exv4w1






EXHIBIT 4.1


Execution Version
 

EVERGREEN SOLAR, INC.




TO




U.S. BANK NATIONAL ASSOCIATION




AS TRUSTEE




INDENTURE




DATED AS OF FEBRUARY 17, 2011




SUBORDINATED DEBT SECURITIES




 









 








Table of Contents




	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	 	1	 
	 	 	SECTION 1.1	 	DEFINITIONS
	 	 	1	 
	 	 	SECTION 1.2	 	COMPLIANCE CERTIFICATES AND OPINIONS
	 	 	10	 
	 	 	SECTION 1.3	 	FORM OF DOCUMENTS DELIVERED TO TRUSTEE
	 	 	10	 
	 	 	SECTION 1.4	 	ACTS OF HOLDERS; RECORD DATES
	 	 	11	 
	 	 	SECTION 1.5	 	NOTICES, ETC., TO TRUSTEE AND COMPANY
	 	 	13	 
	 	 	SECTION 1.6	 	NOTICE TO HOLDERS; WAIVER
	 	 	13	 
	 	 	SECTION 1.7	 	CONFLICT WITH TRUST INDENTURE ACT
	 	 	13	 
	 	 	SECTION 1.8	 	EFFECT OF HEADINGS AND TABLE OF CONTENTS
	 	 	14	 
	 	 	SECTION 1.9	 	SUCCESSORS AND ASSIGNS
	 	 	14	 
	 	 	SECTION 1.10	 	SEPARABILITY CLAUSE
	 	 	14	 
	 	 	SECTION 1.11	 	BENEFITS OF INDENTURE
	 	 	14	 
	 	 	SECTION 1.12	 	GOVERNING LAW
	 	 	14	 
	 	 	SECTION 1.13	 	LEGAL HOLIDAYS
	 	 	14	 
	 	 	SECTION 1.14	 	INDENTURE AND SECURITIES SOLELY CORPORATE OBLIGATIONS
	 	 	15	 
	 	 	SECTION 1.15	 	INDENTURE MAY BE EXECUTED IN COUNTERPARTS
	 	 	15	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 2 SECURITY FORMS	 	 	15	 
	 	 	SECTION 2.1	 	FORMS GENERALLY
	 	 	15	 
	 	 	SECTION 2.2	 	FORM OF FACE OF SECURITY
	 	 	16	 
	 	 	SECTION 2.3	 	FORM OF REVERSE OF SECURITY
	 	 	17	 
	 	 	SECTION 2.4	 	FORM OF LEGEND FOR GLOBAL SECURITIES
	 	 	21	 
	 	 	SECTION 2.5	 	FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	 	 	21	 
	 	 	SECTION 2.6	 	FORM OF CONVERSION NOTICE
	 	 	22	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 3 THE SECURITIES	 	 	23	 
	 	 	SECTION 3.1	 	AMOUNT UNLIMITED; ISSUABLE IN SERIES
	 	 	23	 
	 	 	SECTION 3.2	 	DENOMINATIONS
	 	 	26	 
	 	 	SECTION 3.3	 	EXECUTION, AUTHENTICATION, DELIVERY AND DATING
	 	 	26	 
	 	 	SECTION 3.4	 	TEMPORARY SECURITIES
	 	 	28	 
	 	 	SECTION 3.5	 	REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE
	 	 	28	 
	 	 	SECTION 3.6	 	MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES
	 	 	30	 
	 	 	SECTION 3.7	 	PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED
	 	 	30	 
	 	 	SECTION 3.8	 	PERSONS DEEMED OWNERS
	 	 	31	 






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	 	 	 	 	 	 	Page	 
	 	 	SECTION 3.9	 	CANCELLATION
	 	 	32	 
	 	 	SECTION 3.10	 	COMPUTATION OF INTEREST
	 	 	32	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 4 SATISFACTION AND DISCHARGE	 	 	32	 
	 	 	SECTION 4.1	 	SATISFACTION AND DISCHARGE OF INDENTURE
	 	 	32	 
	 	 	SECTION 4.2	 	APPLICATION OF TRUST MONEY
	 	 	33	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 5 REMEDIES	 	 	34	 
	 	 	SECTION 5.1	 	EVENTS OF DEFAULT
	 	 	34	 
	 	 	SECTION 5.2	 	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT
	 	 	35	 
	 	 	SECTION 5.3	 	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE
	 	 	36	 
	 	 	SECTION 5.4	 	TRUSTEE MAY FILE PROOFS OF CLAIM
	 	 	37	 
	 	 	SECTION 5.5	 	TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES
	 	 	37	 
	 	 	SECTION 5.6	 	APPLICATION OF MONEY COLLECTED
	 	 	37	 
	 	 	SECTION 5.7	 	LIMITATION ON SUITS
	 	 	38	 
	 	 	SECTION 5.8	 	UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND
INTEREST AND TO

CONVERT
	 	 	38	 
	 	 	SECTION 5.9	 	RESTORATION OF RIGHTS AND REMEDIES
	 	 	38	 
	 	 	SECTION 5.10	 	RIGHTS AND REMEDIES CUMULATIVE
	 	 	39	 
	 	 	SECTION 5.11	 	DELAY OR OMISSION NOT WAIVER
	 	 	39	 
	 	 	SECTION 5.12	 	CONTROL BY HOLDERS
	 	 	39	 
	 	 	SECTION 5.13	 	WAIVER OF PAST DEFAULTS
	 	 	39	 
	 	 	SECTION 5.14	 	UNDERTAKING FOR COSTS
	 	 	40	 
	 	 	SECTION 5.15	 	WAIVER OF USURY, STAY OR EXTENSION LAWS
	 	 	40	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 6 THE TRUSTEE	 	 	40	 
	 	 	SECTION 6.1	 	CERTAIN DUTIES AND RESPONSIBILITIES
	 	 	40	 
	 	 	SECTION 6.2	 	NOTICE OF DEFAULTS
	 	 	41	 
	 	 	SECTION 6.3	 	CERTAIN RIGHTS OF TRUSTEE
	 	 	41	 
	 	 	SECTION 6.4	 	NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES
	 	 	42	 
	 	 	SECTION 6.5	 	MAY HOLD SECURITIES AND ACT AS TRUSTEE UNDER OTHER INDENTURES
	 	 	43	 
	 	 	SECTION 6.6	 	MONEY HELD IN TRUST
	 	 	43	 
	 	 	SECTION 6.7	 	COMPENSATION AND REIMBURSEMENT
	 	 	43	 
	 	 	SECTION 6.8	 	CONFLICTING INTERESTS
	 	 	44	 
	 	 	SECTION 6.9	 	CORPORATE TRUSTEE REQUIRED; ELIGIBILITY
	 	 	44	 
	 	 	SECTION 6.10	 	RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR
	 	 	44	 
	 	 	SECTION 6.11	 	ACCEPTANCE OF APPOINTMENT BY SUCCESSOR
	 	 	45	 
	 	 	SECTION 6.12	 	MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS
	 	 	46	 






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	 	 	 	 	 	 	Page	 
	 	 	SECTION 6.13	 	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY
	 	 	47	 
	 	 	SECTION 6.14	 	APPOINTMENT OF AUTHENTICATING AGENT
	 	 	47	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 7 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	 	 	48	 
	 	 	SECTION 7.1	 	COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS
	 	 	48	 
	 	 	SECTION 7.2	 	PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS
	 	 	49	 
	 	 	SECTION 7.3	 	REPORTS BY TRUSTEE
	 	 	49	 
	 	 	SECTION 7.4	 	REPORTS BY COMPANY
	 	 	49	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 8 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	 	 	50	 
	 	 	SECTION 8.1	 	COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS
	 	 	50	 
	 	 	SECTION 8.2	 	SUCCESSOR SUBSTITUTED
	 	 	51	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 9 SUPPLEMENTAL INDENTURES	 	 	51	 
	 	 	SECTION 9.1	 	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS
	 	 	51	 
	 	 	SECTION 9.2	 	SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS
	 	 	52	 
	 	 	SECTION 9.3	 	EXECUTION OF SUPPLEMENTAL INDENTURES
	 	 	53	 
	 	 	SECTION 9.4	 	EFFECT OF SUPPLEMENTAL INDENTURES
	 	 	54	 
	 	 	SECTION 9.5	 	CONFORMITY WITH TRUST INDENTURE ACT
	 	 	54	 
	 	 	SECTION 9.6	 	REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES
	 	 	54	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 10 COVENANTS	 	 	54	 
	 	 	SECTION 10.1	 	PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST
	 	 	54	 
	 	 	SECTION 10.2	 	MAINTENANCE OF OFFICE OR AGENCY
	 	 	54	 
	 	 	SECTION 10.3	 	MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST
	 	 	55	 
	 	 	SECTION 10.4	 	STATEMENT BY OFFICERS AS TO DEFAULT
	 	 	56	 
	 	 	SECTION 10.5	 	EXISTENCE
	 	 	56	 
	 	 	SECTION 10.6	 	WAIVER OF CERTAIN COVENANTS
	 	 	56	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 11 REDEMPTION OF SECURITIES	 	 	57	 
	 	 	SECTION 11.1	 	APPLICABILITY OF ARTICLE
	 	 	57	 
	 	 	SECTION 11.2	 	ELECTION TO REDEEM; NOTICE TO TRUSTEE
	 	 	57	 
	 	 	SECTION 11.3	 	SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED
	 	 	57	 
	 	 	SECTION 11.4	 	NOTICE OF REDEMPTION
	 	 	58	 
	 	 	SECTION 11.5	 	DEPOSIT OF REDEMPTION PRICE
	 	 	59	 
	 	 	SECTION 11.6	 	SECURITIES PAYABLE ON REDEMPTION DATE
	 	 	59	 






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	 	 	 	 	 	 	Page	 
	 	 	SECTION 11.7	 	SECURITIES REDEEMED IN PART
	 	 	60	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 12 SINKING FUNDS	 	 	60	 
	 	 	SECTION 12.1	 	APPLICABILITY OF ARTICLE
	 	 	60	 
	 	 	SECTION 12.2	 	SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES
	 	 	60	 
	 	 	SECTION 12.3	 	REDEMPTION OF SECURITIES FOR SINKING FUND
	 	 	61	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 13 DEFEASANCE AND COVENANT DEFEASANCE	 	 	61	 
	 	 	SECTION 13.1	 	COMPANY’S OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE
	 	 	61	 
	 	 	SECTION 13.2	 	DEFEASANCE AND DISCHARGE
	 	 	61	 
	 	 	SECTION 13.3	 	COVENANT DEFEASANCE
	 	 	62	 
	 	 	SECTION 13.4	 	CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE
	 	 	62	 
	 	 	SECTION 13.5	 	DEPOSITED MONEY, U.S. GOVERNMENT OBLIGATIONS AND FOREIGN GOVERNMENT
OBLIGATIONS TO BE HELD IN Trust; MISCELLANEOUS PROVISIONS
	 	 	65	 
	 	 	SECTION 13.6	 	REINSTATEMENT
	 	 	65	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 14 CONVERSION OF SECURITIES	 	 	66	 
	 	 	SECTION 14.1	 	APPLICABILITY OF ARTICLE
	 	 	66	 
	 	 	SECTION 14.2	 	EXERCISE OF CONVERSION PRIVILEGE
	 	 	66	 
	 	 	SECTION 14.3	 	NO FRACTIONAL SHARES
	 	 	67	 
	 	 	SECTION 14.4	 	ADJUSTMENT OF CONVERSION PRICE OR CONVERSION RATE
	 	 	67	 
	 	 	SECTION 14.5	 	NOTICE OF CERTAIN CORPORATE ACTIONS
	 	 	68	 
	 	 	SECTION 14.6	 	RESERVATION OF SHARES OF COMMON STOCK
	 	 	69	 
	 	 	SECTION 14.7	 	PAYMENT OF CERTAIN TAXES UPON CONVERSION
	 	 	69	 
	 	 	SECTION 14.8	 	NONASSESSABILITY
	 	 	69	 
	 	 	SECTION 14.9	 	PROVISION IN CASE OF CONSOLIDATION, MERGER OR SALE OF ASSETS
	 	 	69	 
	 	 	SECTION 14.10	 	DUTIES OF TRUSTEE REGARDING CONVERSION
	 	 	70	 
	 	 	SECTION 14.11	 	REPAYMENT OF CERTAIN FUNDS UPON CONVERSION
	 	 	71	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE 15 SUBORDINATION OF SECURITIES	 	 	71	 
	 	 	SECTION 15.1	 	AGREEMENT OF SUBORDINATION
	 	 	71	 
	 	 	SECTION 15.2	 	PAYMENTS TO HOLDERS
	 	 	71	 
	 	 	SECTION 15.3	 	SUBROGATION OF SECURITIES
	 	 	74	 
	 	 	SECTION 15.4	 	AUTHORIZATION TO EFFECT SUBORDINATION
	 	 	75	 
	 	 	SECTION 15.5	 	NOTICE TO TRUSTEE
	 	 	75	 
	 	 	SECTION 15.6	 	TRUSTEE’S RELATION TO SENIOR DEBT
	 	 	76	 
	 	 	SECTION 15.7	 	NO IMPAIRMENT OF SUBORDINATION
	 	 	76	 






iv  









 






	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 	 	SECTION 15.8	 	CERTAIN CONVERSIONS/EXCHANGES DEEMED PAYMENT
	 	 	76	 
	 	 	SECTION 15.9	 	ARTICLE APPLICABLE TO PAYING AGENTS
	 	 	77	 
	 	 	SECTION 15.10	 	SENIOR DEBT ENTITLED TO RELY
	 	 	77	 
	 	 	SECTION 15.11	 	RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING AGENT
	 	 	77	 
	 	 	SECTION 15.12	 	TRUST MONIES NOT SUBORDINATED
	 	 	78	 






v  









 






     INDENTURE, dated as of February 17, 2011, between Evergreen Solar, Inc., a corporation duly
organized and existing under the laws of the State of Delaware (herein called the “Company”),
having its principal executive office at 138 Bartlett Street, Marlboro, Massachusetts, and U.S.
Bank National Association, a national banking association duly organized and existing under the
laws of the Unites States, 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 unsecured subordinated debentures, notes or other evidences
of indebtedness (herein called the “Securities”), to be issued in one or more series as provided in
this Indenture.



     All things necessary to make this Indenture a valid 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 covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof appertaining, as follows:



ARTICLE 1




DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION




SECTION 1.1 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 in the United States of
America, and, except as otherwise herein expressly provided, the term “generally accepted
accounting principles” with respect to any computation required or permitted hereunder shall
mean such accounting principles in the United States of America as are generally accepted at
the date of such computation;




     (4) all references to “$” refer to the lawful currency of the United States of America;



 









 






     (5) 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; and




     (6) 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.



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

Section 1.4.



     “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.



     “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to
act on behalf of the Trustee to authenticate Securities of one or more series.



     “Board of Directors” means either the board of directors of the Company or any duly authorized
committee of that board empowered to act for it with respect to this Indenture.



     “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.



     “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.



     “Common Stock” includes any stock of any class of the Company which has no preference in
respect of dividends or of amounts payable in the event of any voluntary or involuntary
liquidation, dissolution or winding-up of the Company and which is not subject to redemption by the
Company; provided, however, subject to the provisions of Section 14.9, shares issuable upon
conversion of Securities shall include only shares of the class designated as Common Stock of the
Company at the date of this Indenture or shares of any class or classes resulting from any
reclassification or reclassifications thereof and which have no preference in respect of dividends
or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or
winding-up of the Company and which are not subject to redemption by the Company; provided,
further, that if at any time there shall be more than one such resulting class, the shares of each
such class then so issuable shall be substantially in the proportion which the total number of
shares of such class resulting from all such reclassifications bears to the total number of shares
of all such classes resulting from all such reclassifications.



2









 





     “Company” means the corporation 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 its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive
Officer, its President or a Vice President, and by its principal financial officer, its Treasurer,
an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.



     “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.



     “Corporate Trust Office” means the corporate trust office of the Trustee at 633 West 5th Street, 24th Floor, Los Angeles, California 90071, Attention: Corporate Trust Services (Evergreen Solar, Inc. 4% Convertible Subordinated Additional Cash Notes), or such other office, designated by
the Trustee by written notice to the Company, at which at any particular time its corporate trust
business shall be administered.



     “corporation” means a corporation, association, company, joint-stock company or business
trust.



     “Covenant Defeasance” has the meaning specified in Section 13.3.



     “Defaulted Interest” has the meaning specified in Section 3.7.



     “Defeasance” has the meaning specified in Section 13.2.



     “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 registered under the Exchange Act that
is designated to act as Depositary for such Securities as contemplated by Section 3.1.



     “Designated Senior Debt” means the Company’s obligations under any particular Senior Debt in
which the instrument creating or evidencing the same or the assumption or guarantee thereof (or
related agreements or documents to which the Company is a party) expressly provides that such
Senior Debt shall be “Designated Senior Debt” for purposes of this Indenture (provided that such
instrument, agreement or other document may place limitations and conditions on the right of such
Senior Debt to exercise the rights of Designated Senior Debt). If any payment made to any holder of
any Designated Senior Debt or its Representative with respect to such Designated Senior Debt is
rescinded or must otherwise be returned by such holder or Representative upon the insolvency,
bankruptcy or reorganization of the Company or otherwise, the reinstated Indebtedness of the
Company arising as a result of such rescission or return shall constitute Designated Senior Debt
effective as of the date of such rescission or return.



     “euro” or “euros” means the currency adopted by those nations participating in the third stage
of the economic and monetary union provisions of the Treaty on European Union, signed at Maastricht
on February 7, 1992.



3









 





     “European Economic Area” means the member nations of the European Economic Area pursuant to
the Oporto Agreement on the European Economic Area dated May 2, 1992, as amended.



     “European Union” means the member nations of the European Union established by the Treaty of
European Union, signed at Maastricht on February 2, 1992, which amended the Treaty of Rome
establishing the European Community.



     “Event of Default” has the meaning specified in Section 5.1.



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



     “Expiration Date” has the meaning specified in Section 1.4.



     “Foreign Government Obligation” means with respect to Securities of any series which are not
denominated in the currency of the United States of America
(x) any security which is (i) a direct obligation of the government which issued or caused to
be issued the currency in which such security is denominated and for the payment of which
obligations its full faith and credit is pledged, or, with respect to Securities of any series
which are denominated in euros, a direct obligation of any member nation of the European Union for
the payment of which obligation the full faith and credit of the respective nation is pledged so
long as such nation has a credit rating at least equal to that of the highest rated member nation
of the European Economic Area, or (ii) an obligation of a Person controlled or supervised by or
acting as an agency or instrumentality of a government specified in clause (i) above the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the such
government, which, in either case (i) or (ii), is not callable or redeemable at the option of the
issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act) as custodian with respect to any Foreign Government Obligation which is
specified in clause (x) above and held by such bank for the account of the holder of such
depositary receipt, or with respect to any specific payment of principal of or interest on any
Foreign Government Obligation which is so specified and held, provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder
of such depositary receipt from any amount received by the custodian in respect of the Foreign
Government Obligation or the specific payment of principal or interest evidenced by such depositary
receipt.



     “Global Security” means a Security that evidences all or part of the Securities of any series
and bears the legend set forth in Section 2.4 (or such legend as may be specified as contemplated
by Section 3.1 for such Securities).



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



     “Indebtedness” means, with respect to any Person, all obligations, whether or not contingent,
whether secured or unsecured, due or to become due, outstanding on the date of this Indenture or
thereafter created, incurred or assumed, of such Person (i) (a) for borrowed money (including, but
not limited to, any indebtedness secured by a security interest, mortgage or other lien on the
assets of that Person that is (1) given to secure all or part of the purchase price of



4









 







property subject thereto, whether given to the vendor of such property or to another, or (2)
existing on property at the time of acquisition thereof), (b) evidenced by a note or similar
instrument given in connection with the acquisition of any businesses, (c) evidenced by a credit or
loan agreement, note, debenture, bond or other written instrument, (d) under a lease required to be
capitalized on the balance sheet of the lessee under GAAP or under other leases for facilities,
capital equipment or related assets, whether or not capitalized, entered into or leased for
financing purposes, (e) in respect of letters of credit, bank guarantees, bankers’ acceptances and
similar facilities (including reimbursement obligations with respect to any of the foregoing), (f)
issued or assumed as the deferred purchase price of any property or services, but excluding trade
accounts payable and accrued liabilities arising in the ordinary course of business, (g) under
interest rate or currency swap agreements, cap, floor, collar agreements, hedge agreements, forward
contracts and similar agreements and arrangements; (ii) with respect to any obligation of others of
the type described in the preceding clause (i) and all dividends of another Person, the payment of
which, in either case, assumed by or guaranteed in any manner by such Person or for which such
Person is responsible or liable, jointly or severally, as obligor, guarantor or otherwise, or which
are secured by a lien on such Person’s property; and (iii) any and all renewals, extensions,
modifications, replacements, restatements and refundings of, or any Indebtedness or obligation
issued in exchange for, any such Indebtedness or obligation described in the preceding clauses (i)
or (ii).



     “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 3.1; provided, however, that if at any time more than one Person is acting as Trustee under
this Indenture due to the appointment of one or more separate Trustees for any one or more separate
series of Securities, “Indenture” shall mean, with respect to such series of Securities for which
any such Person is Trustee, this instrument as originally executed or 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 and shall include the terms of particular series of Securities for
which such Person is Trustee established as contemplated by Section 3.1, exclusive, however, of any
provisions or terms which relate solely to other series of Securities for which such Person is not
Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions
or terms adopted by means of one or more indentures supplemental hereto executed and delivered
after such Person had become such Trustee, but to which such person, as such Trustee, was not a
party; provided, further that in the event that this Indenture is supplemented or amended by one or
more indentures supplemental hereto which are only applicable to certain series of Securities, the
term “Indenture” for a particular series of Securities shall only include the supplemental
indentures applicable thereto.



     “interest,” when used with respect to an Original Issue Discount Security, which by its terms
bears interest only after Maturity, means interest payable after Maturity.



     “Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of
an installment of interest on such Security.



5









 





     “Investment Company Act” means the Investment Company Act of 1940 and any statute successor
thereto, in each case as amended from time to time.



     “Maturity,” when used with respect to any Security, means the date on which the principal of
such Security or an installment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, repurchase at the option of the
Holder, upon redemption or otherwise.



     “Notice of Default” means a written notice of the kind specified in Section 5.1(4).



     “Officers’ Certificate” means a certificate signed by the Chairman of the Board, a Vice
Chairman of the Board, the Chief Executive Officer, the President or a Vice President, and by the
principal financial officer, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers’
Certificate given pursuant to Section 10.4 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, or an
employee of, the Company, and who shall be reasonably acceptable to the Trustee.



     “Original Issue Discount Security” means any Security that provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.2.



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




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




     (2) Securities for whose payment or redemption money 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 as to which Defeasance has been effected pursuant to Section 13.2; and




     (4) Securities which have been paid pursuant to Section 3.6 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;



6









 




provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand, authorization, direction,
notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an
Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the
principal thereof which would be due and payable as of such date upon acceleration of the Maturity
thereof to such date pursuant to Section 5.2, (B) if, as of such date, the principal amount payable
at the Stated Maturity of a Security is not determinable, the principal amount of such Security
which shall be deemed to be Outstanding shall be the amount as specified or determined as
contemplated by Section 3.1, (C) the principal amount of a Security denominated in one or more
non-U.S. dollar currencies or currency units which shall be deemed to be Outstanding shall be the
U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by
Section 3.1, of the principal amount of such Security (or, in the case of a Security described in
clause (A) or (B) above, of the amount determined as provided in such clause), and (D) 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 the
Trustee knows to be so owned shall be so disregarded. 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.




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



     “Payment Blockage Notice” has the meaning specified in Section 15.2.



     “Person” means any individual, corporation, limited liability company, 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, means the place or
places where the principal of and any premium and interest on the Securities of that series are
payable as specified as contemplated by Section 3.1.



     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security.



     “Record Date” means any Regular Record Date or Special Record Date.



     “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.



7









 





     “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.



     “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities
of any series means the date specified for that purpose as contemplated by Section 3.1.



     “Representative” means the (a) indenture trustee or other trustee, agent or representative for
any Senior Debt or (b) with respect to any Senior Debt that does not have any such trustee, agent
or other representative, (i) in the case of such Senior Debt issued pursuant to an agreement
providing for voting arrangements as among the holders or owners of such Senior Debt, any holder or
owner of such Senior Debt acting with the consent of the required persons necessary to bind such
holders or owners of such Senior Debt and (ii) in the case of all other such Senior Debt, the
holder or owner of such Senior Debt.



     “Responsible Officer” means, when used with respect to the Trustee, an officer of the Trustee
in the Corporate Trust Office assigned and duly authorized by the Trustee to administer its
corporate trust matters.



     “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture.



     “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
3.5.



     “Senior Debt” means the principal of, premium, if any, and interest (including all interest
accruing subsequent to the commencement of any bankruptcy or similar proceeding, whether or not a
claim for post-petition interest is allowable as a claim in any such proceeding) on, and all fees
and other amounts payable in connection with, Indebtedness of the Company, whether outstanding on
the date of this Indenture or thereafter created, incurred, assumed, guaranteed or in effect
guaranteed by the Company (including all deferrals, renewals, extensions or refundings of, or
amendments, modifications or supplements to, the foregoing), unless in the case of any particular
Indebtedness the instrument creating or evidencing the same or the assumption or guarantee thereof
expressly provides that such Indebtedness shall not be senior in right of payment to the Securities
or expressly provides that such Indebtedness is “pari passu” or “ junior” to the Securities.
Notwithstanding the foregoing, the term Senior Debt shall not include any Indebtedness of the
Company to any Subsidiary of the Company. If any payment made to any holder of any Senior Debt or
its Representative with respect to such Senior Debt is rescinded or must otherwise be returned by
such holder or Representative upon the insolvency, bankruptcy or reorganization of the Company or
otherwise, the reinstated Indebtedness of the Company arising as a result of such rescission or
return shall constitute Senior Debt effective as of the date of such rescission or return.



     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7.



8









 





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



     “Subsidiary” means a Person of which more than 50% of the outstanding voting stock having the
power to elect a majority of the board of directors of such Person (in the case of a corporation)
is, or of which more than 50% of the equity interests (in the case of a Person which is not a
corporation) are, at the time owned, directly or indirectly, by the Company or by one or more other
Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this
definition, “voting stock” means stock or other similar interests to the Company which ordinarily
has or have voting power for the election of directors, or persons performing similar functions,
whether at all times or only so long as no senior class of stock or other interests has or have
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 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.



     “U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the
United States of America for the payment of which the full faith and credit of the United States of
America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States of America the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America, which, in either
case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as
custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and
held by such bank for the account of the holder of such depositary receipt, or with respect to any
specific payment of principal of or interest on any U.S. Government Obligation which is so
specified and held, provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific payment of
principal or interest evidenced by such depositary receipt.



     “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.”



9









 





SECTION 1.2 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. 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;




     (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 or she has made such
examination or investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been 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 1.3 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 or her certificate or opinion is
based are erroneous. Any such certificate or opinion of 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.



10









 





     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 1.4 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. The Trustee shall promptly deliver to
the Company copies of all such instrument or instruments delivered to the Trustee. Such instrument
or instruments (and the action embodied 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 6.1) 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 or her the execution thereof. Where such
execution is by a signer acting in a capacity other than his or her individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his or her 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 that 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, vote, 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 Expiration Date by Holders of the requisite principal amount of



11









 







Outstanding Securities 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 principal amount of Outstanding Securities 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
Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.6.



     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 declaration of acceleration referred to in Section 5.2, (iii) any request to
institute proceedings referred to in Section 5.7(2) or (iv) any direction referred to in Section
5.12, 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 Expiration Date by Holders of the
requisite principal amount of Outstanding Securities 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 principal amount of Outstanding Securities 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 Expiration 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 1.6.



     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 “Expiration Date” and from time to time may change the
Expiration Date to any earlier or later day; provided that no such change shall be effective unless
notice of the proposed new Expiration 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 1.6, on or
prior to the existing Expiration Date. If an Expiration 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 Expiration Date
with respect thereto, subject to its right to change the Expiration Date as provided in this
paragraph. Notwithstanding the foregoing, no Expiration 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 Security may do so with regard to all or any part of the principal



12









 







amount of such Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such principal amount.



SECTION 1.5 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 (or by facsimile transmissions,
provided that oral confirmation of receipt shall have been received) to or with the Trustee
at its Corporate Trust Office, Attention: Corporate Trust Department, 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, personally delivered or sent via overnight courier 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, Attention: Chief Financial Officer.



SECTION 1.6 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, or delivered by hand or overnight courier, to each Holder affected by
such event, at its 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. Neither the failure to mail or deliver by hand or overnight courier any notice, nor any
defect in any notice so mailed or delivered by hand or overnight courier, 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.



SECTION 1.7 CONFLICT WITH TRUST INDENTURE ACT.




     If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act that is required under the Trust Indenture 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



13









 







latter provision shall be deemed to apply to this Indenture as so modified or to be excluded,
as the case may be.



SECTION 1.8 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 1.9 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 1.10 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 1.11 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, the holders of Senior Debt and the
Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.



SECTION 1.12 GOVERNING LAW.




     THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE
STATE OF NEW YORK.



SECTION 1.13 LEGAL HOLIDAYS.




     In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security or the last date on which a Holder has the right to convert a Security at a particular
conversion price or conversion rate, as the case may be, 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 of interest or principal (and premium, if any) or, if applicable to a
particular series of Securities, conversion 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 Interest Payment Date or Redemption Date, at the Stated Maturity or on
such last day for conversion, as the case may be.



14









 





SECTION 1.14 INDENTURE AND SECURITIES SOLELY CORPORATE OBLIGATIONS.




     No recourse for the payment of the principal of or premium, if any, or interest on any
Security, or for any claim based thereon or otherwise in respect thereof, and no recourse under or
upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental
indenture or in any Security, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, employee, agent, officer, or director or
subsidiary, as such, past, present or future, of the Company or of any successor corporation,
either directly or through the Company or any successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise; it being expressly understood that all such liability is hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the
issue of the Securities.



SECTION 1.15 INDENTURE MAY BE EXECUTED IN COUNTERPARTS.




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



ARTICLE 2




SECURITY FORMS




SECTION 2.1 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 3.3 for the authentication
and delivery of such Securities. Any such Board Resolution or record of such action shall have
attached thereto a true and correct copy of the form of Security referred to therein approved by or
pursuant to such Board Resolution.



     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.



15









 





SECTION 2.2 FORM OF FACE OF SECURITY.




     [INSERT ANY LEGEND REQUIRED BY THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER.]



EVERGREEN SOLAR, INC.




			
	NO.                     
	 	$                                        
	 	 	 
	 
	 	CUSIP:                     






     Evergreen Solar, Inc., a corporation duly organized and existing under the laws of Delaware
(herein called the “Company,” which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                                                             , or
registered assigns, the principal sum of                                          dollars on                      [IF THE
SECURITY IS TO BEAR INTEREST PRIOR TO MATURITY, INSERT —, and to pay interest thereon from
                     or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on                      and                      in each year, commencing                     ,
at the rate of ___% per annum, until the principal hereof is paid or made available for payment
[IF APPLICABLE, INSERT —, provided that any principal and premium, and any such installment of
interest, which is overdue shall bear interest at the rate of ___% per annum (to the extent that
the payment of such interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment, and such interest shall be payable on demand].
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest, which shall be the                      or                      (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture].



     [IF THE SECURITY IS NOT TO BEAR INTEREST PRIOR TO MATURITY, INSERT — The principal of this
Security shall not bear interest except in the case of a default in payment of principal upon
acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any
overdue premium shall bear interest at the rate of ___% per annum (to the extent that the payment
of such interest shall be legally enforceable), from the dates such amounts are due until they are
paid or made available for payment. Interest on any overdue principal or premium shall be payable
on demand. [Any such interest on overdue principal or premium which is not paid on demand shall
bear interest at the rate of ___% per annum (to the



16









 







extent that the payment of such interest on interest shall be legally enforceable), from the
date of such demand until the amount so demanded is paid or made available for payment. Interest on
any overdue interest shall be payable on demand.]]



     Payment of the principal of (and premium, if any) and [IF APPLICABLE, INSERT — any such]
interest on this Security will be made at the office or agency of the Company maintained for that
purpose in                                         , in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts [IF APPLICABLE, INSERT
—; provided, however, that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register].



     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:




	 	 	 	 	 
	 	 	EVERGREEN SOLAR, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 





ATTEST:




                                                            




SECTION 2.3 FORM OF REVERSE OF SECURITY.




     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
                    ,
200___ (herein called the “Indenture,” which term shall have the meaning assigned to it
in such instrument), between the Company and                                                             , as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture), and reference is
hereby made to the Indenture and all indentures supplemental thereto for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of



17









 




the Company, the Trustee, the holders of Senior Debt and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and delivered. This Security
is one of the series designated on the face hereof [IF APPLICABLE, INSERT —, limited in aggregate
principal amount to $                    ].




     [IF APPLICABLE, INSERT — The Securities of this series are subject to redemption upon not
less than [IF APPLICABLE, INSERT — 30] days’ notice by mail, [IF APPLICABLE, INSERT — (1) on
                     in any year commencing with the year ___and ending with the year ___through
operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal
amount, and (2)] 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 (expressed as
percentages of the principal amount): If redeemed [IF APPLICABLE, INSERT — on or before
                    , ___%, and if redeemed] during the 12-month period beginning                      of the years
indicated, and thereafter at a Redemption Price equal to ___% of the principal amount, together
in the case of any such redemption [IF APPLICABLE, INSERT — (whether through operation of the
sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments
whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such
Securities, or one or more Predecessor Securities, of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]



	 	 	 
	YEAR	 	REDEMPTION PRICE
	 

	 	 





     [IF APPLICABLE, INSERT —The Securities of this series are subject to redemption upon not less
than [IF APPLICABLE, INSERT — 30] days’ notice by mail, (1) on                      in any year commencing
with the year ___and ending with the year ___through operation of the sinking fund for this
series at the Redemption Prices for redemption through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below, and (2) at any time [IF
APPLICABLE, INSERT — on or after                     ], as a whole or in part, at the election of the
Company, at the Redemption Prices for redemption otherwise than through operation of the sinking
fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed
during the 12-month period beginning                      of the years indicated, and thereafter at a
Redemption Price equal to ___% of the principal amount, together in the case of any such redemption
(whether through operation of the sinking fund or otherwise) with accrued interest to the
Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of
record at the close of business on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture.]



	 	 	 	 	 
	 	 	 	 	REDEMPTION PRICE
	 	 	REDEMPTION PRICE	 	FOR REDEMPTION
	 	 	FOR REDEMPTION	 	OTHERWISE THAN
	 	 	THROUGH OPERATION	 	THROUGH OPERATION
	YEAR	 	OF THE SINKING FUND	 	OF THE SINKING FUND
	 
	 	 
	 	 





18









 






     [IF APPLICABLE, INSERT — Notwithstanding the foregoing, the Company may not, prior to
                    , redeem any Securities of this series as contemplated by [IF APPLICABLE, INSERT —
clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation
by the application, directly or indirectly, of moneys borrowed having an interest cost to the
Company (calculated in accordance with generally accepted financial practice) of less than ___% per
annum.]



     [IF APPLICABLE, INSERT — The sinking fund for this series provides for the redemption on
                    , in each year beginning with the year ___and ending with the year ___of [IF
APPLICABLE, INSERT — not less than $                     (“mandatory sinking fund”) and not more than]
$                     aggregate principal amount of Securities of this series. Securities of this series
acquired or redeemed by the Company otherwise than through [IF APPLICABLE, INSERT — mandatory]
sinking fund payments may be credited against subsequent [IF APPLICABLE, INSERT — mandatory]
sinking fund payments otherwise required to be made IF APPLICABLE, INSERT —, in the inverse order
in which they become due].]



     [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 and of like tenor for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.]



     [IF APPLICABLE, INSERT — The Indenture contains provisions for defeasance at any time of [the
entire indebtedness of this Security] [or] [certain restrictive covenants and Events of Default
with respect to this Security] [, in each case] upon compliance with certain conditions set forth
in the Indenture.]



     [IF THE SECURITY IS CONVERTIBLE INTO OTHER SECURITIES OF THE COMPANY, SPECIFY THE CONVERSION
FEATURES.]



     The indebtedness evidenced by this Security is, to the extent and in the manner provided in
the Indenture, subordinate and subject in right of payment to the prior payment in full of all
Senior Debt of the Company, and this Security is issued subject to such provisions of the Indenture
with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall
be bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such
action as may be necessary or appropriate to effectuate the subordination so provided and (c)
appoints the Trustee his attorney-in-fact for any and all such purposes.



     [IF THE SECURITY IS NOT AN ORIGINAL ISSUE DISCOUNT SECURITY, INSERT — If an Event of Default
with respect to Securities of this series shall occur and be



19









 







continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.]



     [IF THE SECURITY IS AN ORIGINAL ISSUE DISCOUNT SECURITY, INSERT — If an Event of Default with
respect to Securities of this series shall occur and be continuing, an amount of principal of the
Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. Such amount shall be equal to — INSERT FORMULA FOR DETERMINING THE
AMOUNT. Upon payment (i) of the amount of principal so declared due and payable and (ii) of
interest on any overdue principal, premium and interest (in each case to the extent that the
payment of such interest shall be legally enforceable), all of the Company’s obligations in respect
of the payment of the principal of and premium and interest, if any, on the Securities of this
series shall terminate.]



     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 more than 50% in principal amount of the Securities at
the time Outstanding of each series to be affected. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and 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 a majority in principal amount of the
Securities 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
reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities 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 of principal hereof or any
premium or interest hereon on or after the respective due dates expressed herein.



     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
the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.



20









 





     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 where the
principal of and any premium and interest on this Security are payable, 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 its 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 aggregate principal amount, will be issued to the designated
transferee or transferees.



     The Securities of this series are issuable only in registered form without coupons in
denominations of $___and any integral multiple thereof. As provided in the Indenture and subject
to certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount 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 this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.



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



SECTION 2.4 FORM OF LEGEND FOR GLOBAL SECURITIES.




     Unless otherwise specified as contemplated by Section 3.1 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 REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.



SECTION 2.5 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.




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



21









 





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



	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Officer
	 	 






SECTION 2.6 FORM OF CONVERSION NOTICE.




     Unless otherwise as contemplated by Section 3.1, or in a supplemental indenture for the
Securities evidenced hereby, conversion notices shall be in substantially the following form:



     To Evergreen Solar, Inc.:



     The undersigned owner of this Security hereby irrevocably exercises the option to convert this
Security, or portion hereof (which is $1,000 or an integral multiple thereof) below designated,
into shares of Common Stock of the Company in accordance with the terms of the Indenture referred
to in this Security, and directs that the shares issuable and deliverable upon the conversion,
together with any check in payment for fractional shares and any Securities representing any
unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless
a different name has been indicated below. If shares are to be issued in the name of a person other
than the undersigned, the undersigned will pay all transfer taxes payable with respect hereto. Any
amount required to be paid by the undersigned on account of interest accompanies this Security.



     
Principal Amount to be Converted        
              
               
            
             (in an integral multiple of $1,000, if
less than all) U.S. $                    



	 	 	 
	Dated:                    
	 	 
	 

	 	Signature(s) must be guaranteed by an eligible
guarantor institution (banks, stockbrokers,
savings and loan associations and credit
unions with membership in an approved
signature guarantee medallion program)
pursuant to Securities and Exchange Commission


Rule 17Ad-15.
	 
	 	 
	 

	 	 
	 

	 	Signature Guaranty






22









 






     Fill in for registration of shares of Common Stock and Security if to be issued otherwise than
to the registered Holder.



	 	 	 
	 

	 	 
	(Name)

	 	Social Security or Other Taxpayer
	 

	 	Identification Number
	 
	 	 
	 

Please print Name and Address

	 	 
	(including zip code)
	 	 





[The above conversion notice is to be modified, as appropriate, for conversion into other
securities or property of the Company.]




ARTICLE 3




THE SECURITIES




SECTION 3.1 AMOUNT UNLIMITED; ISSUABLE IN SERIES.




     The aggregate principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited. The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution and, subject to Section 3.3, 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 Securities of any other series);




     (2) any limit upon the aggregate principal amount of the Securities of the series which
may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7 and except for any
Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and
delivered hereunder);




     (3) the Person to whom any interest on a Security of the series shall be payable, if
other than the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest;




     (4) the date or dates on which the principal of any Securities of the series is
payable;




     (5) the rate or rates (which may be fixed or variable) at which any Securities of the
series shall bear interest, if any, the date or dates from which any such interest shall
accrue, the Interest Payment Dates on which any such interest shall be payable and the



23









 







Regular Record Date for any such interest payable on any Interest Payment Date (or the
method for determining the dates and rates);




     (6) the place or places where the principal of and any premium and interest on any
Securities of the series shall be payable;




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




     (9) if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which any Securities of the series shall be issuable;




     (10) if the amount of principal of or any premium or interest on any Securities of the
series may be determined with reference to an index or pursuant to a formula, the manner in
which such amounts shall be determined;




     (11) if other than the currency of the United States of America, the currency,
currencies or currency units in which the principal of or any premium or interest on any
Securities of the series shall be payable and the manner of determining the equivalent
thereof in the currency of the United States of America for any purpose, including for
purposes of the definition of “Outstanding” in Section 1.1;




     (12) if the principal of or any premium or interest on any Securities of the series is
to be payable, at the election of the Company or the Holder thereof, in one or more
currencies or currency units other than that or those in which such Securities are stated to
be payable, the currency, currencies or currency units in which the principal of or any
premium or interest on such Securities as to which such election is made shall be payable,
the periods within which and the terms and conditions upon which such election is to be made
and the amount so payable (or the manner in which such amount shall be determined);




     (13) if other than the entire principal amount thereof, the portion of the principal
amount of any Securities of the series which shall be payable upon declaration of
acceleration of the Maturity thereof pursuant to Section 5.2;




     (14) if the principal amount payable at the Stated Maturity of any Securities of the
series will not be determinable as of any one or more dates prior to the Stated Maturity,
the amount which shall be deemed to be the principal amount of such Securities as of any
such date for any purpose thereunder or hereunder, including the principal



24









 







amount thereof which shall be due and payable upon any Maturity other than the Stated
Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated
Maturity (or, in any such case, the manner in which such amount deemed to be the principal
amount shall be determined);




     (15) if applicable, that the Securities of the series, in whole or any specified part,
shall be defeasible pursuant to Section 13.2 or Section 13.3 or both such Sections, or any
other defeasance provisions applicable to any Securities of the series, and, if other than
by a Board Resolution, the manner in which any election by the Company to defease such
Securities shall be evidenced;




     (16) if applicable, the terms of any right to convert or exchange Securities of the
series into shares of Common Stock of the Company or other securities or property;




     (17) 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 of that set forth in Section 2.4
and any circumstances in addition to or in lieu of those set forth in clause (2) of the last
paragraph of Section 3.5 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;




     (18) any addition to or change in the Events of Default which applies to any Securities
of the series and any change in the right of the Trustee or the requisite Holders of such
Securities to declare the principal amount thereof due and payable pursuant to Section 5.2;




     (19) any addition to or change in the covenants set forth in Article 10 which applies
to Securities of the series;




     (20) any Authenticating Agents, Paying Agents, Security Registrars or such other agents
necessary in connection with the issuance of the Securities of such series, including,
without limitation, exchange rate agents and calculation agents;




     (21) if applicable, the terms of any security that will be provided for a series of
Securities, including provisions regarding the circumstances under which collateral may be
released or substituted;




     (22) if applicable, the terms of any guaranties for the Securities and any
circumstances under which there may be additional obligors on the Securities;




     (23) any addition to or change in or modification to the subordination provisions of
this Indenture relating to the Securities of that series (including the provisions of
Article 15), or different subordination provisions, including a different definition of
“Senior Debt” or “Designated Senior Debt,” will apply to Securities of the series; and



25









 






     (24) any other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by
Section 9.1(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 3.3) set forth, or determined in the 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 shall be subordinated in right of payment to Senior Debt as provided in Article
15.



SECTION 3.2 DENOMINATIONS.




     The Securities of each series shall be issuable only in registered form without coupons and
only in such denominations as shall be specified as contemplated by Section 3.1. 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 $1,000 and any integral multiple thereof.



SECTION 3.3 EXECUTION, AUTHENTICATION, DELIVERY AND DATING.




     The Securities shall be executed on behalf of the Company by its Chairman of the Board, its
Vice Chairman of the Board, its Chief Executive Officer, its principal financial officer, its
President or one of its Vice Presidents, attested by its Treasurer, its Secretary or one of its
Assistant Treasurers or Assistant Secretaries. The signature of any of these officers 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 series have been established by or
pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, 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 6.1) shall be
fully protected in relying upon, a copy of such Board Resolution, the Officers’



26









 







Certificate setting forth the terms of the series and an Opinion of Counsel, with such Opinion
of Counsel stating,




     (1) if the form of such Securities has been established by or pursuant to Board
Resolution as permitted by Section 2.1, 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 3.1, 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 3.1 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 3.1 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 3.9, for
all purposes of this Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture.



     Neither the Company nor the Trustee shall have any responsibility for any defect in the CUSIP
number that appears on any Security, check, advice of payment or redemption notice, and any such
document may contain a statement to the effect that CUSIP numbers have been assigned by an
independent service for convenience of reference and that neither the Company nor the Trustee shall
be liable for any inaccuracy in such numbers.




27











 





SECTION 3.4 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 and of like tenor
and aggregate principal amount. 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 3.5 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 principal amount.



     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 principal amount,
upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Securities that the Holder making the exchange is entitled to receive.



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     All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt, 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 its 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 3.4, 9.6 or 11.7 not involving any transfer.



     If the Securities of any series (or of any series and specified tenor) 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 (or of that series and specified tenor, as the case may be) 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 11.3 and ending at the
close of business on the day of such mailing, 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 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, 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 unless (A) such Depositary (i) has
notified the Company that it is 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) there shall exist such circumstances, if any, in addition to or
in lieu of the foregoing as have been specified for this purpose as contemplated by Section
3.1.




     (3) Subject to clause (2) above, 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.



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     (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 3.4, 3.6, 9.6 or 11.7 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.



SECTION 3.6 MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.




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



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



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



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



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



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



SECTION 3.7 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.




     Except as otherwise provided as contemplated by Section 3.1 with respect to any series of
Securities or in a supplemental indenture with respect to any series of Securities, interest on any
Security which is payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest.



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     Any interest on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (1) or (2) below:




     (1) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Security of such series and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days
and not less than 10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be given to each Holder of Securities of
such series in the manner set forth in Section 1.6, not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to
the Persons in whose names the Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (2).




     (2) The Company may make payment of any Defaulted Interest on the Securities of any
series in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.



     Subject to the foregoing provisions of this Section, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Security
shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.



SECTION 3.8 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



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Security is registered as the owner of such Security for the purpose of receiving payment of
principal of and any premium and (subject to Section 3.7) any interest on such Security and for all
other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the
Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.




SECTION 3.9 CANCELLATION.




     All Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment 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 in
accordance with its customary procedures.



SECTION 3.10 COMPUTATION OF INTEREST.



Except as otherwise specified as contemplated by Section 3.1 for Securities of any series, interest
on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day
months.




ARTICLE 4




SATISFACTION AND DISCHARGE




SECTION 4.1 SATISFACTION AND DISCHARGE OF INDENTURE.




     This Indenture shall upon Company Request cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein expressly provided
for), 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 or
paid as provided in Section 3.6 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Trustee
or the Company and thereafter repaid to the Company or discharged from such trust,
as provided in Section 10.3) have been delivered to the Trustee for cancellation; or



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




     (i) have become due and payable, or




     (ii) will become due and payable at their Stated Maturity 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 in trust for the purpose money in an
amount sufficient to pay and discharge the entire indebtedness on such Securities
not theretofore delivered to the Trustee for cancellation, for principal and any
premium and interest to the date of such deposit (in the case of Securities which
have become due and payable) or to the Stated Maturity or Redemption Date, 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 6.7, the obligations of the Trustee to any Authenticating
Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to
subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 4.2 and
the last paragraph of Section 10.3 shall survive.



SECTION 4.2 APPLICATION OF TRUST MONEY.




     Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the
Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal and any premium and interest for whose payment
such money has been deposited with the Trustee.



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ARTICLE 5




REMEDIES




SECTION 5.1 EVENTS OF DEFAULT.




     “Event of Default,” wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default and whether it shall be
occasioned by the provisions of Article 15 or 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), unless in the Board Resolution,
supplemental indenture or Officers’ Certificate establishing such series, it is provided that such
series shall not have the benefit of said Event of Default:




     (1) default in the payment of any interest upon any Security of that series when it
becomes due and payable, and continuance of such default for a period of 30 days; or




     (2) default in the payment of the principal of or any premium on any Security of that
series at its Maturity; or




     (3) default in the deposit of any sinking fund payment, when and as due by the terms of
a Security of that series; or




     (4) 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 series of Securities other than that
series), and continuance of such default or breach for a period of 90 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 25% in principal amount of the Outstanding
Securities 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




     (5) 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 90 consecutive days;
or




     (6) the commencement by the Company of a voluntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other



34









 






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; or




     (7) any other Event of Default provided with respect to Securities of that series in
the Board Resolution, supplemental indenture or Officers’ Certificate establishing that
series.



SECTION 5.2 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.




     Unless the Board Resolution, supplemental indenture or Officers’ Certificate establishing such
series provides otherwise, if an Event of Default (other than an Event of Default specified in
Section 5.1(5) or 5.1(6)) with respect to Securities of any series at the time Outstanding occurs
and is continuing, then in every such case the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Securities of that series may declare the principal amount of
all the Securities of that series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be specified by the
terms thereof), and premium, if any, together with accrued and unpaid interest, if any, thereon, to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders), and upon any such declaration such principal amount (or specified amount), and
premium, if any, together with accrued and unpaid interest, if any, thereon, shall become
immediately due and payable. If an Event of Default specified in Section 5.1(5) or 5.1(6) with
respect to Securities of any series at the time Outstanding occurs, the principal amount of all the
Securities of that series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be specified by the
terms thereof), and premium, if any, together with accrued and unpaid interest, if any, thereon,
shall automatically, and without any declaration or other action on the part of the Trustee or any
Holder, become immediately due and payable. Any payments by the Company on the Securities following
any such acceleration will be subject to the subordination provisions of Article 15 to the extent
provided therein.



     At any time after such a declaration of acceleration with respect to Securities of any series
has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of
the Outstanding Securities of that series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if



35









 






     (1) the Company has paid or deposited with the Trustee a sum sufficient to pay




     (A) all overdue interest on all Securities of that series,




     (B) the principal of (and premium, if any, on) any Securities of that series
which have become due otherwise than by such declaration of acceleration and any
interest thereon at the rate or rates prescribed therefor in such Securities,




     (C) to the extent that payment of such interest is lawful, interest upon
overdue interest at the rate or rates prescribed therefor in such Securities, and




     (D) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel; and




     (2) all Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series that have become due solely by
such declaration of acceleration, have been cured or waived as provided in Section 5.13.



     No such rescission shall affect any subsequent default or impair any right consequent thereon.



SECTION 5.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.




     The Company covenants that if




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




     (2) default is made in the payment of the principal of (or premium, if any, on) any
Security at the Maturity thereof,



     the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of
such Securities, the whole amount then due and payable on such Securities for principal and any
premium and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.



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



36









 





SECTION 5.4 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 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 6.7. 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 5.5 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES.




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



SECTION 5.6 APPLICATION OF MONEY COLLECTED.




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



     FIRST: To the payment of all amounts due the Trustee under Section 6.7;



     SECOND: Subject to Article 15, to the payment of the amounts then due and unpaid for principal
of and any premium, if any, and interest on the Securities in respect of which or for the benefit
of which such money has been collected, ratably, without preference or priority of any kind,
according to the amounts due and payable on such Securities for principal and any premium, if any,
and interest, respectively; and



37









 





     THIRD: The balance, if any, to the Company or any other Person or Persons entitled thereto.



SECTION 5.7 LIMITATION ON SUITS.




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




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




     (2) the Holders of at least a majority in aggregate principal amount of the Outstanding
Securities of that series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;




     (3) such Holder or Holders have offered to the Trustee reasonable indemnity 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 principal amount of the
Outstanding Securities of that series;


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




SECTION 5.8 UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST AND TO


 CONVERT.




     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Section 3.7) interest on such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on the Redemption Date), to convert such
Securities in accordance with Article 14 to the extent that such right to convert is applicable to
such Security, and to institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.



SECTION 5.9 RESTORATION OF RIGHTS AND REMEDIES.




     If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or



38









 




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 5.10 RIGHTS AND REMEDIES CUMULATIVE.




     Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 3.6, 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 5.11 DELAY OR OMISSION NOT WAIVER.




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



SECTION 5.12 CONTROL BY HOLDERS.




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




     (1) such direction shall not be in conflict with any rule of law or with this Indenture
and the Trustee shall not have determined that the action so directed would be unjustly
prejudicial to Holders of Securities of that series, or any other series, not taking part in
such direction; and




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



SECTION 5.13 WAIVER OF PAST DEFAULTS.




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



39









 






     (1) a default in the payment of the principal of or any premium or interest on any
Security of such series as and when the same shall become due and payable by the terms
thereof, otherwise than by acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest, principal and premium, if any, has
been deposited with the Trustee), or




     (2) to the extent such right is applicable to such Security, a failure by the Company
on request to convert any Security into Common Stock; or




     (3) in respect of a covenant or provision hereof which under Article 9 cannot be
modified or amended without the consent of the Holder of each Outstanding Security 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 5.14 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 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 in any suit for the enforcement of the right to convert any Security
in accordance with Article 14.



SECTION 5.15 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 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 6




THE TRUSTEE




SECTION 6.1 CERTAIN DUTIES AND RESPONSIBILITIES.




     The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to



40









 




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.




SECTION 6.2 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 except in the case of a default in the payment of
principal of (or premium, if any) or interest on any Securities of such series or in the payment of
any sinking fund installment or any conversion right applicable to Securities of such series, the
Trustee shall be protected in withholding such notice if and so long as a trust committee of
directors and/or Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interests of the holders of Securities of such series; provided, further,
however, that in the case of any default of the character specified in Section 5.1(4) with respect
to Securities of such series, no such notice to Holders shall be given until at least 60 days after
the occurrence thereof. For the purpose of this Section, the term “default” means any event that
is, or after notice or lapse of time or both would become, an Event of Default with respect to
Securities of such series.



     Except with respect to Section 10.1, the Trustee shall have no duty to inquire as to the
performance of the Company with respect to the covenants contained in Article 10. In addition, the
Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or
Event of Default occurring pursuant to Sections 5.1(1), 5.1(2) and 5.1(3) (defaults in payments on
the Securities) or (ii) any Default or Event of Default of which the Trustee shall have received
written notification or obtained actual knowledge.



     Delivery of reports, information and documents to the Trustee under Section 7.4 is for
informational purposes only and the Trustee’s receipt of the foregoing shall not constitute
constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of their covenants hereunder (as to which the
Trustee is entitled to rely conclusively on Officers’ Certificates).



SECTION 6.3 CERTAIN RIGHTS OF TRUSTEE.




     Subject to the provisions of Section 6.1:




     (1) in the absence of bad faith on the part of the Trustee, the Trustee may rely and
shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document believed by it to
be genuine and to have been signed or presented by the proper party or parties;



41









 






     (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) is
entitled to and may, in the absence of bad faith on its part, rely upon an Officers’
Certificate;




     (4) the Trustee may consult with counsel and the written 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 reasonable security or
indemnity 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, bond, debenture, note, other evidence of indebtedness or
other paper or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney; and




     (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.



SECTION 6.4 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 neither the Trustee nor any
Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity, sufficiency or priority of this Indenture or of the Securities.
Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by
the Company of Securities or the proceeds thereof.



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SECTION 6.5 MAY HOLD SECURITIES AND ACT AS TRUSTEE UNDER OTHER INDENTURES.




     The Trustee, any Authenticating Agent, 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 6.8 and 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent.



     Subject to the limitations imposed by the Trust Indenture Act, nothing in this Indenture shall
prohibit the Trustee from becoming and acting as trustee under other indentures under which other
securities, or certificates of interest of participation in other securities, of the Company are
outstanding in the same manner as if it were not Trustee hereunder.



SECTION 6.6 MONEY HELD IN TRUST.




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



SECTION 6.7 COMPENSATION AND REIMBURSEMENT.




     The Company agrees:




     (1) to pay to the Trustee from time to time reasonable compensation 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 the Trustee for, and to hold it harmless against, any loss, liability
or expense 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 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 after an Event of Default specified in
Section 5.1(5) or Section 5.1(6) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any applicable bankruptcy, insolvency, reorganization or similar law.



43









 





SECTION 6.8 CONFLICTING INTERESTS.




     If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act and there is an Event of Default under the Securities of that series, 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.



SECTION 6.9 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 and has (or if the Trustee is a member of a bank holding company system, its bank holding
company has) a combined capital and surplus of at least $50,000,000. If any such Person or bank
holding company 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
or bank holding company 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 6.10 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 6.11. 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 6.11 shall not
have been delivered to the Trustee within 30 days after the giving of such notice of resignation,
the resigning Trustee may petition 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 principal amount of the Outstanding Securities of such series,
delivered to the Trustee and to the Company.



     If at any time:




     (1) the Trustee shall fail to comply with Section 6.8 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




     (2) the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign
after written request therefor by the Company or by any such Holder, or



44









 






     (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 5.14, 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 6.11. 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 principal amount of the Outstanding Securities 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 6.11, 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 6.11, the retiring Trustee may petition, or any Holder who has
been a bona fide Holder of a Security of such series for at least six months may petition, on
behalf of himself and all others similarly situated, 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 1.6. 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.



SECTION 6.11 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



45









 




retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all
property and money 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 property and money 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 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 6.12 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 (including the administration of the trust created by this
Indenture), 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



46









 




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. In the event that any Securities shall not have been
authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver
such Securities in either its own name or that of such predecessor Trustee, with the full force and
effect which this Indenture provides for the certificate of authentication of the Trustee.




SECTION 6.13 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).



SECTION 6.14 APPOINTMENT OF AUTHENTICATING AGENT.




     The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon original issue and upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section 3.6, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business under the laws of the
United States of America, any State thereof or the District of Columbia, authorized under such laws
to act as Authenticating Agent, having (or if the Authenticating Agent is a member of a bank
holding company system, its bank holding company has) a combined capital and surplus of not less
than $50,000,000 and subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Authenticating Agent 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 an Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section, such Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.



     Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.



47









 





     An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of
the series with respect to which such Authenticating Agent will serve. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section.



     The Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be entitled to be
reimbursed for such payments, subject to the provisions of Section 6.7.



     If an appointment with respect to one or more series is made pursuant to this Section 6.12,
the Securities of such series may have endorsed thereon, in lieu of the Trustee’s certificate of
authentication, an alternative certificate of authentication in the following form:



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



	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

as Authenticating Agent
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Officer
	 	 






ARTICLE 7




HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY




SECTION 7.1 COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.




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



48









 






     (1) semi-annually, not later than 15 days after the Regular Record Date for each
respective series of Securities, 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 such Regular
Record Date, as the case may be, or if there is no Regular Record Date for such series of
Securities, semi-annually, 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 furnished;


provided that no such list need be furnished by the Company to the Trustee so long as the Trustee
is acting as Security Registrar.




SECTION 7.2 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 7.1 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 7.1 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 7.3 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 15 in each calendar year, commencing with the first July 15 after
the first issuance of Securities pursuant to this Indenture.



     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.



SECTION 7.4 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



49









 




pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the
Trust Indenture 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.




ARTICLE 8




CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE




SECTION 8.1 COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.




     The Company shall not consolidate with or merge into any other Person (in a transaction in
which the Company is not the surviving corporation) or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, unless:




     (1) in case the Company shall consolidate with or merge into another Person (in a
transaction in which the Company is not the surviving corporation) 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, limited liability company,
partnership, trust or other business entity, shall be organized and validly existing under
the laws of the United States of America, any State thereof or the District of Columbia 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 of the principal
of and any premium and interest on all the Securities and the performance or observance of
every covenant of this Indenture on the part of the Company to be performed or observed and
the conversion rights shall be provided for in accordance with Article 14, if applicable, or
as otherwise specified pursuant to Section 3.1, by supplemental indenture satisfactory in
form to the Trustee, executed and delivered to the Trustee, by the Person (if other than the
Company) formed by such consolidation or into which the Company shall have been merged or by
the Person which shall have acquired the Company’s assets;




     (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 occurred and be continuing; and




     (3) 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,



50









 






such supplemental indenture comply with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with.



SECTION 8.2 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 8.1, 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 9




SUPPLEMENTAL INDENTURES




SECTION 9.1 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, or successive
successions, and the assumption by any such successor of the covenants of the Company herein
and in the Securities in compliance with Article 8; 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 bearer form, registrable
or not registrable as to principal, and with or without interest coupons, or to permit or
facilitate the issuance of Securities in uncertificated form; or



51









 






     (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, including provisions regarding the circumstances under
which collateral may be released or substituted; or




     (7) to add or provide for a guaranty of the Securities or additional obligors on the
Securities; or




     (8) to establish the form or terms of Securities of any series as permitted by Sections
2.1 and 3.1; or




     (9) 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 6.11; 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; or




     (11) to supplement any of the provisions of the Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any series of Securities
pursuant to Articles 4 and 13, provided that any such action shall not adversely affect the
interests of the Holders of Securities of such series or any other series of Securities in
any material respect.



SECTION 9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.




     With the consent of the Holders of a majority in principal amount of the Outstanding
Securities of each series affected by such supplemental indenture, 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 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 Stated Maturity of the principal of, or any installment of principal of
or interest on, any Security, or reduce the principal amount thereof or the rate of interest
thereon or any premium payable upon the redemption thereof, or reduce the



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amount of the principal of an Original Issue Discount Security or any other Security
which would be due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 5.2, or change the place of payment or the coin or currency in which,
any Security or any premium or interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in
the case of redemption, on or after the Redemption Date), or modify the provisions of this
Indenture with respect to the subordination of such series of Securities in a manner adverse
to the Holders of Securities of such series, or, in the case of Securities of any series
that are convertible into Securities or other securities of the Company, adversely affect
the right of Holders to convert any of the Securities of such series other than as provided
in or pursuant to this Indenture, or




     (2) reduce the percentage in principal amount of the Outstanding Securities of any
series, 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




     (3) modify any of the provisions of this Section, Section 5.13 or Section 10.8, 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 10.8, or the deletion of this proviso, in accordance with the requirements of
Sections 6.11 and 9.1(8), or




     (4) if applicable, make any change that adversely affects the right to convert any
security as provided in Article 14 or pursuant to Section 3.1 (except as permitted by
Section 9.1(9)).



     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.



SECTION 9.3 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 Sections 6.1 and 6.3) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture



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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 9.4 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 9.5 CONFORMITY WITH TRUST INDENTURE ACT.




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



SECTION 9.6 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 10




COVENANTS




SECTION 10.1 PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.




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



SECTION 10.2 MAINTENANCE OF OFFICE OR AGENCY.




     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 of that series may be surrendered for conversion 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



54









 




Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands. Unless otherwise provided in a supplemental
indenture or pursuant to Section 3.1 hereof, the Place of Payment for any series of Securities
shall be the Corporate Trust Office of the Trustee.




     The Company may also from time to time designate one or more other offices or agencies where
the Securities of 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 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.



SECTION 10.3 MONEY FOR SECURITIES PAYMENTS 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 each due date of the principal of or any premium or interest on
any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.



     Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, on or prior to each due date of the principal of or any premium or interest on any Securities
of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum 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 sums 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 by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money.



     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of or any premium or interest on any Security



55









 




of any series and remaining unclaimed for a period ending on the earlier of the date that is
ten Business Days prior to the date such money would escheat to the State or two years after such
principal, premium or interest has become due and payable shall be paid 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 thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in a newspaper published in the
English language, customarily published on each Business Day and of general circulation in each
Place of Payment, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Company.




SECTION 10.4 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.
The fiscal year of the Company currently ends on December 31; and the Company will give the Trustee
prompt written notice of any change of its fiscal year.



SECTION 10.5 EXISTENCE.




     Subject to Article 8, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its existence.



SECTION 10.6 WAIVER OF CERTAIN COVENANTS.




     Except as otherwise specified as contemplated by Section 3.1 for Securities of such series,
the Company may, with respect to the Securities of any series, omit in any particular instance to
comply with any term, provision or condition set forth in any covenant provided pursuant to Section
3.1(19), 9.1(2) or 9.1(7) for the benefit of the Holders of such series if before the time for such
compliance the Holders of at least a majority in principal amount of the Outstanding Securities of
such series 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 11




REDEMPTION OF SECURITIES




SECTION 11.1 APPLICABILITY OF ARTICLE.




     Securities of any series that are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1
for such Securities) in accordance with this Article.



SECTION 11.2 ELECTION TO REDEEM; NOTICE TO TRUSTEE.




     The election of the Company to redeem any Securities shall be evidenced by a Board Resolution
or in another manner specified as contemplated by Section 3.1 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 45 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, of the principal amount of Securities of such
series to be redeemed and, if applicable, of the tenor of the Securities 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 11.3 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 and of a specified tenor 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 45 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by lot, or in the Trustee’s discretion, on a pro-rata basis,
provided that the unredeemed portion of the principal amount 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 and of a specified tenor are to be
redeemed (unless such redemption affects only a single Security), the particular Securities to be
redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series and specified tenor not previously called for redemption
in accordance with the preceding sentence.



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



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



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     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 principal amount 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 the principal amount of such Securities which has been
or is to be redeemed.



SECTION 11.4 NOTICE OF REDEMPTION.




     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not fewer
than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified in
the Securities to be redeemed, to each Holder of Securities to be redeemed, at its address
appearing in the Security Register.



     All notices of redemption shall state:




     (1) the Redemption Date,




     (2) the Redemption Price (including accrued interest, if any),




     (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 principal 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 principal amount of the particular Security to be
redeemed,




     (4) in case any Security is to be redeemed in part only, that on and after the
Redemption Date, upon surrender of such Security, the Holder of such Security will receive,
without charge, a new Security or Securities of authorized denominations for the principal
amount thereof remaining unredeemed,




     (5) that on the Redemption Date the Redemption Price will become due and payable upon
each such Security to be redeemed and, if applicable, that interest thereon will cease to
accrue on and after said date,




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




     (7) if applicable, the conversion price or the conversion rate, as the case may be, the
date on which the right to convert the principal of the Securities or the portions thereof
to be redeemed will terminate, and the place or places where such Securities may be
surrendered for conversion,



58









 






     (8) that the redemption is for a sinking fund, if such is the case, and




     (9) the CUSIP number or numbers and/or common codes of the Security being redeemed;
provided that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other identification numbers printed
on the Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers.



     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 11.5 DEPOSIT OF REDEMPTION PRICE.




     On or 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 10.3) an amount of money sufficient to pay the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities
which are to be redeemed on that date.



     If any Security called for redemption is converted, any money deposited with the Trustee or
with a Paying Agent or so segregated and held in trust for the redemption of such Security shall
(subject to the right of any Holder of such Security to receive interest as provided in the last
paragraph of Section 3.7) be paid to the Company on Company Request, or if then held by the
Company, shall be discharged from such trust.



SECTION 11.6 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, and from
and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. 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, together with accrued interest to the Redemption Date; provided, however, that,
unless otherwise specified as contemplated by Section 3.1, installments of interest whose Stated
Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant
Record Dates according to their terms and the provisions of Section 3.7.



     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date
at the rate prescribed therefor in the Security.



59









 





SECTION 11.7 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 its 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 aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.



ARTICLE 12




SINKING FUNDS




SECTION 12.1 APPLICABILITY OF ARTICLE.




     The provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of any series except as otherwise specified as contemplated by Section 3.1 for such
Securities.



     The minimum amount of any sinking fund payment provided for by the terms of any Securities is
herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum
amount provided for by the terms of such Securities is herein referred to as an “optional sinking
fund payment.” If provided for by the terms of any Securities, the cash amount of any sinking fund
payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be
applied to the redemption of Securities as provided for by the terms of such Securities.



SECTION 12.2 SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.




     The Company (1) may deliver Outstanding Securities of a series (other than any previously
called for redemption) and (2) may apply as a credit Securities of a series which have been
redeemed either at the election of the Company pursuant to the terms of such Securities or through
the application of permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund payment with
respect to any Securities of such series required to be made pursuant to the terms of such
Securities as and to the extent provided for by the terms of such Securities; provided that the
Securities to be so credited have not been previously so credited. The Securities to be so credited
shall be received and credited for such purpose by the Trustee at the Redemption Price, as
specified in the Securities so to be redeemed, for redemption through operation of the sinking fund
and the amount of such sinking fund payment shall be reduced accordingly.



60









 





SECTION 12.3 REDEMPTION OF SECURITIES FOR SINKING FUND.




     Not fewer than 60 days prior to each sinking fund payment date for any Securities, the Company
will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing
sinking fund payment for such Securities pursuant to the terms of such Securities, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which
is to be satisfied by delivering and crediting Securities pursuant to Section 12.2 and will also
deliver to the Trustee any Securities to be so delivered. Not fewer than 30 days prior to each such
sinking fund payment date, the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 11.3 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the manner provided in
Section 11.4. Such notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Sections 11.6 and 11.7.



ARTICLE 13




DEFEASANCE AND COVENANT DEFEASANCE




SECTION 13.1 COMPANY’S OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE.




     The Company may elect, at its option at any time, to have Section 13.2 or


Section 13.3 applied to any Securities or any series of Securities, as the case may be,
designated pursuant to Section 3.1 as being defeasible pursuant to such Section 13.2 or 13.3, in
accordance with any applicable requirements provided pursuant to Section 3.1 and upon compliance
with the conditions set forth below in this Article. Any such election shall be evidenced by a
Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities.



SECTION 13.2 DEFEASANCE AND DISCHARGE.




     Upon the Company’s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be, the Company shall be deemed to have
been discharged from its obligations, and the provisions of Article 15 shall cease to be effective,
with respect to such Securities as provided in this Section on and after the date the conditions
set forth in Section 13.4 are satisfied (hereinafter called “Defeasance”). For this purpose, such
Defeasance means that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by such Securities and to have satisfied all its other obligations under
such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging the same), subject to
the following which shall survive until otherwise terminated or discharged hereunder:




     (1) the rights of Holders of such Securities to receive, solely from the trust fund
described in Section 13.4 and as more fully set forth in such Section, payments in respect
of the principal of and any premium and interest on such Securities when payments are due,



61









 






     (2) the Company’s obligations with respect to such Securities under Sections 3.4, 3.5,
3.6, 10.2 and 10.3, and, if applicable, Article 14,




     (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder, and




     (4) this Article.



     Subject to compliance with this Article, the Company may exercise its option (if any) to have
this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to
have Section 13.3 applied to such Securities.



SECTION 13.3 COVENANT DEFEASANCE.




     Upon the Company’s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be,




     (1) the Company shall be released from its obligations under any covenants provided
pursuant to Sections 3.1(19), 9.1(2) or 9.1(7) for the benefit of the Holders of such
Securities,




     (2) the occurrence of any event specified in Section 5.1(4) (with respect to any such
covenants provided pursuant to Section 3.1(19), 9.1(2) or 9.1(7)) and the occurrence of any
other Event of Default specified pursuant to Section 3.1 shall be deemed not to be or result
in an Event of Default, and




     (3) the provisions of Article 15 shall cease to be effective,



     in each case with respect to such Securities or any series of Securities as provided in this
Section on and after the date the conditions set forth in Section 13.4 are satisfied (hereinafter
called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect
to such Securities, the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such specified Section (to the extent so
specified in the case of Section 5.1(4) and the occurrence of any Event of Default specified
pursuant to Section 3.1) or Article 15, whether directly or indirectly by reason of any reference
elsewhere herein to any such


Section or Article or by reason of any reference in any such Section or Article to any other
provision herein or in any other document, but the remainder of this Indenture and such Securities
shall be unaffected thereby.



SECTION 13.4 CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE.




     The following shall be the conditions to the application of Section 13.2 or

Section 13.3 to any Securities or any series of Securities, as the case may be:




     (1) The Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee which satisfies the requirements contemplated by Section 6.9 and
agrees to comply with the provisions of this Article applicable to it) as



62









 






trust funds in trust for the purpose of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefits of the Holders of such
Securities,




     (A) in the case of Securities of a series denominated in currency of the United
States of America,




     (i) cash in currency of the United States of America in an amount, or




     (ii) U.S. Government Obligations which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms
will provide, not later than one day before the due date of any payment, an
amount in cash, or




     (iii) a combination thereof, or




     (B) in the case of Securities of a series denominated in currency other than
that of the United States of America,




     (i) cash in the currency in which such series of Securities is
denominated in an amount, or




     (ii) Foreign Government Obligations which through the scheduled payment
of principal and interest in respect thereof in accordance with their terms
will provide, not later than one day before the due date of any payment, an
amount in cash, or




     (iii) a combination thereof, in each case sufficient, in the opinion of
a nationally recognized firm of independent public accountants expressed in
a written certification thereof delivered to the Trustee, to pay and
discharge, and which shall be applied by the Trustee (or any such other
qualifying trustee) to pay and discharge, the principal of and any premium
and interest on such Securities on the respective Stated Maturities, in
accordance with the terms of this Indenture and such Securities.




     (2) For Securities denominated in United States dollars, in the event of an election to
have Section 13.2 apply to any Securities or any series of Securities, as the case may be,
the Company shall have delivered to the Trustee an Opinion of Counsel stating that




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




     (B) since the date of this instrument, there has been a change in the
applicable Federal income tax law, in either case (A) or (B) to the effect that, and
based thereon such opinion shall confirm that, the Holders of such Securities will



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not recognize gain or loss for Federal income tax purposes as a result of the
deposit, Defeasance and discharge to be effected with respect to such Securities and
will be subject to Federal income tax on the same amount, in the same manner and at
the same times as would be the case if such deposit, Defeasance and discharge were
not to occur.




     (3) For Securities denominated in United States dollars, in the event of an election to
have Section 13.3 apply to any Securities or any series of Securities, as the case may be,
the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of such Securities will not recognize gain or loss for Federal income tax purposes
as a result of the deposit and Covenant Defeasance to be effected with respect to such
Securities and will be subject to Federal income tax on the same amount, in the same manner
and at the same times as would be the case if such deposit and Covenant Defeasance were not
to occur.




     (4) The Company shall have delivered to the Trustee an Officers’ Certificate to the
effect that neither such Securities nor any other Securities of the same series, if then
listed on any securities exchange, will be delisted as a result of such deposit.




     (5) No event which is, or after notice or lapse of time or both would become, an Event
of Default with respect to such Securities or any other Securities shall have occurred and
be continuing at the time of such deposit or, with regard to any such event specified in
Sections 5.1(5) and (6), at any time on or prior to the 90th day after the date of such
deposit (it being understood that this condition shall not be deemed satisfied until after
such 90th day).




     (6) Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a
conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities
are in default within the meaning of such Act).




     (7) Such Defeasance or Covenant Defeasance shall not result in a breach or violation
of, or constitute a default under, this Indenture or any other agreement or instrument to
which the Company is a party or by which it is bound.




     (8) Such Defeasance or Covenant Defeasance shall not result in the trust arising from
such deposit constituting an investment company within the meaning of the Investment Company
Act unless such trust shall be registered under such Act or exempt from registration
thereunder.




     (9) At the time of such deposit,




     (A) no default in the payment of any principal of or premium or interest on any
Senior Debt shall have occurred and be continuing,




     (B) no event of default with respect to any Senior Debt shall have resulted in
such Senior Debt becoming, and continuing to be, due and payable prior to the date
on which it would otherwise have become due and payable (unless payment of such
Senior Debt has been made or duly provided for), and



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     (C) no other event of default with respect to any Senior Debt shall have
occurred and be continuing permitting (after notice or lapse of time or both) the
holders of such Senior Debt (or a trustee on behalf of such holders) to declare such
Senior Debt due and payable prior to the date on which it would otherwise have
become due and payable.




     (10) The Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent with respect to such
Defeasance or Covenant Defeasance have been complied with.



SECTION 13.5 DEPOSITED MONEY, U.S. GOVERNMENT OBLIGATIONS AND FOREIGN GOVERNMENT OBLIGATIONS

 TO BE
HELD IN Trust; MISCELLANEOUS PROVISIONS.




     Subject to the provisions of the last paragraph of Section 10.3, all money, U.S. Government
Obligations and Foreign Government Obligations (including the proceeds thereof) deposited with the
Trustee or other qualifying trustee (solely for purposes of this Section and Section 13.6, the
Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to
Section 13.4 in respect of any Securities shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as
the Trustee may determine, to the Holders of such Securities, of all sums due and to become due
thereon in respect of principal and any premium and interest, but money so held in trust need not
be segregated from other funds except to the extent required by law. Money, U.S. Government
Obligations and Foreign Government Obligations so held in trust shall not be subject to the
provisions of Article 15.



     The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations or Foreign Government Obligations deposited
pursuant to Section 13.4 or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of Outstanding
Securities.



     Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to
the Company from time to time upon Company Request any money, U.S. Government Obligations or
Foreign Government Obligations held by it as provided in Section 13.4 with respect to any
Securities which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in excess of the amount
thereof which would then be required to be deposited to effect the Defeasance or Covenant
Defeasance, as the case may be, with respect to such Securities.



SECTION 13.6 REINSTATEMENT.




     If the Trustee or the Paying Agent is unable to apply any money in accordance with this
Article with respect to any Securities by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations under this Indenture and such Securities from which the Company has been



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discharged or released pursuant to Section 13.2 or 13.3 shall be revived and reinstated as
though no deposit had occurred pursuant to this Article with respect to such Securities, until such
time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to
Section 13.5 with respect to such Securities in accordance with this Article; provided, however,
that if the Company makes any payment of principal of or any premium or interest on any such
Security following such reinstatement of its obligations, the Company shall be subrogated to the
rights (if any) of the Holders of such Securities to receive such payment from the money so held in
trust.



ARTICLE 14




CONVERSION OF SECURITIES




SECTION 14.1 APPLICABILITY OF ARTICLE.




     The provisions of this Article shall be applicable to the Securities of any series which are
convertible into shares of Common Stock of the Company, and the issuance of such shares of Common
Stock upon the conversion of such Securities, except as otherwise specified as contemplated by
Section 3.1 for the Securities of such series or in a supplemental indenture for Securities of such
series.



SECTION 14.2 EXERCISE OF CONVERSION PRIVILEGE.




     In order to exercise a conversion privilege, the Holder of a Security of a series with such a
privilege shall surrender such Security to the Company at the office or agency maintained for that
purpose pursuant to Section 10.2, accompanied by a duly executed conversion notice to the Company
substantially in the form set forth in Section 2.6 stating that the Holder elects to convert such
Security or a specified portion thereof. Such notice shall also state, if different from the name
and address of such Holder, the name or names (with address) in which the certificate or
certificates for shares of Common Stock, which shall be issuable on such conversion, shall be
issued. Securities surrendered for conversion shall (if so required by the Company or the Trustee)
be duly endorsed by or accompanied by instruments of transfer in forms satisfactory to the Company
and the Trustee duly executed by the Holder or its attorney duly authorized in writing. As promptly
as practicable after the receipt of such notice and of any payment required pursuant to a Board
Resolution and, subject to Section 3.3, set forth, or determined in the manner provided, in an
Officers’ Certificate, or established in one or more indentures supplemental hereto setting forth
the terms of such series of Security, and the surrender of such Security in accordance with such
reasonable regulations as the Company may prescribe, the Company shall issue and shall deliver, at
the office or agency at which such Security is surrendered, to such Holder or on its written order,
a certificate or certificates for the number of full shares of Common Stock issuable upon the
conversion of such Security (or specified portion thereof), in accordance with the provisions of
such Board Resolution, Officers’ Certificate or supplemental indenture, and cash as provided
therein in respect of any fractional share of such Common Stock otherwise issuable upon such
conversion. Such conversion shall be deemed to have been effected immediately prior to the close of
business on the date on which such notice and such payment, if required, shall have been received
in proper order for conversion by the Company and such Security shall have been surrendered as
aforesaid (unless such Holder shall have so surrendered



66









 







such Security and shall have instructed the Company to effect the conversion on a particular
date following such surrender and such Holder shall be entitled to convert such Security on such
date, in which case such conversion shall be deemed to be effected immediately prior to the close
of business on such date) and at such time the rights of the Holder of such Security as such
Security Holder shall cease and the person or persons in whose name or names any certificate or
certificates for shares of Common Stock of the Company shall be issuable upon such conversion shall
be deemed to have become the Holder or Holders of record of the shares represented thereby. Except
as set forth above and subject to the final paragraph of Section 3.7, no payment or adjustment
shall be made upon any conversion on account of any interest accrued on the Securities (or any part
thereof) surrendered for conversion or on account of any dividends on the Common Stock of the
Company issued upon such conversion.



     In the case of any Security which is converted in part only, upon such conversion the Company
shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder
thereof, at the expense of the Company, a new Security or Securities of the same series, of
authorized denominations, in aggregate principal amount equal to the unconverted portion of such
Security.



SECTION 14.3 NO FRACTIONAL SHARES.




     No fractional share of Common Stock of the Company shall be issued upon conversions of
Securities of any series. If more than one Security shall be surrendered for conversion at one time
by the same Holder, the number of full shares which shall be issuable upon conversion shall be
computed on the basis of the aggregate principal amount of the Securities (or specified portions
thereof to the extent permitted hereby) so surrendered. If, except for the provisions of this
Section 14.3, any Holder of a Security or Securities would be entitled to a fractional share of
Common Stock of the Company upon the conversion of such Security or Securities, or specified
portions thereof, the Company shall pay to such Holder an amount in cash equal to the current
market value of such fractional share computed, (i) if such Common Stock is listed or admitted to
unlisted trading privileges on a national securities exchange or market, on the basis of the last
reported sale price regular way on such exchange or market on the last trading day prior to the
date of conversion upon which such a sale shall have been effected, or (ii) if such Common Stock is
not at the time so listed or admitted to unlisted trading privileges on a national securities
exchange or market, on the basis of the average of the bid and asked prices of such Common Stock in
the over-the-counter market, on the last trading day prior to the date of conversion, as reported
by the National Quotation Bureau, Incorporated or similar organization if the National Quotation
Bureau, Incorporated is no longer reporting such information, or if not so available, the fair
market price as determined by the Board of Directors. For purposes of this Section, “trading day”
shall mean each Monday, Tuesday, Wednesday, Thursday and Friday other than any day on which the
Common Stock is not traded on the Nasdaq National Market, or if the Common Stock is not traded on
the Nasdaq National Market, on the principal exchange or market on which the Common Stock is traded
or quoted.



SECTION 14.4 ADJUSTMENT OF CONVERSION PRICE OR CONVERSION RATE.




     The conversion price or conversion rate, as the case may be, of Securities of any series that
is convertible into Common Stock of the Company shall be adjusted for any stock dividends,



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stock splits, reclassifications, combinations or similar transactions in accordance with the
terms of the supplemental indenture or Board Resolutions setting forth the terms of the Securities
of such series.



     Whenever the conversion price or conversion rate, as the case may be, is adjusted, the Company
shall compute the adjusted conversion price or conversion rate, as the case may be, in accordance
with terms of the applicable Board Resolution or supplemental indenture and shall prepare an
Officers’ Certificate setting forth the adjusted conversion price or conversion rate, as the case
may be, and showing in reasonable detail the facts upon which such adjustment is based, and such
certificate shall forthwith be filed at each office or agency maintained for the purpose of
conversion of Securities pursuant to Section 10.2 and, if different, with the Trustee. The Company
shall forthwith cause a notice setting forth the adjusted conversion price or conversion rate, as
the case may be, to be mailed, first class postage prepaid, to each Holder of Securities of such
series at its address appearing on the Security Register and to any conversion agent other than the
Trustee.



SECTION 14.5 NOTICE OF CERTAIN CORPORATE ACTIONS.




     In case:




     (1) the Company shall declare a dividend (or any other distribution) on its Common
Stock payable otherwise than in cash out of its retained earnings (other than a dividend for
which approval of any shareholders of the Company is required) that would require an
adjustment pursuant to Section 14.4; or








     (2) the Company shall authorize the granting to all or substantially all of the holders
of its Common Stock of rights, options or warrants to subscribe for or purchase any shares
of capital stock of any class or of any other rights (other than any such grant for which
approval of any shareholders of the Company is required); or




     (3) of any reclassification of the Common Stock of the Company (other than a
subdivision or combination of its outstanding shares of Common Stock, or of any
consolidation, merger or share exchange to which the Company is a party and for which
approval of any shareholders of the Company is required), or of the sale of all or
substantially all of the assets of the Company; or




     (4) of the voluntary or involuntary dissolution, liquidation or winding up of the
Company;


then the Company shall cause to be filed with the Trustee, and shall cause to be mailed to all
Holders at their last addresses as they shall appear in the Security Register, at least 20 days (or
10 days in any case specified in clause (1) or (2) above) prior to the applicable record date
hereinafter specified, a notice stating (i) the date on which a record is to be taken for the
purpose of such dividend, distribution, rights, options or warrants, or, if a record is not to be
taken, the date as of which the holders of Common Stock of record to be entitled to such dividend,
distribution, rights, options or warrants are to be determined, or (ii) the date on which such
reclassification, consolidation, merger, share exchange, sale, dissolution, liquidation or winding




68









 







up is expected to become effective, and the date as of which it is expected that holders of Common
Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or
other property deliverable upon such reclassification, consolidation, merger, share exchange, sale,
dissolution, liquidation or winding up. If at any time the Trustee shall not be the conversion
agent, a copy of such notice shall also forthwith be filed by the Company with the Trustee.




SECTION 14.6 RESERVATION OF SHARES OF COMMON STOCK.




     The Company shall at all times reserve and keep available, free from preemptive rights, out of
its authorized but unissued Common Stock, for the purpose of effecting the conversion of
Securities, the full number of shares of Common Stock of the Company then issuable upon the
conversion of all outstanding Securities of any series that has conversion rights.



SECTION 14.7 PAYMENT OF CERTAIN TAXES UPON CONVERSION.




     Except as provided in the next sentence, the Company will pay any and all taxes that may be
payable in respect of the issue or delivery of shares of its Common Stock on conversion of
Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be
payable in respect of any transfer involved in the issue and delivery of shares of its Common Stock
in a name other than that of the Holder of the Security or Securities to be converted, and no such
issue or delivery shall be made unless and until the person requesting such issue has paid to the
Company the amount of any such tax, or has established, to the satisfaction of the Company, that
such tax has been paid.



SECTION 14.8 NONASSESSABILITY.




     The Company covenants that all shares of its Common Stock that may be issued upon conversion
of Securities will upon issue in accordance with the terms hereof be duly and validly issued and
fully paid and nonassessable.



SECTION 14.9 PROVISION IN CASE OF CONSOLIDATION, MERGER OR SALE OF ASSETS.




     In case of any consolidation or merger of the Company with or into any other Person, any
merger of another Person with or into the Company (other than a merger which does not result in any
reclassification, conversion, exchange or cancellation of outstanding shares of Common Stock of the
Company) or any conveyance, sale, transfer or lease of all or substantially all of the assets of
the Company, the Person formed by such consolidation or resulting from such merger or which
acquires such assets, as the case may be, shall execute and deliver to the Trustee a supplemental
indenture providing that the Holder of each Security of a series then Outstanding that is
convertible into Common Stock of the Company shall have the right thereafter (which right shall be
the exclusive conversion right thereafter available to said Holder), during the period such
Security shall be convertible, to convert such Security only into the kind and amount of
securities, cash and other property receivable upon such consolidation, merger, conveyance, sale,
transfer or lease by a holder of the number of shares of Common Stock of the Company into which
such Security might have been converted immediately prior to such consolidation, merger,
conveyance, sale, transfer or lease, assuming such holder of Common Stock of the Company (i)



69









 







is not a Person with which the Company consolidated or merged with or into or which merged
into or with the Company or to which such conveyance, sale, transfer or lease was made, as the case
may be (a “Constituent Person”), or an Affiliate of a Constituent Person and (ii) failed to
exercise his rights of election, if any, as to the kind or amount of securities, cash and other
property receivable upon such consolidation, merger, conveyance, sale, transfer or lease (provided
that if the kind or amount of securities, cash and other property receivable upon such
consolidation, merger, conveyance, sale, transfer, or lease is not the same for each share of
Common Stock of the Company held immediately prior to such consolidation, merger, conveyance, sale,
transfer or lease by others than a Constituent Person or an Affiliate thereof and in respect of
which such rights of election shall not have been exercised (“Non-electing Share”), then for the
purpose of this Section 14.9 the kind and amount of securities, cash and other property receivable
upon such consolidation, merger, conveyance, sale, transfer or lease by the holders of each
Non-electing Share shall be deemed to be the kind and amount so receivable per share by a plurality
of the Non-electing Shares). Such supplemental indenture shall provide for adjustments which, for
events subsequent to the effective date of such supplemental indenture, shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Article or in accordance
with the terms of the supplemental indenture or Board Resolutions setting forth the terms of such
adjustments. The above provisions of this Section 14.9 shall similarly apply to successive
consolidations, mergers, conveyances, sales, transfers or leases. Notice of the execution of such a
supplemental indenture shall be given by the Company to the Holder of each Security of a series
that is convertible into Common Stock of the Company as provided in Section 1.6 promptly upon such
execution.



     Neither the Trustee nor any conversion agent, if any, shall be under any responsibility to
determine the correctness of any provisions contained in any such supplemental indenture relating
either to the kind or amount of shares of stock or other securities or property or cash receivable
by Holders of Securities of a series convertible into Common Stock of the Company upon the
conversion of their Securities after any such consolidation, merger, conveyance, transfer, sale or
lease or to any such adjustment, but may accept as conclusive evidence of the correctness of any
such provisions, and shall be protected in relying upon, an Opinion of Counsel with respect
thereto, which the Company shall cause to be furnished to the Trustee upon request.



SECTION 14.10 DUTIES OF TRUSTEE REGARDING CONVERSION.




     Neither the Trustee nor any conversion agent shall at any time be under any duty or
responsibility to any Holder of Securities of any series that is convertible into Common Stock of
the Company to determine whether any facts exist which may require any adjustment of the conversion
price or conversion rate, as the case may be, or with respect to the nature or extent of any such
adjustment when made, or with respect to the method employed, whether herein or in any supplemental
indenture, any resolutions of the Board of Directors or written instrument executed by one or more
officers of the Company provided to be employed in making the same. Neither the Trustee nor any
conversion agent shall be accountable with respect to the validity or value (or the kind or amount)
of any shares of Common Stock of the Company, or of any securities or property, which may at any
time be issued or delivered upon the conversion of any Securities and neither the Trustee nor any
conversion agent makes any representation with respect thereto. Subject to the provisions of
Section 6.1, neither the Trustee nor any conversion agent shall be responsible for any failure of
the Company to issue, transfer or deliver any shares



70









 








of its Common Stock or stock certificates or other securities or property upon the surrender
of any Security for the purpose of conversion or to comply with any of the covenants of the Company
contained in this Article 14 or in the applicable supplemental indenture, resolutions of the Board
of Directors or written instrument executed by one or more duly authorized officers of the Company.



SECTION 14.11 REPAYMENT OF CERTAIN FUNDS UPON CONVERSION.




     Any funds which at any time shall have been deposited by the Company or on its behalf with the
Trustee or any other paying agent for the purpose of paying the principal of, and premium, if any,
and interest, if any, on any of the Securities (including, but not limited to, funds deposited for
the sinking fund referred to in Article 12 hereof and funds deposited pursuant to Article 13
hereof) and which shall not be required for such purposes because of the conversion of such
Securities as provided in this Article 14 shall after such conversion be repaid to the Company by
the Trustee upon the Company’s written request.



ARTICLE 15




SUBORDINATION OF SECURITIES




SECTION 15.1 AGREEMENT OF SUBORDINATION.




     Except as otherwise provided in a supplemental indenture or pursuant to
Section 3.1, the Company covenants and agrees, and each Holder of Securities issued hereunder
by its acceptance thereof likewise covenants and agrees, that all Securities shall be issued
subject to the provisions of this Article 15; and each Person holding any Security, whether upon
original issue or upon transfer, assignment or exchange thereof, accepts and agrees to be bound by
such provisions.



     The payment of the principal of, premium, if any, and interest on all Securities (including,
but not limited to, the redemption price with respect to the Securities called for redemption in
accordance with Article 11 as provided in the Indenture) issued hereunder shall, to the extent and
in the manner hereinafter set forth, be subordinated and subject in right of payment to the prior
payment in full of all Senior Debt, whether outstanding at the date of this Indenture or thereafter
incurred.



     No provision of this Article 15 shall prevent the occurrence of any default or Event of
Default hereunder.



SECTION 15.2 PAYMENTS TO HOLDERS.




     No payment shall be made with respect to the principal of, or premium, if any, or interest on
the Securities (including, but not limited to, the redemption price with respect to the Securities
to be called for redemption in accordance with Article 11 as provided in the Indenture), except
payments and distributions made by the Trustee as permitted by the first or second paragraph of
Section 15.5, if:



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     (i) a default in the payment of principal, premium, if any, interest, rent or other
obligations due on any Senior Debt occurs and is continuing (or, in the case of Senior Debt
for which there is a period of grace, in the event of such a default that continues beyond
the period of grace, if any, specified in the instrument or lease evidencing such Senior
Debt) (a “Payment Default”), unless and until such default shall have been cured or waived
or shall have ceased to exist; or




     (ii) a default, other than a Payment Default, on any Designated Senior Debt occurs and
is continuing that then permits holders of such Designated Senior Debt to accelerate its
maturity and the Trustee receives a notice of the default (a “Payment Blockage Notice”) from
a holder of Designated Senior Debt, a Representative of Designated Senior Debt or the
Company (a “Non-Payment Default”).



     If the Trustee receives any Payment Blockage Notice pursuant to clause (ii) above, no
subsequent Payment Blockage Notice shall be effective for purposes of this Section unless and until
at least 365 days shall have elapsed since the initial effectiveness of the immediately prior
Payment Blockage Notice. No Non-Payment Default that existed or was continuing on the date of
delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a
subsequent Payment Blockage Notice.



     The Company may and shall resume payments on and distributions in respect of the Securities
upon the earlier of:




     (1) in the case of any Payment Default, the date upon which the Payment Default is
cured or waived or ceases to exist, or




     (2) in the case of a Non-Payment Default, the earlier of (a) the date upon which such
Non-Payment Default is cured, waived or ceases to exist or
(b) 179 days after the date on which the applicable Payment Blockage Notice is received
by the Trustee, unless this Article 15 otherwise prohibits the payment or distribution at
such time.



     Upon any payment or distribution of assets of the Company of any kind or character, whether in
cash, property or securities, to creditors upon any dissolution or winding-up or liquidation or
reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency,
reorganization, liquidation, receivership or other proceedings, or upon an assignment for the
benefit of creditors or any marshalling of the assets and liabilities of the Company, or otherwise,
all amounts due or to become due upon all Senior Debt shall first be paid in full in cash or other
payment satisfactory to the holders of such Senior Debt, or payment thereof in accordance with its
terms provided for in cash or other payment satisfactory to the holders of such Senior Debt, before
any payment is made on account of the principal of, premium, if any, or interest on the Securities
(except payments made pursuant to Article 4 from monies deposited with the Trustee pursuant thereto
prior to commencement of proceedings for such dissolution, winding-up, liquidation, reorganization,
assignment for the benefit of creditors or the marshalling of assets and liabilities of the
Company); and upon any such dissolution, winding-up, liquidation, reorganization, assignment for
the benefit of creditors or marshalling of assets and liabilities of the Company or bankruptcy,
insolvency, receivership or other proceeding, any payment by the



72









 







Company, or distribution of assets of the Company of any kind or character, whether in cash,
property or securities, to which the Holders of the Securities or the Trustee would be entitled,
except for the provision of this Article 15, shall (except as aforesaid) be paid by the Company or
by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such
payment or distribution, or by the Holders of the Securities or by the Trustee under this Indenture
if received by them or it, directly to the holders of Senior Debt (pro rata to such holders on the
basis of the respective amounts of Senior Debt held by such holders, or as otherwise required by
law or a court order) or their Representative or Representatives, or to the trustee or trustees
under any indenture pursuant to which any instruments evidencing any Senior Debt may have been
issued, as their respective interests may appear, to the extent necessary to pay all Senior Debt in
full, in cash or other payment satisfactory to the holders of such Senior Debt, after giving effect
to any concurrent payment or distribution to or for the holders of Senior Debt, before any payment
or distribution or provision therefor is made to the Holders of the Securities or to the Trustee.



     For purposes of this Article 15, the words, “cash, property or securities” shall not be deemed
to include shares of stock of the Company as reorganized or readjusted, or securities of the
Company or any other corporation provided for by a plan of reorganization or readjustment, the
payment of which is subordinated at least to the extent provided in this Article 15 with respect to
the Securities to the payment of all Senior Debt which may at the time be outstanding; provided
that (i) the Senior Debt is assumed by the new corporation, if any, resulting from any
reorganization or readjustment, and (ii) the rights of the holders of Senior Debt (other than
leases which are not assumed by the Company or the new corporation, as the case may be) are not,
without the consent of such holders, altered by such reorganization or readjustment. The
consolidation of the Company with, or the merger of the Company into, another corporation or the
liquidation or dissolution of the Company following the conveyance or transfer of its property as
an entirety, or substantially as an entirety, to another corporation upon the terms and conditions
provided for in Article 8 shall not be deemed a dissolution, winding-up, liquidation or
reorganization for the purposes of this Section 15.2 if such other corporation shall, as a part of
such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article 8.



     In the event of the acceleration of the Securities because of an Event of Default, no payment
or distribution shall be made to the Trustee or any Holder of Securities in respect of the
principal of, premium, if any, or interest on the Securities (including, but not limited to, the
redemption price with respect to the Securities called for redemption in accordance with Article 11
as provided in the Indenture), except payments and distributions made by the Trustee as permitted
by the first or second paragraph of Section 15.5, until all Senior Debt has been paid in full in
cash or other payment satisfactory to the holders of Senior Debt or such acceleration is rescinded
in accordance with the terms of this Indenture. If payment of the Securities is accelerated because
of an Event of Default, the Company shall promptly notify holders of Senior Debt of the
acceleration.



     In the event that, notwithstanding the foregoing provisions, any payment or distribution of
assets of the Company of any kind or character, whether in cash, property or securities (including,
without limitation, by way of setoff or otherwise), prohibited by the foregoing, shall be received
by the Trustee or the Holders of the Securities before all Senior Debt is paid in full in



73









 







cash or other payment satisfactory to the holders of such Senior Debt, or provision is made
for such payment thereof in accordance with its terms in cash or other payment satisfactory to the
holders of such Senior Debt, such payment or distribution shall be held in trust for the benefit of
and shall be paid over or delivered to the holders of Senior Debt or their Representative or
Representatives, or to the trustee or trustees under any indenture pursuant to which any
instruments evidencing any Senior Debt may have been issued, as their respective interests may
appear, as calculated by the Company, for application to the payment of all Senior Debt remaining
unpaid to the extent necessary to pay all Senior Debt in full in cash or other payment satisfactory
to the holders of such Senior Debt, after giving effect to any concurrent payment or distribution
to or for the holders of such Senior Debt.



     Nothing in this Section 15.2 shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 6.7. This Section 15.2 shall be subject to the further provisions of Section
15.5.



SECTION 15.3 SUBROGATION OF SECURITIES.




     Subject to the payment in full of all Senior Debt, the rights of the Holders of the Securities
shall be subrogated to the extent of the payments or distributions made to the holders of such
Senior Debt pursuant to the provisions of this Article 15 (equally and ratably with the holders of
all indebtedness of the Company which by its express terms is subordinated to other indebtedness of
the Company to substantially the same extent as the Securities are subordinated and is entitled to
like rights of subrogation) to the rights of the holders of Senior Debt to receive payments or
distributions of cash, property or securities of the Company applicable to the Senior Debt until
the principal, premium, if any, and interest on the Securities shall be paid in full; and, for the
purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any
cash, property or securities to which the Holders of the Securities or the Trustee would be
entitled except for the provisions of this Article 15, and no payment over pursuant to the
provisions of this Article 15, to or for the benefit of the holders of Senior Debt by Holders of
the Securities or the Trustee, shall, as between the Company, its creditors other than holders of
Senior Debt, and the Holders of the Securities, be deemed to be a payment by the Company to or on
account of the Senior Debt; and no payments or distributions of cash, property or securities to or
for the benefit of the Holders of the Securities pursuant to the subrogation provisions of this
Article 15, which would otherwise have been paid to the holders of Senior Debt shall be deemed to
be a payment by the Company to or for the account of the Securities. It is understood that the
provisions of this Article 15 are and are intended solely for the purposes of defining the relative
rights of the Holders of the Securities, on the one hand, and the holders of the Senior Debt, on
the other hand.



     Nothing contained in this Article 15 or elsewhere in this Indenture or in the Securities is
intended to or shall impair, as among the Company, its creditors other than the holders of Senior
Debt, and the Holders of the Securities, the obligation of the Company, which is absolute and
unconditional, to pay to the Holders of the Securities the principal of (and premium, if any) and
interest on the Securities as and when the same shall become due and payable in accordance with
their terms, or is intended to or shall affect the relative rights of the Holders of the Securities
and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein
or therein prevent the Trustee or the Holder of any Security from exercising all remedies otherwise



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permitted by applicable law upon default under this Indenture, subject to the rights, if any,
under this Article 15 of the holders of Senior Debt in respect of cash, property or securities of
the Company received upon the exercise of any such remedy.



     Upon any payment or distribution of assets of the Company referred to in this Article 15, the
Trustee, subject to the provisions of Section 6.1, and the Holders of the Securities shall be
entitled to rely upon any order or decree made by any court of competent jurisdiction in which such
bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are pending, or a
certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other person
making such payment or distribution, delivered to the Trustee or to the Holders of the Securities,
for the purpose of ascertaining the persons entitled to participate in such distribution, the
holders of the Senior Debt and other indebtedness of the Company, the amount thereof or payable
thereon and all other facts pertinent thereto or to this Article 15.



SECTION 15.4 AUTHORIZATION TO EFFECT SUBORDINATION.




     Each Holder of a Security by the holder’s acceptance thereof authorizes and directs the
Trustee on the holder’s behalf to take such action as may be necessary or appropriate to effectuate
the subordination as provided in this Article 15 and appoints the Trustee to act as the holder’s
attorney-in-fact for any and all such purposes. If the Trustee does not file a proper proof of
claim or proof of debt in the form required in any proceeding referred to in Section 5.4 hereof at
least 30 days before the expiration of the time to file such claim, the holders of any Senior Debt
or their representatives are hereby authorized to file an appropriate claim for and on behalf of
the Holders of the Securities.



SECTION 15.5 NOTICE TO TRUSTEE.




     The Company shall give prompt written notice in the form of an Officers’ Certificate to a
Responsible Officer of the Trustee and to any Paying Agent of any fact known to the Company which
would prohibit the making of any payment of monies to or by the Trustee or any Paying Agent in
respect of the Securities pursuant to the provisions of this Article 15. Notwithstanding the
provisions of this Article 15 or any other provision of this Indenture, the Trustee shall not be
charged with knowledge of the existence of any facts which would prohibit the making of any payment
of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this
Article 15, unless and until a Responsible Officer of the Trustee shall have received written
notice thereof at the Corporate Trust Office from the Company (in the form of an Officers’
Certificate) or a Representative or a holder or holders of Senior Debt or from any trustee
therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions
of Section 6.1, shall be entitled in all respects to assume that no such facts exist; provided that
if on a date not fewer than two Business Days prior to the date upon which by the terms hereof any
such monies may become payable for any purpose (including, without limitation, the payment of the
principal of, or premium, if any, or interest on any Security) the Trustee shall not have received,
with respect to such monies, the notice provided for in this Section 15.5, then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and authority to
receive such monies and to apply the same to the purpose for which they were received, and shall
not be affected by any notice to the contrary which may be received by it on or after such prior
date.



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     Notwithstanding anything in this Article 15 to the contrary, nothing shall prevent any payment
by the Trustee to the Holders of monies deposited with it pursuant to Section 4.1, and any such
payment shall not be subject to the provisions of Section 15.1 or 15.2.



     The Trustee, subject to the provisions of Section 6.1, shall be entitled to rely on the
delivery to it of a written notice by a Representative or a person representing himself to be a
holder of Senior Debt (or a trustee on behalf of such holder) to establish that such notice has
been given by a Representative or a holder of Senior Debt or a trustee on behalf of any such holder
or holders. The Trustee shall not be required to make any payment or distribution to or on behalf
of a holder of Senior Debt pursuant to this Article 15 unless it has received satisfactory evidence
as to the amount of Senior Debt held by such person, the extent to which such person is entitled to
participate in such payment or distribution and any other facts pertinent to the rights of such
person under this Article 15.



SECTION 15.6 TRUSTEE’S RELATION TO SENIOR DEBT.




     The Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article 15 in respect of any Senior Debt at any time held by it, to the same extent as any other
holder of Senior Debt, and nothing in this Indenture shall deprive the Trustee of any of its rights
as such holder.



     With respect to the holders of Senior Debt, the Trustee undertakes to perform or to observe
only such of its covenants and obligations as are specifically set forth in this Article 15, and no
implied covenants or obligations with respect to the holders of Senior Debt shall be read into this
Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Debt and, subject to the provisions of


Section 6.1, the Trustee shall not be liable to any holder of Senior Debt (i) for any failure
to make any payments or distributions to such holders or (ii) if it shall pay over or deliver to
Holders of Securities, the Company or any other Person money or assets to which any holder of
Senior Debt shall be entitled by virtue of this Article 15 or otherwise.



SECTION 15.7 NO IMPAIRMENT OF SUBORDINATION.




     No right of any present or future holder of any Senior Debt to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the
part of the Company or by any act or failure to act, in good faith, by any such holder, or by any
noncompliance by the Company, the Trustee or any Holder of Securities with the terms, provisions
and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have
or otherwise be charged with.



SECTION 15.8 CERTAIN CONVERSIONS/EXCHANGES DEEMED PAYMENT.




     For the purposes of this Article 15 only, (1) the issuance and delivery of junior securities
upon conversion or exchange of Securities in accordance with Article 14 or otherwise (except upon
conversion of the Securities in accordance with their terms) shall not be deemed to constitute a
payment or distribution on account of the principal of (or premium, if any) or interest on
Securities or on account of the purchase or other acquisition of Securities, and (2) the payment,
issuance or delivery of cash (except in satisfaction of fractional shares pursuant to



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Section 14.3), property or securities (other than junior securities) upon conversion or
exchange of a Security shall be deemed to constitute payment on account of the principal of such
Security. For the purposes of this Section 15.8, the term “junior securities” means (a) shares of
any stock of any class of the Company, or (b) securities of the Company which are subordinated in
right of payment to all Senior Debt which may be outstanding at the time of issuance or delivery of
such securities to substantially the same extent as, or to a greater extent than, the Securities
are so subordinated as provided in this Article. Nothing contained in this Article 15 or elsewhere
in this Indenture or in the Securities is intended to or shall impair, as among the Company, its
creditors other than holders of Senior Debt and the Holders of Securities, the right, which is
absolute and unconditional, of the Holder of any Security to convert such Security in accordance
with Article 14.



SECTION 15.9 ARTICLE APPLICABLE TO PAYING AGENTS.




     If at any time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term “Trustee” as used in this Article shall (unless the
context otherwise requires) be construed as extending to and including such Paying Agent within its
meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in
addition to or in place of the Trustee; provided, however, that the first paragraph of Section 15.5
shall not apply to the Company or any Affiliate of the Company if the Company or such Affiliate
acts as Paying Agent.



     The Trustee shall not be responsible for the actions or inactions of any other Paying Agents
(including the Company if acting as its own Paying Agent) and shall have no control of any funds
held by such other Paying Agents.



SECTION 15.10 SENIOR DEBT ENTITLED TO RELY.




     The holders of Senior Debt (including, without limitation, Designated Senior Debt) shall have
the right to rely upon this Article 15, and no amendment or modification of the provisions
contained herein shall diminish the rights of such holders unless such holders shall have agreed in
writing thereto.



SECTION 15.11 RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING AGENT.




     Upon any payment or distribution of assets of the Company referred to in this Article, the
Trustee and the Holders shall be entitled to rely upon any order or decree entered by any court of
competent jurisdiction in which such dissolution, winding up, liquidation, reorganization,
assignment for the benefit of creditors or marshalling of assets and liabilities of the Company or
bankruptcy, insolvency, receivership or other like proceeding is pending, or a certificate of the
trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of
creditors, agent or other person making such payment or distribution, delivered to the Trustee or
to the Holders, for the purpose of ascertaining the persons entitled to participate in such payment
or distribution, the holders of Senior Debt and other indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article.



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SECTION 15.12 TRUST MONIES NOT SUBORDINATED.




     Notwithstanding anything contained herein to the contrary, payments from money, U.S.
Government Obligations and/or Foreign Government Obligations held in trust under Article 4 or
Article 13 by the Trustee for the payment of the principal of, premium, if any, and interest on the
Securities shall not be subordinated to the prior payment in full of any Senior Debt of the Company
or subject to the restrictions set forth in this Article 15, and none of the Holders shall be
obligated to pay over any such amount to the Company or any holder of Senior Debt of the Company or
any other creditor of the Company.



[The remainder of this page is intentionally left blank.]




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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.



	 	 	 	 	 
	 	 	EVERGREEN SOLAR, INC.
	 
	 	 	 	 
	 

	 	By:	 	/s/ Michael El-Hillow
	 

	 	 	 	 
	 

	 	Name: Michael El-Hillow
	 

	 	Title:   President and Chief Executive Officer
	 
	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION

as Trustee
	 
	 	 	 	 
	 

	 	By:	 	/s/ Paula M. Oswald
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory






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