Document:

Prepared by R.R. Donnelley Financial -- Board and Consulting Agreement

 Exhibit 10.5 
  
 BOARD AND CONSULTING AGREEMENT BETWEEN 
 ROB GELLER, CONSULTANT AND THE ICOM GROUP, INC. 
  
 Rob Geller will work with The ICOM Group as both a member of the board of directors and as a consultant to the Company. As compensation
for the standard board duties, Rob Geller will receive a non-statutory stock option with early exercise provisions under the Company’s stock option plan in the amount of 100,000 shares at
             cents per share vested monthly over a 2-year period. For this, Rob Geller will provide the expected duties as a member of the board of directors. These duties include attending
board meetings which are expected to be as frequent as every month moving to at least once per quarter based on the needs of the Company. Also included is preparation for board meetings and phone conversations and email communication on an ongoing
basis. 
  
 In addition Rob Geller will provide consulting services to the Company. In return it is agreed that he
will receive a non-statutory stock option with early exercise provisions under the Company’s stock option plan in the amount of 150,000 shares at              cents per share vested
monthly over a 2-year period. For this, Rob Geller will provide consulting services for no cash compensation for the first year of this relationship. It is expected after the first year, that a cash compensation of $2,000 per month will be paid for
board and consulting services rendered. This is subject to an upward adjustment based on the amount of time and value that Rob Geller contributes and the financial performance and condition of the Company. 
  
 It is expected that Rob Geller will be actively involved with the senior management team on a monthly basis including meetings every week
if deemed necessary and appropriate. The consulting services that are expected to be provided include but are not limited to the following: 
  

	 	•
	 
	Regular group meetings with Ken, Chris and the executive staff to discuss and drive strategy and tactics 
 

  

	 	•
	 
	Individual meetings with Ken and the executive team as appropriate 
 

  

	 	•
	 
	Involvement with structure and implementation of fundraising 
 

  

	 	•
	 
	Valuation analysis and modeling 
 

  

	 	•
	 
	Timing, structure, and amount of equity offerings 
 

  

	 	•
	 
	Help with business plan revision and slide presentations 
 

  

	 	•
	 
	Lead generation of financing sources 
 

  

	 	•
	 
	Help with the sales process as necessary 
 

  

	 	•
	 
	Input on potential strategic partners and exit strategies 
 

  

	 	•
	 
	Discussions deal structuring and negotiations with strategic partners and merger and acquisition candidates 
 

  

	 	•
	 
	Help with internal CFO responsibilities 
 

  

	 	•
	 
	Provide input to fine tune the financial planning model 
 

  

	 	•
	 
	Help drive the ongoing financial planning process 
 

  

	 	•
	 
	Provide reporting of actual results including key indicators and metrics 
 

  

	 	•
	 
	Help with bookkeeping and accounting needs 
 

  

	 	•
	 
	Help choose and interface with an outside accounting firm 
 

  

	 	•
	 
	Input into the following areas 
 

  

	 	•
	 
	Compensation programs including bonuses and options 
 

  

	 	•
	 
	Marketing and sales strategies and metrics 
 

  

	 	•
	 
	Board process, agenda preparation and communication 
 

  

	 	•
	 
	Interface and communication on legal issues and requirements 
 

  

	 	•
	 
	Shareholder communications 
 

  

	 	•
	 
	Discussions with the team regarding core values and operating principles 
 

  

	 	•
	 
	Goal setting and milestone development 
 

  
 The signatures below are evidence of agreement by both parties to the terms outlined above: 
  
 
	 
	 By:
 	 	 /s/    ROB GELLER        

	  	 	 Rob Geller,
 Consultant
 

 
  
 Date 
  
 
	 
	 By:
 	 	 /s/    KEN STONE        

	  	 	 Ken Stone
 The ICOM Group,
Inc.
 By its President, Ken Stone
 

 
  
 DatePrepared by R.R. Donnelley Financial -- Letter Agreement Between Pelion Systems

  
 Exhibit 10.6 
  
 March 11, 2002 
  
 Dave Garwood 
 President 
 R.D. Garwood, Inc. 
 111 Village Parkway 
 Marietta, Georgia 30067 
 (800) 241-6653 
  
 Dear Dave, 
  
 Thanks for your help as both an active Board Member and a valued advisor to our team. 
  
 Please find attached an outline of an agreement to go forward with our working relationship this year. This is a proposed document—please feel free to make any comments or changes. 
  
 Regarding the previous agreement—without a lot of detailed research—it appears to me that you lived up to better than half of
your end of the bargain. I have proposed to Tom that we vest 15,000 of the 25,000 shares of that agreement for you now. If that doesn’t feel appropriate from your perspective, don’t hesitate to discuss this on our next call. 

 
 I would like to go forward with our new relationship from a March 1, 2002 start date, for a six-month term, 25,000 shares, and
review our progress every 2 months. 
  
 Please review this at your earliest convenience. I have really valued your
input to date—and expect that you will have a significant impact in our success going forward. 
  
 Very sincerely, 
  
 /s/    DAVE
GLEDITSCH 
  
 Dave Gleditsch 
 Chief Technology Officer 
 Pelion Systems,
Inc. 
 (720) 890-2800 x 220 
 (970) 215-2212 mobile 
 dave.gleditsch@pelionsystems.com 

  
 June 10, 2002 Update—Based upon feedback from Dave Garwood per the above
proposal, the shares were increased from 25,000 to 30,000 to support a daily rate of $1,500 per day. 
  
 Combining
this with Dave’s previous agreement on options, the total shares to date would be: 
  
 15,000
shares original agreement 
 30,000 shares this agreement 
 

	45,000
	 
	shares total to date 
 

  
 SERVICES AGREEMENT—updated June 11, 2002 
  
 
	 Relationship:
 	 	 Technical Advisor
  
 
	 Term:
 	 	 March 1, 2002 to August 31, 2002
  
 
	 Compensation:
 	 	 Stock Options
 

 
  
 Spirit of Agreement 
  
 This agreement formalizes a mutually beneficial relationship between Pelion Systems, Inc. and Dave Garwood. In addition to Dave’s services to Pelion on its Board of
Directors, this agreement outlines specific activities that the management team and Dave Garwood will work together on. 
  
 Activities

  
 1.  Messengering—Dave will assist Pelion in defining, refining, and delivering a
message that will maximize Pelion’s ability to generate sales and solve compelling customer problems. 
  
 2.  ERP Integration—Dave will assist Pelion in its efforts to collaborate with current and future ERP applications by ensuring that Pelion’s vision is achievable, relevant, and deploys the most total cost
effective methods for providing a demand driven supply chain management solution. 
  
 3.  Business
Impact—Dave will assist Pelion in structuring solutions that will provide real business value and solve compelling business problems for its customers. 
  
 4.  Lead Generation—Dave will provide ideas on entry points to potential client relationships based upon his extensive contacts and knowledge of opportunities in the manufacturing
arena. When appropriate, Dave will provide contacts information that Pelion will treat with great respect. 
  
 5.  Customer Calls—Pelion may ask Dave to participate in some conference calls or site visits with potential customers in an effort to provide additional value to Pelion’s potential customers and to assist
in explaining the Pelion vision. 
  
 6.  Co-marketing.    As appropriate, Pelion
and R.D. Garwood, Inc. will cooperate on Internet links, white papers, and other marketing tools. 

  
 Compensation 
  
 30,000 stock options, vesting 1/6th or 5,000 shares on the 1st day of the month following the month that services were provided in. 
  
 Performance Metrics 
  
 Performance will be reviewed every 2 months, or 3 times during the term of this agreement. Both parties agree to make the appropriate adjustments to meet with the spirit of this agreement. 
  
 Time Commitment 
  
 It
is expected that Dave will devote 2 days of time per month in support of this agreement. Dave will use his professional discretion in accumulating an appropriate amount of time per month, given that his work will usually not be completed in
precisely one-day units of time. If the time commitment turns out to deviate significantly from this plan, that issue will be addressed in the bi-monthly review. 
  
 Expenses 
  
 Pelion Systems, Inc. will pay reasonable travel expenses in full for
visiting customers or for traveling to promote Pelion and its products.<PAGE>

                                                                     Exhibit 4.1

                                                                  EXECUTION COPY

                                 ROUNDY'S, INC.

                     and each of the Guarantors named herein

                              SERIES A AND SERIES B
                    8 7/8% SENIOR SUBORDINATED NOTES DUE 2012

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

                                    INDENTURE

                            Dated as of June 6, 2002

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

                            BNY Midwest Trust Company

                                     Trustee

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

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

<PAGE>

                             CROSS-REFERENCE TABLE*

<TABLE>
<CAPTION>
        Trust Indenture
        Act Section                                                     Indenture Section
        <S>                                                             <C>
        310(a)(1) ....................................................            7.10
           (a)(2) ....................................................            7.10
           (a)(3) ....................................................            N.A.
           (a)(4) ....................................................            N.A.
           (a)(5) ....................................................            7.10
           (b) .......................................................            7.10
           (c) .......................................................            N.A.
        311(a) .......................................................            7.11
           (b) .......................................................            7.11
           (c) .......................................................            N.A.
        312(a) .......................................................            2.05
           (b) .......................................................           13.03
           (c) .......................................................           13.03
        313(a) .......................................................            7.06
           (b)(1) ....................................................            N.A.
           (b)(2) ....................................................         7.06; 7.07
           (c) .......................................................        7.06; 12.02
           (d) .......................................................            7.06
        314(a) .......................................................     4.03;13.02; 13.05
           (b) .......................................................            N.A.
           (c)(1) ....................................................           13.04
           (c)(2) ....................................................           13.04
           (c)(3) ....................................................            N.A.
           (d) .......................................................            N.A.
           (e) .......................................................           13.05
           (f) .......................................................            N.A.
        315(a) .......................................................            7.01
           (b) .......................................................         7.05,13.02
           (c) .......................................................            7.01
           (d) .......................................................            7.01
           (e) .......................................................            6.11
        316(a) (last sentence) .......................................            2.09
           (a)(1)(A) .................................................            6.05
           (a)(1)(B) .................................................            6.04
           (a)(2) ....................................................            N.A.
           (b) .......................................................            6.07
           (c) .......................................................            2.12
        317(a)(1) ....................................................            6.08
           (a)(2) ....................................................            6.09
           (b) .......................................................            2.04
        318(a) .......................................................           13.01
           (b) .......................................................            N.A.
           (c) .......................................................           13.01
</TABLE>

N.A. means not applicable.
* This Cross Reference Table is not part of the Indenture.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                  Page
<S>            <C>                                                                                <C>
                                               ARTICLE 1.
                                     DEFINITIONS AND INCORPORATION
                                              BY REFERENCE
Section 1.01   Definitions .....................................................................     1
Section 1.02   Other Definitions ...............................................................    24
Section 1.03   Incorporation by Reference of Trust Indenture Act ...............................    24
Section 1.04   Rules of Construction ...........................................................    25

                                               ARTICLE 2.
                                               THE NOTES

Section 2.01   Form and Dating .................................................................    25
Section 2.02   Execution and Authentication ....................................................    26
Section 2.03   Registrar and Paying Agent ......................................................    27
Section 2.04   Paying Agent to Hold Money in Trust .............................................    27
Section 2.05   Holder Lists ....................................................................    27
Section 2.06   Transfer and Exchange ...........................................................    28
Section 2.07   Replacement Notes ...............................................................    40
Section 2.08   Outstanding Notes ...............................................................    40
Section 2.09   Treasury Notes ..................................................................    40
Section 2.10   Temporary Notes .................................................................    41
Section 2.11   Cancellation ....................................................................    41
Section 2.12   Defaulted Interest ..............................................................    41

                                               ARTICLE 3.
                                       REDEMPTION AND PREPAYMENT

Section 3.01   Notices to Trustee ..............................................................    41
Section 3.02   Selection of Notes to Be Redeemed or Purchased ..................................    42
Section 3.03   Notice of Redemption ............................................................    42
Section 3.04   Effect of Notice of Redemption ..................................................    43
Section 3.05   Deposit of Redemption or Purchase Price .........................................    43
Section 3.06   Notes Redeemed or Purchased in Part .............................................    43
Section 3.07   Optional Redemption .............................................................    44
Section 3.08   Mandatory Redemption ............................................................    44
Section 3.09   Offer to Purchase by Application of Excess Proceeds .............................    44

                                               ARTICLE 4.
                                               COVENANTS

Section 4.01   Payment of Notes ................................................................    46
Section 4.02   Maintenance of Office or Agency .................................................    46
Section 4.03   Reports .........................................................................    47
Section 4.04   Compliance Certificate ..........................................................    47
Section 4.05   Taxes ...........................................................................    48
Section 4.06   Stay, Extension and Usury Laws ..................................................    48
Section 4.07   Restricted Payments .............................................................    48
Section 4.08   Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries .......    51
Section 4.09   Incurrence of Indebtedness and Issuance of Preferred Stock ......................    53
Section 4.10   Asset Sales .....................................................................    56
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>            <C>                                                                                <C>
Section 4.11   Transactions with Affiliates ....................................................    58
Section 4.12   Liens ...........................................................................    60
Section 4.13   Business Activities .............................................................    60
Section 4.14   Corporate Existence .............................................................    60
Section 4.15   Offer to Repurchase Upon Change of Control ......................................    60
Section 4.16   Anti-Layering ...................................................................    62
Section 4.17   Limitation on Sale and Leaseback Transactions ...................................    62
Section 4.18   Payments for Consent ............................................................    63
Section 4.19   Designation of Restricted and Unrestricted Subsidiaries .........................    63
Section 4.20   Additional Note Guarantees ......................................................    63

                                               ARTICLE 5.
                                               SUCCESSORS

Section 5.01   Merger, Consolidation, or Sale of Assets ........................................    63
Section 5.02   Successor Corporation Substituted ...............................................    64

                                               ARTICLE 6.
                                         DEFAULTS AND REMEDIES

Section 6.01      Events of Default ............................................................    65
Section 6.02      Acceleration .................................................................    66
Section 6.03      Other Remedies ...............................................................    67
Section 6.04      Waiver of Past Defaults ......................................................    67
Section 6.05      Control by Majority ..........................................................    68
Section 6.06      Limitation on Suits ..........................................................    68
Section 6.07      Rights of Holders of Notes to Receive Payment ................................    68
Section 6.08      Collection Suit by Trustee ...................................................    68
Section 6.09      Trustee May File Proofs of Claim .............................................    69
Section 6.10      Priorities ...................................................................    69
Section 6.11      Undertaking for Costs ........................................................    69

                                               ARTICLE 7.
                                                TRUSTEE

Section 7.01      Duties of Trustee ............................................................    70
Section 7.02      Rights of Trustee ............................................................    71
Section 7.03      Individual Rights of Trustee .................................................    71
Section 7.04      Trustee's Disclaimer .........................................................    71
Section 7.05      Notice of Defaults ...........................................................    71
Section 7.06      Reports by Trustee to Holders of the Notes ...................................    72
Section 7.07      Compensation and Indemnity ...................................................    72
Section 7.08      Replacement of Trustee .......................................................    73
Section 7.09      Successor Trustee by Merger, etc .............................................    74
Section 7.10      Eligibility; Disqualification ................................................    74
Section 7.11      Preferential Collection of Claims Against Company ............................    74

                                               ARTICLE 8.
                                LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01      Option to Effect Legal Defeasance or Covenant Defeasance .....................    74
Section 8.02      Legal Defeasance and Discharge ...............................................    74
Section 8.03      Covenant Defeasance ..........................................................    75
Section 8.04      Conditions to Legal or Covenant Defeasance ...................................    75
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>            <C>                                                                                <C>
Section 8.05   Deposited Money and Government Securities to be Held in Trust; Other
                 Miscellaneous Provisions ......................................................    76
Section 8.06   Repayment to Company ............................................................    77
Section 8.07   Reinstatement ...................................................................    77

                                              ARTICLE 9.
                                   AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01   Without Consent of Holders of Notes .............................................    77
Section 9.02   With Consent of Holders of Notes ................................................    78
Section 9.03   Compliance with Trust Indenture Act .............................................    80
Section 9.04   Revocation and Effect of Consents ...............................................    80
Section 9.05   Notation on or Exchange of Notes ................................................    80
Section 9.06   Trustee to Sign Amendments, etc .................................................    80

                                              ARTICLE 10.
                                             SUBORDINATION

Section 10.01  Agreement to Subordinate ........................................................    80
Section 10.02  Liquidation; Dissolution; Bankruptcy ............................................    81
Section 10.03  Default on Designated Senior Debt ...............................................    81
Section 10.04  Acceleration of Notes ...........................................................    82
Section 10.05  When Distribution Must Be Paid Over .............................................    82
Section 10.06  Notice by Company ...............................................................    82
Section 10.07  Subrogation .....................................................................    82
Section 10.08  Relative Rights .................................................................    83
Section 10.09  Subordination May Not Be Impaired by Company ....................................    83
Section 10.10  Distribution or Notice to Representative ........................................    83
Section 10.11  Rights of Trustee and Paying Agent ..............................................    83
Section 10.12  Authorization to Effect Subordination ...........................................    84
Section 10.13  Amendments ......................................................................    84

                                              ARTICLE 11.
                                            NOTE GUARANTEES

Section 11.01  Guarantee .......................................................................    84
Section 11.02  Subordination of Note Guarantee .................................................    85
Section 11.03  Limitation on Guarantor Liability ...............................................    85
Section 11.04  Execution and Delivery of Note Guarantee ........................................    85
Section 11.05  Guarantors May Consolidate, etc., on Certain Terms ..............................    86
Section 11.06  Releases Following Sale of Assets ...............................................    87

                                              ARTICLE 12.
                                      SATISFACTION AND DISCHARGE

Section 12.01  Satisfaction and Discharge ......................................................    87
Section 12.02  Application of Trust Money ......................................................    88

                                              ARTICLE 13.
                                             MISCELLANEOUS

Section 13.01  Trust Indenture Act Controls ....................................................    88
Section 13.02  Notices .........................................................................    88
Section 13.03  Communication by Holders of Notes with Other Holders of Notes ...................    89
Section 13.04  Certificate and Opinion as to Conditions Precedent ..............................    90
Section 13.05  Statements Required in Certificate or Opinion ...................................    90
</TABLE>

                                       iii

<PAGE>

<TABLE>
<S>            <C>                                                                                <C>
Section 13.06  Rules by Trustee and Agents .....................................................    90
Section 13.07  No Personal Liability of Directors, Officers, Employees and Stockholders ........    90
Section 13.08  Governing Law ...................................................................    90
Section 13.09  No Adverse Interpretation of Other Agreements ...................................    91
Section 13.10  Successors ......................................................................    91
Section 13.11  Severability ....................................................................    91
Section 13.12  Counterpart Originals ...........................................................    91
Section 13.13  Table of Contents, Headings, etc ................................................    91

                                                EXHIBITS

Exhibit A1     FORM OF NOTE
Exhibit A2     FORM OF REGULATION S TEMPORARY GLOBAL NOTE
Exhibit B      FORM OF CERTIFICATE OF TRANSFER
Exhibit C      FORM OF CERTIFICATE OF EXCHANGE
Exhibit D      FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
Exhibit E      FORM OF NOTE GUARANTEE
Exhibit F      FORM OF SUPPLEMENTAL INDENTURE
</TABLE>

                                       iv

<PAGE>

         INDENTURE dated as of June 6, 2002 among Roundy's, Inc., a Wisconsin
corporation (the "Company"), the Guarantors (as defined) and BNY Midwest Trust
Company, as trustee (the "Trustee").

         The Company, the Guarantors and the Trustee agree as follows for the
benefit of each other and for the equal and ratable benefit of the Holders (as
defined) of the 8 7/8% Series A Senior Subordinated Notes due 2012 (the "Series
A Notes") and the 8 7/8% Series B Senior Subordinated Notes due 2012 (the
"Series B Notes" and, together with the Series A Notes, the "Notes"):

                                   ARTICLE 1.
                          DEFINITIONS AND INCORPORATION
                                  BY REFERENCE

Section 1.01   Definitions.

         "144A Global Note" means a Global Note substantially in the form of
Exhibit A1 hereto bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the
Depositary or its nominee that will be issued in a denomination equal to the
outstanding principal amount of the Notes sold in reliance on Rule 144A.

         "Acquired Debt" means, with respect to any specified Person:

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

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

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

         "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, "control,"
as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise; provided that beneficial ownership of 10% or more of the
Voting Stock of a Person shall be deemed to be control. For purposes of this
definition, the terms "controlling," "controlled by" and "under common control
with" will have correlative meanings. No Person (other than the Company or any
of its Subsidiaries) in whom a Receivables Subsidiary makes an Investment in
connection with a Qualified Receivables Transaction will be deemed to be an
Affiliate of the Company or any of its Subsidiaries solely by reason of such
Investment.

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

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

                                       1

<PAGE>

         "Asset Sale" means:

                 (1)   the sale, lease, conveyance or other disposition of any
         assets or rights, other than sales of inventory in the ordinary course
         of business consistent with past practices; provided that the sale,
         conveyance or other disposition of all or substantially all of the
         assets of the Company and its Restricted Subsidiaries taken as a whole
         will be governed by the provisions of 4.15 and/or Section 5.01 and not
         be the provisions of Section 4.10 hereof;

                 (2)   the issuance or sale of Equity Interests by any of the
         Company's Restricted Subsidiaries or the sale of Equity Interests in
         any of its Restricted Subsidiaries.

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

                 (1)   any single transaction or series of related transactions
         that involves assets having a fair market value of less than $2.0
         million;

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

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

                 (4)   the sale or lease of equipment, inventory, accounts
         receivable or other assets in the ordinary course of business;

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

                 (6)   a Restricted Payment or Permitted Investment that is
         permitted by Section 4.07;

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

                 (8)   sales of accounts receivable and related assets of the
         type specified in the definition of "Qualified Receivables Transaction"
         to a Receivables Subsidiary for the fair market value thereof,
         including cash in an amount at least equal to 75% of the book value
         thereof as determined in accordance with GAAP, it being understood
         that, for the purposes of this clause (8), notes received in exchange
         for the transfer of accounts receivable and related assets will be
         deemed cash if the Receivables Subsidiary or other payor is required to
         repay said notes as soon as practicable from cash collections available
         to the Receivables Subsidiary or other payor less amounts required to
         be established as reserves pursuant to contractual agreements with
         entities that are not Affiliates of the Company entered into as part of
         a Qualified Receivables Transaction; and

                 (9) transfers of accounts receivable and related assets of the
         type specified in the definition of "Qualified Receivables Transaction"
         (or a fractional undivided interest therein) by a Receivables
         Subsidiary in a Qualified Receivables Transaction.

         "Attributable Debt" in respect of a sale and leaseback transaction
means, at the time of determination, the present value of the obligation of the
lessee for net rental payments during the remaining term of the lease included
in such sale and leaseback transaction including any period for which such lease
has been extended or may, at the option of the lessor, be extended. Such present
value shall be calculated using a discount rate equal to the rate of interest
implicit in such transaction,

                                       2

<PAGE>

determined in accordance with GAAP; provided, however, that if such sale and
leaseback transaction is also a Capital Lease Obligation, it will be treated as
such for all purposes under this Indenture.

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

         "Beneficial Owner" has the meaning assigned to such term in Rule 13d-3
and Rule 13d-5 under the Exchange Act, 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" and "Beneficially Owned" have a corresponding meaning.

         "Board of Directors" means:

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

                 (2)   with respect to a partnership, the Board of Directors of
         the general partner of the partnership; and

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

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

         "Business Day" means any day other than a Legal Holiday.

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

         "Capital Stock" means:

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

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

                 (3)   in the case of a partnership or limited liability
         company, partnership 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.

         "Cash Equivalents" means:

                 (1)   United States dollars;

                 (2)   securities issued or directly and fully guaranteed or
         insured by the United States government or any agency or
         instrumentality of the United States government (provided that the

                                       3

<PAGE>

         full faith and credit of the United States is pledged in support of
         those securities) having maturities of not more than 12 months from the
         date of acquisition;

                 (3)   certificates of deposit and eurodollar time deposits with
         maturities of 12 months or less from the date of acquisition, bankers'
         acceptances with maturities not exceeding 12 months and overnight bank
         deposits, in each case, with any lender party to the Credit Agreement
         or with any domestic commercial bank having capital and surplus in
         excess of $500.00 million and a Thomson Bank Watch Rating of "B" or
         better;

                 (4)   repurchase obligations with a term of not more than seven
         days for underlying securities of the types described in clauses (2)
         and (3) above entered into with any financial institution meeting the
         qualifications specified in clause (3) above;

                 (5)   commercial paper having a rating no lower than "A-2" from
         Moody's or "P2" from S&P and in each case maturing within 12 months
         after the date of acquisition;

                 (6)   money market funds at least 95% of the assets of which
         constitute Cash Equivalents of the kinds described in clauses (1)
         through (5) of this definition; and

                 (7)   readily marketable direct obligations issued by any state
         of the United States or any political subdivision thereof, in either
         case having one of the two highest rating categories obtainable from
         either Moody's or S&P.

         "Clearstream" means Clearstream Banking, S.A.

         "Change of Control" means the occurrence of the following:

                 (1)   the direct or indirect sale, transfer, conveyance or
         other disposition (other than by way of merger or consolidation), in
         one or a series of related transactions, of all or substantially all of
         the properties or assets of the Company and its Restricted Subsidiaries
         taken as a whole to any "person" (as that term is used in Section
         13(d)(3) of the Exchange Act) other than a Principal or a Related Party
         of a Principal;

                 (2)   the adoption of a plan relating to the liquidation or
         dissolution of the Company;

                 (3)   the consummation of any transaction (including, without
         limitation, any merger or consolidation) the result of which is that
         any "person" (as defined above), other than the Principals and their
         Related Parties, becomes the Beneficial Owner, directly or indirectly,
         of more than 50% of the Voting Stock of the Company, measured by voting
         power rather than number of shares; or

                 (4)   the first day on which a majority of the members of the
         Board of Directors of the Company are not Continuing Directors.

         "Company" means Roundy's, Inc., and any and all successors thereto.

                                        4

<PAGE>

         "Consolidated Cash Flow" means, with respect to any specified Person
for any period, the Consolidated Net Income of such Person for such period plus:

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

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

                 (3)   consolidated interest expense of such Person and its
         Restricted Subsidiaries for such period, whether paid or accrued and
         whether or not capitalized (including, without limitation, amortization
         of debt issuance costs and original issue discount, non-cash interest
         payments, the interest component of any deferred payment obligations,
         the interest component of all payments associated with Capital Lease
         Obligations, imputed interest with respect to Attributable Debt,
         commissions, discounts and other fees and charges incurred in respect
         of letter of credit or bankers' acceptance financings, and net of the
         effect of all payments made or received pursuant to Hedging
         Obligations), to the extent that any such expense was deducted in
         computing such Consolidated Net Income; plus

                 (4)   depreciation, amortization (including amortization of
         goodwill and other intangibles but excluding amortization of prepaid
         cash expenses that were paid in a prior period) and other non-cash
         items (excluding any such non-cash expense to the extent that it
         represents an accrual of or reserve for cash expenses in any future
         period or amortization of a prepaid cash expense that was paid in a
         prior period) of such Person and its Restricted Subsidiaries for such
         period to the extent that such depreciation, amortization and other
         non-cash items were deducted in computing such Consolidated Net Income;
         plus

                 (5)   all non-recurring costs and expenses of the Company and
         its Restricted Subsidiaries incurred within three months of date of
         this Indenture in connection with the Transactions, including the
         related financing transactions; plus

                 (6)   all non-cash charges relating to employee benefit or
         other management compensation plans of the Company or any of its
         Restricted Subsidiaries or any non-cash compensation charge arising
         from any grant of stock, stock options or other equity-based awards of
         the Company or any of its Restricted Subsidiaries (excluding in each
         case any non-cash charge to the extent that it represents an accrual of
         or reserve for cash expenses in any future period or amortization of a
         prepaid cash expense incurred in a prior period), in each case, to the
         extent that such non-cash charges were deducted in computing such
         Consolidated Net Income; plus

                 (7)   all items classified as extraordinary, unusual or
         nonrecurring non-cash losses or charges (including, without limitation,
         severance, relocation and other restructuring costs), and related tax
         effects according to GAAP to the extent such non-cash charges or losses
         were deducted in computing such Consolidated Net Income; minus

                 (8)   non-cash items increasing such Consolidated Net Income
         for such period, other than the accrual of revenue in the ordinary
         course of business,

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

                                       5

<PAGE>

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

                 (1)   the Net Income of any Person that is not a Restricted
         Subsidiary or that is accounted for by the equity method of accounting
         will be included only to the extent of the amount of dividends or
         distributions paid in cash to the specified Person or a Restricted
         Subsidiary of the Person;

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

                 (3)   the Net Income of any Person acquired in a pooling of
         interests transaction for any period prior to the date of such
         acquisition will be excluded;

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

                 (5)   the net loss of any Person that is not a Restricted
         Subsidiary will be excluded.

         "Consolidated Net Tangible Assets" means, with respect to the Company,
the total of all assets appearing on the consolidated balance sheet of the
Company and its majority owned or Wholly Owned Restricted Subsidiaries, as
determined on a consolidated basis in accordance with GAAP, but excluding (i)
the book amount of all segregated intangible assets, (ii) all depreciation,
valuation and other reserves, (iii) current liabilities, (iv) any minority
interest in the stock and surplus of Restricted Subsidiaries, (v) investments in
subsidiaries that are not Restricted Subsidiaries, (vi) deferred income and
deferred liabilities and (vii) other items deductible under generally accepted
accounting principles.

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

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

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

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

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

                                       6

<PAGE>

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

         "Corporate Trust Office of the Trustee" will be at the address of the
Trustee specified in Section 13.02 hereof or such other address as to which the
Trustee may give notice to the Company.

         "Credit Agreement" means that certain Credit Agreement, expected to be
dated as of June 6, 2002 by and among the Company, Bear Stearns Corporate
Lending Inc. and Canadian Imperial Bank of Commerce, providing for up to
$375,000,000 of borrowings (including the term loans and revolving loans
thereunder), including any related notes, guarantees, collateral documents,
instruments and agreements executed in connection therewith, and in each case as
amended, modified, renewed, refunded, replaced or refinanced from time to time,
including any agreement extending the maturity of, refinancing, replacing or
otherwise restructuring (including increasing the amount of available borrowings
thereunder or adding Subsidiaries of the Company as additional borrowers or
Guarantors thereunder) all or any portion of the Indebtedness under such
agreement or any successor or replacement agreement and whether by the same or
any other agent, lender or group of lenders.

         "Credit Facilities" means, one or more debt facilities or indentures
(including, without limitation, the Credit Agreement or any other Revolving
Credit Facility or Term Loan Facility) or commercial paper facilities, in each
case with banks or other institutional lenders providing for revolving credit
loans, term loans, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to borrow from
such lenders against such receivables), letters of credit or other long-term
indebtedness, in each case, as amended, restated, modified, renewed, refunded,
replaced or refinanced in whole or in part from time to time.

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

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

         "Definitive Note" means a certificated Note registered in the name of
the Holder thereof and issued in accordance with Section 2.06 hereof,
substantially in the form of Exhibit A1 hereto except that such Note shall not
bear the Global Note Legend and shall not have the "Schedule of Exchanges of
Interests in the Global Note" attached thereto.

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

         "Designated Non-Cash Consideration" means any non-cash consideration
received by the Company or any of its Restricted Subsidiaries in connection with
an Asset Sale that is designated as Designated Non-Cash Consideration pursuant
to an Officers' Certificate setting forth the fair market value of such non-cash
consideration and the basis of the valuation.

         "Designated Senior Debt" means:

                 (1)   any Indebtedness outstanding under the Credit Agreement;
         and

                                       7

<PAGE>

                 (2)   after payment in full of all Obligations under the Credit
         Agreement, any other Senior Debt permitted under this Indenture the
         principal amount of which is $25.0 million or more and that has been
         designated by the Company as "Designated Senior Debt."

         "Disqualified Stock" means any Capital Stock that, by its terms (or by
the terms of any security into which it is convertible, or for which it is
exchangeable, in each case at the option of the holder of the Capital Stock), or
upon the happening of any event, matures or is mandatorily redeemable, pursuant
to a sinking fund obligation or otherwise, or redeemable at the option of the
holder of the Capital Stock, in whole or in part, on or prior to the date that
is 91 days after the date on which the Notes mature; provided that if such
Capital Stock is issued to any employee or 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 such Subsidiary
in order to satisfy applicable statutory or regulatory obligations or as a
result of such employee's death or disability. Notwithstanding the preceding
sentence, any Capital Stock that would constitute Disqualified Stock solely
because the holders of the Capital Stock have the right to require the Company
to repurchase such Capital Stock upon the occurrence of a change of control or
an asset sale will not constitute Disqualified Stock if the terms of such
Capital Stock provide that the Company may not repurchase or redeem any such
Capital Stock pursuant to such provisions unless such repurchase or redemption
complies with Section 4.07 hereof.

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

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

         "Equity Offering" means (1) a public offering of common equity
securities or (2) a private placement of common equity securities yielding gross
proceeds to the issuer of at least $25.0 million, in each case, as applicable,
effected by the Company or its direct or indirect parent company (so long as the
proceeds of such equity offering are substantially concurrently contributed to
the Company).

         "Excluded Contributions" means the net cash proceeds received by the
Company after the date of this Indenture from (a) contributions to its common
equity capital and (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 of its Subsidiaries) of Capital Stock
(other than Disqualified Stock) of the Company, in each case designated within
60 days of the receipt of such net cash proceeds as Excluded Contributions
pursuant to an Officers' Certificate.

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

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

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

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

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

                                       8

<PAGE>

         "Existing Indebtedness" means Indebtedness of the Company and its
Restricted Subsidiaries (other than Indebtedness under the Credit Agreement) in
existence on the date of this Indenture, until such amounts are repaid.

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

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

                 (2)   the consolidated interest of such Person and its
         Restricted Subsidiaries that was capitalized during such period; plus

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

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

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

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

                 (1)   acquisitions that have been made by the specified Person
         or any of its Restricted Subsidiaries, including through mergers or
         consolidations and including any related financing

                                       9

<PAGE>

         transactions, during the four-quarter reference period or subsequent to
         such reference period and on or prior to the Calculation Date will be
         given pro forma effect as if they had occurred on the first day of the
         four-quarter reference period and Consolidated Cash Flow for such
         reference period will be calculated on a pro forma basis in accordance
         with Regulation S-X under the Securities Act (including any Pro Forma
         Cost Savings), but without giving effect to clause (3) of the proviso
         set forth in the definition of Consolidated Net Income;

                 (2)   the Consolidated Cash Flow attributable to discontinued
         operations, as determined in accordance with GAAP, and operations or
         businesses disposed of prior to the Calculation Date, will be excluded
         from the four-quarter reference period on a pro forma basis (as
         provided above);

                 (3)   the Fixed Charges attributable to discontinued
         operations, as determined in accordance with GAAP, and operations or
         businesses disposed of prior to the Calculation Date, will be excluded
         from the four-quarter reference period on a pro forma basis (as
          provided above), but only to the extent that the obligations giving
         rise to such Fixed Charges will not be obligations of the specified
         Person or any of its Restricted Subsidiaries following the Calculation
         Date; and

                 (4)   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,
         discontinued operation, 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,
         discontinued operation, merger or consolidation had occurred at the
         beginning of the applicable four-quarter period.

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

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

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

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

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

         "Guarantors" means each of:

                 (1)   the Company's direct and indirect Domestic Subsidiaries
         existing on the date of this Indenture; and

                                       10

<PAGE>

                 (2)   any other Subsidiary that executes a Note Guarantee in
         accordance with the provisions of this Indenture, and their respective
         successors and assigns.

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

                 (1)   interest rate swap agreements, interest rate cap
         agreements and interest rate collar agreements; and

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

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

         "Holdings" means Roundy's Acquisition Corp., a Delaware Corporation.

         "IAI Global Note" means a Global Note substantially in the form of
Exhibit A1 hereto bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of and registered in the name of the
Depositary or its nominee that will be issued in a denomination equal to the
outstanding principal amount of the Notes sold to Institutional Accredited
Investors.

         "Indebtedness" means, with respect to any specified Person, any
indebtedness of such Person, whether or not contingent:

                 (1)   in respect of borrowed money;

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

                 (3)   in respect of banker's acceptances;

                 (4)   representing Capital Lease Obligations;

                 (5)   representing the balance deferred and unpaid of the
         purchase price of any property, except any such balance that
         constitutes an accrued expense or trade payable; or

                 (6)   representing any Hedging Obligations,

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

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

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

                                       11

<PAGE>

                 (2)   the principal amount of the Indebtedness, together with
         any interest on the Indebtedness that is more than 30 days past due, in
         the case of any other Indebtedness.

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

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

         "Initial Notes" means the first $225.0 million aggregate principal
amount of Notes issued under this Indenture on the date hereof.

         "Initial Purchasers" means Bear, Stearns & Co. Inc. and CIBC World
Markets Corp.

         "Investee Store" means, a Person in which the Company or any of its
Restricted Subsidiaries has invested equity capital, to which it has made loans
or for which it has guaranteed loans, in any such case in accordance with the
business practice of the Company and its Restricted Subsidiaries of making
equity investments in, making loans to or guaranteeing loans made to Persons in
acquiring, remodeling, refurbishing, expanding or operating one or more retail
grocery stores.

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

         "Investments" means, with respect to any Person, all direct or indirect
investments by such Person in other Persons (including Affiliates) in the forms
of loans (including Guarantees or other obligations), advances or capital
contributions (excluding commission, travel and similar advances to officers and
employees made in the ordinary course of business), purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or other
securities, together with all items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP. If the Company
or any Subsidiary of the Company sells or otherwise disposes of any Equity
Interests of any direct or indirect 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 Company's Investments in such Subsidiary that were not sold or
disposed of in an amount determined as provided in the final paragraph of
Section 4.07 hereof. The acquisition by the Company or any Restricted Subsidiary
of the Company of a Person that holds an Investment in a third Person will be
deemed to be an Investment by the Company or such Subsidiary in such third
Person in an amount equal to the fair market value of the Investments held by
the acquired Person in such third Person in an amount determined as provided in
the final paragraph of Section 4.07 hereof.

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

         "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

                                       12

<PAGE>

nature thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing statement under
the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

         "Liquidated Damages" means all liquidated damages then owing pursuant
to Section 5 of the Registration Rights Agreement.

         "Moody's" means Moody's Investors Service, Inc.

         "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, excluding, however:

                 (1)   any gain or loss, together with any related provision for
         taxes on such gain or loss, realized in connection with:

                       (a)   any Asset Sale; or

                       (b)   the disposition of any securities by such Person or
         any of its Restricted Subsidiaries or the extinguishment of any
         Indebtedness of such Person or any of its Restricted Subsidiaries; and

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

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

         "Non-Recourse Debt" means Indebtedness:

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

                 (2)   no default with respect to which (including any rights
         that the holders of the Indebtedness may have to take enforcement
         action against an Unrestricted Subsidiary) would permit upon notice,
         lapse of time or both any holder of any other Indebtedness (other than
         the Notes) of the Company or any of its Restricted Subsidiaries to
         declare a default on such other

                                       13

<PAGE>

         Indebtedness or cause the payment of the Indebtedness to be accelerated
         or payable prior to its stated maturity; and

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

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

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

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

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

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

         "Officers' Certificate" means a certificate signed on behalf of the
Company by two Officers of the Company, one of whom must be the principal
executive officer, the principal financial officer, the treasurer or the
principal accounting officer of the Company, that meets the requirements of
Section 13.05 hereof.

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

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

         "Permitted Business" means the lines of business conducted by the
Company and its Subsidiaries on the date of this Indenture and any businesses
similar, related, incidental or ancillary thereto or that constitutes a
reasonable extension or expansion thereof.

         "Permitted Investments" means:

                 (1)   any Investment in the Company or in a Restricted
         Subsidiary of the Company that is a Guarantor;

                 (2)   any Investment in Cash Equivalents;

                                       14

<PAGE>

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

                       (a)   such Person becomes a Restricted Subsidiary of the
               Company and a Guarantor; or

                       (b)   such Person is merged, consolidated or amalgamated
               with or into, or transfers or conveys substantially all of its
               assets to, or is liquidated into, the Company or a Restricted
               Subsidiary of the Company that is a Guarantor;

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

                 (5)   any Investment the payment for which consists solely of
         Equity Interests (other than Disqualified Stock) of the Company;

                 (6)   any Investments received in compromise of obligations of
         such persons incurred in the ordinary course of trade creditors or
         customers that were incurred in the ordinary course of business,
         including pursuant to any plan of reorganization or similar arrangement
         upon the bankruptcy or insolvency of any trade creditor or customer;

                 (7)   Hedging Obligations;

                 (8)   any Investments in direct financing leases for equipment
         and real estate owned or leased by the Company and leased to its
         customers in the ordinary course of business consistent with past
         practice;

                 (9)   Investments in Investee Stores either in the form of
         equity, loans or other extensions of credit having an aggregate fair
         market value (measured on the date each such Investment was made and
         without giving effect to subsequent changes in value), when taken
         together with all other Investments made pursuant to this clause (9)
         that are at that time outstanding not to exceed 5.0% of the Company's
         Consolidated Net Tangible Assets; and

                 (10)  any Investment existing on the date of this Indenture;

                 (11)  advances to employees and officers or loans to managerial
         employees for the purchase of Equity Interests, in all such cases not
         to exceed $3.0 million at any one time outstanding;

                 (12)  any Investment acquired by the Company or any of its
         Restricted Subsidiaries:

                       (a)   in exchange for any other Investment or accounts
               receivable held by the Company or any such Restricted Subsidiary
               in connection with or as a result of a bankruptcy, workout,
               reorganization or recapitalization of the issuer of such other
               Investment or accounts receivable, or

                       (b)   as a result of a foreclosure by the Company or any
               of its Restricted Subsidiaries with respect to any secured
               Investment or other transfer of title with respect to any secured
               Investment in default;

                                       15

<PAGE>

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

                  (14) Investments consisting of purchase and acquisitions of
         inventory, supplies, materials and equipment or licenses or leases of
         intellectual property, in any case, in the ordinary course of business;

                  (15) Guarantees by the Company or any of its Restricted
         Subsidiaries of Indebtedness otherwise permitted to be incurred by the
         Company or a Restricted Subsidiary, as the case may be, under this
         Indenture;

                  (16) so long as no Default has occurred and is continuing or
         would be caused thereby, Investments that are made with Excluded
         Contributions;

                  (17) the acquisition by a Receivables Subsidiary in connection
         with a Qualified Receivables Transaction of Equity Interests of a trust
         or other Person established by such Receivables Subsidiary to effect
         such Qualified Receivables Transaction; and any other Investment by the
         Company or a Subsidiary of the Company in a Receivables Subsidiary or
         any Investment by a Receivables Subsidiary in any other Person in
         connection with a Qualified Receivables Transaction; provided, that
         such other Investment is in the form of a note or other instrument that
         the Receivables Subsidiary or other Person is required to repay as soon
         as practicable from cash collections available to such Receivables
         Subsidiary or other Person less amounts required to be established as
         reserves pursuant to contractual agreements with entities that are not
         Affiliates of the Company entered into as part of a Qualified
         Receivables Transaction;

                  (18) Investments made in the ordinary course of business and
         consistent with past practice in Badger Assurance Ltd. which are made
         for the purpose of funding the insurance requirements of the Company
         and its Subsidiaries having an aggregate fair market value (measured on
         the date each such Investment was made and without giving effect to
         subsequent changes in value), when taken together with all other
         Investments made pursuant to this clause (18) that are at that time
         outstanding not to exceed 0.65% of the Company's net sales and service
         fees for the Company most recently ended four full quarters for which
         internal financial statements are available immediately preceding the
         date on which such Investment is made; and

                  (19) other Investments in any Person other than Holdings or an
         Affiliate of Holdings that is not also a Subsidiary of the Company
         having an aggregate fair market value (measured on the date each such
         Investment was made and without giving effect to subsequent changes in
         value), when taken together with all other Investments made pursuant to
         this clause (19) that are at that time outstanding not to exceed $25.0
         million.

         "Permitted Junior Securities" means:

                  (1) Equity Interests in the Company or any Guarantor; or

                  (2) debt securities that are subordinated to all Senior Debt
         and any debt securities issued in exchange for Senior Debt to
         substantially the same extent as, or to a greater extent than, the
         Notes and the Note Guarantees are subordinated to Senior Debt under
         this Indenture.

                                       16

<PAGE>

         "Permitted Liens" means:

                  (1)  Liens securing Senior Debt and other obligations with
         respect thereto that were permitted by the terms of this Indenture to
         be incurred;

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

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

                  (4)  Liens on property existing at the time of acquisition of
         the property by the Company or any Subsidiary of the Company; provided
         that such Liens were in existence prior to the contemplation of such
         acquisition;

                  (5)  Liens to secure the performance of statutory obligations,
         surety or appeal bonds, performance bonds or other obligations of a
         like nature incurred in the ordinary course of business;

                  (6)  Liens to secure Indebtedness (including Capital Lease
         Obligations) permitted by 4.09(b)(5) hereof covering only the assets
         acquired with such Indebtedness;

                  (7)  Liens existing on the date of this Indenture;

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

                  (9)  Liens incurred in the ordinary course of business of the
         Company or any Subsidiary of the Company with respect to obligations
         that do not exceed $10.0 million at any one time outstanding;

                  (10) Liens on assets of Unrestricted Subsidiaries that secure
         Non-Recourse Debt of Unrestricted Subsidiaries;

                  (11) Liens incurred or deposits made in the ordinary course of
         business in connection with worker's compensation, unemployment
         insurance and other types of social security, including any Lien
         securing letters of credit issued in the ordinary course of business
         consistent with past practice in connection therewith, or to secure the
         performance of tenders, statutory obligations, surety and appeal bonds,
         bids, leases, government contracts, performance and return-of-money
         bonds and other similar obligations (exclusive of obligations for the
         payment of borrowed money) incurred in the ordinary course of business;

                  (12) judgment Liens not giving rise to an Event of Default;

                  (13) Liens upon specific items of inventory or other goods and
         proceeds of any Person securing such Person's obligations in respect of
         banker's acceptances issued or created for the

                                       17

<PAGE>

         account of such Person to facilitate the purchase, shipment or storage
         of such inventory or other goods;

                  (14) Liens securing reimbursement obligations with respect to
         commercial letters of credit which encumber documents and other
         property relating to such letters of credit and products and proceeds
         thereof;

                  (15) Liens encumbering deposits made to secure obligations
         arising from statutory, regulatory, contractual, or warranty
         requirements of the Company or any of its Restricted Subsidiaries,
         including rights of offset and set-off;

                  (16) Liens arising from filing Uniform Commercial Code
         financing statements regarding leases;

                  (17) Liens securing the Notes and the Guarantees;

                  (18) Liens securing Hedging Obligations that are permitted by
         this Indenture to be incurred;

                  (19) banker's Liens and rights of set-off;

                  (20) statutory Liens of landlords and Liens of carriers,
         warehousemen, mechanics, suppliers, materialmen, repairmen and other
         Liens imposed by law incurred in the ordinary course of business for
         sums not yet delinquent or being contested in good faith, if such
         reserve or other appropriate provision, if any, as shall be required by
         GAAP shall have been made in respect thereof; and

                  (21) Liens on assets of the Company, any Subsidiary of the
         Company or a Receivables Subsidiary incurred in connection with a
         Qualified Receivables Transaction.

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

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

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

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

                                       18

<PAGE>

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

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

         "Principals" means Willis Stein & Partners III, L.P.

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

         "Pro Forma Cost Savings" means, with respect to any period, the
reduction in costs and related adjustments associated with the acquisition of a
business that are attributable to that period and that (i) are calculated on a
basis that is consistent with Regulation S-X under the Securities Act as in
effect and applied as of the date of this Indenture or (ii) have actually been
implemented by the business that was the subject of the acquisition within six
months of the date of the acquisition and prior to the calculation date and that
are supportable and quantifiable by the underlying accounting records of such
business and are described in an Officers' Certificate, as if, in the case of
each of clause (i) and (ii), all such reductions in cost and related adjustments
had been effected as of the beginning of such period.

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

         "Qualified Receivables Transaction" means any transaction or series of
transactions entered into by the Company or any of its Subsidiaries pursuant to
which the Company or any of its Subsidiaries sells, conveys or otherwise
transfers to (i) a Receivables Subsidiary (in the case of a transfer by the
Company or any of its Subsidiaries) and (ii) any other Person (in the case of a
transfer by a Receivables Subsidiary), or grants a security interest in, any
accounts receivable (whether now existing or arising in the future) of the
Company or any of its Subsidiaries, and any assets related thereto including,
without limitation, all collateral securing such accounts receivable, all
contracts and all guarantees or other obligations in respect of such accounts
receivable, proceeds of such accounts receivable and other assets which are
customarily transferred or in respect of which security interests are
customarily granted in connection with asset securitization transactions
involving accounts receivable.

         "Receivables Subsidiary" means a Subsidiary of the Company which
engages in no activities other than in connection with the financing of accounts
receivable and which is designated by the Board of Directors of the Company (as
provided below in this definition) as a Receivables Subsidiary (a) no portion of
the Indebtedness or any other Obligations (contingent or otherwise) of which (i)
is guaranteed by the Company or any Subsidiary of the Company (excluding
guarantees of Obligations (other than the principal of, and interest on,
Indebtedness) pursuant to representations, warranties, covenants and indemnities
entered into in the ordinary course of business in connection with a Qualified
Receivables Transaction), (ii) is recourse to or obligates the Company or any
Subsidiary of the Company in any way other than pursuant to representations,
warranties, covenants and indemnities entered into in the ordinary course of
business in connection with a Qualified Receivables Transaction or (iii)
subjects any property or asset of the Company or any Subsidiary of the Company
(other than accounts receivable and related assets as provided in the definition
of "Qualified Receivables Transaction"), directly or indirectly, contingently or
otherwise, to the satisfaction thereof, other than pursuant to representations,
warranties, covenants and indemnities entered into in the ordinary course of
business in connection with a Qualified Receivables Transaction, (b) with which
neither the Company nor any Subsidiary of the Company has any material contract,
agreement, arrangement or understanding other than on terms no less favorable to
the Company or such Subsidiary than those that might be obtained at the time
from Persons who are not

                                       19

<PAGE>

Affiliates of the Company, other than fees payable in the ordinary course of
business in connection with servicing accounts receivable and (c) with which
neither the Company nor any Subsidiary of the Company has any obligation to
maintain or preserve such Subsidiary's financial condition or cause such
Subsidiary to achieve certain levels of operating results. Any such designation
by the Board of Directors of the Company will be evidenced to the Trustee by
filing with the Trustee a certified copy of the resolution of the Board of
Directors of the Company giving effect to such designation and an Officers'
Certificate certifying that such designation complied with the foregoing
conditions.

         "Registration Rights Agreement" means the Registration Rights
Agreement, dated as of June 6, 2002, among the Company, the Guarantors and the
other parties named on the signature pages thereof, as such agreement may be
amended, modified or supplemented from time to time and, with respect to any
Additional Notes, one or more registration rights agreements among the Company,
the Guarantors and the other parties thereto, as such agreement(s) may be
amended, modified or supplemented from time to time, relating to rights given by
the Company to the purchasers of Additional Notes to register such Additional
Notes under the Securities Act.

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

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

         "Regulation S Permanent Global Note" means a permanent Global Note in
the form of Exhibit A1 hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name
of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Regulation S Temporary Global Note upon
expiration of the Restricted Period.

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

         "Related Party" means:

                  (1)  any direct or indirect controlling stockholder or general
         partner, 50% (or more) owned Subsidiary, or immediate family member (in
         the case of an individual) of any Principal;

                  (2)  any trust, corporation, partnership or other entity, the
         beneficiaries, stockholders, partners, owners or Persons beneficially
         holding a 50% or more controlling interest of which consist of any one
         or more Principals and/or such other Persons referred to in the
         immediately preceding clause (1); or

                  (3)  any limited partnership of which a Principal or one of
         its Affiliates is a general partner.

         "Representative" means the indenture trustee or other trustee agent or
representative for any Senior Debt.

         "Responsible Officer," when used with respect to the Trustee, means any
officer within the Corporate Trust Administration of the Trustee (or any
successor group of the Trustee) or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above

                                       20

<PAGE>

designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.

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

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

         "Restricted Investment" means an Investment other than a Permitted
Investment.

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

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

         "Revolving Credit Facility" means any revolving credit or similar
facility contained in the Credit Agreement and any other revolving credit or
similar facility entered into by the Company or its Restricted Subsidiaries from
time to time.

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

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

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

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

         "S&P" means Standard & Poor's Rating Services.

         "SEC" means the Securities and Exchange Commission.

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

         "Senior Debt" means:

                  (1) all Indebtedness of the Company or any Guarantor
         outstanding under Credit Facilities and all Hedging Obligations with
         respect thereto, whether outstanding on the date of this Indenture or
         incurred thereafter;

                  (2) any other Indebtedness of the Company or any Guarantor
         permitted to be incurred under the terms of this Indenture, unless the
         instrument under which such Indebtedness is incurred expressly provides
         that it is on a parity with or subordinated in right of payment to the
         Notes or any Note Guarantee; and

                  (3) all Obligations with respect to the items listed in the
         preceding clauses (1) and (2) (including any interest accruing
         subsequent to the filing of a petition of bankruptcy at the rate
         provided for in the documentation with respect thereto, whether or not
         such interest is an allowed claim under applicable law).

         Notwithstanding anything to the contrary in the preceding, Senior Debt
will not include:

                  (1) any liability for federal, state, local or other taxes
owed or owing by the Company or any Guarantor;

                                       21

<PAGE>

                  (2) any intercompany Indebtedness of the Company or any of its
         Subsidiaries to the Company;

                  (3) any trade payables;

                  (4) the portion of any Indebtedness that is incurred in
         violation of this Indenture; or

                  (5) Non-Recourse Debt.

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

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

         "Stated Maturity" means, with respect to any installment of interest or
principal on any series of Indebtedness, the date on which such 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.

         "Subsidiary" means, with respect to any specified Person:

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

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

         "Surety Obligations" means the incurrence by the Company or any of its
Guarantors of obligations in respect of performance and surety bonds and
completion guarantees obtained by the Company in the ordinary course of
business.

         "Term Loan Facility" means the term loan facility contained in the
Credit Agreement and any other facility or financing arrangement that
refinances, in whole or in part, any such term loan facility.

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

         "Transactions" shall have the meaning assigned to it in the Company's
offering memorandum of the Notes, dated May 23, 2002.

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

                                       22

<PAGE>

         "Unrestricted Global Note" means a permanent global Note substantially
in the form of Exhibit A1 attached hereto that bears the Global Note Legend and
that has the "Schedule of Exchanges of Interests in the Global Note" attached
thereto, and that is deposited with or on behalf of and registered in the name
of the Depositary, representing a series of Notes that do not bear the Private
Placement Legend.

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

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

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

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

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

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

                  (5) has at least one director on its Board of Directors that
         is not a director or executive officer of the Company or any of its
         Restricted Subsidiaries and has at least one executive officer that is
         not a director or executive officer of the Company or any of its
         Restricted Subsidiaries.

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

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

                                       23

<PAGE>

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

Section 1.02   Other Definitions.

<TABLE>
<CAPTION>
                                                                          Defined in
         Term                                                               Section
         ----                                                               -------
         <S>                                                              <C>
         "Affiliate Transaction" ........................................    4.11
         "Asset Sale Offer" .............................................    3.09
         "Authentication Order" .........................................    2.02
         "Change of Control Offer" ......................................    4.15
         "Change of Control Payment" ....................................    4.15
         "Change of Control Payment Date" ...............................    4.15
         "Covenant Defeasance" ..........................................    8.03
         "DTC" ..........................................................    2.03
         "Event of Default" .............................................    6.01
         "Excess Proceeds" ..............................................    4.10
         "incur" ........................................................    4.09
         "Legal Defeasance" .............................................    8.02
         "Offer Amount" .................................................    3.09
         "Offer Period" .................................................    3.09
         "Paying Agent" .................................................    2.03
         "Permitted Debt" ...............................................    4.09
         "Purchase Date" ................................................    3.09
         "Registrar" ....................................................    2.03
         "Restricted Payments" ..........................................    4.07
</TABLE>

Section 1.03   Incorporation by Reference of Trust Indenture Act.

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

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

                                       24

<PAGE>

         "indenture securities" means the Notes;

         "indenture security Holder" means a Holder of a Note;

         "indenture to be qualified" means this Indenture;

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

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

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

Section 1.04   Rules of Construction.

         Unless the context otherwise requires:

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

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

               (3)  "or" is not exclusive;

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

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

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

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

                                    ARTICLE 2.
                                    THE NOTES

Section 2.01   Form and Dating.

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

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

                                       25

<PAGE>

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

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

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

          (2) an Officers' Certificate from the Company.

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

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

Section 2.02  Execution and Authentication.

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

                                       26

<PAGE>

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

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

     The Trustee will, upon receipt of a written order of the Company signed by
two Officers (an "Authentication Order"), authenticate Notes for original issue.

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

Section 2.03   Registrar and Paying Agent.

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

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

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

Section 2.04   Paying Agent to Hold Money in Trust.

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

Section 2.05   Holder Lists.

     The Trustee will preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of all Holders
and shall otherwise comply with TIA ss. 312(a). If the Trustee is not the
Registrar, the Company will furnish to the Trustee at least seven Business Days

                                       27

<PAGE>

before each interest payment date and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of the Holders of Notes and the
Company shall otherwise comply with TIA (S) 312(a).

Section 2.06   Transfer and Exchange.

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

          (1) the Company delivers to the Trustee notice from the Depositary
     that it is unwilling or unable to continue to act as Depositary or that it
     is no longer a clearing agency registered under the Exchange Act and, in
     either case, a successor Depositary is not appointed by the Company within
     120 days after the date of such notice from the Depositary; or

          (2) in the case of a Global Note held for an account of Euroclear or
     Clearstream, Euroclear or Clearstream, as the case may be, (a) is closed
     for business for a continuous period of 14 days (other than by reason of
     statutory or other holidays), or (b) announces an intention permanently to
     cease business or does in fact do so;

          (3) the Company in its sole discretion determines that the Global
     Notes (in whole but not in part) should be exchanged for Definitive Notes
     and delivers a written notice to such effect to the Trustee; provided that
     in no event shall the Regulation S Temporary Global Note be exchanged by
     the Company for the Definitive Notes prior to (a) the expiration of the
     Restricted Period and (b) the receipt by the Registrar of any certificates
     required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act; or

          (4) there has occurred and is continuing a Default or Event of Default
     with respect to the Notes.

Upon the occurrence of any of the proceeding events in (1) through (4) above,
Definitive Notes shall be issued in such names as the Depositary shall instruct
the Trustee. Definitive Notes delivered in exchange for any Global Notes will be
registered in the names, and issued in any approved denominations, requested by
or on behalf of the Depositary (in accordance with its customary procedures) and
will bear the applicable Private Placement Legend, unless that legend is not
required by applicable law.

     Global Notes also may be exchanged or replaced, in whole or in part, as
provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and
delivered in exchange for, or in lieu of, a Global Note or any portion thereof,
pursuant to this Section 2.06 or Sections 2.07 or 2.10 hereof, shall be
authenticated and delivered in the form of, and shall be, a Global Note. A
Global Note may not be exchanged for another Note other than as provided in this
Section 2.06(a), however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof.

     (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The
transfer and exchange of beneficial interests in the Global Notes will be
effected through the Depositary, in accordance with the provisions of this
Indenture and the Applicable Procedures. Beneficial interests in the Restricted
Global Notes will be subject to restrictions on transfer comparable to those set
forth herein to the extent required by the Securities Act. Transfers of
beneficial interests in the Global Notes also will

                                       28

<PAGE>

require compliance with either subparagraph (1) or (2) below, as applicable, as
well as one or more of the other following subparagraphs, as applicable:

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

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

              (A)  both:

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

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

              (B)  both:

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

                   (ii) instructions given by the Depositary to the Registrar
               containing information regarding the Person in whose name such
               Definitive Note shall be registered to effect the transfer or
               exchange referred to in (1) above; provided that in no event
               shall Definitive Notes be issued upon the transfer or exchange of
               beneficial interests in the Regulation S Temporary Global Note
               prior to (A) the expiration of the Restricted Period and (B) the
               receipt by the Registrar of any certificates required pursuant to
               Rule 903 under the Securities Act. Upon consummation of an
               Exchange Offer by the Company in accordance with Section 2.06(f)
               hereof, the requirements of this Section 2.06(b)(2) shall be
               deemed to have been satisfied upon receipt by the Registrar of
               the instructions contained in the Letter of Transmittal delivered
               by the Holder of such beneficial interests in the Restricted
               Global Notes. Upon satisfaction of all of the requirements for
               transfer or exchange of beneficial interests in Global Notes
               contained in this Indenture and the Notes or otherwise applicable
               under the Securities Act, the

                                       29

<PAGE>

                   Trustee shall adjust the principal amount of the relevant
                   Global Note(s) pursuant to Section 2.06(h) hereof.

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

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

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

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

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

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

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

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

                   (D) the Registrar receives the following:

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

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

                                       30

<PAGE>

                    delivery thereof in the form of a beneficial interest in an
                    Unrestricted Global Note, a certificate from such holder in
                    the form of Exhibit B hereto, including the certifications
                    in item (4) thereof;

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

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

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

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

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

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

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

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

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

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

                                       31

<PAGE>

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

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

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

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

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

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

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

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

               (D) the Registrar receives the following:

                   (i) if the holder of such beneficial interest in a
               Restricted Global Note proposes to exchange such beneficial
               interest for a Definitive Note that does

                                       32

<PAGE>

               not bear the Private Placement Legend, a certificate from such
               holder in the form of Exhibit C hereto, including the
               certifications in item (1)(b) thereof; or

                    (ii) if the holder of such beneficial interest in a
               Restricted Global Note proposes to transfer such beneficial
               interest to a Person who shall take delivery thereof in the form
               of a Definitive Note that does not bear the Private Placement
               Legend, a certificate from such holder in the form of Exhibit B
               hereto, including the certifications in item (4) thereof;

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

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

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

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

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

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

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

                                       33

<PAGE>

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

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

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

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

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

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

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

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

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

               (D)  the Registrar receives the following:

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

                                       34

<PAGE>

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

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

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

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

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

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

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

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

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

                                       35

<PAGE>

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

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

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

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

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

               (D)  the Registrar receives the following:

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

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

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

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

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

                                       36

<PAGE>

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

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

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

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

          (1)  Private Placement Legend.

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

"THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), AND THIS SECURITY MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY
OTHER JURISDICTION.

EACH HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO (A) OFFER, SELL,
PLEDGE OR OTHERWISE TRANSFER THIS SECURITY ONLY (1) TO ROUNDY'S, INC., (2)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (3) TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED
INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (4) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS
THAT OCCUR OUTSIDE THE UNITED STATES IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (5) TO AN INSTITUTIONAL
"ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER, EXECUTES
AND DELIVERS TO ROUNDY'S, INC. AND THE TRUSTEE A LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS SECURITY (THE
FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND AN OPINION OF
COUNSEL, IF ROUNDY'S, INC. OR THE TRUSTEE SO REQUESTS, OR (6) PURSUANT TO ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE
SECURITIES ACT (AND BASED ON AN OPINION OF COUNSEL IF ROUNDY'S, INC. OR THE
TRUSTEE SO REQUESTS), SUBJECT IN EACH OF THE FOREGOING CASES TO APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION, AND (B) THAT IT WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY

                                       37

<PAGE>

PURCHASER FROM IT OF THIS SECURITY OF THE RESALE RESTRICTIONS SET FORTH IN (A)
ABOVE."

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

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

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

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

          (3)  Regulation S Temporary Global Note Legend. The Regulation S
     Temporary Global Note will bear a legend in substantially the following
     form:

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

     (h)  Cancellation and/or Adjustment of Global Notes. At such time as all
beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or
canceled in whole and not in part, each such Global Note will be returned to or
retained and canceled by the Trustee in accordance with Section 2.11 hereof. At
any time prior to

                                       38

<PAGE>

such cancellation, if any beneficial interest in a Global Note is exchanged for
or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note or for Definitive Notes, the
principal amount of Notes represented by such Global Note will be reduced
accordingly and an endorsement will be made on such Global Note by the Trustee
or by the Depositary at the direction of the Trustee to reflect such reduction;
and if the beneficial interest is being exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another
Global Note, such other Global Note will be increased accordingly and an
endorsement will be made on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such increase.

     (i)  General Provisions Relating to Transfers and Exchanges.

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

          (2)  No service charge will be made to a Holder of a Global Note or to
     a Holder of a Definitive Note for any registration of transfer or exchange,
     but the Company may require payment of a sum sufficient to cover any
     transfer tax or similar governmental charge payable in connection therewith
     (other than any such transfer taxes or similar governmental charge payable
     upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15
     and 9.05 hereof).

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

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

          (5)  The Company will 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
          3.02 hereof and ending at the close of business on the day of
          selection;

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

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

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

                                       39

<PAGE>

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

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

Section 2.07  Replacement Notes.

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

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

Section 2.08  Outstanding Notes.

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

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

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

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

Section 2.09  Treasury Notes.

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

                                       40

<PAGE>

Section 2.10  Temporary Notes.

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

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

Section 2.11  Cancellation.

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

Section 2.12  Defaulted Interest.

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

                                   ARTICLE 3.
                            REDEMPTION AND PREPAYMENT

Section 3.01  Notices to Trustee.

     If the Company elects to redeem Notes pursuant to the optional redemption
provisions of Section 3.07 hereof, it must furnish to the Trustee, at least 30
days but not more than 60 days before a redemption date, an Officers'
Certificate setting forth:

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

              (2)  the redemption date;

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

              (4)  the redemption price.

                                       41

<PAGE>

Section 3.02  Selection of Notes to Be Redeemed or Purchased.

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

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

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

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

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

Section 3.03  Notice of Redemption.

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

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

              (1)    the redemption date;

              (2)    the redemption price;

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

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

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

                                       42

<PAGE>

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

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

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

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

Section 3.04  Effect of Notice of Redemption.

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

Section 3.05  Deposit of Redemption or Purchase Price.

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

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

Section 3.06  Notes Redeemed or Purchased in Part.

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

                                       43

<PAGE>

Section 3.07  Optional Redemption.

     (a) At any time prior to June 15, 2005, the Company may on any one or more
occasions redeem up to 35% of the aggregate principal amount of Notes issued
under this Indenture at a redemption price of 108.875% of the principal amount
thereof, plus accrued and unpaid interest and Liquidated Damages, if any, to the
redemption date, with the net cash proceeds of one or more Equity Offerings;
provided that:

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

          (2) the redemption occurs within 90 days of the date of the closing of
     such Equity Offering.

     (b)  Except pursuant to the preceding paragraph, the Notes are not
redeemable at the Company's option prior to June 15, 2007.

     (c)  After June 15, 2007 the Company may redeem all or a part of the Notes
upon not less than 30 nor more than 60 days' notice, at the redemption prices
(expressed as percentages of principal amount) set forth below plus accrued and
unpaid interest and Liquidated Damages, if any, thereon, to the applicable
redemption date, if redeemed during the 12-month period beginning on June 15 of
the years indicated below:

     Year                                                 Percentage
     ----                                                 ----------
     2007...............................................   104.438%
     2008...............................................   102.958%
     2009...............................................   101.479%
     2010 and thereafter................................   100.000%

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

Section 3.08  Mandatory Redemption.

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

Section 3.09  Offer to Purchase by Application of Excess Proceeds.

     In the event that, pursuant to Section 4.10 hereof, the Company is required
to commence an offer to all Holders to purchase Notes (an "Asset Sale Offer"),
it will follow the procedures specified below.

     The Asset Sale Offer shall be made to all Holders and all holders of other
Indebtedness that is pari passu with the Notes containing provisions similar to
those set forth in this Indenture with respect to offers to purchase or redeem
with the proceeds of sales and assets. The Asset Sale Offer will remain open for
a period of at least 20 Business Days following its commencement and not more
than 30 Business Days, except to the extent that a longer period is required by
applicable law (the "Offer Period"). No later than three Business Days after the
termination of the Offer Period (the "Purchase Date"), the Company will apply
all Excess Proceeds (the "Offer Amount") to the purchase of Notes and such other
pari passu Indebtedness (on a pro rata basis, if applicable) or, if less than
the Offer Amount has been

                                       44

<PAGE>

tendered, all Notes and other Indebtedness tendered in response to the Asset
Sale Offer. Payment for any Notes so purchased will be made in the same manner
as interest payments are made.

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

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

          (1) that the Asset Sale Offer is being made pursuant to this Section
     3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer
     will remain open;

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

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

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

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

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

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

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

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

                                       45

<PAGE>

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

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

                                   ARTICLE 4.
                                    COVENANTS

Section 4.01   Payment of Notes.

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

     The Company will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
1% per annum in excess of the then applicable interest rate on the Notes to the
extent lawful; it will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and
Liquidated Damages (without regard to any applicable grace period) at the same
rate to the extent lawful.

Section 4.02   Maintenance of Office or Agency.

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

     The Company may also from time to time designate one or more other offices
or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission will in any manner relieve

                                       46

<PAGE>

the Company of its obligation to maintain an office or agency in the Borough of
Manhattan, the City of New York for such purposes. The Company will give prompt
written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency.

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

Section 4.03   Reports.

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

               (1)  all quarterly and annual financial information that would be
         required to be contained in a filing with the SEC 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)  all current reports that would be required to be filed with
         the SEC on Form 8-K if the Company were required to file such reports.

         If the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries and such Unrestricted Subsidiaries collectively have assets in
excess of $1.0 million, then the quarterly and annual financial information
required by the preceding paragraph will include a reasonably detailed
presentation, either on the face of the financial statements or in the footnotes
thereto, and in "Management's Discussion and Analysis of Financial Condition and
Results of Operations," of the financial condition and results of operations of
the Company and its Restricted Subsidiaries separate from the financial
condition and results of operations of the Unrestricted Subsidiaries of the
Company.

         In addition, following the consummation of the Exchange Offer
contemplated by the Registration Rights Agreement, whether or not required by
the SEC, the Company will file a copy of all of the information and reports
referred to in clauses (1) and (2) above with the SEC for public availability
within the time periods specified in the SEC's rules and regulations (unless the
SEC will not accept such a filing) and make such information available to
securities analysts and prospective investors upon request. The Company will at
all times comply with TIA ss. 314(a).

         (b)   For so long as any Notes (but not the Exchange Notes) remain
outstanding, the Company and the Guarantors will furnish to the Holders and to
securities analysts and prospective investors, upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act.

Section 4.04   Compliance Certificate.

         (a)   The Company and each Guarantor (to the extent that such Guarantor
is so required under the TIA) shall deliver to the Trustee, within 90 days after
the end of each fiscal year, an Officers' Certificate stating that a review of
the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his or her knowledge the Company
has kept, observed, performed and fulfilled each and every covenant contained in
this Indenture

                                       47

<PAGE>

and is not in default in the performance or observance of any of the terms,
provisions and conditions of this Indenture (or, if a Default or Event of
Default has occurred, describing all such Defaults or Events of Default of which
he or she may have knowledge and what action the Company is taking or proposes
to take with respect thereto) and that to the best of his or her knowledge no
event has occurred and remains in existence by reason of which payments on
account of the principal of or interest, if any, on the Notes is prohibited or
if such event has occurred, a description of the event and what action the
Company is taking or proposes to take with respect thereto.

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

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

Section 4.05   Taxes.

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

Section 4.06   Stay, Extension and Usury Laws.

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

Section 4.07   Restricted Payments.

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

               (1)  declare or pay any dividend or make any other payment or

         distribution on account of the Company's or any of its Restricted
         Subsidiaries' Equity Interests (including, without limitation, any
         payment in connection with any merger or consolidation involving the
         Company or any of its Restricted Subsidiaries) or to the direct or
         indirect holders of the Company's or any of its Restricted
         Subsidiaries' Equity Interests in their capacity as such (other

                                       48

<PAGE>

         than dividends or distributions payable in Equity Interests (other than
         Disqualified Stock) of the Company or to the Company or a Restricted
         Subsidiary of the Company);

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

               (3) make any payment on or with respect to, or purchase, redeem,
         defease or otherwise acquire or retire for value any Indebtedness that
         is subordinated to the Notes or the Note Guarantees, except a payment
         of interest or principal at the Stated Maturity of the Indebtedness; or

               (4) make any Restricted Investment (all such payments and other
         actions set forth in these clauses (1) through (4) 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; and

               (2) the Company would, at the time of such Restricted Payment and
         after giving pro forma effect thereto as if such Restricted Payment had
         been made at the beginning of the applicable four-quarter period, have
         been permitted to incur at least $1.00 of additional Indebtedness
         pursuant to the Fixed Charge Coverage Ratio test set forth in the first
         paragraph of Section 4.09; 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 date of this Indenture (excluding Restricted
         Payments permitted by clauses (2), (3), (4), (5), (6), (7), (8) and (9)
         of paragraph (b) below), is less than the sum, without duplication, of:

                   (A) 50% of the Consolidated Net Income of the Company for the
               period (taken as one accounting period) from March 30, 2002 to
               the end of the Company's most recently ended fiscal quarter for
               which internal financial statements are available at the time of
               such Restricted Payment (or, if such Consolidated Net Income for
               such period is a deficit, less 100% of such deficit), plus

                   (B) 100% of the aggregate net cash proceeds received by the
               Company since the date of this Indenture as a contribution to its
               common equity capital or from the issue or sale of Equity
               Interests of the Company (other than Disqualified Stock) or from
               the issue or sale of Disqualified Stock or debt securities of the
               Company that have been converted into or exchanged for Equity
               Interests (other than Equity Interests (or Disqualified Stock or
               debt securities) sold to a Subsidiary of the Company), plus

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

                   (D) 50% of any dividends received by the Company or a Wholly
               Owned Restricted Subsidiary after the date of this Indenture from
               an Unrestricted Subsidiary to

                                       49

<PAGE>

               the extent that such dividends were not otherwise included in
               Consolidated Net Income for such period, plus

                   (E) to the extent that any Unrestricted Subsidiary is
               redesignated as a Restricted Subsidiary, or has been merged,
               consolidated or amalgamated with or into, transfers or conveys
               assets to, or is liquidated into, the Company or any Restricted
               Subsidiary after the date of this Indenture, the fair market
               value of the Investment in such Subsidiary as of the date of such
               redesignation, merger, consolidation, amalgamation, transfer or
               conveyance.

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

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

               (2) the redemption, repurchase, retirement, defeasance or other
         acquisition of, or the declaration and payment of any dividends or
         other distributions on, any subordinated Indebtedness of the Company or
         any Guarantor or of any Equity Interests of the Company in exchange
         for, or out of the net cash proceeds of the substantially concurrent
         sale (other than to a Restricted Subsidiary of the Company) of, Equity
         Interests of the Company (other than Disqualified Stock); provided that
         the amount of any such net cash proceeds that are utilized for any such
         redemption, repurchase, retirement, defeasance or other acquisition
         will be excluded from clause (3)(B) of the preceding paragraph;

               (3) the defeasance, redemption, repurchase or other acquisition
         of subordinated Indebtedness of the Company or any Guarantor with the
         net cash proceeds from an incurrence of Permitted Refinancing
         Indebtedness;

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

               (5) so long as no Default has occurred and is continuing or would
         be caused thereby, the repurchase, redemption or other acquisition or
         retirement for value (or any dividend or distribution made to fund such
         repurchase, redemption or other acquisition or retirement for value) of
         any Equity Interests of the Company, any Restricted Subsidiary or any
         direct or indirect parent of the Company held by any past, present or
         future member of the Company, any Restricted Subsidiaries' or any
         direct or indirect parent of the Company's management (or any director,
         employee or consultant of the foregoing) pursuant to any equity
         subscription agreement, stock option agreement or similar agreement;
         provided that the aggregate price paid for all such repurchased,
         redeemed, acquired or retired Equity Interests may not exceed $2.0
         million in any 12-month period; provided that (a) the Company may carry
         forward and make in a subsequent calendar year, in addition to the
         amounts permitted for such calendar year, the amount of such purchases,
         redemptions or other acquisitions or retirements for value permitted to
         have been made but not made in any preceding calendar year up to a
         maximum of $6.0 million in any calendar year pursuant to this clause
         (5), (b) that such amount in any calendar year may be increased by the
         cash proceeds of key man life insurance policies received by the
         Company and its Restricted Subsidiaries after the date of this
         Indenture less any amount previously applied to the payment of
         Restricted Payments pursuant to this clause (5), and (c) that
         cancellation of the Indebtedness owing to the Company from employees,
         officers, directors and consultants of the Company or any of its
         Restricted Subsidiaries in connection with a repurchase of Equity
         Interests of the

                                       50

<PAGE>

     Company from such Persons will not be deemed to constitute a Restricted
     Payment for purposes of this covenant or any other provisions of this
     Indenture;

          (6)  repurchases of Equity Interests (or any divided or distribution
     made to fund such repurchase) deemed to occur upon the cashless exercise of
     stock options and warrants;

          (7)  the payment of dividends, other distributions, loans, advances or
     other amounts to any of the Company's direct or indirect parents to pay
     corporate overhead incurred in the ordinary course of business, up to an
     aggregate under this clause (7) of $500,000 per fiscal year plus any bona
     fide indemnification claims made by directors or officers of the Company's
     direct or indirect parents;

          (8)  the payment of dividends, other distributions or amounts to any
     of the Company's direct or indirect parents in amounts required to pay the
     tax obligations of the Company and its Subsidiaries and the tax obligations
     attributable to the Company and its Subsidiaries; provided that:

               (A)  the amount of dividends paid pursuant to this clause (8) to
          enable the Company or any of its direct or indirect parents to pay
          federal and state income taxes at any time will not exceed the amount
          of such federal and state income taxes actually owing by such of its
          direct or indirect parents at such time for the respective period, and

               (B)  any refunds received by such direct or indirect parents
          attributable to the Company and its Subsidiaries shall promptly be
          returned to the Company;

          (9)  Restricted Payments contemplated by the Exchange Agreement and
     any agreement executed in connection therewith or contemplated thereby; and

          (10) so long as no Default has occurred and is continuing or would be
     caused thereby, other Restricted Payments in an aggregate amount not to
     exceed $10.0 million since the date of this Indenture.

     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 a Restricted Subsidiary,
as the case may be, pursuant to the Restricted Payment. The fair market value of
any assets or securities that are required to be valued by this Section 4.07
will be determined by the Board of Directors whose resolution with respect
thereto will be delivered to the Trustee. The Board of Directors' determination
must be based upon an opinion or appraisal issued by an accounting, appraisal or
investment banking firm of national standing if the fair market value exceeds
$10.0 million. Not later than the date of making any Restricted Payment, the
Company will deliver to the Trustee an Officers' Certificate stating that such
Restricted Payment is permitted and setting forth the basis upon which the
calculations required by this Section 4.07 were computed, together with a copy
of any fairness opinion or appraisal required by this Indenture.

Section 4.08  Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries.

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

                                       51

<PAGE>

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

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

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

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

          (1)  agreements governing Existing Indebtedness and Credit Facilities
     as in effect on the date of this Indenture and any amendments,
     modifications, restatements, renewals, increases, supplements, refundings,
     replacements or refinancings of those agreements; provided that such
     amendments, modifications, restatements, renewals, increases, supplements,
     refundings, replacements or refinancings are no more restrictive, taken as
     a whole, with respect to such dividend and other payment restrictions than
     those contained in those agreements on the date of this Indenture;

          (2)  this Indenture, the Notes and the Note Guarantees;

          (3)  applicable law or regulations;

          (4)  any agreement or instrument binding a Person acquired by the
     Company or any of its Restricted Subsidiaries as in effect at the time of
     such acquisition (except to the extent such agreement or instrument was
     entered into in connection with or in contemplation of such acquisition),
     which encumbrance or restriction is not applicable to any Person, or the
     properties or assets of any Person, other than the Person, or the property
     or assets of the Person, so acquired; provided that, in the case of
     Indebtedness, such Indebtedness was permitted by the terms of this
     Indenture to be incurred;

          (5)  customary provisions in leases entered into in the ordinary
     course of business;

          (6)  purchase money obligations for property acquired in the ordinary
     course of business that impose restrictions on that property of the nature
     described in clause (3) of Section 4.08(a);

          (7)  any agreement for the sale or other disposition of assets,
     including customary restrictions on a Restricted Subsidiary that restricts
     distributions by that Restricted Subsidiary pending its sale or other
     disposition;

          (8)  Permitted Refinancing Indebtedness, provided that the
     restrictions contained in the agreements governing such Permitted
     Refinancing Indebtedness are not materially more restrictive, taken as a
     whole, than those contained in the agreements governing the Indebtedness
     being refinanced;

          (9)  Liens securing Indebtedness otherwise permitted to be incurred
     under Section 4.12 hereof that limit the right of the debtor to dispose of
     the assets subject to such Liens;

                                       52

<PAGE>

          (10) provisions with respect to the disposition or distribution of
     assets or property in joint venture agreements, assets sale agreements,
     stock sale agreements and other similar agreements entered into in the
     ordinary course of business;

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

          (12) other Indebtedness of any Restricted Subsidiary that is not a
     Domestic Subsidiary permitted to be incurred subsequent to the date of this
     Indenture pursuant to the provisions of Section 4.09 hereof;

          (13) any encumbrances or restrictions of the type referred to in
     clauses (1), (2) and (3) of Section 4.08(a) hereof imposed by any
     amendments, modification, restatements, renewals, increases, supplements,
     refunding, replacements or refinancing of the contracts, instruments or
     obligations referred to in clauses (1) through (3) of this Section 4.08(b);
     provided that such amendments, modifications, restatements, renewals,
     increases, supplements, refundings, replacement or refinancings are (in the
     good faith judgment of the Board of Directors) no more restrictive, taken
     as a whole, with respect to such dividend and other payment restrictions
     than those contained in such contracts, instruments or obligations prior to
     such amendment, modification, restatement, renewal, increase, supplement,
     refunding, replacement or refinancing;

          (14) any agreement relating to a sale and leaseback transaction or
     Capital Lease Obligation, but only on the property subject to such
     transaction or Capital Lease Obligation and only to the extent that such
     restrictions or encumbrances are customary with respect to a sale and
     leaseback transaction or Capital Lease Obligation;

          (15) Indebtedness or other contractual requirements of a Receivables
     Subsidiary in connection with a Qualified Receivables Transaction, provided
     that such restrictions apply only to such Receivables Subsidiary; and

          (16) any other agreement, instrument or document relating to Senior
     Debt hereafter in effect; provided that the terms and conditions of such
     encumbrances or restrictions are not more restrictive taken as a whole than
     those encumbrances or restrictions imposed in connection with the Credit
     Agreement as in effect on the date of this Indenture.

Section 4.09  Incurrence of Indebtedness and Issuance of Preferred Stock.

     (a)  The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee
or otherwise become directly or indirectly liable, contingently or otherwise,
with respect to (collectively, "incur") any Indebtedness (including Acquired
Debt), and the Company will not issue any Disqualified Stock and will not permit
any of its Restricted Subsidiaries to issue any shares of preferred stock;
provided, however, that the Company may incur Indebtedness (including Acquired
Debt) or issue Disqualified Stock, and the Guarantors may incur Indebtedness or
issue preferred stock, if the Fixed Charge Coverage Ratio for the Company's most
recently ended four full fiscal quarters for which internal financial statements
are available immediately preceding the date on which such additional
Indebtedness is incurred or such Disqualified Stock or preferred stock is issued
would have been 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 or Disqualified Stock had
been issued, as the case may be, at the beginning of such four-quarter period.

                                       53

<PAGE>

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

          (1)  the incurrence by the Company and any Guarantor of additional
     Indebtedness pursuant to any Revolving Credit Facility; provided, however,
     that immediately after giving effect to any such incurrence the aggregate
     principal amount of all Indebtedness incurred under this clause (1) and
     then outstanding does not exceed the greater of (A) $125.0 million and (B)
     the sum of (i) 80% of the face amount of all accounts receivable owned by
     the Company and its Restricted Subsidiaries as of the end of the most
     recent fiscal quarter preceding such date that were not more than 90 days
     past due plus (ii) 50% of the book value of all inventory owned by the
     Company and its Restricted Subsidiaries as of the end of the most recent
     fiscal quarter preceding such date (provided that such amount shall be
     reduced to the extent of any reduction or elimination of any commitment
     under any Credit Facility resulting from or relating to the formation of
     any Receivables Subsidiary or the consummation of any Qualified Receivables
     Transaction);

          (2)  the incurrence by the Company and any Guarantor of additional
     Indebtedness pursuant to any Term Loan Facility; provided, however, that
     after giving effect to any such incurrence the aggregate principal amount
     of such Indebtedness incurred under this clause (2) and then outstanding
     does not exceed $250.0 million less the aggregate amount of all Net
     Proceeds of Asset Sales applied by the Company or any of its Restricted
     Subsidiaries since the date of this Indenture to repay any Indebtedness
     under a Credit Facility pursuant to Section 4.10.

          (3)  the incurrence by the Company and its Restricted Subsidiaries of
     the Existing Indebtedness;

          (4)  the incurrence by the Company and the Guarantors of Indebtedness
     represented by the Notes and the related Note Guarantees to be issued on
     the date of this Indenture and the Exchange Notes and the related Note
     Guarantees to be issued pursuant to the Registration Rights Agreement;

          (5)  the incurrence by the Company or any Restricted Subsidiary of
     Indebtedness represented by Capital Lease Obligations, mortgage financings
     or purchase money obligations, in each case, incurred for the purpose of
     financing all or any part of the purchase price or cost of construction,
     improvement or lease of property, plant or equipment used in the business
     of the Company or such Restricted Subsidiary, or incurred within 180 days
     after such purchase, lease or improvement, in an aggregate principal
     amount, including all Permitted Refinancing Indebtedness incurred to
     refund, refinance or replace any Indebtedness incurred pursuant to this
     clause (5), not to exceed the greater of (i) $25.0 million or (ii) 5.0% of
     the Company's Consolidated Net Tangible Assets at the time of any
     incurrence thereof;

          (6)  the incurrence by the Company or any of its Restricted
     Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the
     net proceeds of which are used to refund, refinance or replace Indebtedness
     (other than intercompany Indebtedness) that was permitted by this Indenture
     to be incurred under Section 4.09(a) hereof or clauses (3), (4), (5), (6),
     (11), (14), (15) or (18) of this Section 4.09(b);

                                       54

<PAGE>

          (7)  the incurrence by the Company or any of its Restricted
     Subsidiaries of intercompany Indebtedness between or among the Company and
     any of its Restricted Subsidiaries; provided, however, that:

               (A)  if the Company or any Guarantor is the obligor on such
          Indebtedness, such Indebtedness must be expressly subordinated to the
          prior payment in full in cash of all Obligations with respect to the
          Notes, in the case of the Company, or the Note Guarantee, in the case
          of a Guarantor; and

               (B)  (i) any subsequent issuance or transfer of Equity Interests
          that results in any such Indebtedness being held by a Person other
          than the Company or a Restricted Subsidiary of the Company and (ii)
          any sale or other transfer of any such Indebtedness to a Person that
          is not either the Company or a Restricted Subsidiary of the Company;
          will be deemed, in each case, to constitute an incurrence of such
          Indebtedness by the Company or such Restricted Subsidiary, as the case
          may be, that was not permitted by this clause (7);

          (8)  the incurrence by the Company or any of its Restricted
     Subsidiaries of Hedging Obligations that are incurred for the purpose of
     fixing or hedging (i) any currency exchange risk, (ii) any commodity price
     risk or (iii) any interest rate risk with respect to any floating rate
     Indebtedness that is permitted by the terms of this Indenture to be
     outstanding;

          (9)  the guarantee by the Company or any of the Guarantors of
     Indebtedness or other Obligations of the Company or a Restricted Subsidiary
     of the Company that was permitted to be incurred by another provision of
     this Section 4.09;

          (10) the accrual of interest, the accretion or amortization of
     original issue discount, the payment of interest on any Indebtedness in the
     form of additional Indebtedness with the same terms, and the payment of
     dividends on Disqualified Stock in the form of additional shares of the
     same class of Disqualified Stock will not be deemed to be an incurrence of
     Indebtedness or an issuance of Disqualified Stock for purposes of this
     Section 4.09; provided, in each such case, that the amount thereof is
     included in Fixed Charges of the Company as accrued;

          (11) the incurrence by the Company or any of its Restricted
     Subsidiaries of Indebtedness 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 or self-insurance, or other Indebtedness with respect
     to reimbursement type obligations regarding workers' compensation claims or
     self insurance;

          (12) the incurrence by the Company or any of its Restricted
     Subsidiaries of obligations in respect of performance and surety bonds and
     completion guarantees provided by the Company or such Restricted
     Subsidiaries in the ordinary course of business;

          (13) the incurrence by the Company or any Restricted Subsidiary of
     Indebtedness arising from agreements of the Company or such Restricted
     Subsidiary providing for indemnification, adjustment of purchase price or
     similar obligations, in each case, incurred or assumed in connection with
     the acquisition of disposition of any business, assets or Capital Stock of
     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;

                                       55

<PAGE>

              (14) the issuance of preferred stock by any Restricted Subsidiary
         issued to the Company or another Restricted Subsidiary; provided that
         any subsequent issuance or transfer of any Equity Securities or any
         other event that results in any such Restricted Subsidiary ceasing to
         be a Restricted Subsidiary or any other subsequent transfer of any such
         shares of preferred stock (except to the Company or another Restricted
         Subsidiary) shall be deemed, in each case to be an issuance of such
         shares of preferred stock;

              (15) the incurrence of Indebtedness or Disqualified Stock of
         Persons that are acquired by the Company or any of its Restricted
         Subsidiaries or merged into a Restricted Subsidiary in accordance with
         the terms of this Indenture; provided that such Indebtedness or
         Disqualified Stock is not incurred in contemplation of such acquisition
         or merger; provided further that such Indebtedness or Disqualified
         Stock shall not exceed $25.0 million at any time outstanding;

              (16) any guarantee of the Indebtedness of any Investee Store by
         clause (9) of the definition of "Permitted Investment;"

              (17) the incurrence by a Receivables Subsidiary of Indebtedness in
         a Qualified Receivables Transaction that is without recourse to the
         Company or to any other Subsidiary of the Company or their assets
         (other than such Receivables Subsidiary and its assets and, as to the
         Company or any Subsidiary of the Company, other than pursuant to
         representations, warranties, covenants and indemnities customary for
         such transactions) and is not guaranteed by any such Person (excluding
         guarantees of Obligations (other than principal of, and interest on,
         Indebtedness) pursuant to representations, warranties, covenants and
         indemnities entered into in the ordinary course of business in
         connection with a Qualified Receivables Transaction); and

              (18) the incurrence by the Company or any Restricted Subsidiary of
         additional Indebtedness in an aggregate principal amount (or accreted
         value, as applicable) at any time outstanding, including all Permitted
         Refinancing Indebtedness incurred to refund, refinance or replace any
         Indebtedness incurred pursuant to this clause (18), not to exceed $35.0
         million.

For purposes of determining compliance with this Section 4.09, in the event that
an item of proposed Indebtedness meets the criteria of more than one of the
categories of Permitted Debt described in clauses (1) through (18) above, or is
entitled to be incurred pursuant to Section 4.09(a) hereof, the Company will be
permitted to classify such item of Indebtedness on the date of its incurrence,
or later reclassify all or a portion of such item of Indebtedness, in any manner
that complies with this Section 4.09. Indebtedness under Revolving Credit
Facilities outstanding on the date on which Notes are first issued and
authenticated under this Indenture 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. Indebtedness under Term Loan Facilities outstanding on the date
on which Notes are first issued and authenticated under this Indenture will be
deemed to have been incurred on such date in reliance on the exception provided
by clause (2) of the definition of Permitted Debt.

Section 4.10  Asset Sales.

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

              (1) the Company (or the Restricted Subsidiary, as the case may be)
         receives consideration at the time of such Asset Sale at least equal to
         the fair market value of the assets or Equity Interests issued or sold
         or otherwise disposed of;

                                       56

<PAGE>

              (2) the fair market value is determined by the Company's Board of
         Directors and, in the case of Asset Sales in excess of $10.0 million,
         evidenced by a resolution of the Board of Directors set forth in an
         Officers' Certificate delivered to the Trustee; and

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

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

                  (B) any securities, notes or other obligations received by the
              Company or any such Restricted Subsidiary from such transferee
              that are within 180 days of their receipt, converted by the
              Company or such Restricted Subsidiary into cash or Cash
              Equivalents, to the extent of the cash or Cash Equivalents
              received in that conversion; and

                  (C) any Designated Non-Cash Consideration received by the
              Company or any of its Restricted Subsidiaries in any Asset Sale
              having a fair market value, taken together with all other
              Designated Non-Cash Consideration received pursuant to this clause
              (C) that is at the time outstanding, not to exceed 5.0% of
              Consolidated Tangible Net Assets at the time of the receipt of
              such Designated Non-Cash Consideration.

         Within 365 days after the receipt of any Net Proceeds from an Asset
Sale, the Company may apply those Net Proceeds at its option:

              (1) to repay Senior Debt and, if the Senior Debt repaid is
         revolving credit Indebtedness, to correspondingly reduce commitments
         with respect thereto;

              (2) to repay pari passu Indebtedness with provisions similar to
         those set forth in this Indenture with respect to offers to purchase or
         redeem with the proceeds of sales of assets; provided that the Company
         will equally and ratably reduce Obligations under the Notes if the
         Notes are then redeemable or, if the Notes may not be then redeemed,
         the Company will make an offer (in accordance with the procedures set
         forth below for any Asset Sale Offer) to all Holders to purchase the
         Notes that would otherwise be redeemed at a price equal to 100% of the
         principal amount of such Notes plus accrued and unpaid interest and
         Liquidated Damages, if any, to the date of purchase;

              (3) to acquire all or substantially all of the assets of, or a
         majority of the Voting Stock of, another Permitted Business;

              (4) to make a capital expenditure; or

              (5) to make an investment in one or more Permitted Businesses or
         to acquire other long-term assets that are used or useful in a
         Permitted Business.

                                       57

<PAGE>

        Pending the final application of any such Net Proceeds, the Company may
temporarily reduce revolving credit borrowings or otherwise invest such Net
Proceeds in cash or Cash Equivalents or in any other manner that is not
prohibited by this Indenture.

        Any Net Proceeds from Asset Sales that are not applied or invested as
provided in the preceding paragraph will constitute "Excess Proceeds." When the
aggregate amount of Excess Proceeds exceeds $20.0 million, within 30 days
thereof, the Company will make an Asset Sale Offer to all Holders of Notes and
all holders of other Indebtedness that is pari passu with the Notes containing
provisions similar to those set forth in this Indenture with respect to offers
to purchase or redeem with the proceeds of sales of assets in accordance with
Section 3.09 hereof to purchase the maximum principal amount of Notes and such
other pari passu Indebtedness that may be purchased out of the Excess Proceeds.
The offer price in any Asset Sale Offer will be equal to 100% of principal
amount plus accrued and unpaid interest and Liquidated Damages, if any, to the
date of purchase, and will be payable in cash. If any Excess Proceeds remain
after consummation of an Asset Sale Offer, the Company may use such Excess
Proceeds for any purpose not otherwise prohibited by this Indenture. If the
aggregate principal amount of Notes and such other pari passu Indebtedness
tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the
Trustee will select the Notes and such other pari passu Indebtedness to be
purchased on a pro rata basis based on the principal amount of the Notes and
such other pari passu Indebtedness tendered. Upon completion of each Asset Sale
Offer, the amount of Excess Proceeds will be reset at zero.

        The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with each
repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with the provisions of
Section hereof 3.09 or this Section 4.10, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have
breached its obligations under the provisions of Section 3.09 hereof or this
Section 4.10 by virtue of such conflict.

Section 4.11  Transactions with Affiliates.

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

              (2)   the Company delivers to the Trustee:

                    (A)   with respect to any Affiliate Transaction or series of
              related Affiliate Transactions involving aggregate consideration
              in excess of $5.0 million, a resolution of the Board of Directors
              set forth in an Officers' Certificate certifying that such
              Affiliate Transaction complies with clause (1) of this Section
              4.11(a) and that such Affiliate Transaction has been approved by a
              majority of the disinterested members of the Board of Directors;
              and

                                       58

<PAGE>

                    (B)  with respect to any Affiliate Transaction or series of
              related Affiliate Transactions involving aggregate consideration
              in excess of $10.0 million, an opinion as to the fairness to the
              Company of such Affiliate Transaction from a financial point of
              view issued by an accounting, appraisal or investment banking firm
              of national standing.

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

              (1)   any employment, consulting or similar agreement or other
        compensation arrangement entered into by the Company or any of its
        Restricted Subsidiaries in the ordinary course of business;

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

              (3)   transactions with a Person that is an Affiliate of the
        Company solely because the Company owns an Equity Interest in, or
        controls, such Person;

              (4)   payment of reasonable directors fees and expenses and the
        provision of customary indemnification to directors and officers of the
        Company or any entity that controls the Company;

              (5)   sales of Equity Interests (other than Disqualified Stock) to
        Affiliates of the Company;

              (6)   Restricted Payments that are permitted by Section 4.07
        hereof;

              (7)   payments or loans to employees or consultants that are
        approved in good faith by a majority of the Board of Directors of the
        Company in an amount not to exceed $2.5 million at any time outstanding;

              (8)   any agreement (and payments with respect thereto) as in
        effect on the date of this Indenture or any amendment thereto (so long
        as such amendment is not disadvantageous to the Holders in any material
        respect) or any transaction contemplated thereby;

              (9)   the existence of, or the performance by the Company or any
        Restricted Subsidiary of its obligations under the terms of, the
        Exchange Agreement, or any agreement contemplated thereunder (including
        any registration rights agreement or stockholders agreement related
        thereto) to which it is a party as of the date of this Indenture;
        provided, however, that the existence of, or the performance by the
        Company or any Restricted Subsidiary of obligations under, any future
        amendment to any such existing agreement shall only be permitted by this
        clause (9) to the extent that the terms of any such amendment are not
        otherwise disadvantageous to the Holders in any material respect;

              (10)  the payment of all fees, expenses, bonuses and awards
        related to the transactions contemplated by the Exchange Agreement;

              (11)  transactions with customers, clients, suppliers, or
        purchasers or sellers of goods or services, in each case in the ordinary
        course of business and otherwise in compliance with the terms of this
        Indenture that are fair to the Company and its Restricted Subsidiaries
        in the reasonable determination of the majority of the Board of
        Directors of the Company or are on

                                       59

<PAGE>

        terms at least as favorable as might reasonably have been obtained at
        such time from an unaffiliated party;

              (12) any tax sharing agreement or arrangement and payments
        pursuant thereto among the Company and its Subsidiaries and any other
        Person with which the Company or its Subsidiaries is required or
        permitted to file a consolidated tax return or with which the Company or
        any of its Restricted Subsidiaries is or could be part of a consolidated
        group for tax purposes in amounts not otherwise prohibited by this
        Indenture;

              (13) the payment of reasonable professional fees to Willis Stein &
        Partners III, L.P. or any of its Affiliates in connection with work
        performed on the Company's behalf and that are approved by the Board of
        Directors of the Company in good faith; and

              (14) transactions between (i) the Company or any Subsidiary of the
        Company and a Receivables Subsidiary or (ii) a Receivables Subsidiary
        and any Person in which the Receivables Subsidiary has an Investment.

Section 4.12  Liens.

        The Company will not, and will not permit any of its Subsidiaries to,
directly or indirectly, create, incur, assume or suffer to exist any Lien (other
than Permitted Liens) of any kind securing Indebtedness, Attributable Debt or
trade payables on any asset now owned or hereafter acquired, unless all payments
due under this Indenture and the Notes are secured on an equal and ratable basis
with the obligations so secured until such time as such obligations are no
longer secured by a Lien.

Section 4.13  Business Activities.

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

Section 4.14  Corporate Existence.

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

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

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

Section 4.15  Offer to Repurchase Upon Change of Control.

        (a)   Upon the occurrence of a Change of Control, the Company will make
an offer (a "Change of Control Offer") to each Holder to repurchase all or any
part (equal to $1,000 or an integral

                                       60

<PAGE>

multiple of $1,000) of each Holder's Notes at a purchase price equal to 101% of
the aggregate principal amount thereof plus accrued and unpaid interest and
Liquidated Damages on the Notes repurchased, if any, to the date of purchase
(the "Change of Control Payment"). Within 30 days following any Change of
Control, the Company will mail a notice to each Holder describing the
transaction or transactions that constitute the Change of Control and stating:

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

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

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

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

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

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

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

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

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

          (1) accept for payment all Notes or portions thereof 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

                                       61

<PAGE>

               (3) deliver or cause to be delivered to the Trustee the Notes so
         accepted together with an Officers' Certificate stating the aggregate
         principal amount of Notes or portions of Notes being purchased by the
         Company.

         The Paying Agent will promptly mail to each Holder of Notes properly
tendered the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book entry) to
each Holder a new Note equal in principal amount to any unpurchased portion of
the Notes surrendered, if any; provided that each new Note will be in a
principal amount of $1,000 or an integral multiple thereof. The Company will
publicly announce the results of the Change of Control Offer on or as soon as
practicable after the Change of Control Payment Date.

         Prior to complying with any of the provisions of this Section 4.15, but
in any event within 90 days following a Change of Control, the Company will
either repay all outstanding Senior Debt or obtain the requisite consents, if
any, under all agreements governing outstanding Senior Debt to permit the
repurchase of Notes required by this Section 4.15. A failure to comply with the
covenant described in the immediately preceding paragraph will (with notice and
lapse of time) constitute an Event of Default pursuant to Section 6.01(3) hereof
but shall not constitute an Event of Default pursuant to Section 6.01(2) hereof.

         (c) Notwithstanding anything to the contrary in this Section 4.15, the
Company will not be required to make a Change of Control Offer upon a Change of
Control if a third party makes the Change of Control Offer in the manner, at the
times and otherwise in compliance with the requirements set forth in this
Section 4.15 and Section 3.09 hereof and purchases all Notes validly tendered
and not withdrawn under the Change of Control Offer.

Section 4.16   Anti-Layering

         The Company will not incur, create, issue, assume, guarantee or
otherwise become liable for any Indebtedness that is subordinate or junior in
right of payment to any Senior Debt of the Company and senior in any respect in
right of payment to the Notes. No Guarantor will incur, create, issue, assume,
guarantee or otherwise become liable for any Indebtedness that is subordinate or
junior in right of payment to the Senior Debt of such Guarantor and senior in
any respect in right of payment to such Guarantor's Note Guarantee. No
Indebtedness shall be deemed to be subordinate to any secured Indebtedness by
virtue of the fact that is unsecured.

Section 4.17   Limitation on Sale and Leaseback Transactions.

         The Company will not, and will not permit any of its Restricted
Subsidiaries to, enter into any sale and leaseback transaction; provided that
the Company or any Guarantor may enter into a sale and leaseback transaction if:

               (1) the Company or that Guarantor, as applicable, could have (a)
         incurred Indebtedness in an amount equal to the Attributable Debt
         relating to such sale and leaseback transaction under the Fixed Charge
         Coverage Ratio test in Section 4.09(a) hereof and (b) incurred a Lien
         to secure such Indebtedness pursuant to the provisions of Section 4.12
         hereof;

               (2) the gross cash proceeds of that sale and leaseback
         transaction are at least equal to the fair market value, (as determined
         in good faith by the Board of Directors and set forth in an Officers'
         Certificate delivered to the Trustee), of the property that is the
         subject of that sale and leaseback transaction; and

                                       62

<PAGE>

               (3) the transfer of assets in that sale and leaseback transaction
         is permitted by, and the Company applies the proceeds of such
         transaction in compliance with, Section 4.10 hereof.

Section 4.18   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 consent, waive or agree to amend in the time frame set forth in
the solicitation documents relating to such consent, waiver or agreement.

Section 4.19   Designation of Restricted and Unrestricted Subsidiaries

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

Section 4.20   Additional Note Guarantees.

         If the Company or any of its Subsidiaries acquires or creates another
Domestic Subsidiary (other than a Receivables Subsidiary) after the date of this
Indenture and such Domestic Subsidiary guarantees Indebtedness under a Credit
Facility, then the Company will cause that newly acquired or created Domestic
Subsidiary to execute a Note Guarantee pursuant to a supplemental indenture in
form and substance satisfactory to the Trustee and deliver an Opinion of Counsel
to the Trustee within ten Business Days of the date on which it was acquired or
created to the effect that such supplemental indenture has been duly authorized,
executed and delivered by that Domestic Subsidiary and constitutes a valid and
binding agreement of that Domestic Subsidiary, enforceable in accordance with
its terms (subject to customary exceptions); provided, however, that if no
Indebtedness under a Credit Facility is outstanding, all of the Company's
Domestic Subsidiaries (other than its Receivables Subsidiaries) with a
Consolidated Net Worth of greater than $500,000 must guarantee the Notes;
provided, further, that any Domestic Subsidiary (other than a Receivable
Subsidiary) that has properly been designated as an Unrestricted Subsidiary in
accordance with this Indenture shall not be required to become a Guarantor so
long as it continues to constitute an Unrestricted Subsidiary. The form of such
Note Guarantee is attached as Exhibit E hereto.

                                   ARTICLE 5.
                                   SUCCESSORS

Section 5.01   Merger, Consolidation, or Sale of Assets.

         The Company shall not, directly or indirectly, consolidate or merge
with or into another Person (whether or not the Company is the surviving
corporation), or sell, assign, transfer, convey or otherwise

                                       63

<PAGE>

dispose of all or substantially all of the properties or assets of the Company
and its Restricted Subsidiaries taken as a whole, in one or more related
transactions, to another Person; unless:

               (1) either:

                   (A) the Company is the surviving corporation; or

                   (B) the Person formed by or surviving any such consolidation
               or merger (if other than the Company) or to which such sale,
               assignment, transfer, conveyance or other disposition has been
               made is either (i) a corporation organized or existing under the
               laws of the United States, any state of the United States or the
               District of Columbia or (ii) a partnership or limited liability
               company organized or existing under the laws of the United
               States, any state thereof or the District of Columbia that has at
               least one Restricted Subsidiary that is a corporation organized
               or existing under the laws of the United States, any state
               thereof or the District of Columbia which corporation becomes a
               co-issuer of the Notes pursuant to a supplemental indenture duly
               and validly executed by the Trustee;

               (2) the Person formed by or surviving any such consolidation or
         merger (if other than the Company) or the Person to which such sale,
         assignment, transfer, conveyance or other disposition shall have been
         made 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 Default or Event of
         Default exists; and

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

         The Company will not be relieved of its Obligations to pay principal
of, and interest on, the Notes except in the case of a sale (but not lease) of
all of its assets that meet the requirements of this Section 5.01. Further, this
Section 5.01 will not apply to a sale, assignment, transfer, conveyance or other
disposition of assets between or among the Company and any of its Wholly Owned
Subsidiaries.

Section 5.02   Successor Corporation Substituted.

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

                                       64

<PAGE>

                                   ARTICLE 6.
                              DEFAULTS AND REMEDIES

Section 6.01   Events of Default.

         Each of the following is an "Event of Default":

               (1) the Company defaults for 30 days in the payment when due of
         interest on, or Liquidated Damages with respect to, the Notes whether
         or not prohibited by the subordination provisions of this Indenture;

               (2) the Company defaults in the payment when due (at maturity,
         upon redemption or otherwise) of the principal of, or premium, if any,
         on the Notes, whether or not prohibited by the subordination provisions
         of this Indenture;

               (3) the Company or any of its Subsidiaries fails to comply with
         the provisions of Sections 4.10 or 4.15 hereof;

               (4) the Company or any of its Subsidiaries fail to observe or
         perform any other covenant, representation, warranty or other agreement
         in this Indenture or the Notes for 60 days after notice to the Company
         by the Trustee or the Holders of at least 25% in aggregate principal
         amount of the Notes then outstanding voting as a single class;

               (5) a default occurs under any mortgage, indenture or instrument
         under which there may be issued or by which there may be secured or
         evidenced any Indebtedness for money borrowed by the Company or any of
         its Restricted Subsidiaries (or the payment of which is guaranteed by
         the Company or any of its Restricted Subsidiaries), whether such
         Indebtedness or guarantee now exists, or is created after the date of
         this Indenture, if that default:

                   (A) is caused by a failure to pay principal on such
               Indebtedness at the Stated Maturity thereof (a "Payment
               Default"); or

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

               and, in each case, the principal amount of any such Indebtedness,
               together with the principal amount of any other such Indebtedness
               under which there has been a Payment Default or the maturity of
               which has been so accelerated, aggregates $25.0 million or more;

               (6) failure by the Company or any of its Subsidiaries to pay a
         final judgment or final judgments for the payment of money are entered
         by a court or courts of competent jurisdiction aggregating in excess of
         $25.0 million, which judgment(s) are not paid, discharged or stayed for
         a period of 60 days after such judgments have become final and
         non-appealable, and in the event such judgment is covered by insurance,
         an enforcement proceeding has been commenced by any creditor upon such
         judgment or decree that is not promptly stayed;

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

                                       65

<PAGE>

               (A) commences a voluntary case,

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

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

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

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

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

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

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

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

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

         (9) except as permitted by this Indenture, any Note Guarantee by a
     Significant Subsidiary or any group of Subsidiaries that, taken as a whole,
     would constitute a Significant Subsidiary, is held in any judicial
     proceeding to be unenforceable or invalid or shall cease for any reason to
     be in full force and effect or any Guarantor, or any Person acting on
     behalf of any Guarantor, shall deny or disaffirm its obligations under its
     Note Guarantee.

     The Company is required to deliver to the Trustee annually a statement
regarding compliance with this Indenture. Upon becoming aware of any Default or
Event of Default, the Company is required to deliver to the Trustee a statement
specifying such Default or Event of Default.

Section 6.02   Acceleration.

     In the case of an Event of Default specified in clause (7) or (8) of
Section 6.01 hereof, with respect to the Company, any Restricted Subsidiary that
is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary, all outstanding Notes will
become due and payable immediately without further action or notice. If any
other Event of Default occurs and is continuing, the Trustee (upon the request
of the Holders of at least 25% in principal amount of the then outstanding
Notes) or the Holders of at least 25% in principal amount of the then
outstanding Notes may declare all the Notes to be due and payable immediately.

                                       66

<PAGE>

     Upon any such declaration, the Notes shall become due and payable
immediately. Notwithstanding the foregoing, if an Event of Default specified in
clause (7) or (8) of Section 6.01 hereof occurs with respect to the Company, any
Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, all outstanding Notes shall be due and payable immediately without
further action or notice. The Holders of a majority in aggregate principal
amount of the Notes then outstanding by notice to the Trustee may on behalf of
the Holders of all of the Notes waive any existing Default or Event of Default
and its consequences under this Indenture except a continuing Default or Event
of Default in the payment of interest or Liquidated Damages on, or the principal
of, the Notes.

     In the case of any Event of Default occurs on or after June 6, 2007, by
reason of any willful action or inaction taken or not taken by or on behalf of
the Company with the intention of avoiding payment of the premium that the
Company would have had to pay if the Company then had elected to redeem the
Notes pursuant to Section 3.07 hereof, then, upon acceleration of the Notes, an
equivalent premium will also become and be immediately due and payable to the
extent permitted by law upon the acceleration of the Notes. If an Event of
Default occurs prior to June 6, 2007, by reason of any willful action or
inaction taken or not taken by or on behalf of the Company with the intention of
avoiding the prohibition on redemption of the Notes prior to June 6, 2007, then,
upon acceleration of the Notes, an additional premium shall also become and be
immediately due and payable in an amount for each of the years beginning on June
6 of the years set forth below, as set forth below (expressed as a percentage of
the principal amount of the Notes on the date of payment that would otherwise be
due but for the provisions of this sentence):

        Year                                          Percentage
        ----                                          ----------
        2002 ......................................     8.875%
        2003 ......................................     7.988%
        2004 ......................................     7.100%
        2005 ......................................     6.213%
        2006 ......................................     5.325%

Section 6.03   Other Remedies.

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

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

Section 6.04   Waiver of Past Defaults.

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

                                       67

<PAGE>

including any related payment default that resulted from such acceleration. Upon
any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon.

Section 6.05   Control by Majority.

     Holders of a majority in principal amount of the then outstanding Notes may
direct the time, method and place of conducting any proceeding for exercising
any remedy available to the Trustee or exercising any trust or power conferred
on it. However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture that the Trustee determines may be unduly prejudicial
to the rights of other Holders of Notes or that may involve the Trustee in
personal liability.

Section 6.06   Limitation on Suits.

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

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

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

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

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

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

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

Section 6.07   Rights of Holders of Notes to Receive Payment.

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

Section 6.08   Collection Suit by Trustee.

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

                                       68

<PAGE>

Section 6.09   Trustee May File Proofs of Claim.

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

Section 6.10   Priorities.

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

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

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

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

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

Section 6.11   Undertaking for Costs.

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

                                       69

<PAGE>

Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount
of the then outstanding Notes.

                                   ARTICLE 7.
                                    TRUSTEE

Section 7.01   Duties of Trustee.

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

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

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

         (2) in the absence of bad faith on its part, the Trustee may
     conclusively rely, as to the truth of the statements and the correctness of
     the opinions expressed therein, upon certificates or opinions furnished to
     the Trustee and conforming to the requirements of this Indenture. However,
     the Trustee will examine the certificates and opinions 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:

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

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

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

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

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

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

                                       70

<PAGE>

Section 7.02   Rights of Trustee.

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

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

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

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

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

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

Section 7.03   Individual Rights of Trustee.

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

Section 7.04   Trustee's Disclaimer.

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

Section 7.05   Notice of Defaults.

     If a Default or Event of Default occurs and is continuing and if it is
known to the Trustee, the Trustee will mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs. Except in the case
of a Default or Event of Default in payment of principal of, premium or

                                       71

<PAGE>

Liquidated Damages, if any, or interest on any Note, the Trustee may withhold
the notice if and so long as a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of the Holders
of the Notes.

Section 7.06  Reports by Trustee to Holders of the Notes.

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

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

Section 7.07  Compensation and Indemnity.

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

     (b)      The Company and the Guarantors will indemnify the Trustee against
any and all losses, liabilities or expenses incurred by it arising out of or in
connection with the acceptance or administration of its duties under this
Indenture, including the costs and expenses of enforcing this Indenture against
the Company and the Guarantors (including this Section 7.07) and defending
itself against any claim (whether asserted by the Company, the Guarantors or any
Holder or any other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder, except to the extent any
such loss, liability or expense may be attributable to its negligence or bad
faith. The Trustee will notify the Company promptly of any claim for which it
may seek indemnity. Failure by the Trustee to so notify the Company will not
relieve the Company or any of the Guarantors of their obligations hereunder. The
Company or such Guarantor will defend the claim and the Trustee will cooperate
in the defense. The Trustee may have separate counsel and the Company will pay
the reasonable fees and expenses of such counsel. Neither the Company nor any
Guarantor need pay for any settlement made without its consent, which consent
will not be unreasonably withheld.

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

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

     (e)      When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.01(7) or (8) hereof occurs, the expenses
and the compensation for the services (including the

                                       72

<PAGE>

fees and expenses of its agents and counsel) are intended to constitute expenses
of administration under any Bankruptcy Law.

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

Section 7.08   Replacement of Trustee.

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

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

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

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

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

               (4) the Trustee becomes incapable of acting.

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

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

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

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

                                       73

<PAGE>

Section 7.09   Successor Trustee by Merger, etc.

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

Section 7.10   Eligibility; Disqualification.

         There will at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or
of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $75 million
as set forth in its most recent published annual report of condition.

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

Section 7.11   Preferential Collection of Claims Against Company.

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

                                   ARTICLE 8.
                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01   Option to Effect Legal Defeasance or Covenant Defeasance.

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

Section 8.02   Legal Defeasance and Discharge.

         Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
be deemed to have been discharged from their obligations with respect to all
outstanding Notes (including the Note Guarantees) on the date the conditions set
forth below are satisfied (hereinafter, "Legal Defeasance"). For this purpose,
Legal Defeasance means that the Company and the Guarantors will be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding
Notes (including the Note Guarantees), which will thereafter be deemed to be
"outstanding" only for the purposes of Section 8.05 hereof and the other
Sections of this Indenture referred to in clauses (1) and (2) below, and to have
satisfied all their other obligations under such Notes, the Note Guarantees and
this Indenture (and the Trustee, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the
following provisions which will survive until otherwise terminated or discharged
hereunder:

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

                                       74

<PAGE>

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

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

               (4) this Article 8.

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

Section 8.03   Covenant Defeasance.

         Upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Company and the Guarantors will, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, be released
from each of their obligations under the covenants contained in Sections 4.07,
4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17, 4.18, 4.19 and 4.20 hereof
and clause (4) of Section 5.01 hereof with respect to the outstanding Notes on
and after the date the conditions set forth in Section 8.04 hereof are satisfied
(hereinafter, "Covenant Defeasance"), and the Notes will thereafter be deemed
not "outstanding" for the purposes of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but will continue to be deemed "outstanding" for
all other purposes hereunder (it being understood that such Notes will not be
deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes and Note
Guarantees, the Company and the Guarantors may omit to comply with and will have
no liability in respect of any term, condition or limitation set forth in any
such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such
omission to comply will not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this
Indenture and such Notes and Note Guarantees will be unaffected thereby. In
addition, upon the Company's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03 hereof, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(5)
hereof will not constitute Events of Default.

Section 8.04   Conditions to Legal or Covenant Defeasance.

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

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

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

                                       75

<PAGE>

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

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

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

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

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

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

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

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

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

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

         The Company will pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04

                                       76

<PAGE>

hereof or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of
the outstanding Notes.

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

Section 8.06   Repayment to Company.

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

Section 8.07   Reinstatement.

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

                                   ARTICLE 9.
                        AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01   Without Consent of Holders of Notes.

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

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

                                       77

<PAGE>

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

               (3) to provide for the assumption of the Company's or a
         Guarantor's obligations to the Holders of the Notes by a successor to
         the Company pursuant to Article 5 or Article 11 hereof;

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

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

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

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

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

Section 9.02   With Consent of Holders of Notes.

         Except as provided below in this Section 9.02, the Company and the
Trustee may amend or supplement this Indenture (including, without limitation,
Sections 3.09, 4.10 and 4.15 hereof), the Note Guarantees and the Notes with the
consent of the Holders of at least a majority in principal amount of the Notes
(including, without limitation, Additional Notes, if any) then outstanding
voting as a single class (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the
Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or
Event of Default (other than a Default or Event of Default in the payment of the
principal of, premium or Liquidated Damages, if any, or interest on the Notes,
except a payment default resulting from an acceleration that has been rescinded)
or compliance with any provision of this Indenture, the Note Guarantees or the
Notes may be waived with the consent of the Holders of a majority in principal
amount of the then outstanding Notes voting as a single class (including
consents obtained in connection with a tender offer or exchange offer for, or
purchase of, such Notes). Without the consent of at least 75% in principal
amount of the Notes then outstanding (including consents obtained in connection
with a tender offer or exchange offer for, or purchase of, the Notes), no waiver
or amendment to this Indenture may make any change in the provisions of Article
10 hereof that adversely affects the rights of any Holder of Notes. Section 2.08
hereof shall determine which Notes are considered to be "outstanding" for
purposes of this Section 9.02.

         Upon the request of the Company accompanied by a resolution of its
Board of Directors authorizing the execution of any such amended or supplemental
Indenture, and upon the filing with the

                                       78

<PAGE>

Trustee of evidence satisfactory to the Trustee of the consent of the Holders of
Notes as aforesaid, and upon receipt by the Trustee of the documents described
in Section 7.02 hereof, the Trustee will join with the Company in the execution
of such amended or supplemental Indenture unless such amended or supplemental
Indenture directly affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise, in which case the Trustee may in its discretion,
but will not be obligated to, enter into such amended or supplemental Indenture.

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

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

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

               (2) reduce the principal of or change the fixed maturity of any
         Note or alter or waive any of the provisions with respect to the
         redemption of the Notes except as provided above with respect to
         Sections 3.09, 4.10 and 4.15 hereof;

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

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

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

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

               (7) waive a redemption payment with respect to any Note except as
         provided above with respect to Sections 3.09, 4.10 and 4.15 hereof;

               (8) make any change in Section 6.04 or 6.07 hereof or in the
         foregoing amendment and waiver provisions; or

               (9) release any Guarantor from any of its obligations under its
         Note Guarantee or this Indenture, except in accordance with the terms
         of this Indenture.

                                       79

<PAGE>

Section 9.03   Compliance with Trust Indenture Act.

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

Section 9.04   Revocation and Effect of Consents.

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

Section 9.05   Notation on or Exchange of Notes.

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

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

Section 9.06   Trustee to Sign Amendments, etc.

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

                                   ARTICLE 10.
                                  SUBORDINATION

Section 10.01  Agreement to Subordinate.

         The Company agrees, and each Holder by accepting a Note agrees, that
the Indebtedness evidenced by the Notes (including principal of, interest and
premium and Liquidated Damages, if any, on the Notes) is subordinated in right
of payment, to the extent and in the manner provided in this Article 10, to the
prior payment in full of all Senior Debt (whether outstanding on the date hereof
or hereafter created, incurred, assumed or guaranteed), and that the
subordination is for the benefit of the holders of Senior Debt. Further, the
payment of principal, interest and premium and Liquidated Damages, if any, on
the Note Guarantees will be subordinated to the prior payment in full in cash of
all Senior Debt of the Guarantors, including Senior Debt incurred after the date
of this Indenture.

                                       80

<PAGE>

Section 10.02  Liquidation; Dissolution; Bankruptcy.

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

               (1) holders of Senior Debt will be entitled to receive payment in
         full of all Obligations due in respect of such Senior Debt (including
         interest after the commencement of any bankruptcy proceeding at the
         rate specified in the applicable Senior Debt) before the Holders of
         Notes will be entitled to receive any payment with respect to the Notes
         (except that Holders of Notes may receive and retain Permitted Junior
         Securities and payments made from any defeasance trust created pursuant
         to Section 8.01 hereof); and

               (2) until all Obligations with respect to Senior Debt (as
         provided in clause (1) above) are paid in full, any distribution to
         which Holders would be entitled but for this Article 10 will be made to
         holders of Senior Debt (except that Holders of Notes may receive and
         retain Permitted Junior Securities and payments made from any
         defeasance trust created pursuant to Section 8.01 hereof), as their
         interests may appear.

Section 10.03  Default on Designated Senior Debt.

         (a)   The Company may not make any payment or distribution to the
Trustee or any Holder in respect of Obligations with respect to the Notes and
may not acquire from the Trustee or any Holder any Notes for cash or property
(other than Permitted Junior Securities and payments made from any defeasance
trust created pursuant to Section 8.01 hereof) until all principal and other
Obligations with respect to the Senior Debt have been paid in full if:

               (1) payment default on Designated Senior Debt occurs and is
         continuing beyond any applicable grace period in the agreement,
         indenture or other document governing such Designated Senior Debt; or

               (2) any other default occurs and is continuing on any series of
         Designated Senior Debt that permits holders of that series of
         Designated Senior Debt to accelerate its maturity and the Trustee
         receives a notice of such default (a "Payment Blockage Notice") from
         the Company of the holders of any Designated Senior Debt. If the
         Trustee receives any such Payment Blockage Notice, no subsequent
         Payment Blockage Notice will be effective for purposes of this Section
         unless and until (A) at least 360 days have elapsed since the
         effectiveness of the immediately prior Payment Blockage Notice and (B)
         all scheduled payments of principal, premium and Liquidated Damages, if
         any, and interest on the Notes that have come due have been paid in
         full in cash.

         No nonpayment default that existed or was continuing on the date of
delivery of any Payment Blockage Notice to the Trustee may be, or may be made,
the basis for a subsequent Payment Blockage Notice unless such default has have
been waived for a period of not less than 90 days.

         (b)   The Company may and will resume payments on and distributions in
respect of the Notes and may acquire them upon the earlier of:

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

                                       81

<PAGE>

               (2) in the case of a nonpayment default on Designated Senior
         Debt, upon the earliest of: (a) the date on which such nonpayment
         default is cured or waived, (b) 179 days after the date on which the
         applicable Payment Blockage Notice is received, unless the maturity of
         any Designated Senior Debt has been accelerated, or (c) the date on
         which the Trustee receives notice from the holder of such Designated
         Senior Debt rescinding such Payment Blockage Notice,

if this Article 10 otherwise permits the payment, distribution or acquisition at
the time of such payment or acquisition.

Section 10.04  Acceleration of Notes.

         If payment of the Notes is accelerated because of an Event of Default,
the Company will promptly notify holders of Senior Debt of the acceleration.

Section 10.05  When Distribution Must Be Paid Over.

         In the event that the Trustee or any Holder receives any payment of any
Obligations with respect to the Notes (other than Permitted Junior Securities
and payments made from any defeasance trust created pursuant to Section 8.01
hereof) at a time when the Trustee or such Holder, as applicable, has actual
knowledge that such payment is prohibited by Section 10.04 hereof, such payment
will be held by the Trustee or such Holder, in trust for the benefit of, and
will be paid forthwith over and delivered, upon written request, to, the holders
of Senior Debt as their interests may appear or their Representative under the
agreement, indenture or other document (if any) pursuant to which Senior Debt
may have been issued, as their respective interests may appear, for application
to the payment of all Obligations with respect to Senior Debt remaining unpaid
to the extent necessary to pay such Obligations in full in accordance with their
terms, after giving effect to any concurrent payment or distribution to or for
the holders of Senior Debt.

         With respect to the holders of Senior Debt, the Trustee undertakes to
perform only those obligations on the part of the Trustee as are specifically
set forth in this Article 10, and no implied covenants or obligations with
respect to the holders of Senior Debt will be read into this Indenture against
the Trustee. The Trustee will not be deemed to owe any fiduciary duty to the
holders of Senior Debt, and will not be liable to any such holders if the
Trustee pays over or distributes to or on behalf of Holders or the Company or
any other Person money or assets to which any holders of Senior Debt are then
entitled by virtue of this Article 10, except if such payment is made as a
result of the willful misconduct or gross negligence of the Trustee.

Section 10.06  Notice by Company.

         The Company will promptly notify the Trustee and the Paying Agent of
any facts known to the Company that would cause a payment of any Obligations
with respect to the Notes to violate this Article 10, but failure to give such
notice will not affect the subordination of the Notes to the Senior Debt as
provided in this Article 10.

Section 10.07  Subrogation.

         After all Senior Debt is paid in full and until the Notes are paid in
full, Holders of Notes will be subrogated (equally and ratably with all other
Indebtedness pari passu with the Notes) to the rights of holders of Senior Debt
to receive distributions applicable to Senior Debt to the extent that
distributions otherwise payable to the Holders of Notes have been applied to the
payment of Senior Debt. A

                                       82

<PAGE>

distribution made under this Article 10 to holders of Senior Debt that otherwise
would have been made to Holders of Notes is not, as between the Company and
Holders, a payment by the Company on the Notes.

Section 10.08  Relative Rights.

         This Article 10 defines the relative rights of Holders of Notes and
holders of Senior Debt. Nothing in this Indenture will:

               (1) impair, as between the Company and Holders of Notes, the
         obligation of the Company, which is absolute and unconditional, to pay
         principal of, premium and interest and Liquidated Damages, if any, on
         the Notes in accordance with their terms;

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

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

         If the Company fails because of this Article 10 to pay principal of,
premium or interest or Liquidated Damages, if any, on a Note on the due date,
the failure is still a Default or Event of Default.

Section 10.09  Subordination May Not Be Impaired by Company.

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

Section 10.10  Distribution or Notice to Representative.

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

         Upon any payment or distribution of assets of the Company referred to
in this Article 10, the Trustee and the Holders of Notes will be entitled to
rely upon any order or decree made by any court of competent jurisdiction or
upon any certificate of such Representative or of the liquidating trustee or
agent or other Person making any distribution to the Trustee or to the Holders
of Notes for the purpose of ascertaining the Persons entitled to participate in
such distribution, the holders of the Senior Debt 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 10.

Section 10.11  Rights of Trustee and Paying Agent.

         Notwithstanding the provisions of this Article 10 or any other
provision of this Indenture, the Trustee will not be charged with knowledge of
the existence of any facts that would prohibit the making of any payment or
distribution by the Trustee, and the Trustee and the Paying Agent may continue
to make payments on the Notes, unless the Trustee has received at its Corporate
Trust Office at least five Business Days prior to the date of such payment
written notice of facts that would cause the payment of any Obligations with
respect to the Notes to violate this Article 10. Only the Company or a
Representative may give the notice. Nothing in this Article 10 will impair the
claims of, or payments to, the Trustee under or pursuant to Section 7.07 hereof.

                                       83

<PAGE>

         The Trustee in its individual or any other capacity may hold Senior
Debt with the same rights it would have if it were not Trustee. Any Agent may do
the same with like rights.

Section 10.12  Authorization to Effect Subordination.

         Each Holder of Notes, by the Holder's acceptance thereof, authorizes
and directs the Trustee on such Holder's behalf to take such action as may be
necessary or appropriate to effectuate the subordination as provided in this
Article 10, and appoints the Trustee to act as such Holder's attorney-in-fact
for any and all such purposes. If the Trustee does not file a proper proof of
claim or proof of debt in the form required in any proceeding referred to in
Section 6.09 hereof at least 30 days before the expiration of the time to file
such claim, the Representatives are hereby authorized to file an appropriate
claim for and on behalf of the Holders of the Notes.

Section 10.13  Amendments.

         The provisions of this Article 10 may not be amended or modified
without the written consent of the holders of all Senior Debt. In addition, any
amendment to, or waiver of, the provisions of this Article 10 that adversely
affects the rights of the Holders of the Notes will require the consent of the
Holders of at least 75% in aggregate principal amount of Notes then outstanding.

                                   ARTICLE 11.
                                 NOTE GUARANTEES

Section 11.01  Guarantee.

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

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

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

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

         (b)   The Guarantors hereby agree that their obligations hereunder are
unconditional, irrespective of the validity, regularity or enforceability of the
Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, the recovery of any judgment against the Company, any action
to enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor. Each Guarantor hereby
waives diligence, presentment, demand of payment, filing

                                       84

<PAGE>

of claims with a court in the event of insolvency or bankruptcy of the Company,
any right to require a proceeding first against the Company, protest, notice and
all demands whatsoever and covenant that this Note Guarantee will not be
discharged except by complete performance of the obligations contained in the
Notes and this Indenture.

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

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

Section 11.02  Subordination of Note Guarantee.

         The Obligations of each Guarantor under its Note Guarantee pursuant to
this Article 11 will be junior and subordinated to the Senior Debt of such
Guarantor on the same basis as the Notes are junior and subordinated to Senior
Debt of the Company. For the purposes of the foregoing sentence, the Trustee and
the Holders will have the right to receive and/or retain payments by any of the
Guarantors only at such times as they may receive and/or retain payments in
respect of the Notes pursuant to this Indenture, including Article 10 hereof.

Section 11.03  Limitation on Guarantor Liability.

         Each Guarantor, and by its acceptance of Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes
of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law to the extent applicable to any
Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders
and the Guarantors hereby irrevocably agree that the obligations of such
Guarantor will be limited to the maximum amount that will, after giving effect
to such maximum amount and all other contingent and fixed liabilities of such
Guarantor that are relevant under such laws, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on
behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Article 11, result in the obligations of such Guarantor
under its Note Guarantee not constituting a fraudulent transfer or conveyance.

Section 11.04  Execution and Delivery of Note Guarantee.

         To evidence its Note Guarantee set forth in Section 11.01, each
Guarantor hereby agrees that a notation of such Note Guarantee substantially in
the form attached as Exhibit E hereto will be endorsed by an Officer of such
Guarantor on each Note authenticated and delivered by the Trustee and that this
Indenture will be executed on behalf of such Guarantor by one of its Officers.

                                       85

<PAGE>

         Each Guarantor hereby agrees that its Note Guarantee set forth in
Section 11.01 will remain in full force and effect notwithstanding any failure
to endorse on each Note a notation of such Note Guarantee.

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

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

         In the event that the Company creates or acquires any Domestic
Subsidiary (other than a Receivables Subsidiary) after the date of this
Indenture, if required by Section 4.20 hereof, the Company will cause such
Domestic Subsidiary to comply with the provisions of Section 4.20 hereof and
this Article 11, to the extent applicable.

Section 11.05  Guarantors May Consolidate, etc., on Certain Terms.

         Except as otherwise provided in Section 11.06, no Guarantor may sell or
otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving
Person) another Person, other than the Company or another Guarantor, unless:

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

               (2) either:

                   (a) subject to Section 11.06 hereof, the Person acquiring the
         property in any such sale or disposition or the Person formed by or
         surviving any such consolidation or merger unconditionally assumes all
         the obligations of that Guarantor, pursuant to a supplemental indenture
         in form and substance reasonably satisfactory to the Trustee, under the
         Notes, this Indenture, the Registration Rights Agreement and the Note
         Guarantee on the terms set forth herein or therein; and

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

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

                                       86

<PAGE>

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

Section 11.06  Releases Following Sale of Assets.

         In the event of any sale or other disposition of all or substantially
all of the assets of any Guarantor, by way of merger, consolidation or
otherwise, or a sale or other disposition of all to the Capital Stock of any
Guarantor, in each case to a Person that is not (either before or after giving
effect to such transactions) a Subsidiary of the Company, then such Guarantor
(in the event of a sale or other disposition, by way of merger, consolidation or
otherwise, of all of the capital stock of such Guarantor) or the corporation
acquiring the property (in the event of a sale or other disposition of all or
substantially all of the assets of such Guarantor) will be released and relieved
of any obligations under its Note Guarantee; provided that the Net Proceeds of
such sale or other disposition are applied in accordance with the applicable
provisions of this Indenture, including without limitation Section 4.10 hereof.
Upon delivery by the Company to the Trustee of an Officers' Certificate and an
Opinion of Counsel to the effect that such sale or other disposition was made by
the Company in accordance with the provisions of this Indenture, including
without limitation Section 4.10 hereof, the Trustee will execute any documents
reasonably required in order to evidence the release of any Guarantor from its
obligations under its Note Guarantee.

         Any Guarantor not released from its obligations under its Note
Guarantee will remain liable for the full amount of principal of and interest on
the Notes and for the other obligations of any Guarantor under this Indenture as
provided in this Article 11.

                                  ARTICLE 12.
                           SATISFACTION AND DISCHARGE

Section 12.01  Satisfaction and Discharge.

         This Indenture will be discharged and will cease to be of further
effect as to all Notes issued hereunder, when the Company or any Guarantor has
paid or caused to be paid all sums payable by it under the Indenture and:

               (1) either:

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

                   (b) (i) all Notes that have not been delivered to the Trustee
         for cancellation have become due and payable by reason of the making of
         a notice of redemption or otherwise or will become due and payable
         within one year and the Company or any Guarantor has irrevocably
         deposited or caused to be deposited with the Trustee as trust funds in
         trust solely for the benefit of the Holders, cash in U.S. dollars,
         non-callable Government Securities, or a combination thereof, in such
         amounts as will be sufficient without consideration of any reinvestment
         of interest, to pay and discharge the entire indebtedness on the Notes
         not delivered to the Trustee for cancellation for principal, premium
         and Liquidated Damages, if any, and accrued interest to the date of
         maturity or redemption; (ii) no Default or Event of Default has
         occurred and is continuing on the

                                       87

<PAGE>

         date of such deposit or will occur as a result of such deposit and such
         deposit will not result in a breach or violation of, or constitute a
         default under, any other instrument to which the Company or any
         Guarantor is a party or by which the Company or any Guarantor is bound;
         and (iii) the Company has delivered irrevocable instructions to the
         Trustee under this Indenture to apply the deposited money toward the
         payment of the Notes at maturity or the redemption date, as the case
         may be.

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

         Notwithstanding the satisfaction and discharge of this Indenture, if
money has been deposited with the Trustee pursuant to subclause (b) of clause
(1) of this Section, the provisions of Section 12.02 and Section 8.06 will
survive. In addition, nothing in this Section 12.01 will be deemed to discharge
those provisions of Section 7.07 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture.

Section 12.02  Application of Trust Money.

         Subject to the provisions of Section 8.06, all money deposited with the
Trustee pursuant to Section 12.01 shall be held in trust and applied by it, in
accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Persons entitled thereto,
of the principal (and premium, if any) and interest for whose payment such money
has been deposited with the Trustee; but such money need not be segregated from
other funds except to the extent required by law.

         If the Trustee or Paying Agent is unable to apply any money or
Government Securities in accordance with Section 12.01 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company's and any Guarantor's obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 12.01; provided that if the Company has made any payment of principal
of, premium, if any, or interest on any Notes because of the reinstatement of
its obligations, the Company shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money or Government Securities held
by the Trustee or Paying Agent.

                                   ARTICLE 13.
                                  MISCELLANEOUS

Section 13.01  Trust Indenture Act Controls.

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

Section 13.02  Notices.

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

                                       88

<PAGE>

         If to the Company and/or any Guarantor:

         Roundy's, Inc.
         23000 Roundy Drive
         Pewaukee, Wisconsin 53072
         Telecopier No.: (262) 953-7989
         Attention: Chief Financial Officer

         With a copy to:
         Kirkland & Ellis
         200 East Rudolph Drive
         Chicago, Illinois 60601
         Telecopier No.: (312) 861-2200
         Attention: Gerald Nowak

         If to the Trustee:
         BNY Midwest Trust Company
         2 N. Lasalle Steet, Suite 1020
         Chicago, Illinois, 60602
         Telecopier No.: (312) 827-8542
         Attention: Corporate Trust Administration

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

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

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

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

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

Section 13.03  Communication by Holders of Notes with Other Holders of Notes.

         Holders may communicate pursuant to TIA (S) 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 (S)
312(c).

                                       89

<PAGE>

Section 13.04  Certificate and Opinion as to Conditions Precedent.

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

               (1) an Officers' Certificate in form and substance reasonably
         satisfactory to the Trustee (which must include the statements set
         forth in Section 13.05 hereof) stating that, in the opinion of the
         signers, all conditions precedent and covenants, if any, provided for
         in this Indenture relating to the proposed action have been satisfied;
         and

               (2) an Opinion of Counsel in form and substance reasonably
         satisfactory to the Trustee (which must include the statements set
         forth in Section 13.05 hereof) stating that, in the opinion of such
         counsel, all such conditions precedent and covenants have been
         satisfied.

Section 13.05  Statements Required in Certificate or Opinion.

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

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

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

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

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

Section 13.06  Rules by Trustee and Agents.

         The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. Section 13.07 No Personal Liability
of Directors, Officers, Employees and Stockholders.

         No past, present or future director, officer, employee, incorporator or
stockholder of the Company or any Guarantor, as such, will have any liability
for any obligations of the Company or the Guarantors under the Notes, this
Indenture or the Note 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.

Section 13.08  Governing Law.

         THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO
CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT

                                       90

<PAGE>

GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

Section 13.09  No Adverse Interpretation of Other Agreements.

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

Section 13.10  Successors.

     All agreements of the Company in this Indenture and the Notes will bind its
successors. All agreements of the Trustee in this Indenture will bind its
successors. All agreements of each Guarantor in this Indenture will bind its
successors, except as otherwise provided in Section 11.05.

Section 13.11  Severability.

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

Section 13.12  Counterpart Originals.

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

Section 13.13  Table of Contents, Headings, etc.

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

                         [Signatures on following page]

                                       91

<PAGE>

                                   SIGNATURES

Dated as of June 6, 2002
                                   ROUNDY'S, INC.

                                   By: /s/ Darren W. Karst
                                       -----------------------------------------
                                       Name: Darren Karst
                                       Title: Chief Financial Officer

                                   GUARANTORS:
                                       Cardinal Foods, Inc.
                                       Holt Public Storage, Inc.
                                       Insurance Planners, Inc.
                                       I.T.A., Inc.
                                       Jondex Corp.
                                       Kee Trans, Inc.
                                       Mega Marts, Inc.
                                       Midland Grocery of Michigan, Inc.
                                       Pick `n Save Warehouse Foods, Inc.
                                       Ropak, Inc.
                                       Rindt Enterprises, Inc.
                                       Scot Lad Foods, Inc.
                                       Scot Lad-Lima, Inc.
                                       Shop-Rite, Inc.
                                       Spring Lake Merchandise, Inc.
                                       The Copps Corporation
                                       The Midland Grocery Company
                                       Ultra Mart Foods, Inc.

                                   By: /s/ Edward G. Kitz
                                       -----------------------------------------
                                       Name: Edward G. Kitz
                                       Title: Secretary

                                       Village Market, LLC

                                   By: /s/ Edward G. Kitz
                                       -----------------------------------------
                                       Name: Edward G. Kitz, signing on behalf
                                             of Shop-Rite, Inc., in its capacity
                                             as managing member of Village
                                             Market, LLC
                                       Title: Secretary of Shop-Rite, Inc.

Attest:

/s/ Robert D. Ranus
-------------------------------
Name: Robert D. Ranus
Title: President/Treasurer

                                   Indenture

<PAGE>

                                 BNY MIDWEST TRUST COMPANY

                                 By: /s/ Roxane Ellwanger
                                     -------------------------------------------
                                     Name: Roxane Ellwanger
                                     Title: Assistant Vice President

                                   Indenture

<PAGE>

                                   Schedule I

                             SCHEDULE OF GUARANTORS

     The following schedule lists each Guarantor under this Indenture as of the
date of this Indenture:

<TABLE>
<S>                                                                            <C>
Cardinal Foods, Inc. .......................................................    Delaware Corporation
Holt Public Storage, Inc. ..................................................   Wisconsin Corporation
Insurance Planners, Inc. ...................................................   Wisconsin Corporation
I.T.A., Inc. ...............................................................   Wisconsin Corporation
Jondex Corp. ...............................................................   Wisconsin Corporation
Kee Trans, Inc. ............................................................   Wisconsin Corporation
Mega Marts, Inc. ...........................................................   Wisconsin Corporation
Midland Grocery of Michigan, Inc. ..........................................    Michigan Corporation
Pick `n Save Warehouse Foods, Inc. .........................................   Wisconsin Corporation
Ropak, Inc. ................................................................   Wisconsin Corporation
Rindt Enterprises, Inc. ....................................................   Wisconsin Corporation
Scot Lad Foods, Inc. .......................................................   Wisconsin Corporation
Scot Lad-Lima, Inc. ........................................................        Ohio Corporation
Shop-Rite, Inc. ............................................................   Wisconsin Corporation
Spring Lake Merchandise, Inc. ..............................................        Ohio Corporation
The Copps Corporation ......................................................   Wisconsin Corporation
The Midland Grocery Company ................................................        Ohio Corporation
Ultra Mart Foods, Inc. .....................................................   Wisconsin Corporation
Village Market, LLC ........................................................             Indiana LLC
</TABLE>

                                      I-1

<PAGE>

                                                                      EXHIBIT A1
                                 [Face of Note]
================================================================================

                                                         CUSIP/CINS ____________

         8 7/8% [Series A] [Series B] Senior Subordinated Notes due 2012

No. ___                                                            $____________

                                 ROUNDY'S, INC.

promises to pay to CEDE&CO.

or registered assigns,

the principal sum of ___________________________________________________________

Dollars on _____________, 2012.

Interest Payment Dates:  ____________ and ____________

Record Dates:  ____________ and ____________

Dated:  June 6, 2002

                                         ROUNDY'S, INC.

                                         By: ___________________________________
                                             Name: Darren Karst
                                             Title: Chief Financial Officer

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

BNY MIDWEST TRUST COMPANY,
  as Trustee

By: ___________________________
      Authorized Signatory

================================================================================

                                      A1-1

<PAGE>

                                 [Back of Note]
         8 7/8% [Series A] [Series B] Senior Subordinated Notes due 2012

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

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

DUE TO THE PROVISIONS FOR THE PAYMENT OF PRINCIPAL CONTAINED HEREIN, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF. ANYONE PURCHASING THIS NOTE MAY ASCERTAIN THE OUTSTANDING
PRINICPAL AMOUNT HEREOF BY INQUIRY OF THE TRUSTEE.

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

          (1) Interest. Roundy's, Inc., a Wisconsin corporation (the "Company"),
     promises to pay interest on the principal amount of this Note at 8 7/8% per
     annum from June 6, 2002 until maturity and shall pay the Liquidated
     Damages, if any, payable pursuant to Section 5 of the Registration Rights
     Agreement referred to below. The Company will pay interest and Liquidated
     Damages, if any, semi-annually in arrears on June 15 and December 15 of
     each year, or if any such day is not a Business Day, on the next succeeding
     Business Day (each, an "Interest Payment Date"). Interest on the Notes will
     accrue from the most recent date to which interest has been paid or, if no
     interest has been paid, from the date of issuance; provided that if there
     is no existing Default in the payment of interest, and if this Note is
     authenticated between a record date referred to on the face hereof and the
     next succeeding Interest Payment Date, interest shall accrue from such next
     succeeding Interest Payment Date; provided, further, that the first
     Interest Payment Date shall be December 15, 2002. The Company will pay
     interest (including post-petition interest in any proceeding under any
     Bankruptcy Law) on overdue principal and premium, if any, from time to time
     on demand at a rate that is 1% per annum in excess of the rate then in
     effect; it will pay interest (including post-petition interest in any
     proceeding under any Bankruptcy Law) on overdue installments of interest
     and Liquidated Damages, if any, (without regard to any applicable grace
     periods) from time to time on demand at the same rate to the extent lawful.
     Interest will be computed on the basis of a 360-day year of twelve 30-day
     months.

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

                                      A1-2

<PAGE>

          (3) Paying Agent and Registrar. Initially, BNY Midwest Trust Company,
     the Trustee under the Indenture, will act as Paying Agent and Registrar.
     The Company may change any Paying Agent or Registrar without notice to any
     Holder. The Company or any of its Subsidiaries may act in any such
     capacity.

          (4) Indenture. The Company issued the Notes under an Indenture dated
     as of June 6, 2002 (the "Indenture") among the Company, the Guarantors and
     the Trustee. The terms of the Notes include those stated in the Indenture
     and those made part of the Indenture by reference to the Trust Indenture
     Act of 1939, as amended (15 U.S. Code ss.ss. 77aaa-77bbbb). The Notes are
     subject to all such terms, and Holders are referred to the Indenture and
     such Act for a statement of such terms. To the extent any provision of this
     Note conflicts with the express provisions of the Indenture, the provisions
     of the Indenture shall govern and be controlling. The Notes are unsecured
     obligations of the Company.

          (5) Optional Redemption.

     (a)  Except as set forth in subparagraph (b) of this Paragraph 5, the
Company will not have the option to redeem the Notes prior to June 15, 2007.
Thereafter, the Company will have the option to redeem the Notes, in whole or in
part, upon not less than 30 nor more than 60 days' notice, at the redemption
prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest and Liquidated Damages, if any, thereon to the
applicable redemption date, if redeemed during the twelve-month period beginning
on June 15 of the years indicated below:

     Year                                                       Percentage
     2007 ....................................................    104.438%
     2008 ....................................................    102.958%
     2009 ....................................................    101.479%
     2010 and thereafter .....................................    100.000%

     (b) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5,
at any time prior to June 15, 2005, the Company may on any one or more occasions
redeem up to 35% of the aggregate principal amount of Notes issued under the
Indenture at a redemption price of 108.875% of the principal amount thereof,
plus accrued and unpaid interest and Liquidated Damages, if any, to the
redemption date, with the net cash proceeds of one or more Equity Offerings;
provided that (1) at least 65% of the aggregate principal amount of Notes issued
under the Indenture remains outstanding immediately after the occurrence of such
redemption (excluding Notes held by the Company and its Subsidiaries) and (2)
the redemption occurs within 90 days of the date of the closing of such Equity
Offering.

          (6) Mandatory Redemption.

     The Company will not be required to make mandatory redemption payments with
respect to the Notes.

          (7) Repurchase at Option of Holder.

              (a) If there is a Change of Control, the Company will be required
     to make an offer (a "Change of Control Offer") to repurchase all or any
     part (equal to $1,000 or an integral multiple thereof) of each Holder's
     Notes at a purchase price equal to 101% of the aggregate principal amount
     thereof plus accrued and unpaid interest and Liquidated Damages on the
     Notes repurchased, if any, to the date of purchase (the "Change of Control
     Payment"). Within 30 days

                                      A1-3

<PAGE>

     following any Change of Control, the Company will mail a notice to each
     Holder setting forth the procedures governing the Change of Control Offer
     as required by the Indenture.

               (b) If the Company or a Restricted Subsidiary consummates any
     Asset Sales, within 30 days of each date on which the aggregate amount of
     Excess Proceeds exceeds $20 million, the Company will commence an offer to
     all Holders of Notes and all holders of other Indebtedness that is pari
     passu with the Notes containing provisions similar to those set forth in
     the Indenture with respect to offers to purchase or redeem with the
     proceeds of sales of assets (an "Asset Sale Offer") pursuant to Section
     3.09 of the Indenture to purchase the maximum principal amount of Notes and
     such other pari passu Indebtedness that may be purchased out of the Excess
     Proceeds at an offer price in cash in an amount equal to 100% of the
     principal amount thereof plus accrued and unpaid interest and Liquidated
     Damages thereon, if any, to the date of purchase in accordance with the
     procedures set forth in the Indenture. To the extent any Excess Proceeds
     remain after consumption of an Asset Sale Offer, the Company may use such
     Excess Proceeds for any purpose not otherwise prohibited by the Indenture.
     If the aggregate principal amount of Notes and other pari passu
     Indebtedness surrendered by holders thereof exceeds the amount of Excess
     Proceeds, the Trustee shall select the Notes and other pari passu
     Indebtedness to be purchased on a pro rata basis. Upon the completion of
     each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.
     Holders of Notes that are the subject of an offer to purchase will receive
     an Asset Sale Offer from the Company prior to any related purchase date and
     may elect to have such Notes purchased by completing the form entitled
     "Option of Holder to Elect Purchase" on the reverse of the Notes.

          (8)  Notice of Redemption. Notice of redemption will be mailed at
     least 30 days but not more than 60 days before the redemption date to each
     Holder whose Notes are to be redeemed at its registered address, except
     that redemption notices may be mailed more than 60 days prior to a
     redemption date if the notice is issued in connection with a defeasance of
     the Notes or a satisfaction and discharge of the Indenture pursuant to
     Articles 8 or 12 of the Indenture. Notes in denominations larger than
     $1,000 may be redeemed in part but only in whole multiples of $1,000,
     unless all of the Notes held by a Holder are to be redeemed. On and after
     the redemption date interest ceases to accrue on Notes or portions thereof
     called for redemption.

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

          (10) Persons Deemed Owners. The registered Holder of a Note may be
     treated as its owner for all purposes.

          (11) Amendment, Supplement and Waiver. Subject to certain exceptions,
     the Indenture, the Note Guarantees or the Notes may be amended or
     supplemented with the consent of the Holders of at least a majority in
     principal amount of the then outstanding Notes and Additional Notes, if
     any, voting as a single class, and any existing default or compliance with
     any

                                      A1-4

<PAGE>

     provision of the Indenture, the Note Guarantees or the Notes may be waived
     with the consent of the Holders of a majority in principal amount of the
     then outstanding Notes and Additional Notes, if any, voting as a single
     class. Without the consent of any Holder of a Note, the Indenture, the Note
     Guarantees or the Notes may be amended or supplemented to cure any
     ambiguity, defect or inconsistency, to provide for uncertificated Notes in
     addition to or in place of certificated Notes, to provide for the
     assumption of the Company's or any Guarantor's obligations to Holders of
     the Notes in case of a merger or consolidation, to make any change that
     would provide any additional rights or benefits to the Holders of the Notes
     or that does not adversely affect the legal rights under the Indenture of
     any such Holder, to comply with the requirements of the SEC in order to
     effect or maintain the qualification of the Indenture under the Trust
     Indenture Act, to provide for the issuance of Additional Notes in
     accordance with the limitations set forth in the Indenture, or to allow any
     Guarantor to execute a supplemental indenture to the Indenture and/or a
     Note Guarantee with respect to the Notes.

          (12) Defaults and Remedies. Events of Default include: (i) default for
     30 days in the payment when due of interest on, or Liquidated Damages with
     respect to, the Notes whether or not prohibited by the subordination
     provisions of the Indenture; (ii) default in the payment when due (at
     maturity, upon redemption or otherwise) of the principal of, or premium, if
     any, on the Notes, whether or not prohibited by the subordination
     provisions of the Indenture; (iii) failure by the Company or any of its
     Subsidiaries to comply with the provisions of Sections 4.10 or 4.15 hereof;
     (iv) failure by the Company or any of its Restricted Subsidiaries to
     observe or perform any other covenant, representation, warranty or other
     agreement in the Indenture or the Notes for 60 days after notice to the
     Company by the Trustee or the Holders of at least 25% in aggregate
     principal amount of the Notes then outstanding voting as a single class;
     (v) default occurs under any mortgage, indenture or instrument under which
     there may be issued or by which there may be secured or evidenced any
     Indebtedness for money borrowed by the Company or any of its Restricted
     Subsidiaries (or the payment of which is guaranteed by the Company or any
     of its Subsidiaries), whether such Indebtedness or guarantee now exists, or
     is created after the date of the Indenture, if that default: (A) is caused
     by a failure to pay principal of, or interest or premium, if any, on such
     Indebtedness at the Stated Maturity thereof prior to the expiration of the
     grace period provided in such Indebtedness on the date of such default (a
     "Payment Default") or (B) results in the acceleration of such Indebtedness
     prior to its express maturity, and, in each case, the principal amount of
     any such Indebtedness, together with the principal amount of any other such
     Indebtedness under which there has been a Payment Default or the maturity
     of which has been so accelerated, aggregates $25.0 million or more; (vi)
     failure by the Company or any of its Subsidiaries to pay final judgments
     aggregating in excess of $25.0 million, which judgments are not paid,
     discharged or stayed for a period of 60 days after such judgments have
     become final and non-appealable, and in the event such judgment is covered
     by insurance, an enforcement proceeding has been commenced by any creditor
     upon such judgment or decree that is not promptly stayed; (vii) certain
     events of bankruptcy or insolvency with respect to the Company, any of its
     Significant Subsidiaries, or any group of Subsidiaries that, taken as a
     whole, would constitute a Significant Subsidiary; and (viii) except as
     permitted by the Indenture, any Note Guarantee by a Significant Subsidiary
     or any group of Subsidiaries that, taken as a whole, would constitute a
     Significant Subsidiary, shall be held in any judicial proceeding to be
     unenforceable or invalid or shall cease for any reason to be in full force
     and effect or any Guarantor, or any Person acting on behalf of any
     Guarantor, shall deny or disaffirm its obligations under its Note
     Guarantee. If any Event of Default occurs and is continuing, the Trustee
     (upon the request of the Holders of at least 25% in principal amount of the
     then outstanding Notes) or the Holders of at least 25% in principal amount
     of the then outstanding Notes may declare all the Notes to be due and
     payable. Notwithstanding the foregoing, in the case of an Event of Default
     arising from certain events of bankruptcy or insolvency, all outstanding
     Notes will become due and payable

                                      A1-5

<PAGE>

     immediately without further action or notice. Holders may not enforce the
     Indenture or the Notes except as provided in the Indenture. Subject to
     certain limitations, Holders of a majority in principal amount of the then
     outstanding Notes may direct the Trustee in its exercise of any trust or
     power. The Trustee may withhold from Holders of the Notes notice of any
     continuing Default or Event of Default (except a Default or Event of
     Default relating to the payment of principal, interest or Liquidated
     Damages) if it determines that withholding notice is in their interest. The
     Holders of a majority in aggregate principal amount of the Notes then
     outstanding by notice to the Trustee may on behalf of the Holders of all of
     the Notes waive any existing Default or Event of Default and its
     consequences under the Indenture except a continuing Default or Event of
     Default in the payment of interest or Liquidated Damages on, or the
     principal of, the Notes. The Company is required to deliver to the Trustee
     annually a statement regarding compliance with the Indenture, and the
     Company is required upon becoming aware of any Default or Event of Default,
     to deliver to the Trustee a statement specifying such Default or Event of
     Default.

          (13) Subordination. Payment of principal, interest and premium and
     Liquidated Damages, if any, on the Notes is subordinated to the prior
     payment of Senior Debt on the terms provided in the Indenture.

          (14) Trustee Dealings with Company. Except as otherwise provided in
     the Indenture, the Trustee, in its individual or any other capacity, may
     make loans to, accept deposits from, and perform services for the Company
     or its Affiliates, and may otherwise deal with the Company or its
     Affiliates, as if it were not the Trustee.

          (15) No Recourse Against Others. No director, officer, employee,
     incorporator or stockholder, of the Company or any of the Guarantors,
     solely by reason of their status as such, will have any liability for any
     obligations of the Company or such Guarantor under the Notes, the Note
     Guarantees or the Indenture or for any claim based on, in respect of, or by
     reason of, such obligations or their creation. Each Holder by accepting a
     Note waives and releases all such liability. The waiver and release are
     part of the consideration for the issuance of the Notes.

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

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

          (18) Additional Rights of Holders of Restricted Global Notes and
     Restricted Definitive Notes. In addition to the rights provided to Holders
     of Notes under the Indenture, Holders of Restricted Global Notes and
     Restricted Definitive Notes will have all the rights set forth in the A/B
     Exchange Registration Rights Agreement dated as of June 6, 2002, among the
     Company, the Guarantors and the other parties named on the signature pages
     thereof or, in the case of Additional Notes, Holders of Restricted Global
     Notes and Restricted Definitive Notes will have the rights set forth in one
     or more registration rights agreements, if any, among the Company, the
     Guarantors and the other parties thereto, relating to rights given by the
     Company and the Guarantors to the purchasers of any Additional Notes
     (collectively, the "Registration Rights Agreement").

          (19) CUSIP Numbers. Pursuant to a recommendation promulgated by the
     Committee on Uniform Security Identification Procedures, the Company has
     caused CUSIP numbers to be

                                      A1-6

<PAGE>

     printed on the Notes and the Trustee may use CUSIP numbers in notices of
     redemption as a convenience to Holders. No representation is made as to the
     accuracy of such numbers either as printed on the Notes or as contained in
     any notice of redemption and reliance may be placed only on the other
     identification numbers placed thereon.

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

Roundy's, Inc.
23000 Roundy Drive
Pewaukee, Wisconsin 53072
Attention: Chief Financial Officer

                                      A1-7

<PAGE>

                                 Assignment Form

     To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:___________________________________
                                               (Insert assignee's legal name)

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

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

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

Date:  _______________

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

Signature Guarantee*:  _________________________

*   Participant in a recognized Signature Guarantee Medallion Program.

                                      A1-8

<PAGE>

                       Option of Holder to Elect Purchase

     If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below:

                    .Section 4.10           .Section 4.15

     If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you
elect to have purchased:

                                        $_________________

Date:  _______________

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

                                             Tax Identification No.: ___________

Signature Guarantee*:  _________________________

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

                                      A1-9

<PAGE>

             SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

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

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

* This schedule should be included only if the Note is issued in global form.

                                     A1-10

<PAGE>

                                                                      EXHIBIT A2

                  [Face of Regulation S Temporary Global Note]
================================================================================

                                                           CUSIP/CINS __________

         8 7/8% [Series A] [Series B] Senior Subordinated Notes due 2012

No. ___                                                              $__________

                                 ROUNDY'S, INC.

promises to pay to CEDE & CO.
or registered assigns,
the principal sum of ___________________________________________________________
Dollars on _______________, 2012.
Interest Payment Dates:  ____________ and ____________
Record Dates:  ____________ and ____________
Dated:  June 6, 2002

                                            ROUNDY'S, INC.

                                            By: ________________________________
                                                Name:   Darren Karst
                                                Title: Chief Financial Officer

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

BNY MIDWEST TRUST COMPANY,
 as Trustee

By: ___________________________________________
               Authorized Signatory

================================================================================

                                      A2-1

<PAGE>

                  [Back of Regulation S Temporary Global Note]
         8 7/8% [Series A] [Series B] Senior Subordinated Notes due 2012

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

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF ROUNDY'S, INC.

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

"THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), AND THIS SECURITY MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY
OTHER JURISDICTION.

EACH HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO (A) OFFER, SELL,
PLEDGE OR OTHERWISE TRANSFER THIS SECURITY ONLY (1) TO ROUNDY'S, INC., (2)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (3) TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED
INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A IN A TRANSACTION

                                      A2-2

<PAGE>

MEETING THE REQUIREMENTS OF RULE 144A, (4) PURSUANT TO OFFERS AND SALES TO
NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES IN A TRANSACTION MEETING
THE REQUIREMENTS OF RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (5) TO AN
INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(A)(1), (2), (3) OR
(7) OF REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER,
EXECUTES AND DELIVERS TO ROUNDY'S, INC. AND THE TRUSTEE A LETTER CONTAINING
CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS SECURITY
(THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND AN OPINION OF
COUNSEL, IF ROUNDY'S, INC. OR THE TRUSTEE SO REQUESTS, OR (6) PURSUANT TO ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE
SECURITIES ACT (AND BASED ON AN OPINION OF COUNSEL IF ROUNDY'S, INC. OR THE
TRUSTEE SO REQUESTS), SUBJECT IN EACH OF THE FOREGOING CASES TO APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION, AND (B) THAT IT WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER FROM IT OF THIS SECURITY OF THE RESALE RESTRICTIONS SET
FORTH IN (A) ABOVE."

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

                 (1)    Interest. Roundy's, Inc., a Wisconsin corporation (the
         "Company"), promises to pay interest on the principal amount of this
         Note at 8 7/8% per annum from June 15, 2002 until maturity and shall
         pay the Liquidated Damages, if any, payable pursuant to Section 5 of
         the Registration Rights Agreement referred to below. The Company will
         pay interest and Liquidated Damages, if any, semi-annually in arrears
         on June 15 and December 15 of each year, or if any such day is not a
         Business Day, on the next succeeding Business Day (each, an "Interest
         Payment Date"). Interest on the Notes will accrue from the most recent
         date to which interest has been paid or, if no interest has been paid,
         from the date of issuance; provided that if there is no existing
         Default in the payment of interest, and if this Note is authenticated
         between a record date referred to on the face hereof and the next
         succeeding Interest Payment Date, interest shall accrue from such next
         succeeding Interest Payment Date; provided, further, that the first
         Interest Payment Date shall be December 15, 2002. The Company will pay
         interest (including post-petition interest in any proceeding under any
         Bankruptcy Law) on overdue principal and premium, if any, from time to
         time on demand at a rate that is 1% per annum in excess of the rate
         then in effect; it will pay interest (including post-petition interest
         in any proceeding under any Bankruptcy Law) on overdue installments of
         interest and Liquidated Damages, if any, (without regard to any
         applicable grace periods) from time to time on demand at the same rate
         to the extent lawful. Interest will be computed on the basis of a
         360-day year of twelve 30-day months.

         Until this Regulation S Temporary Global Note is exchanged for one or
more Regulation S Permanent Global Notes, the Holder hereof shall not be
entitled to receive payments of interest hereon; until so exchanged in full,
this Regulation S Temporary Global Note shall in all other respects be entitled
to the same benefits as other Notes under the Indenture.

                 (2)    Method of Payment. The Company will pay interest on the
Notes (except defaulted interest) and Liquidated Damages, if any, to the Persons
who are registered Holders of Notes at the close of business on the June 1 or
December 1 next preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date,
except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes will be payable as to principal, premium, interest and
Liquidated Damages, if

                                      A2-3

<PAGE>

         any, at the office or agency of the Company maintained for such purpose
         within or without the City and State of New York, or, at the option of
         the Company, payment of interest and Liquidated Damages, if any, may be
         made by check mailed to the Holders at their addresses set forth in the
         register of Holders; provided that payment by wire transfer of
         immediately available funds will be required with respect to principal
         of and interest, premium and Liquidated Damages, if any, on, all Global
         Notes and all other Notes the Holders of which will have provided wire
         transfer instructions to the Company or the Paying Agent. Such payment
         will be in such coin or currency of the United States of America as at
         the time of payment is legal tender for payment of public and private
         debts.

                 (3)    Paying Agent and Registrar.  Initially, BNY Midwest
         Trust Company, the Trustee under the Indenture, will act as Paying
         Agent and Registrar. The Company may change any Paying Agent or
         Registrar without notice to any Holder. The Company or any of its
         Subsidiaries may act in any such capacity.

                 (4)    Indenture. The Company issued the Notes under an
         Indenture dated as of June 6, 2002 (the "Indenture") among the Company,
         the Guarantors and the Trustee. The terms of the Notes include those
         stated in the Indenture and those made part of the Indenture by
         reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code
         ss.ss. 77aaa-77bbbb). The Notes are subject to all such terms, and
         Holders are referred to the Indenture and such Act for a statement of
         such terms. To the extent any provision of this Note conflicts with the
         express provisions of the Indenture, the provisions of the Indenture
         shall govern and be controlling. The Notes are unsecured obligations of
         the Company.

                 (5)    Optional Redemption.

                        (a)   Except as set forth in subparagraph (b) of this
         Paragraph 5, the Company will not have the option to redeem the Notes
         prior to June 15, 2007. Thereafter, the Company will have the option to
         redeem the Notes, in whole or in part, upon not less than 30 nor more
         than 60 days' notice, at the redemption prices (expressed as
         percentages of principal amount) set forth below plus accrued and
         unpaid interest and Liquidated Damages, if any, thereon to the
         applicable redemption date, if redeemed during the twelve-month period
         beginning on June 15 of the years indicated below:

         Year                                                 Percentage
         ----                                                 ----------
         2007...............................................   104.438%
         2008...............................................   102.958%
         2009...............................................   101.479%
         2010 and thereafter................................   100.000%

                        (b)   Notwithstanding the provisions of subparagraph (a)
         of this Paragraph 5, at any time prior to June 15, 2005, the Company
         may on any one or more occasions redeem up to 35% of the aggregate
         principal amount of Notes issued under the Indenture at a redemption
         price of 108.875% of the principal amount thereof, plus accrued and
         unpaid interest and Liquidated Damages, if any, to the redemption date,
         with the net cash proceeds of one or more Equity Offerings; provided
         that (1) at least 65% of the aggregate principal amount of Notes issued
         under the Indenture remains outstanding immediately after the
         occurrence of such redemption (excluding Notes held by the Company and
         its Subsidiaries) and (2) the redemption occurs within 90 days of the
         date of the closing of such Equity Offering.

                                      A2-4

<PAGE>

                 (6)    Mandatory Redemption.

         The Company will not be required to make mandatory redemption payments
with respect to the Notes.

                 (7)    Repurchase at Option of Holder.

                        (a)   If there is a Change of Control, the Company will
         be required to make an offer (a "Change of Control Offer") to
         repurchase all or any part (equal to $1,000 or an integral multiple
         thereof) of each Holder's Notes at a purchase price equal to 101% of
         the aggregate principal amount thereof plus accrued and unpaid interest
         and Liquidated Damages, if any, on the Notes repurchased, if any, to
         the date of purchase (the "Change of Control Payment"). Within 30 days
         following any Change of Control, the Company will mail a notice to each
         Holder setting forth the procedures governing the Change of Control
         Offer as required by the Indenture.

                        (b)   If the Company or a Restricted Subsidiary
         consummates any Asset Sales, within 30 days of each date on which the
         aggregate amount of Excess Proceeds exceeds $20 million, the Company
         will commence an offer to all Holders of Notes and all holders of other
         Indebtedness that is pari passu with the Notes containing provisions
         similar to those set forth in the Indenture with respect to offers to
         purchase or redeem with the proceeds of sales of assets (an "Asset Sale
         Offer") pursuant to Section 3.09 of the Indenture to purchase the
         maximum principal amount of Notes and such other such pari passu
         Indebtedness that may be purchased out of the Excess Proceeds at an
         offer price in cash in an amount equal to 100% of the principal amount
         thereof plus accrued and unpaid interest and Liquidated Damages
         thereon, if any, to the date of purchase, in accordance with the
         procedures set forth in the Indenture. To the extent any Excess
         Proceeds remain after consumption of an Asset Sale Offer, the Company
         may use such Excess Proceeds for any purpose not otherwise prohibited
         by the Indenture. If the aggregate principal amount of Notes and other
         pari passu Indebtedness surrendered by holders thereof exceeds the
         amount of Excess Proceeds, the Trustee shall select the Notes and other
         pari passu Indebtedness to be purchased on a pro rata basis. Upon the
         completion of each Asset Sale Offer, the amount of Excess Proceeds will
         be reset at zero. Holders of Notes that are the subject of an offer to
         purchase will receive an Asset Sale Offer from the Company prior to any
         related purchase date and may elect to have such Notes purchased by
         completing the form entitled "Option of Holder to Elect Purchase" on
         the reverse of the Notes.

                        (8)   Notice of Redemption. Notice of redemption will be
         mailed at least 30 days but not more than 60 days before the redemption
         date to each Holder whose Notes are to be redeemed at its registered
         address, except that redemption notices may be mailed more than 60 days
         prior to a redemption date if the notice is issued in connection with a
         defeasance of the Notes or a satisfaction and discharge of the
         Indenture pursuant to Articles 8 or 12 of the Indenture. Notes in
         denominations larger than $1,000 may be redeemed in part but only in
         whole multiples of $1,000, unless all of the Notes held by a Holder are
         to be redeemed. On and after the redemption date interest ceases to
         accrue on Notes or portions thereof called for redemption.

                        (9)   Denominations, Transfer, Exchange. The Notes are
         in registered form without coupons in denominations of $1,000 and
         integral multiples of $1,000. The transfer of Notes may be registered
         and Notes may be exchanged as provided in the Indenture. The Registrar
         and the Trustee may require a Holder, among other things, to furnish
         appropriate endorsements and transfer documents and the Company may
         require a Holder to pay any taxes and fees required by law or permitted
         by the Indenture. The Company need not exchange or register the
         transfer of any Note or portion of a Note selected for redemption,
         except for the

                                      A2-5

<PAGE>

     unredeemed portion of any Note being redeemed in part. Also, the Company
     need not exchange or register the transfer of any Notes for a period of 15
     days before a selection of Notes to be redeemed or during the period
     between a record date and the corresponding Interest Payment Date.

     This Regulation S Temporary Global Note is exchangeable in whole or in part
for one or more Global Notes only (i) on or after the termination of the 40-day
restricted period (as defined in Regulation S) and (ii) upon presentation of
certificates (accompanied by an Opinion of Counsel, if applicable) required by
Article 2 of the Indenture. Upon exchange of this Regulation S Temporary Global
Note for one or more Global Notes, the Trustee shall cancel this Regulation S
Temporary Global Note.

          (10)  Persons Deemed Owners. The registered Holder of a Note may be
     treated as its owner for all purposes.

          (11)  Amendment, Supplement and Waiver. Subject to certain exceptions,
     the Indenture, the Note Guarantees or the Notes may be amended or
     supplemented with the consent of the Holders of at least a majority in
     principal amount of the then outstanding Notes and Additional Notes, if
     any, voting as a single class, and any existing default or compliance with
     any provision of the Indenture, the Note Guarantees or the Notes may be
     waived with the consent of the Holders of a majority in principal amount of
     the then outstanding Notes and Additional Notes, if any, voting as a single
     class. Without the consent of any Holder of a Note, the Indenture, the Note
     Guarantees or the Notes may be amended or supplemented to cure any
     ambiguity, defect or inconsistency, to provide for uncertificated Notes in
     addition to or in place of certificated Notes, to provide for the
     assumption of the Company's or any Guarantor's obligations to Holders of
     the Notes in case of a merger or consolidation, to make any change that
     would provide any additional rights or benefits to the Holders of the Notes
     or that does not adversely affect the legal rights under the Indenture of
     any such Holder, to comply with the requirements of the SEC in order to
     effect or maintain the qualification of the Indenture under the Trust
     Indenture Act, to provide for the issuance of Additional Notes in
     accordance with the limitations set forth in the Indenture, or to allow any
     Guarantor to execute a supplemental indenture to the Indenture and/or a
     Note Guarantee with respect to the Notes.

          (12)  Defaults and Remedies. Events of Default include: (i) default
     for 30 days in the payment when due of interest on, or Liquidated Damages
     with respect to, the Notes whether or not prohibited by the subordination
     provisions of the Indenture; (ii) default in the payment when due (at
     maturity, upon redemption or otherwise) of the principal of, or premium, if
     any, on the Notes, whether or not prohibited by the subordination
     provisions of the Indenture; (iii) failure by the Company or any of its
     Subsidiaries to comply with the provisions of Sections 4.10 or 4.15 hereof;
     (iv) failure by the Company or any of its Restricted Subsidiaries to
     observe or perform any other covenant, representation, warranty or other
     agreement in the Indenture or the Notes for 60 days after notice to the
     Company by the Trustee or the Holders of at least 25% in aggregate
     principal amount of the Notes then outstanding voting as a single class;
     (v) default occurs under any mortgage, indenture or instrument under which
     there may be issued or by which there may be secured or evidenced any
     Indebtedness for money borrowed by the Company or any of its Restricted
     Subsidiaries (or the payment of which is guaranteed by the Company or any
     of its Subsidiaries), whether such Indebtedness or guarantee now exists, or
     is created after the date of the Indenture, if that default: (A) is caused
     by a failure to pay principal of, or interest or premium, if any, on such
     Indebtedness at the Stated Maturity thereof prior to the expiration of the
     grace period provided in such Indebtedness on the date of such default (a
     "Payment Default") or (B) results in the acceleration of such Indebtedness
     prior to its express maturity, and, in each case, the principal amount of
     any such Indebtedness, together with the principal amount of any other such

                                      A2-6

<PAGE>

     Indebtedness under which there has been a Payment Default or the maturity
     of which has been so accelerated, aggregates $25.0 million or more; (vi)
     failure by the Company or any of its Subsidiaries to pay final judgments
     aggregating in excess of $25.0 million, which judgments are not paid,
     discharged or stayed for a period of 60 days after such judgments have
     become final and non-appealable, and in the event such judgment is covered
     by insurance, an enforcement proceeding has been commenced by any creditor
     upon such judgment or decree that is not promptly stayed; (vii) certain
     events of bankruptcy or insolvency with respect to the Company, any of its
     Significant Subsidiaries, or any group of Subsidiaries that, taken as a
     whole, would constitute a Significant Subsidiary; and (viii) except as
     permitted by the Indenture, any Note Guarantee by a Significant Subsidiary
     or any group of Subsidiaries that, taken as a whole, would constitute a
     Significant Subsidiary, shall be held in any judicial proceeding to be
     unenforceable or invalid or shall cease for any reason to be in full force
     and effect or any Guarantor, or any Person acting on behalf of any
     Guarantor, shall deny or disaffirm its obligations under its Note
     Guarantee. If any Event of Default occurs and is continuing, the Trustee
     (upon the request of the Holders of at least 25% in principal amount of the
     then Outstanding Notes) or the Holders of at least 25% in principal amount
     of the then outstanding Notes may declare all the Notes to be due and
     payable. Notwithstanding the foregoing, in the case of an Event of Default
     arising from certain events of bankruptcy or insolvency, all outstanding
     Notes will become due and payable immediately without further action or
     notice. Holders may not enforce the Indenture or the Notes except as
     provided in the Indenture. Subject to certain limitations, Holders of a
     majority in principal amount of the then outstanding Notes may direct the
     Trustee in its exercise of any trust or power. The Trustee may withhold
     from Holders of the Notes notice of any continuing Default or Event of
     Default (except a Default or Event of Default relating to the payment of
     principal, interest or Liquidated Damages) if it determines that
     withholding notice is in their interest. The Holders of a majority in
     aggregate principal amount of the Notes then outstanding by notice to the
     Trustee may on behalf of the Holders of all of the Notes waive any existing
     Default or Event of Default and its consequences under the Indenture except
     a continuing Default or Event of Default in the payment of interest or
     Liquidated Damages on, or the principal of, the Notes. The Company is
     required to deliver to the Trustee annually a statement regarding
     compliance with the Indenture, and the Company is required upon becoming
     aware of any Default or Event of Default, to deliver to the Trustee a
     statement specifying such Default or Event of Default.

          (13)  Subordination. Payment of principal, interest and premium and
     Liquidated Damages, if any, on the Notes is subordinated to the prior
     payment of Senior Debt on the terms provided in the Indenture.

          (14)  Trustee Dealings With Company. Except as otherwise provided in
     the Indenture, the Trustee, in its individual or any other capacity, may
     make loans to, accept deposits from, and perform services for the Company
     or its Affiliates, and may otherwise deal with the Company or its
     Affiliates, as if it were not the Trustee.

          (15)  No Recourse Against Others. No director, officer, employee,
     incorporator or stockholder, of the Company or any of the Guarantors,
     solely by reason of their status as such, will not have any liability for
     any obligations of the Company or such Guarantor under the Notes, the Note
     Guarantees or the Indenture or for any claim based on, in respect of, or by
     reason of, such obligations or their creation. Each Holder by accepting a
     Note waives and releases all such liability. The waiver and release are
     part of the consideration for the issuance of the Notes.

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

                                      A2-7

<PAGE>

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

          (18)  Additional Rights of Holders of Restricted Global Notes and
     Restricted Definitive Notes. In addition to the rights provided to Holders
     of Notes under the Indenture, Holders of Restricted Global Notes and
     Restricted Definitive Notes will have all the rights set forth in the A/B
     Exchange Registration Rights Agreement dated as of June 6, 2002, among the
     Company, the Guarantors and the other parties named on the signature pages
     thereof or, in the case of Additional Notes, Holders of Restricted Global
     Notes and Restricted Definitive Notes will have the rights set forth in one
     or more registration rights agreements, if any among the Company, the
     Guarantors and the other parties thereto, relating to rights given by the
     Company and the Guarantors to the purchasers of any Additional Notes
     (collectively, the "Registration Rights Agreement").

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

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

Roundy's, Inc.
23000 Roundy Drive
Pewaukee, Wisconsin 53072
Attention: Chief Financial Officer

                                      A2-8

<PAGE>

                                 Assignment Form

     To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:___________________________________
                                                (Insert assignee's legal name)

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

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

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

Date:_______________

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

Signature Guarantee*:_________________________

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

                                      A2-9

<PAGE>

                       Option of Holder to Elect Purchase

     If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below:

                      [_] Section 4.10    [_]Section 4.15

     If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you
elect to have purchased:

                                $_______________

Date:  _______________

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

                                    Tax Identification No.:_____________________

Signature Guarantee*:  _________________________

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

                                     A2-10

<PAGE>

           SCHEDULE OF EXCHANGES OF REGULATION S TEMPORARY GLOBAL NOTE

     The following exchanges of a part of this Regulation S Temporary Global
Note for an interest in another Global Note, or of other Restricted Global Notes
for an interest in this Regulation S Temporary Global Note, have been made:

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

</TABLE>

                                     A2-11

<PAGE>

                                                                       EXHIBIT B

                         FORM OF CERTIFICATE OF TRANSFER

Roundy's, Inc.
23000 Roundy Drive
Pewaukee, Wisconsin 53072

BNY Midwest Trust Company
101 Barclay Street, Floor 21 West
New York, NY 10286

     Re: 8 7/8% Senior Subordinated Notes due 2012

     Reference is hereby made to the Indenture, dated as of June 6, 2002 (the
"Indenture"), among Roundy's, Inc., as issuer (the "Company"), the Guarantors
named on the signature pages thereto and BNY Midwest Trust Company, as trustee.
Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture.

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

                             [CHECK ALL THAT APPLY]

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

     2. [_] Check if Transferee will take delivery of a beneficial interest in
Regulation S Temporary Global Note, the Regulation S Permanent 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

                                      B-1

<PAGE>

U.S. Person or for the account or benefit of a U.S. Person (other than an
Initial Purchaser). Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will be subject to the restrictions on Transfer enumerated in
the Private Placement Legend printed on the Regulation S Permanent Global Note,
the Regulation S Temporary Global Note and/or the Definitive Note and in the
Indenture and the Securities Act.

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

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

                                       or

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

                                       or

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

                                       or

            (d) [_] such Transfer is being effected to an Institutional
      Accredited Investor and pursuant to an exemption from the registration
      requirements of the Securities Act other than Rule 144A, Rule 144 or Rule
      904, and the Transferor hereby further certifies that it has not engaged
      in any general solicitation within the meaning of Regulation D under the
      Securities Act and the Transfer complies with the transfer restrictions
      applicable to beneficial interests in a Restricted Global Note or
      Restricted Definitive Notes and the requirements of the exemption claimed,
      which certification is supported by (1) a certificate executed by the
      Transferee in the form of Exhibit D to the Indenture and (2) an Opinion of
      Counsel provided by the Transferor or the Transferee (a copy of which the
      Transferor has attached to this certification), to the effect that such
      Transfer is in compliance with the Securities Act. Upon consummation of
      the proposed transfer in accordance with the terms of the Indenture, the
      transferred beneficial interest or Definitive Note will be subject to the
      restrictions on transfer enumerated in the Private Placement Legend
      printed on the IAI Global Note and/or the Definitive Notes and in the
      Indenture and the Securities Act.

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

     (a) [_] Check if Transfer is pursuant to Rule 144. (i) The Transfer is
being effected pursuant to and in accordance with Rule 144 under the Securities
Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of

                                      B-2

<PAGE>

the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will no longer be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed
on the Restricted Global Notes, on Restricted Definitive Notes and in the
Indenture.

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

     (c) [_] Check if Transfer is Pursuant to Other Exemption. (i) The Transfer
is being effected pursuant to and in compliance with an exemption from the
registration requirements of the Securities Act other than Rule 144, Rule 903 or
Rule 904 and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any State of the United
States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will not be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture.

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

                                                 _______________________________
                                                   [Insert Name of Transferor]

                                                 By:____________________________
                                                   Name:
                                                   Title:

     Dated:  _______________________

                                      B-3

<PAGE>

                       ANNEX A TO CERTIFICATE OF TRANSFER

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

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

           (a)  [_]  a beneficial interest in the:

                     (i)    144A Global Note (CUSIP _____), or

                     (ii)   Regulation S Permanent Global Note (CUSIP _____), or

                     (iii)  Regulation S Temporary Global Note (CUSIP _____), or

                     (iv)   IAI Global Note (CUSIP _____); or

           (b)  [_]  a Restricted Definitive Note.

      2.   After the Transfer the Transferee will hold:

                                   [CHECK ONE]

                (a)  [_]  a beneficial interest in the:

                     (i)    144A Global Note (CUSIP _____), or

                     (ii)   Regulation S Permanent Global Note (CUSIP _____), or

                     (iii)  Regulation S Temporary Global Note (CUSIP _____), or

                     (iv)   IAI Global Note (CUSIP _____); or

                     (v)    Unrestricted Global Note (CUSIP _____); or

                (b)  [_]  a Restricted Definitive Note; or

                (c)  [_]  an Unrestricted Definitive Note,

                in accordance with the terms of the Indenture.

                                      B-4

<PAGE>

                                                                       EXHIBIT C

                         FORM OF CERTIFICATE OF EXCHANGE

Roundy's, Inc.
23000 Roundy Drive
Pewaukee, Wisconsin 53072

BNY Midwest Trust Company
101 Barclay Street, Floor 21 West
New York, NY 10286

     Re: 8 7/8% Senior Subordinated Notes due 2012

                              (CUSIP ____________)

     Reference is hereby made to the Indenture, dated as of June 6, 2002 (the
"Indenture"), among Roundy's, Inc., as issuer (the "Company"), the Guarantors
named on the signature pages thereto and BNY Midwest Trust Company, as trustee.
Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture.

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

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

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

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

     (c) [_] Check if Exchange is from Restricted Definitive Note to beneficial
interest in an Unrestricted Global Note. In connection with the Owner's Exchange
of a Restricted Definitive Note for

                                      C-1

<PAGE>

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

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

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

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

     (b) [_] Check if Exchange is from Restricted Definitive Note to beneficial
interest in a Restricted Global Note. In connection with the Exchange of the
Owner's Restricted Definitive Note for a beneficial interest in the [CHECK ONE]
[_] 144A Global Note, [_] Regulation S Global Note, [_] IAI Global Note with an
equal principal amount, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner's own account without transfer and (ii) such
Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the beneficial interest
issued will be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the relevant Restricted Global Note and in the
Indenture and the Securities Act.

                                       C-2

<PAGE>

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

                                         _______________________________________
                                               [Insert Name of Transferor]

                                         By:____________________________________
                                          Name:
                                          Title:

Dated:  ______________________

                                      C-3

<PAGE>

                            FORM OF CERTIFICATE FROM
                   ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Roundy's, Inc.
23000 Roundy Drive
Pewaukee, Wisconsin 53072

BNY Midwest Trust Company
101 Barclay Street, Floor 21 West
New York, NY 10286

     Re: 8 7/8% Senior Subordinated Notes due 2012

     Reference is hereby made to the Indenture, dated as of June 6, 2002 (the
"Indenture"), among Roundy's, as issuer (the "Company"), the Guarantors named on
the signature pages thereto and BNY Midwest Trust Company, as trustee.
Capitalized terms used but not defined herein shall have the meanings given to
them in the Indenture.

     In connection with our proposed purchase of $____________ aggregate
principal amount of:

     (a) [_] a beneficial interest in a Global Note, or

     (b) [_] a Definitive Note,

     we confirm that:

     1.   We understand that any subsequent transfer of the Notes or any
nterest therein is subject to certain restrictions and conditions set forth in
the Indenture and the undersigned agrees to be bound by, and not to resell,
pledge or otherwise transfer the Notes or any interest therein except in
compliance with, such restrictions and conditions and the Securities Act of
1933, as amended (the "Securities Act").

     2.   We understand that the offer and sale of the Notes have not been
registered under the Securities Act, and that the Notes and any interest therein
may not be offered or sold except as permitted in the following sentence. We
agree, on our own behalf and on behalf of any accounts for which we are acting
as hereinafter stated, that if we should sell the Notes or any interest therein,
we will do so only (A) to the Company or any subsidiary thereof, (B) in
accordance with Rule 144A under the Securities Act to a "qualified institutional
buyer" (as defined therein), (C) to an institutional "accredited investor" (as
defined below) that, prior to such transfer, furnishes (or has furnished on its
behalf by a U.S. broker-dealer) to you and to the Company a signed letter
substantially in the form of this letter and an Opinion of Counsel in form
reasonably acceptable to the Company to the effect that such transfer is in
compliance with the Securities Act, (D) outside the United States in accordance
with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the
provisions of Rule 144(k) under the Securities Act or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree
to provide to any Person purchasing the Definitive Note or beneficial interest
in a Global Note from us in a transaction meeting the requirements of clauses
(A) through (E) of this paragraph a notice advising such purchaser that resales
thereof are restricted as stated herein.

     3.   We understand that, on any proposed resale of the Notes or beneficial
interest therein, we will be required to furnish to you and the Company such
certifications, legal opinions and other

                                      C-4

<PAGE>

information as you and the Company may reasonably require to confirm that the
proposed sale complies with the foregoing restrictions. We further understand
that the Notes purchased by us will bear a legend to the foregoing effect.

     4.   We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes, and we and
any accounts for which we are acting are each able to bear the economic risk of
our or its investment.

     5.   We are acquiring the Notes or beneficial interest therein purchased by
us for our own account or for one or more accounts (each of which is an
institutional "accredited investor") as to each of which we exercise sole
investment discretion.

     You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby.

                                         _______________________________________
                                          [Insert Name of Accredited Investor]

                                         By:____________________________________
                                           Name:
                                           Title:

Dated: ________________

                                      C-5

<PAGE>

                                                                       EHXIBIT E

                             FORM OF NOTE GUARANTEE

     For value received, each Guarantor (which term includes any successor
Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the
provisions in the Indenture dated as of June 6, 2002 (the "Indenture") among
Roundy's, Inc., (the "Company"), the Guarantors listed on Schedule I thereto and
BNY Midwest Trust Company, as trustee (the "Trustee"), (a) the due and punctual
payment of the principal of, premium and Liquidated Damages, if any, and
interest on the Notes (as defined in the Indenture), whether at maturity, by
acceleration, redemption or otherwise, the due and punctual payment of interest
on overdue principal of and interest on the Notes, if any, if lawful, and the
due and punctual performance of all other obligations of the Company to the
Holders or the Trustee all in accordance with the terms of the Indenture and (b)
in case of any extension of time of payment or renewal of any Notes or any of
such other obligations, that the same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at
stated maturity, by acceleration or otherwise. The obligations of the Guarantors
to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and
the Indenture are expressly set forth in Article 11 of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Note
Guarantee. Each Holder of a Note, by accepting the same, (a) agrees to and shall
be bound by such provisions, (b) authorizes and directs the Trustee, on behalf
of such Holder, to take such action as may be necessary or appropriate to
effectuate the subordination as provided in the Indenture and (c) appoints the
Trustee attorney-in-fact of such Holder for such purpose; provided, however,
that the Indebtedness evidenced by this Note Guarantee shall cease to be so
subordinated and subject in right of payment upon any defeasance of this Note in
accordance with the provisions of the Indenture.

                                        CARDINAL FOODS, INC.
                                        HOLT PUBLIC STORAGE, INC.
                                        INSURANCE PLANNERS, INC.
                                        I.T.A., INC.
                                        JONDEX CORP.
                                        KEE TRANS, INC.
                                        MEGA MARTS, INC.
                                        MIDLAND GROCERY OF MICHIGAN, INC.
                                        PICK `N SAVE WAREHOUSE FOODS, INC.
                                        ROPAK, INC.
                                        RINDT ENTERPRISES, INC.
                                        SCOT LAD FOODS, INC.
                                        SCOT LAD-LIMA, INC.
                                        SHOP-RITE, INC.
                                        SPRING LAKE MERCHANDISE, INC.
                                        THE COPPS CORPORATION
                                        THE MIDLAND GROCERY COMPANY
                                        ULTRA MART FOODS, INC.

                                   By:__________________________________________
                                   Name: Edward G. Kitz
                                   Title: Secretary

                       [Signatures Continued on Next Page]

                                      E-1

<PAGE>

                                                                       EXHIBIT E

                               VILLAGE MARKET, LLC

                               By:___________________________________
                                  Name: Edward G. Kitz, signing on behalf of
                                        Shop-Rite, Inc., in its capacity as
                                        managing member of Village Market, LLC
                                  Title: Secretary of Shop-Rite, Inc.

                                      E-2

<PAGE>

                                                                       EXHIBIT F

                         FORM OF SUPPLEMENTAL INDENTURE
                    TO BE DELIVERED BY SUBSEQUENT GUARANTORS

     Supplemental Indenture (this "Supplemental Indenture"), dated as of
________________, 200__, among __________________ (the "Guaranteeing
Subsidiary"), a subsidiary of Roundy's, Inc. (or its permitted successor), a
___________ corporation (the "Company"), the Company, the other Guarantors (as
defined in the Indenture referred to herein) and ____________________, as
trustee under the indenture referred to below (the "Trustee").

                               W I T N E S S E T H

     WHEREAS, the Company has heretofore executed and delivered to the Trustee
an indenture (the "Indenture"), dated as of June 6, 2002 providing for the
issuance of an unlimited aggregate principal amount of 8 7/8% Senior
Subordinated Notes due 2012 (the "Notes");

     WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally
guarantee all of the Company's Obligations under the Notes and the Indenture on
the terms and conditions set forth herein (the "Note Guarantee"); and

     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

     NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Notes as follows:

     1.   Capitalized Terms. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

     2.   Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as
follows:

               (a)  Along with all Guarantors named in the Indenture, to jointly
          and severally Guarantee to each Holder of a Note authenticated and
          delivered by the Trustee and to the Trustee and its successors and
          assigns, the Notes or the obligations of the Company hereunder or
          thereunder, that:

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

               (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

                                      F-1

<PAGE>

          guaranteed or any performance so guaranteed for whatever reason, the
          Guarantors shall be jointly and severally obligated to pay the same
          immediately.

               (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 Note Guarantee shall not be discharged except by
          complete performance of the obligations contained in the Notes and the
          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, or any custodian,
          trustee, liquidator or other similar official acting in relation to
          either the Company or the Guarantors, any amount paid by either to the
          Trustee or such Holder, this Note 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 Guarantors, 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 Note 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, such
          obligations (whether or not due and payable) shall forthwith become
          due and payable by the Guarantors for the purpose of this Note
          Guarantee.

               (h)  The Guarantors shall have the right to seek contribution
          from any non-paying Guarantor so long as the exercise of such right
          does not impair the rights of the Holders under the Note Guarantee.

               (i)  Pursuant to Section 10.02 of the Indenture, after giving
          effect to any maximum amount and 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 10 of the Indenture, this new Note
          Guarantee shall be limited to the maximum amount permissible such that
          the obligations of such Guarantor under this Note Guarantee will not
          constitute a fraudulent transfer or conveyance.

                                      F-2

<PAGE>

               (j)  To the extent not already covered in clauses (a) through (i)
          and in no way limiting the meaning and effect of such clauses, to
          provide as unconditional Guarantee on the terms and subject to the
          conditions set forth in the Note Guarantee and in the Indenture.

     3.   Execution and Delivery. Each Guaranteeing Subsidiary agrees that the
Note Guarantees shall remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Note Guarantee.

     4.   Guaranteeing Subsidiary May Consolidate, Etc. on Certain Terms.

               (a)  The Guaranteeing Subsidiary may not sell or otherwise
          dispose of all, or substantially all, of its assets to, or consolidate
          with or merge with or into (whether or not such Guarantor is the
          surviving Person) another Person, other than the Company or another
          Guarantor unless:

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

               (ii) either (A) subject to Sections 11.04 and 11.05 of the
          Indenture, the Person acquiring the property in any such sale or
          disposition or the Person formed by or surviving any such
          consolidation or merger unconditionally assumes all the obligations of
          that Guarantor, pursuant to a supplemental indenture in form and
          substance reasonably satisfactory to the Trustee, under the Notes, the
          Indenture and the Note Guarantee on the terms set forth herein or
          therein; or (B) the Net Proceeds of such sale or other disposition are
          applied in accordance with the applicable provisions of the Indenture,
          including without limitation, Section 4.10 thereof.

               (b)  In case of any such consolidation, merger, sale or
          conveyance and upon the assumption by the successor Person, by
          supplemental indenture, executed and delivered to the Trustee and
          satisfactory in form to the Trustee, of the Note Guarantee endorsed
          upon the Notes and the due and punctual performance of all of the
          covenants and conditions of the Indenture 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. Such successor Person thereupon may cause to be signed
          any or all of the Note Guarantees to be endorsed upon all of the Notes
          issuable under the Indenture which theretofore shall not have been
          signed by the Company and delivered to the Trustee. All the Note
          Guarantees so issued shall in all respects have the same legal rank
          and benefit under the Indenture as the Note Guarantees theretofore and
          thereafter issued in accordance with the terms of the Indenture as
          though all of such Note Guarantees had been issued at the date of the
          execution hereof.

               (c)  Except as set forth in Articles 4 and 5 and Section 11.05 of
          Article 11 of the Indenture, and notwithstanding clauses (a) and (b)
          above, nothing contained in the Indenture or in any of the Notes shall
          prevent any consolidation or merger of a Guarantor with or into the
          Company or another Guarantor, or shall prevent any sale or conveyance
          of the property of a Guarantor as an entirety or substantially as an
          entirety to the Company or another Guarantor.

                                      F-3

<PAGE>

     5.   Releases.

               (a)  In the event of any sale or other disposition of all, or
          substantially all, of the assets of any Guarantor, by way of merger,
          consolidation or otherwise, or a sale or other disposition of all of
          the capital stock of any Guarantor, in each case to a Person that is
          not (either before or after giving effect to such transaction) a
          Restricted Subsidiary of the Company, then such Guarantor (in the
          event of a sale or other disposition, by way of merger, consolidation
          or otherwise, of all of the capital stock of such Guarantor) or the
          corporation acquiring the property (in the event of a sale or other
          disposition of all or substantially all of the assets of such
          Guarantor) will be released and relieved of any obligations under its
          Note Guarantee; provided that the Net Proceeds of such sale or other
          disposition are applied in accordance with the applicable provisions
          of the Indenture, including without limitation Section 4.10 of the
          Indenture. Upon delivery by the Company to the Trustee of an Officers'
          Certificate and an Opinion of Counsel to the effect that such sale or
          other disposition was made by the Company in accordance with the
          provisions of the Indenture, including without limitation Section 4.10
          of the Indenture, the Trustee shall execute any documents reasonably
          required in order to evidence the release of any Guarantor from its
          obligations under its Note Guarantee.

               (b)  Any Guarantor not released from its obligations under its
          Note 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 the Indenture as provided in Article 11 of the
          Indenture.

     6.   No Recourse Against Others. No past, present or future director,
officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiary, solely by reason of their status as such, shall have any liability
for any obligations of the Company or any Guaranteeing Subsidiary under the
Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for
any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of the Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for
issuance of the Notes. Such waiver may not be effective to waive liabilities
under the federal securities laws and it is the view of the SEC that such a
waiver is against public policy.

     7.   NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     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.

     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 and the Company.

                                      F-4

<PAGE>

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

     Dated: ___________, 20___

                                     [Guaranteeing Subsidiary]

                                     By: _______________________________
                                     Name:
                                     Title:

                                     [Company]

                                     By: _______________________________
                                     Name:
                                     Title:

                                     [Existing Guarantors]

                                     By: _______________________________
                                     Name:
                                     Title:

                                     [Trustee],
                                       as Trustee

                                     By: _______________________________
                                          Authorized Signatory

                                      F-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]