period as is acceptable to the Trustee), an Officers’ Certificate requesting
that the Trustee give such notice and setting forth the information to be
stated in the notice as provided in the preceding paragraph. The notice mailed in
the manner herein provided shall be conclusively presumed to have been duly
given whether or not the Holder receives such notice. In any case, failure to
give such notice by mail or any defect in the notice to the Holder of any Note
shall not affect the validity of the proceeding for the redemption of any other
Note.

 

SECTION 3.4         Effect of Notice of
Redemption.

 

Except with
respect to notices of redemption given in accordance with Section 3.7(d)
hereof, once notice of redemption is mailed in accordance with Section 3.3
hereof, Notes called for redemption become irrevocably due and payable on the
redemption date at the Redemption Price plus accrued and unpaid interest and
Additional Interest, if any, to such date, subject to the satisfaction of any
conditions precedent provided in such notice.

 

SECTION 3.5         Deposit of Redemption
of Purchase Price.

 

On or before
10:00 a.m. (New York City time) on each redemption date or the date on
which Notes must be accepted for purchase pursuant to Section 4.10
or 4.14, the Company shall deposit or with the Paying Agent (other than
the Company or an Affiliate of the Company), in US$ with respect to US$ Denominated Notes and in Euro with
respect to EUR Denominated Notes,
money sufficient to pay the Redemption Price of and accrued and unpaid interest
and Additional Interest, if any, on all Notes to be redeemed or purchased on
that date. The Paying Agent shall promptly return to the Company any money
deposited with the Paying Agent by the Company in excess of the amounts necessary
to pay the Redemption Price of (including any applicable premium), and accrued
interest and Additional Interest, if any, on, all Notes to be redeemed or
purchased.

 

If Notes
called for redemption or tendered in an Asset Sale Offer or Change of Control Offer
are paid or if the Company has deposited with the Paying Agent money sufficient
to pay the redemption or purchase price of, and unpaid and accrued interest, if
any, on, all Notes to be redeemed or purchased, on and after the redemption or
purchase date, interest, if any, shall cease to accrue on the Notes or the
portions of Notes called for redemption or tendered and not withdrawn in an
Asset Sale Offer or Change of Control Offer (regardless of whether certificates
for such securities are actually surrendered). If a Note is redeemed or
purchased on or after an interest record date but on or prior to the related
interest payment date, then any accrued and unpaid interest and Additional
Interest, if any, shall be paid to the Person in whose name such Note was
registered at the close of business on such record date. If any Note called for
redemption shall not be so paid upon surrender for redemption because of the
failure of the Company to comply with the preceding paragraph, interest shall
be paid on the unpaid principal from the redemption or purchase date until such
principal is paid, and to the extent lawful on any interest not paid on such
unpaid principal, in each case, at the rate provided in the Notes and in

 

70

 

Section 4.1 hereof. If any Note called
for redemption or tendered in an Asset Sale Offer or Change of Control Offer
shall not be so paid upon surrender for redemption because of the failure of
the Company to comply with the preceding paragraph, interest and Additional
Interest, if any, 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.

 

SECTION 3.6         Notes Redeemed in Part.

 

Upon surrender
and cancellation of a Note that is redeemed in part, the Company shall issue
and, upon the written request of an Officer of the Company, the Trustee shall
authenticate for the Holder at the expense of the Company a new Note equal in
principal amount to the unredeemed portion of the Note surrendered and
cancelled; provided that each such new Note will be
in a principal amount of $2,000 or integral multiples of $1,000 in excess
thereof with regards to US$ Denominated Notes and €50,000 or integral multiples of €1,000 in excess thereof with
regards to EUR Denominated Notes.

 

SECTION 3.7         Optional Redemption.

 

(a)           The
Notes may be redeemed in whole or in part, at any time prior to June 30, 2012,
at the option of the Company upon not less than 30 nor more than 60 days’
prior notice mailed by first-class mail to each Holder’s registered address, at
a redemption price equal to the 100% of the Current Accretion Amount of the
Notes redeemed plus the Applicable Premium multiplied by the Current Accretion
Amount (as defined below) as of, and accrued and unpaid interest not included
in the calculation of the Current Accretion Amount and Additional Interest, if
any, to, the applicable redemption date (subject to the right of Holders on the
relevant record date to receive interest due on the relevant interest payment
date).

 

For the purposes hereof,
“Current Accretion Amount” shall
mean the sum of (x) the then outstanding principal principal amount of the
Notes being redeemed (including all the interest previously added to the
principal of the Notes), and (y) to the extent such redemption occurs prior to
June 30, 2010, if a portion (up to 3% per
annum) of the accrued and unpaid interest on the Notes as of the
quarterly interest payment date immediately prior to the redemption date was
capitalized on such interest payment date, that same portion of accrued and
unpaid interest on the Notes to the redemption date that may be permitted to be
capitalized on the next quarterly interest payment date.

 

(b)           The
Notes are subject to redemption, at the option of the Company, in whole or in
part, at any time on or after June 30, 2012, upon not less than 30 nor more
than 60 days’ prior notice mailed by first-class mail to each Holder’s
registered address, at the following Redemption Prices (expressed as
percentages of the Current Accretion Amount to be redeemed) set forth below,
plus accrued and unpaid interest not included in the calculation of the Current
Accretion Amount and Additional Interest, if any, to, but not including, the redemption
date (subject to the right of Holders of record on the relevant regular record
date to receive interest due on an interest payment date that is on or prior to
the redemption date, as determined by the

 

71

 

Company), if redeemed during the 12-month period
beginning June 30 of the years indicated below:

 

	
  Year

  	
   

  	
  Redemption Price

  	
   

  
	
  2012

  	
   

  	
  105.375

  	
  %

  
	
  2013

  	
   

  	
  102.6875

  	
  %

  
	
  2014 and thereafter

  	
   

  	
  100

  	
  %

  

 

(c)           In
addition to the optional redemption of the Notes in accordance with the
provisions of the preceding paragraphs, prior to June 30, 2012, the Company may
on one or more occasions, with the net cash proceeds of one or more Equity
Offerings, redeem up to 40% of the aggregate principal amount of the
outstanding Notes at a Redemption Price of 110.75% of the Current Accretion
Amount thereof, plus accrued and unpaid interest not included in the
calculation of the Current Accretion Amount and Additional Interest, if any,
thereon to the date of redemption; provided that
at least 60% of the aggregate principal amount of Notes originally issued on
the Issue Date remains outstanding immediately after the occurrence of any such
redemption (excluding Notes held by Parent and its Affiliates) and that any
such redemption occurs within 90 days following the closing of any such
Equity Offering.

 

(d)           Notice
of any redemption upon an Equity Offering may be given prior to the completion
of the related Equity Offering, and any such redemption or notice may, at the
Company’s discretion, be subject to one or more conditions precedent,
including, but not limited to completion of the related Equity Offering.

 

(e)           Each
redemption must relate to an aggregate principal amount of Notes of $5.0
million or €5.0 million as the case may be, or if lower the remaining principal
amount of the Notes then outstanding.

 

SECTION 3.8         Mandatory Redemption.

 

Except as set
forth under Sections 3.9, 4.10 and 4.14 hereof and
except as set forth below, the Company shall not be required to make mandatory
redemption or sinking fund payments with respect to the Notes.

 

If the Notes
would otherwise constitute “applicable high yield discount obligations” within
the meaning of Section 163(i)(1) of the Code, at the end of the first
accrual period ending after the fifth anniversary of the Notes’ issuance (the “AHYDO
redemption date”), the Issuer will be required to redeem for cash a portion
of each Note then outstanding equal to the “Mandatory Principal Redemption
Amount” (such redemption, a “Mandatory Principal Redemption”). The
redemption price for the portion of each Note redeemed pursuant to a Mandatory
Principal Redemption will be 100% of the principal amount of such portion plus
any accrued interest thereon on the date of redemption. The “Mandatory
Principal Redemption Amount” means the portion of a Note required to be
redeemed to prevent such Note from being treated as an “applicable high yield
discount obligation” within the meaning of Section 163(i)(1) of the Code.
No partial redemption or repurchase of the Notes prior to the AHYDO redemption 

 

72

 

date pursuant to any other provision of this Indenture will alter the
Issuer’s obligation to make the Mandatory Principal Redemption with respect to
any Notes that remain outstanding on the AHYDO redemption date.

 

SECTION 3.9         Offers to Repurchase
by Application of Excess Proceeds..

 

(a) In the event that, pursuant to Section 4.10
hereof, the Company shall be required to commence an Asset Sale Offer, it shall
follow the procedures specified below.

 

(b) The Asset Sale Offer shall remain open for a
period of 20 Business Days following its commencement and no longer, except to
the extent that a longer period is required by applicable law (the “Offer Period”). On the purchase date,
which will be no earlier than 30 days nor later than 60 days from the date the
notice governing such Asset Sale Offer has been mailed (the “Purchase Date”), the Company shall apply
all Excess Proceeds (the “Offer Amount”)
to the purchase of Notes and, if required, Indebtedness that ranks pari passu with the Notes and contains
provisions similar to those set forth in this Indenture with respect to the
offers to purchase (“Pari Passu Indebtedness”)
(on a pro rata basis, if
applicable), or, if less than the Offer Amount has been tendered, all Notes and
Pari Passu Indebtedness tendered in response to the Asset Sale Offer. Payment
for any Notes so purchased shall be made in the same manner as interest
payments are made.

 

(c) If the Purchase Date is on or after a Record
Date and on or before the related Interest Payment Date, any accrued and unpaid
interest and Additional Interest, if any, up to but excluding the Purchase
Date, shall be paid to the Person in whose name a Note is registered at the
close of business on such Record Date, and no additional interest shall be
payable to Holders who tender Notes pursuant to the Asset Sale Offer.

 

(d) Upon the commencement of an Asset Sale Offer,
the Company shall send, by first-class mail, a notice to each of the Holders,
with a copy to the Trustee and Agents. The notice shall contain all
instructions and materials necessary to enable such Holders to tender Notes
pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all
Holders and holders of Pari Passu Indebtedness. The notice, which shall govern
the terms of the Asset Sale Offer, shall state:

 

(i)
that the Asset Sale Offer is being made pursuant to this Section 3.9
and Section 4.10 hereof and the length of time the Asset Sale Offer
shall remain open;

 

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

 

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

 

73

 

(iv)
that, unless the Company defaults in making such payment, any Note accepted for
payment pursuant to the Asset Sale Offer shall cease to accrue interest after
the Purchase Date;

 

(v)
that Holders electing to have a Note purchased pursuant to an Asset Sale Offer
may elect to have Notes purchased in denominations of $2,000 and integral
multiples of $1,000 in excess of $2,000 with regards to the US$ Denominated
Notes and in denominations of €50,000 and integral multiples of €1,000 in
excess of €5,000 with regards to the EUR Denominated Notes;

 

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

 

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

 

(viii)
that, if the aggregate principal amount of Notes and Pari Passu Indebtedness
surrendered by the holders thereof exceeds the Offer Amount, the applicable
Custodian shall select the Notes and such Pari Passu Indebtedness to be
purchased on a pro rata basis
based on the accreted value or principal amount of the Notes or such Pari Passu
Indebtedness tendered (with such adjustments as may be deemed appropriate by
the applicable Note Custodian, so that only US$ Denominated Notes in
denominations of $2,000, or integral multiples of $1,000 in excess of $2,000 or
EUR Denominated Notes in denominations of €50,000, or integral multiples of
€1,000 in excess of €50,000, shall be purchased); and

 

(ix)
that Holders whose Notes were purchased only in part shall be issued new Notes
equal in principal amount to the unpurchased portion of the Notes surrendered
(or transferred by book-entry transfer) representing the same indebtedness to
the extent not repurchased.

 

(e) On or before the Purchase Date, the Company
shall, to the extent lawful, (1) accept for payment, on a pro rata basis to the extent necessary,
the Offer Amount of Notes or portions thereof validly tendered pursuant to the
Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes
tendered and (2) deliver or cause to be delivered to the Trustee the Notes
properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes or portions thereof so tendered.

 

74

 

(f) The Company, the Depositary or the Paying Agent,
as the case may be, shall promptly mail or deliver to each tendering Holder an
amount equal to the purchase price of the Notes properly tendered by such
Holder and accepted by the Company for purchase, and the Company shall promptly
issue a new Note, and the Trustee, upon the written request of the Company,
shall authenticate and mail or deliver (or cause to be transferred by
book-entry) such new Note to such Holder (it being understood that, notwithstanding
anything in this Indenture to the contrary, no Opinion of Counsel or Officer’s
Certificate is required for the Trustee to authenticate and mail or deliver
such new Note) in a principal amount equal to any unpurchased portion of the
Note surrendered representing the same indebtedness to the extent not
repurchased; provided, that (i) each such new US$ Denominated Note
shall be in a principal amount of $2,000 or an integral multiple of $1,000 in
excess of $2,000 and (ii) each new EUR Denominated Note shall be in a
principal amount of €50,000 or an integral multiple of €1,000 in excess of
€50,000. Any Note not so accepted shall be promptly mailed or delivered by the
Company to the Holder thereof. The Company shall publicly announce the results
of the Asset Sale Offer on or as soon as practicable after the Purchase Date.

 

Other than as specifically provided in this Section 3.9
or Section 4.10 hereof, any purchase pursuant to this Section 3.9
shall be made pursuant to the applicable provisions of Sections 3.1 through
3.6 hereof.

 

ARTICLE IV

 

COVENANTS

 

SECTION 4.1         Payment of Notes.

 

(a)           The
Company shall pay or cause to be paid the principal of, premium, if any, and
interest on the Notes on the dates and in the manner provided in the Notes.
Principal, premium, if any, and interest and Additional Interest, if any, shall
be considered paid for all purposes hereunder on the date the Paying Agent, if
other than the Company or a Subsidiary thereof, holds, as of 10:00 a.m.
(New York City time), money deposited by the Company in immediately available
funds and designated for and sufficient to pay all such principal, premium, if
any, and interest and Additional Interest, if any, then due. The Company shall
pay all Additional Interest, if any, in the same manner on the dates and
amounts set forth in the Registration Rights Agreement; provided,
however, the Company shall deliver an
Officers’ Certificate to the Trustee stating that Additional Interest is due
and stating the amount of such Additional Interest on $1,000 aggregate
principal amount of Notes or €1,000 aggregate principal amount of Notes, as the
case may be, to the Trustee no later than the Record Date of such payment.
Unless and until the Trustee receives an Officers’ Certificate stating that
Additional Interest is due and payable, the Trustee is entitle to assume no
Additional Interest is due.

 

(b)           The
Company shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal at the rate equal to 2% per annum in excess of the then applicable interest rate on
the Notes to the extent lawful; it shall pay interest (including 

 

75

 

post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Additional Interest, if
any (without regard to any applicable grace period), at the same rate to the
extent lawful.

 

SECTION 4.2         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 or
Registrar) where Notes may be surrendered for registration of transfer or for
exchange and where notices and demands to or upon the Company in respect of the
Notes and this Indenture may be served. The Company shall give prompt written
notice to the Trustee of the location, and any change in the location, of such
office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee.

 

The Company
may also from time to time designate one or more other offices or agencies
where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided,
however, that no such designation or
rescission shall in any manner relieve the company of its obligation to
maintain an office or agency 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 2.3 hereof.

 

SECTION 4.3         Reports.

 

Whether or not
required by the Commission, so long as any Notes are outstanding, if not filed
electronically with the Commission through the Commission’s Electronic Data
Gathering, Analysis, and Retrieval System (or any successor system), the
Company will furnish to the Holders of Notes, within the time periods specified
in the Commission’s rules and regulations for a filer that is a
“non-accelerated filer”:

 

(1)           substantially the same
quarterly and annual financial information that would be required to be
contained in a filing with the Commission on Forms 10-Q and 10-K, if the
Company were required to file such forms, including a “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” and, with
respect to the annual information only, a report on the annual financial
statements by the Company’s certified independent accountants; and

 

(2)           substantially the same
current reports that would be required to be filed with the Commission on
Form 8-K if the Company were required to file such reports.

 

76

 

In addition,
whether or not required by the Commission, after the consummation of the
Exchange Offer or the effectiveness of the Shelf Registration Statement, the
Company will file a copy of all of the information and reports referred to in
clauses (1) and (2) above with the Commission for public availability
within the time periods specified in the Commission’s rules and
regulations (unless the Commission will not accept such a filing) for a
filer that is not an “accelerated filer” (as defined in such rules and
regulations) and make such information available to securities analysts and
prospective investors upon request. To the extent any such information is not
so filed or furnished, as applicable, within the time periods specified above
and such information is subsequently filed or furnished, as applicable, the
Company will be deemed to have satisfied its obligations with respect thereto
at such time and any Default or Event of Default with respect thereto shall be
deemed to have been cured; provided that
such cure shall not otherwise affect the rights of the Holders pursuant to
Article VI if holders of at least 25% in principal amount of the then
total outstanding Notes have declared the principal, premium, if any, interest
and any other monetary obligations on all the then outstanding Notes to be due
and payable immediately and such declaration shall not have been rescinded or
cancelled prior to such cure. In addition, the Company has agreed that, for so
long as any Notes remain outstanding, it will furnish to the Holders of the
Notes and to securities analysts and prospective investors, upon their request,
the information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act.

 

In addition,
if at any time any direct or indirect parent company becomes a Guarantor (there
being no obligation of any such parent company to do so), and complies with the
requirements of Rule 3-10 of Regulation S-X promulgated by the
Commission (or any successor provision), the reports, information and other
documents required to be filed and furnished to Holders of the Notes pursuant
to this Section 4.3 may, at the option of the Company, be filed by and
be those of such parent company rather than the Company; provided that
the same are accompanied by consolidating information as required by Rule 3-10
of Regulation S-X that explains in reasonable detail the differences between
the information relating to Parent and such other parent, on the one hand, and
the information relating to the Company and its Restricted Subsidiaries on a
standalone basis, on the other hand.

 

Notwithstanding
the foregoing, the requirement to provide the information and reports referred
to in clause (1) above shall be deemed satisfied prior to the commencement
of the Exchange Offer or the effectiveness of a Shelf Registration Statement
relating to the registration of the Notes under the Securities Act by the
filing with the Commission of a registration statement, and any amendments
thereto, with such financial information that satisfies Regulation S-X of
the Securities Act within the timeframes required by the Registration Rights
Agreement.

 

The Company
shall provide the Trustee with a sufficient number of copies of all reports and
other documents and information and, if requested by the Company, at its
expense, the Trustee will deliver such reports to the Holders under this Section 4.3
(unless such Default or Event of Default has been cured prior to such time).

 

77

 

SECTION 4.4         Compliance
Certificate.

 

The Company
shall deliver to the Trustee, within 90 days after the end of each fiscal
year beginning with the fiscal year ended December 28, 2007, an Officers’
Certificate stating that a review of the activities of the Company and its Subsidiaries
during the preceding fiscal year has been made under the supervision of the
signing Officers with a view to determining whether each 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 or her knowledge, each entity has kept, observed, performed and fulfilled
each and every covenant contained in this Indenture and is not in default in
the performance or observance of any of the terms, provisions and conditions of
this Indenture (or, if a Default or Event of Default shall have occurred,
describing all such Defaults or Events of Default of which he or she may have
knowledge and what action the Company is taking or proposes to take with
respect thereto) and that, to the best of his or her knowledge, no event has
occurred and remains in existence by reason of which payments on account of the
principal of, premium, if any, or interest or Additional Interest, if any, on
the Notes is prohibited or if such event has occurred, a description of the
event and what action the Company is taking or proposes to take with respect
thereto.

 

The Company
shall, so long as any of the Notes 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 (unless
such Default or Event of Default has been cured prior to such time) and what
action the Company is taking or proposes to take with respect thereto.

 

SECTION 4.5         Taxes.

 

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

 

SECTION 4.6         Stay, Extension and
Usury Laws.

 

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

 

78

 

SECTION 4.7         Limitation on
Restricted Payments.

 

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

 

(a)           declare or pay any
dividend or make any other distribution on account of the Company’s or any of
its Restricted Subsidiaries’ Equity Interests, including any dividend or
distribution payable in connection with any merger or consolidation (other than
(i) dividends or distributions by the Company payable in Equity Interests
(other than Disqualified Stock) of the Company or in options, warrants or other
rights to purchase such Equity Interests (other than Disqualified Stock),
(ii) dividends or distributions by a Restricted Subsidiary payable to the
Company or any other Restricted Subsidiary or (iii) in the case of any
dividend or distribution payable on or in respect of any class or series of
Equity Interests issued by a Restricted Subsidiary other than a Wholly Owned
Subsidiary, pro rata dividends or distributions to
minority stockholders of such Restricted Subsidiary (or owners of an equivalent
interest in the case of a Subsidiary that is an entity other than a
corporation), provided that the Company or one
of its Restricted Subsidiaries receives at least its pro rata
share of such dividend or distribution in accordance with its Equity Interests
in such class or series of securities);

 

(b)           purchase, redeem or
otherwise acquire or retire for value any Equity Interests of the Company or
any direct or indirect parent entity of the Company held by any Person (other
than by a Restricted Subsidiary), including in connection with any merger or
consolidation;

 

(c)           make any principal
payment on, or redeem, repurchase, defease or otherwise acquire or retire for
value, in each case prior to any scheduled repayment, sinking fund payment or
maturity, any Subordinated Indebtedness (other than (x) Indebtedness
permitted under clause (8) of the definition of “Permitted Debt” or
(y) the purchase, repurchase or other acquisition or retirement of
Subordinated Indebtedness purchased in anticipation of satisfying a sinking
fund obligation, principal installment or final maturity, in each case due
within one year of the date of purchase, repurchase, acquisition or retirement);
or

 

(d)           make any Restricted
Investment;

 

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

 

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

 

(2)           the Company would, at
the time of such Restricted Payment and after giving pro forma
effect thereto as if such Restricted Payment had been made 

 

79

 

at the beginning of the applicable
four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the
first paragraph of Section 4.9; and

 

(3)           such Restricted
Payment, together with the aggregate amount of all other Restricted Payments
made by the Company and its Restricted Subsidiaries after the Issue Date
(excluding Restricted Payments permitted by clauses (2), (3), (4), (5),
(6), (7), (9), (10), (11), (13), (14), (15), (16), (17) and (18) of the next
succeeding paragraph; provided that
the calculation of Restricted Payments shall also exclude the amounts paid or
distributed pursuant to clause (1) of the next paragraph to the extent
that the declaration of such dividend or other distribution shall have
previously been included as a Restricted Payment), is less than the sum,
without duplication, of

 

(a)           50% of the Consolidated
Net Income of the Company for the period (taken as one accounting period) from
July 1, 2007 to the end of the Company’s most recently ended fiscal quarter for
which internal financial statements are available at the time of such
Restricted Payment (or, in the case such Consolidated Net Income for such
period is a deficit, minus 100% of such deficit), plus

 

(b)           100% of the aggregate
net cash proceeds and the fair market value, as determined in good faith by the
Board of Directors of the Company, of property and marketable securities
received by the Company after the Issue Date from the issue or sale of
(x) Equity Interests of the Company (including Retired Capital Stock (as
defined below) but excluding (i) cash proceeds received from the sale of
Equity Interests of the Company and, to the extent actually contributed to the
Company, Equity Interests of any direct or indirect parent company of the
Company to members of management, directors or consultants of the Company, any
direct or indirect parent company of the Company and the Subsidiaries of the
Company after the Issue Date, in each case to the extent such amounts have been
applied to Restricted Payments made in accordance with clause (4) of the
next succeeding paragraph, (ii) cash proceeds received from the sale of Refunding
Capital Stock (as defined below) to the extent such amounts have been applied
to Restricted Payments made in accordance with clause (2) of the next
succeeding paragraph, (iii) Designated Preferred Stock and
(iv) Disqualified Stock) or (y) debt securities or Disqualified Stock
of the Company that have been converted into or exchanged for Equity Interests
of the Company (other than Refunding Capital Stock or Equity Interests or
convertible debt securities of Parent or any other direct or indirect parent
company sold to a Restricted Subsidiary or Parent and other than Disqualified
Stock or 

 

80

 

Designated Preferred Stock or debt securities
that have been converted into Disqualified Stock or Designated Preferred
Stock), plus

 

(c)           100% of the aggregate
amount of cash and the fair market value, as determined in good faith by the
Board of Directors of the Company, of property and marketable securities
contributed to the capital of the Company after the Issue Date (other than
(i) by a Restricted Subsidiary, (ii) any Excluded Contributions,
(iii) any Disqualified Stock, (iv) any Refunding Capital Stock,
(v) any Designated Preferred Stock and (vi) cash proceeds applied to
Restricted Payments made in accordance with clause (4) of the next
succeeding paragraph), plus

 

(d)           to the extent not
already included in Consolidated Net Income, 100% of the aggregate amount
received in cash and the fair market value, as determined in good faith by the
Board of Directors of the Company, of property and marketable securities
received after the Issue Date by means of (A) the sale or other
disposition (other than to the Company or a Restricted Subsidiary) of, or
interest, return, profits, distribution, income or similar amounts in respect
of, Restricted Investments made by the Company or its Restricted Subsidiaries
and repurchases and redemptions of such Restricted Investments from the Company
or its Restricted Subsidiaries and repayments of loans or advances which
constitute Restricted Investments of the Company or its Restricted Subsidiaries
or (B) the sale (other than to the Company or a Restricted Subsidiary) of
the Capital Stock of an Unrestricted Subsidiary or a distribution from an
Unrestricted Subsidiary (other than, in each case, to the extent the Investment
in such Unrestricted Subsidiary was made by a Restricted Subsidiary pursuant to
clause (10) of the next succeeding paragraph or to the extent such
Investment constituted a Permitted Investment) or a dividend or other distribution
from an Unrestricted Subsidiary, plus

 

(e)           in the case of the
redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the
merger or consolidation of an Unrestricted Subsidiary into the Company or a
Restricted Subsidiary or the transfer of assets of an Unrestricted Subsidiary
to the Company or a Restricted Subsidiary, the fair market value of the
Investment in such Unrestricted Subsidiary, as determined by the Board of
Directors of the Company in good faith at the time of the redesignation of such
Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such
merger, consolidation or transfer of assets (other than an Unrestricted
Subsidiary to the extent the Investment in such Unrestricted Subsidiary was
made by a Restricted Subsidiary pursuant to clause (10) of the next 

 

81

 

succeeding paragraph or to the extent such
Investment constituted a Permitted Investment).

 

The preceding provisions will not prohibit:

 

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

 

(2)   (A) the redemption, repurchase,
retirement or other acquisition of any Equity Interests of the Company or any
direct or indirect parent of the Company (“Retired Capital Stock”)
or Subordinated Indebtedness in exchange for or out of the net cash proceeds of
the substantially concurrent sale (other than to a Restricted Subsidiary or the
Company) of Equity Interests of the Company or contributions to the equity
capital of the Company (in each case, other than Disqualified Stock and the
Cash Contribution Amount) (“Refunding Capital Stock”)
and (B) the declaration and payment of dividends on the Retired Capital
Stock out of the net cash proceeds of the substantially concurrent sale (other
than to a Subsidiary of the Company or to an employee stock ownership plan or
any trust established by the Company or any of its Subsidiaries) of Refunding
Capital Stock;

 

(3)   the redemption, repurchase or
other acquisition or retirement of Subordinated Indebtedness made by exchange
for, or out of the proceeds of the substantially concurrent sale of, new
Indebtedness of the borrower thereof which is incurred in compliance with Section 4.9
so long as (A) such new Indebtedness is subordinated to the Notes and any
Guarantees thereof at least to the same extent as such Subordinated
Indebtedness so redeemed, repurchased, acquired or retired, (B) such new
Indebtedness has a final scheduled maturity date equal to or later than the
final scheduled maturity date of the Subordinated Indebtedness being so
redeemed, repurchased, acquired or retired and (C) such new Indebtedness
has a Weighted Average Life to Maturity equal to or greater than the remaining
Weighted Average Life to Maturity of the Subordinated Indebtedness being so
redeemed, repurchased, acquired or retired;

 

(4)   a Restricted Payment to pay for
the repurchase, retirement, redemption or other acquisition or retirement for
value of Equity Interests of the Company or any of its direct or indirect
parent companies held by any future, present or former employee, director or
consultant of the Company, any Subsidiary or any of its direct or indirect
parent companies (or their permitted transferees, assigns, estates or heirs)
pursuant to any management unit purchase agreement, management equity plan or
stock option plan or any other management or employee benefit plan, agreement
or arrangement (including, for the avoidance of doubt, any principal and
interest payable on any notes issued by the Company or any direct or indirect
parent company in connection with any such repurchase, retirement or other
acquisition or retirement), provided, however, that the aggregate amount of Restricted Payments
made under this clause (4) does not exceed in any calendar year (x) on or
prior to December 31, 2008, $15.0 million and (y) thereafter, $25.0 million
with any unused amounts in any calendar year being carried over to the two
immediately succeeding calendar years 

 

82

 

subject to a maximum of $50.0 million in any
calendar year; and provided, further,
that such amount in any calendar year may be increased by an amount not to
exceed (A) the cash proceeds from the sale of Equity Interests (other than
Disqualified Stock) of the Company and, to the extent contributed to the
Company, Equity Interests of any of its direct or indirect parent companies, in
each case to members of management, directors or consultants of the Company,
any of its Subsidiaries or any of its direct or indirect parent companies that
occurs after the Issue Date plus (B) the cash proceeds of “key man” life
insurance policies received by the Company or its Restricted Subsidiaries after
the Issue Date (provided that the Company may
elect to apply all or any portion of the aggregate increase contemplated by
clauses (A) and (B) above in any calendar year) (it being understood that
the forgiveness of any debt by such Person shall not be a Restricted Payment
hereunder) less (C) the amount of any Restricted Payments previously made
pursuant to clauses (A) and (B) of this clause (4);

 

(5)   the declaration and payment of
dividends to holders of any class or series of Disqualified Stock of the
Company or any Restricted Subsidiary issued or incurred in accordance with Section
4.9 to the extent such dividends are included in the definition of “Fixed
Charges” for such entity;

 

(6)   the declaration and payment of
dividends or distributions to holders of any class or series of Designated
Preferred Stock (other than Disqualified Stock) issued after the Issue Date and
the declaration and payment of dividends to any direct or indirect parent
company of the Company the proceeds of which will be used to fund the payment
of dividends to holders of any class or series of Designated Preferred Stock
(other than Disqualified Stock) of any direct or indirect parent company of the
Company issued after the Issue Date; provided, however, that (A) for the most recently ended four
full fiscal quarters for which internal financial statements are available
immediately preceding the date of issuance of such Designated Preferred Stock,
after giving effect to such issuance (and the payment of dividends or
distributions thereon) on a pro forma
basis, the Company would have had a Fixed Charge Coverage Ratio of at least 2.0
to 1.0 and (B) the aggregate amount of dividends declared and paid
pursuant to this clause (6) does not exceed the net cash proceeds actually
received by the Company from any such sale of Designated Preferred Stock (other
than Disqualified Stock) issued after the Issue Date;

 

(7)   repurchases of Equity Interests
deemed to occur upon exercise of stock options or warrants if such Equity
Interests represent a portion of the exercise price of such options or
warrants;

 

(8)   the payment of dividends on the
Company’s common stock (or the payment of dividends to any direct or indirect
parent company of the Company, as the case may be, to fund the payment by any
such parent company of the Company of dividends on such entity’s common stock)
following the first public offering of the Company’s common stock or the common
stock of any of its direct or indirect parent companies after the Issue Date,
of up to 6% per annum of the net cash proceeds
received by or contributed to the Company after the Issue Date in any such
public offering, other than public offerings of common stock of the

 

83

 

Company (or any direct or indirect parent
company of the Company) registered on Form S-4 or Form S-8 and other
than any public sale constituting an Excluded Contribution;

 

(9)                   Investments
that are made with Excluded Contributions;

 

(10)                 other Restricted
Payments after the Issue Date in an aggregate amount not to exceed
$25.0 million;

 

(11)                 distributions or
payments of Receivables Fees and purchase of any assets in connection with a
Receivables Facility;

 

(12)                 the repurchase,
redemption or other acquisition or retirement for value of any Subordinated
Indebtedness or Disqualified Stock pursuant to provisions similar to those
described in Sections 3.9, 4.10 and 4.14; provided that a Change of Control Offer or Asset Sale
Offer, as applicable, has been made and all Notes tendered by Holders of the
Notes in connection with a Change of Control Offer or Asset Sale Offer, as
applicable, have been repurchased, redeemed or acquired for value;

 

(13)                 the declaration
and payment of dividends or the payment of other distributions by the Company
to, or the making of loans or advances to, any of their respective direct or
indirect parents or the equity interest holders thereof in amounts required for
any direct or indirect parent companies or the equity interest holders thereof to
pay, in each case without duplication,

 

(i)            franchise taxes and
other fees, taxes and expenses required to maintain their corporate existence;

 

(ii)           federal, foreign, state
and local income or franchise taxes (or any alternative tax in lieu thereof); provided, that, in each fiscal year, the amount of such
payments shall be equal to the amount that the Company and its Restricted
Subsidiaries would be required to pay in respect of federal, foreign, state and
local income or franchise taxes if such entities were corporations paying taxes
separately from any parent entity at the highest combined applicable federal,
foreign, state, local or franchise tax rate for such fiscal year;

 

(iii)          customary salary, bonus,
severance, indemnification obligations and other benefits payable to officers
and employees of any direct or indirect parent company of the Company and any
payroll, social security or similar taxes thereof to the extent such salaries,
bonuses, severance, indemnification obligations and other benefits are reasonably
attributable to the ownership or operation of the Company and its Restricted
Subsidiaries;

 

(iv)          general corporate
operating and overhead costs and expenses of any direct or indirect parent
company of the Company to the extent such costs and 

 

84

 

expenses are reasonably attributable
to the ownership or operation of the Company and its Restricted Subsidiaries;

 

(v)           amounts payable to the
Sponsor pursuant to the Management Agreement as in effect on the Issue Date;

 

(vi)          fees and expenses other
than to Affiliates of the Company related to (1) any equity or debt
offering of such parent entity (whether or not successful), (2) any
Investment otherwise permitted under this covenant (whether or not successful)
and (3) any transaction of the type described in under the Section 5.1;

 

(vii)         cash payments in lieu of
issuing fractional shares in connection with the exercise of warrants, options
or other securities convertible into or exchangeable for Equity Interests of
the Company or any direct or indirect parent;

 

(viii)        amounts to finance
Investments otherwise permitted to be made pursuant to this Indenture; provided, that (1) such Restricted Payment shall be
made substantially concurrently with the closing of such Investment and
(2) such direct or indirect parent company shall, immediately following
the closing thereof, cause (x) all property acquired (whether assets or
Equity Interests) to be contributed to the capital of the Company or one of its
Restricted Subsidiaries or (y) the merger of the Person formed or acquired
into the Company or one of its Restricted Subsidiaries (to the extent not
prohibited by Section 5.1) in order to consummate such Investment;
(3) such direct or indirect parent company and its Affiliates (other than
the Company or a Restricted Subsidiary) receives no consideration or other
payment in connection with such transaction, (4) any property received by
the Company shall not increase amounts available for Restricted Payments pursuant
to Section 4.7(d)(3) and (5) such Investment shall be deemed to be made by
the Company or such Restricted Subsidiary by another paragraph of this
paragraph  (other than pursuant to
clause (9) hereof) or pursuant to the definition of “Permitted
Investments” (other than clause (11) thereof);

 

(ix)           [reserved];

 

(x)            reasonable and
customary fees payable to any directors of any direct or indirect parent of the
Company and reimbursement of reasonable out-of-pocket costs of the directors of
any direct or indirect parent of the Company in the ordinary course of
business, to the extent reasonably attributable to the ownership or operation
of the Company and its Restricted Subsidiaries; and

 

(xi)           reasonable and
customary indemnities to directors, officers and employees of any direct or
indirect parent of the Company in the ordinary course of business, to the
extent reasonably attributable to the ownership or operation of the Company and
its Restricted Subsidiaries;

 

85

 

(14)                 cash payments in
lieu of the issuance of fractional shares in connection with the exercise of
warrants, options or other securities convertible into or exchangeable for
Equity Interests of the Company; provided, however, that any such cash payment shall not be for the
purpose of evading the limitation of this Section 4.7 (as
determined in good faith by the Board of Directors of the Company);

 

(15)                 distributions, by
dividends or otherwise, of Capital Stock of, or Indebtedness owed to the
Company or a Restricted Subsidiary by, Unrestricted Subsidiaries;

 

(16)                 cash dividends or
other distributions on the Company’s or any Restricted Subsidiary’s Capital
Stock used to, or the making of loans the proceeds of which will be used to,
fund the payment of fees and expenses, including any severance and
indemnification obligations or deferred compensation, incurred in connection
with the Transactions or this offering, in each case to the extent permitted
(to the extent applicable) by Section 4.11;

 

(17)                 [reserved];

 

(18)                 any Restricted
Payment used to fund the Transactions and the fees and expenses related thereto
(including any repurchase of the Existing Notes on the Issue Date or
thereafter);

 

(19)                 Investments in
Unrestricted Subsidiaries having an aggregate fair market value, taken together
with all other Investments made pursuant to this clause (19) that are at the
time outstanding, without giving effect to any distribution pursuant to
clause (15) of this paragraph or the sale of an Unrestricted Subsidiary to
the extent the proceeds of such sale do not consist of cash or marketable
securities, not to exceed 1.5% of Consolidated Tangible Assets at the time of
such Investment (with the fair market value of each Investment being measured
at the time made and without giving effect to subsequent changes in value);

 

(20)                 payments and
distributions to dissenting stockholders pursuant to applicable law, pursuant
to or in connection with a consolidation, merger or transfer of all or
substantially all of the assets of the Company and its Restricted Subsidiaries
taken as a whole that complies with the terms of this Indenture, including the
covenant described under Section 5.1; and

 

(21)                 the Foreign
Subsidiary Reorganization and payments or distributions in connection
therewith;

 

provided, however, that at the time of, and after giving effect to,
any Restricted Payment permitted under clauses (5), (6), (8), (10), (12),
(13)(v) and (vi) and (19) above, no Default or an Event of Default shall have
occurred and be continuing or would occur as a consequence thereof.

 

The amount of
all Restricted Payments (other than cash) will be the fair market value on the
date of the Restricted Payment of the asset(s) or securities proposed to be
transferred or issued by the Company or such Subsidiary, as the case may be,
pursuant to the Restricted 

 

86

 

Payment. The fair market value of any assets or securities that are
required to be valued by this Section 4.7 will be determined in good
faith by the Board of Directors of the Company.

 

As of the
Issue Date, all of the Company’s Subsidiaries will be Restricted Subsidiaries.
The Company will not permit any Unrestricted Subsidiary to become a Restricted
Subsidiary except pursuant to the second to last sentence of the definition of
“Unrestricted Subsidiary.” For purposes of designating any Restricted
Subsidiary as an Unrestricted Subsidiary, all outstanding investments by the
Company and the Restricted Subsidiaries (except to the extent repaid) in the
Subsidiary so designated will be deemed to be Restricted Payments in an amount
determined as set forth in the second paragraph of the definition of
“Investments.”  Such designation will be
permitted only if a Restricted Payment in such amount would be permitted at such
time under this Section 4.7 or the definition of “Permitted Investments”
and if such Subsidiary otherwise meets the definition of an Unrestricted
Subsidiary. Unrestricted Subsidiaries will not be subject to any of the
restrictive covenants of this Indenture.

 

For the
avoidance of doubt, any dividend or distribution otherwise permitted pursuant
to this Section 4.7 may be in the form of a loan.

 

Notwithstanding
anything to the contrary herein, the Company will not, and will not permit any
Restricted Subsidiary to, directly or indirectly, make any (i) Restricted
Payment covered in clauses (a) through (c) of the definition of Restricted
Payments (including, without limitation, any payment, dividend or distribution)
to the holders of Equity Interests of the Company or any of its direct or
indirect parent companies (which shall include the Sponsor and its Affiliates)
(other than (x) to the Company and its Restricted Subsidiaries, future, present
or former employees, directors, managers or consultants of the Company, any of
its Subsidiaries or any of its direct or indirect parent companies with respect
to Equity Interests held by them in such capacities pursuant to clause (4) and
(y) a Restricted Payment made pursuant to clause (13)(i)-(iv), (x) or (xi) of
the second paragraph of this covenant) or (ii) Investment in the Sponsor, any
Permitted Holders who are members of a group (within the meaning of Section
13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision)
with the Sponsor and its Affiliates (other than to the Company and its
Restricted Subsidiaries and members of management of the Company (or its direct
parent)), in each case during any period beginning on the date on which the
Company makes an election to capitalize interest pursuant to paragraph 1 of the
Note with respect to any interest period and ending on the first date after
such interest period on which the Company makes a full cash payment of cash
interest with respect to a subsequent interest period.

 

SECTION 4.8         Limitation on Dividends
and Other Payment Restrictions Affecting Subsidiaries.

 

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

 

87

 

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

 

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

 

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

 

However, the
preceding restrictions will not apply to encumbrances or restrictions existing
under or by reason of:

 

(4)           contractual
encumbrances or restrictions in effect (x) pursuant to a Credit Facility
or related documents as in effect on the Issue Date or (y) on the Issue
Date, including, without limitation, pursuant to Indebtedness in existence on
the Issue Date;

 

(5)           this Indenture, the
Notes and Guarantees (including any Exchange Notes with respect to the Notes
and related Guarantees);

 

(6)           the Senior Indenture,
the Senior Notes and related guarantees thereof (including any Senior Notes
registered under the Securities Act that are issued in exchange for the Senior
Notes pursuant to the registration rights agreement with respect to the Senior
Notes and related guarantees);

 

(7)           purchase money
obligations or other obligations described in clause (5) of the definition
of “Permitted Debt” that, in each case, impose restrictions of the nature
discussed in clause (3) above in the first paragraph of this Section
4.8 on the property so acquired;

 

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

 

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

 

(10)         contracts for the sale of
assets, including without limitation, customary restrictions with respect to a
Subsidiary pursuant to an agreement that has been entered into for the sale or
disposition of all or substantially all of the Capital Stock or assets of such
Subsidiary;

 

88

 

(11)         Secured Indebtedness
otherwise permitted to be incurred pursuant to Sections 4.9 and 4.12
that limits the right of the debtor to dispose of the assets securing such
Indebtedness;

 

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

 

(13)         other Indebtedness or
Preferred Stock of any Restricted Subsidiary (i) that is a Guarantor that
is incurred subsequent to the Issue Date pursuant to Section 4.9 or
(ii) that is incurred by a Foreign Subsidiary of the Company subsequent to
the Issue Date pursuant to Section 4.9;

 

(14)         customary provisions in
joint venture agreements and other similar agreements entered into in the
ordinary course of business;

 

(15)         customary provisions
contained in leases, subleases, licenses or asset sale agreements and other
agreements;

 

(16)         restrictions and
conditions by the terms of the documentation governing any Receivables Facility
that in the good faith determination of the Company are necessary or advisable
to effect such Receivables Facility;

 

(17)         negative pledges and
restrictions on Liens in favor of any holder of Indebtedness permitted under
this Indenture; and

 

(18)         any encumbrances or
restrictions of the type referred to in clauses (1), (2) and (3) of the
first paragraph of this Section 4.8 imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings of the contracts, instruments or obligations
referred to in clauses (1) through (14) above; provided
that the encumbrances or restrictions imposed by such amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are, in the good faith judgment of the Board of
Directors of the Company, not materially less favorable to the Holders of the
Notes than encumbrances and restrictions contained in such predecessor
agreements and do not affect the Company’s and Guarantors’ ability, taken as a
whole, to make payments of interest and scheduled payments of principal in
respect of the Notes, in each case as and when due; provided, further, however, that
with respect to agreements existing on the Issue Date, any refinancings or
amendments thereof contain such encumbrances or restrictions that are not
materially less favorable to the Holders of the Notes than the encumbrances or
restrictions contained in such agreements as in effect on the Issue Date.

 

89

 

SECTION 4.9         Limitation on
Incurrence of Indebtedness and Issuance of Preferred Stock.

 

The Company
will not, and will not permit any of its Restricted Subsidiaries to, directly
or indirectly, create, incur, issue, assume, guarantee or otherwise become
directly or indirectly liable, contingently or otherwise, with respect to
(collectively “incur”) any Indebtedness
(including Acquired Debt) and will not permit any of its Restricted Subsidiaries
to issue any shares of Preferred Stock; provided, however, that the Company and any Restricted Subsidiary may
incur Indebtedness (including Acquired Debt) and any Restricted Subsidiary may
issue Preferred Stock if the Fixed Charge Coverage Ratio of the Company and its
Restricted Subsidiaries (on a consolidated basis) for the Company’s most
recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such
additional Indebtedness is incurred or such Preferred Stock is issued would
have been at least 2.0 to 1.0 determined on a pro forma
basis (including a pro forma application of the net
proceeds therefrom), as if the additional Indebtedness had been incurred or the
Preferred Stock had been issued, as the case may be, and the application of
proceeds therefrom had occurred at the beginning of such four-quarter period;
provided further, that any incurrence of Indebtedness or issuance of Preferred
Stock by a Restricted Subsidiary that is not a Guarantor pursuant to this
paragraph is subject to the limitations set forth in the sixth paragraph of
this Section 4.9.

 

The first
paragraph of this Section 4.9 will not prohibit the incurrence of any of
the following items of Indebtedness (collectively, “Permitted
Debt”):

 

(1)           the incurrence by the
Company or a Restricted Subsidiary of Indebtedness under Credit Facilities
together with the incurrence by the Company or any Restricted Subsidiary of the
guarantees thereunder and the issuance and creation of letters of credit and
bankers’ acceptances thereunder (with letters of credit and bankers’
acceptances being deemed to have a principal amount equal to the face amount
thereof), up to an aggregate principal amount, equal to (A) $1,815 million minus
(B) the aggregate principal amount of Indebtedness incurred by a Receivables
Subsidiary and then outstanding pursuant to clause (18) of this second
paragraph of Section 4.9 or by a Foreign Subsidiary and then outstanding
pursuant to clause (26)(C) of this second paragraph of Section 4.9 that
was used to permanently reduce commitments under a Credit Facility minus (C) the amount of all mandatory
principal payments actually made by the borrower thereunder in respect of
Indebtedness thereunder with Net Proceeds from Asset Sales;

 

(2)           the incurrence by the
Company and the Guarantors of Indebtedness represented by the Notes (including
any Guarantee thereof) on the Issue Date and any Exchange Notes and related
exchange guarantees to be issued (including any Guarantee thereof) pursuant to
the Registration Rights Agreement;

 

(3)           the incurrence by the
Company and the Guarantors of Indebtedness represented by the Senior Notes
(including any guarantee thereof) on the Issue Date and 

 

90

 

any Senior Notes to be issued in exchange for
such Senior Notes (including any guarantees thereof) pursuant to the
registration rights agreement with respect thereto;

 

(4)           any Indebtedness of the
Company and its Restricted Subsidiaries in existence on the Issue Date (other
than Indebtedness described in clauses (1), (2) or (3) above or (22)
below);

 

(5)           Indebtedness (including
Capitalized Lease Obligations) incurred by the Company or any Restricted
Subsidiary to finance the purchase, construction, lease or improvement of
property (real or personal) or equipment that is used or useful in a Permitted
Business (whether through the direct purchase of assets or the Capital Stock of
any Person owning such assets) in an aggregate principal amount that, when
aggregated with the principal amount of all other Indebtedness then outstanding
and incurred pursuant to this clause (5) does not exceed $50.0 million;

 

(6)           Indebtedness incurred
by the Company or any Restricted Subsidiary constituting reimbursement
obligations with respect to letters of credit issued in the ordinary course of
business, including without limitation letters of credit in respect of workers’
compensation claims, health, disability or other employee benefits or property,
casualty or liability insurance or self-insurance or other Indebtedness with
respect to reimbursement-type obligations regarding workers’ compensation
claims; provided, however,
that upon the drawing of such letters of credit or the incurrence of such
Indebtedness, such obligations are reimbursed within 45 days following
such drawing or incurrence;

 

(7)           Indebtedness arising
from agreements of the Company or a Restricted Subsidiary providing for
indemnification, adjustment of purchase price, earn-outs or similar obligations,
in each case, incurred or assumed in connection with the disposition or
acquisition of any business, assets or a Subsidiary, other than guarantees of
Indebtedness incurred by any Person acquiring all or any portion of such
business, assets or a Subsidiary for the purpose of financing such acquisition; provided, however, that
such Indebtedness is not reflected on the balance sheet (other than by
application of FIN 45 as a result of an amendment to an obligation in existence
on the Issue Date) of the Company or any Restricted Subsidiary (contingent
obligations referred to in a footnote to financial statements and not otherwise
reflected on the balance sheet will not be deemed to be reflected on such
balance sheet for purposes of this clause (7));

 

(8)           Indebtedness of the
Company owed to and held by any Wholly Owned Restricted Subsidiary or a
Restricted Subsidiary that is a Guarantor, or Indebtedness of a Wholly Owned
Restricted Subsidiary or a Restricted Subsidiary that is a Guarantor owed to
and held by the Company or any other Wholly Owned Restricted Subsidiary or a
Restricted Subsidiary that is a Guarantor; provided, however, that (A) any subsequent issuance or transfer
of any Capital Stock or any other event that results in any such Restricted
Subsidiary ceasing to be a Wholly Owned Restricted Subsidiary or a Guarantor,
or any subsequent transfer of any such Indebtedness (except to the Company, 

 

91

 

a Wholly Owned Restricted Subsidiary or a
Restricted Subsidiary that is a Guarantor or any pledge of such Indebtedness
constituting a Permitted Lien) shall be deemed, in each case, to constitute the
incurrence of such Indebtedness not permitted by this clause (8) and
(B) if the Company or a Guarantor is the obligor on such Indebtedness,
such Indebtedness is expressly subordinated in right of payment to all
obligations of the Company or such Guarantor with respect to the Notes;

 

(9)           shares of Preferred
Stock of a Restricted Subsidiary issued to the Company or a Wholly Owned
Restricted Subsidiary or a Restricted Subsidiary that is a Guarantor; provided that any subsequent issuance or transfer of any
Capital Stock or any other event which results in any such Restricted
Subsidiary ceasing to be a Wholly Owned Restricted Subsidiary or a Restricted
Subsidiary that is a Guarantor, or any other subsequent transfer of any such
shares of Preferred Stock (except to the Company, a Wholly Owned Restricted
Subsidiary or a Restricted Subsidiary that is a Guarantor) shall be deemed in
each case to be an issuance of such shares of Preferred Stock not permitted by
this clause (9);

 

(10)         Hedging Obligations of
the Company or any Restricted Subsidiary (excluding Hedging Obligations entered
into for speculative purposes);

 

(11)         obligations in respect of
customs, stay, bid, appeal, performance and surety bonds, appeal bonds and
other similar types of bonds and performance and completion guarantees and
other obligations of a like nature provided by the Company or any Restricted
Subsidiary or obligations in respect of letters of credit related thereto, in
each case in the ordinary course of business or consistent with past practice;

 

(12)         Indebtedness of the
Company or any Restricted Subsidiary or Preferred Stock of any Restricted
Subsidiary not otherwise permitted hereunder in an aggregate principal amount
or liquidation preference which, when aggregated with the principal amount and
liquidation preference of all other Indebtedness and Preferred Stock then
outstanding and incurred pursuant to this clause (12), does not at any one
time outstanding exceed $100.0 million; provided
that any Indebtedness or Preferred Stock incurred pursuant to this
clause (12) shall cease to be deemed incurred or outstanding for purposes
of this clause (12) but shall be deemed incurred for the purposes of the
first paragraph of this Section 4.9 from and after the first date
on which the Company or such Restricted Subsidiary could have incurred such
Indebtedness or issued such Disqualified Stock or Preferred Stock under the
first paragraph of this Section 4.9 without reliance on this
clause (12);

 

(13)         (x) any guarantee by the
Company or a Restricted Subsidiary of Indebtedness or other obligations of any
Restricted Subsidiary so long as the incurrence of such Indebtedness incurred
by such Restricted Subsidiary is permitted under the terms of this Indenture; provided that if such Indebtedness is by its express terms
subordinated in right of payment to the Notes or the Guarantee of such
Restricted Subsidiary or the Company, as applicable, any such guarantee of such
Guarantor with respect to such 

 

92

 

Indebtedness shall be subordinated in right
of payment to such Guarantor’s Guarantee with respect to the Notes
substantially to the same extent as such Indebtedness is subordinated to the
Notes or the Guarantee of such Restricted Subsidiary, as applicable, and
(y) any guarantee by a Restricted Subsidiary of Indebtedness of the
Company incurred in accordance with the terms of this Indenture;

 

(14)         the incurrence by the
Company or any Restricted Subsidiary of Indebtedness or Preferred Stock that
serves to refund, replace or refinance any Indebtedness incurred as permitted
under the first paragraph of this Section and clauses (2), (3) and (4)
above, this clause (14) and clause (15) below or any Indebtedness
issued to so refund, replace or refinance such Indebtedness including
additional Indebtedness incurred to pay premiums and fees in connection
therewith (the “Refinancing Indebtedness”) prior
to its respective maturity; provided, however, that such Refinancing Indebtedness (A) has a
Weighted Average Life to Maturity at the time such Refinancing Indebtedness is
incurred which is not less than the Weighted Average Life to Maturity of the
Indebtedness being refunded or refinanced, (B) to the extent such
Refinancing Indebtedness refinances Subordinated Indebtedness or  Indebtedness pari passu to
the Notes or the Guarantees, such Refinancing Indebtedness is subordinated or pari passu to the Notes or the Guarantees at least to the
same extent as the Indebtedness being refinanced or refunded, (C) shall
not include (x) Indebtedness or Preferred Stock of a Subsidiary that is
not a Guarantor that refinances Indebtedness or Preferred Stock of the Company
or a Guarantor or (y) Indebtedness or Preferred Stock of the Company or a
Restricted Subsidiary that refinances Indebtedness or Preferred Stock of an
Unrestricted Subsidiary and (D) shall not be in a principal amount in
excess of the principal amount of, premium, if any, deemed interest on, and
related fees and expenses of, the Indebtedness being refunded, replaced or
refinanced;

 

(15)         (i) Indebtedness or
Preferred Stock of a Person incurred and outstanding on or prior to the date on
which such Person was acquired by the Company or any Restricted Subsidiary or
merged into the Company or a Restricted Subsidiary in accordance with the terms
of this Indenture or (ii) Indebtedness of the Company or any Restricted
Subsidiary incurred in connection with or in contemplation of, or to provide
all or any portion of the funds or credit support utilized to consummate, the
acquisition by the Company or such Restricted Subsidiary of property used or
useful in a Permitted Business (whether through the direct purchase of assets
or the purchase of Capital Stock of, or merger or consolidation with, any
Person owning such assets); provided that
after giving effect to such incurrence of Indebtedness either (A) the
Company would be permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in the first
paragraph of this Section 4.9 or (B) the Fixed Charge Coverage
Ratio would be at least equal to or greater than such Fixed Charge Coverage
Ratio immediately prior to such acquisition;

 

(16)         Indebtedness arising from
the honoring by a bank or financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary 

 

93

 

course of business; provided
that such Indebtedness is extinguished within five (5) Business Days of its
incurrence;

 

(17)         Indebtedness of the
Company or any of its Restricted Subsidiaries supported by a letter of credit
issued pursuant to a Credit Facility in a principal amount not in excess of the
stated amount of such letter of credit;

 

(18)         Indebtedness incurred by
a Receivables Subsidiary in connection with a Receivables Facility;

 

(19)         Indebtedness consisting
of promissory notes issued by the Company or any Guarantor to current or former
officers, directors, consultants and employees, their respective estates,
spouses, former spouses, heirs or family members to finance the purchase or
redemption of Equity Interests of Company or any of its direct or indirect
parent companies permitted by Section 4.7;

 

(20)         Indebtedness of the
Company or any Restricted Subsidiary to the extent the proceeds of such
Indebtedness are deposited and used to defease the Notes as described in
Article VIII hereof;

 

(21)         Indebtedness of the
Company or any Restricted Subsidiary consisting of the financing of insurance
premiums in the ordinary course of business; and

 

(22)         Indebtedness evidenced by
the Existing Notes not tendered in the tender offer with respect to such
Existing Notes effected in connection with the Transactions;

 

(23)         cash management
obligations and Indebtedness in respect of netting services, overdraft
facilities, employee credit card programs, Cash Pooling Arrangements or similar
arrangements in connection with cash management and deposit accounts; provided that, with respect to any Cash Pooling Arrangements,
the total amount of all deposits subject to any such Cash Pooling Arrangement
at all times equals or exceeds the total amount of overdrafts that may be
subject to such Cash Pooling Arrangements;

 

(24)         Indebtedness of the
Company or any of its Restricted Subsidiaries in respect of Sale and Lease-Back
Transactions;

 

(25)         Indebtedness representing
deferred compensation to employees of the Company or any Restricted Subsidiary
incurred in the ordinary course of business; and

 

(26)         Indebtedness or Preferred
Stock of any Foreign Subsidiary: (A) incurred under local credit facilities for
general corporate purposes not exceeding, as to all such Foreign Subsidiaries,
$50.0 million in the aggregate at any one time outstanding, (B) incurred to
finance or assumed in connection with the Foreign Subsidiary Reorganization or
(C) which serves to refund or refinance any Indebtedness incurred under clause
(1), (2) or (3) of this paragraph or the payment of any dividend to the Company
or any Restricted 

 

94

 

Subsidiary in a principal amount not to
exceed $200.0 million in the aggregate at any one time outstanding; provided
that any incurrence of Indebtedness or issuance of Preferred Stock by a
Restricted Subsidiary that is not a Guarantor pursuant to this clause (26)(B)
is subject to the sixth paragraph of this Section 4.9.

 

For purposes
of determining compliance with this Section 4.9 in the event that an
item of proposed Indebtedness meets the criteria of more than one of the
categories of Permitted Debt described in clauses (1) through (26) above,
or is entitled to be incurred pursuant to the first paragraph of this Section 4.9,
the Company will be permitted to classify and later reclassify such item of
Indebtedness in any manner that complies with this Section 4.9, and such
item of Indebtedness will be treated as having been incurred pursuant to only
one of such categories. Accrual of interest or dividends, the accretion of
accreted value and the payment of interest or dividends in the form of
additional Indebtedness or Preferred Stock will not be deemed to be an
incurrence of Indebtedness or Preferred Stock for purposes of this Section
4.9 and Section 4.12. Notwithstanding the foregoing, Indebtedness
under the Credit Agreement outstanding on the Issue Date will be deemed to have
been incurred on such date in reliance on the exception provided by
clause (1) of the definition of “Permitted Debt” and any such Indebtedness
that was outstanding under the Credit Agreement as of the Issue Date may not
later be re-classified. Additionally, all or any portion of any other item of
Indebtedness may later be reclassified as having been incurred pursuant to the
first paragraph of this Section 4.9 or under any category of Permitted
Debt described in clauses (1) through (26) above so long as such
Indebtedness is permitted to be incurred pursuant to such provision at the time
of reclassification.

 

For purposes
of determining compliance with any U.S. dollar restriction on the incurrence of
Indebtedness where the Indebtedness incurred is denominated in a different
currency, the amount of such Indebtedness will be the U.S. Dollar Equivalent
determined on the date of the incurrence of such Indebtedness; provided, however, that
if any such Indebtedness denominated in a different currency is subject to a
currency agreement with respect to U.S. dollars covering all principal,
premium, if any, and interest payable on such Indebtedness, the amount of such
Indebtedness expressed in U.S. dollars will be as provided in such currency
agreement. The principal amount of any refinancing Indebtedness incurred in the
same currency as the Indebtedness being refinanced will be the U.S. Dollar
Equivalent of the Indebtedness being refinanced, except to the extent that
(1) such U.S. Dollar Equivalent was determined based on a currency
agreement, in which case the refinancing Indebtedness will be determined in
accordance with the preceding sentence, and (2) the principal amount of
the refinancing Indebtedness exceeds the principal amount of the Indebtedness
being refinanced, in which case the U.S. Dollar Equivalent of such excess will
be determined on the date such refinancing Indebtedness is incurred. The
maximum amount of Indebtedness that the Company and its Restricted Subsidiaries
may incur pursuant to this Section 4.9 shall not be deemed to be
exceeded, with respect to any outstanding Indebtedness, solely as a result of
fluctuations in the exchange rate of currencies.

 

Notwithstanding
anything to the contrary contained in the first paragraph of this Section 4.9
or in the definition of Permitted Debt, no Restricted Subsidiary of the Company
that is not a 

 

95

 

Subsidiary Guarantor shall incur any
Indebtedness or issue any Preferred Stock in reliance on the first paragraph of
this Section 4.9 or clause (15) or (26)(B) of the definition of
Permitted Debt (the “Limited Non-Guarantor Debt
Exceptions”) if the amount of such Indebtedness or Preferred Stock,
when aggregated with the amount of all other Indebtedness or Preferred Stock outstanding
under such Limited Non-Guarantor Debt Exceptions, together with any Refinancing
Indebtedness in respect thereof, would exceed $100.0 million; provided, that in no event shall any Indebtedness or
Preferred Stock of any Restricted Subsidiary that is not a Guarantor
(x) existing at the time it became a Restricted Subsidiary or (y) assumed
in connection with any acquisition, merger or acquisition of minority interests
of a non-Wholly-Owned Subsidiary (and in the case of clauses (x) and (y), not
created in contemplation of such Person becoming a Restricted Subsidiary or
such acquisition, merger or acquisition of minority interests) be deemed to be
Indebtedness outstanding under the Limited Non-Guarantor Debt Exceptions for
purposes of this paragraph.

 

SECTION 4.10       Limitation on Asset
Sales.

 

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

 

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

 

(2)           at least 75% of the
consideration received in the Asset Sale by the Company or such Restricted
Subsidiary is in the form of cash or Cash Equivalents.

 

For purposes
of clause (2) above, the amount of (i) any liabilities other than
contingent liabilities (as shown on the Company’s or the applicable Restricted
Subsidiary’s most recent balance sheet or in the notes thereto) of the Company
or any Restricted Subsidiary (other than liabilities that are by their terms
subordinated to the Notes or the Guarantees) that are assumed by the transferee
of any such assets and from which the Company and all Restricted Subsidiaries
have been validly released by the applicable creditor(s) in writing,
(ii) any securities received by the Company or such Restricted Subsidiary
from such transferee that are converted by the Company or Restricted Subsidiary
into cash (to the extent of the cash received) within 180 days following
the closing of such Asset Sale, (iii) any assets described in
clauses (2) or (3) below, and (iv) any Designated Non-cash
Consideration received by the Company or any of its Restricted Subsidiaries in
such Asset Sale having an aggregate fair market value (as determined in good
faith by the Board of Directors of the Company), taken together with all other
Designated Non-cash Consideration received pursuant to this clause (iv)
that is at that time outstanding, not to exceed the greater of
(x) $75.0 million and (y) an amount equal to 2% of Total Assets
of the Company on the date on which such Designated Non-cash Consideration is
received (with the fair market value of each item of Designated Non-cash
Consideration being 

 

96

 

measured at the time received without giving effect to subsequent
changes in value), shall be deemed to be cash for purposes of this paragraph
and for no other purpose.

 

Within 365 days
after the receipt of any Net Proceeds from an Asset Sale, the Company or such
Restricted Subsidiary as the case may be, may apply those Net Proceeds at its
option:

 

(3)           (i) to reduce
Obligations under Senior Indebtedness of the Company or any Restricted
Subsidiary, (ii) to reduce Obligations under Indebtedness of a Restricted
Subsidiary that is not a Guarantor (other than Indebtedness owed to the Company
or another Restricted Subsidiary) or (iii) to reduce Indebtedness of the
Company that ranks pari passu with the Notes or
Indebtedness of a Guarantor that ranks pari passu with
such Guarantor’s Guarantee of the Notes (provided that
if the Company shall so reduce Obligations under Indebtedness that ranks pari passu with the Notes (other than Indebtedness
specified in clauses (i) and (ii) above), it will equally and ratably
reduce Obligations under the Notes through open-market purchases (to the extent
such purchases are at or above 100% of the principal amount thereof) or by
causing the Company to make an offer (in accordance with the procedures set
forth below in this Section 4.10) to all Holders of Notes to
purchase at a purchase price equal to 100% of the principal amount thereof,
plus accrued and unpaid interest and Additional Interest, if any, on the pro rata principal amount of Notes), in each case other
than Indebtedness owed to Parent or any Restricted Subsidiary;

 

(4)           to an investment in
(A) any one or more businesses; provided that
such investment in any business is in the form of the acquisition of Capital
Stock and results in the Company or a Restricted Subsidiary owning an amount of
the Capital Stock of such business such that such business constitutes a
Restricted Subsidiary, (B) capital expenditures or (C) other
non-current assets, in each of (A), (B) and (C), used or useful in a Permitted
Business; and/or

 

(5)           to an investment in
(A) any one or more businesses; provided that
such investment in any business is in the form of the acquisition of Capital
Stock and results in the Company or a Restricted Subsidiary owning an amount of
the Capital Stock of such business such that such business constitutes a
Restricted Subsidiary, (B) properties or (C) assets that, in each of
(A), (B) and (C), replace the businesses, properties and assets that are the
subject of such Asset Sale.

 

Any Net
Proceeds from an Asset Sale not applied or invested in accordance with the
preceding paragraph within 365 days from the date of the receipt of such
Net Proceeds shall constitute “Excess Proceeds”; provided that if during such 365-day period the Company or
a Restricted Subsidiary enters into a definitive binding agreement committing
it to apply such Net Proceeds in accordance with the requirements of
clause (2) or (3) of the immediately preceding paragraph after such 365th
day, such 365-day period will be extended with respect to the amount of Net
Proceeds so committed for a period not to exceed 180 days until such Net
Proceeds are required to be applied in accordance with such agreement (or, if
earlier, until termination of such agreement).

 

97

 

When the
aggregate amount of Excess Proceeds exceeds $25.0 million, the Company or
the applicable Restricted Subsidiary will make an offer (an “Asset Sale Offer”) to all Holders of Notes and Pari Passu
Indebtedness, on a pro rata basis, the maximum
principal amount of Notes and such other Pari Passu Indebtedness t that may be
purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer
will be equal to 100% of the principal amount thereof, plus accrued and unpaid
interest and Additional Interest, if any, to the date of purchase, and will be
payable in cash.

 

Pending the
final application of any Net Proceeds, the Company or the applicable Restricted
Subsidiary may temporarily reduce revolving credit borrowings or otherwise
invest the Net Proceeds in any manner that is not prohibited by this Indenture.

 

If any Excess
Proceeds remain after consummation of an Asset Sale Offer, the Company or the
applicable Restricted Subsidiary may use those Excess Proceeds for any purpose
not otherwise prohibited by this Indenture. If the aggregate principal amount
of Notes tendered into such Asset Sale Offer exceeds the amount of Excess
Proceeds, the Registrar will select the Notes to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer,
the amount of Excess Proceeds will be reset at zero.

 

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

 

SECTION 4.11       Limitation on
Transactions with Affiliates.

 

The Company
will not, and will not permit any of its Restricted Subsidiaries to, make any
payment to, or sell, lease, assign, transfer or otherwise dispose of any of its
properties or assets to, or purchase any property or assets from, or enter into
or make or amend any transaction, contract, agreement, understanding, loan,
advance or guarantee with, or for the benefit of, any Affiliate (each, an “Affiliate Transaction”) involving aggregate consideration in
excess of $10.0 million, unless:

 

(1)           the Affiliate
Transaction is on terms that are not materially less favorable to the Company
or the relevant Restricted Subsidiary than those that would have been obtained
in a comparable transaction by the Company or Restricted Subsidiary with an
unrelated Person; and

 

(2)           with respect to any
Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $25.0 million, a majority of the
Board of Directors of the Company (and, if any, a majority of the disinterested

 

98

 

members of the Board of Directors of the
Company with respect to such Affiliate Transaction) have determined in good
faith that the criteria set forth in the immediately preceding clause (1)
are satisfied and have approved the relevant Affiliate Transaction as evidenced
by a Board Resolution.

 

The following items will not be deemed to be Affiliate Transactions
and, therefore, will not be subject to the provisions of the prior paragraph:

 

(3)           any transaction with
the Company, a Restricted Subsidiary or joint venture or similar entity which
would constitute an Affiliate Transaction solely because the Company or a
Restricted Subsidiary owns an equity interest in or otherwise controls such
Restricted Subsidiary, joint venture or similar entity;

 

(4)           Restricted Payments and
Permitted Investments permitted by this Indenture;

 

(5)           (A) so long as no
Default or Event of Default pursuant to Sections 6.1(1), 6.1(2) or 6.1(8) shall
have occurred or is continuing or shall result therefrom, the payment to the
Sponsor, any of its officers or Affiliates by the Company or any of its
Restricted Subsidiaries, of management, consulting, monitoring and advisory
fees, termination or indemnification payments and (B) related expenses, in each
case, pursuant to the Management Agreement as in effect on the Issue Date or
any amendment thereto (so long as any such amendment (x) does not increase the
amount of fees payable to the Sponsor and (y) is not otherwise less
advantageous to the Holders of the Notes in any material respect than the
Management Agreement), including, without limitation, the $35 million payment
to the Sponsor in connection with the Transactions;

 

(6)           payments in respect of
employment, severance and any other compensation arrangements with, and fees
and expenses paid to, and indemnities provided on behalf of (and entering into
related agreements with) officers, directors, employees or consultants of the
Company, any of its direct or indirect parent companies, or any Restricted
Subsidiary, in the ordinary course of business

 

(7)           payments made by the
Company or any Restricted Subsidiary to the Sponsor for any financial advisory,
financing, underwriting or placement services or in respect of other investment
banking activities, including, without limitation, in connection with
acquisitions or divestitures, which payments are approved by a majority of the
Board of Directors of the Company (and, if any, a majority of the disinterested
members of the Board of Directors of the Company with respect to such Affiliate
Transaction) in good faith;

 

(8)           transactions in which
the Company or any Restricted Subsidiary delivers to the Trustee a letter from
an Independent Financial Advisor stating that such transaction is fair to the
Company or such Restricted Subsidiary from a financial point of view or meets
the requirements of clause (1) of the first paragraph of this Section
4.11;

 

99

 

(9)           payments or loans (or
cancellations of loans) to employees or consultants of the Company or any of
its direct or indirect parent companies or any Restricted Subsidiary which are
approved by the Board of Directors of the Company in good faith and which are
otherwise permitted under this Indenture;

 

(10)         payments made or
performance under any agreement as in effect on the Issue Date (other than the
Management Agreement (which are permitted under clause (3) of the second
paragraph of this Section 4.11), but including, without limitation,
each of the other agreements entered into in connection with the Transactions)
disclosed in the Offering Memorandum, including with additional parties that
may be added subsequent to the Issue Date and any amendment thereto to the
extent such an amendment is not adverse to the interests of the Holders of the
Notes in any material respect;

 

(11)         transactions with
customers, clients, suppliers, or purchasers or sellers of goods or services
(including Parent and its Subsidiaries), in each case in the ordinary course of
business and otherwise in compliance with the terms of this Indenture that are
fair to the Company or its Restricted Subsidiaries, in the reasonable determination
of the members of the Board of Directors of the Company or the senior
management thereof, or are on terms at least as favorable as would reasonably
have been entered into at such time with an unaffiliated party;

 

(12)         if otherwise permitted
hereunder, the issuance of Equity Interests (other than Disqualified Stock) of
the Company to any Permitted Holder, any director, officer, employee or
consultant of the Company or its Subsidiaries or any other Affiliates of the
Company (other than a Subsidiary);

 

(13)         any transaction permitted
by Section 5.1;

 

(14)         any transaction with a
Receivables Subsidiary effected as part of a Receivables Facility;

 

(15)         the Transactions and the
payment of the Transaction Expenses;

 

(16)         payments by the Company
and its Restricted Subsidiaries to each other pursuant to tax sharing
agreements or arrangements among Parent and its subsidiaries on customary terms
(including, without limitation, transfer pricing initiatives); and

 

(17)         transactions among
Foreign Subsidiaries for tax planning and tax efficiency purposes.

 

SECTION 4.12       Limitation on Liens.

 

The Company
will not, and will not permit any of its Restricted Subsidiaries that are
Guarantors to, directly or indirectly, create, incur, assume or suffer to exist
any Lien that secures obligations under any Indebtedness ranking pari passu with or subordinated to the Notes or, if 

 

100

 

applicable, any related Guarantee on any asset or property of the
Company or any Restricted Subsidiary, or any income or profits therefrom, or
assign or convey any right to receive income therefrom, unless:

 

(1)           in the case of Liens
securing Subordinated Indebtedness, the Notes and any related Guarantees are
secured by a Lien on such property, assets or proceeds that is senior in
priority to such Liens; or

 

(2)           in all other cases, the
Notes and any related Guarantees are equally and ratably secured, except that
the foregoing shall not apply to:

 

(i)            Liens existing on the
Issue Date to the extent and in the manner such Liens are in effect on the
Issue Date;

 

(ii)           Liens securing Senior
Indebtedness of the Company or any Guarantor;

 

(iii)          (A) Liens securing
the Notes and the related Guarantees and any Notes issued in exchange therefor
pursuant to the Registration Rights Agreement and secured by a Lien (in each
case in accordance with the terms of this Indenture) and the related Guarantees
and (B) Liens securing Indebtedness permitted to be incurred pursuant to
clauses (1) and (5) of the definition of “Permitted Debt”; or

 

(iv)          Permitted Liens.

 

Any Lien created for the benefit of the Holders of Notes pursuant to
this Section 4.12 shall be deemed automatically and unconditionally released
and discharged upon the release and discharge of each of the Liens described in
clauses (1) and (2) above.

 

SECTION 4.13       Payments for Consent.

 

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

 

SECTION 4.14       Offer to Purchase upon
Change of Control.

 

If a Change of
Control occurs, unless the Company at such time has given notice of redemption
under Section 3.7 with respect to all outstanding Notes, each
holder of Notes will have the right to require the Company to repurchase all or
any part (equal to $2,000 or integral multiples of $1,000 in excess thereof
with regards to US$ Denominated Notes and €50,000 or 

 

101

 

integral multiples of €1,000 in excess thereof with regards to EUR
Denominated Notes) of that Holder’s Notes pursuant to a Change of Control Offer
on the terms set forth in this Indenture. In the Change of Control Offer, the
Company will offer a payment (a “Change of Control Payment”)
in cash equal to 101% of the aggregate Current Accretion Amount of Notes
repurchased plus accrued and unpaid interest not included in the calculation of
the Current Accretion Amount and Additional Interest, if any, on the Notes
repurchased, to the date of purchase.

 

Within 30 days following any Change of
Control, unless the Company at such time has given notice of redemption under Section 3.7
with respect to all outstanding Notes, or, at the Company’s option, in advance
of a Change of Control, the Company shall send notice of such Change of
Control Offer by first-class mail, with a copy to the Trustee and each Agent,
to each Holder of Notes to the address of such Holder appearing in the security
register with a copy to the Trustee and each Agent, with the following
information:

 

(1)
that a Change of Control Offer is being made pursuant to this Section 4.14.
and that all Notes properly tendered pursuant to such Change of Control Offer
will be accepted for payment by the Company;

 

(2)
the purchase price and the purchase date, which will be no earlier than
30 days nor later than 60 days from the date such notice is mailed
(the “Change of Control Payment Date”);

 

(3)
that any Note not properly tendered will remain outstanding and continue to accrue
interest;

 

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

 

(5)
that Holders electing to have any Notes purchased pursuant to a Change of
Control Offer will be required to surrender such Notes, with the form entitled “Option
of Holder to Elect Purchase” on the reverse of such Notes completed, to the
paying agent specified in the notice at the address specified in the notice
prior to the close of business on the third Business Day preceding the Change
of Control Payment Date;

 

(6)
that Holders will be entitled to withdraw their tendered Notes and their
election to require the Company to purchase such Notes, provided that
the paying agent receives, not later than the close of business on the 30th day
following the date of the Change of Control notice, a telegram, telex,
facsimile transmission or letter setting forth the name of the Holder of the
Notes, the principal amount of Notes tendered for purchase, and a statement
that such Holder is withdrawing its tendered Notes and its election to have
such Notes purchased;

 

102

 

(7)
that if the Company is redeeming less than all of the Notes, the Holders of the
remaining Notes will be issued new Notes and such new Notes will be equal in
principal amount to the unpurchased portion of the Notes surrendered. The
unpurchased portion of the Notes must be equal to a minimum principal
amount of $2,000 or integral multiples of $1,000 in excess thereof with regards
to US$ Denominated Notes and €50,000 or
integral multiples of €1,000 in excess thereof with regards to EUR Denominated
Notes; and

 

(8)
the other instructions, as determined by the Company, consistent with this Section 4.14,
that a Holder must follow.

 

The notice, if mailed in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder
receives such notice. If (a) the notice is mailed in a manner herein
provided and (b) any Holder fails to receive such notice or a Holder
receives such notice but it is defective, such Holder’s failure to receive such
notice or such defect shall not affect the validity of the proceedings for the
purchase of the Notes as to all other Holders that properly received such
notice without defect. The Company shall comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent such laws or regulations are applicable in
connection with the repurchase of Notes pursuant to a Change of Control Offer.
To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Section 4.14, the Company
shall comply with the applicable securities laws and regulations and shall not
be deemed to have breached its obligations under this Section 4.14
by virtue thereof.

 

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

 

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

 

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

 

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

 

The Paying
Agent will promptly mail to each holder of Notes properly tendered the Change
of Control Payment for such Notes, and the Trustee will promptly authenticate
and mail (or cause to be transferred by book entry) to each holder a new Note
equal in principal amount to any unpurchased portion of the Notes surrendered,
if any; provided that each new Note will be in
a minimum principal amount of $2,000 or integral multiples of $1,000 in excess
thereof with regards to US$ Denominated Notes and €50,000 or integral multiples of €1,000 in excess thereof with
regards to EUR Denominated Notes.

 

The Company
will not be required to make a Change of Control Offer upon a Change of Control
if (i) a third party makes the Change of Control Offer in the manner, at
the times and 

 

103

 

otherwise in compliance with the requirements set forth in this
Indenture applicable to a Change of Control Offer made by the Company and
purchases all Notes properly tendered and not withdrawn under the Change of
Control Offer or (ii) a notice of redemption has been given pursuant to Section 3.9
of this Indenture unless and until there is a default in the payment of the
applicable redemption price. A Change of Control Offer may be made in advance
of a Change of Control and may be conditional upon the occurrence of a Change
of Control, if a definitive agreement is in place for the Change of Control at
the time the Change of Control Offer is made.

 

The provisions
described above that require the Company to make a Change of Control Offer
following a Change of Control will be applicable whether or not any other provisions
of this Indenture are applicable.

 

SECTION 4.15       Corporate Existence.

 

Subject to Section 4.14
and Article V hereof, as the case may be, the Company shall do or cause to
be done all things necessary to preserve and keep in full force and effect its
corporate existence and the corporate, partnership, limited liability company
or other existence of each of its Subsidiaries in accordance with the
respective organizational documents (as the same may be amended from time to
time) of the Company or any such Subsidiary and the rights (charter and
statutory), licenses and franchises of the Company and its Subsidiaries; provided that the Company shall not be required to preserve
any such right, license or franchise, or the corporate, partnership or other
existence of any of its Subsidiaries, if the Board of Directors of the Company
shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Company and its Subsidiaries, taken as a whole,
and that the loss thereof is not adverse in any material respect to the
Holders.

 

SECTION 4.16       Business Activities.

 

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

 

SECTION 4.17       Additional Guarantees.

 

After the
Issue Date, the Company will cause (i) each of its Domestic Subsidiaries
(other than any Unrestricted Subsidiary) that incurs any Indebtedness in excess
of $25 million (other than Indebtedness permitted to be incurred pursuant to
clauses (6), (7), (8), (9), (11), (16), or (19) of the definition of “Permitted
Debt” and (ii) each Restricted Subsidiary that guarantees any Indebtedness
of the Company or any of the Guarantors, in each case, within ten (10) Business
Days of such incurrence of any such Indebtedness or guarantee of such
Indebtedness, to execute and deliver to the Trustee a Guarantee, together with
an Opinion of Counsel, pursuant to which such Restricted Subsidiary will
unconditionally Guarantee, on a joint and several basis, the full and prompt
payment of the principal of, premium, if any and interest on the Notes and all
other obligations under this Indenture on the same terms and conditions as
those set forth in this Indenture.

 

104

 

Each Guarantee
will be limited to an amount not to exceed the maximum amount that can be
guaranteed by that Restricted Subsidiary without rendering the Guarantee, as it
relates to such Restricted Subsidiary, voidable under applicable law relating
to fraudulent conveyance or fraudulent transfer or similar laws affecting the
rights of creditors generally.

 

Each Guarantee
shall automatically be released in accordance with the provisions of this
Indenture described under Section 11.1.

 

SECTION 4.18       Limitation
on Layering

 

The Company
shall not, and shall not permit any Restricted Subsidiary that is a Guarantor
to, directly or indirectly, incur any Indebtedness that is or purports to be by
its terms (or by the terms of any agreement governing such Indebtedness)
contractually subordinated or junior in right of payment to any Indebtedness
(including Acquired Debt) of the Company or such Restricted Subsidiary, as the
case may be, unless such Indebtedness is also by its terms (or by the terms of
any agreement governing such Indebtedness) either (i) pari passu
in right of payment with the Notes or such Guarantor’s Guarantee of the Notes
(as applicable), or (ii) expressly subordinate to the Notes or such Guarantor’s
Guarantee of the Notes (as applicable). This Indenture will not treat (x)
unsecured Indebtedness as subordinated or junior to Secured Indebtedness merely
because it is unsecured or (y) Senior Indebtedness as subordinated or junior to
any other Senior Indebtedness merely because it has a junior priority with
respect to the same collateral; provided,
however, that notwithstanding the
foregoing, until the Disposition Date (unless otherwise consented by the GSMP
Group), any Secured Indebtedness (including any second lien debt) which is, by
its express terms, subordinated as to rights to receive proceeds of collateral
to any other Secured Indebtedness of the Company or a Guarantor secured in
whole or in part by the same collateral shall not be permitted.

 

SECTION 4.19       [Reserved].

 

SECTION 4.20       Further Instruments and Acts.

 

Upon request
by the Trustee, the Company shall execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purposes of this Indenture.

 

SECTION 4.21       Changes in Covenants
Upon Change in Ratings.

 

If the Notes, on any date following the date
of this Indenture are rated an Investment Grade Rating by both Rating Agencies;
and no Default or Event of Default shall have occurred and be continuing (the
foregoing conditions being referred to collectively as the “Suspension Condition”), then, beginning on
that day and subject to the provisions of the following paragraph, the
covenants under Sections  4.7, 4.8, 4.9, 4.10,
4.11 and 5.1(a)(4) will be suspended as to the Notes (collectively,
the “Suspended Covenants”).

 

105

 

During any period that the foregoing
covenants have been suspended, the Company’s Board of Directors may not
designate any of its Subsidiaries as Unrestricted Subsidiaries pursuant to the
second sentence of the definition of “Unrestricted Subsidiary.”

 

If and while the Company meets the Suspension
Condition, the Notes will be entitled to substantially less covenant
protection. If the Company and its Restricted Subsidiaries are not subject to
the Suspended Covenants with respect to the Notes for any period of time as a
result of the foregoing and, subsequently, one or both Rating Agencies withdraw
their Investment Grade Rating or downgrade the Investment Grade Rating assigned
to the Notes such that the Notes are no longer rated Investment Grade Rating by
both Rating Agencies, then the Company and each of its Restricted Subsidiaries
will thereafter again be subject to the Suspended Covenants. Compliance with
the Suspended Covenants with respect to Restricted Payments made after the time
of such withdrawal or downgrade will be calculated in accordance with the terms
of Section 4.7 hereof, as if such Section 4.7 had been in effect
during the entire period of time from the Issue Date; provided, further, that
no Default, Event of Default or breach of any kind will be deemed to exist
under this Indenture for the Notes or the related Guarantees with respect to
the Suspended Covenants based on, and none of the Company or any of its
Subsidiaries will bear any liability for, any actions taken or events occurring
after the Notes attain the required ratings and before any reinstatement of the
Suspended Covenants as provided above, or any actions taken at any time
pursuant to any contractual obligations arising prior to the reinstatement of
the Suspended Covenants, regardless of whether those actions or events would
have been permitted if the applicable covenant had remained in effect during
such period.

 

ARTICLE V

 

SUCCESSORS

 

SECTION 5.1         Merger, Consolidation
or Sale of Assets.

 

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

 

(1) (a) the
Company is the surviving corporation; or (b) the Person formed by or
surviving any such consolidation or merger (if other than the Company) or to
which such sale, assignment, transfer, conveyance, lease or other disposition
has been made is a corporation or limited liability company organized or
existing under the laws of the United States, any state of the United States,
the District of Columbia or any territory thereof (the Company or such Person,
including the Person to which such sale, assignment, transfer, conveyance,
lease or other disposition has been made, as the case may be, being herein
called the “Successor Company”);

 

106

 

(2) the Successor Company (if other than
the Company) assumes all the obligations of the Company under the Notes, this
Indenture and the Registration Rights Agreement pursuant to agreements
reasonably satisfactory to the Trustee;

 

(3) immediately after such transaction,
no Event of Default exists;

 

(4) immediately after giving pro forma effect to such transaction and any related
financing transactions, as if the same had occurred at the beginning of the
applicable four-quarter period, either (a) the Successor Company would be
permitted to incur at least $1.00 of additional Indebtedness pursuant to the
Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.9
or (b) the Fixed Charge Coverage Ratio for the Successor Company and its
Restricted Subsidiaries would be greater than such ratio for the Company and
its Restricted Subsidiaries immediately prior to such transaction; and

 

(5) each Guarantor (except if it is the
other party to the transactions described above in which case clause (2) above
shall apply) shall have by supplemental indenture confirmed that its Guarantee
shall apply to such Person’s obligations under the Notes, this Indenture and
the Registration Rights Agreement.

 

Notwithstanding
the foregoing, clauses (3), (4) and (5) above will not be applicable to
(a) any Restricted Subsidiary consolidating with, merging into or selling,
assigning, transferring, conveying, leasing or otherwise disposing of all or
part of its properties and assets to the Company or to another Guarantor;
(b) the Company merging with an Affiliate solely for the purpose of
reincorporating the Company, as the case may be, in another jurisdiction; (c)
any Foreign Subsidiary may consolidate with or merge into or transfer all or
part of its properties and assets to any other Foreign Subsidiary; provided that if the Foreign Subsidiary so consolidating,
merging or transferring all or part of its properties and assets is a Foreign
Subsidiary that is a Guarantor, such Foreign Subsidiary shall, substantially
simultaneously with such merger, transfer or disposition, terminate its
Guarantee and otherwise be in compliance with the terms of this Indenture; (d)
the Foreign Subsidiary Reorganization; (e) CDRV Holdings, Inc. may consolidate
or merge with or into or wind up into CDRV Investment Holdings Corporation; and
(f) CDRV Investment Holdings Corporation may consolidate or merge with or into
or wind up into the Company.

 

For purposes
of this Section 5.1, the sale, lease, conveyance, assignment, transfer
or other disposition of all or substantially all of the properties and assets
of one or more Restricted Subsidiaries of the Company, which properties and
assets, if held by the Company instead of such Restricted Subsidiaries, would
constitute all or substantially all of the properties and assets of the Company
on a consolidated basis, shall be deemed to be the sale, lease, conveyance,
assignment, transfer or other disposition of all or substantially all of the
properties and assets of the Company.

 

The
predecessor company will be released from its obligations under this Indenture
and the Notes and the Successor Company will succeed to, and be substituted
for, and may exercise 

 

107

 

every right and power of, the Company under this Indenture and the
Notes, but, in the case of a lease of all or substantially all its assets, the
predecessor company will not be released from the obligation to pay the
principal of and interest on the Notes.

 

In connection
with any consolidation or merger or any sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all of the assets
of the Company contemplated by this Section 5.1, the Company
shall expressly assume the obligations under this Indenture and Notes by
supplemental indenture and shall execute and deliver to the Trustee a
supplemental indenture, in form and substance reasonably satisfactory to the
Trustee, evidencing such succession together with an Officers’ Certificate
and an Opinion of Counsel, each stating that such consolidation or merger or
any sale, assignment, transfer, lease, conveyance or other disposition of
all or substantially all of the assets of the Company contemplated by this Section
5.1 and such supplemental indenture in respect thereto complies with
this Section 5.1 and that all conditions precedent herein provided for
relating to such transaction or transactions have been complied with and that
such supplemental indenture constitutes the legal, valid and binding obligation
of the successor entity, subject to the customary exceptions.

 

SECTION 5.2         Successor Corporation
Substituted.

 

Upon any
consolidation or merger, or any sale, assignment, transfer, lease, conveyance
or other disposition of all or substantially all of the assets of the Company
in accordance with Section 5.1 hereof, the successor corporation
formed by such consolidation or into or with which the Company is merged or to
which such sale, assignment, transfer, lease, conveyance or other disposition
is made shall succeed to, and be substituted for (so that from and after the
date of such consolidation, merger, sale, lease, conveyance or other
disposition, the provisions of this Indenture referring to the “Company” shall
refer instead to the successor corporation and not to the Company), and shall
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein.

 

ARTICLE VI

 

DEFAULTS AND REMEDIES

 

SECTION 6.1         Events of Default.
Each of the following constitutes an “Event of Default”:

 

(1)           the Company defaults in payment when due and
payable, upon redemption, acceleration or otherwise, of principal of, or
premium, if any, on the Notes, whether or not such payment is prohibited by
Article X;

 

(2)           the Company defaults in the payment when due
of interest or Additional Interest, if any, on or with respect to the Notes and
such default continues for a period of 30 days, whether or not such
payment is prohibited by Article X;

 

108

 

(3)           the Company defaults in the performance of,
or breaches any covenant, warranty or other agreement contained in, this
Indenture (other than a default in the performance or breach of a covenant,
warranty or agreement which is specifically dealt with in clause (1) or
(2) above), whether or not such payment is prohibited by the subordination
provisions of this Indenture and such default or breach continues for a period
of 60 days after the notice specified below or 90 days if such default or
breach is with respect to the covenant described under Section 4.3;

 

(4)           a default under any mortgage, indenture or
instrument under which there is issued or by which there is secured or
evidenced any Indebtedness for money borrowed by the Company or any Restricted
Subsidiary or the payment of which is guaranteed by the Company or any
Restricted Subsidiary (other than Indebtedness owed to the Company or a
Restricted Subsidiary), whether such Indebtedness or guarantee now exists or is
created after the Issue Date, if (A) in the case of any such default under
the Senior Indebtedness only, such default either (1) results from the
failure to pay any such Senior Indebtedness at its stated final maturity (after
giving effect to any applicable grace periods) or (2) relates to an obligation
other than the obligation to pay principal of any such Senior Indebtedness at
its stated final maturity and results in the holder or holders of such
Indebtedness causing such Indebtedness to become due prior to its stated
maturity and (B) the principal amount of such Indebtedness, together with
the principal amount of any other such Indebtedness in default or, in the case
of any other such Senior Indebtedness, in default for failure to pay principal
at stated final maturity (after giving effect to any applicable grace periods),
or the maturity of which has been so accelerated, aggregate $50.0 million
(or its foreign currency equivalent) or more at any one time outstanding;

 

(5)           until the Disposition Date (unless waived by
the GSMP Group), (A) the failure of any representation, warranty, certification
or statement made or deemed to have been made by or on behalf of the Company or
by any of its officers or employees in any statement or certificate at any time
given by or on behalf of the Company in writing pursuant paragraphs (e) (as it
relates to corporate power and authority to enter into and performance of the
agreements referenced in paragraphs (g), (h) and (i)), (g), (h), (i), (j), (r),
(s), (t) and (dd) of Section 1 of the Note Purchase Agreement to be true and
correct in any material respect on the date as of which made or (B) default in
the performance of, or breach of any covenant, warranty or other agreement
contained in, the Note Purchase Agreement and such default or breach continues
for a period of 60 days after notice specified below or 90 days after
notice specified below with respect to the covenant set forth in Section 9(a)
thereof;

 

(6)           the failure by the Company or any
Significant Subsidiary to pay final judgments aggregating in excess of
$50.0 million (or its foreign currency equivalent) (other than any
judgments covered by indemnities or insurance policies as to which liability
coverage has not been denied by the insurance company or indemnifying party),
which final judgments remain unpaid, undischarged and unstayed for a period of
more than 60 days after the applicable judgment becomes final and
non-appealable;

 

(7)           the Guarantee of a Significant Subsidiary
that is a Guarantor or any group of Subsidiaries that are Guarantors and that,
taken together as of the date of the most recent audited financial statements
of the Company, would constitute a Significant Subsidiary ceases to be in 

 

109

 

full force and effect (except as contemplated by the terms hereof) or
any Guarantor denies or disaffirms its obligations under this Indenture or any
Guarantee, other than by reason of the release of the Guarantee in accordance
with the terms of this Indenture;

 

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

 

(a)           commences a voluntary
case,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(h)           orders the liquidation
of the Company or any Restricted Subsidiary that is a Significant Subsidiary or
any group of Restricted Subsidiaries that, taken together, would constitute a
Significant Subsidiary and the order or decree remains unstayed and in effect
for 60 consecutive days; or

 

(9)           Parent ceases to directly own, either
directly or through one or more entities, 100% of the Capital Stock of the
Company.

 

SECTION 6.2         Acceleration.

 

If an Event of
Default (other than an Event of Default specified in clause (8) above with
respect to the Company) shall occur and be continuing, the Trustee acting at
the written direction of the holders or the Holders of at least 25% in
aggregate principal amount of the outstanding Notes may declare the principal
of the Notes and any accrued interest on the Notes to be due and payable by
notice in writing to the Company and the Trustee specifying the respective
Event of 

 

110

 

Default and that it is a “notice of acceleration” (the “Acceleration Notice”), and the same shall become immediately
due and payable; provided that, so long as any
Indebtedness permitted to be incurred under this Indenture as part of the
Credit Agreement or any series of the Senior Notes shall be outstanding, no
such acceleration shall be effective until the earlier of:

 

(1)           acceleration of any
such Indebtedness under the Credit Agreement and/or the Senior Notes, and

 

(2)           five (5) Business Days
after the giving of written notice of such acceleration to the Company and each
Representative under the Credit Agreement and the trustee under the Senior
Indenture.

 

Upon such
declaration of acceleration, the aggregate principal amount of, and accrued and
unpaid interest and Additional Interest, if any, on all of the outstanding
Notes shall ipso facto become and be immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holder of the Notes. After such acceleration, but before a judgment or
decree based on acceleration, the Holders of a majority in aggregate principal
amount of such outstanding Notes may, under certain circumstances, rescind and
annul such acceleration if all Events of Default, other than the nonpayment of
accelerated principal of or interest on such Notes, have been cured or waived
as provided in this Indenture.

 

The Holders of
a majority in aggregate principal amount of the Notes then outstanding by
written notice to the Trustee may on behalf of the Holders of all of the Notes
waive any existing Default or Event of Default and its consequences under this
Indenture and its consequences:

 

(1)           if the rescission would
not conflict with any judgment or decree;

 

(2)           if all existing Events
of Default have been cured or waived except nonpayment of principal or interest
that has become due solely because of the acceleration;

 

(3)           to the extent the payment
of such interest is lawful, interest on overdue installments of interest and
overdue principal, which has become due otherwise than by such declaration of
acceleration, has been paid;

 

(4)           if the Company has paid
the Trustee its reasonable compensation and reimbursed the Trustee for its
expenses, disbursements and advances; and

 

(5)           in the event of the
cure or waiver of an Event of Default of the type described in clause (6)
of Section 6.1, the Trustee shall have received an Officers’
Certificate and an Opinion of Counsel that such Event of Default has been cured
or waived.

 

No such
rescission shall affect any subsequent Default or impair any right consequent
thereto.

 

111

 

In the event
of any Event of Default specified in clause (4) of Section 6.1,
such Event of Default and all consequences thereof (excluding, however, any
resulting payment default) will be annulled, waived and rescinded,
automatically and without any action by the Trustee or the Holders of the
Notes, if within 30 days after such Event of Default arose the Company
delivers an Officers’ Certificate to the Trustee stating that (x) the
Indebtedness or guarantee that is the basis for such Event of Default has been
discharged, (y) the holders thereof have rescinded or waived the
acceleration, notice or action (as the case may be) giving rise to such Event
of Default or (z) the default that is the basis for such Event of Default
has been cured, it being understood that in no event shall an acceleration of
the principal amount of the Notes as described above be annulled, waived or
rescinded upon the happening of any such events.

 

If an Event of
Default specified in clause (8) above with respect to the Company occurs
and is continuing, then all unpaid principal of, and premium, if any, and
accrued and unpaid interest and Additional Interest, if any, on all of the
outstanding Notes shall ipso facto
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any holder of the Notes.

 

No Holder of
any Note (except for the GSMP Group until the Disposition Date) will have any
right to institute any proceeding with respect to this Indenture or for any
remedy thereunder, unless such Holder shall have previously given to the
Trustee written notice of a continuing Event of Default and unless also the
Holders of at least 25% in aggregate principal amount of the then outstanding
Notes shall have made written request, and offered reasonable indemnity, to the
Trustee to institute such proceeding as Trustee, and the Trustee shall not have
received from the Holders of a majority in aggregate principal amount of the
outstanding Notes a direction inconsistent with such request and shall have
failed to institute such proceeding within 60 days. Such limitations do
not apply, however, to a suit instituted by a Holder of a Note for enforcement
of payment of the principal of (and premium, if any) or interest on such Note
on or after the respective due dates expressed in such Note.

 

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 the premium that the Company would have had to pay if the
Company then had elected to redeem the Notes pursuant to Section 3.7,
an equivalent premium shall also become and be immediately due and payable to
the extent permitted by law upon the acceleration of the Notes.

 

SECTION 6.3         Other Remedies.

 

If, at any
time prior to the Disposition Date, unless waived by the GSMP Group, a Default
in the payment when due of interest on, principal of, or premium, if any, on,
the Notes or an Event of Default has occurred and is continuing, then in each
case the Notes will accrue interest at the stated interest rate on the Notes
plus the Default Interest Rate until the earlier of such time as no such
Default or such Event of Default shall be continuing (to the extent that the
payment of such interest shall be legally enforceable) or the Disposition Date.
At any other time, any
amounts payable under or in respect of the Notes not paid when due will
accrue interest at the stated interest rate on the Notes plus the Default Interest
Rate until such time as such 

 

112

 

amounts are paid in full, including any interest thereon (to the extent
that the payment of such overdue interest shall be legally enforceable).
Default interest shall be payable in cash on demand and, to the extent
applicable, in accordance with Section 2.12 hereof.

 

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

 

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

 

SECTION 6.4         Waiver of Past Defaults.

 

The Holders of
a majority in principal amount of the Notes issued and then outstanding under
this Indenture by notice to the Trustee may on behalf of the Holders of all of
the Notes waive any existing Default or Event of Default under this Indenture, and
its consequences, except a default in the payment of the principal of or
interest on Notes (other than as a result of an acceleration), which shall
require the consent of all of the Holders of the Notes then outstanding.

 

SECTION 6.5         Control by Majority.

 

The Holders of
a majority in aggregate principal amount of the then outstanding Notes may
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. However, (i) the Trustee may refuse to follow any direction that
conflicts with law or this Indenture, that the Trustee determines may be unduly
prejudicial to the rights of other Holders or that may involve the Trustee in
personal liability, and (ii) the Trustee may take any other action deemed
proper by the Trustee which is not inconsistent with such direction. In case an
Event of Default shall occur (which shall not be cured), the Trustee will be
required, in the exercise of its power, to use the degree of care of a prudent
man in the conduct of his own affairs. Notwithstanding any provision to the
contrary in this Indenture, the Trustee is under no obligation to exercise any
of its rights or powers under this Indenture at the request, order or direction
of any Holder, unless such Holder shall offer to the Trustee security and
indemnity satisfactory to it against any loss, liability or expense.

 

SECTION 6.6         Limitation on Suits.
A Holder may pursue a remedy with respect to this Indenture or the Notes only if:

 

(a)           the Holder gives to the
Trustee written notice of a continuing Event of Default or the Trustee receives
such notice from the Company;

 

113

 

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

 

(c)           such Holder or Holders
offer and, if requested, provide to the Trustee indemnity or security
reasonably satisfactory to the Trustee against any loss, liability or expense;

 

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

 

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

 

A Holder may
not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over another Holder. The limitations set forth in this
Section 6.6 shall not apply to the GSMP Group until the Disposition Date.

 

SECTION 6.7         Rights of Holders of
Notes to Receive Payment.

 

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

 

SECTION 6.8         Collection Suit by
Trustee.

 

If an Event of
Default specified in Section 6.1(1) or (2) hereof occurs and
is continuing, the Trustee is authorized to recover judgment in its own name
and as trustee of an express trust against the Company for the whole amount of
principal of, premium and interest remaining unpaid on the Notes and interest
on overdue principal and, to the extent lawful, interest and such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel.

 

SECTION 6.9         Trustee May File
Proofs of Claim.

 

The Trustee is
authorized to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel) and the Holders allowed in any judicial
proceedings relative to the Company (or any other obligor upon the Notes), its
creditors or its property and shall be entitled and empowered to collect,
receive and distribute any money or other securities or property payable or 

 

114

 

deliverable upon the conversion or exchange of the Notes or on any such
claims and any custodian in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee, and in the event that the
Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 7.7 hereof. To
the extent that the payment of any such compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due
the Trustee under Section 7.7 hereof out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be
secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be
entitled to receive in such proceeding whether in liquidation or under any plan
of reorganization or arrangement or otherwise. Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder, or
to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding.

 

SECTION 6.10       Priorities.

 

If the Trustee
collects any money or property pursuant to this Article VI, it shall pay
out the money and property in the following order:

 

First:  to the Trustee, its agents and attorneys for
amounts due under Section 7.7 hereof, including payment of all
reasonable compensation, expense and liabilities incurred, and all advances
made, by the Trustee and the costs and expenses of collection;

 

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

 

Third:  without duplication, to the Holders for any
other Obligations owing to the Holders under this Indenture and the Notes; and

 

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

 

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

 

SECTION 6.11       Undertaking for Costs.

 

In any suit
for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court
in its discretion may require the filing by any party litigant in the suit of
an undertaking to pay the costs of the suit, 

 

115

 

and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in the
suit, having due regard to the merits and good faith of the claims or defenses
made by the party litigant. This Section 6.11 does not apply to a
suit by the Trustee, a suit by a Holder pursuant to Section 6.7
hereof, or a suit by Holders of more than 10% in principal amount of the then
outstanding Notes.

 

ARTICLE VII

 

TRUSTEE

 

SECTION 7.1         Duties of Trustee.

 

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

 

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

 

(i)            the duties of the
Trustee shall be determined solely by the express provisions of this Indenture
or the TIA once this Indenture is qualified under the TIA and the Trustee need
perform only those duties that are specifically set forth in this Indenture or
the TIA once this Indenture is qualified under the TIA and no others, and no
implied covenants or obligations shall be read into this Indenture against the
Trustee; 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
certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).

 

However, the
Trustee shall examine the certificates and opinions furnished to it to
determine whether or not they conform to the requirements of this Indenture.

 

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

 

(i)            this paragraph does
not limit the effect of paragraph (b) of this Section 7.1;

 

(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; and

 

116

 

(iii)          the Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 6.5
hereof.

 

(d)           Whether
or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b) and (c)
of this Section 7.1.

 

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

 

SECTION 7.2         Rights of Trustee.

 

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

 

(b)           Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel or both. 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. Prior to taking, suffering or
admitting any action, the Trustee may consult with counsel of the Trustee’s own
choosing and the Trustee shall be fully protected from liability in respect of
any action taken, suffered or omitted by it hereunder in good faith and in
conclusive reliance on the advice or opinion of such counsel.

 

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

 

(d)           The
Trustee shall not be liable for any action it takes or omits to take in good
faith that it believes to be authorized or within the rights or powers
conferred upon it by this Indenture. Any request or direction of the Company
mentioned herein shall be sufficiently evidenced by an Officers’ Certificate
and any resolution of the Board of Directors may be sufficiently evidenced by a
Board Resolution. Whenever in the administration of this Indenture the Trustee
shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its
part, conclusively rely upon an Officers’ Certificate.

 

117

 

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

 

(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 unless such Holders shall have offered to the Trustee reasonable
security or indemnity satisfactory to the Trustee against the costs, expenses
and liabilities that might be incurred by it in compliance with such request or
direction.

 

(g)           The
Trustee shall not be 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 documents, 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 during normal business hours
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
rights, privileges, protections and benefits given to the Trustee, including,
without limitation, its rights to compensation and to be indemnified as
provided in Section 7.7, are extended to, and shall be enforceable by,
the Trustee in each of its capacities hereunder, and to the Paying Agents,
Depositaries and Registrars and to each other agent, custodian and other
Persons employed to act hereunder.

 

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

 

(j)            The
Trustee shall not be deemed to have notice or be charged with knowledge of any
Default or Event of Default unless the Trustee shall have received from the
Company or any other obligor upon the Notes or from any Holder written notice
thereof at its address set forth in Section 12.2 hereof, and such
notice references the Notes and this Indenture. In the absence of any such
notice, the Trustee may conclusively assume that no such Default or Event of
Default exists.

 

SECTION 7.3         Individual Rights of
Trustee.

 

The Trustee in
its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Company or any Affiliate of the Company with
the same rights it would have if it were not Trustee. However, in the event
that the Trustee acquires any conflicting interest it must eliminate such
conflict within 90 days, apply to the Commission for 

 

118

 

permission to continue as Trustee or resign. Any Agent may do the same
with like rights and duties. The Trustee is also subject to Sections 7.10
and 7.11 hereof.

 

SECTION 7.4         Trustee’s Disclaimer.

 

The Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes or the Offering Memorandum, it shall
not be accountable for the Company’s use of the proceeds from the Notes or any
money paid to the Company or upon the Company’s direction under any provision
of this Indenture, it shall not be responsible for the use or application of
any money received by any Paying Agent other than the Trustee, and it shall not
be responsible for any statement or recital herein or any statement in the
Notes or the Offering Memorandum, any statement or recital on any Officers’
Certificate delivered to the Trustee under Article IV or Section 8.4
or 10.4 hereof, or any other document in connection with the sale of the
Notes or pursuant to this Indenture other than its certificate of
authentication.

 

SECTION 7.5         Notice of Defaults.

 

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

 

SECTION 7.6         Reports by Trustee to
Holders of the Notes.

 

Once this
Indenture is qualified under the TIA, if required by the TIA, 60 days
after each May 15 beginning with May 15, 2007, and for so long as Notes remain
outstanding, the Trustee shall mail to the Holders a brief report dated as of
such reporting date that complies with TIA § 313(a) (but if no event
described in TIA § 313(a) has occurred within the twelve months preceding
the reporting date, no report need be transmitted). The Trustee also shall
comply with TIA § 313(b). The Trustee shall also transmit by mail all
reports as required by TIA § 313(c).

 

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

 

SECTION 7.7         Compensation and
Indemnity.

 

The Company shall pay to the Trustee from time to time compensation for
its acceptance of this Indenture and services hereunder as agreed upon 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 promptly upon request for all reasonable disbursements, advances

 

119

 

and expenses incurred or made by it in addition to the compensation for
its services. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel.

 

The Company
and the Guarantors, jointly and severally, shall indemnify the Trustee (which
for purposes of this Section 7.7 shall include its officers,
directors, employees and agents) against any and all claims, damage, losses,
liabilities or expenses incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture, including the
costs and expenses of enforcing this Indenture against the Company (including
this Section 7.7) and defending itself against any claim (whether
asserted by the Company or any Holder or any other Person) or liability in
connection with the exercise or performance of any of its powers or duties
hereunder except to the extent any such loss, claim, damage, liability or
expense may be attributable to its negligence or bad faith. The Trustee shall
notify the Company promptly of any claim for which it may seek indemnity.
Failure by the Trustee to so notify the Company shall not relieve the Company
of its obligations hereunder. The Company shall defend the claim and the
Trustee shall cooperate in the defense. The Trustee may have separate counsel
and the Company shall pay the reasonable fees and expenses of one such counsel.
The Company need not pay for any settlement made without its consent, which
consent shall not be unreasonably withheld. Under no circumstances shall the
Trustee be liable for any consequential or punitive damages of any kind.

 

The
obligations of the Company and the Guarantors under this Section 7.7
shall survive the satisfaction and discharge of this Indenture or the
resignation or removal of the Trustee, including any termination under any
Bankruptcy Law.

 

To secure the
Company’s payment obligations in this Section 7.7, the Trustee
shall have a Lien prior to the Notes on all money or property held or collected
by the Trustee, except that held in trust to pay principal or interest, if any,
on particular Notes. Such Lien shall survive the satisfaction and discharge of
this Indenture and the resignation or removal of the Trustee, including any
termination under any Bankruptcy Law.

 

When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.1(8) hereof occurs, the expenses and the compensation
for the services (including the fees and expenses of its agents and counsel)
are intended to constitute expenses of administration under any Bankruptcy Law.

 

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

 

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 7.8.

 

120

 

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

 

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

 

(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 Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Company.

 

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

 

If the
Trustee, after written request by any Holder who has been a Holder for at least
six months, fails to comply with Section 7.10 hereof, such Holder
may, at the expense of the Company, 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. Thereupon, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and the duties of the Trustee under this Indenture. The
successor Trustee shall mail a notice of its succession to the Holders. The
retiring Trustee shall promptly transfer all property held by it as Trustee to
the successor Trustee, provided that
all sums owing to the Trustee hereunder have been paid and subject to the Lien
provided for in Section 7.7 hereof. Notwithstanding replacement of
the Trustee pursuant to this Section 7.8, the Company’s and the
Guarantors’ obligations under Section 7.7 hereof shall continue for
the benefit of the retiring Trustee.

 

SECTION 7.9         Successor Trustee by
Merger, Etc.

 

If the Trustee
consolidates, merges or converts into, or transfers all or substantially all of
its corporate trust business (including the administration of this Indenture)
to, another corporation, the successor corporation without any further act
shall be the successor Trustee.

 

121

 

SECTION 7.10       Eligibility;
Disqualification.

 

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

 

This Indenture
shall always have a Trustee who satisfies the requirements of TIA
§§ 310(a)(l), (2) and (5). The Trustee is subject to TIA § 310(b)
including the provision in § 310(b)(1); provided that
there shall be excluded from the operation of TIA § 310(b)(1) any
indenture or indentures under which other securities, or conflicts of interest
or participation in other securities, of the Company or the Guarantors are
outstanding if the requirements for exclusion set forth in TIA § 310(b)(1)
are met.

 

SECTION 7.11       Preferential Collection
of Claims Against the Company.

 

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

 

SECTION 7.12       Trustee’s Application
for Instructions from the Company.

 

Any
application by the Trustee for written instructions from the Company may, at
the option of the Trustee, set forth in writing any action proposed to be taken
or omitted by the Trustee under this Indenture and the date on and/or after
which such action shall be taken or such omission shall be effective. The
Trustee shall not be liable for any action taken by, or omission of, the
Trustee in accordance with a proposal included in such application on or after
the date specified in such application (which date shall not be less than 20
Business Days after the date any officer of the Company actually receives such
application, unless any such officer shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date in
the case of an omission), the Trustee shall have received written instructions
in response to such application specifying the action to be taken or omitted.

 

ARTICLE VIII

 

DEFEASANCE; DISCHARGE OF THE
INDENTURE

 

SECTION 8.1         Option to Effect Legal
Defeasance or Covenant Defeasance.

 

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

 

122

 

SECTION 8.2         Legal Defeasance.

 

Upon the Company’s exercise under Section 8.1 hereof of the
option applicable to this Section 8.2, The Company 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 Notes on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”) except for (i)
the rights of Holders of outstanding Notes to receive payments in respect of
the principal of, premium, if any, and interest and Additional Interest, if
any, on such Notes when such payments are due from the trust referred to below,
(ii) the Company’s obligations with respect to the Notes concerning issuing
temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen
Notes and the maintenance of an office or agency for payment and money for
security payments held in trust, (iii) the rights, powers, trusts, duties and
immunities of the Trustee, and the Company’s obligations in connection
therewith and (iv) the Legal Defeasance provisions of this Indenture. For this
purpose, Legal Defeasance means that the Company shall be deemed to have paid
and discharged the entire Indebtedness represented by the outstanding Notes,
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 of its other obligations under such Notes and
this Indenture (and the Trustee, on demand of and at the expense of the
Company, shall execute proper instruments acknowledging the same), except for
the following provisions which shall survive until otherwise terminated or
discharged hereunder:  (a) the
rights of Holders of outstanding Notes to receive payments in respect of the
principal of, premium and Additional Interest, if any, and interest, if any, on
such Notes when such payments are due from the trust referred to in Section 8.4(1);
(b) the Company’s obligations with respect to such Notes under Sections 2.2,
2.3, 2.4, 2.5, 2.6, 2.7, 2.10 and 4.2
hereof; (c) the rights, powers, trusts, duties and immunities of the
Trustee, including without limitation thereunder, under Sections 7.7,
8.5 and 8.7 hereof and the Company’s obligations in connection
therewith; (d) the Company’s rights pursuant to Section 3.7;
and (e) the provisions of 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, the Company shall, subject to the
satisfaction of the conditions set forth in Section 8.4 hereof, be
released from its obligations under the covenants contained in Sections 4.3,
4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.13,
4.14, 4.15, 4.16, 4.17, 4.18, and 5.1
hereof and the operation of Sections 6.1(3), 6.1(4) and 6.1(5)
with respect to the outstanding Notes on and after the date the conditions set
forth below are satisfied (hereinafter, “Covenant Defeasance”),
and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for accounting
purposes). For this purpose, Covenant Defeasance means that, with respect to
the 

 

123

 

outstanding Notes, the Company or any of its Subsidiaries 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 and such Notes 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, subject to the
satisfaction of the conditions set forth in Section 8.4 hereof, Sections 6.1(4),
(5), (6) and (7) hereof shall not constitute Events of
Default.

 

Notwithstanding
any discharge or release of any obligations pursuant to Section 8.2
or 8.3, the Company’s obligations in Sections 2.5, 2.6,
2.7, 2.8, 7.7, 8.6 and 8.7 shall survive
until the Notes are no longer outstanding pursuant to the last paragraph of Section 2.8.
After the Notes are no longer outstanding, the Company’s obligations in Sections 7.7,
8.6 and 8.7 shall survive.

 

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 Notes:

 

(1) the Company must irrevocably deposit
with the Trustee, in trust, for the benefit of the Holders of the Notes issued
hereunder, Appropriate Trust Funds in amounts as will be sufficient, in the
opinion of a nationally recognized investment bank, appraisal firm or firm of
independent public accountants, to pay the principal of, or interest and
premium and Additional Interest, if any, on the outstanding Notes issued
hereunder on the Stated Maturity or on the applicable redemption date, as the
case may be, and the Company must specify whether the Notes are being defeased
to maturity or to a particular redemption date;

 

(2) in the case of Legal Defeasance, the
Company shall have delivered to the Trustee an Opinion of Counsel in the United
States reasonably acceptable to the Trustee confirming that (a) the
Company has received from, or there has been published by, the Internal Revenue
Service a ruling or (b) since the date of this Indenture, there has been a
change in the applicable federal income tax law, in either case to the effect
that, and based thereon such Opinion of Counsel in the United States will
confirm that, the holders of the outstanding Notes will not recognize income,
gain or loss for federal income tax purposes as a result of such Legal
Defeasance and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred;

 

(3) in the case of Covenant Defeasance,
the Company shall have delivered to the Trustee an Opinion of Counsel in the
United States reasonably acceptable to the Trustee confirming that the holders
of the outstanding Notes will not recognize income, gain or loss for federal
income tax purposes as a result of such Covenant Defeasance and will be 

 

124

 

subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Covenant Defeasance
had not occurred;

 

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

 

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

 

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

 

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

 

Notwithstanding
the foregoing, the requirements of clause (2) above with respect to a
Legal Defeasance need not be complied with if all Notes not theretofore
delivered to the Trustee for cancellation (x) have become due and payable
or (y) will become due and payable on the maturity date within one year
under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company.

 

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 Appropriate Trust Funds (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 Notes
shall be held in trust, shall not be invested, and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company or
any Subsidiary acting as Paying Agent) as the Trustee may determine, to the
Holders of such Notes of all sums due and to become due thereon in respect of
principal, premium, if any, and interest and Additional Interest, if any, but
such money need not be segregated from other funds except to the extent
required by law.

 

The Company
shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against any of the Appropriate Trust Funds deposited
pursuant to 

 

125

 

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 Notes.

 

Anything in
this Article VIII to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon the written request of the
Company and be relieved of all liability with respect to any money or
Appropriate Trust Funds 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 or
Additional Interest, if any, on any Note and remaining unclaimed for one year
after such principal and premium, if any, or interest or Additional Interest,
if any, has become due and payable shall be paid to the Company on its written
request or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Note 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 shall be repaid to the Company.

 

SECTION 8.7         Reinstatement.

 

If the Trustee
or Paying Agent is unable to apply any Appropriate Trust Funds in accordance
with Section 8.2, 8.3 or 8.8 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
obligations of the Company under this Indenture and the Notes shall be revived
and reinstated as though no deposit had occurred pursuant to Section 8.2,
8.3 or 8.8 hereof until such time as the Trustee or Paying Agent
is permitted to apply all such money in accordance with Section 8.2,
8.3 or 8.8 hereof, as the case may be; provided, however, that, if the Company makes any payment of
principal of, premium, if any, or interest or Additional Interest, if any, on
any Note following the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Notes to receive such payment
from the money held by the Trustee or Paying Agent.

 

126

 

SECTION 8.8         Discharge. The
Company and the Guarantors may terminate the obligations under this Indenture
and the Notes when:

 

(1)           either:

 

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

 

(b)           all Notes that have not been delivered to
the Trustee for cancellation have become due and payable by reason of the mailing
of a notice of redemption or otherwise or will become due and payable by reason
of the mailing of a notice of redemption or otherwise within one year and the
Company has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust solely for the benefit of the Holders of the Notes,
Appropriate Trust Funds, in amounts as will be sufficient without consideration
of any reinvestment of interest, to pay and discharge the entire Indebtedness
on the Notes not delivered to the Trustee for cancellation for principal,
premium and Additional Interest, if any, and accrued interest to the date of
maturity or redemption;

 

(2)           no Default or Event of
Default shall have occurred and be continuing on the date of the deposit or
will occur as a result of the deposit (other than a Default resulting from
borrowing of funds to be applied to such deposit and any similar and
simultaneous deposit relating to other Indebtedness, and in each case the grant
of any Lien securing such borrowing) and the deposit will not result in a
breach or violation of, or constitute a default under, any other material
instrument to which the Company is a party or by which the Company is bound;

 

(3)           the Company shall have
paid or caused to be paid all sums payable by it under this Indenture;

 

(4)           the Company shall have
delivered irrevocable instructions to the Trustee under this Indenture to apply
the deposited money toward the payment of the Notes issued thereunder at
maturity or the redemption date, as the case may be; and

 

(5)           the Company shall have
delivered an Officers’ Certificate and an Opinion of Counsel in the United
States to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied.

 

In the case of
clause (1)(b) of this Section 8.8, and subject to the next
sentence and notwithstanding the foregoing paragraph, the Company’s obligations
in Sections 2.5, 2.6, 2.7, 2.8, 4.1, 4.2,
4.15 (as to legal existence of the Company only), 7.7, 8.6
and 8.7 shall survive until the Notes are no longer outstanding pursuant
to the last paragraph of Section 2.8. After the 

 

127

 

Notes are no longer outstanding, the Company’s obligations in Sections 7.7,
8.6 and 8.7 shall survive any discharge pursuant to Section 8.8.

 

After such
delivery or irrevocable deposit, the Trustee upon request shall acknowledge in
writing the discharge of the Company’s obligations under the Notes and this
Indenture except for those surviving obligations specified above.

 

In connection
with a discharge, in the event the Company becomes insolvent within the
applicable preference period after the date of deposit, monies held for the
payment of the Notes may be part of the bankruptcy estate of the Company,
disbursement of such monies may be subject to the automatic stay of the
Bankruptcy Law and monies disbursed to Holders may be subject to disgorgement
in favor of the Company’s estate.

 

ARTICLE IX

 

AMENDMENT, SUPPLEMENT AND WAIVER

 

SECTION 9.1         Without Consent of
Holders of the Notes.

 

Notwithstanding
Section 9.2, without the consent of any Holders, the Company, the
Guarantors, if any, and the Trustee, at any time and from time to time, may
amend or supplement this Indenture, the Notes or the Guarantees for any of the
following purposes:

 

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

 

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

 

(3)           to provide for the
assumption by a Successor Company or a successor company of a Guarantor, as
applicable, of the Company’s or such Guarantor’s obligations under this
Indenture, the Notes or any Guarantee;

 

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

 

(5)           to secure the Notes;

 

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

 

(7)           to add a Guarantee of the
Notes; or

 

(8)           to release a Guarantor
upon its sale or designation as an Unrestricted Subsidiary or other permitted
release from its Guarantee; provided that
such sale, designation or release is in accordance with the applicable
provisions of this Indenture.

 

128

 

SECTION 9.2         With Consent of
Holders of Notes.

 

With the
consent of the Holders of not less than a majority in aggregate principal
amount of the outstanding Notes, the Company, the Guarantors, if any, and the
Trustee may amend or supplement this Indenture and the Notes for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or the Notes or of modifying in any manner the
rights of the Holders under this Indenture or the Notes, including the
definitions herein; provided, however, that no such amendment or supplement shall,
without the consent of the Holder of each outstanding Note affected thereby:

 

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

 

(2)           reduce the principal of
or change the fixed maturity of any Note or alter the provisions with respect
to the redemption of such Notes issued thereunder (other than provisions
relating to Sections 3.9, 4.10 and 4.14 except as set
forth in item (10) below);

 

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

 

(4)           waive a Default or
Event of Default in the payment of principal of, or interest or premium, or
Additional Interest, if any, on the Notes issued thereunder (except a
rescission of acceleration of such Notes issued thereunder by the holders of at
least a majority in aggregate principal amount of such Notes issued thereunder
with respect to a nonpayment default and a waiver of the payment default that
resulted from such acceleration);

 

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

 

(6)           make any change in the
provisions of this Indenture relating to waivers of past Defaults or the rights
of Holders of Notes to receive payments of principal of, or interest or premium
or Additional Interest, if any, on such Notes issued thereunder or impair the
right of any holder of Notes to institute suit for the enforcement of any
payment on or with respect to such Holder’s Notes;

 

(7)           waive a redemption
payment with respect to any Note issued thereunder (other than a payment
required by Sections 3.9, 4.10 and 4.14 except as set
forth in item (10) below);

 

(8)           make any change in the
ranking, priority or subordination provisions of any Note that would adversely
affect the Holders of such Notes;

 

(9)           modify the Guarantees
in any manner adverse to the Holders of the Notes;

 

129

 

(10)         amend, change or modify
in any material respect the obligation of the Company to make and consummate a
Change of Control Offer in respect of a Change of Control that has occurred or
make and consummate an Asset Sale Offer in respect of an Asset Sale that has
been consummated after a requirement to make an Asset Sale Offer has arisen; or

 

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

 

The Holders of
not less than a majority in principal amount of the outstanding Notes may on
behalf of the Holders of all the Notes waive any past Default under this
Indenture and its consequences, except a Default:

 

(12)         in any payment in respect
of the principal of (or premium, if any) or interest on any Notes (including
any Note which is required to have been purchased pursuant to a Change of
Control Offer or an Asset Sale Offer which has been made by the Company), or

 

(13)         in respect of a covenant
or provision hereof which under this Indenture cannot be modified or amended
without the consent of the Holder of each outstanding Note affected.

 

It shall not
be necessary for the consent of the Holders of Notes 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 an
amendment, supplement or waiver under this Section 9.2 becomes
effective, the Company shall mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of
the Company to mail such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such amended or supplemental
Indenture or waiver.

 

SECTION 9.3         Compliance with Trust
Indenture Act.

 

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

 

SECTION 9.4         Revocation and Effect
of Consents.

 

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

 

130

 

supplement or waiver becomes effective in accordance with its terms, it
thereafter binds every Holder.

 

The Company
may, but shall not be obligated to, fix a record date for determining which
Holders consent to such amendment, supplement or waiver. If the Company fixes a
record date, the record date shall be fixed at (i) the later of
30 days prior to the first solicitation of such consent or the date of the
most recent list of Holders furnished for the Trustee prior to such solicitation
pursuant to Section 2.5 hereof or (ii) such other date as the
Company shall designate.

 

SECTION 9.5         Notation on or
Exchange of Notes.

 

The Trustee may place an appropriate notation
about an amendment, supplement or waiver, the text of which shall be provided
by the Company, on any Note thereafter authenticated. The Company, in exchange
for all Notes, may issue and the Trustee shall authenticate new Notes that
reflect the amendment, supplement or waiver.

 

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

 

SECTION 9.6         Trustee to Sign
Amendments, Etc.

 

The Trustee,
Deutsche Bank Trust Company Americas and Deutsche Bank AG, London Branch, 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. The Company and the
Guarantors may not sign an amendment or supplemental indenture until their
respective Boards of Directors approve it. In signing or refusing to sign any
amendment or supplemental indenture the Trustee, Deutsche Bank Trust Company
Americas and Deutsche Bank AG, London Branch, shall be entitled to receive and
(subject to Section 7.1 hereof) shall be fully protected in relying
upon an Officers’ Certificate and an Opinion of Counsel stating that the
execution of such amendment or supplemental indenture is authorized or
permitted by this Indenture, that all conditions precedent thereto have been
met or waived, that such amendment or supplemental indenture is not
inconsistent herewith, and that it will be valid and binding upon the Company
in accordance with its terms. Notwithstanding the foregoing, no Opinion of Counsel shall be required in
connection with the addition of a Guarantor under this Indenture upon execution
and delivery by such Guarantor, the Trustee, Deutsche Bank Trust Company
Americas and Deutsche Bank AG, London Branch, of a supplemental indenture to this Indenture, the form of which is
attached as Exhibit E hereto, and delivery of an Officer’s Certificate.

 

ARTICLE X

 

SUBORDINATION

 

SECTION 10.1       Agreement To Subordinate. The
Company and the Guarantors agree, and each Holder by accepting a Note agrees,
that the Indebtedness evidenced by the Notes and 

 

131

 

the Guarantees shall be subordinated in right of payment, to the extent
and in the manner provided in this Article X, to the prior payment of all
Senior Indebtedness of the Company and the Guarantors and that the
subordination is for the benefit of and enforceable by the holders of such
Senior Indebtedness. The Notes and the Guarantees shall in all respects rank pari passu in right of payment with all existing and future
Senior Subordinated Indebtedness of the Company and the Guarantors,
respectively, and will be senior in right of payment to all existing and future
Subordinated Indebtedness of the Company and the Guarantors; and only
Indebtedness of the Company or a Guarantor that is Senior Indebtedness shall
rank senior to the Notes and the Guarantees in accordance with the provisions
set forth herein. All provisions of this Article X shall be subject to Section
10.12 hereof.

 

SECTION 10.2       Liquidation, Dissolution,
Bankruptcy. Upon any payment or distribution of the assets of the
Company upon (i) a total or partial liquidation or dissolution, (ii)
bankruptcy, reorganization, insolvency, receivership or similar proceeding
relating to the Company or its property, (iii) an assignment of the Company’s
assets for the benefit of its creditors, or (iv) any marshalling of the Company’s
assets and liabilities:

 

(1)           the holders of Senior
Indebtedness of the Company shall be entitled to receive payment in full in
cash of such Senior Indebtedness before the Holders are entitled to receive any
payment or distribution of any kind or character with respect to any
Obligations on, or relating to, the Notes; and

 

(2)           until the Senior
Indebtedness of the Company is paid in full in cash, any payment or
distribution to which Holders would be entitled but for the subordination
provisions of this Indenture shall be made to holders of such Senior
Indebtedness as their interests may appear, except that Holders may receive
Permitted Junior Securities and capitalization of interest on the Notes as
provided in Paragraph 1 of the reverse of the Notes.

 

If a distribution is made to Holders that, due to the subordination
provisions, should not have been made to them, such Holders are required to
hold it in trust for the holders of Senior Indebtedness of the Company and pay
it over to them as their interests may appear.

 

SECTION 10.3       Default on Designated
Senior Indebtedness of the Company. The Company or any Guarantor shall
not pay the principal of, premium, if any, or interest or Additional Interest,
if any, on the Notes or make any deposit pursuant to Article VIII hereof and
may not purchase, redeem or otherwise retire any Notes (collectively, “pay the Notes”) (except in the form of
Permitted Junior Securities (other than Disqualified Stock) or in the form of
interest on the Notes capitalized as provided in Paragraph 1 of the reverse of
the Notes) if either of the following (a “Payment Default”)
occurs: (a) any Obligation on Designated Senior Indebtedness of the Company is
not paid in full in cash when due; or (b) any other default on Designated
Senior Indebtedness of the Company occurs and the maturity of such Designated
Senior Indebtedness is accelerated in accordance with its terms unless, in
either case, the Payment Default has been cured or waived and any such
acceleration has been rescinded or such Designated Senior Indebtedness has been
paid in full in cash; provided, however, that the 

 

132

 

Company shall be entitled to pay the Notes without regard to the
foregoing if the Company and the Trustee receive written notice approving such
payment from the Representatives of all Designated Senior Indebtedness with
respect to which the Payment Default has occurred and is continuing.

 

During the
continuance of any default (other than a Payment Default) (a “Non-Payment Default”) with respect to any Designated Senior
Indebtedness of the Company pursuant to which the maturity thereof may be
accelerated without further notice (except such notice as may be required to
effect such acceleration) or the expiration of any applicable grace periods,
the Company shall not pay the Notes (except in the form of Permitted Junior
Securities or in the form of interest on the Notes capitalized as provided in
Paragraph 1 of the reverse of the Notes) for a period (a “Payment
Blockage Period”) commencing upon the receipt by the Trustee at
least two (2) Business Days prior to any such payment in accordance with
Section 10.9 hereof of (with a copy to the Company) written notice (a “Blockage Notice”) of such Non-Payment Default from the
Representative of such Designated Senior Indebtedness specifying an election to
effect a Payment Blockage Period and ending 179 days thereafter. The Payment
Blockage Period shall end earlier if such Payment Blockage Period is terminated
(1) by written notice to the Trustee and the Company from the Person or Persons
who gave such Blockage Notice at least two (2) Business Days prior to any such
payment in accordance with Section 10.9 hereof; (2) because the Non-Payment
Default giving rise to such Blockage Notice is cured, waived or otherwise no
longer continuing; or (3) because such Designated Senior Indebtedness has been
discharged or repaid in full in cash.

 

Notwithstanding
the provisions described in the immediately preceding paragraph (but subject to
the provisions contained in the first sentence of this Section 10.3),
unless the holders of such Designated Senior Indebtedness or the Representative
of such Designated Senior Indebtedness shall have accelerated the maturity of
such Designated Senior Indebtedness or a Payment Default shall have occurred
and be continuing, the Company and the related Guarantors shall be entitled to
resume payments on the Notes after termination of such Payment Blockage Period.
The Notes shall not be subject to more than one Payment Blockage Period in any
consecutive 360-day period, irrespective of the number of Non-Payment Defaults
with respect to Designated Senior Indebtedness of the Company during such
period; provided that in no event shall the
total number of days during which any Payment Blockage Period or Periods is in
effect exceed 179 days in the aggregate during any consecutive 365-day period,
and there must be at least 186 days during any consecutive 365-day period
during which no Payment Blockage Period is in effect. For purposes of this Section
10.3, no Non-Payment Default that existed or was continuing on the date of
delivery of any Blockage Notice with respect to any Designated Senior
Indebtedness and that was the basis for the initiation of such Blockage Notice
shall be, or be made, the basis for a subsequent Blockage Notice by the
Representative of such Designated Senior Indebtedness unless such Non-Payment Default
has been waived for a period of not less than 90 consecutive days (it being
acknowledged that any subsequent action, or any breach of any financial
covenants during the period after the date of delivery of such initial Blockage
Notice, that, in either case, would give rise to a Non-Payment Default pursuant
to any provisions under which a Non-Payment Default previously existed or was
continuing shall constitute a new 

 

133

 

Non-Payment Default for this purpose). So long as there shall remain
outstanding Senior Indebtedness under the Credit Agreement, a Blockage Notice
with respect to the Credit Agreement may only be given by the Representatives
thereunder unless otherwise agreed to in writing by the requisite lenders named
therein.

 

SECTION 10.4       Acceleration of Payment
of Securities. If payment of the Notes is accelerated because of an
Event of Default, the Company or the Trustee shall promptly notify the holders
of Designated Senior Indebtedness of the Company or the Representative of such
Designated Senior Indebtedness of the acceleration; provided
that any failure to give such notice shall have no effect whatsoever on the
provisions of this Article X. If any Designated Senior Indebtedness of the
Company is outstanding, neither the Company nor any Guarantor may pay the Notes
(except in the form of Permitted Junior Securities or in the form of interest
on the Notes capitalized as provided in Paragraph 1 of the reverse of the
Notes) until five (5) Business Days after the Representatives of such
Designated Senior Indebtedness receive notice of such acceleration and,
thereafter, may pay the Notes only if this Indenture otherwise permits payment
at that time.

 

SECTION 10.5       When Distribution Must
Be Paid Over. If a distribution is made to Holders that because of
this Article X should not have been made to them, the Holders who receive the
distribution shall hold it in trust for holders of Senior Indebtedness of the
Company and pay it over to them as their interests may appear.

 

SECTION 10.6       Subrogation. After
all Senior Indebtedness of the Company is paid in full and until the Notes are
paid in full, Holders shall be subrogated to the rights of holders of such
Senior Indebtedness to receive distributions applicable to such Senior
Indebtedness. A distribution made under this Article X to holders of such
Senior Indebtedness which otherwise would have been made to Holders of Notes is
not, as between the Company and Holders, a payment by the Company on such
Senior Indebtedness.

 

SECTION 10.7       Relative Rights. This
Article X defines the relative rights of Holders and holders of Senior
Indebtedness of the Company. Nothing in this Indenture shall:

 

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

 

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

 

(3)           affect the relative
right of Holders and creditors of the Company other than their rights in
relation to Holders of Senior Indebtedness.

 

SECTION 10.8       Subordination May Not Be
Impaired by Company. No right of any holder of Senior Indebtedness of
the Company to enforce the subordination of the Indebtedness 

 

134

 

evidenced by the Notes shall be impaired by any act or failure to act
by the Company or by its failure to comply with this Indenture.

 

SECTION 10.9       Rights of Trustee and
Paying Agent. (a) Notwithstanding Section 10.3, the Trustee or
Paying Agent shall continue to make payments on the Notes and shall not be
charged with knowledge of the existence of facts that under this Article X
would prohibit the making of any such payments unless, not less than two (2)
Business Days prior to the date of such payment, a Responsible Officer of the
Trustee receives written notice satisfactory to it that such payments are
prohibited by this Article X. The Company, the Note Registrar or co-registrar,
the Paying Agent, a Representative or a holder of Senior Indebtedness of the
Company shall be entitled to give the notice; provided,
however, that, if an issue of Senior
Indebtedness of the Company has a Representative, only the Representative shall
be entitled to give the notice.

 

(b)           The
Trustee in its individual or any other capacity shall be entitled to hold
Senior Indebtedness of the Company with the same rights it would have if it
were not Trustee. The Note Registrar and co-registrar and the Paying Agent
shall be entitled to do the same with like rights. The Trustee shall be
entitled to all the rights set forth in this Article X with respect to any
Senior Indebtedness of the Company which may at any time be held by it, to the
same extent as any other holder of such Senior Indebtedness; and nothing in
Article X shall deprive the Trustee of any of its rights as such holder.
Nothing in this Article X shall apply to claims of, or payments to, the Trustee
under or pursuant to Section 7.7 hereof.

 

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

 

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

 

SECTION 10.12     Trust Moneys Not
Subordinated. Notwithstanding anything contained herein to the
contrary, payments from money or the proceeds of Appropriate Trust Funds held
in trust under Article VIII by the Trustee for the payment of principal of and
interest on the Notes shall not be subordinated to the prior payment of any
Senior Indebtedness of the Company or subject to the restrictions set forth in
this Article X, and none of the Holders of Notes shall be obligated to pay over
any such amount to the Company or any holder of Senior Indebtedness of the
Company or any other creditor of the Company; provided
that the subordination provisions of this Article X and Section 11.4
hereof were not violated at the time the applicable amounts were deposited in
trust pursuant to Article VIII herein, as the case may be.

 

135

 

SECTION 10.13     Trustee Entitled To Rely. Upon
any payment or distribution pursuant to this Article X, the Trustee and the
Holders of Notes shall be entitled to rely (a) upon any order or decree of a
court of competent jurisdiction in which any proceedings of the nature referred
to in Section 10.2 are pending, (b) upon a certificate of the
liquidating trustee or agent or other Person making such payment or
distribution to the Trustee or to the Holders or (c) upon the Representatives
of Senior Indebtedness of the Company for the purpose of ascertaining the
Persons entitled to participate in such payment or distribution, the holders of
such Senior Indebtedness and other Indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon
and all other facts pertinent thereto or to this Article X. In the event that
the Trustee determines, in good faith, that evidence is required with respect
to the right of any Person as a holder of Senior Indebtedness of the Company to
participate in any payment or distribution pursuant to this Article X, the
Trustee shall be entitled to request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of such Senior
Indebtedness held by such Person, the extent to which such Person is entitled
to participate in such payment or distribution and other facts pertinent to the
rights of such Person under this Article X, and, if such evidence is not
furnished, the Trustee shall be entitled to defer any payment to such Person
pending judicial determination as to the right of such Person to receive such
payment. The provisions of Sections 7.1 and 7.3 shall be
applicable to all actions or omissions of actions by the Trustee pursuant to
this Article X.

 

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

 

SECTION 10.15     Trustee Not Fiduciary for
Holders of Senior Indebtedness of the Company. The Trustee shall not
be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of
the Company and shall not be liable to any such holders if it shall mistakenly
pay over or distribute to Holders or the Company or any other Person, money or
assets to which any holders of Senior Indebtedness of the Company shall be
entitled by virtue of this Article X or otherwise. Nothing in this Article 10
shall apply to claims of, or payment to, the Trustee pursuant to Section 7.7
hereof.

 

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

 

136

 

ARTICLE XI

 

NOTE GUARANTEES

 

SECTION 11.1       Guarantees.

 

(a)           Each
Guarantor hereby jointly and severally, fully, unconditionally and irrevocably
guarantees the Notes and obligations of the Company hereunder and thereunder,
and guarantees to each Holder of a Note authenticated and delivered by the
Trustee and to the Trustee on behalf of such Holder, that:  (i) the principal of and premium, if
any, and interest and Additional Interest, if any, on the Notes shall be paid
in full when due, whether at Stated Maturity, by acceleration, call for
redemption or otherwise (including, without limitation, the amount that would
become due but for the operation of the automatic stay under
Section 362(a) of the Bankruptcy Law), together with interest on the
overdue principal, if any, and interest on any overdue interest and Additional
Interest, if any, to the extent lawful, and all other obligations of the
Company to the Holders or the Trustee hereunder or thereunder shall be paid in
full or performed, all in accordance with the terms hereof and thereof; and
(ii) in case of any extension of time of payment or renewal of any Notes
or of any such other obligations, the same shall be paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at
Stated Maturity, by acceleration or otherwise. Each of the Guarantees shall be
a guarantee of payment and not of collection.

 

(b)           Each
Guarantor hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this
Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder with respect to any provisions hereof or thereof, the recovery of
any judgment against the Company, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or
defense of a Guarantor.

 

(c)           Each
Guarantor hereby waives the benefits of diligence, presentment, demand for
payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Company, any right to require a proceeding first against the Company or
any other Person, protest, notice and all demands whatsoever and covenants that
the Guarantee of such Guarantor shall not be discharged as to any Note except
by complete performance of the obligations contained in such Note and such
Guarantee or as provided for in this Indenture. Each of the Guarantors hereby
agrees that, in the event of a default in payment of principal or premium, if
any or interest on such Note, whether at its Stated Maturity, by acceleration,
call for redemption, purchase or otherwise, legal proceedings may be instituted
by the Trustee on behalf of, or by, the Holder of such Note, subject to the
terms and conditions set forth in this Indenture, directly against each of the
Guarantors to enforce such Guarantor’s Guarantee without first proceeding
against the Company or any other Guarantor. Each Guarantor agrees that if,
after the occurrence and during the continuance of an Event of Default, the
Trustee or any of the Holders are prevented by applicable law from exercising
their respective rights to accelerate the maturity of the Notes, to collect
interest on the Notes, or to enforce or exercise any other right or remedy with
respect to the Notes, such Guarantor shall pay to the Trustee for the account
of the Holders, upon demand 

 

137

 

therefor, the amount that would otherwise have been
due and payable had such rights and remedies been permitted to be exercised by
the Trustee or any of the Holders.

 

(d)           Each
Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing
any rights under this Section 11.1.

 

(e)           If
any Holder or the Trustee is required by any court or otherwise to return to
the Company or any Guarantor, or any custodian, trustee, liquidator or other
similar official acting in relation to the Company or any Guarantor, any amount
paid by any of them to the Trustee or such Holder, the Guarantee of each of the
Guarantors, to the extent theretofore discharged, shall be reinstated in full
force and effect. This paragraph (e) shall remain effective
notwithstanding any contrary action which may be taken by the Trustee or any
Holder in reliance upon such amount required to be returned. This
paragraph (e) shall survive the termination of this Indenture.

 

(f)            Each
Guarantor further agrees that, as between each Guarantor, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article VI
hereof for the purposes of the Guarantee of such Guarantor, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect
of the obligations guaranteed hereby, and (y) in the event of any acceleration
of such obligations as provided in Article VI hereof, such obligations
(whether or not due and payable) shall forthwith become due and payable by each
Guarantor for the purpose of the Guarantee of such Guarantor.

 

SECTION 11.2       Execution and Delivery
of Guarantee.

 

To evidence
its Guarantee set forth in Section 11.1, each Guarantor agrees that
a notation of such Guarantee substantially in the form attached hereto as Exhibit B
shall be endorsed on each Note authenticated and delivered by the Trustee. Such
notation of Guarantee shall be signed on behalf of such Guarantor by an officer
of such Guarantor (or, if an officer is not available, by a board member or
director) on behalf of such Guarantor by manual or facsimile signature. In case
the officer, board member or director of such Guarantor who shall have signed
such notation of Guarantee shall cease to be such officer, board member or
director before the Note on which such Guarantee is endorsed shall have been
authenticated and delivered by the Trustee, such Note nevertheless may be
authenticated and delivered as though the Person who signed such notation of
Guarantee had not ceased to be such officer, board member or director.

 

Each Guarantor
agrees that its Guarantee set forth in Section 11.1 shall remain in
full force and effect and apply to all the Notes notwithstanding any failure to
endorse on each Note a notation of such Guarantee. The delivery of any Note by
the Trustee, after the authentication thereof hereunder, shall constitute due
delivery of any Guarantee set forth in this Indenture on behalf of the
Guarantors.

 

138

 

SECTION 11.3       Severability.

 

In case any
provision of any Guarantee 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 11.4       Limitation of Guarantors’
Liability.

 

Each Guarantor
and by its acceptance hereof each Holder confirms that it is the intention of
all such parties that the Guarantee of such Guarantor not constitute a
fraudulent transfer or conveyance for purposes of the Federal Bankruptcy Law,
the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law or the provisions of its local
law relating to fraudulent transfer or conveyance. To effectuate the foregoing
intention, the Trustee, the Holders and Guarantors hereby irrevocably agree
that the obligations of such Guarantor under its Guarantee shall be limited to
the maximum amount that will not, after giving effect to all other contingent
and fixed liabilities of such Guarantor 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 its Guarantee, result in the obligations of such Guarantor
under its Guarantee constituting a fraudulent transfer or conveyance.

 

SECTION 11.5       Guarantors May
Consolidate, Etc., on Certain Terms.

 

Except as
otherwise provided in this Section 11.5(a), a Guarantor may not (1)
consolidate with or merge with or into (whether or not such Guarantor is the
surviving Person) another Person; or (2) sell, assign, transfer, convey, lease
or otherwise dispose of all or substantially all of its properties or assets;
unless:

 

(1)           (a) such Guarantor is
the surviving corporation; or (b) the Person formed by or surviving any such
consolidation or merger (if other than such Guarantor) or to which such sale,
assignment, transfer, conveyance, lease or other disposition has been made is a
corporation or limited liability company organized or existing under the laws
of the United States, any state of the United States or the District of
Columbia (such Guarantor or such Person, including the Person to which such
sale, assignment, transfer, conveyance, lease or other disposition has been
made, as the case may be, being herein called the “Successor
Guarantor”);

 

(2)           the Successor Guarantor
(if other than such Guarantor) assumes all the obligations of such Guarantor
under the Guarantee, the Indenture and the Registration Rights Agreement
pursuant to agreements reasonably satisfactory to the Trustee;

 

(3)           immediately after such
transaction, no Event of Default exists; and

 

(4)           the Net Proceeds of any
such sale or other disposition of a Guarantor are applied in accordance with
the provisions of Section 4.10 hereof.

 

139

 

In case of any
such consolidation, merger, sale or conveyance and upon the assumption by the
successor Person, by supplemental indenture, executed and delivered, together
with an Opinion of Counsel to the effect that such consolidation, merger, sale
or conveyance was made in accordance with the provisions of this Indenture, to
the Trustee and satisfactory in form to the Trustee , of the Guarantee and the
due and punctual performance of all of the covenants and conditions of this
Indenture and the Registration Rights Agreement to be performed by the
Guarantor, such successor Person shall succeed to and be substituted for the
Guarantor with the same effect as if it had been named herein as a Guarantor.
All the Guarantees so issued shall in all respects have the same legal rank and
benefit under this Indenture as the Guarantees theretofore and thereafter
issued in accordance with the terms of this Indenture as though all such
Guarantees had been issued at the date of the execution hereof.

 

Upon delivery
to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the
effect that such sale or other disposition was made by the Company in
accordance with the provisions of this Indenture, including without limitation Section 4.10,
the Trustee shall execute any documents reasonably required in order to
evidence the release of any Guarantor from its obligations under its Guarantee

 

Notwithstanding the foregoing, any Guarantor
(A) may consolidate with, merge into or sell, assign, transfer, convey, lease
or otherwise dispose of all or part of its properties and assets to the Company
or to another Guarantor or (B) dissolve, liquidate or wind up its affairs if at
that time it does not hold any material assets.

 

SECTION 11.6       Releases Following Sale
of Assets. Any Guarantor shall be automatically released and relieved
of any obligations under this Guarantee, in the event that:

 

(a)           the sale, disposition
or other transfer (including through merger or consolidation) of (x) Capital
Stock of the applicable Guarantor if after such sale, disposition or other
transfer such Guarantor is no longer a Restricted Subsidiary, or (y) all or
substantially all the assets of the applicable Guarantor, provided
that, in each case, such sale, disposition or other transfer is made in
compliance with the provisions of this Indenture;

 

(b)           the Company designates
any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in
accordance with the provisions of this Indenture;

 

(c)           in the case of any
Restricted Subsidiary which after the Issue Date is required to guarantee the
Notes pursuant to Section 4.17 the release or discharge of the
guarantee by such Restricted Subsidiary of all of the Indebtedness (other than
the Senior Notes (to the extent the Senior Notes are outstanding)) of the
Company or any Restricted Subsidiary or the repayment of all of the
Indebtedness or Disqualified Stock, in each case, which resulted in the
obligation to guarantee the Notes;

 

140

 

(d)           the Company exercises
its legal defeasance option or its covenant defeasance option pursuant to Sections 8.2
or 8.3 or if its obligations under this Indenture are discharged in
accordance with the terms of this Indenture; or

 

(e)           such Guarantor is also
a guarantor or borrower under the Credit Agreement as in effect on the Issue
Date and, at the time of release of its Guarantee, (x) has been released
from its guarantee of, and all pledges and security, if any, granted in
connection with the Credit Agreement (which may be conditioned on the
concurrent release hereunder), (y) is not an obligor under any
Indebtedness (other than Indebtedness permitted to be incurred pursuant to
clause (6), (7), (8), (9), (11), (16) or (19) of the definition of “Permitted
Debt” and (z) does not guarantee any Indebtedness of the Company or any
Restricted Subsidiaries (other than any guarantee that will be released upon
the release of the Guarantee hereunder).

 

Upon delivery
to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the
effect that such sale or other disposition was made by the Company in
accordance with the provisions of this Indenture, including without limitation Section 4.10,
the Trustee shall execute any documents reasonably required in order to
evidence the release of any Guarantor from its obligations under its Guarantee.

 

Any Guarantor
not released from its obligations under this Guarantee shall remain liable for
the full amount of principal of and interest on the Notes and for the other
obligations of any Guarantor under this Indenture as provided in this
Article XI.

 

SECTION 11.7       Release of a Guarantor.

 

Any Guarantor
that is designated by the Board of Directors of the Company as an Unrestricted
Subsidiary in accordance with the terms of this Indenture shall, at such time,
be deemed automatically and unconditionally released and discharged of its
obligations under its Guarantee without any further action on the part of the
Trustee or any Holder. The Trustee shall deliver an appropriate instrument
evidencing such release upon receipt of the Company’s request for such release
accompanied by an Officers’ Certificate and an Opinion of Counsel certifying as
to the compliance with this Section 11.7. Any Guarantor not so
released shall remain liable for the full amount of principal of and interest
on the Notes as provided in its Guarantee.

 

SECTION 11.8       Benefits Acknowledged.

 

Each Guarantor
acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by this Indenture and that its guarantee
and waivers pursuant to its Guarantee are knowingly made in contemplation of
such benefits.

 

SECTION 11.9       Future Guarantors.

 

Within ten
(10) days of becoming a Restricted Subsidiary that is obligated to become
a Guarantor under Section 4.17, such Subsidiary shall execute and
deliver to the Trustee a 

 

141

 

supplemental indenture to this Indenture, the form of which is attached as Exhibit E
hereto, and other agreements making such Subsidiary a party to this
Indenture.

 

ARTICLE XII

 

MISCELLANEOUS

 

SECTION 12.1       Trust Indenture Act
Controls.

 

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

 

SECTION 12.2       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:

 

VWR Funding, Inc. (formerly known as CDRV Investors, Inc.)

1310 Goshen Parkway

West Chester, PA 19380

Facsimile:  (610) 431-1700

Attention:  Chief
Financial Officer

 

With a copy
to:

Kirkland & Ellis LLP

200 East Randolph Drive

Chicago, Illinois 60601

Facsimile: (312) 861-2200

Attention: Dennis Myers

 

If to the
Trustee:

 

Law Debenture Trust Company of New York, as Trustee

767 Third Avenue, 31st Floor

New York, NY  10017

Facsimile: (212) 750-1361

Attention: Boris Treyger

 

142

 

If to the
Registrar and Paying Agent with respect to the US$ Denominated Notes:

 

Deutsche Bank Trust Company Americas

60 Wall Street, 27th Floor

Mail Stop: NYC60-2710

New York, NY 10005

Facsimile: 

Attention: Trust and Securities Services

 

With a copy to:

Deutsche Bank National Trust Company

25 DeForest Avenue, 2nd Floor

Mail Stop: SUM01-01-05

Summit, NJ 
07901

Facsimile: (732) 578-4635

Attention: Trust and Securities Services

 

If to the Common Depositary and Paying Agent
with respect to the EUR Denominated Notes:

Deutsche Bank AG, London Branch

Winchester House

1 Great Winchester Street

London EC2N 2DB

Facsimile: 0207 547 5782

Attention: Corporate Trust and Agency Services

 

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

 

All notices
and communications (other than those sent to Holders) shall be deemed to have
been duly given:  at the time delivered
by hand, if personally delivered; five (5) 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 Business Day delivery.

 

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

 

143

 

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, except
in the case of notices or communications given to the Trustee, which shall be
effective only upon actual receipt.

 

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

 

SECTION 12.3       Communication by Holders
of Notes with Other Holders of Notes.

 

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

 

SECTION 12.4       Certificate and Opinion
as to Conditions Precedent.

 

Upon any
request or application by the Company to the Trustee to take any action under
this Indenture (other than the initial issuance of the Notes), the Company shall
furnish to the Trustee upon request:

 

(a)           an Officers’
Certificate (which shall include the statements set forth in Section 12.5
hereof) stating that, in the opinion of the signers, all conditions precedent
and covenants, if any,  provided for
in this Indenture relating to the proposed action have been satisfied; and

 

(b)           an Opinion of Counsel
(which shall include the statements set forth in Section 12.5
hereof) stating that, in the opinion of such counsel, all such conditions
precedent and covenants have been satisfied.

 

SECTION 12.5       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 § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and
shall include:

 

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

 

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

 

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

 

144

 

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

 

SECTION 12.6       Rules by Trustee and Agents.

 

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

 

SECTION 12.7       No Personal Liability of Directors,
Officers, Employees and Stockholders.

 

No director,
officer, employee, incorporator, stockholder, unitholder or member of the
Company, any of its Subsidiaries or any of its direct or indirect parent
companies, as such, will have any liability for any obligations of the Company
or any Guarantor under the Notes, this Indenture, the Guarantees, or for any
claim based on, in respect of, or by reason of, such obligations or their
creation. Each holder of Notes by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of
the Notes. The waiver may not be effective to waive liabilities under the
federal securities laws, and it is the view of the Commission that such waiver
is against public policy.

 

SECTION 12.8       Governing Law.

 

THE INTERNAL LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF, SHALL GOVERN AND BE
USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE GUARANTEES.

 

SECTION 12.9       No Adverse Interpretation of Other
Agreements.

 

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

 

SECTION 12.10     Successors.

 

All agreements
of the Company and the Guarantors in this Indenture and the Notes and the
Guarantees, as applicable, shall bind their respective successors and assigns.
All agreements of the Trustee in this Indenture shall bind its successors and
assigns.

 

SECTION 12.11     Severability.

 

In case any
provision in this Indenture or in the Notes 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.

 

145

 

SECTION 12.12     Counterpart Originals.

 

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

 

SECTION 12.13     Table of Contents, Headings, Etc.

 

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

 

SECTION 12.14     Acts of Holders.

 

(a)           Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and,
where it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of Holders
signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and conclusive in favor of the Trustee and the
Company, if made in the manner provided in this Section 12.14.

 

(b)           The
fact and date of the execution by any Person of any such instrument or writing
may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to such officer the execution thereof. Where such
execution is by a signer acting in a capacity other than such signer’s
individual capacity, such certificate or affidavit shall also constitute
sufficient proof of such signer’s authority. The fact and date of the execution
of any such instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner which the Trustee deems
sufficient.

 

(c)           The
ownership of Notes shall be proved by the Holder list maintained under Section 2.5
hereunder.

 

(d)           Any
request, demand, authorization, direction, notice, consent, waiver or other Act
of the Holder of any Note shall bind every future Holder of the same Note and
the holder of every Note issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof in respect of anything done, omitted or
suffered to be done by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Note.

 

146

 

(e)           If
the Company shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Company may, at its
option, by or pursuant to a Board Resolution, fix in advance a record date for
the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company
shall have no obligation to do so. If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other Act
may be given before or after such record date, but only the Holders of record
at the close of business on such record date shall be deemed to be Holders for
the purposes of determining whether Holders of the requisite proportion of
outstanding Notes have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other Act, and for
that purpose the outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent
by the Holders on such record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than
six months after the record date.

 

SECTION 12.15     Currency of Account; Conversion of
Currency; Foreign Exchange Restrictions.

 

(a) U.S. dollars are the sole currency of account
and payment for all sums payable by the Company and the Guarantors under or in
connection with the US$ Denominated Notes, the Guarantees of the US$
Denominated Notes or this Indenture to the extent it relates to the US$
Denominated Notes, including damages related thereto, and euros are the sole
currency of account and payment for all sums payable by the Company and the
Guarantors under or in connection with the EUR Denominated Notes, the
Guarantees of the EUR Denominated Notes or this Indenture to the extent it
relates to the EUR Denominated Notes, including damages related thereto. Any
amount received or recovered in a currency other than U.S. dollars by a Holder
of US$ Denominated Notes or euros by a Holder of EUR Denominated Notes (whether
as a result of, or of the enforcement of, a judgment or order of a court of any
jurisdiction, in the winding-up or dissolution of the Company or otherwise) in
respect of any sum expressed to be due to it from the Company shall only
constitute a discharge to the Company to the extent of the U.S. dollar or Euro
amount, as the case may be, which the recipient is able to purchase with the
amount so received or recovered in that other currency on the date of that
receipt or recovery (or, if it is not practicable to make that purchase on that
date, on the first date on which it is practicable to do so). If that U.S.
dollar or Euro amount is less than the U.S. dollar or Euro amount expressed to
be due to the recipient under the applicable Notes, the Company shall indemnify
it against any loss sustained by it as a result as set forth in Section 12.17(b).
In any event, the Company and the Guarantors shall indemnify the recipient
against the cost of making any such purchase. For the purposes of this Section 12.17,
it will be sufficient for the Holder of a Note to certify in a satisfactory
manner (indicating sources of information used) that it would have suffered a
loss had an actual purchase of U.S. dollars or euros, as the case may be, been
made with the amount so received in that other currency on the date of receipt
or recovery (or, if a purchase of U.S. dollars or euros, as applicable, on such
date had not been practicable, on the first date on which it would have been
practicable, it being required that the need for a change of date be certified
in the manner mentioned above). The indemnities set forth in this Section 12.17
constitute separate 

 

147

 

and
independent obligations from other obligations of the Company and the
Guarantors, shall give rise to a separate and independent cause of action,
shall apply irrespective of any indulgence granted by any Holder of the Notes
and shall continue in full force and effect despite any other judgment, order,
claim or proof for a liquidated amount in respect of any sum due under the
Notes.

 

(b) The Company and the Guarantors, jointly and
severally, covenant and agree that the following provisions shall apply to
conversion of currency in the case of the Notes, the Guarantees and this
Indenture:

 

(1)(A)
If for the purpose of obtaining judgment in, or enforcing the judgment of, any court
in any country, it becomes necessary to convert into a currency (the “Judgment Currency”) an amount due in any
other currency (the “Base Currency”),
then the conversion shall be made at the rate of exchange prevailing on the
Business Day before the day on which the judgment is given or the order of
enforcement is made, as the case may be (unless a court shall otherwise
determine).

 

(B)
If there is a change in the rate of exchange prevailing between the Business
Day before the day on which the judgment is given or an order of enforcement is
made, as the case may be (or such other date as a court shall determine), and
the date of receipt of the amount due, the Company and the Guarantors will pay
such additional (or, as the case may be, such lesser) amount, if any, as may be
necessary so that the amount paid in the Judgment Currency when converted at
the rate of exchange prevailing on the date of receipt will produce the amount
in the Base Currency originally due.

 

(2)
In the event of the winding-up of the Company or any Guarantor at any time
while any amount or damages owing under the Notes, the Guarantees and this
Indenture, or any judgment or order rendered in respect thereof, shall remain
outstanding, the Company and the Guarantors shall indemnify and hold the
Holders and the Trustee harmless against any deficiency arising or resulting
from any variation in rates of exchange between (i) the date as of which
the Applicable Currency Equivalent of the amount due or contingently due under
the Notes, the Guarantees and this Indenture (other than under this subsection
(b)(2)) is calculated for the purposes of such winding-up and (ii) the
final date for the filing of proofs of claim in such winding-up. For the
purpose of this subsection (b)(2), the final date for the filing of proofs of
claim in the winding-up of the Company or any Guarantor shall be the date fixed
by the liquidator or otherwise in accordance with the relevant provisions of
applicable law as being the latest practicable date as at which liabilities of
the Company or such Guarantor may be ascertained for such winding-up prior to
payment by the liquidator or otherwise in respect thereto.

 

(c) The obligations contained in subsections (a),
(b)(1)(B) and (b)(2) of this Section 12.17 shall constitute separate and
independent obligations from the other obligations of the Company and the
Guarantors under this Indenture, shall give rise to separate and independent
causes of action against the Company and the Guarantors, shall apply
irrespective of any waiver 

 

148

 

or
extension granted by any Holder or the Trustee or either of them from time to
time and shall continue in full force and effect notwithstanding any judgment
or order or the filing of any proof of claim in the winding-up of the Company
or any Guarantor for a liquidated sum in respect of amounts due hereunder
(other than under subsection (b)(2) above) or under any such judgment or order.
Any such deficiency as aforesaid shall be deemed to constitute a loss suffered
by the Holders or the Trustee, as the case may be, and no proof or evidence of
any actual loss shall be required by the Company or any Guarantor or the
liquidator or otherwise or any of them. In the case of subsection (b)(2) above,
the amount of such deficiency shall not be deemed to be reduced by any
variation in rates of exchange occurring between the said final date and the
date of any liquidating distribution.

 

(d) The term “rate(s) of exchange” shall mean the
rate of exchange as published in The Wall Street Journal
in the “Exchange Rates” column under the heading “Currency Trading” for spot purchases of the Base Currency with
the Judgment Currency other than the Base Currency referred to in subsections
(b)(1) and (b)(2) above and includes any premiums and costs of exchange
payable.

 

[Signatures on following page]

 

149

 

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

 

	
   

  	
  VARIETAL DISTRIBUTION MERGER SUB, 

  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
   

  	
  VWR Funding, Inc., as successor by merger to Varietal Distribution
  Merger Sub, Inc., hereby confirms that it has assumed all of the obligations
  of Varietal Distribution Merger Sub, Inc. under this Indenture and the Notes:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VWR FUNDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
   

  	
  LAW DEBENTURE TRUST COMPANY OF NEW 

  YORK,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST COMPANY 

  AMERICAS, 

  
	
   

  	
  as Registrar and Paying Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK AG, LONDON BRANCH, 

  
	
   

  	
  as Paying Agent and Common Depositary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  

 

EXHIBIT A-1

 

FORM OF US$ DENOMINATED NOTE

(Face of 10.75% Senior Subordinated Note due
2017)

 

[Global Note Legend]

 

THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF,
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT
(I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
TO SECTION 2.6(g) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE, (III) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS
NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO THE COMPANY OR THEIR AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.”

 

[Restricted Notes Legend]

 

THIS NOTE EVIDENCED HEREBY HAS NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED  (THE “SECURITIES ACT”) AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING 

 

A1-1

 

WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN
INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, (5) IN ACCORDANCE WITH ANOTHER EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (BASED UPON AN OPINION
OF COUNSEL IF THE COMPANY SO REQUESTS) OR (6) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL
APPLICABLE BLUE SKY LAWS OF THE STATES OF THE UNITED STATES.

 

[Regulation S Temporary
Global Note Legend]

 

THE
RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS
AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED
IN THE INDENTURE (AS DEFINED HEREIN).

 

A1-2

 

VARIETAL DISTRIBUTION MERGER SUB, INC.

 

10.75% Senior Subordinated
Notes due 2017

 

	
  No.

  	
   

  	
  $                       

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CUSIP NO. [     ](1)

  
	
   

  	
   

  	
  ISIN NO. [      
  ]

  

 

Varietal Distribution Merger Sub, Inc. (the “Company,” which includes any successor
entity) promises to pay to Cede & Co. or registered assigns, the principal
sum of             
US Dollars ($       ) on June 30, 2017. Upon
consummation of the Transactions CDRV Investors, Inc. (to be renamed VWR
Funding, Inc.) will assume the obligations of the Company under this Note.

 

Interest Payment Dates:  December
31, March 31, June 30 and September 30, commencing on September 30, 2007

 

Record Dates:  December 15, March
15, June 15 and September 15

 

Reference is
made to further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as set forth at
this place.

 

Unless the
certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, this Note shall not be entitled
to any benefits under this Indenture referred to on the reverse hereof or be
valid or obligatory for any purpose.

 

	
  (1)

  	
   

  	
  Rule 144A Note CUSIP: 918436 AB2

  
	
   

  	
   

  	
  Rule 144A Note ISIN: US918436AB20

  
	
   

  	
   

  	
  Regulation S Note CUSIP: U9291U AB5

  
	
   

  	
   

  	
  Regulation S Note ISIN: USU9291UAB53

  

 

A1-3

 

IN WITNESS WHEREOF, the
Company has caused this Note to be signed manually or by facsimile by its duly
authorized officers.

 

Dated:

 

	
   

  	
  VARIETAL DISTRIBUTION MERGER SUB, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

A1-4

 

This is one of the Senior Subordinated Notes referred to in the
within-mentioned

Indenture:

 

Dated:

 

LAW DEBENTURE TRUST COMPANY OF NEW YORK, as Trustee

 

 

	
  By:

  	
   

  	
   

  

 

A1-5

 

(Back of 10.75% Senior Subordinated Note)

10.75% Senior Subordinated Notes due 2017

 

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

 

(1)           Interest.
Varietal Distribution Merger Sub, Inc., a Delaware corporation (the “Company,”
which includes any successor entity) promises to pay interest on the principal
amount of this 10.75% Senior Subordinated Note due 2017 (a “10.75% Senior Subordinated Note”) at a fixed rate of 10.75% per annum. The Company will pay interest
in United States dollars (except as otherwise provided herein) quarterly in
arrears on December 31, March 31, June 30 and September 30, commencing on
September 30, 2007 or if any such day is not a Business Day, on the
next succeeding Business Day (each an “Interest Payment Date”).
Interest on the 10.75% Senior Subordinated Notes shall accrue from the most
recent date to which interest has been paid or, if no interest has been paid,
from the Issue Date; provided that
if there is no existing Default or Event of Default in the payment of interest,
and if this 10.75% Senior Subordinated Note is authenticated between a record
date referred to on the face hereof and the next succeeding Interest Payment
Date, interest shall accrue from such next succeeding Interest Payment Date,
except in the case of the original issuance of 10.75% Senior Subordinated
Notes, in which case interest shall accrue from the date of authentication. All
interest on the Notes shall be paid in cash; provided,
however, that on any Interest
Payment Date prior to June 30, 2010, the Company shall have the option to
capitalize and to add to the principal amount outstanding of each Note a
portion of the interest payable on such Note on such Interest Payment Date not
to exceed 3% of such interest rate per annum. . In the event that the Company
opts to capitalize interest, it shall provide written notice to the Paying
Agent, no later than three Business Days prior to the relevant Interest Payment
Date of (i) the amount of interest that it intends to capitalize, and (ii) the
aggregate principal amount of Notes outstanding after giving effect to the
capitalization of interest. All references to the “principal” of the Notes
shall include interest accrued and capitalized as provided herein. The Company
shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue principal to the extent lawful; it shall pay
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Additional Interest, if
any (without regard to any applicable grace period) to the extent lawful.
Interest shall be computed on the basis of a 360-day year comprised of twelve
30-day months. The interest rate on the Notes will in no event be higher than
the maximum rate permitted by New York law as the same may be modified by
United States law of general application.

 

(2)           Method of Payment.
The Company will pay interest on the 10.75% Senior Subordinated Notes (except
defaulted interest) on the applicable Interest Payment Date to the Persons who
are registered Holders of 10.75% Senior Subordinated Notes at the close of
business on the December 15, March 15, June 15 and September 15 preceding the
Interest Payment Date, even if such 10.75% Senior Subordinated Notes are
cancelled after such record date and on or before such Interest Payment Date,
except as provided in Section 2.12 of the Indenture with respect to
defaulted interest. The 10.75% Senior Subordinated Notes shall be payable as to
principal, premium, if any, and interest and Additional Interest, if any, at
the office or agency of the Company maintained for such purpose within the City
and State of New York, 

 

A1-6

 

or, at the
option of the Company, payment of interest may be made by check mailed to the
Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately
available funds shall be required with respect to principal of, premium, if
any, and interest on, all Global Notes and all other 10.75% Senior Subordinated
Notes the Holders of which shall have provided, at least three Business Days
prior to the applicable payment date, written wire transfer instructions to the
Company and the Paying Agent. Such payment shall be in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts.

 

Any payments
of principal of this 10.75% Senior Subordinated Note prior to Stated Maturity
shall be binding upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. The amount due and payable at the maturity
of this Note shall be payable only upon presentation and surrender of this Note
at an office of the Trustee or the Trustee’s agent appointed for such purposes.

 

(3)           Paying Agent and
Registrar. Initially, Deutsche Bank Trust Company Americas, shall act as Paying Agent and
Registrar with respect to the US$ Denominated Notes. The Company may change any
Paying Agent or Registrar without notice to any Holder. The Company or any of
its Restricted Subsidiaries may act in any such capacity.

 

(4)           Indenture.
The Company issued the 10.75% Senior Subordinated Notes under an Indenture,
dated as of June 29, 2007 (the “Indenture”),
by and among Varietal Distribution Merger Sub, Inc., VWR Funding, Inc.
(formerly known as CDRV Investors, Inc.), the Trustee, Deutsche Bank Trust
Company Americas, and Deutsche Bank AG, London Branch. The terms of the 10.75%
Senior Subordinated Notes include those stated in the Indenture and those made
a part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”). To the extent the provisions of this 10.75% Senior
Subordinated Note are inconsistent with the provisions of the Indenture, the
Indenture shall govern. The 10.75% Senior Subordinated Notes are subject to all
such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms. The 10.75% Senior Subordinated Notes issued on the
Issue Date are senior subordinated obligations of the Company limited to
$520,000,000 (or U.S. Dollar Equivalent thereof) in aggregate principal amount,
plus interest capitalized pursuant to Paragraph 1 hereof and plus amounts, if
any, sufficient to pay premium and interest on outstanding 10.75% Senior
Subordinated Notes as set forth in Paragraph 2 hereof. The Notes are
issued in two tranches: (i) the tranche designated as EUR Denominated Notes
limited to €125,000,000.00 (or U.S. Dollar Equivalent thereof) in the aggregate
principal amount, plus interest capitalized pursuant to Paragraph 1 hereof and
plus amounts, if any, sufficient to pay premium and interest on outstanding EUR
Denominated Notes as set forth in Paragraph 2 hereof and (ii) the tranche
designated as US$ Denominated Notes limited to $353,335,000.00 in the aggregate
principal amount, plus interest capitalized pursuant to Paragraph 1 hereof and
plus amounts, if any, sufficient to pay premium and interest on outstanding US$
Denominated Notes as set forth in Paragraph 2 hereof; provided, however,
that all Notes issued under the Indenture vote and consent together on all
matters (as to which any of such Notes may vote or consent) as one tranche and
no tranche of Notes has the right to vote or consent as a separate tranche on
any matter. Except as stated in the Indenture, any Note issued in 

 

A1-7

 

exchange,
substitution or replacement for any other Note may only be of the same tranche
as the Note being so exchanged, replaced or substituted for.

 

The payment of
principal and interest on the 10.75% Senior Subordinated Notes is
unconditionally guaranteed on an unsecured senior subordinated basis by the
Guarantors.

 

(5)           Optional
Redemption.

 

(a)         The Notes may be redeemed in whole or
in part, at any time prior to June 30, 2012, at the option of the Company upon
not less than 30 nor more than 60 days’ prior notice mailed by first-class
mail to each Holder’s registered address, at a redemption price equal to the
100% of the Current Accretion Amount of the Notes redeemed plus the Applicable
Premium multiplied by the Current Accretion Amount (as defined below) as of,
and accrued and unpaid interest not included in the calculation of the Current
Accretion Amount and Additional Interest, if any, to, the applicable redemption
date (subject to the right of Holders on the relevant record date to receive
interest due on the relevant interest payment date).

 

For the purposes hereof, “Current Accretion Amount” shall mean the
sum of (x) the then outstanding principal principal amount of the Notes being
redeemed (including all the interest previously added to the principal of the
Notes), and (y) to the extent such redemption occurs prior to June 30, 2010, if
a portion of the accrued and unpaid interest on the Notes as of the Interest
Payment Date immediately prior to the redemption date was capitalized on such
interest payment date as permitted by Paragraph 1 above, that same portion of
accrued and unpaid interest on the Notes to the redemption date that may be
permitted to be capitalized on the next Interest Payment Date.

 

(b)        The Notes are subject to redemption, at
the option of the Company, in whole or in part, at any time on or after June
30, 2012, upon not less than 30 nor more than 60 days’ notice at the
following Redemption Prices (expressed as percentages of the Current Accretion
Amount to be redeemed) set forth below, plus accrued and unpaid interest not
included in the calculation of the Current Accretion Amount and Additional
Interest, if any, to, but not including, the redemption date (subject to the
right of Holders of record on the relevant regular record date to receive
interest due on an interest payment date that is on or prior to the redemption
date), if redeemed during the 12-month period beginning June 30 of the years
indicated below: 

 

	
  Year

  	
   

  	
  Redemption Price

  	
   

  
	
  2012

  	
   

  	
  105.375

  	
  %

  
	
  2013

  	
   

  	
  102.6875

  	
  %

  
	
  2014 and thereafter

  	
   

  	
  100

  	
  %

  

 

(c)           In addition to the optional
redemption of the Notes in accordance with the provisions of the preceding
paragraphs, prior to June 30, 2012, the Company may on one or more occasions,
with the net cash proceeds of one or more Equity Offerings, redeem up to 40% of
the aggregate principal amount of the outstanding Notes at a Redemption Price
of 110.75% of the Current Accretion Amount thereof, plus accrued and unpaid

 

A1-8

 

interest not included in the calculation of the
Current Accretion Amount and Additional Interest, if any, thereon to the date
of redemption; provided that at least 60% of
the aggregate principal amount of Notes originally issued on the Issue Date
remains outstanding immediately after the occurrence of any such redemption
(excluding Notes held by Parent and its Affiliates) and that any such
redemption occurs within 90 days following the closing of any such Equity
Offering.

 

(d)           Notice of any redemption upon an
Equity Offering may be given prior to the completion of the related Equity
Offering, and any such redemption or notice may, at the Company’s discretion,
be subject to one or more conditions precedent, including, but not limited to
completion of the related Equity Offering.

 

(e)           Each redemption must relate to an
aggregate principal amount of Notes of $5.0 million or, if lower, the remaining
principal amount of the Notes then outstanding.

 

(6)           Mandatory
Redemption. Except as set forth below, the Company shall not be required to
make mandatory redemption or sinking fund payments with respect to the 10.75%
Senior Subordinated Notes. If the Notes would otherwise constitute “applicable
high yield discount obligations” within the meaning of Section 163(i)(1)
of the Code, at the end of the first accrual period ending after the fifth
anniversary of the Notes’ issuance, the Issuer will be required to redeem for
cash a portion of each Note then outstanding equal to the Mandatory Principal
Redemption Amount. The redemption price for the portion of each Note redeemed
pursuant to a Mandatory Principal Redemption will be 100% of the principal
amount of such portion plus any accrued interest thereon on the date of
redemption. The “Mandatory Principal
Redemption Amount” means the portion of a Note required to be
redeemed to prevent such Note from being treated as an “applicable high yield
discount obligation” within the meaning of Section 163(i)(1) of the Code.
No partial redemption or repurchase of the Notes prior to the AHYDO redemption
date pursuant to any other provision of this Indenture will alter the Issuer’s
obligation to make the Mandatory Principal Redemption with respect to any Notes
that remain outstanding on the AHYDO redemption date.

 

(7)           Repurchase at
Option of Holder.

 

(a)           Upon
the occurrence of a Change of Control, each Holder will have the right to
require the Company to repurchase all or any part (equal to $2,000 or integral
multiples of $1,000 in excess thereof) of such Holder’s 10.75% Senior
Subordinated Notes pursuant to the offer described below (the “Change of Control Offer”) at an offer
price in cash equal to 101% of the aggregate Current Accretion Amount thereof
plus accrued and unpaid interest not included in the calculation of the Current
Accretion Amount and Additional Interest, if any, thereon to the date of
purchase. The Change of Control Offer shall be made in accordance with Section
4.14 of the Indenture.

 

(b)           Upon
the occurrence of certain Asset Sales, the Company may be required to offer to
purchase Notes. The Asset Sale Offer shall be made in accordance with Sections
3.9 and 4.10 of the Indenture.

 

A1-9

 

(c)           Holders
of the 10.75% Senior Subordinated Notes that are the subject of an offer to
purchase will receive notice of a Change of Control Offer or an Asset Sale
Offer from the Company prior to any related purchase date and may elect to have
such 10.75% Senior Subordinated Notes purchased by completing the form titled “Option
of Holder to Elect Purchase” appearing below.

 

(8)           Notice of
Redemption. Notice of redemption shall be mailed by first-class mail at
least 30 days but not more than 60 days before the redemption date to
each Holder whose 10.75% Senior Subordinated Notes are to be redeemed at its
registered address. 10.75% Senior Subordinated Notes in denominations larger
than $2,000 may be redeemed in part but only in minimum denominations of $2,000
and integral multiples of $1,000 thereof, unless all of the 10.75% Senior
Subordinated Notes held by a Holder are to be redeemed. On and after the
redemption date, interest will cease to accrue on the 10.75% Senior
Subordinated Notes or portions hereof called for redemption.

 

(9)           Subordination.
The Notes are unsecured obligations of the Company and subordinated in right of
payment, to the extent and in the manner set forth in the Indenture, to the
prior payment of all Senior Indebtedness of the Company, whether outstanding on
the date of the Indenture or thereafter created, incurred, assumed or
guaranteed. Each Guarantee by a Guarantor is subordinated and junior to the
same extent and in the same manner as the Notes are subordinated and junior to
the Senior Indebtedness of the Company. Each Holder, by his acceptance hereof
agrees to be bound by such provisions and authorizes and expressly directs the
Trustee, on his behalf, to take such action as may be necessary or appropriate
to effectuate the subordination provided for in the Indenture and appoints the
Trustee his attorney-in-fact for such purposes.

 

(10)         Successor Entity.
When a successor entity assumes, in accordance with the Indenture, all of the
obligations of its predecessor under the Notes and the Indenture and
immediately before and after such transaction no Event of Default exists and
certain other conditions are satisfied, the predecessor entity will be released
from those obligations.

 

(11)         Denominations,
Transfer, Exchange. The 10.75% Senior Subordinated Notes are in registered
form without coupons in initial denominations of $2,000 and integral multiples
of $1,000 thereof. The transfer of the 10.75% Senior Subordinated Notes may be
registered and the 10.75% Senior Subordinated Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents
and the Company may require a Holder to pay any taxes and fees required by law
or permitted by the Indenture. The Company need not exchange or register the
transfer of any 10.75% Senior Subordinated Note or portion of a 10.75% Senior
Subordinated Note selected for redemption, except for the unredeemed portion of
any 10.75% Senior Subordinated Note being redeemed in part. Also, it need not
exchange or register the transfer of any 10.75% Senior Subordinated Notes for a
period of 15 days before a selection of 10.75% Senior Subordinated Notes
to be redeemed or during the period between a record date and the corresponding
Interest Payment Date.

 

(12)         Persons Deemed
Owners. The registered holder of a 10.75% Senior Subordinated Note may be
treated as its owner for all purposes.

 

A1-10

 

(13)         Amendment,
Supplement and Waiver. Subject to the following paragraphs, the Indenture
and the 10.75% Senior Subordinated Notes may be amended or supplemented with
the consent of the Holders of at least a majority in aggregate principal amount
of the outstanding 10.75% Senior Subordinated Notes, and any existing Default
or Event of Default or compliance with any provision of the Indenture or the
10.75% Senior Subordinated Notes may be waived with the consent of the Holders
of a majority in aggregate principal amount of the outstanding 10.75% Senior
Subordinated Notes.

 

Notwithstanding
Section 9.2 of the Indenture, without the consent of any Holders,
the Company, the Guarantors, if any, and the Trustee, at any time and from time
to time, may amend or supplement the Indenture for any of the following
purposes:

 

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

 

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

 

(3)   to provide for the assumption by a Successor Company or a
successor company of a Guarantor, as applicable, of the Company’s or such
Guarantor’s obligations under this Indenture, the Notes or any Guarantee;

 

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

 

(5)   to secure the Notes;

 

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

 

(7)   to add a Guarantee of the Notes; or

 

(8)   to release a Guarantor upon its sale or designation as an
Unrestricted Subsidiary or other permitted release from its Guarantee; provided that such sale, designation or release is in
accordance with the applicable provisions of this Indenture.

 

With the
consent of the Holders of not less than a majority in aggregate principal
amount of the outstanding Notes, the Company, the Guarantors, if any, and the
Trustee may amend or supplement the Indenture for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Indenture or the Notes or of modifying in any manner the rights of the
Holders under the Indenture or the Notes, including the definitions herein; provided, however, that
no such amendment or supplement shall, without the consent of the Holder of
each outstanding Note affected thereby:

 

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

 

A1-11

 

(10)         reduce the principal of or change the fixed maturity of any
Note or alter the provisions with respect to the redemption of such Notes
issued thereunder (other than provisions relating to Sections 3.9, 4.10
and 4.14 except as set forth in item (10) below);

 

(11)         reduce the rate of or change the time for payment of
interest on any Note issued thereunder;

 

(12)         waive a Default or Event of Default in the payment of
principal of, or interest or premium, or Additional Interest, if any, on the
Notes issued thereunder (except a rescission of acceleration of such Notes
issued thereunder by the holders of at least a majority in aggregate principal
amount of such Notes issued thereunder with respect to a nonpayment default and
a waiver of the payment default that resulted from such acceleration);

 

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

 

(14)         make any change in the provisions of this Indenture relating
to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest or premium or Additional Interest, if
any, on such Notes issued thereunder or impair the right of any holder of Notes
to institute suit for the enforcement of any payment on or with respect to such
Holder’s Notes;

 

(15)         waive a redemption payment with respect to any Note issued
thereunder (other than a payment required by Sections 3.9, 4.10
and 4.14 except as set forth in item (10) below);

 

(16)         make any change in the ranking, priority or subordination
provisions of any Note that would adversely affect the Holders of such Notes;

 

(17)         modify the Guarantees in any manner adverse to the Holders
of the Notes;

 

(18)         amend, change or modify in any material respect the
obligation of the Company to make and consummate a Change of Control Offer in
respect of a Change of Control that has occurred or make and consummate an
Asset Sale Offer in respect of an Asset Sale that has been consummated after a
requirement to make an Asset Sale Offer has arisen; or

 

(19)         make any change in the preceding amendment and waiver
provisions.

 

The Holders of
not less than a majority in aggregate principal amount of the outstanding Notes
may on behalf of the Holders of all the Notes waive any past Default under the
Indenture and its consequences, except a Default:

 

(1)           in
any payment in respect of the principal of (or premium, if any) or interest on
any Notes (including any Note which is required to have been purchased pursuant
to a Change of Control Offer or an Asset Sale Offer which has been made by the
Company), or

 

A1-12

 

(2)           in
respect of a covenant or provision hereof which under this Indenture cannot be
modified or amended without the consent of the Holder of each outstanding Note
affected.

 

It shall not
be necessary for the consent of the Holders of Notes under Section 9.2
of the Indenture to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance
thereof.

 

After an amendment, supplement or waiver under Section 9.2 of
the Indenture becomes effective, the Company shall mail to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or
waiver. Any failure of the Company to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
amended or supplemental Indenture or waiver.

 

(14)         Defaults and
Remedies. Events of Default include:

 

(1)           the
Company defaults in payment when due and payable, upon redemption, acceleration
or otherwise, of principal of, or premium, if any, on the Notes, whether or not
such payment is prohibited by Article X of the Indenture;

 

(2)           the
Company defaults in the payment when due of interest or Additional Interest, if
any, on or with respect to the Notes and such default continues for a period of
30 days, whether or not such payment is prohibited by Article X of the
Indenture;

 

(3)           the
Company defaults in the performance of, or breaches any covenant, warranty or
other agreement contained in, this Indenture (other than a default in the
performance or breach of a covenant, warranty or agreement which is
specifically dealt with in clause (1) or (2) above), whether or not such
payment is prohibited by the subordination provisions of the Indenture, and
such default or breach continues for a period of 60 days after the notice
specified below;

 

(4)           a
default under any mortgage, indenture or instrument under which there is issued
or by which there is secured or evidenced any Indebtedness for money borrowed
by the Company or any Restricted Subsidiary or the payment of which is
guaranteed by the Company or any Restricted Subsidiary (other than Indebtedness
owed to the Company or a Restricted Subsidiary), whether such Indebtedness or
guarantee now exists or is created after the Issue Date, if (A) in the
case of any such default under the Senior Indebtedness only, such default
either (1) results from the failure to pay any such Senior Indebtedness at
its stated final maturity (after giving effect to any applicable grace periods)
or (2) relates to an obligation other than the obligation to pay principal
of any such Senior Indebtedness at its stated final maturity and results in the
holder or holders of such Indebtedness causing such Indebtedness to become due
prior to its stated maturity and (B) the principal amount of such
Indebtedness, together with the principal amount of any other such Indebtedness
in default or, in the case of any other such Senior Indebtedness, in default
for failure to pay principal at stated final maturity (after giving effect to
any applicable grace periods), or the maturity of which has been so
accelerated, 

 

A1-13

 

aggregate $40.0 million (or its foreign currency equivalent) or
more at any one time outstanding;

 

(5)           the
failure by the Company or any Significant Subsidiary to pay final judgments
aggregating in excess of $25.0 million (other than any judgments covered
by indemnities or insurance policies issued by reputable and creditworthy
companies), which final judgments remain unpaid, undischarged and unstayed for
a period of more than 60 days after the applicable judgment becomes final
and non-appealable;

 

(6)           the
occurrence of any event of default under any Indebtedness that ranks pari passu with the Notes or Subordinated Indebtedness of
the Company or any Restricted Subsidiary, if the total amount of such Indebtedness
as to which a Default or Event of Default has occurred exceeds $30.0 million or
its foreign currency equivalent,

 

(7)           until
the Disposition Date (unless waived by the GSMP Group), (A) the failure of any
representation, warranty, certification or statement made or deemed to have
been made by or on behalf of the Company or by any of its officers or employees
in any statement or certificate at any time given by or on behalf of the
Company in writing pursuant to the Note Purchase Agreement to be true and
correct in any material respect on the date as of which made or (B) default in
the performance of, or breach of any covenant, warranty or other agreement
contained in, the Note Purchase Agreement and such default or breach continues
for a period of 30 days;

 

(8)           the
Guarantee of Parent or a Significant Subsidiary that is a Guarantor or any
group of Subsidiaries that are Guarantors and that, taken together as of the
date of the most recent audited financial statements of the Company, would
constitute a Significant Subsidiary ceases to be in full force and effect
(except as contemplated by the terms hereof) or Parent or any Guarantor denies
or disaffirms its obligations under this Indenture or any Guarantee, other than
by reason of the release of the Guarantee in accordance with the terms of the
Indenture; or

 

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

 

(a)           commences a voluntary case,

 

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

 

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

 

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

 

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

 

A1-14

 

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

 

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

 

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

 

(c)           orders the liquidation of the Company
or any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary and the order or decree remains unstayed and in effect for 60
consecutive days.

 

If an Event of
Default (other than an Event of Default specified in clause (8) above with
respect to the Company) shall occur and be continuing, the Trustee or the
Holders of at least 25% in aggregate principal amount of the outstanding Notes
may declare the principal of the Notes and any accrued interest on the Notes to
be due and payable by notice in writing to the Company and the Trustee
specifying the respective Event of Default and that it is a “notice of
acceleration” (the “Acceleration Notice”)
and the same shall immediately become due and payable; provided
that, so long as any Indebtedness permitted to be incurred under this Indenture
as part of the Credit Agreement or any series of the Senior Notes shall be
outstanding, no such acceleration shall be effective until the earlier of:

 

(1)           acceleration
of any such Indebtedness under the Credit Agreement and the Senior Notes, and

 

(2)           five
(5) Business Days after the giving of written notice of such acceleration to
the Company and each Representative under the Credit Agreement and the trustee
under the Senior Indenture.

 

Upon such
declaration of acceleration, the aggregate principal amount of, and accrued and
unpaid interest and Additional Interest, if any, on all of the outstanding
Notes shall ipso facto become and be immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holder of Notes. After such acceleration, but before a judgment or decree
based on acceleration, the Holders of a majority in aggregate principal amount
of such outstanding Notes may, under certain circumstances, rescind and annul
such acceleration if all Events of Default, other than the nonpayment of
accelerated principal of or interest on such Notes, have been cured or waived
as provided in this Indenture.

 

In the event of
any Event of Default specified in clause (4) above, such Event of Default
and all consequences thereof (excluding, however, any resulting payment
default) will be annulled, waived and rescinded, automatically and without any
action by the Trustee or the Holders of the Notes, if within 30 days after
such Event of Default arose the Company delivers 

 

A1-15

 

an Officers’ Certificate to the Trustee stating that (x) the
Indebtedness or guarantee that is the basis for such Event of Default has been
discharged, (y) the holders thereof have rescinded or waived the
acceleration, notice or action (as the case may be) giving rise to such Event
of Default or (z) the default that is the basis for such Event of Default
has been cured, it being understood that in no event shall an acceleration of
the principal amount of the Notes as described above be annulled, waived or
rescinded upon the happening of any such events.

 

If an Event of
Default specified in clause (8) above with respect to the Company occurs
and is continuing, then all unpaid principal of, and premium, if any, and
accrued and unpaid interest and Additional Interest, if any, on all of the
outstanding Notes shall ipso facto
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any holder of the Notes.

 

If, at any
time prior to the Disposition Date, unless waived by the GSMP Group, a Default
in the payment when due of interest on, principal of, or premium, if any, on,
the Notes or an Event of Default has occurred and is continuing, then in each
case the Notes will accrue interest at the stated interest rate on the Notes
plus the Default Interest Rate until the earlier of such time as no such
Default or such Event of Default shall be continuing (to the extent that the
payment of such interest shall be legally enforceable) or the Disposition Date.
At any other time, any
amounts payable under or in respect of the Notes not paid when due will
accrue interest at the stated interest rate on the Notes plus the Default Interest
Rate until such time as such amounts are paid in full, including any interest
thereon (to the extent that the payment of such overdue interest shall be
legally enforceable). Default interest shall be payable in cash on demand and,
to the extent applicable, in accordance with Section 2.12 of the Indenture.

 

(15)         Currency
Provisions. (i) US Dollars are the sole currency of account and
payment for all sums payable by the Company and the Guarantors under or in
connection with the US$ Denominated Notes, the Guarantees of the US$
Denominated Notes or this Indenture to the extent it relates to the US$
Denominated Notes, including damages related thereto. Any amount received or
recovered in a currency other than US Dollars by a Holder of US$ Denominated
Notes (whether as a result of, or of the enforcement of, a judgment or order of
a court of any jurisdiction, in the winding-up or dissolution of the Company or
otherwise) in respect of any sum expressed to be due to it from the Company
shall only constitute a discharge to the Company to the extent of the US Dollar
amount, which the recipient is able to purchase with the amount so received or
recovered in US Dollars on the date of that receipt or recovery (or, if it is
not practicable to make that purchase on that date, on the first date on which
it is practicable to do so). If US Dollar amount is less than the US Dollar
amount expressed to be due to the recipient under the applicable Notes, the
Company shall indemnify it against any loss sustained by it as a result of such
shortfall. In any event, the Company and the Guarantors shall indemnify the
recipient against the cost of making any such purchase.

 

(ii)   The
Indenture contains provisions governing currency conversions for purposes of
obtaining or enforcing a judgment in a different currency.

 

(16)         Trustee Dealings
with the Company. The Trustee, in its individual or any other capacity, may
make loans to, accept deposits from, and perform services for the Company, the

 

A1-16

 

Guarantors or their respective Affiliates, and may otherwise deal with
the Company, the Guarantors or their respective Affiliates, as if it were not
the Trustee.

 

(17)         No Recourse
Against Others. No director, officer, employee, stockholder, unitholder,
member, general or limited partner or incorporator, past, present or future, of
the Company, any of its Subsidiaries or any of its direct or indirect parent
companies as such or in such capacity, shall have any personal liability for
any obligations of the Company or any Guarantor under the Notes, any Guarantee
or the Indenture by reason of his, her or its status as such director, officer,
employee, stockholder, unitholder, member, general or limited partner or
incorporator.

 

(18)         Authentication.
This 10.75% Senior Subordinated Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent.

 

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

 

(20)         CUSIP and ISIN
Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP
and ISIN numbers to be printed on the 10.75% Senior Subordinated Notes and the
Trustee may use CUSIP and ISIN numbers in notices of redemption as a
convenience to the Holders. No representation is made as to the accuracy of
such numbers either as printed on the 10.75% Senior Subordinated Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

 

(21)         Registration
Rights. The Notes are entitled to the benefits of a registration rights
agreement to be executed in connection with the issuance of Notes.

 

(22)         Successor Entity.
 When a successor entity assumes, in accordance with the Indenture, all of
the obligations of its predecessor under the Notes and the Indenture, and
immediately after such transaction, no Event of Default exists and certain
other conditions are satisfied, the predecessor entity will be released from
those obligations.

 

The Company
shall furnish to any Holder upon written request and without charge a copy of
the Indenture. Requests may be made to:

 

VWR Funding, Inc. (formerly known as CDRV Investors, Inc.)

1310 Goshen Parkway

West Chester, PA 19380

Facsimile:  (610) 431-1700

Attention:  Chief Financial Officer

 

A1-17

 

ASSIGNMENT FORM

 

To assign this
10.75% Senior Subordinated Note, fill in the form below:  (I) or (we) assign and transfer this 10.75%
Senior Subordinated Note to

 

 

	
   

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

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  (Print or type assignee’s name, address and
  zip code)

  
	
   

  
	
  and irrevocably appoint

  
	
   

  
	
   

  
	
  to transfer this 10.75% Senior Subordinated Note on the books of the
  Company. The agent may substitute another to act for him.

  
	
   

  
	
  Date: 

  	
   

  	
   

  
	
   

  
	
   

  	
  Your Signature:

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign
  exactly as your name 

  appears on the face of this 10.75% 

  Senior Subordinated Note)

  
	
   

  	
   

  	
   

  
	
  Signature guarantee:

  	
   

  	
   

  
						

 

A1-18

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to
elect to have this 10.75% Senior Subordinated Note purchased by the Company
pursuant to Section 4.10 or 4.14 of the Indenture, check the
box below:

 

[  ]
Section 4.10     [  ]
Section 4.14

 

If you want to
elect to have only part of the 10.75% Senior Subordinated Note purchased by the
Company pursuant to Section 4.10 or Section 4.14 of the
Indenture, state the amount you elect to have purchased:  $             

 

	
  Date: 

  	
   

  	
   

  
	
   

  
	
   

  	
  Your Signature: 

  	
   

  	
   

  
	
   

  	
  (Sign exactly as your name 

  appears on the 10.75% Senior 

  Subordinated Note)

  
	
   

  	
   

  
	
  Tax Identification No.:

  	
   

  
	
   

  	
   

  
	
  Signature guarantee:

  	
   

  
						

 

A1-19

 

SCHEDULE OF EXCHANGES OF 10.75% Senior
Subordinated Notes

 

The following
exchanges of a part of this Global Note for other 10.75% Senior Subordinated
Notes have been made: 

 

	
  Date of Exchange

  	
   

  	
  Amount of 

  Decrease in 

  Principal 

  Amount of this 

  Global Note

  	
   

  	
  Amount of 

  Increase in 

  Principal 

  Amount of this 

  Global Note

  	
   

  	
  Principal 

  Amount of this 

  Global Note 

  Following such 

  Decrease (or 

  Increase)

  	
   

  	
  Signature of 

  Authorized 

  Officer of 

  Trustee or Note 

  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A1-20

 

EXHIBIT A-2

 

FORM OF EUR DENOMINATED NOTE

(Face of 10.75% Senior Subordinated Note due
2017)

 

[Global Note Legend]

 

THIS GLOBAL NOTE IS HELD BY
THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS
NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION
2.6(g) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT
NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE
MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF
THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
COMMON DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE COMMON DEPOSITARY TO A NOMINEE
OF THE COMMON DEPOSITARY OR BY A NOMINEE OF THE COMMON DEPOSITARY TO THE COMMON
DEPOSITARY OR ANOTHER NOMINEE OF THE COMMON DEPOSITARY OR BY THE COMMON
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR COMMON DEPOSITARY OR A NOMINEE OF
SUCH SUCCESSOR COMMON DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITORY TO THE COMPANY OR THEIR
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF DEUTSCHE BANK AG, LONDON BRANCH, OR SUCH
OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON
DEPOSITORY (AND ANY PAYMENT IS MADE TO DEUTSCHE BANK AG, LONDON BRANCH, OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON
DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, DEUTSCHE
BANK AG, LONDON BRANCH, HAS AN INTEREST HEREIN.

 

[Restricted Notes Legend]

 

THIS NOTE EVIDENCED HEREBY HAS NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED  (THE “SECURITIES ACT”) AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A QUALIFIED 

 

A2-1

 

INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO
AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (5) IN ACCORDANCE WITH ANOTHER
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (BASED UPON
AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS) OR (6) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE
WITH ALL APPLICABLE BLUE SKY LAWS OF THE STATES OF THE UNITED STATES.

 

[Regulation S Temporary
Global Note Legend]

 

THE
RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS
AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED
IN THE INDENTURE (AS DEFINED HEREIN).

 

A2-2

 

VARIETAL DISTRIBUTION MERGER SUB, INC.

 

10.75% Senior Subordinated
Notes due 2017

 

	
  No.

  	
   

  	
  €

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ISIN NO.: [        ](2)

  
	
   

  	
  COMMON CODE: [        ]

  

 

Varietal Distribution Merger Sub, Inc. (the “Company,” which includes any successor
entity) promises to pay to Deutsche Bank AG, London Branch, as common
depository for Euroclear Bank S.A./N.V. and Clearstream Banking Société Anonyme
or registered assigns, the principal sum of
             Euro (€
       ) on June 30, 2017. Upon consummation
of the Transactions CDRV Investors, Inc. (to be renamed VWR Funding, Inc.) will
assume the obligations of the Company under this Note.

 

Interest Payment Dates:  December
31, March 31, June 30 and September 30, commencing on September 30, 2007

 

Record Dates:  December 15, March
15, June 15 and September 15

 

Reference is
made to further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as set forth at
this place.

 

Unless the
certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, this Note shall not be entitled
to any benefits under the Indenture referred to on the reverse hereof or be
valid or obligatory for any purpose.

 

(2)           Rule 144A Note Common
Code: 030928687

Rule 144A Note
ISIN: US918436AC03

Regulation S
Note Common Code: 030928679

Regulation S
Note ISIN: USU9291UAC37

 

A2-3

 

IN WITNESS WHEREOF, the
Company has caused this Note to be signed manually or by facsimile by its duly
authorized officers.

 

Dated:

 

	
   

  	
  VARIETAL DISTRIBUTION MERGER SUB, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

A2-4

 

This is one of the Senior Subordinated Notes referred to in the
within-mentioned

Indenture:

 

Dated:

 

Law Debenture Trust Company of New
York, as Trustee

 

 

	
  By:

  	
   

  	
   

  

 

A2-5

 

(Back of 10.75% Senior Subordinated Note)

10.75% Senior Subordinated Notes due 2017

 

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

 

(1)           Interest.
Varietal Distribution Merger Sub, Inc. (the “Company,” which includes any successor
entity) promises to pay interest on the principal amount of this 10.75% Senior
Subordinated Note due 2017 (a “10.75% Senior Subordinated
Note”) at a fixed rate of 10.75% per
annum. The Company will pay interest in Euros (except as otherwise
provided herein) quarterly in arrears on December 31, March 31, June 30 and
September 30, commencing on September 30, 2007 or if any such day is not a
Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the 10.75% Senior
Subordinated Notes shall accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from the Issue Date; provided that if there is no existing Default or Event of
Default in the payment of interest, and if this 10.75% Senior Subordinated Note
is authenticated between a record date referred to on the face hereof and the
next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date, except in the case of the original issuance
of 10.75% Senior Subordinated Notes, in which case interest shall accrue from
the date of authentication. All interest on the Notes shall be paid in cash; provided, however,
that on any Interest Payment Date prior to June 30, 2010, the Company shall
have the option to capitalize and to add to the principal amount outstanding of
each Note a portion of the interest payable on such Note on such Interest
Payment Date not to exceed 3% of such interest rate per annum. . In the event
that the Company opts to capitalize interest, it shall provide written notice
to the Paying Agent, no later than three Business Days prior to the relevant
Interest Payment Date of (i) the amount of interest that it intends to
capitalize, and (ii) the aggregate principal amount of Notes outstanding after
giving effect to the capitalization of interest. All references to the “principal”
of the Notes shall include interest accrued and capitalized as provided herein.
The Company shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal to the extent lawful;
it shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest and Additional
Interest, if any (without regard to any applicable grace period) to the extent
lawful. Interest shall be computed on the basis of a 360-day year comprised of
twelve 30-day months. The interest rate on the Notes will in no event be higher
than the maximum rate permitted by New York law as the same may be modified by
United States law of general application.

 

(2)           Method of Payment.
The Company will pay interest on the 10.75% Senior Subordinated Notes (except
defaulted interest) on the applicable Interest Payment Date to the Persons who
are registered Holders of 10.75% Senior Subordinated Notes at the close of
business on the December 15, March 15, June 15 and September 15 preceding the
Interest Payment Date, even if such 10.75% Senior Subordinated Notes are
cancelled after such record date and on or before such Interest Payment Date,
except as provided in Section 2.12 of the Indenture with respect to
defaulted interest. The 10.75% Senior Subordinated Notes shall be 

 

A2-6

 

payable as to
principal, premium, if any, and interest and Additional Interest, if any, at
the offices or agencies of one or more Paying Agents maintained for such
purpose as provided in the Indenture, or, at the option of the Company, payment
of interest may be made by check mailed to the Holders at their addresses set
forth in the register of Holders; provided that
payment by wire transfer of immediately available funds shall be required with
respect to principal of, premium, if any, and interest on, all Global Notes and
all other 10.75% Senior Subordinated Notes the Holders of which shall have
provided, at least three  Business Days
prior to the applicable payment date, written wire transfer instructions to the
Company and the Paying Agent. Such payment shall be in Euro.

 

Any payments
of principal of this 10.75% Senior Subordinated Note prior to Stated Maturity
shall be binding upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. The amount due and payable at the maturity
of this Note shall be payable only upon presentation and surrender of this Note
at an office of the Trustee or the Trustee’s agent appointed for such purposes.

 

(3)           Paying Agent and
Registrar. Initially, Deutsche Bank Trust Company Americas shall act as
Registrar and Deutsche Bank AG, London Branch, shall act as Paying Agent with
respect to the EUR Denominated Notes. The Company may change any Paying Agent
or Registrar without notice to any Holder. The Company or any of its Restricted
Subsidiaries may act in any such capacity.

 

(4)           Indenture.
The Company issued the 10.75% Senior Subordinated Notes under an Indenture,
dated as of June 29, 2007 (the “Indenture”),
by and among Varietal Distribution Merger Sub, Inc., VWR Funding, Inc.
(formerly known as CDRV Investors, Inc.), the Trustee, Deutsche Bank Trust Company
Americas, and Deutsche Bank AG, London Branch. The terms of the 10.75% Senior
Subordinated Notes include those stated in the Indenture and those made a part
of the Indenture by reference to the Trust Indenture Act of 1939, as amended
(15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”).
To the extent the provisions of this 10.75% Senior Subordinated Note are
inconsistent with the provisions of the Indenture, the Indenture shall govern.
The 10.75% Senior Subordinated Notes are subject to all such terms, and Holders
are referred to the Indenture and such Act for a statement of such terms. The
10.75% Senior Subordinated Notes issued on the Issue Date are senior
subordinated obligations of the Company limited to $520,000,000 (or U.S. Dollar
Equivalent thereof) in aggregate principal amount, plus interest capitalized
pursuant to Paragraph 1 hereof and plus amounts, if any, sufficient to pay
premium and interest on outstanding 10.75% Senior Subordinated Notes as set
forth in Paragraph 2 hereof. The Notes are issued in two tranches: (i) the
tranche designated as EUR Denominated Notes limited to €125,000,000.00 (or U.S.
Dollar Equivalent thereof) in the aggregate principal amount, plus interest
capitalized pursuant to Paragraph 1 hereof and plus amounts, if any, sufficient
to pay premium and interest on outstanding EUR Denominated Notes as set forth
in Paragraph 2 hereof and (ii) the tranche designated as US$ Denominated
Notes limited to $353,335,000.00 in the aggregate principal amount, plus
interest capitalized pursuant to Paragraph 1 hereof and plus amounts, if any,
sufficient to pay premium and interest on 

 

A2-7

 

outstanding
US$ Denominated Notes as set forth in Paragraph 2 hereof; provided, however,
that all Notes issued under the Indenture vote and consent together on all
matters (as to which any of such Notes may vote or consent) as one tranche and
no tranche of Notes has the right to vote or consent as a separate tranche on
any matter. Except as stated in the Indenture, any Note issued in exchange,
substitution or replacement for any other Note may only be of the same tranche
as the Note being so exchanged, replaced or substituted for.

 

The payment of
principal and interest on the 10.75% Senior Subordinated Notes is
unconditionally guaranteed on an unsecured senior subordinated basis by the
Guarantors.

 

(5)           Optional
Redemption.

 

(f)         The Notes may be redeemed in whole or
in part, at any time prior to June 30, 2012, at the option of the Company upon
not less than 30 nor more than 60 days’ prior notice mailed by first-class
mail to each Holder’s registered address, at a redemption price equal to the
100% of the Current Accretion Amount of the Notes redeemed plus the Applicable
Premium multiplied by the Current Accretion Amount (as defined below) as of,
and accrued and unpaid interest not included in the calculation of the Current
Accretion Amount and Additional Interest, if any, to, the applicable redemption
date (subject to the right of Holders on the relevant record date to receive
interest due on the relevant interest payment date).

 

For the purposes hereof, “Current Accretion Amount” shall mean the
sum of (x) the then outstanding principal principal amount of the Notes being
redeemed (including all the interest previously added to the principal of the
Notes), and (y) to the extent such redemption occurs prior to June 30, 2010, if
a portion of the accrued and unpaid interest on the Notes as of the Interest
Payment Date immediately prior to the redemption date was capitalized on such
interest payment date as permitted by Paragraph 1 above, that same portion of
accrued and unpaid interest on the Notes to the redemption date that may be
permitted to be capitalized on the next Interest Payment Date.

 

(g)        The Notes are subject to redemption, at
the option of the Company, in whole or in part, at any time on or after June
30, 2012, upon not less than 30 nor more than 60 days’ notice at the
following Redemption Prices (expressed as percentages of the Current Accretion
Amount to be redeemed) set forth below, plus accrued and unpaid interest not
included in the calculation of the Current Accretion Amount and Additional
Interest, if any, to, but not including, the redemption date (subject to the
right of Holders of record on the relevant regular record date to receive
interest due on an interest payment date that is on or prior to the redemption
date), if redeemed during the 12-month period beginning June 30 of the years
indicated below: 

 

A2-8

 

	
  Year

  	
   

  	
  Redemption Price

  	
   

  
	
  2012

  	
   

  	
  105.375

  	
  %

  
	
  2013

  	
   

  	
  102.6875

  	
  %

  
	
  2014 and thereafter

  	
   

  	
  100

  	
  %

  

 

(h)           In addition to the optional
redemption of the Notes in accordance with the provisions of the preceding
paragraphs, prior to June 30, 2012, the Company may on one or more occasions,
with the net cash proceeds of one or more Equity Offerings, redeem up to 40% of
the aggregate principal amount of the outstanding Notes at a Redemption Price
of 110.75% of the Current Accretion Amount thereof, plus accrued and unpaid
interest not included in the calculation of the Current Accretion Amount and Additional
Interest, if any, thereon to the date of redemption; provided
that at least 60% of the aggregate principal amount of Notes originally issued
on the Issue Date remains outstanding immediately after the occurrence of any
such redemption (excluding Notes held by Parent and its Affiliates) and that
any such redemption occurs within 90 days following the closing of any
such Equity Offering.

 

(i)            Notice of any redemption upon an
Equity Offering may be given prior to the completion of the related Equity
Offering, and any such redemption or notice may, at the Company’s discretion,
be subject to one or more conditions precedent, including, but not limited to
completion of the related Equity Offering.

 

(j)            Each redemption must relate to an
aggregate principal amount of Notes of $€5.0 million or, if lower, the
remaining principal amount of the Notes then outstanding.

 

(6)           Mandatory
Redemption. Except as set forth below, the Company shall not be required to
make mandatory redemption or sinking fund payments with respect to the 10.75%
Senior Subordinated Notes. If the Notes would otherwise constitute “applicable
high yield discount obligations” within the meaning of Section 163(i)(1)
of the Code, at the end of the first accrual period ending after the fifth anniversary
of the Notes’ issuance, the Issuer will be required to redeem for cash a
portion of each Note then outstanding equal to the Mandatory Principal
Redemption Amount. The redemption price for the portion of each Note redeemed
pursuant to a Mandatory Principal Redemption will be 100% of the principal
amount of such portion plus any accrued interest thereon on the date of
redemption. The “Mandatory Principal
Redemption Amount” means the portion of a Note required to be
redeemed to prevent such Note from being treated as an “applicable high yield
discount obligation” within the meaning of Section 163(i)(1) of the Code.
No partial redemption or repurchase of the Notes prior to the AHYDO redemption
date pursuant to any other provision of this Indenture will alter the Issuer’s
obligation to make the Mandatory Principal Redemption with respect to any Notes
that remain outstanding on the AHYDO redemption date.

 

(7)           Repurchase at
Option of Holder.

 

(a)           Upon
the occurrence of a Change of Control, each Holder will have the right to
require the Company to repurchase all or any part (equal to €50,000 or integral

 

A2-9

 

multiples of €1,000 in excess thereof) of such Holder’s 10.75% Senior
Subordinated Notes pursuant to the offer described below (the “Change of Control Offer”) at an offer
price in cash equal to 101% of the aggregate Current Accretion Amount thereof
plus accrued and unpaid interest not included in the calculation of the Current
Accretion Amount and Additional Interest, if any, thereon to the date of
purchase. The Change of Control Offer shall be made in accordance with Section
4.14 of the Indenture.

 

(b)           Upon
the occurrence of certain Asset Sales, the Company may be required to offer to
purchase Notes. The Asset Sale Offer shall be made in accordance with Sections
3.9 and 4.10 of the Indenture.

 

(c)           Holders
of the 10.75% Senior Subordinated Notes that are the subject of an offer to
purchase will receive notice of a Change of Control Offer or an Asset Sale
Offer from the Company prior to any related purchase date and may elect to have
such 10.75% Senior Subordinated Notes purchased by completing the form titled “Option
of Holder to Elect Purchase” appearing below.

 

(8)           Notice of
Redemption. Notice of redemption shall be mailed by first-class mail at
least 30 days but not more than 60 days before the redemption date to
each Holder whose 10.75% Senior Subordinated Notes are to be redeemed at its
registered address. 10.75% Senior Subordinated Notes in denominations larger
than €50,000 may be redeemed in part but only in minimum denominations of
€50,000 and integral multiples of €1,000 thereof, unless all of the 10.75%
Senior Subordinated Notes held by a Holder are to be redeemed. On and after the
redemption date, interest will cease to accrue on the 10.75% Senior
Subordinated Notes or portions hereof called for redemption.

 

(9)           Subordination.
The Notes are unsecured obligations of the Company and subordinated in right of
payment, to the extent and in the manner set forth in the Indenture, to the
prior payment of all Senior Indebtedness of the Company, whether outstanding on
the date of the Indenture or thereafter created, incurred, assumed or
guaranteed. Each Guarantee by a Guarantor is subordinated  and junior to the same extent and in the same
manner as the Notes are subordinated and junior to the Senior Indebtedness of
the Company. Each Holder, by his acceptance hereof agrees to be bound by such
provisions and authorizes and expressly directs the Trustee, on his behalf, to
take such action as may be necessary or appropriate to effectuate the subordination
provided for in the Indenture and appoints the Trustee his attorney-in-fact for
such purposes.

 

(10)         Successor Entity.
When a successor entity assumes, in accordance with the Indenture, all of the
obligations of its predecessor under the Notes and the Indenture and
immediately before and after such transaction no Event of Default exists and
certain other conditions are satisfied, the predecessor entity will be released
from those obligations.

 

(11)         Denominations,
Transfer, Exchange. The 10.75% Senior Subordinated Notes are in registered
form without coupons in initial denominations of €50,000 and integral multiples
of €1,000 thereof. The transfer of the 10.75% Senior Subordinated Notes may be
registered and the 

 

A2-10

 

10.75% Senior
Subordinated Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a
Holder to pay any taxes and fees required by law or permitted by the Indenture.
The Company need not exchange or register the transfer of any 10.75% Senior
Subordinated Note or portion of a 10.75% Senior Subordinated Note selected for
redemption, except for the unredeemed portion of any 10.75% Senior Subordinated
Note being redeemed in part. Also, it need not exchange or register the
transfer of any 10.75% Senior Subordinated Notes for a period of 15 days
before a selection of 10.75% Senior Subordinated Notes to be redeemed or during
the period between a record date and the corresponding Interest Payment Date.

 

(12)         Persons Deemed
Owners. The registered holder of a 10.75% Senior Subordinated Note may be
treated as its owner for all purposes.

 

(13)         Amendment,
Supplement and Waiver. Subject to the following paragraphs, the Indenture
and the 10.75% Senior Subordinated Notes may be amended or supplemented with
the consent of the Holders of at least a majority in aggregate principal amount
of the outstanding 10.75% Senior Subordinated Notes, and any existing Default
or Event of Default or compliance with any provision of the Indenture or the
10.75% Senior Subordinated Notes may be waived with the consent of the Holders
of a majority in aggregate principal amount of the outstanding 10.75% Senior
Subordinated Notes.

 

Notwithstanding
Section 9.2 of the Indenture, without the consent of any Holders,
the Company, the Guarantors, if any, and the Trustee, at any time and from time
to time, may amend or supplement the Indenture for any of the following
purposes:

 

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

 

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

 

(3)           to
provide for the assumption by a Successor Company or a successor company of a
Guarantor, as applicable, of the Company’s or such Guarantor’s obligations
under this Indenture, the Notes or any Guarantee;

 

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

 

(5)           to
secure the Notes;

 

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

 

(7)           to
add a Guarantee of the Notes; or

 

A2-11

 

(8)           to
release a Guarantor upon its sale or designation as an Unrestricted Subsidiary
or other permitted release from its Guarantee; provided
that such sale, designation or release is in accordance with the applicable
provisions of this Indenture.

 

With the
consent of the Holders of not less than a majority in aggregate principal
amount of the outstanding Notes, the Company, the Guarantors, if any, and the
Trustee may amend or supplement the Indenture for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Indenture or the Notes or of modifying in any manner the rights of the
Holders under the Indenture or the Notes, including the definitions herein; provided, however, that
no such amendment or supplement shall, without the consent of the Holder of
each outstanding Note affected thereby:

 

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

 

(2)           reduce
the principal of or change the fixed maturity of any Note or alter the
provisions with respect to the redemption of such Notes issued thereunder
(other than provisions relating to Sections 3.9, 4.10 and 4.14
except as set forth in item (10) below);

 

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

 

(4)           waive
a Default or Event of Default in the payment of principal of, or interest or
premium, or Additional Interest, if any, on the Notes issued thereunder (except
a rescission of acceleration of such Notes issued thereunder by the holders of
at least a majority in aggregate principal amount of such Notes issued
thereunder with respect to a nonpayment default and a waiver of the payment
default that resulted from such acceleration);

 

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

 

(6)           make
any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Holders of Notes to receive payments of principal of,
or interest or premium or Additional Interest, if any, on such Notes issued
thereunder or impair the right of any holder of Notes to institute suit for the
enforcement of any payment on or with respect to such Holder’s Notes;

 

(7)           waive
a redemption payment with respect to any Note issued thereunder (other than a
payment required by Sections 3.9, 4.10 and 4.14
except as set forth in item (10) below);

 

(8)           make
any change in the ranking, priority or subordination provisions of any Note
that would adversely affect the Holders of such Notes;

 

(9)           modify
the Guarantees in any manner adverse to the Holders of the Notes;

 

A2-12

 

(10)         amend,
change or modify in any material respect the obligation of the Company to make
and consummate a Change of Control Offer in respect of a Change of Control that
has occurred or make and consummate an Asset Sale Offer in respect of an Asset
Sale that has been consummated after a requirement to make an Asset Sale Offer
has arisen; or

 

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

 

The Holders of
not less than a majority in aggregate principal amount of the outstanding Notes
may on behalf of the Holders of all the Notes waive any past Default under the
Indenture and its consequences, except a Default:

 

(10)         in
any payment in respect of the principal of (or premium, if any) or interest on
any Notes (including any Note which is required to have been purchased pursuant
to a Change of Control Offer or an Asset Sale Offer which has been made by the
Company), or

 

(12)         in
respect of a covenant or provision hereof which under this Indenture cannot be
modified or amended without the consent of the Holder of each outstanding Note
affected.

 

It shall not
be necessary for the consent of the Holders of Notes under Section 9.2
of the Indenture to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance
thereof.

 

After an amendment, supplement or waiver under Section 9.2 of
the Indenture becomes effective, the Company shall mail to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or
waiver. Any failure of the Company to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
amended or supplemental Indenture or waiver.

 

(14)         Defaults and
Remedies. Events of Default include:

 

(1)           the
Company defaults in payment when due and payable, upon redemption, acceleration
or otherwise, of principal of, or premium, if any, on the Notes, whether or not
such payment is prohibited by Article X of the Indenture;

 

(2)           the
Company defaults in the payment when due of interest or Additional Interest, if
any, on or with respect to the Notes and such default continues for a period of
30 days, whether or not such payment is prohibited by Article X of the
Indenture;

 

(3)           the
Company defaults in the performance of, or breaches any covenant, warranty or
other agreement contained in, this Indenture (other than a default in the
performance or breach of a covenant, warranty or agreement which is
specifically dealt with in clause (1) or (2) above), whether or not such
payment is prohibited by the 

 

A2-13

 

subordination provisions of the Indenture, and such default or breach
continues for a period of 60 days after the notice specified below;

 

(4)           a
default under any mortgage, indenture or instrument under which there is issued
or by which there is secured or evidenced any Indebtedness for money borrowed
by the Company or any Restricted Subsidiary or the payment of which is
guaranteed by the Company or any Restricted Subsidiary (other than Indebtedness
owed to the Company or a Restricted Subsidiary), whether such Indebtedness or
guarantee now exists or is created after the Issue Date, if (A) in the
case of any such default under the Senior Indebtedness only, such default
either (1) results from the failure to pay any such Senior Indebtedness at
its stated final maturity (after giving effect to any applicable grace periods)
or (2) relates to an obligation other than the obligation to pay principal
of any such Senior Indebtedness at its stated final maturity and results in the
holder or holders of such Indebtedness causing such Indebtedness to become due
prior to its stated maturity and (B) the principal amount of such
Indebtedness, together with the principal amount of any other such Indebtedness
in default or, in the case of any other such Senior Indebtedness, in default
for failure to pay principal at stated final maturity (after giving effect to
any applicable grace periods), or the maturity of which has been so
accelerated, aggregate $40.0 million (or its foreign currency equivalent)
or more at any one time outstanding;

 

(5)           the
failure by the Company or any Significant Subsidiary to pay final judgments
aggregating in excess of $25.0 million (other than any judgments covered
by indemnities or insurance policies issued by reputable and creditworthy
companies), which final judgments remain unpaid, undischarged and unstayed for
a period of more than 60 days after the applicable judgment becomes final
and non-appealable;

 

(6)           the
occurrence of any event of default under any Indebtedness that ranks pari passu with the Notes or Subordinated Indebtedness of
the Company or any Restricted Subsidiary, if the total amount of such Indebtedness
as to which a Default or Event of Default has occurred exceeds $30.0 million or
its foreign currency equivalent,

 

(7)           until
the Disposition Date (unless waived by the GSMP Group), (A) the failure of any
representation, warranty, certification or statement made or deemed to have
been made by or on behalf of the Company or by any of its officers or employees
in any statement or certificate at any time given by or on behalf of the
Company in writing pursuant to the Note Purchase Agreement to be true and
correct in any material respect on the date as of which made or (B) default in
the performance of, or breach of any covenant, warranty or other agreement
contained in, the Note Purchase Agreement and such default or breach continues
for a period of 30 days;

 

(8)           the
Guarantee of Parent or a Significant Subsidiary that is a Guarantor or any
group of Subsidiaries that are Guarantors and that, taken together as of the
date of the most recent audited financial statements of the Company, would
constitute a Significant Subsidiary ceases to be in full force and effect
(except as contemplated by the terms 

 

A2-14

 

hereof) or Parent or any Guarantor denies or disaffirms its obligations
under this Indenture or any Guarantee, other than by reason of the release of
the Guarantee in accordance with the terms of the Indenture; or

 

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

 

(a)           commences a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)           orders the liquidation of the Company
or any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary and the order or decree remains unstayed and in effect for 60
consecutive days.

 

If an Event of
Default (other than an Event of Default specified in clause (8) above with
respect to the Company) shall occur and be continuing, the Trustee or the
Holders of at least 25% in aggregate principal amount of the outstanding Notes
may declare the principal of the Notes and any accrued interest on the Notes to
be due and payable by notice in writing to the Company and the Trustee
specifying the respective Event of Default and that it is a “notice of
acceleration” (the “Acceleration Notice”)
and the same shall immediately become due and payable; provided
that, so long as any Indebtedness permitted to be incurred under this Indenture
as part of the Credit Agreement or any series of the Senior Notes shall be
outstanding, no such acceleration shall be effective until the earlier of:

 

A2-15

 

(1)           acceleration
of any such Indebtedness under the Credit Agreement and the Senior Notes, and

 

(2)           five
(5) Business Days after the giving of written notice of such acceleration to
the Company and each Representative under the Credit Agreement and the trustee
under the Senior Indenture.

 

Upon such
declaration of acceleration, the aggregate principal amount of, and accrued and
unpaid interest and Additional Interest, if any, on all of the outstanding
Notes shall ipso facto become and be immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holder of Notes. After such acceleration, but before a judgment or decree
based on acceleration, the Holders of a majority in aggregate principal amount
of such outstanding Notes may, under certain circumstances, rescind and annul
such acceleration if all Events of Default, other than the nonpayment of
accelerated principal of or interest on such Notes, have been cured or waived
as provided in this Indenture.

 

In the event
of any Event of Default specified in clause (4) above, such Event of
Default and all consequences thereof (excluding, however, any resulting payment
default) will be annulled, waived and rescinded, automatically and without any
action by the Trustee or the Holders of the Notes, if within 30 days after
such Event of Default arose the Company delivers an Officers’ Certificate to
the Trustee stating that (x) the Indebtedness or guarantee that is the
basis for such Event of Default has been discharged, (y) the holders
thereof have rescinded or waived the acceleration, notice or action (as the
case may be) giving rise to such Event of Default or (z) the default that
is the basis for such Event of Default has been cured, it being understood that
in no event shall an acceleration of the principal amount of the Notes as
described above be annulled, waived or rescinded upon the happening of any such
events.

 

If an Event of
Default specified in clause (8) above with respect to the Company occurs
and is continuing, then all unpaid principal of, and premium, if any, and
accrued and unpaid interest and Additional Interest, if any, on all of the
outstanding Notes shall ipso facto
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any holder of the Notes.

 

If, at any
time prior to the Disposition Date, unless waived by the GSMP Group, a Default
in the payment when due of interest on, principal of, or premium, if any, on,
the Notes or an Event of Default has occurred and is continuing, then in each
case the Notes will accrue interest at the stated interest rate on the Notes
plus the Default Interest Rate until the earlier of such time as no such Default
or such Event of Default shall be continuing (to the extent that the payment of
such interest shall be legally enforceable) or the Disposition Date. At any
other time, any
amounts payable under or in respect of the Notes not paid when due will
accrue interest at the stated interest rate on the Notes plus the Default Interest
Rate until such time as such amounts are paid in full, including any interest
thereon (to the extent that the payment of such overdue interest shall be
legally enforceable). Default interest shall be payable in cash on demand and,
to the extent applicable, in accordance with Section 2.12 of the Indenture.

 

A2-16

 

(15)         Currency
Provisions. (i) EUR are the sole currency of account and payment for
all sums payable by the Company and the Guarantors under or in connection with
the EUR Denominated Notes, the Guarantees of the EUR Denominated Notes or this
Indenture to the extent it relates to the EUR Denominated Notes, including
damages related thereto. Any amount received or recovered in a currency other
than EUR by a Holder of EUR Denominated Notes (whether as a result of, or of
the enforcement of, a judgment or order of a court of any jurisdiction, in the
winding-up or dissolution of the Company or otherwise) in respect of any sum
expressed to be due to it from the Company shall only constitute a discharge to
the Company to the extent of the EUR amount, which the recipient is able to
purchase with the amount so received or recovered in EUR on the date of that
receipt or recovery (or, if it is not practicable to make that purchase on that
date, on the first date on which it is practicable to do so). If EUR amount is
less than the EUR amount expressed to be due to the recipient under the applicable
Notes, the Company shall indemnify it against any loss sustained by it as a
result of such shortfall. In any event, the Company and the Guarantors shall
indemnify the recipient against the cost of making any such purchase.

 

(ii)           The
Indenture contains provisions governing currency conversions for purposes of
obtaining or enforcing a judgment in a different currency.

 

(16)         Trustee Dealings
with the Company. The Trustee, in its individual or any other capacity, may
make loans to, accept deposits from, and perform services for the Company, the
Guarantors or their respective Affiliates, and may otherwise deal with the
Company, the Guarantors or their respective Affiliates, as if it were not the
Trustee.

 

(17)         No Recourse
Against Others. No director, officer, employee, stockholder, unitholder,
member, general or limited partner or incorporator, past, present or future, of
the Company, any of its Subsidiaries or any of its direct or indirect parent
companies as such or in such capacity, shall have any personal liability for
any obligations of the Company or any Guarantor under the Notes, any Guarantee
or the Indenture by reason of his, her or its status as such director, officer,
employee, stockholder, unitholder, member, general or limited partner or
incorporator.

 

(18)         Authentication.
This 10.75% Senior Subordinated Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent.

 

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

 

(20)         CUSIP Numbers, ISIN Numbers and Common Codes. The Company has caused CUSIP numbers, ISIN numbers and/or
Common Codes to be printed on the Notes and the Trustee may use CUSIP numbers,
ISIN numbers or Common Codes in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers or 

 

A2-17

 

codes either
as printed on the Notes or as contained in any notice of redemption and
reliance may be placed only on the other identification numbers placed thereon.

 

(21)         Registration
Rights. The Notes are entitled to the benefits of a registration rights
agreement to be executed in connection with the issuance of Notes.

 

(22)         Successor Entity.
 When a successor entity assumes, in accordance with the Indenture, all of
the obligations of its predecessor under the Notes and the Indenture, and
immediately after such transaction, no Event of Default exists and certain
other conditions are satisfied, the predecessor entity will be released from those
obligations.

 

The Company
shall furnish to any Holder upon written request and without charge a copy of
the Indenture. Requests may be made to:

 

VWR Funding, Inc. (formerly known as CDRV Investors, Inc.)

1310 Goshen Parkway

West Chester, PA 19380

Facsimile:  (610) 431-1700

Attention:  Chief Financial Officer

 

A2-18

 

ASSIGNMENT FORM

 

To assign this
10.75% Senior Subordinated Note, fill in the form below:  (I) or (we) assign and transfer this 10.75%
Senior Subordinated Note to

 

	
   

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

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  (Print or type assignee’s name, address and
  zip code)

  
	
   

  
	
  and irrevocably appoint

  
	
   

  
	
   

  
	
  to transfer this 10.75% Senior Subordinated Note on the books of the
  Company. The agent may substitute another to act for him.

  
	
   

  
	
  Date: 

  	
   

  	
   

  
	
   

  
	
  Your Signature: 

  	
   

  	
   

  
	
   

  	
  (Sign exactly as your name 

  appears on the face of this 10.75% 

  Senior Subordinated Note)

  
	
   

  
	
  Signature guarantee:

  
					

 

A2-19

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to
elect to have this 10.75% Senior Subordinated Note purchased by the Company
pursuant to Section 4.10 or 4.14 of the Indenture, check the
box below:

 

[  ]
Section 4.10     [  ]
Section 4.14

 

If you want to
elect to have only part of the 10.75% Senior Subordinated Note purchased by the
Company pursuant to Section 4.10 or Section 4.14 of the
Indenture, state the amount you elect to have purchased:  €              

 

	
  Date: 

  	
   

  	
   

  
	
   

  
	
   

  	
  Your Signature: 

  	
   

  	
   

  
	
   

  	
  (Sign exactly as your name 

  appears on the 10.75% Senior 

  Subordinated Note)

  
	
   

  	
   

  
	
  Tax Identification No.:

  	
   

  
	
   

  	
   

  
	
  Signature guarantee:

  	
   

  
						

 

A2-20

 

SCHEDULE OF EXCHANGES OF 10.75% Senior
Subordinated Notes

 

The following
exchanges of a part of this Global Note for other 10.75% Senior Subordinated
Notes have been made: 

 

	
  Date of Exchange

  	
   

  	
  Amount of 

  Decrease in 

  Principal 

  Amount of this 

  Global Note

  	
   

  	
  Amount of 

  Increase in 

  Principal 

  Amount of this 

  Global Note

  	
   

  	
  Principal 

  Amount of this 

  Global Note 

  Following such 

  Decrease (or 

  Increase)

  	
   

  	
  Signature of 

  Authorized 

  Officer of Note 

  Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A2-21

 

EXHIBIT B

 

FORM OF NOTATIONAL GUARANTEE

 

The Guarantors
listed below (hereinafter referred to as the “Guarantors,”
which term includes any successors or assigns under that certain Indenture,
dated as of June 29, 2007 (as amended and supplemented from time to time, the “Indenture”), by and among Varietal Distribution Merger Sub,
Inc., VWR Funding, Inc. (formerly known as CDRV Investors, Inc.), the Trustee,
Deutsche Bank Trust Company Americas, and Deutsche Bank AG, London Branch, and
the Guarantors party thereto, have guaranteed the Notes and the obligations of
the Company under the Indenture, which include (i) the due and punctual
payment of the principal of, premium, if any, and interest on the
10.75% Senior Subordinated Notes due 2017 (the “Notes”)
of the Company, whether at stated maturity, by acceleration or otherwise, the
due and punctual payment of interest on the overdue principal and premium, if
any, and (to the extent permitted by law) interest on any interest, if any, on
the Notes, and the due and punctual performance of all other obligations of the
Company to the Holders or the Trustee all in accordance with the terms set
forth in Article XI of the Indenture, and (ii) in case of any
extension of time of payment or renewal of any Notes or any such other obligations,
that the same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise.

 

The
obligations of each Guarantor to the Holders and to the Trustee pursuant to this
Guarantee and the Indenture are expressly set forth in Article XI of the
Indenture and reference is hereby made to such Indenture for the precise terms
of this Guarantee.

 

No
stockholder, employee, officer, director, unitholder, member or incorporator,
as such, past, present or future of each Guarantor shall have any liability
under this Guarantee by reason of his or its status as such stockholder,
employee, officer, director, unitholder, member or incorporator.

 

This is a
continuing Guarantee and shall remain in full force and effect and shall be
binding upon each Guarantor and its successors and assigns until full and final
payment of all of the Company’s obligations under the Notes and Indenture or
until released in accordance with the Indenture and shall inure to the benefit
of the successors and assigns of the Trustee and the Holders, and, in the event
of any transfer or assignment of rights by any Holder or the Trustee, the
rights and privileges herein conferred upon that party shall automatically extend
to and be vested in such transferee or assignee, all subject to the terms and
conditions hereof. This is a Guarantee of payment and not of collection.

 

This Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication on the Note upon which this Guarantee is
noted shall have been executed by the Trustee under the Indenture by the manual
signature of one of its authorized officers. The Obligations of each Guarantor
under its Guarantee shall be limited to the extent necessary to insure that it
does not constitute a fraudulent conveyance under applicable law.

 

B-1

 

THE TERMS OF
ARTICLE XI OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

Capitalized
terms used herein have the same meanings given in the Indenture unless
otherwise indicated.

 

	
  Dated as of 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Guarantor]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (SEAL)

  
							

 

B-2

 

EXHIBIT C

 

FORM OF CERTIFICATE OF
TRANSFER

 

VWR Funding, Inc. (formerly known as CDRV Investors, Inc.)

1310 Goshen Parkway

West Chester, PA 19380

Facsimile:  (610) 431-1700

Attention:  Chief Financial
Officer

 

[For all US$ Denominated Notes]

 

[CUSTODIAN]

[ADDRESS OF CUSTODIAN]

Facsimile: [              ]

Attention: [              ]

 

[For all EUR Denominated Notes]

 

[CUSTODIAN]

[ADDRESS OF CUSTODIAN]

Facsimile: [              ]

Attention: [              ]

 

Re:  VWR Funding, Inc. (formerly known as CDRV
Investors, Inc.) (the “Company”)
10.75% Senior Subordinated Notes due 2017 (the “Notes”)

 

Reference is hereby made to the Indenture, dated as
of June 29, 2007 (the “Indenture”), by and among Varietal
Distribution Merger Sub, Inc., VWR Funding, Inc. (formerly known as CDRV
Investors, Inc.), the Trustee, Deutsche Bank Trust Company Americas, and
Deutsche Bank AG, London Branch.
Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture.

 

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

 

[CHECK ALL THAT APPLY]

 

1. [    ] CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE OR
A RELEVANT DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being
effected pursuant to and in 

 

C-1

 

accordance
with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Certificated Note is being transferred to a Person that
the Transferor reasonably believes is purchasing the beneficial interest or
Certificated Note for its own account, or for one or more accounts with respect
to which such Person exercises sole investment discretion, and such Person and
each such account is a “qualified institutional buyer” within the meaning of
Rule 144A in a transaction meeting the requirements of Rule 144A and such
Transfer is in compliance with any applicable blue sky securities laws of any
state of the United States.

 

2. [    ] CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT REGULATION S GLOBAL
NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that
(i) the Transfer is not being made to a person in the United States and
(x) at the time the buy order was originated, the Transferee was outside
the United States or such Transferor and any Person acting on its behalf
reasonably believed and believes that the Transferee was outside the United
States or (y) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States, (ii) no directed selling
efforts have been made in contravention of the requirements of Rule 903(b) or
Rule 904(b) of Regulation S under the Securities Act, (iii) the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act and (iv) if the proposed transfer is
being made prior to the expiration of the Restricted Period, the transfer is
not being made to a U.S. Person or for the account or benefit of a U.S. Person
(other than an Initial Purchaser). Upon consummation of the proposed transfer
in accordance with the terms of the Indenture, the transferred beneficial
interest or Certificated Note will be subject to the restrictions on Transfer
enumerated in the Indenture and the Securities Act.

 

3. [    ] CHECK AND COMPLETE IF
TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT
DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE
144A OR REGULATION S. The Transfer is being effected in compliance with the
transfer restrictions applicable to beneficial interests in Restricted Global
Notes and Restricted Certificated Notes and pursuant to and in accordance with
the Securities Act and any applicable blue sky securities laws of any state of
the United States, and accordingly the Transferor hereby further certifies that
(check one):

 

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

 

or

 

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

 

or

 

C-2

 

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

 

4. [    ] CHECK IF TRANSFEREE
WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR
OF AN UNRESTRICTED DEFINITIVE NOTE.

 

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

 

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

 

(c) [    ] CHECK IF TRANSFER IS
PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant
to and in compliance with an exemption from the registration requirements of
the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any State of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Restricted Notes
Legend are not required in order to maintain compliance with the Securities
Act. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Certificated Note will
not be subject to the restrictions on transfer enumerated in the Restricted
Notes Legend printed on the Restricted Global Notes or Restricted Certificated
Notes and in the Indenture.

 

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

 

[Insert Name of Transferor]

 

C-3

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:
  

  	
   

  	
   

  	
   

  
						

 

C-4

 

ANNEX
A TO CERTIFICATE OF TRANSFER

 

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

  
	
   

  

 

	
   

  	
   

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  [    ]
  a beneficial interest in the:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (i) [    ] 144A Global Note
  (CUSIP 918436 AB2(3)/Common Code 030928687(4)), or

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (ii) [    ] Regulation S
  Global Note (CUSIP U9291U AB5(3)/Common Code 030928679(4)), or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  [    ]
  a Restricted Certificated Note.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  After
  the Transfer the Transferee will hold:

  	
   

  

 

[CHECK
ONE] 

 

	
  [    ] 144A Global Note (CUSIP 918436 AB2(3)/Common
  Code 030928687(4)), or

  
	
   

  	
   

  	
   

  
	
  (a) [    ]
  a beneficial interest in the:

  	
   

  	
   

  
	
   

  
	
  (i)[    ] 144A Global Note (CUSIP 918436 AB2(3)/Common
  Code 030928687(4)), or

  
	
   

  
	
  (ii) [    ] Regulation S Global Note (CUSIP U9291U
  AB5(3)/Common Code 030928679(4)), or

  
	
   

  
	
  (iii)[    ] Unrestricted Global Note (CUSIP/Common
  Code
  [            ](3)
  [            ](4)); or

  
	
   

  
	
  (b) [    ]
  a Restricted Certificated Note; or

  
	
   

  
	
  (c) [    ]
  an Unrestricted Certificated Note, in accordance with the terms of the
  Indenture.

  

 

(3) US$ Denominated Notes.

(4) EUR Denominated Notes.

 

C-5

 

EXHIBIT D

 

FORM OF CERTIFICATE OF
EXCHANGE

 

VWR Funding, Inc. (formerly known as CDRV Investors, Inc.)

1310 Goshen Parkway

West Chester, PA 19380

Facsimile:  (610) 431-1700

Attention:  Chief Financial
Officer

 

[For all US$ Denominated Notes]

 

[CUSTODIAN]

[ADDRESS OF CUSTODIAN]

Facsimile: [              ]

Attention: [              ]

 

[For all EUR Denominated Notes]

 

[CUSTODIAN]

[ADDRESS OF CUSTODIAN]

Facsimile: [              ]

Attention: [              ]

 

Re:  VWR Funding, Inc. (formerly known as CDRV
Investors, Inc.) (the “Company”)
10.75% Senior Subordinated Notes due 2017 (the “Notes”)

 

Reference is hereby made to the Indenture, dated as
of June 29, 2007 (the “Indenture”), by and among Varietal
Distribution Merger Sub, Inc., VWR Funding, Inc. (formerly known as CDRV
Investors, Inc.), the Trustee, Deutsche Bank Trust Company Americas, and
Deutsche Bank AG, London Branch.
Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture.

 

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

 

1) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE
NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE

 

a)
[    ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OF
THE SAME TRANCHE. In connection with the Exchange of the 

 

D-1

 

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

 

b)
[    ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE OF THE SAME TRANCHE. In
connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for an Unrestricted Certificated Note of the same tranche, the
Owner hereby certifies (i) the Certificated Note is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Restricted
Global Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the
Restricted Notes Legend are not required in order to maintain compliance with
the Securities Act and (iv) the Certificated Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the
United States.

 

c)
[    ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OF THE SAME TRANCHE. In
connection with the Owner’s Exchange of a Restricted Certificated Note for a
beneficial interest in an Unrestricted Global Note of the same tranche, the
Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted
Certificated Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the
Restricted Notes Legend are not required in order to maintain compliance with
the Securities Act and (iv) the beneficial interest is being acquired in
compliance with any applicable blue sky securities laws of any state of the
United States.

 

d)
[    ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
TO UNRESTRICTED DEFINITIVE NOTE OF THE SAME TRANCHE. In connection with the
Owner’s Exchange of a Restricted Certificated Note for an Unrestricted
Certificated Note of the same tranche, the Owner hereby certifies (i) the
Unrestricted Certificated Note is being acquired for the Owner’s own account
without transfer, (ii) such Exchange has been effected in compliance with
the transfer restrictions applicable to Restricted Certificated Notes and
pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Restricted Notes
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted 

 

D-2

 

Certificated Note is being
acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

 

2) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES
OF THE SAME TRANCHE OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES OF THE
SAME TRANCHE

 

a)
[    ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE OF THE SAME TRANCHE. In
connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for a Restricted Certificated Note of the same tranche with an
equal principal amount, the Owner hereby certifies that the Restricted
Certificated Note is being acquired for the Owner’s own account without
transfer. Upon consummation of the proposed Exchange in accordance with the
terms of the Indenture, the Restricted Certificated Note issued will continue
to be subject to the restrictions on transfer enumerated in the Restricted
Notes Legend printed on the Restricted Certificated Note and in the Indenture
and the Securities Act.

 

b)
[    ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE
TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE OF THE SAME TRANCHE. In
connection with the Exchange of the Owner’s Restricted Certificated Note for a
beneficial interest in the [CHECK ONE]
[            ] 144A
Global Note
[            ]
Regulation S Global Note of the same tranche, with an equal principal amount,
the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer and (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities
Act, and in compliance with any applicable blue sky securities laws of any
state of the United States. Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the beneficial interest issued will
be subject to the restrictions on transfer enumerated in the Restricted Notes
Legend printed on the relevant Restricted Global Note and in the Indenture and
the Securities Act.

 

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

 

[Insert Name of Transferor]

 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:
  

  	
   

  	
   

  	
   

  
						

 

 

D-3

 

EXHIBIT E

 

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

 

Supplemental Indenture (this “Supplemental
Indenture”), dated as of                     ,
among                                  
(the “Guaranteeing Subsidiary”), a subsidiary of VWR Funding, Inc.
(formerly known as CDRV Investors, Inc.), a Delaware corporation (the “Company”),
Law Debenture Trust
Company of New York, as trustee
(the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, each of Varietal Distribution Merger Sub,
Inc., as predecessor by merger to the Company, the Company, Deutsche
Bank Trust Company Americas, and Deutsche Bank AG, London Branch (as defined in the Indenture referred to
below) has heretofore executed and delivered to the Trustee an indenture (the “Indenture”),
dated as of June 29, 2007, providing for the issuance of an $520,000,000 (or
U.S. Dollar Equivalent thereof) aggregate principal amount of 10.75% Senior Subordinated
Notes due 2017 (the “Notes”);

 

WHEREAS, the Indenture provides that under certain
circumstances the Guaranteeing Subsidiary shall execute and deliver to the
Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary
shall unconditionally guarantee all of the Company’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein and under
the Indenture (the “Guarantee”); and

 

WHEREAS, pursuant to Section 9.06 of the Indenture,
the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing and
for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties mutually covenant and agree for the equal and ratable
benefit of the Holders of the Notes as follows:

 

(1)           Capitalized
Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

 

(2)           Agreement
to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows:

 

(a)           Along with all Guarantors named in
the Indenture, to jointly and severally unconditionally guarantee to each
Holder of a Note authenticated and delivered by the Trustee and to the Trustee
and its successors and assigns, irrespective of the validity and enforceability
of the Indenture, the Notes or the obligations of the Company hereunder or
thereunder, that:

 

(i)             the principal of and interest, premium, if any, on the
Notes will be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of
and interest on the Notes, if any, if lawful, and all other obligations of the
Company to the Holders or the 

 

E-1

 

Trustee hereunder or thereunder will be promptly paid in full or
performed, all in accordance with the terms hereof and thereof; and

 

(ii)            in case of any extension of time of payment or renewal of
any Notes or any of such other obligations, that same will be promptly paid in
full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise. Failing
payment when due of any amount so guaranteed or any performance so guaranteed
for whatever reason, the Guarantors and the Guaranteeing Subsidiary shall be
jointly and severally obligated to pay the same immediately. This is a
guarantee of payment and not a guarantee of collection.

 

(b)           The obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of
the Notes or the Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, the recovery of any judgment against the Company, any action
to enforce the same or any other circumstance which might otherwise constitute
a legal or equitable discharge or defense of a guarantor.

 

(c)           The following is hereby waived:  diligence, presentment, demand of payment, filing
of claims with a court in the event of insolvency or bankruptcy of the Company,
any right to require a proceeding first against the Company, protest, notice
and all demands whatsoever.

 

(d)           This Guarantee shall not be
discharged except by complete performance of the obligations contained in the
Notes, the Indenture and this Supplemental Indenture, and the Guaranteeing
Subsidiary accepts all obligations of a Guarantor under the Indenture.

 

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

 

(f)            The Guaranteeing Subsidiary shall
not be entitled to any right of subrogation in relation to the Holders in
respect of any obligations guaranteed hereby until payment in full of all obligations
guaranteed hereby.

 

(g)           As between the Guaranteeing
Subsidiary, on the one hand, and the Holders and the Trustee, on the other
hand, (x) the maturity of the obligations guaranteed hereby may be accelerated
as provided in Article 6 of the Indenture for the purposes of this Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the
event of any declaration of acceleration of such obligations as provided in
Article 6 of the Indenture, 

 

E-2

 

such obligations (whether or not due and payable) shall forthwith
become due and payable by the Guaranteeing Subsidiary for the purpose of this
Guarantee.

 

(h)           The Guaranteeing Subsidiary shall
have the right to seek contribution from any non-paying Guarantor so long as
the exercise of such right does not impair the rights of the Holders under this
Guarantee.

 

(i)            Pursuant to Section 11.4 of the
Indenture, after giving effect to all other contingent and fixed liabilities
that are relevant under any applicable Bankruptcy or fraudulent conveyance
laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under Article 11 of the
Indenture, this new Guarantee shall be limited to the maximum amount
permissible such that the obligations of such Guaranteeing Subsidiary under
this Guarantee will not constitute a fraudulent transfer or conveyance.

 

(j)            This Guarantee shall remain in full
force and effect and continue to be effective should any petition be filed by
or against the Company for liquidation, reorganization, should the Company
become insolvent or make an assignment for the benefit of creditors or should a
receiver or trustee be appointed for all or any significant part of the Company’s
assets, and shall, to the fullest extent permitted by law, continue to be
effective or be reinstated, as the case may be, if at any time payment and
performance of the Notes are, pursuant to applicable law, rescinded or reduced
in amount, or must otherwise be restored or returned by any obligee on the
Notes and Guarantee, whether as a “voidable preference”, “fraudulent transfer”
or otherwise, all as though such payment or performance had not been made. In
the event that any payment or any part thereof, is rescinded, reduced, restored
or returned, the Note shall, to the fullest extent permitted by law, be reinstated
and deemed reduced only by such amount paid and not so rescinded, reduced,
restored or returned.

 

(k)           In case any provision of this
Guarantee 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.

 

(l)            This Guarantee shall be a general
unsecured senior subordinated obligation of such Guaranteeing Subsidiary,
ranking pari passu with any other future Senior
Indebtedness of the Guaranteeing Subsidiary, if any.

 

(m)          Each payment to be made by the
Guaranteeing Subsidiary in respect of this Guarantee shall be made without
set-off, counterclaim, reduction or diminution of any kind or nature.

 

(3)           Execution
and Delivery. The Guaranteeing Subsidiary agrees that the Guarantee shall
remain in full force and effect notwithstanding the absence of the endorsement
of any notation of such Guarantee on the Notes.

 

E-3

 

(4)           Merger,
Consolidation or Sale of All or Substantially All Assets.

 

(a)           Except
as otherwise provided in Section 11.5 of the Indenture, the Guaranteeing
Subsidiary may not consolidate or merge with or into or wind up into (whether
or not the Company or Guaranteeing Subsidiary 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 any Person unless:

 

(i)            (A) the Guaranteeing Subsidiary
is the surviving corporation or the Person formed by or surviving any such
consolidation or merger (if other than the Guaranteeing Subsidiary) or to which
such sale, assignment, transfer, lease, conveyance or other disposition will
have been made is a corporation organized or existing under the laws of the
jurisdiction of organization of the Guaranteeing Subsidiary, as the case may
be, or the laws of the United States, any state thereof, the District of
Columbia, or any territory thereof (the Guaranteeing Subsidiary or such Person,
as the case may be, being herein called the “Successor Person”);

 

(B)           the Successor Person, if other than
the Guaranteeing Subsidiary, expressly assumes all the obligations of the
Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s
related Guarantee pursuant to supplemental indentures or other documents or instruments
in form reasonably satisfactory to the Trustee;

 

(C)           immediately after such transaction,
no Default exists; and

 

(D)          the Company shall have delivered to
the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that such consolidation, merger or transfer and such supplemental indentures,
if any, comply with the Indenture; or

 

(ii)           the Net Proceeds of any such
sale or other disposition of the Guaranteeing Subsidiary are applied in
accordance with the provisions Section 4.10 of the
Indenture;

 

(b)           Subject
to certain limitations described in the Indenture, the Successor Person will
succeed to, and be substituted for, the Guaranteeing Subsidiary under the
Indenture and the Guaranteeing Subsidiary’s Guarantee. Notwithstanding the
foregoing, the Guaranteeing Subsidiary may merge into or transfer all or part
of its properties and assets to another Guarantor or the Company.

 

(5)           Releases.
The Guarantee of the Guaranteeing Subsidiary shall be automatically and
unconditionally released and discharged, and no further action by the
Guaranteeing Subsidiary, the Company or the Trustee is required for the release
of the Guaranteeing Subsidiary’s Guarantee, in the event that:

 

(A)          any sale, disposition or other
transfer (including through merger or consolidation) of (x) Capital Stock of
the Guaranteeing Subsidiary if after such sale,
disposition or other transfer the Guaranteeing Subsidiary is no longer a
Restricted Subsidiary, or (y) all or substantially all the assets of the Guaranteeing
Subsidiary, 

 

E-4

 

provided that, in each case, such
sale, disposition or other transfer is made in compliance with the provisions
of the Indenture;

 

(B)           the Company designates the Guaranteeing
Subsidiary as an Unrestricted Subsidiary in accordance with the provisions of the
Indenture;

 

(C)           the release or discharge of
the guarantee by the Guaranteeing Subsidiary of all of the Indebtedness (other
than the Senior Notes (to the extent the Senior Notes are outstanding)) of the
Company or any Restricted Subsidiary or the repayment of all of the Indebtedness
or Disqualified Stock, in each case, which resulted in the obligation to
guarantee the Notes; or

 

(D)          the Company exercises its
legal defeasance option or its covenant defeasance option pursuant to 

Sections 8.2 or 8.3 or if its obligations under the Indenture are
discharged in accordance with the terms of this Indenture; or

 

(E)           the Guaranteeing Subsidiary is also a
guarantor or borrower under the Credit Agreement as in effect on the Issue Date
and, at the time of release of its Guarantee, (x) has been released from its
guarantee of, and all pledges and security, if any, granted in connection with
the Credit Agreement (which may be conditioned on the concurrent release
hereunder), (y) is not an obligor under any Indebtedness (other than Indebtedness
permitted to be incurred pursuant to clause (6), (7), (8), (9), (11), (16) or
(19) of the definition of “Permitted Debt” and (z) does not guarantee any
Indebtedness of the Company or any Restricted Subsidiaries (other than any
guarantee that will be released upon the release of the Guarantee hereunder).

 

Upon delivery by the Guaranteeing Subsidiary to the
Trustee of an Officer’s Certificate and an Opinion of Counsel, to the effect
that such sale or other disposition was made by the Company in accordance with
the provisions of this Indenture, including without limitation Section 4.10,
the Trustee shall execute any documents reasonably required in order to
evidence the release of the Guaranteeing Subsidiary from its obligations under
its Guarantee.

 

(6)           No
Recourse Against Others. No director, officer, employee, incorporator or
stockholder of the Guaranteeing Subsidiary shall have any liability for any
obligations of the Company or the Guarantors (including the Guaranteeing
Subsidiary) under the Notes, any Guarantees, the Indenture or this Supplemental
Indenture or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder by accepting Notes waives and releases all such
liability. The waiver and release are part of the consideration for issuance of
the Notes.

 

(7)           Governing
Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

(8)           Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement.

 

E-5

 

(9)           Effect
of Headings. The Section headings herein are for convenience only and shall
not affect the construction hereof.

 

(10)         The
Trustee. The Trustee shall not be responsible in any manner whatsoever for
or in respect of the validity or sufficiency of this Supplemental Indenture or
for or in respect of the recitals contained herein, all of which recitals are
made solely by the Guaranteeing Subsidiary.

 

(11)         Subrogation.
The Guaranteeing Subsidiary shall be subrogated to all rights of Holders of
Notes against the Company in respect of any amounts paid by the Guaranteeing
Subsidiary pursuant to the provisions of Section 2 hereof and Section 11.1 of
the Indenture; provided that, if an Event of Default has occurred and is
continuing, the Guaranteeing Subsidiary shall not be entitled to enforce or
receive any payments arising out of, or based upon, such right of subrogation
until all amounts then due and payable by the Company under the Indenture or
the Notes shall have been paid in full.

 

(12)         Benefits
Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the
terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary
acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by the Indenture and this Supplemental
Indenture and that the guarantee and waivers made by it pursuant to this
Guarantee are knowingly made in contemplation of such benefits.

 

(13)         Successors.
All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture
shall bind its Successors, except as otherwise provided in Section 2(k) hereof
or elsewhere in this Supplemental Indenture. All agreements of the Trustee in
this Supplemental Indenture shall bind its successors.

 

E-6

 

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

 

	
   

  	
   

  	
  [GUARANTEEING SUBSIDIARY]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  LAW DEBENTURE TRUST COMPANY OF NEW 

  YORK, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

E-7

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