EX-4.34



 



Exhibit
4.34





 





THE GOLDMAN SACHS GROUP, INC.




to




THE BANK OF NEW YORK

Trustee





 







WARRANT INDENTURE





 







Dated as of February 14, 2006




 





 









 








TABLE OF CONTENTS




	 	 	 	 	 	 	 
	ARTICLE I

	 
	 	 	 	 	 	 
	Definitions and Other Provisions of General Application

	 
	 	 	 	 	 	 
	SECTION 101.

	 	Definitions.
	 	 	1	 
	SECTION 102.

	 	Compliance Certificates and Opinions.
	 	 	8	 
	SECTION 103.

	 	Form of Documents Delivered to Trustee.
	 	 	9	 
	SECTION 104.

	 	Acts of Holders; Record Dates.
	 	 	9	 
	SECTION 105.

	 	Notices, Etc., to Trustee and Company.
	 	 	12	 
	SECTION 106.

	 	Notice to Holders; Waiver.
	 	 	12	 
	SECTION 107.

	 	Conflict with Trust Indenture Act.
	 	 	13	 
	SECTION 108.

	 	Effect of Headings and Table of Contents.
	 	 	13	 
	SECTION 109.

	 	Successors and Assigns.
	 	 	13	 
	SECTION 110.

	 	Separability Clause.
	 	 	13	 
	SECTION 111.

	 	Benefits of Indenture.
	 	 	13	 
	SECTION 112.

	 	Characterization of Warrants.
	 	 	13	 
	SECTION 113.

	 	Governing Law.
	 	 	13	 
	SECTION 114.

	 	Legal Holidays.
	 	 	14	 
	 
	 	 	 	 	 	 
	ARTICLE II

	 
	 	 	 	 	 	 
	Security Forms

	 
	 	 	 	 	 	 
	SECTION 201.

	 	Forms Generally.
	 	 	14	 
	SECTION 202.

	 	Form of Face of Call Warrant.
	 	 	14	 
	SECTION 203.

	 	Form of Reverse of Call Warrant.
	 	 	18	 
	SECTION 204.

	 	Form of Face of Put Warrant.
	 	 	24	 
	SECTION 205.

	 	Form of Reverse of Put Warrant.
	 	 	28	 
	SECTION 206.

	 	Form of Legend for Global Securities.
	 	 	33	 
	SECTION 207.

	 	Form of Trustee’s Certificate of Authentication.
	 	 	35	 
	 
	 	 	 	 	 	 
	ARTICLE III

	 
	 	 	 	 	 	 
	The Securities

	SECTION 301.

	 	Amount Unlimited; Issuable in Series.
	 	 	35	 
	SECTION 302.

	 	Denominations.
	 	 	38	 






 i 




 









 





	 	 	 	 	 	 	 
	SECTION 303.

	 	Execution, Authentication, Delivery and Dating.
	 	 	38	 
	SECTION 304.

	 	Temporary Securities.
	 	 	40	 
	SECTION 305.

	 	Registration, Registration of Transfer and Exchange.
	 	 	40	 
	SECTION 306.

	 	Mutilated, Destroyed, Lost and Stolen Securities.
	 	 	43	 
	SECTION 307.

	 	Persons Deemed Owners.
	 	 	43	 
	SECTION 308.

	 	Cancellation.
	 	 	44	 
	SECTION 309.

	 	CUSIP Numbers.
	 	 	44	 
	SECTION 310.

	 	Calculation Agent.
	 	 	44	 
	 
	 	 	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 	 	 
	Satisfaction and Discharge

	 
	 	 	 	 	 	 
	SECTION 401.

	 	Satisfaction and Discharge of Indenture.
	 	 	45	 
	SECTION 402.

	 	Application of Trust Money and Warrant Property.
	 	 	46	 
	 
	 	 	 	 	 	 
	ARTICLE V

	 
	 	 	 	 	 	 
	Remedies

	 
	 	 	 	 	 	 
	SECTION 501.

	 	Events of Default.
	 	 	46	 
	SECTION 502.

	 	Collection of Amounts Due and Suits for Enforcement by Trustee.
	 	 	48	 
	SECTION 503.

	 	Trustee May File Proofs of Claim.
	 	 	49	 
	SECTION 504.

	 	Trustee May Enforce Claims Without Possession of Securities.
	 	 	49	 
	SECTION 505.

	 	Application of Money Collected.
	 	 	49	 
	SECTION 506.

	 	Limitation on Suits.
	 	 	50	 
	SECTION 507.

	 	Unconditional Right of Holders to Receive Money or Warrant Property Due
With Respect to Securities and to Exercise.
	 	 	51	 
	SECTION 508.

	 	Restoration of Rights and Remedies.
	 	 	51	 
	SECTION 509.

	 	Rights and Remedies Cumulative.
	 	 	51	 
	SECTION 510.

	 	Delay or Omission Not Waiver.
	 	 	51	 
	SECTION 511.

	 	Control by Holders.
	 	 	51	 
	SECTION 512.

	 	Waiver of Past Defaults.
	 	 	52	 
	SECTION 513.

	 	Undertaking for Costs.
	 	 	52	 
	SECTION 514.

	 	Waiver of Usury, Stay or Extension Laws.
	 	 	52	 
	 
	 	 	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 	 	 
	The Trustee

	 
	 	 	 	 	 	 
	SECTION 601.

	 	Certain Duties and Responsibilities.
	 	 	53	 






ii




 









 





	 	 	 	 	 	 	 
	SECTION 602.

	 	Notice of Defaults.
	 	 	53	 
	SECTION 603.

	 	Certain Rights of Trustee.
	 	 	54	 
	SECTION 604.

	 	Not Responsible for Recitals or Issuance of Securities.
	 	 	55	 
	SECTION 605.

	 	May Hold Securities.
	 	 	55	 
	SECTION 606.

	 	Money or Warrant Property Held in Trust.
	 	 	55	 
	SECTION 607.

	 	Compensation and Reimbursement.
	 	 	55	 
	SECTION 608.

	 	Conflicting Interests.
	 	 	56	 
	SECTION 609.

	 	Corporate Trustee Required; Eligibility.
	 	 	57	 
	SECTION 610.

	 	Resignation and Removal; Appointment of Successor.
	 	 	57	 
	SECTION 611.

	 	Acceptance of Appointment by Successor.
	 	 	59	 
	SECTION 612.

	 	Merger, Conversion, Consolidation or Succession to Business.
	 	 	60	 
	SECTION 613.

	 	Preferential Collection of Claims Against Company.
	 	 	60	 
	 
	 	 	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 	 	 
	Holders’ Lists and Reports By Trustee and Company

	 
	 	 	 	 	 	 
	SECTION 701.

	 	Company to Furnish Trustee Names and Addresses of Holders.
	 	 	60	 
	SECTION 702.

	 	Preservation of Information; Communications to Holders.
	 	 	61	 
	SECTION 703.

	 	Reports by Trustee.
	 	 	61	 
	SECTION 704.

	 	Reports by Company.
	 	 	61	 
	 
	 	 	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 	 	 
	Consolidation, Merger, Conveyance, Transfer or Lease

	 
	 	 	 	 	 	 
	SECTION 801.

	 	Company May Consolidate, Etc., Only on Certain Terms.
	 	 	62	 
	SECTION 802.

	 	Successor Substituted.
	 	 	63	 
	 
	 	 	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 	 	 
	Supplemental Indentures

	 
	 	 	 	 	 	 
	SECTION 901.

	 	Supplemental Indentures Without Consent of Holders.
	 	 	63	 
	SECTION 902.

	 	Supplemental Indentures With Consent of Holders.
	 	 	64	 
	SECTION 903.

	 	Execution of Supplemental Indentures.
	 	 	66	 
	SECTION 904.

	 	Effect of Supplemental Indentures.
	 	 	66	 
	SECTION 905.

	 	Conformity with Trust Indenture Act.
	 	 	66	 
	SECTION 906.

	 	Reference in Securities to Supplemental Indentures.
	 	 	66	 






iii




 









 





	 	 	 	 	 	 	 
	ARTICLE X

	 
	 	 	 	 	 	 
	Covenants

	 
	 	 	 	 	 	 
	SECTION 1001.

	 	Payment or Delivery of Money or Warrant Property.
	 	 	66	 
	SECTION 1002.

	 	Maintenance of Office or Agency.
	 	 	67	 
	SECTION 1003.

	 	Money and Warrant Property for Securities Payments and
Deliveries to Be Held in Trust.
	 	 	67	 
	SECTION 1004.

	 	Statement by Officers as to Default.
	 	 	69	 
	SECTION 1005.

	 	Restriction on Certain Liens.
	 	 	69	 
	SECTION 1006.

	 	Waiver of Certain Covenants.
	 	 	69	 
	 
	 	 	 	 	 	 
	ARTICLE XI

	 
	 	 	 	 	 	 
	Redemption of Securities

	 
	 	 	 	 	 	 
	SECTION 1101.

	 	Applicability of Article.
	 	 	70	 
	SECTION 1102.

	 	Election to Redeem; Notice to Trustee.
	 	 	70	 
	SECTION 1103.

	 	Selection by Trustee of Securities to Be Redeemed.
	 	 	70	 
	SECTION 1104.

	 	Notice of Redemption.
	 	 	71	 
	SECTION 1105.

	 	Deposit of Redemption Price.
	 	 	72	 
	SECTION 1106.

	 	Securities Payable on Redemption Date.
	 	 	72	 
	SECTION 1107.

	 	Securities Redeemed in Part.
	 	 	72	 






iv




 









 





THE GOLDMAN SACHS GROUP, INC.




Certain Sections of this Indenture relating to

Sections 310 through 318, inclusive, of the

Trust Indenture Act of 1939:




	 	 	 
	Trust Indenture	 	 
	Act Section	 	Indenture Section
	Section 310(a)(1)

	 	609 
	(a)(2)

	 	609 
	(a)(3)

	 	Not Applicable
	(a)(4)

	 	Not Applicable
	(b)

	 	608 
	 

	 	610 
	Section 311(a)

	 	613 
	(b)

	 	613 
	Section 312(a)

	 	701 
	 

	 	702 
	(b)

	 	702 
	(c)

	 	702 
	Section 313(a)

	 	703 
	(b)

	 	703 
	(c)

	 	703 
	(d)

	 	703 
	Section 314(a)

	 	704 
	(a)(4)

	 	101 
	 

	 	1004 
	(b)

	 	Not Applicable
	(c)(1)

	 	102 
	(c)(2)

	 	102 
	(c)(3)

	 	Not Applicable
	(d)

	 	Not Applicable
	(e)

	 	102 
	Section 315(a)

	 	601 
	(b)

	 	602 
	(c)

	 	601 
	(d)

	 	601 
	(e)

	 	513 
	Section 316(a)

	 	101 
	(a)(1)(A)

	 	511 
	(a)(1)(B)

	 	512 






v









 






	 	 	 
	(a)(2)

	 	Not Applicable
	(b)

	 	507 
	(c)

	 	104 
	Section 317(a)(1)

	 	502 
	(a)(2)

	 	503 
	(b)

	 	1003 
	Section 318(a)

	 	107 








 




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





vi





 










 






     WARRANT INDENTURE, dated as of February 14, 2006 between The Goldman Sachs Group, Inc., a
corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company”), having its principal office at 85 Broad Street, New York, New York 10004, and The Bank
of New York, a New York banking corporation, as Trustee (herein called the “Trustee”).



Recitals of the Company




     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its Universal Warrants, as hereinafter defined (herein sometimes
called the “Securities”), to be issued in one or more series as in this Indenture provided.



     All things necessary to make this Indenture a valid and legally binding agreement of the
Company, in accordance with its terms, have been done.



     Now, Therefore, This Indenture Witnesseth:



     For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the
Securities or of series thereof, as follows:



ARTICLE I




Definitions and Other Provisions

of General Application




     SECTION 101. Definitions.



     For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires:




     (1) the terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular;




     (2) all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;




     (3) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles;




     (4) unless the context otherwise requires, any reference to an “Article” or a
“Section” refers to an Article or a Section, as the case may be, of this Indenture;



 









 






     (5) the words “herein”, “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision; and




     (6) when used with respect to any Security, the words “exercise” and “exercised” are
intended to refer to the right of the Holder or the Company to exercise such Security and
to receive in exchange money, securities or other property in accordance with such terms as
may hereafter be specified for such Security as contemplated by Section 301, and these
words are not intended to refer to any right of the Holder or the Company to exchange such
Security for other Securities of the same series and like tenor pursuant to Section 304,
305, 306 or 906 or another similar provision of this Indenture, unless the context
otherwise requires; and references herein to the terms of any Security that may be
exercised mean such terms as may be specified for such Security as contemplated in Section
301.




     “Act”, when used with respect to any Holder, has the meaning specified in Section 104.




     “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 the purposes of this definition, “control” when used with respect to any
specified Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing.




     “Applicable Procedures” of a Depositary means, with respect to any matter at any time,
the policies and procedures of such Depositary, if any, that are applicable to such matter
at such time.




     “Board of Directors” means either the board of directors of the Company or any duly
authorized committee of that board.




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




     “Business Day”, when used with respect to any Place of Payment, means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in
that Place of Payment are authorized or obligated by law or executive order to close;
provided that, when used with respect to any Security, “Business Day” may have such other
meaning, if any, as may be specified for such Security as contemplated by Section 301.



2









 






     “Call Warrants” has the meaning specified in Section 301(5).




     “Commission” means the Securities and Exchange Commission, from time to time
constituted, created under the Exchange Act, or, if at any time after the execution of this
instrument such Commission is not existing and performing the duties now assigned to it
under the Trust Indenture Act, then the body performing such duties at such time.




     “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Company” shall mean such successor Person.




     “Company Request” or “Company Order” means a written request or order signed in the
name of the Company by any two of the following: a Chairman of the Board, a Vice Chairman
of the Board, a President, a Vice President, a Treasurer, an Assistant Treasurer, its
Secretary or an Assistant Secretary of the Company, or any other officer or officers of the
Company designated in writing by or pursuant to authority of the Board of Directors and
delivered to the Trustee from time to time.




     “Corporate Trust Office” means the principal office of the Trustee in New York, New
York at which at any particular time its corporate trust business shall be administered,
which at the date hereof is located at 101 Barclay Street, Floor 21 West, New York, New
York 10286, Attention: Corporate Trust Administration, or such other address as the
Trustee may designate from time to time by notice to the Holders and the Company, or the
principal corporate trust office of any successor Trustee (or such other address as such
successor Trustee may designate from time to time by notice to the Holders and the
Company).




     “corporation” means a corporation, association, company (including a limited liability
company), joint-stock company, business trust or other similar entity.




     “Custodian” means any person responsible for holding Warrants in global form on behalf
of a Depositary.




     “Depositary” means, with respect to Securities of any series issuable in whole or in
part in the form of one or more Global Securities, a clearing agency that is designated to
act as Depositary for such Securities as contemplated by Section 301.




     “Event of Default” has the meaning specified in Section 501.




     “Exchange Act” means the Securities Exchange Act of 1934 and any statute successor
thereto, in each case as amended from time to time.



3









 






     “Expiration Date”, when used with respect to Securities of any series, means the date
on which the right to exercise the Securities of such series shall expire.




     “Final Date” has the meaning specified in Section 104.




     “Global Security” means a Security that evidences all or part of the Securities of any
series and bears the legend set forth in Section 206 (or such legend as may be specified as
contemplated by Section 301 for such Securities).




     “GS&Co.” means Goldman, Sachs & Co., a New York partnership, or any other Person that
is a Subsidiary and becomes the successor to GS&Co. as a result of a merger, consolidation
or sale of all or substantially all the assets of GS&Co., but only for as long as such
other Person continues to be a Subsidiary and such successor.




     “Holder” means a Person in whose name a Security is registered in the Security
Register.




     “Indenture” means this instrument as originally executed and as it may from time to
time be supplemented or amended by one or more indentures supplemental hereto entered into
pursuant to the applicable provisions hereof, including, for all purposes of this
instrument and any such supplemental indenture, the provisions of the Trust Indenture Act
that are deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of particular
series of Securities established as contemplated by Section 301.




     “Notice of Default” means a written notice of the kind specified in Section 501(2).




     “Officers’ Certificate” means a certificate signed by any two of the following: a
Chairman of the Board, a Vice Chairman of the Board, a President, a Vice President, a
Treasurer, an Assistant Treasurer, a Secretary or an Assistant Secretary of the Company, or
any other officer or officers of the Company designated in a writing by or pursuant to
authority of the Board of Directors and delivered to the Trustee from time to time. One of
the officers signing an Officers’ Certificate given pursuant to Section 1004 shall be the
principal executive, financial or accounting officer of the Company.




     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the
Company.




     “Outstanding”, when used with respect to Securities, means, as of the date of
determination, all Securities theretofore authenticated and delivered under this Indenture,
except:



4









 






     (1) Securities theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;




     (2) Securities for whose payment, redemption or settlement money or Warrant Property
in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent
(other than the Company) in trust or set aside and segregated in trust by the Company (if
the Company shall act as its own Paying Agent) for the Holders of such Securities, provided
that, if such Securities are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;




     (3) Securities which have been paid pursuant to Section 306 or in exchange for or in
lieu of which other Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held by a bona
fide purchaser in whose hands such Securities are valid obligations of the Company; and




     (4) Securities as to which any money or Warrant Property payable or deliverable upon
exercise thereof has been paid or delivered (or such payment or delivery has been duly
provided for), or as to which any other particular conditions have been satisfied, in each
case as may be provided for such Securities as contemplated in Section 301;




provided, however, that in determining whether the Holders of the requisite number of
Outstanding Warrants have given, made or taken any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder as of any date, (1) Securities
owned by the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent, waiver or other action, only
Securities which a Responsible Officer of the Trustee actually knows to be so owned shall
be so disregarded, and (2) the number of Securities that are Outstanding at any time shall
equal the number of Warrants that are evidenced by such Securities and are Outstanding at
such time, even though more than one such Warrant may be evidenced by a single Security.
Securities so owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act
with respect to such Securities and that the pledgee is not the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor.




     For purposes of this definition, the term “Security” may refer to a particular Warrant
or to a certificate (in global or non-global form) evidencing more than one Warrant, as the
context may require.



5









 






     “Paying Agent”, when used with respect to the Securities of any series, means any
Person authorized by the Company to pay or deliver any money or Warrant Property payable or
deliverable on behalf of the Company upon exercise or redemption of such Securities and
includes any warrant agent appointed by the Company with respect to such series.




     “Payment or Settlement Date”, when used with respect to any Security, means the date
when any money or Warrant Property with respect to such Security becomes payable or
deliverable upon exercise or redemption of such Security in accordance with its terms.




     “Permitted Lien” means each such pledge, lien and other encumbrance as the Board of
Directors determines does not materially detract from or interfere with the value or
control, as of the date of such determination, of the Company’s or any Subsidiary’s voting
or profit participating equity ownership interests in GS&Co. (or in any Subsidiary that
beneficially owns or holds any such interests in GS&Co., directly or indirectly).




     “Person” means any individual, corporation, partnership, joint venture, trust,
unincorporated organization or government or any agency or political subdivision thereof.




     “Place of Payment”, when used with respect to the Securities of any series and subject
to Section 1002, means the place or places where any money or Warrant Property payable or
deliverable upon exercise or redemption of such Securities is payable or deliverable.




     “Predecessor Security” of any particular Security means every previous Security
evidencing all or a portion of the same contractual obligation as that evidenced by such
particular Security; and, for the purposes of this definition, any Security authenticated
and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost
or stolen Security shall be deemed to evidence the same contractual obligation as the
mutilated, destroyed, lost or stolen Security.




     “Put Warrants” has the meaning specified in Section 301(5).




     “Redemption Date”, when used with respect to any Security to be redeemed, means the
date fixed for such redemption by or pursuant to this Indenture.




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




     “Responsible Officer”, when used with respect to the Trustee, means any vice
president, any assistant secretary, any assistant treasurer, any trust officer,



6









 







any assistant trust officer or any other officer of the Trustee, in each case, located
in the Corporate Trust Office of the Trustee, 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 and who shall have direct
responsibility for the administration of this Indenture.




     “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture. The
term “Security” has the same meaning as the term “Warrant”, except that a Security may
evidence more than one Warrant. Consequently, the term “Security” may refer to a
particular Warrant or to a Security (in global or non-global form) evidencing more than one
Warrant, as the context may require. When “Security” is used herein to refer to a Security
evidencing more than one Warrant, the term means all the Warrants evidenced by such
Security, and such reference shall not be deemed to affect the number of such Warrants then
Outstanding or the terms of any such Warrant, including the amount of Warrant Property or
cash, or the exercise price, payable or deliverable in respect of any such Warrant.




     As used herein, the term “Security” may refer to a particular Warrant or to a
certificate (in global or non-global form) evidencing more than one Warrant, as the context
may require. When “Security” is used herein to refer to a certificate evidencing more than
one Warrant, the term means all the Warrants evidenced by such certificate, and such
reference shall not be deemed to affect the number of such Warrants then Outstanding or the
terms of any such Warrant, including the amount of Warrant Property or cash, or the
exercise price, payable or deliverable in respect of any such Warrant.




     “Securities Act” means the Securities Act of 1933 and any statute successor thereto,
in each case as amended from time to time.




     “Security Register” and “Security Registrar” have the respective meanings specified in
Section 305.




     “Subsidiary” means any Person a majority of the combined voting power of the total
outstanding ownership interests in which is, at the time of determination, beneficially
owned or held, directly or indirectly, by the Company or one or more other Subsidiaries.
For this purpose, “voting power” means power to vote in an ordinary election of directors
(or, in the case of a Person that is not a corporation, ordinarily to appoint or approve
the appointment of Persons holding similar positions), whether at all times or only as long
as no senior class of ownership interests has such voting power by reason of any
contingency.




     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as
of which this instrument was executed; provided, however, that in the event the Trust
Indenture Act of 1939 is amended after such date, “Trust



7









 












Indenture
Act” means, to the extent required by any such amendment, the Trust
Indenture Act of 1939 as so amended.







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




     “Vice President”, when used with respect to the Company or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after
the title “vice president”.




     “Warrants” or “Universal Warrants” means warrants, issued by the Company and
authenticated and delivered under this Indenture, to purchase or sell, or whose cash value
is determined by reference to or is linked to the performance, level or value of, one or
more of the following: (i) securities of one or more issuers, including the common or
preferred stock or other securities of the Company or debt or equity securities of third
parties, (ii) one or more currencies (including cash in one or more currencies), (iii) one
or more commodities, (iv) any other financial, economic or other measure or instrument
(including the occurrence or non-occurrence of any event or circumstance) and/or (v) one or
more indices or baskets of the items described in clauses (i), (ii), (iii) and (iv).




     “Warrant Property”, when used with respect to a Security, means such of the property
described in clauses (i), (ii), (iii) and (iv) of the definition of Warrants as may be
purchased or sold pursuant to such Security or by reference to which or to which the cash
value of such Warrant is to be determined or is linked.



     SECTION 102. Compliance Certificates and Opinions.



     Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act; provided, however, that no such opinion
shall be required in connection with the issuance of Securities of any Series. Each such
certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an
officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with
the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.



     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include,




     (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;



8









 






     (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 each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion
as to whether or not such covenant or condition has been complied with; and




     (4) a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.



     SECTION 103. Form of Documents Delivered to Trustee.



     In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.



     Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or opinion of, or representation by, counsel may be based, insofar
as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information with respect to such factual
matters is in the possession of the Company, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to
such matters are erroneous.



     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.



     SECTION 104. Acts of Holders; Record Dates.



     Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agent duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Trustee
and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the
action embodied



9









 







therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to
Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in
this Section.



     The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner which the Trustee deems sufficient.



     The ownership of Securities shall be proved by the Security Register.



     Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security.



     The Company may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to give, make or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided or permitted by this
Indenture to be given, made or taken by Holders of Securities of such series, provided that the
Company may not set a record date for, and the provisions of this paragraph shall not apply with
respect to, the giving or making of any notice, declaration, request or direction referred to in
the next paragraph. If any record date is set pursuant to this paragraph, the Holders of
Outstanding Securities of the relevant series on such record date, and no other Holders, shall be
entitled to take the relevant action, whether or not such Holders remain Holders after such record
date; provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Final Date by Holders of the requisite number of Outstanding Warrants of such series on
such record date. Nothing in this paragraph shall be construed to prevent the Company from setting
a new record date for any action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and with no action by any
Person be canceled and of no effect), and nothing in this paragraph shall be construed to render
ineffective any action taken by Holders of the requisite number of Outstanding Warrants of the
relevant series on the date such action is taken. Promptly after any record date is set pursuant to
this paragraph, the Company, at its own expense, shall cause notice of such record date, the
proposed action by Holders and the applicable Final Date to be



10









 







given to the Trustee in writing and to each Holder of Securities of the relevant series in the
manner set forth in Section 106.



     The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of
Default, (ii) any request to institute proceedings referred to in Section 506(2) or (iii) any
direction referred to in Section 511, in each case with respect to Securities of such series. If
any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such
series on such record date, and no other Holders, shall be entitled to join in such notice,
declaration, request or direction, whether or not such Holders remain Holders after such record
date; provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Final Date by Holders of the requisite number of Outstanding Warrants of such series on
such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting
a new record date for any action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and with no action by any
Person be canceled and of no effect), and nothing in this paragraph shall be construed to render
ineffective any action taken by Holders of the requisite number of Outstanding Warrants of the
relevant series on the date such action is taken. Promptly after any record date is set pursuant to
this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the
proposed action by Holders and the applicable Final Date to be given to the Company in writing and
to each Holder of Securities of the relevant series in the manner set forth in Section 106.



     With respect to any record date set pursuant to this Section, the party hereto which sets such
record dates may designate any day as the “Final Date” and from time to time may change the Final
Date to any earlier or later day; provided that no such change shall be effective unless notice of
the proposed new Final Date is given to the other party hereto in writing, and to each Holder of
Securities of the relevant series in the manner set forth in Section 106, on or prior to the
existing Final Date. If a Final Date is not designated with respect to any record date set pursuant
to this Section, the party hereto which set such record date shall be deemed to have initially
designated the 180th day after such record date as the Final Date with respect thereto, subject to
its right to change the Final Date as provided in this paragraph. Notwithstanding the foregoing, no
Final Date shall be later than the 180th day after the applicable record date.



     Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with
regard to any particular Warrants may do so with regard to all or any lesser number of such
Warrants or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any lesser number of such Warrants.




11










 






     SECTION 105. Notices, Etc., to Trustee and Company.



     Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,




     (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee at its
Corporate Trust Office, Attention: Corporate Trust Administration, or




     (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to the Company addressed to it at the address of its principal
office specified in the first paragraph of this instrument or at any other address
previously furnished in writing to the Trustee by the Company.



     SECTION 106. Notice to Holders; Waiver.



     Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at his address as it appears in
the Security Register, not later than the latest date (if any), and not earlier than the earliest
date (if any), prescribed for the giving of such notice. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular Holder shall affect the sufficiency of such notice with respect to other Holders.
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver.



     In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with
the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.



     Where this Indenture provides for Notice of any event to a Holder of a Global Security, such
notice shall be sufficiently given if given to the Depositary for such Security (or its designee),
pursuant to its Applicable Procedures, not later than the latest date (if any), and not earlier
than the earliest date (if any), prescribed for the giving of such notice.



12









 





     SECTION 107. Conflict with Trust Indenture Act.



     If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act which is required under such Act to be a part of and govern this Indenture, the latter
provision shall control. If any provision of this Indenture modifies or excludes any provision of
the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed
to apply to this Indenture as so modified or to be excluded, as the case may be.



     SECTION 108. Effect of Headings and Table of Contents.



     The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.



     SECTION 109. Successors and Assigns.



     All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.



     SECTION 110. Separability Clause.



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



     SECTION 111. Benefits of Indenture.



     Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder and the Holders, any benefit or any
legal or equitable right, remedy or claim under this Indenture.



     SECTION 112. Characterization of Warrants.



     By executing this Indenture, the Company intends that the characterization, for accounting and
other purposes, of the Universal Warrants as indebtedness or debt for borrowed money, or as any
other type of obligation which is not indebtedness or debt for borrowed money, shall not be
affected solely by the fact that the Universal Warrants have been issued under an indenture, as
opposed to any other instrument, or solely as a result of any of the terms and definitions used
hereunder with respect to Universal Warrants.



     SECTION 113. Governing Law.



     This Indenture and the Securities shall be governed by and construed in accordance with the
law of the State of New York.



13









 





     SECTION 114. Legal Holidays.



     In any case where the Payment or Settlement Date or Redemption Date of any Security, or any
date on which a Holder of any Security has the right to exercise such Security, shall not be a
Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture
or of the Securities (other than a provision of any Security which specifically states that such
provision shall apply in lieu of this Section)) payment or delivery of any money or Warrant
Property payable or deliverable with respect to such Security, or exercise of such Security, need
not be made at such Place of Payment on such date, but may be made on the next succeeding Business
Day at such Place of Payment with the same force and effect as if made on the Payment or Settlement
Date or Redemption Date, or on such date for exercise, as the case may be.



ARTICLE II




Security Forms




     SECTION 201. Forms Generally.



     The Securities of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution thereof. If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication
and delivery of such Securities.



     The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.



     SECTION 202. Form of Face of Call Warrant.



     [Insert any legend required by the Internal Revenue Code and the regulations thereunder.]



     THE PERSON MAKING THE DECISION TO ACQUIRE THIS SECURITY SHALL BE DEEMED, BY ACQUIRING AND
HOLDING THIS SECURITY ON



14









 




BEHALF OF ITSELF OR ANY OTHER PERSON, OR EXERCISING ANY RIGHTS RELATED THERETO ON BEHALF OF
ITSELF OR ANY OTHER PERSON, TO REPRESENT AND WARRANT (WHICH REPRESENTATION WILL BE DEEMED TO BE
REPEATED ON EACH DATE ON WHICH THIS SECURITY IS HELD BY SUCH PURCHASER) EITHER THAT:





     (i) THE FUNDS THAT THE HOLDER IS USING TO ACQUIRE AND HOLD THIS SECURITY ARE NOT THE
ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN DESCRIBED IN SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” BY REASON OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101 OR
OTHERWISE OR A GOVERNMENTAL PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS
SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
(COLLECTIVELY, A “PLAN”); OR




     (ii) THE FUNDS THAT THE HOLDER IS USING TO ACQUIRE AND HOLD THIS SECURITY ARE THE
ASSETS OF A PLAN AND THE PURCHASE, HOLDING AND DISPOSITION OF THIS SECURITY AND EXERCISE OF
ANY RIGHTS RELATED HERETO WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR WITH RESPECT TO A GOVERNMENTAL PLAN,
ANY SIMILAR APPLICABLE LAW OR REGULATION).



The Goldman Sachs Group, Inc.




	 	 	 
	WARRANT SERIES: ___________________________
	 	 
	 
	 	 
	No. ___________________________

	 	CUSIP No. ____________________________________





NUMBER OF WARRANTS EVIDENCED BY THIS CERTIFICATE: [If Security is a Global Security, insert — Up
to]



[NOTIONAL AMOUNT PER WARRANT:]



WARRANT PROPERTY:



AMOUNT OF WARRANT PROPERTY



PER WARRANT:



EXERCISE PRICE PER WARRANT:



FORM OF PAYMENT OF



EXERCISE PRICE:



FORM OF SETTLEMENT:




15









 







DATES OF EXERCISE:



OTHER TERMS:









     This certificate certifies that ______, or registered assigns, is the Holder of the number of [If
Security is not a Global Security, insert — specified above] [If Security is a Global Security,
insert — specified from time to time on Schedule A hereto] of Warrants of the series specified
above (the “Specified Warrants”), which number of Specified Warrants are evidenced by this
Security. Upon receipt by the Trustee of [If Security is not a Global Security, insert — this
certificate,] the exercise notice on the reverse hereof (or an exercise notice in substantially
identical form delivered herewith) (the “Exercise Notice”), duly completed and executed, and the
Exercise Price per Warrant set forth above, in the form set forth above, for each Specified Warrant
to be exercised (the “Exercise Property”) at the Place of Payment, each Specified Warrant evidenced
hereby and so exercised entitles the Holder hereof to receive, subject to the terms and conditions
set forth herein and in the Indenture referred to below, from The Goldman Sachs Group, Inc., a
corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture), the form and amount of
Warrant Property specified above under “Warrant Property” and “Amount of Warrant Property Per
Warrant”, respectively [If applicable, insert — , or, at the Company’s option, money in an amount
equal to the value of such Warrant Property, determined as provided below,] on the ______ Business Day
after the exercise of such Specified Warrant becomes effective. [If applicable, insert — The
amount of Warrant Property [or money] so deliverable [or payable] by the Company in respect of each
Specified Warrant shall be determined by the Calculation Agent in accordance with the terms
hereof[, and may differ from the notional amount specified above].]






     The exercise of any Specified Warrant evidenced hereby shall become effective only on the day
provided in the Exercise Notice. Specified Warrants will not entitle the Holders thereof to any of
the rights of the holders of any of the Warrant Property. No payment of money or delivery of
Warrant Property shall be due in respect of the exercise of any Specified Warrant evidenced hereby
unless the Exercise Property for such Specified Warrant (together with all other required items)
has been tendered for payment or delivered in accordance with the provisions of this Security and
the Indenture. No interest shall accrue or be payable on any Specified Warrant.








     As indicated on the reverse hereof, the  Specified Warrants are herein sometimes also called “Warrants” or “Securities”.
References herein to “this Security” mean the Specified Warrants evidenced by this certificate.






     [If applicable, insert — The Company may elect, in its sole discretion without notice to the
Holder, to pay money in an amount equal to the value of the Warrant Property otherwise deliverable
upon any exercise of a Specified Warrant evidenced hereby, in lieu of delivering such Warrant
Property. If the Company so elects, the value



16









 







of the Warrant Property shall be determined by the Calculation Agent by [insert description of
method of calculation].]



     Any payment of money due on this Security will be made at the office or agency maintained for
that purpose in New York, New York, in such coin or currency of the United States of America as is
legal tender for payment of public or private debts, against surrender of this Security in the case
of any payment due on the Payment or Settlement Date; provided that if this Security is a Global
Security, payment may be made pursuant to the Applicable Procedures of the Depositary as permitted
in said Indenture. [If applicable, insert alternative or additional payment mechanics, e.g., for
delivery of Warrant Property other than cash, payment by wire transfer or payment in non-U.S.
dollars.]



     [If applicable, insert — As used herein, the “Calculation Agent” shall initially mean
Goldman, Sachs & Co. The Calculation Agent will be solely responsible for all determinations and
calculations regarding [insert relevant items]; and all such other matters as may be specified
elsewhere herein as matters to be determined by the Calculation Agent. The Calculation Agent shall
make all such determinations and calculations in its sole discretion, and absent manifest error all
determinations and calculations made by the Calculation Agent shall be final and binding on the
Company, the Holder and all other Persons having an interest in this Security, without liability on
the part of the Calculation Agent.]







     Terms used and defined in this Security (including those appearing before the first paragraph
hereof) shall have the meanings assigned to them herein. All other terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture. As
used in this Security, the terms “herein”, “hereof”, “hereunder” and the like refer to all of the
provisions set forth on the face and the reverse of this Security,
including the form of Exercise Notice [If applicable, insert
—
and Schedule A], taken as a whole, and not to any particular part of this Security.







     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.



     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.



     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.



Dated: _______________





	 	 	 	 	 
	 	THE GOLDMAN SACHS GROUP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	
 	 
	 	 	Title:  	 	 
	 




17









 

'



     SECTION 203. Form of Reverse of Call Warrant.



     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities” or “Warrants”), issued and to be issued in one or more series under a Warrant
Indenture, dated as of February 14, 2006 (herein called the “Indenture”, which term shall have the
meaning assigned to it in such instrument), between the Company and The Bank of New York, as
Trustee (herein called the “Trustee”, which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. Each of the Specified Warrants evidenced by this Security is one of the series
designated on the face hereof [if applicable, insert — , initially limited in number to Specified Warrants] [if applicable, insert — , which number may be increased at the option of the
Company if in the future it determines that it may wish to issue additional Warrants of this
series]. References herein to “this series” mean the series of Warrants designated on the face
hereof.



     [If applicable, insert — The Securities of this series are subject to redemption upon not
less than ______
 days’ nor more than ______
 days’ notice, at any time [if applicable, insert — on or
after ______
, 20___
], as a whole or in part, at the election of the Company, at the following
redemption prices: ______
]



     The Warrants are unsecured contractual obligations of the Company and rank pari passu with the
Company’s other unsecured contractual obligations and with the Company’s unsecured and
unsubordinated debt.



     Subject to the provisions hereof and the Indenture, all or any of the Warrants evidenced by
this certificate may be exercised on any of the dates of exercise set forth on the face hereof by
delivering or causing to be delivered this Security (in accordance with the Applicable Procedures
of the Depositary, if this Security is a Global Security), the Exercise Notice, duly completed and
executed, and the Exercise Property for each such Warrant to the Corporate Trust Office, in the
Borough of Manhattan, The City of New York, which is, on the date hereof (unless otherwise
specified herein), The Bank of New York, 101 Barclay Street, Floor 21W, New York, New York 10286,
Attention: Tender Department, or at such other address as the Trustee may specify from time to
time, with a copy of the Exercise Notice, duly completed and executed, to the Calculation Agent,
__________________, Attention: ______________________



     Each Warrant entitles the Holder thereof to receive, upon exercise, the Warrant Property set
forth on the face hereof or money as provided for herein.



18









 





     [If the Security is subject to redemption of any kind, insert — In the event of redemption of
this Security in part only, a new Security or Securities of this series for the unredeemed portion
hereof will be issued in the name of the Holder hereof upon the cancellation hereof.]



     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in number of the Warrants at the time
Outstanding of all series to be affected (considered together as one class for this purpose). The
Indenture also contains provisions (i) permitting the Holders of a majority in number of the
Warrants at the time Outstanding of all series to be affected under the Indenture (considered
together as one class for this purpose), on behalf of the Holders of all Warrants of such series,
to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the
Holders of a majority in number of the Warrants at the time Outstanding of any series to be
affected under the Indenture (with each such series considered separately for this purpose), on
behalf of the Holders of all Warrants of such series, to waive certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall
be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.



     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in number of the Warrants of this
series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity
reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a
majority in number of the Warrants of this series at the time Outstanding a direction inconsistent
with such request, and shall have failed to institute any such proceeding, for 60 days after
receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment or delivery of the
Money or Warrant Property due with respect to this Security at the time and place herein
prescribed.



     Neither the Trustee nor the Holder shall be entitled, whether by reason of a default or
otherwise, to demand or accelerate the payment or delivery of any Warrant Property or money by the
Company in respect of this Security at any time before such payment or delivery is otherwise due in
accordance with the terms of this Security, or to demand any payment or delivery of property or
money in respect of this Security other than such payment or delivery of money or Warrant Property
when due.



19









 





     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or
deliver the money or Warrant Property due with respect to this Security at the time and place
herein prescribed.



     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any Place of Payment with
respect to this Security, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same number of Warrants, will be issued
to the designated transferee or transferees.



     The Securities of this series are issuable only in registered form in denominations of ______

Specified Warrants and any multiple thereof. The fact that a Security (whether in global or
non-global form) evidences more than one Warrant shall not affect the number of such Warrants then
Outstanding or the terms of any such Warrant, including the amount of Warrant Property payable or
deliverable in respect of each such Warrant. For the purpose of determining the number of
Securities of this series that are Outstandinjg at any time, such number shall equal the number of
Specified Warrants then Outstanding, regardless of the number of Specified Warrants evidenced by
any particular Security. As provided in the Indenture and subject to certain limitations therein
set forth, Securities of this series are exchangeable for a like number of Securities of this
series and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same.



     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.



     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not any payment or delivery
of money or Warrant Property with respect to this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.



     [If applicable, insert —This Security is a Global Security and is subject to the provisions
of the Indenture relating to Global Securities, including the limitations in Section 305 thereof on
transfers and exchanges of Global Securities.]



     This Security and the Indenture shall be governed by and construed in accordance with the laws
of the State of New York.



20









 





     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.




21










 






     [Designation of Universal Warrants]



Exercise Notice




The Bank of New York

101 Barclay Street, 21W

Corporate Trust Administration

New York, New York 10286





			
	                    Attn:	 	Ritu Khanna (212-815-5048)

Hector Herrera (212-815-4293)

Fax: (212-815-5803)





with a copy to:




[Insert name and address of Calculation Agent.]




Attn:                                         




Tel.:                                         




Fax:                                         







Re: Call Warrants on                      expiring                     , _____, issued by The Goldman Sachs Group, Inc. and described
in the prospectus supplement dated
                    , ________ to the prospectus dated                     , ________








Ladies and Gentlemen:








     The undersigned is, or is acting on behalf of, the beneficial owner of such number of the
Warrants referenced above as is specified at the end of this Exercise Notice. The undersigned
hereby irrevocably elects to exercise such number of Warrants. The exercise is to be effective on
the Business Day on which the Trustee has received this Exercise Notice, together with all other
items required to be delivered on exercise, and the Calculation Agent has received a copy of this
Exercise Notice, unless all required items have not been received by 11:00 A.M., New York City
time, on that Business Day, in which case the exercise will be effective as of the next Business
Day. We understand, however, that no exercise shall be effective unless it is effective, as
provided above, no later than [the Business Day
before] [. . . . . on] the Expiration Date.







     If the Warrants to be exercised are in global form, the undersigned is delivering this
exercise notice to the Trustee and to the Calculation Agent, in each case by facsimile transmission
to the relevant number stated above, or such other number as the Trustee or Calculation Agent may
have designated for this purpose to the Holder. [If Exercise Property is not cash, modify as
appropriate — In addition, cash in the amount indicated below (which must equal the Exercise Price
per Warrant specified on the face of the attached Security times the number of Warrants indicated
below) and the beneficial interest in the number of Warrants indicated below are being transferred
to the Trustee.]



22









 





     If the Warrants to be exercised are not in global form, the undersigned or the beneficial
owner is the Holder of the Warrants and is delivering this Exercise Notice to the Trustee and to
the Calculation Agent by facsimile transmission as described above. [If Exercise Property is not
cash, modify as appropriate — In addition, cash in the amount indicated below (which must equal
the Exercise Price per Warrant specified on the face of the attached Security times the number of
Warrants indicated below) and the certificate representing such Warrants are being delivered to the
Trustee.]



     If the undersigned is not the beneficial owner of the Warrant to be exercised, the undersigned
hereby represents that it has been duly authorized by the beneficial owner to act on behalf of the
beneficial owner.



     Terms used and not defined in this notice have the meanings given to them in the Warrants or
the Indenture specified in the Warrants. Each exercise of a Warrant will be governed by the terms
of such Warrant and the Indenture.



     The Calculation Agent should note receipt of the copy of this Exercise Notice, in the place
provided below, on the Business Day of receipt, noting the date and time of receipt. The
consideration to be delivered or paid by the Holder in the requested exercise should be made on the
                     Business Day after the day on which the exercise notice becomes effective in accordance with
the terms of the Warrant and this Exercise Notice.



Number of Warrants to be exercised:                                         (must be a number greater than or equal to________ )




[Cash to be paid by Holder:]                     




	 	 	 	 	 
	 

	 	Very truly yours,	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	(Name of beneficial owner or Person

authorized to act on its behalf)
	 	 
	 
	 	 	 	 
	 

	 	(Title)	 	 
	 
	 	 	 	 
	 

	 	(Telephone No.)	 	 
	 
	 	 	 	 
	 

	 	(Fax No.)	 	 






Receipt of the above exercise notice

is hereby noted:




                    , as Calculation Agent




By:




(Title)




Date and time of receipt:




23









 





(Date)




(Time)




[If Security is a Global Security, insert this Schedule A.]




SCHEDULE A

[DESIGNATION OF WARRANTS]




GLOBAL WARRANT

SCHEDULE OF EXCHANGES OR EXERCISES









     The
initial number of Warrants represented by this Global Security is
     . In accordance with the
Indenture, the following [exchanges and] reductions have been made
as indicated in the table below: [(A) exchanges of [the number of Warrants previously represented
hereby and indicated below for a like number of Warrants represented by a Global Security that has
been separated from a Unit (a “Separated Warrant”)] [the number of Warrants previously represented
by a Global Security that is part of a Unit (an “Attached Unit Warrant”) and indicated below for a
like number of Warrants represented by this Global Security] and (B)] reductions in the number of
Warrants represented hereby as a result of the exercise of the number of such Warrants indicated
below:







	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date of
Exchange or
Exercise

	 	[Number Exchanged

for Separated

Warrants] (1)
	 	[Reduced Number

Outstanding

Following Such

Exchange] (1)
	 	[Number of Attached
Unit Warrants
Exchanged for
Warrants
represented by this
Separated Warrant]
(2)
	 	[Increased Number

Outstanding

Following Such

Exchange] (2)
	 	Number of Warrants
Exercised
	 	Reduced Number

Outstanding

Following Such

Exercise
	 	Notation Made by or
on Behalf of
Trustee






     (1) Applies only if this Global Security is part of a Unit.



     (2) Applies only if this Global Security has been separated from a Unit.



     SECTION 102. Form of Face of Put Warrant.



     [Insert any legend required by the Internal Revenue Code and the regulations thereunder.]



     THE PERSON MAKING THE DECISION TO ACQUIRE THIS SECURITY SHALL BE DEEMED, BY ACQUIRING AND
HOLDING THIS SECURITY ON BEHALF OF ITSELF OR ANY OTHER PERSON, OR EXERCISING ANY RIGHTS RELATED
THERETO ON BEHALF OF ITSELF OR ANY OTHER PERSON, TO



24









 







REPRESENT AND WARRANT (WHICH REPRESENTATION WILL BE DEEMED TO BE REPEATED ON EACH DATE ON
WHICH THIS SECURITY IS HELD BY SUCH PURCHASER) EITHER THAT:




     (i) THE FUNDS THAT THE HOLDER IS USING TO ACQUIRE AND HOLD THIS SECURITY ARE NOT THE
ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN DESCRIBED IN SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” BY REASON OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101 OR
OTHERWISE OR A GOVERNMENTAL PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS
SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
(COLLECTIVELY, A “PLAN”); OR




     (ii) THE FUNDS THAT THE HOLDER IS USING TO ACQUIRE AND HOLD THIS SECURITY ARE THE
ASSETS OF A PLAN AND THE PURCHASE, HOLDING AND DISPOSITION OF THIS SECURITY AND EXERCISE OF
ANY RIGHTS RELATED HERETO WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR WITH RESPECT TO A GOVERNMENTAL PLAN,
ANY SIMILAR APPLICABLE LAW OR REGULATION).



The Goldman Sachs Group, Inc.




WARRANT SERIES:                     




			
	No.                    
	 	CUSIP No.                    





NUMBER OF WARRANTS EVIDENCED BY THIS CERTIFICATE: [If Security is a Global Security, insert — Up
to]                    







[CASH
SETTLEMENT VALUE PER WARRANT (OR METHOD OF DETERMINING
SAME):]



[NOTIONAL AMOUNT PER WARRANT:]



WARRANT PROPERTY:



AMOUNT OF WARRANT PROPERTY [DELIVERABLE BY HOLDER UPON EXERCISE] PER WARRANT:



[PUT PRICE FOR SUCH SPECIFIED AMOUNT OF WARRANT PROPERTY PER WARRANT:]



[METHOD OF DELIVERY OF ANY WARRANT PROPERTY TO BE DELIVERED FOR SALE UPON EXERCISE OF WARRANTS:]








25









 








DATES OF EXERCISE:




OTHER TERMS:








     This certificate certifies that                     , or registered assigns, is the Holder
of the number [If
Security is not a Global Security, insert — specified above] [If Security is a Global Security,
insert — specified from time to time on Schedule A hereto] of Warrants of the series specified
above (the “Specified Warrants”), which number of Specified Warrants are evidenced by this
Security. Upon receipt by the Trustee of [If Security is not a Global Security, insert — this
certificate,] the exercise notice on the reverse hereof (or an exercise notice in substantially
identical form delivered herewith) (the “Exercise Notice”), duly completed and executed, [if net cash settlement does not apply,
insert — and the
amount of Warrant Property saleable per Specified Warrant set forth above, for each Specified Warrant to be exercised (the “Exercise
Property”), delivered as set forth above at the Place of Payment, each Warrant evidenced hereby and
so exercised entitles the Holder hereof to receive, subject to the terms and conditions set forth
herein and in the Indenture referred to below, from The Goldman Sachs Group, Inc., a corporation
duly organized and existing under the laws of the State of Delaware (herein called the “Company”,
which term includes any successor Person under the Indenture), the [Cash Settlement Value][Put
Price] per Specified Warrant specified above on the                      Business Day after the exercise of such
Specified Warrant becomes effective. No interest shall accrue or be payable on this Security. [If applicable,
insert — The [amount of Warrant Property so deliverable by the
Holder] [and the]
[Cash Settlement Value] [Put Price] so payable [or deliverable] by the Company] in respect of each Specified Warrant shall be
determined by the Calculation Agent in accordance with the terms
hereof[, and may differ from the notional amount specified above].]



     The
exercise of any Specified Warrant evidenced hereby shall become effective only on the day provided in the Exercise Notice. [Specified Warrants will not entitle the Holders thereof to any of the rights of
the holders of any of the Warrant Property.] No payment of the [Cash Settlement Value]
[Put Price] shall be due in respect of the exercise of any Specified Warrant evidenced hereby
unless [if net cash settlement does not apply, insert — the Exercise Property for such Specified Warrant (together with all other required items) has been tendered for payment or delivered] [if net cash settlement applies, insert — the Holder has delivered all items required for such exercise] in accordance with the provisions of this Security and the Indenture. No interest shall accrue or be payable on any
specified Warrant.



     As indicated on the reverse hereof, the Specified Warrants are herein sometimes also called “Warrants” or “Securities”. References herein to “this Security” mean the Specified Warrants evidenced by this certificate.


     [If net cash settlement only, insert — No Specified Warrant will require or entitle a Holder thereof to sell or deliver to the Company, nor will the Company be under any obligation to, nor will it, purchase or take delivery from any such Holder of, any Warrant Property, and upon exercise of a Specified Warrant, the Company will make only a cash payment in the amount of the
[Cash Settlement Value] [Put Price] per Specified Warrant. Holders of Specified Warrants will not receive any interest on any [Cash Settlement Value] [Put Price].]







     Any payment of money due on this Security will be made at the office or agency maintained for
that purpose in New York, New York, in such coin or currency of the United States of America as is
legal tender for payment of public or private debts, against surrender of this Security in the case
of any payment due on the Payment or Settlement



26









 







Date; provided that if this Security is a Global Security, payment may be made pursuant to the
Applicable Procedures of the Depositary as permitted in said Indenture. [If applicable, insert
alternative or additional payment mechanics, e.g., for delivery of Warrant Property other than
cash, payment by wire transfer or payment in non-U.S. dollars.]



     [If applicable, insert — As used herein, the “Calculation Agent” shall initially mean
Goldman, Sachs & Co. The Calculation Agent will be solely responsible for all determinations and
calculations regarding [insert relevant items]; and all such other matters as may be specified
elsewhere herein as matters to be determined by the Calculation Agent. The Calculation Agent shall
make all such determinations and calculations in its sole discretion, and absent manifest error all
determinations and calculations made by the Calculation Agent shall be final and binding on the
Company, the Holder and all other Persons having an interest in this Security, without liability on
the part of the Calculation Agent.]








     Terms used and defined in this Security (including those appearing before the first paragraph
hereof) shall have the meanings assigned to them herein. All other terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture. As
used in this Security, the terms “herein”, “hereof”, hereunder” and the like refer to all of the
provisions set forth on the face and the reverse of this Security,  including the form of Exercise Notice [If applicable, insert —
and Schedule A], taken as a whole, and not to any particular part of this Security.






     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.



     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.



     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.



Dated:                    




	 	 	 	 	 
	 	THE GOLDMAN SACHS GROUP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 



27









 






	 	 	 	 	 




     SECTION 103. Form of Reverse of Put Warrant.







     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities” or “Warrants”), issued and to be issued in one or more series under a Warrant
Indenture, dated as of February 14, 2006 (herein called the “Indenture”, which term shall have the
meaning assigned to it in such instrument), between the Company and The Bank of New York, as
Trustee (herein called the “Trustee”, which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. Each of the Specified Warrants evidenced by this Security is one of the series
designated on the face hereof [if applicable, insert — , initially limited in number to                     
Warrants] [if applicable, insert — , which number may be increased at the option of the
Company if in the future it determines that it may wish to issue additional Warrants of this
series]. References herein to “this series” mean the series of Warrants designated on the face
hereof.







     [If applicable, insert — The Securities of this series are subject to redemption upon not
less than ... days’ nor more than ... days’ notice, at any time [if applicable, insert — on or
after                     , 20___], as a whole or in part, at the election of the Company, at the following
redemption prices:                    ]



     The Warrants are unsecured contractual obligations of the Company and rank pari passu with the
Company’s other unsecured contractual obligations and with the Company’s unsecured and
unsubordinated debt.



     Subject to the provisions hereof and the Indenture, all or any of the Warrants evidenced by
this certificate may be exercised on any of the dates of exercise set forth on the face hereof by
delivering or causing to be delivered this Security (in accordance with the Applicable Procedures
of the Depositary, if this Security is a Global Security), the Exercise Notice, duly completed and
executed, and, if specified on the face hereof, the Exercise Property for each such Warrant to the
Corporate Trust Office, in the Borough of Manhattan, The City of New York, which is, on the date
hereof (unless otherwise specified herein), 101 Barclay Street, Floor 21W, New York, New York
10286, Attention: Tender Department, or at such other address as the Trustee may specify from time
to time, with a copy to the Calculation Agent,                     , Attention:                     



     Each Warrant entitles the Holder thereof to receive, upon exercise, the money set forth on the
face hereof as provided for herein.



     [If the Security is subject to redemption of any kind, insert — In the event of redemption of
this Security in part only, a new Security or Securities of this series for the



28









 







unredeemed portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.]



     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in number of the Warrants at the time
Outstanding of all series to be affected (considered together as one class for this purpose). The
Indenture also contains provisions (i) permitting the Holders of a majority in number of the
Warrants at the time Outstanding of all series to be affected under the Indenture (considered
together as one class for this purpose), on behalf of the Holders of all Warrants of such series,
to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the
Holders of a majority in number of the Warrants at the time Outstanding of any series to be
affected under the Indenture (with each such series considered separately for this purpose), on
behalf of the Holders of all Warrants of such series, to waive certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall
be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.



     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in number of the Warrants of this
series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity
reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a
majority in number of the Warrants of this series at the time Outstanding a direction inconsistent
with such request, and shall have failed to institute any such proceeding, for 60 days after
receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment or delivery of the
Money or Warrant Property due with respect to this Security at the time and place herein
prescribed.



     Neither the Trustee nor the Holder shall be entitled, whether by reason of a default or
otherwise, to demand or accelerate the payment or delivery of any Warrant Property or money by the
Company in respect of this Security at any time before such payment or delivery is otherwise due in
accordance with the terms of this Security, or to demand any payment or delivery of property or
money in respect of this Security other than such payment or delivery of money or Warrant Property
when due.



29









 





     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or
deliver the money or Warrant Property due with respect to this Security at the time and place
herein prescribed.



     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any Place of Payment with
respect to this Security, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same number of Warrants, will be issued
to the designated transferee or transferees.







     The Securities of this series are issuable only in registered form in denominations of ___
Specified Warrants and any multiple thereof. The fact that a Security (whether in global or
non-global form) evidences more than one Warrant shall not affect the number of such Warrants then
Outstanding or the terms of any such Warrant, including the
[amount of Warrant Property] [and] [Cash Settlement Value] [Put Price] payable or
deliverable in respect of each such Warrant. For the purpose of determining the number of
Securities of this series that are Outstanding at any time, such number shall equal the number of
Specified Warrants then Outstanding, regardless of the number of Specified Warrants evidenced by
any particular Security. As provided in the Indenture and subject to certain limitations therein
set forth, Securities of this series are exchangeable for a like number of Securities of this
series and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same.







     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.



     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not any payment or delivery
of money with respect to this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.



     [If applicable, insert — This Security is a Global Security and is subject to the provisions
of the Indenture relating to Global Securities, including the limitations in Section 305 thereof on
transfers and exchanges of Global Securities.]



     This Security and the Indenture shall be governed by and construed in accordance with the laws
of the State of New York.



     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.




30










 






[Designation of Universal Warrants]




Exercise Notice




The Bank of New York

101 Barclay Street, 21W

Corporate Trust Administration

New York, New York 10286




	 	 	 
	Attn:

	 	Ritu Khanna (212-815-5048)
	 

	 	Hector Herrera (212-815-4293)
	 

	 	Fax: (212-815-5803)






with a copy to:




[Insert name and address of Calculation Agent.]




	 	 	 
	


	Attn:

	 	     Tel.:
	 

	 	     Tel.:
	


	 

	 	     Fax:









     Re:
Put Warrants on ______ expiring ______, ___, issued by The Goldman
Sachs Group, Inc. and described in the prospectus supplement dated ______, ___, to the prospectus
dated ______, ___







Ladies and Gentlemen:








     The undersigned is, or is acting on behalf of, the beneficial owner of such number of the
Warrants referenced above as is specified at the end of this Exercise Notice. The undersigned
hereby irrevocably elects to exercise such number of the Warrants. The exercise is to be effective
on the Business Day on which the Trustee has received this Exercise Notice, together with all other
items required to be delivered on exercise, and the Calculation Agent has received a copy of this
Exercise Notice, unless all required items have not been received by 11:00 A.M., New York City
time, on that Business Day, in which case the exercise will be effective as of the next Business
Day. We understand, however, that no exercise shall be effective unless it is effective, as
provided above, no later than [the Business Day before] [___ on] the Expiration Date.







     If the Warrants to be exercised are in global form, the undersigned is delivering this
Exercise Notice to the Trustee and to the Calculation Agent, in each case by facsimile transmission
to the relevant number stated above, or such other number as the Trustee or Calculation Agent may
have designated for this purpose to the Holder. In addition, the beneficial interest in the number
of such Warrants indicated below is being transferred on the books of the Depositary to an account
of the Trustee at the Depositary.



31









 





     If the Warrants to be exercised are not in global form, the undersigned or the beneficial
owner is the Holder of the Warrants and is delivering this Exercise Notice to the Trustee and to
the Calculation Agent by facsimile transmission as described above. In addition, the certificate
representing such Warrants is being delivered to the Trustee. [If applicable, insert reference to
delivery of Warrant Property specified below by Holder.]



     If the undersigned is not the beneficial owner of the Warrant to be exercised, the undersigned
hereby represents that it has been duly authorized by the beneficial owner to act on behalf of the
beneficial owner.



     Terms used and not defined in this notice have the meanings given to them in the Warrants or
the Indenture specified in the Warrants. Each exercise of a Warrant will be governed by the terms
of such Warrant and the Indenture.








     The calculation agent should note receipt of the copy of this Exercise Notice, in the place
provided below, on the Business Day of receipt, noting the date and time of receipt. The
consideration to be delivered or paid by the Holder in the requested exercise should be made on the
         Business Day after the day on which the exercise notice becomes effective in accordance with the
terms of the Warrant and this Exercise Notice.






Number of Warrants to be exercised: (must be a number greater than or equal to )




[Cash Settlement Value][Put Price] to be paid by the Company:




[If applicable, insert — Warrant Property to be delivered by Holder:]




Very truly yours,




                                                            

(Name of beneficial owner or Person

authorized to act on its behalf)

(Title)

(Telephone No.)

(Fax No.)




Receipt of the above exercise notice

is hereby noted:




........., as Calculation Agent




By:




(Title)




Date and time of receipt:




(Date)




32









 








(Time)




[If Security is a Global Security, insert this Schedule A.]




SCHEDULE A

[DESIGNATION OF WARRANTS]




GLOBAL WARRANT

SCHEDULE OF EXCHANGES OR EXERCISES









     The initial number of Warrants represented by this Global Security is      . In accordance with the
Indenture, the following [exchanges and] reductions have been made
as indicated in the table below: [(A) exchanges of [the number of Warrants previously represented
hereby and indicated below for a like number of Warrants represented by a Global Security that has
been separated from a Unit (a “Separated Warrant”)] [the number of Warrants previously represented
by a Global Security that is part of a Unit (an “Attached Unit Warrant”) and indicated below for a
like number of Warrants represented by this Global Security] and (B)] reductions in the number of
Warrants represented hereby as a result of the exercise of the number of such Warrants indicated
below:







	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date of
Exchange or
Exercise

	 	[Number Exchanged

for Separated

Warrants] (1)
	 	[Reduced Number

Outstanding

Following Such

Exchange] (1)
	 	[Number of Attached
Unit Warrants
Exchanged for
Warrants
represented by this
Separated Warrant]
(2)
	 	[Increased Number

Outstanding

Following Such

Exchange] (2)
	 	Number of Warrants
Exercised
	 	Reduced Number

Outstanding

Following Such

Exercise
	 	Notation Made by or
on Behalf of
Trustee








 




			
	(1)	 	Applies only if this Global Security is part of a Unit.
	 
	(2)	 	Applies only if this Global Security has been separated from a Unit.





     SECTION 206. Form of Legend for Global Securities.



     Unless otherwise specified as contemplated by Section 301 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear a legend in
substantially the following form:



     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE



33









 







REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.



34









 





     SECTION 207. Form of Trustee’s Certificate of Authentication.



     The Trustee’s certificates of authentication shall be in substantially the following form:



     This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture.


Dated:




The Bank of New York, As Trustee




By..........................

Authorized Signatory




ARTICLE III




The Securities




     SECTION 301. Amount Unlimited; Issuable in Series.



     The aggregate number of Warrants which may be authenticated and delivered under this Indenture
is unlimited.



     The Securities may be issued in one or more series. There shall be established in or pursuant
to a Board Resolution and, subject to Section 303, set forth, or determined in the manner provided,
in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to
the issuance of Securities of any series,




     (1) the title of the Securities of the series (which shall distinguish the Securities
of the series from the Securities of all other series);




     (2) any limit upon the aggregate number of the Warrants of the series that may be
authenticated and delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section 304, 305, 306 or 906 and except for any
Securities which, pursuant to Section 303, are deemed never to have been authenticated and
delivered hereunder);




     (3) the money payable or receivable or specific Warrant Property purchasable or
deliverable by or on behalf of the Holder upon exercise of the Securities of the series,
and the amount thereof (or the method for determining the same);



35









 






     (4)
if applicable, the price at which the Securities of the series will be issued and, if other than
U.S. dollars, the coin or currency or composite currency in which such issue price will be
payable;








     (5) whether the Securities of the series are warrants to purchase the Warrant Property
(including warrants that may be settled by means of net cash settlement or cashless
exercise) (“Call Warrants”), warrants to sell the Warrant Property (including warrants that
may be settled by means of net cash settlement or cashless exercise) (“Put Warrants”) or
any other type of warrants;








     (6) if applicable, the price at which and, if other than U.S. Dollars, the coin or currency or
composite currency with which the Warrant Property may be purchased or sold by or on behalf
of the Holder upon exercise of the Securities of the series (or the method for determining
the same);




     (7) if applicable, the period or periods within which, the price or prices at which and the terms and
conditions upon which any Securities of the series may be redeemed, in whole or in part, at
the option of the Company and, if other than by a Board Resolution, the manner in which any
election by the Company to redeem the Securities shall be evidenced;




     (8) if applicable, whether the exercise price for the Securities of the series may be paid in cash or
by the exchange of any such Securities or other securities of the Company, or both, or
otherwise, whether such exercise price may be netted against any money or Warrant Property
payable or deliverable by the Company with respect to such Securities and the method of
exercise of such Securities;




     (9) if the Securities of the series are call warrants, whether the exercise of such
Securities is to be settled by payment in cash or delivery of the Warrant Property by the
Company or both or otherwise, and whether the election of such form of settlement is to be
at the option of the Holder or of the Company ;




     (10) if the Securities of the series are put warrants, whether the exercise of such
Securities is to be settled by payment in cash or delivery of the Warrant Property by the
Holder or both, or otherwise, and whether the election of such form of settlement is to be
at the option of the Holder or of the Company;




     (11) the date on which the right to exercise the Securities of the series shall
commence and the Expiration Date of the series or, if the Securities of the series are not
continuously exercisable throughout such period, the specific date or dates on which they
will be exercisable;




     (12) if applicable, that any Securities of the series shall be issuable in whole or in
part in the form of one or more Global Securities and, in such case, the respective
Depositaries for such Global Securities, the form of any legend or legends which shall be
borne by any such Global Security in addition to or in lieu



36









 







of that set forth in Section 206, any addition to, elimination of or other change in
the circumstances set forth in Clause (2) of the 8th paragraph of Section 305 in which any
such Global Security may be exchanged in whole or in part for Securities registered, and
any transfer of such Global Security in whole or in part may be registered, in the name or
names of Persons other than the Depositary for such Global Security or a nominee thereof
and any other provisions governing exchanges or transfers of any such Global Security;




     (13) any warrant agents, Depositaries, Paying Agents, transfer agents or registrars or
any determination agents, Calculation Agents or other agents with respect to Securities of
the series;




     (14) if applicable, whether the Securities of the series will be issued separately or together as a
unit (a “Unit”) with one or more other securities of the Company or any other person and,
if the Securities of the series are to be issued as components of Units, whether and on
what terms the Securities of the series may be separated from the other components of such
Units prior to the Expiration Date of such Securities;




     (15) the denominations in which any Securities of the series shall be issuable;




     (16) the Place of Payment with respect to Securities of the series, if other than the
Corporate Trust Office;




     (17) any addition to, elimination of or other change in the covenants set forth in
Article Ten which applies to Securities of the series;




     (18) any provisions necessary to permit or facilitate the issuance, payment or
exercise of any Securities of the series that may be exercised for securities or other
property other than Securities of the same series and of like tenor, whether in addition
to, or in lieu of, any payment of money or delivery of other property and whether at the
option of the Company or otherwise;




     (19) any addition to, elimination of or other change in the Events of Default which
applies to Securities of the series, including making Events of Default inapplicable or
changing the remedies available to Holders of the Securities of the series upon an Event of
Default; and




     (20) any other terms of the Securities of the series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by Section 901(5)).



     All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
and (subject to Section 303) set forth, or determined in the



37









 







manner provided, in the Officers’ Certificate referred to above or in any such indenture
supplemental hereto.



     If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of
the Officers’ Certificate setting forth the terms of the series.



     The Securities are unsecured contractual obligations of the Company and rank pari passu with
the Company’s other unsecured contractual obligations and with the Company’s unsecured and
unsubordinated debt.



     No Security shall entitle the Holder or any beneficial owner thereof to any of the rights of a
holder or beneficial owner of Warrant Property, including the right to receive the payment of any
dividends on, principal of, or premium or interest on Warrant Property or to vote or to enforce any
rights under any documents governing Warrant Property.



SECTION 302. Denominations.




     The Securities of each series shall be issuable only in registered form without coupons and
only in such denominations of Warrants as shall be specified as contemplated by Section 301. In the
absence of any such specified denomination with respect to the Securities of any series, the
Securities of such series shall be issuable in denominations of 100 Warrants and any multiple
thereof.



SECTION 303. Execution, Authentication, Delivery and Dating.




     The Securities shall be executed on behalf of the Company by a Chairman of the Board, a Vice
Chairman of the Board, a President or a Vice President of the Company (or any other officer of the
Company designated in writing by or pursuant to authority of the Board of Directors and delivered
to the Trustee from time to time). The signature of any of these officers and the reproduction of
the corporate seal on the Securities may be manual or facsimile.



     Securities bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such Securities.



     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver
such Securities. If the form or terms of the Securities of the



38









 







series have been established by or pursuant to one or more Board Resolutions as permitted by
Sections 201 and 301, in authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of
Counsel stating,




     (1) if the form of such Securities has been established by or pursuant to Board
Resolution as permitted by Section 201, that such form has been established in conformity
with the provisions of this Indenture;




     (2) if the terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section 301, that such terms have been established in conformity
with the provisions of this Indenture; and




     (3) that such Securities, when authenticated and delivered by the Trustee and issued
by the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Company enforceable
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or
affecting creditors’ rights and to general equity principles.



     If such form or terms have been so established, the Trustee shall not be required to
authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect
the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.



     Notwithstanding the provisions of Section 301 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officers’ Certificate otherwise required pursuant to Section 301 or the Company Order
and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to be issued.



     Each Security shall be dated the date of its authentication.



     No Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided in Section 308, for
all purposes of this Indenture such Security shall be deemed never to have been



39









 







authenticated and delivered hereunder and shall never be entitled to the benefits of this
Indenture.



SECTION 304. Temporary Securities.




     Pending the preparation of definitive Securities of any series, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their execution of such
Securities.



     If temporary Securities of any series are issued, the Company will cause definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
more definitive Securities of the same series, of any authorized denominations, of like tenor and
of a like aggregate number of Warrants. Until so exchanged, the temporary Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of such series and tenor.



SECTION 305. Registration, Registration of Transfer and Exchange.




     The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office and in any other office or agency of the Company in a Place
of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and of transfers of Securities. The Trustee is hereby appointed
“Security Registrar” for the purpose of registering Securities and transfers of Securities as
herein provided.



     Upon surrender for registration of transfer of any Security of a series at the office or
agency of the Company in a Place of Payment for that series, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities of the same series, of any authorized denominations and of like tenor
and aggregate number of Warrants.



     At the option of the Holder, Securities of any series may be exchanged for other Securities of
the same series, of any authorized denominations and of like tenor and aggregate number of
Warrants, upon surrender of the Securities to be exchanged at such office or agency. Whenever any
Securities are so surrendered for exchange, the Company



40









 







shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder
making the exchange is entitled to receive.



     All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same contractual obligation, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such registration of
transfer or exchange.



     Every Security presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed, by the Holder thereof or his attorney duly authorized in writing.



     No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 304 or 906 not involving any transfer.



     If the Securities of any series are to be redeemed in part, the Company shall not be required
(A) to issue, register the transfer of or exchange any Securities of that series during a period
beginning at the opening of business 15 days before the day of the mailing of a notice of
redemption of any such Securities selected for redemption under Section 1103 and ending at the
close of business on the day of such mailing (or during such period as otherwise specified as
contemplated by Section 301 for such Securities), or (B) to register the transfer of or exchange
any Security so selected for redemption in whole or in part, except the unredeemed portion of any
Security being redeemed in part.



     The provisions of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities:




     (1) Each Global Security authenticated under this Indenture shall be registered in the
name of the Depositary designated for such Global Security or a nominee thereof or
registered in the name of a Custodian for the Depositary and delivered to such Depositary
or a nominee thereof or custodian therefor, and each such Global Security shall constitute
a single Security for all purposes of this Indenture.




     (2) Notwithstanding any other provision in this Indenture, and subject to such
applicable provisions, if any, as may be specified as contemplated by Section 301, no
Global Security may be exchanged in whole or in part for Securities registered, and no
transfer of a Global Security in whole or in part may be registered, in the name of any
Person other than the Depositary for such Global Security or a nominee thereof or the
nominee name of a Custodian for the Depositary unless (A) such Depositary has notified the
Company that it (i) is



41









 







unwilling or unable to continue as Depositary for such Global Security or (ii) has
ceased to be a clearing agency registered under the Exchange Act, (B) there shall have
occurred and be continuing an Event of Default with respect to such Global Security or (C)
the Company has executed and delivered to the Trustee a Company Order stating that such
Global Security shall be exchanged in whole for Securities that are not Global Securities
(in which case such exchange shall promptly be effected by the Trustee). If the Company
receives a notice of the kind specified in Clause (A) above or has delivered a Company
Order of the kind specified in Clause (C) above, it may, in its sole discretion, designate
a successor Depositary for such Global Security within 60 days after receiving such notice
or delivery of such order, as the case may be. If the Company designates a successor
Depositary as aforesaid, such Global Security shall promptly be exchanged in whole for one
or more other Global Securities registered in the name of the successor Depositary,
whereupon such designated successor shall be the Depositary for such successor Global
Security or Global Securities and the provisions of Clauses (1), (2), (3) and (4) of this
Section shall continue to apply thereto.




     (3) Subject to Clause (2) above and to such applicable provisions, if any, as may be
specified as contemplated by Section 301, any exchange of a Global Security for other
Securities may be made in whole or in part, and all Securities issued in exchange for a
Global Security or any portion thereof shall be registered in such names as the Depositary
for such Global Security shall direct.




     (4) Every Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to
this Section, Section 304, 306 or 906 or otherwise, shall be authenticated and delivered in
the form of, and shall be, a Global Security, unless such Security is registered in the
name of a Person other than the Depositary for such Global Security or a nominee thereof.



     In the event that upon any exercise of Warrants evidenced by a certificate the number of
Warrants exercised shall be less than the total number of Warrants evidenced by such certificate,
there shall be issued to the Holder thereof or his assignee a new certificate evidencing the number
of Warrants of the same series and of like tenor not exercised, provided that in the case of
Warrants evidenced by one or more Global Securities, in lieu of issuing such new certificate the
Trustee shall note the cancellation of such exercised Warrants and the number of such Warrants not
exercised and remaining Outstanding by notation on such Global Security(ies).



     Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not
taken by the Depositary.




42










 







			
	     SECTION 306.	 	Mutilated, Destroyed, Lost and Stolen Securities.





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



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



     In case any such mutilated, destroyed, lost or stolen Security has been or is about to be
exercised, or deemed to be exercised, the Company in its absolute discretion may, instead of
issuing a new Security, direct the Trustee to treat the same as if it had received the Security
together with an irrevocable exercise notice in proper form in respect thereof, as established with
respect to the Securities of such series.



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



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



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




			
	     SECTION 307.	 	Persons Deemed Owners.





     Prior to due presentment of a Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment or delivery of any
money or Warrant Property payable or deliverable with respect to such Security and for all other
purposes whatsoever, whether or not such payment or delivery with respect to such Security be
overdue, and neither the Company,



43









 







the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.




			
	     SECTION 308.	 	Cancellation.





     All Securities surrendered for exercise, redemption or registration of transfer or exchange
shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall
be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which the Company may have acquired in
any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the
Trustee) for cancellation any Securities previously authenticated hereunder which the Company has
not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided
in this Section, except as expressly permitted by this Indenture. All canceled Securities held by
the Trustee shall be disposed of as directed by a Company Order; provided, however, that the
Trustee shall not be required to destroy such canceled Securities.




			
	     SECTION 309.	 	CUSIP Numbers.





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




			
	     SECTION 310.	 	Calculation Agent.





     Pursuant to Section 301, the Company may, in connection with any series of Securities, appoint
Goldman, Sachs & Co., Goldman Sachs International or any other person or entity as Calculation
Agent to make any calculations as may be required pursuant to the terms of such series of
Securities. Any such Calculation Agent shall act as an independent expert, and the Company may
provide that the Calculation Agent’s calculations and determinations under this Indenture shall,
absent manifest error, be final and binding on the Company, the Trustee and the Holders of the
Securities of such series.



44









 





ARTICLE IV




Satisfaction and Discharge





			
	     SECTION 401.	 	Satisfaction and Discharge of Indenture.





     This Indenture shall upon Company Request cease to be of further effect (except as to any
surviving rights of exercise, registration of transfer or exchange of any Security expressly
provided for herein or in the terms of such Security), and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when




     (1) either




     (A) all Securities theretofore authenticated and delivered (other than




     (i) Securities which have been destroyed, lost or stolen and which
have been replaced, paid or settled as provided in Section 306 and




     (ii) Securities for whose payment or settlement money or Warrant
Property has theretofore been deposited in trust or segregated and held in
trust by the Company and thereafter repaid or redelivered to the Company
or discharged from such trust, as provided in Section 1003) have been
delivered to the Trustee for cancellation; or




     (B) all such Securities not theretofore delivered to the Trustee for
cancellation




     (i) have been exercised,




     (ii) will be automatically exercised at their Expiration Date within
one year, or




     (iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company,


and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited
with the Trustee as trust funds or trust property in trust for the purpose money or Warrant
Property in an amount sufficient to pay and discharge the entire contractual obligation on such
Securities not theretofore delivered to the Trustee for cancellation, for all amounts of money or
Warrant Property due with respect to such Securities to the date


45









 






of such deposit or to the Payment or Settlement Date or Redemption Date of such Securities, as the
case may be;





     (2) the Company has paid or caused to be paid all other sums payable hereunder by the
Company; and




     (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.



     Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 607 and, if money or Warrant Property shall have been
deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations
of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive such
satisfaction and discharge.




			
	     SECTION 402.	 	Application of Trust Money and Warrant Property.





     Subject to the provisions of the last paragraph of Section 1003, all money and Warrant
Property deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by
it, in accordance with the provisions of the Securities and this Indenture, to the payment or
delivery, 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 all amounts of
money or Warrant Property due with respect to such Securities for whose payment or settlement such
money or Warrant Property has been deposited with the Trustee.



ARTICLE V




Remedies





			
	     SECTION 501.	 	Events of Default.





     Except as otherwise specified as contemplated by Section 301 for Warrants of any series,
“Event of Default”, wherever used herein with respect to any Warrant of any series, means any one
of the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):




     (1) default in the payment or delivery of any money or Warrant Property by the Company
when due in respect of such Warrant (but not such a default in respect of any other Warrant
of that or any other series) in accordance with its terms; or



46









 






     (2) default in the performance, or breach, of any covenant or warranty of the Company
in this Indenture (other than a covenant or warranty a default in whose performance or
whose breach is elsewhere in this Section specifically dealt with or which has expressly
been included in this Indenture solely for the benefit of a Warrant or Warrants other than
such Warrant), and continuance of such default or breach for a period of 60 days after
there has been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 10% in number of the Outstanding
Warrants of that series a written notice specifying such default or breach and requiring it
to be remedied and stating that such notice is a “Notice of Default” hereunder; or




     (3) the entry by a court having jurisdiction in the premises of (A) a decree or order
for relief in respect of the Company in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
(B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or composition of
or in respect of the Company under any applicable Federal or State law, or appointing a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or of any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and the continuance of any such decree or order for relief or
any such other decree or order unstayed and in effect for a period of 60 consecutive days
(provided that, if any Person becomes the successor to the Company pursuant to Article
Eight and such Person is a corporation, partnership or trust organized and validly existing
under the law of a jurisdiction outside the United States, each reference in this Clause
(3) to an applicable Federal or State law of a particular kind shall be deemed to refer to
such law or any applicable comparable law of such non-U.S. jurisdiction, for as long as
such Person is the successor to the Company hereunder and is so organized and existing); or




     (4) the commencement by the Company of a voluntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent
by it to the entry of a decree or order for relief in respect of the Company in an
involuntary case or proceeding under any applicable Federal or State bankruptcy,
insolvency, reorganization or other similar law or to the commencement of any bankruptcy or
insolvency case or proceeding against it, or the filing by it of a petition or answer or
consent seeking reorganization or relief under any applicable Federal or State law, or the
consent by it to the filing of such petition or to the appointment of or taking possession
by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or of any substantial part of its property, or the making by it of
an assignment for the benefit of creditors, or the admission by it in writing of its
inability to pay its debts generally as they become due, or the taking of corporate action
by the Company in furtherance of any such action (provided that, if any



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Person becomes the successor to the Company pursuant to Article Eight and such Person
is a corporation, partnership or trust organized and validly existing under the law of a
jurisdiction outside the United States, each reference in this Clause (4) to an applicable
Federal or State law of a particular kind shall be deemed to refer to such law or any
applicable comparable law of such non-U.S. jurisdiction, for as long as such Person is the
successor to the Company hereunder and is so organized and existing); or




     (5) any other Event of Default provided with respect to such Warrant or to Warrants of
that series.



     Notwithstanding any other provision of this Indenture or of any Warrant, a failure by the
Company to perform any obligation or otherwise observe any covenant in any Warrant or in this
Indenture insofar as it applies to any Warrant shall not constitute a default unless all conditions
precedent to the Company’s obligation to be satisfied by the Holder of such Warrant shall have been
satisfied.




			
	     SECTION 502.	 	Collection of Amounts Due and Suits for Enforcement by Trustee.





     The Company covenants that if the Company defaults in the payment or delivery of any money or
Warrant Property in respect of any Security in accordance with its terms (including the terms
requiring satisfaction by the Holder thereof of all conditions precedent to the Company’s
obligation to make such payment or delivery to be satisfied by such Holder), the Company will, upon
demand of the Trustee, pay to it, for the benefit of the Holder of such Security, the whole amount
of Warrant Property or money then due and payable on such Security and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel.



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



     Notwithstanding any provision of this Indenture or any Security, however, neither the Trustee
nor any Holder of a Security shall be entitled, whether by reason of a default or otherwise, to
demand or accelerate the payment or delivery of any Warrant Property or money by the Company in
respect of such Security at any time before such payment or delivery is otherwise due in accordance
with the terms of such Security.



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	     SECTION 503.	 	Trustee May File Proofs of Claim.





     In case of any judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and empowered, by
intervention in such proceeding or otherwise, to take any and all actions authorized under the
Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys,
Warrant Property or other property payable or deliverable on any such claims and to distribute the
same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 607.



     No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and be a member of a creditors’ or other similar
committee.




			
	     SECTION 504.	 	Trustee May Enforce Claims Without Possession of Securities.





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




			
	     SECTION 505.	 	Application of Money Collected.





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




FIRST: To the payment of all amounts due the Trustee under Section 607;



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




THIRD: To the Company.




			
	     SECTION 506.	 	Limitation on Suits.





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




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




     (2) the Holders of not less than 25% in number of the Outstanding Warrants of that
series shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default in its own name as Trustee hereunder;




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




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




     (5) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in number of the Outstanding
Warrants of that series;


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




     Nothing in this Indenture or any Security shall limit the ability of the Company to enforce
the obligations of any Holders under this Indenture or any Securities, or entitle any Person other
than the Company to enforce any such obligations without the Company’s prior approval, including
any such obligation of a Holder to pay or deliver the money or Warrant Property due from the Holder
under any Security.



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	     SECTION 507.	 	Unconditional Right of Holders to Receive Money or Warrant Property Due With
Respect to Securities and to Exercise.





     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment or delivery of the money or
Warrant Property due from the Company with respect to such Security on the Payment or Settlement
Date (or, in the case of redemption, on the Redemption Date) of such Security and to exercise such
Security in accordance with its terms, and to institute suit for the enforcement of any such
payment or delivery and such right to exercise, and such rights shall not be impaired without the
consent of such Holder.




			
	     SECTION 508.	 	Restoration of Rights and Remedies.





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




			
	     SECTION 509.	 	Rights and Remedies Cumulative.





     Except as otherwise provided with respect to the replacement, payment or settlement of
mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy.




			
	     SECTION 510.	 	Delay or Omission Not Waiver.





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




			
	     SECTION 511.	 	Control by Holders.





     The Holders of a majority in number of the Outstanding Warrants of any series shall have the
right to direct the time, method and place of conducting any proceeding for



51









 







any remedy available to the Trustee, or exercising any trust or power conferred on the
Trustee, with respect to the Securities of such series, provided that




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




     (2) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.




			
	     SECTION 512.	 	Waiver of Past Defaults.





     The Holders of not less than a majority in number of the Outstanding Warrants of any series
may on behalf of the Holders of all the Warrants of such series waive any past default by the
Company hereunder with respect to such series and its consequences, except a default




     (1) in the payment or delivery of the money or Warrant Property due on any Warrant of
such series or in respect of any Holder’s right to exercise any Warrants, or




     (2) in respect of a covenant or provision hereof which under Article Nine cannot be
modified or amended without the consent of the Holder of each Outstanding Warrant of such
series affected.



     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 513.	 	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, suffered or omitted by it as Trustee, a court may require
any party litigant in such suit to file an undertaking to pay the costs of such suit, and may
assess costs, including reasonable attorneys’ fees and expenses, against any such party litigant,
in the manner and to the extent provided in the Trust Indenture Act; provided that neither this
Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an
undertaking or to make such an assessment in any suit instituted by the Company or the Trustee or
in any suit for the enforcement of the right to exercise any Security in accordance with its terms.




			
	     SECTION 514.	 	Waiver of Usury, Stay or Extension Laws.





     The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
usury, stay or extension law wherever enacted, now or at any time



52









 







hereafter in force, which may affect the covenants or the performance of this Indenture; and
the Company (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 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 had been enacted.



ARTICLE VI




The Trustee





			
	     SECTION 601.	 	Certain Duties and Responsibilities.





     The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act
and as set forth in this Indenture, and no additional covenants or obligations shall be read into
this Indenture against the Trustee. Notwithstanding the foregoing, no provision of this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not
therein expressly so provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section.



     In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of
any such certificates or opinions which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated therein).




			
	     SECTION 602.	 	Notice of Defaults.





     If a default occurs hereunder with respect to Securities of any series, the Trustee shall give
the Holders of Securities of such series notice of such default as and to the extent provided by
the Trust Indenture Act; provided, however, that in the case of any default of the character
specified in Section 501(2) with respect to Securities of such series, no such notice to Holders
shall be given until at least 30 days after the occurrence thereof. For the purpose of this
Section, the term “default” means any event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series.




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     SECTION 603. Certain Rights of Trustee.



     Subject to the provisions of Section 601:




     (1) the Trustee may conclusively rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, warrant or other paper or document believed by
it to be genuine and to have been signed or presented by the proper party or parties;




     (2) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order, and any resolution of the Board of
Directors shall be sufficiently evidenced by a Board Resolution;




     (3) whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
may, in the absence of bad faith on its part, rely upon an Officers’ Certificate;




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




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




     (6) the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, warrant or other paper or document, but the Trustee, in
its discretion, may make such further inquiry or investigation into such facts or matters
as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the
Company, personally or by agent or attorney;




     (7) the Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys and the Trustee shall
not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder;



54









 






     (8) the Trustee shall not be liable for any action taken, suffered or omitted to be
taken by it in good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture;




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




     (10) the rights, privileges, protections, immunities and benefits given to the
Trustee, including its rights to be indemnified, are extended to, and shall be enforceable
by, the Trustee in each of its capacities hereunder; and




     (11) the Trustee may request that the Company deliver a certificate setting forth the
names of individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture.



     SECTION 604. Not Responsible for Recitals or Issuance of Securities.



     The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and the Trustee does not assume
any responsibility for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the
use or application by the Company of Securities or the proceeds thereof.



     SECTION 605. May Hold Securities.



     The Trustee, any Paying Agent, any Security Registrar or any other agent of the Company, in
its individual or any other capacity, may become the owner or pledgee of Securities and, subject to
Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it
were not Trustee, Paying Agent, Security Registrar or such other agent.



     SECTION 606. Money or Warrant Property Held in Trust.



     Money or Warrant Property held by the Trustee in trust hereunder need not be segregated from
other funds, securities or other property except to the extent required by law. The Trustee shall
be under no liability for interest on any money or Warrant Property received by it hereunder except
as otherwise agreed in writing with the Company.



     SECTION 607. Compensation and Reimbursement.



     The Company agrees



55









 






     (1) to pay to the Trustee from time to time such compensation as shall be agreed upon
from time to time in writing between the parties for all services rendered by it hereunder
(which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);




     (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad faith; and




     (3) to indemnify each of the Trustee or any predecessor Trustee for, and to hold it
harmless against, any and all losses, liabilities, damages, claims or expenses including
taxes (other than taxes imposed on the income of the Trustee) incurred without negligence
or bad faith on its part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and expenses of
defending itself against any claim (whether asserted by the Company, a Holder or any other
Person) or liability in connection with the exercise or performance of any of its powers or
duties hereunder.



     When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 501(3) or Section 501(4), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to constitute expenses
of administration under any applicable Federal or State bankruptcy, insolvency or other similar
law.



     The provisions of this Section shall survive the termination of this Indenture.



     SECTION 608. Conflicting Interests.



     If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the
manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.
To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a
conflicting interest by virtue of being a trustee under this Indenture with respect to Securities
of more than one series, a trustee under the Indenture, dated as of May 19, 1999, between the
Company and the Trustee, as supplemented or amended, a trustee under the Subordinated Debt
Indenture, dated as of February 20, 2004, between the Company and the Trustee, as supplemented or
amended, or a trustee under any other indenture, or a fiscal agent under any other fiscal agency
agreement, of the Company.



56









 





     SECTION 609. Corporate Trustee Required; Eligibility.



     There shall at all times be one (and only one) Trustee hereunder with respect to the
Securities of each series, which may be Trustee hereunder for Securities of one or more other
series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act
as such, has a combined capital and surplus of at least $50,000,000 and has its Corporate Trust
Office in the Borough of Manhattan, The City of New York. If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of its supervising or examining
authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture
Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time the
Trustee with respect to the Securities of any series shall cease to be eligible in accordance with
the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.



     SECTION 610. Resignation and Removal; Appointment of Successor.



     No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article shall become effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 611.



     The Trustee may resign at any time with respect to the Securities of one or more series by
giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section 611 shall not have been delivered to the Trustee within 60 days after
the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the
Company, any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.



     The Trustee may be removed at any time with respect to the Securities of any series by Act of
the Holders of a majority in number of the Outstanding Warrants of such series, delivered to the
Trustee and to the Company. If the instrument of acceptance by a successor Trustee required by
Section 611 shall not have been delivered to the Trustee within 30 days after the giving of a
notice of removal pursuant to this paragraph, the Trustee being removed may petition, at the
expense of the Company, any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series.



     If at any time:




     (1) the Trustee shall fail to comply with Section 608 after written request therefor
by the Company or by any Holder who has been a bona fide Holder of a Security for at least
six months, or



57









 






     (2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign
after written request therefor by the Company or by any such Holder, or




     (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then, in any such case, (A) the
Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B)
subject to Section 513, any Holder who has been a bona fide Holder of a Security for at
least six months may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.



     If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of one or more series,
the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with
respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and
that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 611. If, within one year after
such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Securities of any series shall be appointed by Act of the Holders of a majority
in number of the Outstanding Warrants of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 611, become the successor
Trustee with respect to the Securities of such series and to that extent supersede the successor
Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any
series shall have been so appointed by the Company or the Holders and accepted appointment in the
manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.



     The Company shall give notice of each resignation and each removal of the Trustee with respect
to the Securities of any series and each appointment of a successor Trustee with respect to the
Securities of any series to all Holders of Securities of such series in the manner provided in
Section 106. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.



58









 





     SECTION 611. Acceptance of Appointment by Successor.



     In case of the appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and
to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or
removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all money, Warrant Property and other property held
by such retiring Trustee hereunder.



     In case of the appointment hereunder of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with
respect to the Securities of one or more series shall execute and deliver an indenture supplemental
hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each
successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on request of the
Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to
such successor Trustee all money, Warrant Property and other property held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates.



     Upon request of any such successor Trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor



59









 




Trustee all such rights, powers and trusts referred to in the first or second preceding
paragraph, as the case may be.




     No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article.



     SECTION 612. Merger, Conversion, Consolidation or Succession to Business.



     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities.



     SECTION 613. Preferential Collection of Claims Against Company.



     If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the Company (or any such other obligor).



ARTICLE VII




Holders’ Lists and Reports By Trustee and Company




     SECTION 701. Company to Furnish Trustee Names and Addresses of Holders.



     The Company will furnish or cause to be furnished to the Trustee




     (1) semi-annually, not later than May 15 and November 15 in each year, a list, in such
form as the Trustee may reasonably require, of the names and addresses of the Holders of
Securities of each series as of the immediately preceding May 1 or November 1, as the case
may be, and




     (2) at such other times as the Trustee may request in writing, within 30 days after
the receipt by the Company of any such request, a list of similar form and content as of a
date not more than 15 days prior to the time such list is



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furnished; excluding from any such list names and addresses received by the Trustee in
its capacity as Security Registrar.



     SECTION 702. Preservation of Information; Communications to Holders.



     The Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of Holders contained in the most recent list furnished to the Trustee as provided in
Section 701 and the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701
upon receipt of a new list so furnished.



     The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee,
shall be as provided by the Trust Indenture Act.



     Every Holder of Securities, by receiving and holding the same, agrees with the Company and the
Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of any disclosure of information as to names and addresses of Holders made
pursuant to the Trust Indenture Act.



     SECTION 703. Reports by Trustee.



     The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant thereto.



     Reports so required to be transmitted at stated intervals of not more than 12 months shall be
transmitted no later than July 1 and shall be dated as of May 1 in each calendar year, commencing
in 2006.



     A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange upon which any Securities are listed, with the Commission and with
the Company. The Company will notify the Trustee when any Securities are listed on any stock
exchange and of any delisting thereof.



     SECTION 704. Reports by Company.



     The Company shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided
that any such information, documents or reports required to be filed with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the
same is so required to be filed with the Commission.



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ARTICLE VIII




Consolidation, Merger, Conveyance, Transfer or Lease




SECTION 801. Company May Consolidate, Etc., Only on Certain Terms.




     The Company shall not consolidate with or merge into any other Person or convey, transfer or
lease its properties and assets substantially as an entirety to any Person, and the Company shall
not permit any Person to consolidate with or merge into the Company, unless:




     (1) in case the Company shall consolidate with or merge into another Person or convey,
transfer or lease its properties and assets substantially as an entirety to any Person, the
Person formed by such consolidation or into which the Company is merged or the Person which
acquires by conveyance or transfer, or which leases, the properties and assets of the
Company substantially as an entirety shall be a corporation, partnership or trust, shall be
organized and validly existing under the laws of any domestic or foreign jurisdiction and
shall expressly assume, by an indenture supplemental hereto, executed and delivered to the
Trustee, in form satisfactory to the Trustee, the due and punctual payment or delivery of
the money or Warrant Property payable or deliverable by the Company with respect to all the
Securities in accordance with their terms and the performance or observance of every
covenant of this Indenture on the part of the Company to be performed or observed and shall
have provided for the right to exercise each Security in accordance with its terms;




     (2) immediately after giving effect to such transaction and treating any indebtedness
which becomes an obligation of the Company or any Subsidiary as a result of such
transaction as having been incurred by the Company or such Subsidiary at the time of such
transaction, no Event of Default, and no event which, after notice or lapse of time or
both, would become an Event of Default, shall have happened and be continuing;




     (3) if, as a result of any such consolidation or merger or such conveyance, transfer
or lease, properties or assets of the Company would become subject to a pledge, lien or
other similar encumbrance which would not be permitted by this Indenture, the Company or
such successor Person, as the case may be, shall take such steps as shall be necessary
effectively to secure the Securities equally and ratably with (or prior to) all
indebtedness or contractual obligations secured thereby; and




     (4) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease
and, if a supplemental indenture is required in connection with such transaction, such
supplemental indenture comply with this Article and that



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all conditions precedent herein provided for relating to such transaction have been
complied with.



     SECTION 802. Successor Substituted.



     Upon any consolidation of the Company with, or merger of the Company into, any other Person or
any conveyance, transfer or lease of the properties and assets of the Company substantially as an
entirety in accordance with Section 801, the successor Person formed by such consolidation or into
which the Company is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, 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,
and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities.



ARTICLE IX




Supplemental Indentures




     SECTION 901. Supplemental Indentures Without Consent of Holders.



     Without the consent of any Holders, the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:




     (1) to evidence the succession of another Person to the Company and the assumption by
any such successor of the covenants of the Company herein and in the Securities; or




     (2) to add to the covenants of the Company for the benefit of the Holders of all or
any series of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the
Company; or




     (3) to add any additional Events of Default for the benefit of the Holders of all or
any series of Securities (and if such additional Events of Default are to be for the
benefit of less than all series of Securities, stating that such additional Events of
Default are expressly being included solely for the benefit of such series); or




     (4) to add to or change any of the provisions of this Indenture to such extent as
shall be necessary to permit or facilitate the issuance of Securities in



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bearer form, registrable or not registrable, or to permit or facilitate the issuance
of Securities in uncertificated form; or




     (5) to add to, change or eliminate any of the provisions of this Indenture in respect
of one or more series of Securities, provided that any such addition, change or elimination
(A) shall neither (i) apply to any Security of any series created prior to the execution of
such supplemental indenture and entitled to the benefit of such provision nor (ii) modify
the rights of the Holder of any such Security with respect to such provision or (B) shall
become effective only when there is no such Security Outstanding; or




     (6) to secure the Securities pursuant to the requirements of Section 801(3) or Section
1005 or otherwise; or




     (7) to establish the form or terms of Securities of any series as permitted by
Sections 201 and 301; or




     (8) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 611; or




     (9) to add to or change any of the provisions of this Indenture with respect to any
Securities that by their terms may be exercised for securities or other property other than
Securities of the same series and of like tenor, in order to permit or facilitate the
issuance, payment, settlement or exercise of such Securities; or




     (10) to cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Indenture, provided that such
action pursuant to this Clause (10) shall not adversely affect the interests of the Holders
of Securities of any series in any material respect.




     SECTION 902. Supplemental Indentures With Consent of Holders.



     With the consent of the Holders of a majority in number of the Outstanding Warrants of all
series affected by such supplemental indenture (considered together as one class for this purpose),
by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a
Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities
of such



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series under this Indenture; provided, however, that no such supplemental indenture shall,
without the consent of the Holder of each Outstanding Security affected thereby,





     (1) change the terms of any Security with respect to the Payment or Settlement Date or
exercise price thereof, or reduce the amount of money or reduce the amount or change the
kind of Warrant Property payable or deliverable upon the exercise thereof or any premium
payable upon the redemption thereof, or change any Place of Payment where, or the coin or
currency in which, any Security or any money payable or deliverable upon the exercise
thereof is payable, or permit the Company to redeem any Security if, absent such
supplemental indenture, the Company would not be permitted to do so, or impair the right to
institute suit for the enforcement of any such payment or delivery on or after the Payment
or Settlement Date (or, in the case of redemption, on or after the Redemption Date)
thereof, or impair the Holder’s right to exercise such Security on the terms provided
therein, or




     (2) if any Security provides that the Holder may require the Company to repurchase
such Security, impair such Holder’s right to require repurchase of such Security on the
terms provided therein, or




     (3) reduce the percentage in number of the Outstanding Warrants of any one or more
series (considered separately or together as one class, as applicable), the consent of
whose Holders is required for any such supplemental indenture, or the consent of whose
Holders is required for any waiver (of compliance with certain provisions of this Indenture
or certain defaults hereunder and their consequences) provided for in this Indenture, or




     (4) modify any of the provisions of this Section, Section 512 or Section 1006, except
to increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby; provided, however, that this clause shall not be
deemed to require the consent of any Holder with respect to changes in the references to
“the Trustee” and concomitant changes in this Section and Section 1006, or the deletion of
this proviso, in accordance with the requirements of Sections 611 and 901(8).



     A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.



     It shall not be necessary for any Act of Holders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.



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     SECTION 903. Execution of Supplemental Indentures.



     In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise.



     SECTION 904. Effect of Supplemental Indentures.



     Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.



     SECTION 905. Conformity with Trust Indenture Act.



     Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act.



     SECTION 906. Reference in Securities to Supplemental Indentures.



     Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in
form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion
of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by
the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.



ARTICLE X




Covenants




     SECTION 1001. Payment or Delivery of Money or Warrant Property.



     The Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay or deliver the money or Warrant Property payable or deliverable by the
Company with respect to the Securities of that series in accordance with the terms of the
Securities and this Indenture.



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     SECTION 1002. Maintenance of Office or Agency.



     Subject to the last paragraph of this Section, the Company will maintain in each Place of
Payment for any series of Securities an office or agency where Securities of that series may be
presented or surrendered for payment, where Securities of that series may be surrendered for
registration of transfer or exchange, where Securities may be surrendered upon exercise and where
notices and demands to or upon the Company in respect of the Securities of that series 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
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands.



     The Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation pursuant to the first sentence
of the preceding paragraph to maintain an office or agency in each Place of Payment for Securities
of any series for such purposes. The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such other office or
agency.



     With respect to any Global Security, and except as otherwise may be specified for such Global
Security as contemplated by Section 301, the Corporate Trust Office of the Trustee shall be the
Place of Payment where such Global Security may be presented or surrendered for exercise, payment
or delivery of money or Warrant Property due with respect to such Security or registration of
transfer or exchange, or where successor Securities may be delivered in exchange therefor,
provided, however, that any such payment, delivery, presentation or surrender effected pursuant to
the Applicable Procedures of the Depositary for such Global Security shall be deemed to have been
effected at the Place of Payment for such Global Security in accordance with the provisions of this
Indenture.



     SECTION 1003. Money and Warrant Property for Securities Payments and Deliveries to Be Held
in Trust.



     If the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before the Payment or Settlement Date of the Securities of that series,
segregate and hold in trust for the benefit of the Persons entitled thereto money or Warrant
Property sufficient to pay or deliver the money or Warrant Property becoming due on such date until
such sums or property shall be paid or delivered to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of its action or failure so to act.



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     Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, prior to the Payment or Settlement Date of the Securities of that series, deposit with a
Paying Agent money or Warrant Property sufficient to pay or deliver the money or Warrant Property
becoming due with respect to such Securities on such date, such money or Warrant Property to be
held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act.



     The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the
continuance of any default by the Company (or any other obligor upon the Securities of that series)
in the making of any payment in respect of the Securities of that series, upon the written request
of the Trustee, forthwith pay to the Trustee all money or Warrant Property held in trust by such
Paying Agent for payment in respect of the Securities of that series.



     The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay or deliver, or by Company Order direct any Paying
Agent to pay or deliver, to the Trustee all money or Warrant Property held in trust by the Company
or such Paying Agent, such money or Warrant Property to be held by the Trustee upon the same trusts
as those upon which such money or Warrant Property were held by the Company or such Paying Agent;
and, upon such payment or delivery by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money or Warrant Property.



     Any money or Warrant Property deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment or delivery of the amounts due on any Security of any series
in accordance with its terms and remaining unclaimed for two years after such amounts have become
due and payable or deliverable shall be paid or delivered to the Company on Company Request, or (if
then held by the Company) shall be discharged from such trust; and the Holder of such Security
shall thereafter, as an unsecured general creditor, look only to the Company for payment or
delivery thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money or property, and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment or redelivery, may, at the expense of the Company, cause to be published once, in a
newspaper published in the English language, customarily published on each Business Day and of
general circulation in The City of New York, notice that such money or Warrant Property remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money or Warrant Property then remaining
will be repaid or redelivered to the Company.



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     SECTION 1004. Statement by Officers as to Default.



     The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of
the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the
best knowledge of the signers thereof the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture (without regard to any period of
grace or requirement of notice provided hereunder) and, if the Company shall be in default,
specifying all such defaults and the nature and status thereof of which they may have knowledge.



     SECTION 1005. Restriction on Certain Liens.



     The Company will not create, assume, incur or guarantee any indebtedness for borrowed money
that is secured by a pledge, lien or other similar encumbrance (except for Permitted Liens) on the
Company’s or any Subsidiary’s voting or profit participating equity ownership interests in GS&Co.
(or in any Subsidiary that beneficially owns or holds any such interests in GS&Co., directly or
indirectly), unless the Company also secures the Securities equally and ratably with (or, at the
option of the Company, prior to) the indebtedness secured thereby.



     SECTION 1006. Waiver of Certain Covenants.



     Except as otherwise specified as contemplated by Section 301 for Securities of a specific
series, the Company may, with respect to the Securities of any one or more series, omit in any
particular instance to comply with any term, provision or condition set forth in any covenant
provided pursuant to Section 301(17), 901(2) or 901(7) for the benefit of the Holders of such
series or in Article Eight or Section 1005 if, before the time for such compliance, the Holders of
a majority in number of the Outstanding Warrants of all series affected by such waiver (considered
together as one class for this purpose) shall, by Act of such Holders, either waive such compliance
in such instance or generally waive compliance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the Company and
the duties of the Trustee in respect of any such term, provision or condition shall remain in full
force and effect.



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ARTICLE XI




Redemption of Securities




     SECTION 1101. Applicability of Article.



     Securities of any series which are redeemable before their Expiration Date shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 301
for such Securities) in accordance with this Article.



     SECTION 1102. Election to Redeem; Notice to Trustee.



     The election of the Company to redeem any Securities shall be established in or pursuant to a
Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.
In case of any redemption at the election of the Company of less than all the Securities of any
series (including any such redemption affecting only a single Security), the Company shall, at
least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the number of
Warrants of such series to be redeemed. In the case of any redemption of Securities prior to the
expiration of any restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction.



     SECTION 1103. Selection by Trustee of Securities to Be Redeemed.



     If less than all the Securities of any series are to be redeemed (unless all the Securities of
such series are to be redeemed or unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series not previously
called for redemption, by such method as the Trustee shall deem fair and appropriate, provided that
the unredeemed portion of any Security shall be in an authorized denomination (which shall not be
less than the minimum authorized denomination) for such Security. If less than all the Securities
of such series are to be redeemed (unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series not previously
called for redemption in accordance with the preceding sentence.



     If any Security selected for partial redemption is exercised in part before termination of the
exercise right with respect to the portion of the Security so selected, the exercised portion of
such Security shall be deemed (so far as may be) to be the portion selected for redemption.
Securities which have been exercised during a selection of Securities to be redeemed shall be
treated by the Trustee as Outstanding for the purpose of such selection.



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     The Trustee shall promptly notify the Company and each Security Registrar in writing of the
Securities selected for redemption as aforesaid and, in case of any Securities selected for partial
redemption as aforesaid, the amount thereof to be redeemed.



     The provisions of the two preceding paragraphs shall not apply with respect to any redemption
affecting only a single Security, whether such Security is to be redeemed in whole or in part. In
the case of any such redemption in part, the unredeemed portion of the Security shall be in an
authorized denomination (which shall not be less than the minimum authorized denomination) for such
Security.



     For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to
be redeemed only in part, to the portion of such Securities which has been or is to be redeemed.



     SECTION 1104. Notice of Redemption.







     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
30 days nor more than 60 days prior to the Redemption Date (or within such period as otherwise
specified as contemplated by Section 301 for Securities of the relevant Series), to each Holder of Securities to be
redeemed, at his address appearing in the Security Register.







     All notices of redemption shall identify the Securities to be redeemed (including CUSIP
numbers, if any) and shall state:




     (1) the Redemption Date,




     (2) the Redemption Price,




     (3) if less than all the Outstanding Securities of any series consisting of more than
a single Security are to be redeemed, the identification (and, in the case of partial
redemption of any such Securities, the amounts) of the particular Securities to be redeemed
and, if less than all the Outstanding Securities of any series consisting of a single
Security are to be redeemed, the amount of the particular Security to be redeemed,




     (4) that on the Redemption Date the Redemption Price will become due and payable upon
each such Security to be redeemed,




     (5) the place or places where each such Security is to be surrendered for payment of
the Redemption Price, and



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     (6) if applicable, the terms of exercise, the date on which the right to exercise the
Security to be redeemed will terminate and the place or places where such Securities may be
surrendered for exercise.



     Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of
the Company and shall be irrevocable.



     SECTION 1105. Deposit of Redemption Price.



     Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money sufficient to pay the Redemption Price of all the
Securities which are to be redeemed on that date, other than any Securities called for redemption
on that date which have been exercised prior to the date of such deposit.



     If any Security called for redemption is exercised, any money deposited with the Trustee or
with any Paying Agent or so segregated and held in trust for the redemption of such Security shall
be paid to the Company upon Company Request or, if then held by the Company, shall be discharged
from such trust.



     SECTION 1106. Securities Payable on Redemption Date.



     Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified. Upon
surrender of any such Security for redemption in accordance with said notice, such Security shall
be paid by the Company at the Redemption Price.



     SECTION 1107. Securities Redeemed in Part.



     Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series and of like tenor, of any authorized denomination as
requested by such Holder, in number equal to and in exchange for the unredeemed portion of the
Security so surrendered.



     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.



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









	 	 	 	 	 
	 	 	The Goldman Sachs Group, Inc.
	 
	 	 	 	 
	 

	 	By	 	/s/
AMOL S. NAIK
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	The Bank Of New York
	 
	 	 	 	 
	 

	 	By	 	/s/
Ritu Khanna
	 

	 	 	 	 










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