Document:

Exhibit 10.3

 

February 28,
2007

 

Larclay,
L.P.

6
Desta Drive, Suite 6500

Midland,
TX  79705

 

Reference
is made to the Term Loan and Security Agreement dated as of April 21,
2006, among you, us, as Administrative Agent, and each of the other lenders
that is or becomes a signatory thereto (as amended from time to time, “Loan
Agreement”).  Capitalized terms used but
not defined herein have the meanings assigned to them in the Loan Agreement.

 

This
letter confirms the agreement of the parties to the following amendments to the
Loan Agreement:

 

1.             The definition of “Commitment
Expiration Date” found in Section 1.1 is amended by deleting the reference
to “February 28, 2007” and substituting in lieu thereof the date “March 15,
2007.”

 

2.             Section 2.3 (d) is
amended by deleting therefrom the date “March 1, 2007” and substituting in
lieu thereof the date “March 15, 2007.”

 

Except
as provided in the preceding paragraph, this letter does not alter, modify, or
amend the Loan Agreement in any respect.

 

Please
indicate your agreement to the foregoing amendment by signing a copy of this
letter and returning it to us, whereupon it shall be binding on you, the
Administrative Agent and the Lenders.

 

	
   

  	
  MERRILL
  LYNCH CAPITAL, a division of

  
	
   

  	
  Merrill
  Lynch Business Financial Services Inc.,

  
	
   

  	
  as
  Administrative Agent and on behalf of each of the Lenders

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Brian Gandy

  
	
   

  	
  Name:
  

  	
  Brian
  Gandy

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

ACCEPTED
AND AGREED:

 

LARCLAY,
L.P.

By:
Larclay GP, LLC

 

	
  By:

  	
  /s/
  Michael L. Pollard

  	
   

  
	
   

  	
  Authorized
  OfficerExhibit 4.06

 

VISTA GOLD CORP.

 

as Issuer,

 

 

COMPUTERSHARE TRUST COMPANY, N.A.

 

as U.S. Trustee

 

and

 

COMPUTERSHARE TRUST COMPANY OF
CANADA,

 

as Canadian Trustee

 

 

INDENTURE

 

Dated as of ·, 2009

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF
  GENERAL APPLICATION

  	
  1

  
	
  Section 1.01

  	
  Definitions

  	
  1

  
	
  Section 1.02

  	
  Compliance Certificates and Opinions

  	
  13

  
	
  Section 1.03

  	
  Form of Documents Delivered to Trustees

  	
  14

  
	
  Section 1.04

  	
  Acts of Holders

  	
  15

  
	
  Section 1.05

  	
  Notices, etc. to Trustees and Company

  	
  16

  
	
  Section 1.06

  	
  Notice to Holders; Waiver

  	
  17

  
	
  Section 1.07

  	
  Effect of Headings and Table of Contents

  	
  18

  
	
  Section 1.08

  	
  Successors and Assigns

  	
  18

  
	
  Section 1.09

  	
  Severability Clause

  	
  18

  
	
  Section 1.10

  	
  Benefits of Indenture

  	
  18

  
	
  Section 1.11

  	
  Governing Law

  	
  18

  
	
  Section 1.12

  	
  Legal Holidays

  	
  19

  
	
  Section 1.13

  	
  Agent for Service; Submission to Jurisdiction;
  Waiver of Immunities

  	
  19

  
	
  Section 1.14

  	
  Conversion of Currency

  	
  20

  
	
  Section 1.15

  	
  Currency Equivalent

  	
  21

  
	
  Section 1.16

  	
  Conflict with Trust Indenture Legislation

  	
  21

  
	
  Section 1.17

  	
  Incorporators, Shareholders, Officers and Directors
  of the Company Exempt from Individual Liability

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE TWO SECURITIES FORMS

  	
  22

  
	
  Section 2.01

  	
  Forms Generally

  	
  22

  
	
  Section 2.02

  	
  Form of Trustee’s Certificate of Authentication

  	
  23

  
	
  Section 2.03

  	
  Securities Issuable in Global Form

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE THREE THE SECURITIES

  	
  24

  
	
  Section 3.01

  	
  Amount Unlimited; Issuable in Series

  	
  24

  
	
  Section 3.02

  	
  Denominations

  	
  28

  
	
  Section 3.03

  	
  Execution, Authentication, Delivery and Dating

  	
  29

  
	
  Section 3.04

  	
  Temporary Securities

  	
  31

  
	
  Section 3.05

  	
  Registration, Registration of Transfer and Exchange

  	
  33

  
	
  Section 3.06

  	
  Mutilated, Destroyed, Lost and Stolen Securities

  	
  37

  
	
  Section 3.07

  	
  Payment of Principal; Premium; Interest; Interest
  Rights Preserved; Optional Interest Reset

  	
  39

  
	
  Section 3.08

  	
  Optional Extension of Stated Maturity

  	
  41

  
	
  Section 3.09

  	
  Persons Deemed Owners

  	
  42

  
	
  Section 3.10

  	
  Cancellation

  	
  43

  
	
  Section 3.11

  	
  Computation of Interest

  	
  43

  
	
  Section 3.12

  	
  Currency and Manner of Payments in Respect of
  Securities

  	
  43

  
	
  Section 3.13

  	
  Appointment and Resignation of Successor Exchange
  Rate Agent

  	
  47

  

 

i

 

	
  ARTICLE FOUR SATISFACTION AND DISCHARGE

  	
  47

  
	
  Section 4.01

  	
  Satisfaction and Discharge of Indenture

  	
  47

  
	
  Section 4.02

  	
  Application of Trust Money

  	
  48

  
	
   

  	
   

  	
   

  
	
  ARTICLE FIVE SUBORDINATION OF THE SECURITIES

  	
  49

  
	
  Section 5.01

  	
  Agreement to Subordinate

  	
  49

  
	
  Section 5.02

  	
  Distribution on Insolvency or Winding-Up

  	
  49

  
	
  Section 5.03

  	
  Subrogation of the Securities

  	
  50

  
	
  Section 5.04

  	
  No Payment to Holders if Senior Indebtedness Due or
  in Default or Commencement of Proceedings

  	
  50

  
	
  Section 5.05

  	
  Payment of Securities Permitted

  	
  52

  
	
  Section 5.06

  	
  Subordination Not to be Impaired

  	
  52

  
	
  Section 5.07

  	
  Obligations Created by Article 5

  	
  52

  
	
  Section 5.08

  	
  No Set-Off

  	
  53

  
	
  Section 5.09

  	
  Amendments to Article 5

  	
  53

  
	
  Section 5.10

  	
  Authorization to Trustees to Effect Subordination

  	
  53

  
	
   

  	
   

  	
   

  
	
  ARTICLE SIX REMEDIES

  	
  53

  
	
  Section 6.01

  	
  Events of Default

  	
  53

  
	
  Section 6.02

  	
  Acceleration of Maturity; Rescission and Annulment

  	
  55

  
	
  Section 6.03

  	
  Collection of Debt and Suits for Enforcement by
  Trustees

  	
  56

  
	
  Section 6.04

  	
  Trustees May File Proofs of Claim

  	
  57

  
	
  Section 6.05

  	
  Trustees May Enforce Claims Without Possession of
  Securities

  	
  58

  
	
  Section 6.06

  	
  Application of Money Collected

  	
  58

  
	
  Section 6.07

  	
  Limitation on Suits

  	
  59

  
	
  Section 6.08

  	
  Unconditional Right of Holders to Receive Principal,
  Premium and Interest

  	
  60

  
	
  Section 6.09

  	
  Restoration of Rights and Remedies

  	
  60

  
	
  Section 6.10

  	
  Rights and Remedies Cumulative

  	
  60

  
	
  Section 6.11

  	
  Delay or Omission Not Waiver

  	
  60

  
	
  Section 6.12

  	
  Control by Holders

  	
  60

  
	
  Section 6.13

  	
  Waiver of Past Defaults

  	
  61

  
	
  Section 6.14

  	
  Waiver of Stay or Extension Laws

  	
  61

  
	
  Section 6.15

  	
  Undertaking for Costs

  	
  62

  
	
   

  	
   

  	
   

  
	
  ARTICLE SEVEN THE TRUSTEES

  	
  62

  
	
  Section 7.01

  	
  Notice of Defaults

  	
  62

  
	
  Section 7.02

  	
  Certain Duties and Responsibilities of Trustees

  	
  62

  
	
  Section 7.03

  	
  Certain Rights of Trustees

  	
  64

  
	
  Section 7.04

  	
  Trustees Not Responsible for Recitals or Issuance of
  Securities

  	
  65

  
	
  Section 7.05

  	
  May Hold Securities

  	
  65

  
	
  Section 7.06

  	
  Money Held in Trust

  	
  65

  
	
  Section 7.07

  	
  Compensation and Reimbursement

  	
  65

  
	
  Section 7.08

  	
  Corporate Trustees Required; Eligibility

  	
  66

  
	
  Section 7.09

  	
  Resignation and Removal; Appointment of Successor

  	
  67

  
	
  Section 7.10

  	
  Acceptance of Appointment by Successor

  	
  69

  
	
  Section 7.11

  	
  Merger, Conversion, Consolidation or Succession to
  Business

  	
  70

  
	
  Section 7.12

  	
  Appointment of Authenticating Agent

  	
  70

  

 

ii

 

	
  Section 7.13

  	
  Joint Trustees

  	
  72

  
	
  Section 7.14

  	
  Other Rights of Trustees

  	
  73

  
	
  Section 7.15

  	
  Third Party Interests

  	
  74

  
	
   

  	
   

  	
   

  
	
  ARTICLE EIGHT HOLDERS’ LISTS AND REPORTS BY TRUSTEE
  AND COMPANY

  	
  75

  
	
  Section 8.01

  	
  Company to Furnish Trustee Names and Addresses of
  Holders

  	
  75

  
	
  Section 8.02

  	
  Preservation of List of Names and Addresses of
  Holders

  	
  75

  
	
  Section 8.03

  	
  Disclosure of Names and Addresses of Holders

  	
  75

  
	
  Section 8.04

  	
  Reports by Trustees

  	
  75

  
	
  Section 8.05

  	
  Reports by the Company

  	
  76

  
	
   

  	
   

  	
   

  
	
  ARTICLE NINE CONSOLIDATION, MERGER, CONVEYANCE,
  TRANSFER OR LEASE

  	
  77

  
	
  Section 9.01

  	
  Company May Consolidate, etc., only on Certain Terms

  	
  77

  
	
  Section 9.02

  	
  Successor Person Substituted

  	
  77

  
	
   

  	
   

  	
   

  
	
  ARTICLE TEN SUPPLEMENTAL INDENTURES

  	
  78

  
	
  Section 10.01

  	
  Supplemental Indentures Without Consent of Holders

  	
  78

  
	
  Section 10.02

  	
  Supplemental Indentures with Consent of Holders

  	
  79

  
	
  Section 10.03

  	
  Execution of Supplemental Indentures

  	
  80

  
	
  Section 10.04

  	
  Effect of Supplemental Indentures

  	
  80

  
	
  Section 10.05

  	
  Conformity with Trust Indenture Legislation

  	
  81

  
	
  Section 10.06

  	
  Reference in Securities to Supplemental Indentures

  	
  81

  
	
  Section 10.07

  	
  Notice of Supplemental Indentures

  	
  81

  
	
   

  	
   

  	
   

  
	
  ARTICLE ELEVEN COVENANTS

  	
  81

  
	
  Section 11.01

  	
  Payment of Principal, Premium, if any, and Interest

  	
  81

  
	
  Section 11.02

  	
  Maintenance of Office or Agency

  	
  81

  
	
  Section 11.03

  	
  Money for Securities Payments to Be Held in Trust

  	
  83

  
	
  Section 11.04

  	
  Statement as to Compliance

  	
  84

  
	
  Section 11.05

  	
  Additional Amounts

  	
  85

  
	
  Section 11.06

  	
  Payment of Taxes and Other Claims

  	
  86

  
	
  Section 11.07

  	
  Corporate Existence

  	
  86

  
	
  Section 11.08

  	
  Waiver of Certain Covenants

  	
  87

  
	
   

  	
   

  	
   

  
	
  ARTICLE TWELVE REDEMPTION OF SECURITIES

  	
  87

  
	
  Section 12.01

  	
  Applicability of Article

  	
  87

  
	
  Section 12.02

  	
  Election to Redeem; Notice to Trustees

  	
  87

  
	
  Section 12.03

  	
  Selection by Trustees of Securities to Be Redeemed

  	
  87

  
	
  Section 12.04

  	
  Notice of Redemption

  	
  88

  
	
  Section 12.05

  	
  Deposit of Redemption Price

  	
  89

  
	
  Section 12.06

  	
  Securities Payable on Redemption Date

  	
  89

  
	
  Section 12.07

  	
  Securities Redeemed in Part

  	
  90

  
	
  Section 12.08

  	
  Tax Redemption

  	
  90

  
	
   

  	
   

  	
   

  
	
  ARTICLE THIRTEEN SINKING FUNDS

  	
  91

  
	
  Section 13.01

  	
  Applicability of Article

  	
  91

  
	
  Section 13.02

  	
  Satisfaction of Sinking Fund Payments with
  Securities

  	
  91

  
	
  Section 13.03

  	
  Redemption of Securities for Sinking Fund

  	
  92

  

 

iii

 

	
  ARTICLE FOURTEEN REPAYMENT AT OPTION OF HOLDERS

  	
  93

  
	
  Section 14.01

  	
  Applicability of Article

  	
  93

  
	
  Section 14.02

  	
  Repayment of Securities

  	
  93

  
	
  Section 14.03

  	
  Exercise of Option

  	
  93

  
	
  Section 14.04

  	
  When Securities Presented for Repayment Become Due
  and Payable

  	
  94

  
	
  Section 14.05

  	
  Securities Repaid in Part

  	
  95

  
	
   

  	
   

  	
   

  
	
  ARTICLE FIFTEEN DEFEASANCE AND COVENANT DEFEASANCE

  	
  95

  
	
  Section 15.01

  	
  Company’s Option to Effect Defeasance or Covenant
  Defeasance

  	
  95

  
	
  Section 15.02

  	
  Defeasance and Discharge

  	
  95

  
	
  Section 15.03

  	
  Covenant Defeasance

  	
  96

  
	
  Section 15.04

  	
  Conditions to Defeasance or Covenant Defeasance

  	
  96

  
	
  Section 15.05

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

  	
  98

  
	
  Section 15.06

  	
  Reinstatement

  	
  99

  
	
   

  	
   

  	
   

  
	
  ARTICLE SIXTEEN MEETINGS OF HOLDERS OF SECURITIES

  	
  99

  
	
  Section 16.01

  	
  Purposes for Which Meetings May Be Called

  	
  99

  
	
  Section 16.02

  	
  Call, Notice and Place of Meetings

  	
  99

  
	
  Section 16.03

  	
  Persons Entitled to Vote at Meetings

  	
  100

  
	
  Section 16.04

  	
  Quorum; Action

  	
  100

  
	
  Section 16.05

  	
  Determination of Voting Rights; Conduct and
  Adjournment of Meetings

  	
  101

  
	
  Section 16.06

  	
  Counting Votes and Recording Action of Meetings

  	
  102

  
	
  Section 16.07

  	
  Waiver of Jury Trial

  	
  103

  
	
  Section 16.08

  	
  Counterparts

  	
  103

  

 

iv

 

CROSS-REFERENCE TABLE

 

	
  TIA

  Section

  	
   

  	
  Indenture

  Section

  
	
  310

  	
  (a)(1)

  	
   

  	
  6.08(a)

  
	
   

  	
  (a)(2)

  	
   

  	
  6.08(a)

  
	
   

  	
  (b)

  	
   

  	
  6.09

  
	
   

  	
  (c)

  	
   

  	
  Not
  Applicable

  
	
  311

  	
  (a)

  	
   

  	
  6.05

  
	
   

  	
  (b)

  	
   

  	
  6.05

  
	
   

  	
  (c)

  	
   

  	
  Not
  Applicable

  
	
  312

  	
  (a)

  	
   

  	
  7.05

  
	
   

  	
  (b)

  	
   

  	
  7.03

  
	
   

  	
  (c)

  	
   

  	
  7.03

  
	
  313

  	
  (a)

  	
   

  	
  7.04

  
	
   

  	
  (b)

  	
   

  	
  7.04

  
	
   

  	
  (c)

  	
   

  	
  7.04

  
	
   

  	
  (d)

  	
   

  	
  7.05

  
	
  314

  	
  (a)

  	
   

  	
  7.05

  
	
   

  	
  (a)(4)

  	
   

  	
  10.04

  
	
   

  	
  (b)

  	
   

  	
  Not
  Applicable

  
	
   

  	
  (c)(1)

  	
   

  	
  1.02

  
	
   

  	
  (c)(2)

  	
   

  	
  1.02

  
	
   

  	
  (d)

  	
   

  	
  Not
  Applicable

  
	
   

  	
  (e)

  	
   

  	
  1.02

  
	
   

  	
  (f)

  	
   

  	
  Not
  Applicable

  
	
  315

  	
  (a)

  	
   

  	
  6.02

  
	
   

  	
  (b)

  	
   

  	
  6.01

  
	
   

  	
  (c)

  	
   

  	
  6.02

  
	
   

  	
  (d)

  	
   

  	
  6.02

  
	
   

  	
  (e)

  	
   

  	
  5.15

  
	
  316

  	
  (a)(last
  sentence)

  	
   

  	
  1.01
  (“Outstanding”)

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  5.12

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  5.02,
  5.13

  
	
   

  	
  (a)(2)

  	
   

  	
  Not
  Applicable

  
	
   

  	
  (b)

  	
   

  	
  5.08

  
	
   

  	
  (c)

  	
   

  	
  1.04(e)

  
	
  317

  	
  (a)(1)

  	
   

  	
  5.03

  
	
   

  	
  (a)(2)

  	
   

  	
  5.04

  
	
   

  	
  (b)

  	
   

  	
  10.03

  
	
  318

  	
  (a)

  	
   

  	
  1.16

  

 

Note:
This Cross-Reference Table shall not, for any purpose, be deemed to be part of
this Indenture.

 

v

 

VISTA GOLD
CORP.

 

FORM OF
INDENTURE

 

INDENTURE, dated as of _____________________,
between VISTA GOLD CORP., a corporation duly continued and existing under the
laws of the Yukon Territory (herein called the “Company”), having its principal
office at Suite 5, 7961 Shaffer Parkway, Littleton, Colorado, 80127,
U.S.A. and Computershare Trust Company, N.A., a trust company, organized under
the laws of the United States, as U.S. trustee (herein called the “U.S. Trustee”),
and Computershare Trust Company of Canada, a trust company duly organized and
existing under the laws of Canada, as Canadian trustee (the “Canadian Trustee”
and, together with the U.S. Trustee, the “Trustees”).

 

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 debentures, notes or other evidences of indebtedness (herein
called the “Securities”), which may be convertible into or exchangeable for any
securities of any person (including the Company), to be issued in one or more
series as in this Indenture provided.

 

This Indenture is subject to the provisions
of Trust Indenture Legislation (as defined below) that are required to be part
of this Indenture and shall, to the extent applicable, be governed by such
provisions.

 

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 (as defined below) thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:

 

ARTICLE
ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.01                         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, and the terms “cash
transaction” and “self-liquidating paper”, as used in Section 311 of the
Trust Indenture Act, shall have the meanings assigned to them in the rules of
the Commission adopted under the Trust Indenture Act;

 

1

 

(3)       all accounting terms not
otherwise defined herein have the meanings assigned to them in accordance with
Canadian generally accepted accounting principles, 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 as are generally accepted in the Canada at the date of
such computation;

 

(4)           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;

 

(5)           “or” is not
exclusive;

 

(6)           words implying
any gender shall apply to all genders; and

 

(7)           the words
Subsection, Section and Article refer to the Subsections, Sections
and Articles, respectively, of this Indenture unless otherwise noted.

 

(8)           “include”, “includes” or “including”
means include, includes or including, in each case, without limitation.

 

Certain terms, used principally in Article Three,
are defined in that Article.

 

“accelerated indebtedness” has the meaning
specified in Section 6.01.

 

“Act”, when used with respect to any Holder,
has the meaning specified in Section 1.04.

 

“Additional Amounts” has the meaning
specified in Section 11.05.

 

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

 

“Appropriate Trustee” means, with respect to
the Canadian Securities, the Canadian Trustee, and with respect to the U.S.
Securities, the U.S. Trustee.

 

“Authenticating Agent” means any Person
authorized by either Trustee pursuant to Section 7.12 to act on behalf of
such Trustee to authenticate Securities.

 

“Authorized Newspaper” means a newspaper, in
the English language or in an official language of the country of publication,
customarily published on each Business Day, and of general circulation in each
place in connection with which the term is used or in the financial community
of each such place.  Where successive
publications are required to be made in Authorized Newspapers, the successive
publications may be made in the same or in different newspapers in the same
city meeting the foregoing requirements and in each case on any Business Day.

 

2

 

“Base Currency” has the meaning specified in Section 1.14.

 

“Bearer Security” means any Security except a
Registered Security.

 

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

 

“Board Resolution” means a copy of a
resolution certified by the Chief Financial Officer or the Corporate 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
Trustees.

 

“Branch Register” has the meaning specified
in Section 3.05.

 

“Branch Security Registrar” has the meaning
specified in Section 3.05.

 

“Business Day”, when used with respect to any
Place of Payment or any other particular location referred to in this Indenture
or in the Securities, means, unless otherwise specified with respect to any
Securities pursuant to Section 3.01, any day other than Saturday, Sunday
or any other day on which the offices of the Trustees are closed.

 

“calculation period” has the meaning
specified in Section 3.11.

 

“Canadian Securities Authorities” means the securities
commissions or similar authorities in Canada.

 

“Canadian Taxes” has the meaning specified in
Section 11.05.

 

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

 

“Capital Lease Obligation” means the
obligation of a Person, as lessee, to pay rent or other amounts to the lessor
under a lease of real or personal property which is required to be classified
and accounted for as a capital lease on a consolidated balance sheet of such
person in accordance with GAAP.

 

“Capital Stock” in any Person means any and
all shares, interests, partnership interests, participations or other
equivalents however designated in the equity interest in such Person and any
rights (other than debt securities convertible into an equity interest),
warrants or options to acquire any equity interest in such Person.

 

“Central Register” has the meaning specified
in Section 3.05.

 

“Central Security Registrar” has the meaning
specified in Section 3.05.

 

3

 

“Commission” means the U.S. Securities and
Exchange Commission, as from time to time constituted, created under the
Exchange Act, or, if at any time after the execution of this Indenture 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 Depositary” has the meaning specified
in Section 3.04.

 

“Company” means the Person named as the “Company”
in the first paragraph of this Indenture 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 the Executive
Chairman of the Board of Directors, the President, the Chief Executive Officer,
or the Chief Operating Officer, or if two or more
persons share such office any one of such persons, and by the Chief Financial
Officer or the
Corporate Secretary of the Company, or if two or more persons share such office
any one of such persons, and delivered to the Trustees.

 

“Component Currency” has the meaning
specified in Section 3.12(h).

 

“Conversion Date” has the meaning specified
in Section 3.12(d).

 

“Conversion Event” means the cessation of use
of (i) a Foreign Currency (other than the Euro or other currency unit both
by the government of the country which issued such Currency and by a central
bank or other public institution of or within the international banking
community for the settlement of transactions, (ii) the Euro or (iii) any
currency unit (or composite currency) other than the Euro for the purposes for
which it was established.

 

“Corporate Trust Office” means the principal
corporate trust office of the U.S. Trustee or the Canadian Trustee, as
applicable, or the principal corporate trust office of any successor Trustee,
at which at any particular time its corporate trust business may be
administered, such an office on the date of execution of this Indenture of the
U.S. Trustee is located at 350 Indiana St., Suite 750, Golden, CO, 80401,
Attention: ·, and of the Canadian
Trustee is located at 510 Burrard Street, 3rd Floor,
Vancouver, British Columbia, V6C 3B9, Attention:  General Manager, Corporate Trust, Facsimile No. (604)
661-9403, except that with respect to presentation of Securities for payment or
for registration of transfer or exchange, such term shall mean the office or
agency of the U.S. Trustee or the Canadian Trustee, as applicable, designated
in writing to the Company at which, at any particular time, its corporate
agency business shall be conducted.

 

“corporation” includes corporations,
associations, companies and business trusts.

 

“coupon” means any interest coupon
appertaining to a Bearer Security.

 

“covenant defeasance” has the meaning
specified in Section 15.03.

 

“Currency” means any currency or currencies,
composite currency or currency unit or currency units, including, without
limitation, the Euro, issued by the government of one or more countries or by
any recognized confederation or association of such governments.

 

4

 

“Default” means any event which is, or after
notice or passage of time or both would be, an Event of Default.

 

“Defaulted Interest” has the meaning
specified in Section 3.07.

 

“defeasance” has the meaning specified in Section 15.02.

 

“Depositary “ means, with respect to the
Securities of any series issuable or issued in the form of one or more
Registered Securities, the Depositary Trust Company, or any successor thereto,
or any other Person designated as Depositary by the Company pursuant to Section 3.05
until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include
each Person who is then a Depositary hereunder, and, if at any time there is
more than one such Person, “Depositary” as used with respect to the Securities
of any such series shall mean the Depositary with respect to the Registered
Securities of that series.

 

“Dollar” or “$” means a dollar or other
equivalent unit in such coin or currency of the United States of America as at
the time shall be legal tender for the payment of public and private debts.

 

“Dollar Equivalent of the Currency Unit” has
the meaning specified in Section 3.12(g).

 

“Dollar Equivalent of the Foreign Currency”
has the meaning specified in Section 3.12(f).

 

“Election Date” has the meaning specified in Section 3.12(h).

 

“Euro” means the single currency of the
participating member states from time to time of the European Union described
in legislation of the European Counsel for the operation of a single unified
European currency (whether known as the Euro or otherwise).

 

“Event of Default” has the meaning specified
in Section 6.01.

 

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

 

“Exchange Date” has the meaning specified in Section 3.04.

 

“Exchange Rate Agent” means, with respect to
Securities of or within any series, unless otherwise specified with respect to
any Securities pursuant to Section 3.01, a New York clearing house bank,
designated pursuant to Section 3.01 or Section 3.13.

 

“Exchange Rate Officers’ Certificate” means a
certificate setting forth (i) the applicable Market Exchange Rate and (ii) the
Dollar or Foreign Currency amounts of principal (and premium, if any) and
interest, if any (on an aggregate basis and on the basis of a Security having
the lowest denomination principal amount determined in accordance with Section 3.02
below in the relevant Currency), payable with respect to a Security of any
series on the basis of such Market Exchange Rate, signed by the Chief Executive Officer, President or Chief Financial Officer of the
Company.

 

5

 

“Exchanges” means the NYSE Amex and the
Toronto Stock Exchange and any other securities exchange or automated quotation
system upon which the Securities are or become listed or quoted.

 

“Excluded Holder” has the meaning specified
in Section 11.05.

 

“Extension Notice” has the meaning specified
in Section 3.08.

 

“Extension Period” has the meaning specified
in Section 3.08.

 

“Final Maturity” has the meaning specified in
Section 3.08.

 

“First Currency” has the meaning specified in
Section 1.15.

 

“Foreign Currency” means any Currency other
than Currency of the United States.

 

“GAAP” means generally accepted accounting
principles in Canada in effect from time to time, unless the Person’s most
recent audited or quarterly financial statements are not prepared in accordance
with generally accepted accounting principles in Canada, in which case “GAAP”
shall mean generally accepted accounting principles in the United States in
effect from time to time.

 

“Government Obligations” means, unless
otherwise specified with respect to any series of Securities pursuant to Section 3.01,
securities which are (i) direct obligations of the government which issued
the Currency in which the Securities of a particular series are payable or (ii) obligations
of a Person controlled or supervised by and acting as an agency or
instrumentality of the government which issued the Currency in which the
Securities of such series are payable, the payment of which is unconditionally
guaranteed by such government, which, in either case, are full faith and credit
obligations of such government payable in such Currency and are not callable or
redeemable at the option of the issuer thereof and shall also include a
depositary receipt issued by a bank or trust company as custodian with respect
to any such Government Obligation or a specific payment of interest on or principal
of any such Government Obligation held by such custodian for the account of the
holder of a depositary receipt; provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depositary receipt from any amount received by
the custodian in respect of the Government Obligation or the specific payment
of interest or principal of the Government Obligation evidenced by such
depositary receipt.

 

“Holder” means, in the case of a Registered
Security, the Person in whose name a Security is registered in the Security
Register and, in the case of a Bearer Security, the bearer thereof and, when
used with respect to any coupon, shall mean the bearer thereof.

 

“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, and shall include the terms of particular series
of Securities established as contemplated by Section 3.01; provided,
however, that, if at any time more than one Person is acting as Trustee
under this instrument, “Indenture” shall mean, with respect to any one or more
series of Securities for which 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 the 

 

6

 

particular series of
Securities for which such Person is Trustee established as contemplated by Section 3.01,
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.

 

“Indexed Security” means a Security the terms
of which provide that the principal amount thereof payable at Stated Maturity
may be more or less than the principal face amount thereof at original issuance.

 

“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 at the rate prescribed in such
Original Issue Discount Security.

 

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

 

“Judgment Currency” has the meaning specified
in Section 1.14.

 

“Lien” means any mortgage, pledge,
hypothecation, charge, assignment, deposit arrangement, encumbrance, security
interest, lien (statutory or other), or preference, priority or other security
or similar agreement or preferential arrangement of any kind or nature
whatsoever (including, without limitation, any agreement to give or grant a
Lien or any lease, conditional sale or other title retention agreement having
substantially the same economic effect as any of the foregoing) but not
including any security interest in respect of a lease which is not a Capital
Lease Obligation and provided that such term shall not include any encumbrance
that may be deemed to arise solely as a result of entering into an agreement,
not in violation of the terms of this Indenture, to sell or otherwise transfer
assets or Property.

 

“mandatory sinking fund payment” has the
meaning specified in Section 13.01.

 

“Market Exchange Rate” means, unless
otherwise specified with respect to any Securities pursuant to Section 3.01,
(i) for any conversion involving a currency unit on the one hand and
Dollars or any Foreign Currency on the other, the exchange rate between the
relevant currency unit and Dollars or such Foreign Currency calculated by the
method specified pursuant to Section 3.01 for the Securities of the
relevant series, (ii) for any conversion of Dollars into any Foreign
Currency, buying rate for such Foreign Currency for cable transfers quoted in
New York City as certified for customs purposes by the Federal Reserve Bank of
New York and (iii) for any conversion of one Foreign Currency into Dollars
or another Foreign Currency, the spot rate at noon local time in the relevant
market at which, in accordance with normal banking procedures, the Dollars or
Foreign Currency into which conversion is being made could be purchased with
the Foreign Currency from which conversion is being made from major banks
located in New York City, Toronto, London or any other principal market for
Dollars or such purchased Foreign Currency, in each case determined by the
Exchange Rate Agent.  Unless otherwise
specified with respect to any Securities pursuant to Section 3.01, in the
event of the unavailability of any of the exchange rates provided for in the
foregoing clauses (i), (ii) and (iii), the Exchange Rate Agent shall use,
in its sole discretion and 

 

7

 

without liability on its
part, such quotation of the Federal Reserve Bank of New York as of the most
recent available date, or quotations from one or more major banks in New York
City, Toronto or another principal market for the Currency in question, or such
other quotations as the Exchange Rate Agent shall deem appropriate.  Unless otherwise specified by the Exchange
Rate Agent, if there is more than one market for dealing in any Currency by
reason of foreign exchange regulations or otherwise, the market to be used in
respect of such Currency shall be that upon which a non-resident issuer of
securities designated in such Currency would purchase such Currency in order to
make payments in respect of such securities.

 

“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, notice of
redemption, notice of option to elect repayment or otherwise.

 

“Non-Recourse Debt” means indebtedness to
finance the creation, development, construction or acquisition of assets and
any increases in or extensions, renewals or refinancings of such indebtedness,
provided that the recourse of the lender thereof (including any agent, trustee,
receiver or other Person acting on behalf of such entity) in respect of such
indebtedness is limited in all circumstances to the assets created, developed,
constructed or acquired in respect of which such indebtedness has been incurred
and to the receivables, inventory, equipment, chattels payable, contracts,
intangibles and other assets, rights or collateral connected with the assets
created, developed, constructed or acquired and to which such lender has
recourse.

 

“Notice of Default” has the meaning specified
in Section 6.01.

 

“Officers’ Certificate” means a certificate,
which shall comply with this Indenture, signed by the Executive Chairman of the
Board of Directors, the President, the Chief Executive Officer, or the Chief Operating Officer, or if two or more
persons share such office any one of such persons, and by the Chief Financial
Officer or the
Corporate Secretary of the Company, or if two or more persons share such office
any one of such persons, and delivered to the Trustees.

 

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

 

“Optional Reset Date” has the meaning
specified in Section 3.07.

 

“optional sinking fund payment” has the
meaning specified in Section 13.01.

 

“Original Issue Discount Security” means any
Security which 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 6.02.

 

“Original Stated Maturity” has the meaning
specified in Section 3.08.

 

“Other Currency” has the meaning specified in
Section 1.15.

 

8

 

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

 

(i)                                     Securities theretofore
cancelled by a Trustee or delivered to a Trustee for cancellation;

 

(ii)       Securities, or portions
thereof, for whose payment or redemption or repayment at the option
of the Holder, money in the necessary amount has been theretofore deposited
with a 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 and any coupons appertaining thereto;
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 Trustees has been made;

 

(iii)      Securities, except to the extent
provided in Section 15.02 and Section 15.03, with respect to which
the Company has effected defeasance and/or covenant defeasance as provided in Article Fourteen;
and

 

(iv)      Securities which have been
paid pursuant to Section 3.06 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 Trustees
proof satisfactory to them that such Securities are held by a protected
purchaser (as defined in Article 8 of the UCC) in whose hands such
Securities are valid obligations of the Company;

 

provided, however, that in
determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or are present at a meeting of
Holders for quorum purposes, and for the purpose of making the calculations
required by TIA Section 313, (i) the principal amount of an Original
Issue Discount Security that may be counted in making such determination or
calculation and that shall be deemed to be Outstanding for such purpose shall
be equal to the amount of principal thereof that would be (or shall have been
declared to be) due and payable, at the time of such determination, upon a
declaration of acceleration of the maturity thereof pursuant to Section 6.02,
(ii) the principal amount of any Security denominated in a Foreign
Currency that may be counted in making such determination or calculation and
that shall be deemed Outstanding for such purpose shall be equal to the Dollar
equivalent, determined as of the date such Security is originally issued by the
Company as set forth in an Exchange Rate Officers’ Certificate delivered to the
Trustees, of the principal amount (or, in the case of an Original Issue
Discount Security, the Dollar equivalent as of such date of original issuance
of the amount determined as provided in clause (i) above) of such
Security, (iii) the principal amount of any Indexed Security that may be
counted in making such determination or calculation and that shall be deemed
outstanding for such purpose shall be equal to the principal face amount of
such Indexed Security at original issuance, unless otherwise provided with
respect to such Security pursuant to Section 3.01, and (iv) 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 Trustees shall be
protected in making such calculation or in relying upon any such request,
demand, authorization, direction, 

 

9

 

notice, consent or waiver, only Securities
which the Trustees know 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 Trustees 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 such other obligor.

 

“Paying Agent” means any Person (including
the Company acting as Paying Agent) authorized by the Company to pay the
principal of (or premium, if any) or interest, if any, on any Securities on
behalf of the Company.  Such Person, at
the responsibility of the Company, must be able to make payment in the currency
of the issued Security.

 

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

 

“Place of Payment” means, when used with
respect to the Securities of or within any series, each place where the principal
of (and premium, if any) and interest, if any, on such Securities are payable
in the United States and Canada as specified as contemplated by Section 3.01
and Section 11.02.

 

“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 3.06
in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security
or a Security to which a mutilated, destroyed, lost or stolen coupon appertains
shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Security or the Security to which the mutilated, destroyed, lost or stolen
coupon appertains, as the case may be.

 

“rate(s) of exchange” has the meaning
specified in Section 1.14.

 

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

 

“Redemption Price”, when used with respect to
any Security to be redeemed, in whole or in part, means the price at which it
is to be redeemed pursuant to this Indenture, plus accrued and unpaid interest
thereon to the Redemption Date.

 

“Registered Security” means any Security
registered in the Security Register.

 

“Regular Record Date” for the interest
payable on any Interest Payment Date on the Registered Securities of or within
any series means the date specified for that purpose as contemplated by Section 3.01.

 

“Repayment Date” means, when used with
respect to any Security to be repaid at the option of the Holder, the date
fixed for such repayment pursuant to this Indenture.

 

“Repayment Price” means, when used with
respect to any Security to be repaid at the option of the Holder, the price at
which it is to be repaid pursuant to this Indenture.

 

10

 

“Reset Notice” has the meaning specified in Section 3.07.

 

“Responsible Officer”, when used with respect
to a Trustee, means any vice president, secretary, any assistant secretary,
treasurer, any assistant treasurer, any senior trust officer, any trust
officer, the controller within the corporate trust administration division of a
Trustee or any other officer of a Trustee customarily performing functions
similar to those performed by any of the above-designated officers, and also
means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity
with the particular subject.

 

“Securities” has the meaning stated in the
first recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture; provided, however,
that if at any time there is more than one Person acting as Trustee under this
Indenture, “Securities” with respect to the Indenture as to which such Person
is Trustee shall have the meaning stated in the first recital of this Indenture
and shall more particularly mean Securities authenticated and delivered under
this Indenture, exclusive, however, of Securities of any series as to which
such Person is not Trustee.

 

“Security Register” and “Security Registrar”
have the respective meanings specified in Section 3.05.

 

“Senior Default” means (i) any default
or event of default under any instrument creating any Senior Indebtedness, or (ii) any
event which would, with giving of notice, lapse of time, or both, or subject to
any other condition subsequent to such event, constitute such a default or
event of default.

 

“Senior Indebtedness” means:

 

(a)                                  all
indebtedness of the Company in respect of borrowed money, other than:

 

(i)            indebtedness evidenced by the Securities; and

 

(ii)           indebtedness
which, by the terms of the instrument creating or evidencing the same, is
expressed to rank in right of payment equally with or subordinate to the
indebtedness evidenced by the Securities;

 

(b)                                 all obligations
of the Company for the reimbursement of amounts paid pursuant to any letter of
credit, banker’s acceptance or similar credit transaction; and

 

(c)                                  all obligations
of the type referred to in paragraphs (a) through (b) above of other
Persons for the payment of which the Company is responsible or liable as
obligor, guarantor or otherwise,

 

and, for greater certainty, “Senior
Indebtedness” will include all indebtedness of the Company for borrowed money
which is outstanding as at the date hereof.

 

“Shareholders’ Equity” means the aggregate
amount of shareholders’ equity of the Company as shown on the most recent
audited annual consolidated balance sheet of the Company and computed in
accordance with GAAP.

 

11

 

“Special Record Date” for the payment of any
Defaulted Interest on the Registered Securities of or within any series means a
date fixed by the Trustees pursuant to Section 3.07.

 

“Specified Amount” has the meaning specified
in Section 3.12(h).

 

“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 or a coupon representing such installment
of interest as the fixed date on which the principal of such Security or such
installment of principal or interest is due and payable, as such date may be
extended pursuant to the provisions of Section 3.08.

 

“Subsequent Interest Period” has the meaning
specified in Section 3.07.

 

“Subsidiary” means, any corporation of which
at the time of determination the Company, directly and/or indirectly through
one or more Subsidiaries, owns more than 50% of the shares of Voting Stock or
partnership, joint venture, limited liability company, association, company or
business trust interests.

 

“Trust Indenture Act” or “TIA” means the
United States Trust Indenture Act of 1939,
as amended, as in force at the date as of which this Indenture was executed,
except as provided in Section 10.05.

 

“Trust Indenture Legislation” means, at any
time, the provisions of (i) the YBCA and the regulations thereunder as amended
or re-enacted from time to time, but only to the extent applicable, (ii) the
provisions of any other applicable statute of Canada or any province or
territory thereof and the regulations thereunder as amended or re-enacted from
time to time, but only to the extent applicable, or (iii) the Trust
Indenture Act and regulations thereunder, in each case, relating to trust
indentures and to the rights, duties and obligations of trustees under trust
indentures and of corporations issuing debt obligations under trust indentures,
to the extent that such provisions are at such time in force and applicable to
this Indenture or the Company or the Trustees.

 

“Trustee” or “Trustees” means the U.S.
Trustee and the Canadian Trustee.  If a
Canadian Trustee is not appointed under this Indenture, or resigns or is
removed and, pursuant to Section 6.09, the Company shall, if required by
applicable law, appoint a successor Trustee to the Canadian Trustee.  Except to the extent otherwise indicated, “Trustees”
shall refer to the Canadian Trustee and the U.S. Trustee, both jointly and
individually.

 

“UCC” means the New York uniform commercial
code in effect from time to time.

 

“U.S. Federal Bankruptcy Code” means the Bankruptcy Act of Title 11 of the United States Code,
as amended from time to time.

 

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

 

12

 

“United States” means, unless otherwise
specified with respect to any Securities pursuant to Section 3.01, the
United States of America (including the states and the District of Columbia),
its territories, its possessions and other areas subject to its jurisdiction.

 

“United States person” means, unless
otherwise specified with respect to any Securities pursuant to Section 3.01,
an individual who is a citizen or resident of the United States, a corporation,
partnership or other entity created or organized in or under the laws of the
United States, an estate the income of which is subject to United States
federal income taxation regardless of its source, or a trust if (A) it is
subject to the primary supervision of a court within the United States and one
or more United States persons have the authority to control all substantial
decisions of the trust or (B) it has a valid election in effect under
applicable Treasury Regulations to be treated as a United States person.

 

“Valuation Date” has the meaning specified in
Section 3.12(c).

 

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

 

“Voting Stock” means with respect to any
Person, securities of any class or classes of Capital Stock in such Person
entitling the holder thereof (whether at all times or at the time that such
class of Capital Stock has voting power by reason of the happening of any
contingency) to vote in the election of members of the board of directors or
comparable body of such Person.

 

“Writing” has the meaning specified in Section 7.13.

 

“YBCA” means the Business Corporations Act (Yukon Territory), as amended.

 

“Yield to Maturity” means the yield to maturity,
computed at the time of issuance of a Security (or, if applicable, at the most
recent redetermination of interest on such Security) and as set forth in such
Security in accordance with generally accepted United States bond yield
computation principles.

 

Section 1.02                                                                            Compliance
Certificates and Opinions

 

Upon any application or request by the
Company to the Trustees to take any action under any provision of this
Indenture, the Company shall furnish to the Trustees, to the extent required by
the Trust Indenture Act, an Officers’ Certificate stating that all conditions
precedent, if any, provided for in this Indenture (including any covenant
compliance with which constitutes a condition precedent) relating to the
proposed action have been complied with and, if requested by the Trustee, an
Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be
furnished.

 

13

 

Every certificate or opinion with respect to
compliance with a covenant or condition provided for in this Indenture (other
than pursuant to Section 11.04) 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 has made such examination or
investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been complied with; and

 

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

 

Section 1.03                                                                            Form of
Documents Delivered to Trustees

 

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 may certify or give
an opinion 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 an
Opinion of Counsel, a certificate of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the matters upon
which his certificate or opinion is based are erroneous.  Any such certificate or Opinion of 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.

 

Any certificate or opinion of an officer of
the Company or of counsel may be based, insofar as it relates to accounting
matters, upon a certificate or opinion of, or representations by, an accountant
or firm of accountants in the employ of the Company, unless such officer or
counsel, as the case may be, knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
the accounting matters upon which such certificate or opinion may be based are
erroneous.  Any certificate or opinion of
any independent firm of public accountants filed with the Trustees shall
contain a statement that such firm is independent.

 

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.

 

14

 

Section 1.04                                                                            Acts of
Holders

 

(a)                                  Any request,
demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders of the Outstanding
Securities of all series or one or more series, as the case may be, may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agents duly appointed in
writing.  If Securities of a series are
issuable as Bearer Securities, any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders of such series may, alternatively, be embodied in and
evidenced by the record of Holders of Securities of such series voting in favor
thereof, either in person or by proxies duly appointed in writing, at any
meeting of Holders of Securities of such series duly called and held in
accordance with the provisions of Article Sixteen, or a combination of
such instruments and any such record. 
Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered
to the Trustees and, where it is hereby expressly required, to the
Company.  Such instrument or instruments
and any such record (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such
instrument or instruments or so voting at any such meeting.  Proof of execution of any such instrument or
of a writing appointing any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture and conclusive
in favor of the Trustees and the Company, if made in the manner provided in
this Section.  The record of any meeting
of Holders of Securities shall be proved in the manner provided in Section 16.06.

 

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

 

(c)                                  The principal
amount and serial numbers of Registered Securities held by any Person, and the
date of holding the same, shall be proved by the Security Register.

 

(d)                                 The principal
amount and serial numbers of Bearer Securities held by any Person, and the date
of holding the same, may be proved by the production of such Bearer Securities
or by a certificate executed, as depositary, by any trust company, bank, banker
or other depositary, wherever situated, if such certificate shall be deemed by
the Trustees to be satisfactory, showing that at the date therein mentioned
such Person had on deposit with such depositary, or exhibited to it, the Bearer
Securities therein described; or such facts may be proved by the certificate or
affidavit of the Person holding such Bearer Securities, if such certificate or
affidavit is deemed by the Trustees to be satisfactory.  The Trustees and the Company may assume that
such ownership of any Bearer Security continues until (1) another
certificate or affidavit bearing a later date issued in respect of the same
Bearer Security is produced, or (2) such Bearer Security is produced to
the Trustees by some other Person, or (3) such Bearer Security is
surrendered in exchange for a Registered Security, or (4) such Bearer
Security is no longer Outstanding.  The
principal amount and serial numbers of Bearer 

 

15

 

Securities held by any Person, and the date of holding the same, may
also be proved in any other manner that the Trustees deem sufficient.

 

(e)                                  If the Company
shall solicit from the Holders of Registered Securities any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, by or pursuant to a Board Resolution, fix in advance a
record date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act, but the
Company shall have no obligation to do so. 
Notwithstanding Trust Indenture Legislation, including TIA Section 316(c),
such record date shall be the record date specified in or pursuant to such
Board Resolution, which shall be a date not earlier than the date 30 days prior
to the first solicitation of Holders generally in connection therewith and not
later than the date such solicitation is completed.  If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of record at the
close of business on such record date shall be deemed to be Holders for the
purposes of determining whether Holders of the requisite proportion of
Outstanding Securities have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other Act, and for
that purpose the Outstanding Securities shall be computed as of such record
date; provided that no such authorization, agreement or consent by the Holders
on such record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than eleven months after
the record date.

 

(f)                                    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 Trustees or the Company in reliance thereon,
whether or not notation of such action is made upon such Security.

 

Section 1.05                                                                            Notices,
etc. to Trustees and Company

 

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

 

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

 

(2)                                  the Canadian
Trustee, by the U.S. Trustee, any Holder or by the Company shall be sufficient
for every purpose hereunder if made, given, furnished or filed in writing to or
with the Canadian Trustee at its Corporate Trust Office, Attention:  General Manager, Corporate Trust, Facsimile No. (604)
661-9403, or

 

16

 

(3)                                  the Company, by
either Trustee or any Holder shall be sufficient for every purpose hereunder
(unless otherwise herein expressly provided) if in writing and faxed or mailed,
first-class postage prepaid or personally delivered, to the Company,
Attention:  Chief Financial Officer,
Facsimile No:  (720) 981-1186 or such
other officer or facsimile number as the Company may designate on written
notice to the Trustees, addressed to it at the address of its principal office
specified in the first paragraph of this Indenture or at any other address
previously furnished in writing to the Trustees by the Company.

 

Section 1.06                                                                            Notice
to Holders; Waiver

 

Where this Indenture provides for notice of
any event to Holders of Registered Securities by the Company or the Trustees,
such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each such
Holder affected by such event, at his address as it appears in the Security
Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. 
In any case where notice to Holders of Registered Securities is given by
mail, neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder shall affect the sufficiency of such notice
with respect to other Holders of Registered Securities or the sufficiency of
any notice to Holders of Bearer Securities given as provided.  Any notice mailed to a Holder in the manner
herein prescribed shall be conclusively deemed to have been received by such
Holder, whether or not such Holder actually receives such notice.

 

In case, by reason of the suspension of or
irregularities in regular mail service or by reason of any other cause, it
shall be impractical to mail notice of any event to Holders of Registered
Securities when such notice is required to be given pursuant to any provision
of this Indenture, then any manner of giving such notice as shall be satisfactory
to the Trustees shall be deemed to be sufficient giving of such notice for
every purpose hereunder.

 

Except as otherwise expressly provided herein
or otherwise specified with respect to any Securities pursuant to Section 3.01,
where this Indenture provides for notice to Holders of Bearer Securities of any
event, such notice shall be sufficiently given to Holders of Bearer Securities
if published in an Authorized Newspaper in The City of New York and in such
other city or cities as may be specified in such Securities on a Business Day
at least twice, the first such publication to be not earlier than the earliest
date, and not later than the latest date, prescribed for the giving of such
notice.  Any such notice shall be deemed
to have been given on the date of the first such publication.

 

In case, by reason of the suspension of
publication of any Authorized Newspaper or Authorized Newspapers or by reason
of any other cause, it shall be impracticable to publish any notice to Holders
of Bearer Securities as provided above, then such notification to Holders of
Bearer Securities as shall be given with the approval of the Trustees shall
constitute sufficient notice to such Holders for every purpose hereunder.  Neither the failure to give notice by publication
to Holders of Bearer Securities as provided above, nor any defect in any notice
so published, shall affect the sufficiency of such notice with respect to other
Holders of Bearer Securities or the sufficiency of any notice to Holders of
Registered Securities given as provided herein.

 

17

 

Any request, demand, authorization,
direction, notice, consent or waiver required or permitted under this Indenture
shall be in the English language, except that any published notice may be in an
official language of the country of publication.

 

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 Trustees, but such filing shall
not be a condition precedent to the validity of any action taken in reliance upon
such waiver.

 

Section 1.07                                                                            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 1.08                                                                            Successors
and Assigns

 

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

 

Section 1.09                                                                            Severability
Clause

 

In case any provision in this Indenture or in
any Security or coupon 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 1.10                                                                            Benefits
of Indenture

 

Nothing in this Indenture or in the
Securities or coupons, express or implied, shall give to any Person, other than
the parties hereto, any Authenticating Agent, any Paying Agent, any Securities
Registrar and their successors hereunder and the Holders of Securities or
coupons, any benefit or any legal or equitable right, remedy or claim under
this Indenture.  Subject to Section 1.16,
at all times in relation to this Indenture and any action to be taken
hereunder, the Company and the Trustees each shall observe and comply with
Trust Indenture Legislation and the Company, the Trustees and each Holder of a
Security shall be entitled to the benefits of Trust Indenture Legislation.

 

Section 1.11                                                                            Governing
Law

 

This Indenture and the Securities and coupons
shall be governed by and construed in accordance with the law of the State of
New York, but without giving effect to applicable principles of conflicts of
law to the extent that the application of the law of another jurisdiction would
be required thereby.  Each Trustee and
the Company agrees to comply with all provisions of Trust Indenture Legislation
applicable to or binding upon it in connection with this Indenture and any
action to be taken hereunder.  This
Indenture is subject to the provisions of the Trust Indenture Act that are
required to be part of this Indenture and shall, to the extent applicable, be
governed by such provisions. 
Notwithstanding the preceding sentence, the exercise, performance or
discharge by the Canadian Trustee of any of its rights, powers, duties or
responsibilities hereunder shall be construed

 

18

 

in accordance with the laws
of the Province of British Columbia and the federal laws of Canada applicable
thereto.

 

Section 1.12                                                                            Legal
Holidays

 

In any case where any Interest Payment Date,
Redemption Date, sinking fund payment date or Stated Maturity or Maturity of
any Security shall not be a Business Day at any Place of Payment or other
location contemplated hereunder, then (notwithstanding any other provision of
this Indenture or of any Security or coupon other than a provision in the Securities
of any series which specifically states that such provision shall apply in lieu
of this Section), payment of principal (or premium, if any) or interest, if
any, need not be made at such Place of Payment or other location contemplated
hereunder on such date, but may be made on the next succeeding Business Day at
such Place of Payment or other location contemplated hereunder with the same
force and effect as if made on the Interest Payment Date or Redemption Date or
sinking fund payment date, or at the Stated Maturity or Maturity; provided that
no interest shall accrue for the period from and after such Interest Payment
Date, Redemption Date, sinking fund payment date, Stated Maturity or Maturity,
as the case may be.

 

Section 1.13                                                                            Agent
for Service; Submission to Jurisdiction; Waiver of Immunities

 

By the execution and delivery of this
Indenture, the Company (i) acknowledges that it has irrevocably designated
and appointed CT Corporation System, 111 8th Avenue, 13th Floor, New York, New York, 1001 as its authorized
agent upon which process may be served in any suit or proceeding arising out of
or relating to the Securities or this Indenture that may be instituted in any
federal or New York State court located in The Borough of Manhattan, The City
of New York, or brought by the Trustees (whether in their individual capacity
or in their capacity as Trustees hereunder), (ii) submits to the
non-exclusive jurisdiction of any such court in any such suit or proceeding,
and (iii) agrees that service of process upon CT Corporation System and
written notice of said service to the Company (mailed or delivered to the
Company, attention:  Chief Financial
Officer, at its principal office at Suite 5, 7961 Shaffer Parkway,
Littleton, Colorado, 80127, U.S.A., as specified in Section 1.05 hereof),
shall be deemed in every respect effective service of process upon the Company
in any such suit or proceeding.  The
Company further agrees to take any and all action, including the execution and
filing of any and all such documents and instruments, as may be necessary to
continue such designation and appointment of CT Corporation System in full
force and effect so long as this Indenture shall be in full force and effect.

 

To the extent that the Company has or
hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether through service of notice, attachment prior to judgment,
attachment in aid of execution, execution or otherwise) with respect to itself
or its property, the Company hereby irrevocably waives such immunity in respect
of its obligations under this Indenture and the Securities, to the extent
permitted by law.

 

19

 

The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection that it may now
or hereafter have to the laying of venue of any such action, suit or proceeding
arising out of or relating to this Indenture or the Securities in any federal
or state court in the State of New York, The Borough of Manhattan.  Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.

 

Section 1.14                                                                            Conversion
of Currency

 

(a)                                  The Company
covenants and agrees that the following provisions shall apply to conversion of
currency in the case of the Securities and this Indenture:

 

(i)                                     If for the
purposes of obtaining judgment in, or enforcing the judgment of, any court in
any country, it becomes necessary to convert into a currency (the “Judgment
Currency”) an amount due or contingently due in any other currency under the
Securities of any series and this Indenture (the “Base Currency”), then the
conversion shall be made at the rate of exchange prevailing on the Business Day
before the day on which a final judgment is given or the order of enforcement
is made, as the case may be (unless a court shall otherwise determine).

 

(ii)                                  If there is a
change in the rate of exchange prevailing between the Business Day before the
day on which the judgment referred to in (i) above is given or an order of
enforcement is made, as the case may be (or such other date as a court shall
determine), and the date of receipt of the amount due, the Company shall pay
such additional (or, as the case may be, such lesser) amount, if any, as may be
necessary so that the amount paid in the Judgment Currency when converted at
the rate of exchange prevailing on the date of receipt will produce the amount
in the Base Currency originally due.

 

(b)                                 In the event of
the winding-up of the Company at any time while any amount or damages owing
under the Securities and this Indenture, or any judgment or order rendered in
respect thereof, shall remain outstanding, the Company shall indemnify and hold
the Holders and the Trustees harmless against any deficiency arising or
resulting from any variation in rates of exchange between (1) the date as
of which the equivalent of the amount in the Base Currency due or contingently
due under the Securities and this Indenture (other than under this Subsection
(b)) is calculated for the purposes of such winding-up, and (2) the final
date for the filing of proofs of claim in such winding-up.  For the purpose of this Subsection (b) the
final date for the filing of proofs of claim in the winding-up of the Company
shall be the date fixed by the liquidator or otherwise in accordance with the
relevant provisions of applicable law as being the latest practicable date as
at which liabilities of the Company may be ascertained for such winding-up
prior to payment by the liquidator or otherwise in respect thereto.

 

20

 

(c)                                  The obligations
contained in Subsections (a)(ii) and (b) of this Section shall
constitute separate and independent obligations of the Company from its other
obligations under the Securities and this Indenture, shall give rise to
separate and independent causes of action against the Company, shall apply
irrespective of any waiver or extension granted by any Holder or the Trustees
or either of them from time to time and shall continue in full force and effect
notwithstanding any judgment or order or the filing of any proof of claim in
the winding-up of the Company for a liquidated sum in respect of amounts due
hereunder (other than under Subsection (b) above) or under any such
judgment or order.  Any such deficiency
as aforesaid shall be deemed to constitute a loss suffered by the Holders or
the Trustees, as the case may be, and no proof or evidence of any actual loss
shall be required by the Company or its liquidator.  In the case of Subsection (b) above, the
amount of such deficiency shall not be deemed to be increased or reduced by any
variation in rates of exchange occurring between the said final date and the
date of any liquidating distribution.

 

The term “rate(s) of exchange” shall
mean the rate of exchange quoted by a Canadian chartered bank as may be
designated in writing by the Company to the Trustees from time to time, at its
central foreign exchange desk in its main office in Toronto at 12:00 noon
(Toronto time) on the relevant date for purchases of the Base Currency with the
Judgment Currency and includes any premiums and costs of exchange payable.  The Trustees shall have no duty or liability
with respect to monitoring or enforcing this Section.

 

Section 1.15                                                                            Currency
Equivalent

 

Except as otherwise provided in this
Indenture, for purposes of the construction of the terms of this Indenture or
of the Securities, in the event that any amount is stated herein in the
Currency of one nation (the “First Currency”), as of any date such amount shall
also be deemed to represent the amount in the Currency of any other relevant
nation (the “Other Currency”) which is required to purchase such amount in the
First Currency at the Bank of Canada noon rate as reported by Telerate on
screen 3194 (or such other means of reporting the Bank of Canada noon rate as
may be agreed upon by each of the parties to this Indenture) on the date of
determination.

 

Section 1.16                                                                            Conflict
with Trust Indenture Legislation

 

If and to the extent that any provision of
this Indenture limits, qualifies or conflicts with any mandatory requirement of
Trust Indenture Legislation, such mandatory requirement shall control.  If and to the extent that any provision
hereof limits, qualifies or conflicts with the duties imposed by any of
Sections 310 to 318, inclusive, of the Trust Indenture Act, through operation
of Section 318(c) thereof, such duties shall control.

 

21

 

Section 1.17                                                                            Incorporators,
Shareholders, Officers and Directors of the Company Exempt from Individual
Liability

 

No recourse under or upon any obligation,
covenant or agreement contained in this Indenture, or in any Security, or
because of any indebtedness evidenced thereby, shall be had against any
incorporator, as such, or against any past, present or future shareholder,
officer or director, as such, of the Company or of any successor, either
directly or through the Company or any successor, under any rule of law,
statute or constitutional provision or by the enforcement of any assessment or
by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of the Securities by the
Holders and as part of the consideration for the issue of the Securities.

 

ARTICLE
TWO

SECURITIES FORMS

 

Section 2.01                                                                            Forms
Generally

 

The Registered Securities, if any, of each
series and the Bearer Securities, if any, of each series and related coupons
shall be in substantially the forms 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 as may, consistently herewith, be determined by the
officers executing such Securities or coupons, as evidenced by their execution
of the Securities or coupons.  If the
forms of Securities or coupons of any 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  Corporate Secretary or
the Chief Financial Officer of the Company and delivered to the Trustees at or
prior to the delivery of the Company Order contemplated by Section 3.03
for the authentication and delivery of such Securities or coupons.  Any portion of the text of any Security may
be set forth on the reverse thereof, with an appropriate reference thereto on
the face of the Security.

 

Unless otherwise specified as contemplated by
Section 3.01, Bearer Securities shall have interest coupons attached.

 

Either Trustee’s certificate of
authentication on all Securities shall be in substantially the form set forth
in this Article.

 

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

 

22

 

Section 2.02                                                                            Form of
Trustee’s Certificate of Authentication

 

Subject to Section 7.12, either Trustee’s
certificate of authentication shall be in substantially the following form:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

(Certificate of Authentication may be executed by either Trustee)

 

Dated: ____________________________________

 

Computershare Trust Company, N.A., as U.S.
Trustee, certifies that this is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	
   

  	
  Computershare
  Trust Company, N.A.,

  
	
   

  	
  as
  U.S. Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

Computershare Trust Company of Canada, as
Canadian Trustee, certifies that this is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

	
   

  	
  Computershare
  Trust Company of Canada,

  
	
   

  	
  as
  Canadian Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

Section 2.03                                                                            Securities
Issuable in Global Form

 

If Securities of or within a series are
issuable in global form, as specified and contemplated by Section 3.01,
then, notwithstanding clause (10) of Section 3.01, any such Security
shall represent such of the Outstanding Securities of such series as shall be
specified therein and may provide that it shall represent the aggregate amount
of Outstanding Securities of such series from time to time endorsed thereon and
that the aggregate amount of Outstanding Securities of such series represented
thereby may from time to time be increased or decreased to reflect exchanges.  Any endorsement of a Security in global form
to reflect the amount, or any increase or decrease in the amount, of
Outstanding Securities represented thereby shall be made by the Trustees in
such manner and upon instructions given by such Person or Persons as shall be
specified therein or in the Company Order to be delivered to the Trustees
pursuant to Section 3.03 or Section 3.04.  Subject to the provisions of Section 3.03
and, if applicable, Section 3.04, the Trustees shall deliver and redeliver
any Security in permanent global form in the manner and upon instructions given
by the Person or Persons specified therein or in the applicable Company
Order.  If a Company Order pursuant to Section 3.03
or Section 3.04 has been, or simultaneously is, delivered, any
instructions by the Company with respect to endorsement or delivery or
redelivery of a Security in global form shall be in writing but need not comply
with Section 1.02 and need not be accompanied by an Opinion of Counsel.

 

23

 

The provisions of the last sentence of Section 3.03
shall apply to any Security represented by a Security in global form if such
Security was never issued and sold by the Company and the Company delivers to
the Trustees the Security in global form together with written instructions
(which need not comply with Section 1.02 and need not be accompanied by an
Opinion of Counsel) with regard to the reduction in the principal amount of
Securities represented thereby, together with the written statement
contemplated by the last sentence of Section 3.03.

 

Notwithstanding the provisions of Section 3.07,
unless otherwise specified as contemplated by Section 3.01, payment of
principal of (and premium, if any) and interest, if any, on any Security in
permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions of Section 3.09
and except as provided in the preceding paragraph, the Company, the Trustees
and any agent of the Company and the Trustees shall treat as the Holder of such
principal amount of Outstanding Securities represented by a permanent global
Security (i) in the case of a permanent global Security in registered
form, the Holder of such permanent global Security in registered form, or (ii) in
the case of a permanent global Security in bearer form, the Depositary.

 

ARTICLE
THREE

THE SECURITIES

 

Section 3.01                                                                            Amount
Unlimited; Issuable in Series

 

The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or more
series and may be denominated and payable in Dollars or any Foreign
Currency.  The principal amount of any
series of Securities may be increased and issued under this Indenture.  There shall be established in one or more
Board Resolutions or pursuant to authority granted by one or more Board
Resolutions and, subject to Section 3.03, set forth in, 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, any or all of the following, as applicable (each of which (except for
the matters set forth in clauses (1), (2) and (19) below), if so provided,
may be determined from time to time by the Company with respect to unissued
Securities of the series and set forth in such Securities of the series when
issued from time to time):

 

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

 

(2)                                  the aggregate
principal amount of the Securities of the series that may be authenticated and
delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Securities of the series pursuant to Section 3.04, Section 3.05,
Section 3.06, Section 10.06, Section 12.07 or Section 14.05);

 

24

 

(3)       the extent and
manner, if any, to which payment on or in respect of the Securities of the
series will be senior or will be subordinated to the prior payment of other
liabilities and obligations of the Company, and whether the payment of
principal, premium, if any, and interest, if any, will be guaranteed by any
other Person and the nature and priority of any security;

 

(4)       the percentage
or percentages of principal amount at which the Securities of the series will
be issued;

 

(5)       the date or
dates, or the method by which such date or dates will be determined or
extended, on which the Securities of the series may be issued and the date, or
dates, or the method by which such date or dates will be determined or
extended, on which the principal of the Securities of the series is payable;

 

(6)       the rate or
rates at which the Securities of the series shall bear interest (whether fixed
or variable), if any, or the method by which such rate or rates shall be
determined, the date or dates from which such interest shall accrue, or the
method by which such date or dates shall be determined, the Interest Payment
Dates on which such interest shall be payable and the Regular Record Date, if
any, for the interest payable on any Registered Security on any Interest Payment
Date, or the method by which such date or dates shall be determined, and the
basis upon which interest shall be calculated if other than on the basis of a
360-day year of 12 30-day months;

 

(7)       the place or
places, if any, other than or in addition to The Borough of Manhattan, The City
of New York, where the principal of (and premium, if any) and interest, if any,
on Securities of the series shall be payable, where any Registered Securities
of the series may be surrendered for registration of transfer, where Securities
of the series may be surrendered for exchange, where Securities of the series
that are convertible or exchangeable may be surrendered for conversion or
exchange, as applicable and, if different than the location specified in Section 1.05,
the place or places where notices or demands to or upon the Company in respect
of the Securities of the series and this Indenture may be served;

 

(8)       the period or
periods within which, the price or prices at which, the Currency in which, and
other terms and conditions upon which Securities of the series may be redeemed,
in whole or in part, at the option of the Company, if the Company is to have
that option;

 

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

 

25

 

(10)         if other than
denominations of $1,000 and any integral multiple thereof, the denomination or
denominations in which any Registered Securities of the series shall be
issuable and, if other than denominations of $5,000, the denomination or
denominations in which any Bearer Securities of the series shall be issuable;

 

(11)         if other than
the Trustees, the identity of each Security Registrar and/or Paying Agent, as
satisfactory to the Trustees;

 

(12)         if other than
the principal amount thereof, the portion of the principal amount of Securities
of the series that shall be payable upon declaration of acceleration of the
Maturity thereof pursuant to Section 6.02 or the method by which such
portion shall be determined;

 

(13)         if other than
Dollars, the Currency in which payment of the principal of (or premium, if any)
or interest, if any, on the Securities of the series shall be payable or in
which the Securities of the series shall be denominated and the particular
provisions applicable thereto in accordance with, in addition to or in lieu of
any of the provisions of Section 3.12;

 

(14)         whether the
amount of payments of principal of (or premium, if any) or interest, if any, on
the Securities of the series may be determined with reference to an index,
formula or other method (which index, formula or method may be based, without
limitation, on one or more Currencies, commodities, equity indices or other
indices), and the manner in which such amounts shall be determined;

 

(15)         whether the
principal of (or premium, if any) or interest, if any, on the Securities of the
series are to be payable, at the election of the Company or a Holder thereof,
in a Currency other than that in which such Securities are denominated or
stated to be payable, the period or periods within which (including the
Election Date), and the terms and conditions upon which, such election may be
made, and the time and manner of determining the exchange rate between the
Currency in which such Securities are denominated or stated to be payable and
the Currency in which such Securities are to be so payable, in each case in
accordance with, in addition to or in lieu of any of the provisions of Section 3.12;

 

(16)         the designation
of the initial Exchange Rate Agent, if any;

 

(17)         the
applicability, if any, of Section 15.02 and/or Section 15.03 to the
Securities of the series and any provisions in modification of, in addition to
or in lieu of any of the provisions of Article Fifteen that shall be
applicable to the Securities of the series;

 

(18)         provisions, if
any, granting special rights to the Holders of Securities of the series upon
the occurrence of such events as may be specified;

 

26

 

(19)         any deletions
from, modifications of or additions to the Events of Default or covenants
(including any deletions from, modifications of or additions to Section 11.08)
of the Company with respect to Securities of the series, whether or not such
Events of Default or covenants are consistent with the Events of Default or
covenants set forth herein;

 

(20)         whether
Securities of the series are to be issuable as Registered Securities, Bearer
Securities (with or without coupons) or both, any restrictions applicable to
the offer, sale or delivery of Bearer Securities, whether any Securities of the
series are to be issuable initially in temporary global form and whether any
Securities of the series are to be issuable in permanent global form with or
without coupons and, if so, whether beneficial owners of interests in any such
permanent global Security may exchange such interests for Securities of such
series and of like tenor of any authorized form and denomination and the
circumstances under which any such exchanges may occur, if other than in the
manner provided in Section 3.05, whether Registered Securities of the
series may be exchanged for Bearer Securities of the series (if permitted by
applicable laws and regulations), whether Bearer Securities of the series may
be exchanged for Registered Securities of such series, and the circumstances
under which and the place or places where any such exchanges may be made and,
if Securities of the series are to be issuable in global form, the identity of
any initial depositary therefor;

 

(21)         the date as of
which any Bearer Securities of the series and any temporary global Security
representing Outstanding Securities of the series shall be dated if other than
the date of original issuance of the first Security of the series to be issued;

 

(22)         the Person to
whom any interest on any Registered 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, the manner in which, or the Person to whom, any interest on any
Bearer Security of the series shall be payable, if otherwise than upon
presentation and surrender of the coupons appertaining thereto as they
severally mature, and the extent to which, or the manner in which, any interest
payable on a temporary global Security on an Interest Payment Date will be paid
if other than in the manner provided in Section 3.04;

 

(23)         if Securities
of the series are to be issuable in definitive form (whether upon original
issue or upon exchange of a temporary Security of such series) only upon
receipt of certain certificates or other documents or satisfaction of other
conditions, the form and/or terms of such certificates, documents or
conditions;

 

(24)         if the
Securities of the series are to be issued upon the exercise of warrants or
subscription receipts, the time, manner and place for such Securities to be
authenticated and delivered;

 

27

 

(25)         whether, under
what circumstances and the Currency in which the Company will pay Additional
Amounts as contemplated by Section 11.05 on the Securities of the series
to any Holder which is not a United States person (including any modification
to the definition of such term) in respect of any tax, assessment or
governmental charge and, if so, whether the Company will have the option to
redeem such Securities rather than pay such Additional Amounts (and the terms
of any such option);

 

(26)         if the
Securities of the series are to be convertible into or exchangeable for any
securities of any Person (including the Company), the terms and conditions upon
which such Securities will be so convertible or exchangeable;

 

(27)         the
applicability, if any, of Section 11.05 and Section 12.08 to such
Securities;

 

(28)         if other than
The Depositary Trust Company, the Person designated as the Depositary with
respect to the Securities of such series;

 

(29)         provisions as
to modification, amendment or variation of any rights or terms attaching to the
Securities; and

 

(30)         any other
terms, conditions, rights and preferences (or limitations on such rights and
preferences) relating to the series (which terms shall not be inconsistent with
the requirements of Trust Indenture Legislation or the provisions of this
Indenture).

 

All Securities of any one series and the
coupons appertaining to any Bearer Securities of such series shall be
substantially identical except, in the case of Registered Securities, as to
denomination and except as may otherwise be provided in or pursuant to such
Board Resolution (subject to Section 3.03) and set forth in such Officers’
Certificate or in any such indenture supplemental hereto.  Not all Securities of any one series need be
issued at the same time, and, unless otherwise provided, a series may be
reopened for issuances of additional Securities of such series.

 

If any of the terms of the series are
established by action taken pursuant to one or more Board Resolutions, such
Board Resolutions shall be delivered to the Trustees at or prior to the
delivery of the Officers’ Certificate setting forth the terms of the series.

 

Section 3.02                                                                            Denominations

 

The Securities of each series shall be issuable
in such denominations as shall be specified as contemplated by Section 3.01.  With respect to Securities of any series
denominated in Dollars, in the absence of any such provisions, the Registered
Securities of such series, other than Registered Securities issued in global
form (which may be of any denomination), shall be issuable in denominations of
$1,000 and any integral multiple thereof and the Bearer Securities of such
series, other than the Bearer Securities issued in global form (which may be of
any denomination), shall be issuable in a denomination of $5,000 and any
integral multiples thereof.

 

28

 

Section 3.03                                                                            Execution,
Authentication, Delivery and Dating

 

The Securities and any coupons appertaining
thereto shall be executed on behalf of the Company by its President, Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer together with the Corporate Secretary of the
Company.  If two or more persons share
such office any one of such persons may. 
The signature of any of these officers on the Securities or coupons may
be the manual or facsimile signatures of the present or any future such
authorized officer and may be imprinted or otherwise reproduced on the
Securities.

 

Securities or coupons 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 or coupons.

 

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of
any series together with any coupon appertaining thereto, executed by the
Company to the applicable Trustee for authentication, together with a Company
Order for the authentication and delivery of such Securities, and the
applicable Trustee in accordance with such Company Order shall authenticate and
deliver such Securities; provided, however, that, in connection
with its original issuance, no Bearer Security shall be mailed or otherwise
delivered to any location in the United States; and provided  further
that, unless otherwise specified with respect to any series of Securities
pursuant to Section 3.01, a Bearer Security may be delivered in connection
with its original issuance only if the Person entitled to receive such Bearer
Security shall have furnished a certificate in the form set forth in Exhibit A-1
to this Indenture, dated no earlier than 15 days prior to the earlier of the
date on which such Bearer Security is delivered and the date on which any
temporary Security first becomes exchangeable for such Bearer Security in accordance
with the terms of such temporary Security and this Indenture.  If any Security shall be represented by a
permanent global Bearer Security, then, for purposes of this Section and Section 3.04,
the notation of a beneficial owner’s interest therein upon original issuance of
such Security or upon exchange of a portion of a temporary global Security
shall be deemed to be delivery in connection with its original issuance of such
beneficial owner’s interest in such permanent global Security.  Except as permitted by Section 3.06, the
Trustees shall not authenticate and deliver any Bearer Security unless all
appurtenant coupons for interest then matured have been detached and
cancelled.  If not all the Securities of
any series are to be issued at one time and if the Board Resolution or
supplemental indenture establishing such series shall so permit, such Company
Order may set forth procedures acceptable to the Trustees for the issuance of
such Securities and determining terms of particular Securities of such series
such as interest rate, stated maturity, date of issuance and date from which
interest shall accrue.

 

In authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustees shall be entitled to receive, and (subject to
Trust Indenture Legislation and TIA Sections 315(a) through 315(d)) shall
be fully protected in relying upon, an Opinion of Counsel stating:

 

(a)                                  that the form
or forms of such Securities and any coupons have been established in conformity
with the provisions of this Indenture;

 

29

 

(b)                                 that the terms
of such Securities and any coupons have been established in conformity with the
provisions of this Indenture;

 

(c)                                  that such
Securities, together with any coupons appertaining thereto, when completed by
appropriate insertions and executed and delivered by the Company to the
Trustees for authentication in accordance with this Indenture, authenticated
and delivered by the Trustees, or either of them, in accordance with this
Indenture and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute the legal, valid and
binding obligations of the Company, enforceable in accordance with their terms,
subject to applicable bankruptcy, insolvency, reorganization and other similar
laws of general applicability relating to or affecting the enforcement of
creditors’ rights and to general equitable principles and to such other
qualifications as such counsel shall conclude do not materially affect the
rights of Holders of such Securities and any coupons;

 

(d)                                 that all laws
and requirements in respect of the execution and delivery by the Company of
such Securities, any coupons and of the supplemental indentures, if any, have
been complied with and that authentication and delivery of such Securities and
any coupons and the execution and delivery of the supplemental indentures, if
any, by the Trustees will not violate the terms of the Indenture;

 

(e)                                  that the
Company has the corporate power to issue such Securities and any coupons, and
has duly taken all necessary corporate action with respect to such issuance;
and

 

(f)                                    that the
issuance of such Securities and any coupons will not contravene the articles of
incorporation or continuance, or such other constating documents then in
effect, if any, or by-laws of the Company or result in any violation of any of
the terms or provisions of any law or regulation or of any indenture, mortgage
or other agreement known to such Counsel by which the Company is bound.

 

Notwithstanding the provisions of Section 3.01
and of the preceding two paragraphs, if not all the Securities of any series
are to be issued at one time, it shall not be necessary to deliver the Officers’
Certificate otherwise required pursuant to Section 3.01 or the Company
Order and Opinion of Counsel otherwise required pursuant to the preceding two
paragraphs prior to or at the time of issuance of each Security, but such
documents shall be delivered prior to or at the time of issuance of the first
Security of such series.

 

The Trustees shall not be required to
authenticate and deliver any such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustees’ own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustees.

 

Each Registered Security shall be dated the
date of its authentication and each Bearer Security shall be dated as of the
date specified as contemplated by Section 3.01.

 

No Security or coupon shall entitle a Holder
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 duly executed by the U.S. Trustee
or by the Canadian Trustee by manual signature of an authorized officer, and
such certificate upon any Security shall be 

 

30

 

conclusive evidence, and the
only evidence, that such Security has been duly authenticated and delivered
hereunder and is entitled to the benefits of this Indenture.  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
Trustees for cancellation as provided in Section 3.10 together with a
written statement (which need not comply with Section 1.02 and need not be
accompanied by an Opinion of Counsel) stating that such Security has never been
issued and sold by the Company, for all purposes of this Indenture such
Security shall be deemed never to have been authenticated and delivered
hereunder and shall never entitle a Holder to the benefits of this Indenture.

 

Section 3.04                                                                            Temporary
Securities

 

Pending the preparation of definitive
Securities of any series, the Company may execute, and upon Company Order, the
Trustees, or either of them, 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, in registered
form or, if authorized, in bearer form with one or more coupons or without
coupons, and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Securities may determine, as
conclusively evidenced by their execution of such Securities.  Such temporary Securities may be in global
form.

 

Except in the case of temporary Securities in
global form (which shall be exchanged in accordance with the provisions of the
following paragraphs), 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.  Notwithstanding that
procedure, Canadian Securities issued in temporary form must be returned to the
Canadian Trustee for cancellation.  Upon
surrender for cancellation of any one or more temporary Securities of any
series (accompanied by any unmatured coupons appertaining thereto), the Company
shall execute and either Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of the same series of
authorized denominations; provided, however, that no definitive
Bearer Security shall be delivered in exchange for a temporary Registered
Security; and provided  further that a definitive Bearer Security
shall be delivered in exchange for a temporary Bearer Security only in
compliance with the conditions set forth in Section 3.03.  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.

 

If temporary Securities of any series are
issued in global form, any such temporary global Security shall, unless
otherwise provided therein, be delivered to the office of a depositary or
common depositary (the “Common Depositary”) or the Depositary, as applicable,
for credit to the respective accounts of the beneficial owners of such
Securities (or to such other accounts as they may direct).

 

31

 

Without unnecessary delay but in any event
not later than the date specified in, or determined pursuant to the terms of,
any such temporary global Security (the “Exchange Date”), the Company shall
deliver to the Trustees definitive Securities, in aggregate principal amount
equal to the principal amount of such temporary global Security, executed by
the Company.  On or after the Exchange
Date such temporary global Security shall be surrendered by the Common
Depositary to the Trustees, as the Company’s agent for such purpose, to be
exchanged, in whole or from time to time in part, for definitive Securities
without charge and either Trustee shall authenticate and deliver, in exchange
for each portion of such temporary global Security, an equal aggregate
principal amount of definitive Securities of the same series of authorized
denominations and of like tenor as the portion of such temporary global
Security to be exchanged.  The definitive
Securities to be delivered in exchange for any such temporary global Security
shall be in bearer form, registered form, permanent global bearer form or
permanent global registered form, or any combination thereof, as specified as
contemplated by Section 3.01, and, if any combination thereof is so
specified, as requested by the beneficial owner thereof; provided, however,
that, unless otherwise specified in such temporary global Security, upon such
presentation by the Common Depositary, such temporary global Security is
accompanied by a certificate dated the Exchange Date or a subsequent date and
signed by the Depositary as to the portion of such temporary global Security
held for its account then to be exchanged and a certificate dated the Exchange
Date or a subsequent date, each in the form set forth in Exhibit A-2 to
this Indenture (or in such other form as may be established pursuant to Section 3.01);
and provided  further that definitive Bearer Securities shall be
delivered in exchange for a portion of a temporary global Security only in
compliance with the requirements of Section 3.03.

 

Unless otherwise specified in such temporary
global Security, the interest of a beneficial owner of Securities of a series
in a temporary global Security shall be exchanged for definitive Securities of
the same series and of like tenor following the Exchange Date when the account
holder instructs the Depositary to request such exchange on his behalf and
delivers to  the Depositary a
certificate in the form set forth in Exhibit A-1 to this Indenture (or in
such other form as may be established pursuant to Section 3.01), dated no
earlier than 15 days prior to the Exchange Date, copies of which certificate
shall be available from the offices of the Depositary, the Trustees, any Authenticating
Agent appointed for such series of Securities and each Paying Agent.  Unless otherwise specified in such temporary
global Security, any such exchange shall be made free of charge to the
beneficial owners of such temporary global Security, except that a Person
receiving definitive Securities must bear the cost of insurance, postage,
transportation and the like in the event that such Person does not take
delivery of such definitive Securities in person at the offices of the
Depositary.  Definitive Securities in
bearer form to be delivered in exchange for any portion of a temporary global
Security shall be delivered only outside the United States.

 

Until exchanged in full as hereinabove
provided, the temporary Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Securities of
the same series and of like tenor authenticated and delivered hereunder, except
that, unless otherwise specified as contemplated by Section 3.01, interest
payable on a temporary global Security on an Interest Payment Date for
Securities of such series occurring prior to the applicable Exchange Date shall
be payable to the Depositary on such Interest Payment Date upon delivery by the
Depositary to the Trustees of a certificate or certificates in the form set
forth in Exhibit A-2 to this Indenture (or in such other form as may be
established pursuant to Section 3.01), for credit without further interest
thereon on or after such Interest Payment Date to the respective accounts of
the Persons who are the beneficial owners of such temporary global Security on
such Interest Payment Date and who have 

 

32

 

each delivered to the
Depositary a certificate dated no earlier than 15 days prior to the Interest
Payment Date occurring prior to such Exchange Date in the form set forth in Exhibit A-1
to this Indenture (or in such other form as may be established pursuant to Section 3.01).  Notwithstanding anything to the contrary
herein contained, the certifications made pursuant to this paragraph shall
satisfy the certification requirements of the preceding two paragraphs of this Section and
of the third paragraph of Section 3.03 of this Indenture and the interests
of the Persons who are the beneficial owners of the temporary global Security
with respect to which such certification was made will be exchanged for
definitive Securities of the same series and of like tenor on the Exchange Date
or the date of certification if such date occurs after the Exchange Date,
without further act or deed by such beneficial owners.  Except as otherwise provided in this
paragraph, no payments of principal (or premium, if any) or interest, if any,
owing with respect to a beneficial interest in a temporary global Security will
be made unless and until such interest in such temporary global Security shall
have been exchanged for an interest in a definitive Security.  Any interest so received by the Depositary  and not paid as herein provided shall be
returned to the Trustees immediately prior to the expiration of two years after
such Interest Payment Date in order to be repaid to the Company in accordance
with Section 11.03.

 

Section 3.05                                                                            Registration,
Registration of Transfer and Exchange

 

So long as required by Trust Indenture
Legislation, the Company shall cause to be kept at the Corporate Trust Offices
of the Trustees a register for each series of Securities(the registers
maintained in the Corporate Trust Offices of the Trustees and in any other
office or agency of the Company in a Place of Payment being herein sometimes
collectively referred to as the “Central Register”) in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration of the Holders of Registered Securities and of transfers of
Registered Securities.  The Central
Register shall be in written form or any other form capable of being converted
into written form within a reasonable time. 
At all reasonable times, the Central Register shall be open to inspection
by the Trustee.  The Company will cause
the particulars of each such issue, exchange or transfer of Securities to be
recorded in the Central Register.  The
Company hereby appoints the Canadian Trustee as the Central Registrar and
Transfer Agent for the Canadian Securities and the  U.S. Trustee as the Central Registrar and
Transfer Agent for the U.S. Securities (collectively, the “Central Securities
Registrars”). There shall be two such Central Registers, one for U.S.
Securities and one for Canadian Securities. 
If permitted by Trust Indenture Legislation, the Company may appoint a
Person other than the Company or a trust corporation registered under the Trust and Loan Companies Act, S.C. 1991,
c. 45 as the Central Securities Registrar; provided that, no such removal or
replacement shall be effective until a successor Central Security Registrar
with respect to such series of Registered Securities shall have been appointed
by the Company and shall have accepted such appointment by the Company.  In the event that the Trustees shall not be
or shall cease to be the Central Securities Registrar with respect to a series
of Securities, it shall have the right to examine the Central Register for such
series at all reasonable times.  There
shall be only one Central Securities Register for such series of Securities.

 

The Company may, subject to the consent of
the Appropriate Trustee, also cause to be maintained a branch register (a “Branch
Register”) or Branch Registers of Holders of Securities in accordance with Section 11.02
in the same manner and containing the same information with respect to each
entry contained therein as contained in the Central Register.  A copy of every entry in a Branch Register
shall, promptly after the entry is made, be transmitted to the Central Security

 

33

 

Registrar.  If there is a conflict between the
information contained in the Central Register and the information contained in
the Branch Register, the information contained in the Central Register shall
prevail.  The Central Register together
with each Branch Register are collectively referred to herein as the “Security
Register”.  At all reasonable times, the
Security Register shall be open to inspection by the Trustees.  The Company may appoint from time to time one
or more branch security registrars (“Branch Security Registrars”) and may from
time to time rescind any such appointment. 
The Central Security Registrar together with each Branch Security
Registrar are collectively referred to herein as the “Security Registrar”.

 

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

 

For Canadian Securities, the Security must be
duly endorsed for transfer or in a duly endorsed transferable form as
applicable and must comply with the current industry practice in accordance
with the Securities Transfer Association of Canada.

 

At the option of the Holder, Registered
Securities of any series may be exchanged for other Registered Securities of
the same series, of any authorized denomination and of a like aggregate
principal amount, upon surrender of the Registered Securities to be exchanged
at such office or agency.  Whenever any
Registered Securities are so surrendered for exchange, the Company shall
execute, and the Appropriate Trustee shall authenticate and deliver, the
Registered Securities which the Holder making the exchange is entitled to
receive.  Unless otherwise specified with
respect to any series of Securities as contemplated by Section 3.01,
Bearer Securities may not be issued in exchange for Registered Securities. The
Appropriate Trustee shall update the Register, or, if the Appropriate Trustee
is not the Authenticating Agent, the Appropriate Trustee shall immediately
provide a copy of the newly Authenticated Security to the Central Registrar so
that the Register may be updated.

 

If (but only if) expressly permitted in or
pursuant to the applicable Board Resolution and (subject to Section 3.03)
set forth in the applicable Officers’ Certificate, or in any indenture
supplemental hereto, delivered as contemplated by Section 3.01, at the
option of the Holder, Bearer Securities of any series may be exchanged for
Registered Securities of the same series of any authorized denomination and of
a like aggregate principal amount and tenor, upon surrender of the Bearer
Securities to be exchanged at the office of the Appropriate Trustee, with all
unmatured coupons and all matured coupons in default thereto appertaining.  If the Holder of a Bearer Security is unable
to produce any such unmatured coupon or coupons or matured coupon or coupons in
default, any such permitted exchange may be effected if the Bearer Securities
are accompanied by payment in funds acceptable to the Company in an amount
equal to the face amount of such missing coupon or coupons, or the surrender of
such missing coupon or coupons may be waived by the Company and the Trustees if
there is furnished to them such security or indemnity as they may require to
save each of them and any Paying Agent harmless.  If thereafter the Holder of such Security
shall surrender to any Paying Agent any such missing coupon in respect of which
such a payment shall have been made, such Holder shall be entitled to receive
the amount of such payment; provided, however, that, except as
otherwise provided in Section 11.02, interest represented by

 

34

 

coupons shall be payable
only upon presentation and surrender of those coupons at an office or agency
located outside the United States. 
Notwithstanding the foregoing, in case a Bearer Security of any series
is surrendered at any such office or agency in a permitted exchange for a
Registered Security of the same series and like tenor after the close of
business at such office or agency on (i) any Regular Record Date and
before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the
opening of business at such office or agency on the related proposed date for
payment of Defaulted Interest, such Bearer Security shall be surrendered
without the coupon relating to such Interest Payment Date or proposed date for
payment, as the case may be, and interest or Defaulted Interest, as the case
may be, will not be payable on such Interest Payment Date or proposed date for
payment, as the case may be, in respect of the Registered Security issued in
exchange for such Bearer Security, but will be payable only to the Holder of
such coupon when due in accordance with the provisions of this Indenture.

 

Whenever any Securities are so surrendered
for exchange, the Company shall execute, and 
the Appropriate Trustee shall authenticate and deliver, the Securities
which the Holder making the exchange is entitled to receive.

 

Notwithstanding the foregoing, except as
otherwise specified as contemplated by Section 3.01, any permanent global
Security shall be exchangeable only as provided in this paragraph.  If any beneficial owner of an interest in a
permanent global Security is entitled to exchange such interest for Securities
of such series and of like tenor and principal amount of another authorized
form and denomination, as contemplated by Section 3.01 and provided that
any applicable notice provided in the permanent global Security shall have been
given to the Company, the Appropriate Trustee and the Common Depositary, then
without unnecessary delay but in any event not later than the earliest date on
which such interest may be so exchanged, the Company shall deliver to the
Appropriate Trustee definitive Securities in aggregate principal amount equal
to the principal amount of such beneficial owner’s interest in such permanent
global Security, executed by the Company. 
On or after the earliest date on which such interests may be so
exchanged, such permanent global Security shall be surrendered by the Common
Depositary or such other depositary as shall be specified in the Company Order
with respect thereto to the Appropriate Trustee, as the Company’s agent for
such purpose, to be exchanged in whole or from time to time in part, for
definitive Securities without charge, and the Appropriate Trustee shall
authenticate and deliver, in exchange for each portion of such permanent global
Security, an equal aggregate principal amount of definitive Securities of the
same series of authorized denominations and of like tenor as the portion of
such permanent global Security to be exchanged which, unless the Securities of the
series are not issuable both as Bearer Securities and as Registered Securities,
as specified as contemplated by Section 3.01, shall be in the form of
Bearer Securities or Registered Securities, or any combination thereof, as
shall be specified by the beneficial owner thereof. The Appropriate Trustee
shall promptly provide to the Common Depositary (or other applicable
Depositary) a replacement global Security in the aggregate principal amount of
the global Security not being so exchanged. 
The Appropriate Trustee shall note the exchange on the register for such
Securities.  Notwithstanding the
foregoing, no such exchanges may occur during a period beginning at the opening
of business 15 days before any selection of Securities to be redeemed and
ending on the relevant Redemption Date if the Security for which exchange is
requested may be among those selected for redemption; and provided, further,
that no Bearer Security delivered in exchange for a portion of a permanent
global Security shall be mailed or otherwise delivered to any location in the
United States.  If a Registered Security
is issued in exchange for any portion of a permanent global Security after the
close of business at the office or

 

35

 

agency where such exchange
occurs on (i) any Regular Record Date and before the opening of business
at such office or agency on the relevant Interest Payment Date, or (ii) any
Special Record Date and before the opening of business at such office or agency
on the related proposed date for payment of Defaulted Interest, interest or
Defaulted Interest, as the case may be, will not be payable on such Interest
Payment Date or proposed date for payment, as the case may be, in respect of
such Registered Security, but will be payable on such Interest Payment Date or
proposed date for payment, as the case may be, only to the Person to whom
interest in respect of such portion of such permanent global Security is
payable in accordance with the provisions of this Indenture.

 

Transfers of global Securities shall be
limited to transfers in whole, but not in part, to the Depositary, its
successors or their respective nominees. 
If at any time the Depositary of a series notifies the Company that it
is unwilling, unable or no longer qualifies to continue as Depositary of such
series or if at any time the Depositary for such series shall no longer be
registered or in good standing under the Exchange Act, or other applicable
statute or regulation, the Company shall appoint a successor depositary with
respect to the Securities for such series. 
If a successor to the Depositary is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such
condition, as the case may be, the Company’s election pursuant to Section 3.01
shall no longer be effective with respect to the Securities for such series and
the Company will execute, and the Appropriate Trustee, upon receipt of a
Company Order for the authentication and delivery of definitive Securities of
such series, will authenticate and deliver Securities of such series in
definitive, registered form, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the global Security or
Securities representing such series in exchange for such global Security or
Securities.

 

The Company may at any time and in its sole
discretion determine that the Securities of any series issued in the form of
one or more global Securities shall no longer be represented by such global Security
or Securities.  In such event the Company
will execute, and the Appropriate Trustee, upon receipt of a Company Order for
the authentication and delivery of definitive Securities of such series, will
authenticate and deliver Securities of such series in definitive, registered
form, in authorized denominations, and in an aggregate principal amount equal
to the principal amount of the global Security or Securities representing such
series in exchange for such global Security or Securities.

 

Interests of a beneficial owner in global
Securities may also be transferred or exchanged for definitive Securities if,
after the occurrence of an Event of Default with respect to such Securities,
and while such Event of Default is continuing, such owner notifies the Trustees
in writing that it wishes to receive a Security in definitive, registered form
and provides to the Trustees evidence reasonably satisfactory to the Trustees
of its ownership interest in such Securities. 
In such event the Company will execute, and the Appropriate Trustee,
upon receipt of a Company Order for the authentication and delivery of
definitive Securities of such series, will authenticate and deliver Securities
of such series in definitive, registered form, in authorized denominations, and
in an aggregate principal amount equal to the principal amount of the global
Security or Securities representing such series in exchange for such global
Security or Securities.

 

36

 

Upon the exchange of a global Security for
Securities in definitive registered form, such global Security shall be
cancelled by the Appropriate Trustee. 
Securities issued in exchange for a global Security pursuant to this Section shall
be registered in such names and in such authorized denominations as the
Depositary for such global Security, pursuant to instructions from its direct
or indirect participants or otherwise, shall instruct the Appropriate Trustee
in writing.  The Appropriate Trustee
shall deliver such Securities to the persons in whose names such Securities are
so registered.

 

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

 

Any registration of transfer or exchange of
Securities may be subject to service charges by the Central Securities
Registrar and 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 3.04, Section 10.06, Section 12.07 or Section 14.05
not involving any transfer.

 

The Company shall not be required (i) to
issue, register the transfer of or exchange Securities of any series in
definitive form during a period beginning at the opening of business 15 days
before the day of the selection for redemption of Securities of that series
under Section 12.03 or Section 13.03 and ending at the close of
business on (A) if Securities of the series are issuable only as
Registered Securities, the day of the mailing of the relevant notice of
redemption and (B) if Securities of the series are issuable as Bearer Securities,
the day of the first publication of the relevant notice of redemption or, (C) if
Securities of the series are also issuable as Registered Securities and there
is no publication, the mailing of the relevant notice of redemption, or (ii) to
register the transfer of or exchange any Registered Security in definitive form
so selected for redemption in whole or in part, except the unredeemed portion
of any Security being redeemed in part, or (iii) to exchange any Bearer
Security so selected for redemption except that such a Bearer Security may be
exchanged for a Registered Security of that series and like tenor; provided
that such Registered Security shall be simultaneously surrendered for
redemption, or (iv) to issue, register the transfer of or exchange any
Security in definitive form which has been surrendered for repayment at the
option of the Holder, except the portion, if any, of such Security not to be so
repaid.

 

Section 3.06                                                                            Mutilated,
Destroyed, Lost and Stolen Securities

 

If any mutilated Security or a Security with
a mutilated coupon appertaining to it is surrendered to either Trustee, the
Company shall execute and either 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, with
coupons corresponding to the coupons, if any, appertaining to the surrendered
Security, or, in case any such mutilated Security or coupon has become or is
about to become due and payable, the Company in its discretion may,

 

37

 

instead of issuing a new
Security, with coupons corresponding to the coupons, if any, appertaining to
the surrendered Security, pay such Security or coupon.  If there shall be delivered to the Company
and to either Trustee (i) evidence to their satisfaction of the
destruction, loss or theft of any Security or coupon and (ii) such
security (or surety in the case of the Canadian Trustee) 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 Trustees that such
Security or coupon has been acquired by a protected purchaser (as defined in Article 8
of the UCC), the Company shall execute and upon Company Order either Trustee
shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security or in exchange for the Security for which a destroyed, lost or stolen
coupon appertains (with all appurtenant coupons not destroyed, lost or stolen),
a new Security of the same series and of like tenor and principal amount and
bearing a number not contemporaneously outstanding, with coupons corresponding
to the coupons, if any, appertaining to such destroyed, lost or stolen Security
or to the Security to which such destroyed, lost or stolen coupon appertains.

 

Notwithstanding the provisions of the
previous two paragraphs, in case any such mutilated, destroyed, lost or stolen
Security or coupon has become or is about to become due and payable, the
Company in its discretion may, instead of issuing a new Security, with coupons
corresponding to the coupons, if any, appertaining to such mutilated,
destroyed, lost or stolen Security or to the Security to which such mutilated,
destroyed, lost or stolen coupon appertains, pay such Security or coupon; provided,
however, that payment of principal of (and premium, if any) and
interest, if any, on Bearer Securities shall, except as otherwise provided in Section 11.02,
be payable only at an office or agency located outside the United States and,
unless otherwise specified as contemplated by Section 3.01, any interest
on Bearer Securities shall be payable only upon presentation and surrender of
the coupons appertaining thereto.

 

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 Trustees)
connected therewith.

 

Every new Security of any series with its
coupons, if any, issued pursuant to this Section in lieu of any mutilated,
destroyed, lost or stolen Security or in exchange for a Security to which a
mutilated, destroyed, lost or stolen coupon appertains, shall constitute an
original additional contractual obligation of the Company, whether or not the
mutilated, destroyed, lost or stolen Security and its coupons, if any, or the
mutilated, destroyed, lost or stolen coupon shall be at any time enforceable by
anyone, and the Holders of such Security shall be entitled to all the benefits
of this Indenture equally and proportionately with the Holders of any and all
other Securities of that series and their coupons, if any, duly issued hereunder.

 

The provisions of this Section as
amended or supplemented pursuant to this Indenture with respect to particular
securities or generally 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 or coupons.

 

38

 

Section 3.07                                                                            Payment
of Principal; Premium; Interest; Interest Rights Preserved; Optional Interest
Reset

 

(a)           Unless otherwise provided as
contemplated by Section 3.01 with respect to any series of Securities,
principal of, and premium, if any, and interest, if any, on any Registered
Security which is payable, and is punctually paid or duly provided for, on any
Interest Payment Date or other date in which the principal of, and premium, if
any, is payable shall be paid by the Paying Agent to the Person in whose name
such Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such principal, premium or
interest, as the case may be, at the office or agency of the Company maintained
for such purpose pursuant to Section 11.02; provided, however,
that each installment of principal of, and premium, if any, and interest, if
any, on any Registered Security may at the Company’s option be paid by (i) mailing
a check for such interest, payable to or upon the written order of the Person
entitled thereto pursuant to Section 3.09, to the address of such Person
as it appears on the Security Register or (ii) transfer to an account
located in the United States maintained by the payee of a Holder of $2.0
million or more in aggregate principal amount of such Securities (with wire
transfer instructions provided to the Trustee not less than 15 days prior to
payment of interest by wire transfer). 
The Paying Agent shall confirm in writing to the Canadian Trustee upon
payment having been made to Holders of Canadian Securities within five days.

 

Unless otherwise provided as contemplated by Section 3.01
with respect to the Securities of any series, payment of interest, if any, may
be made, in the case of a Bearer Security, by transfer to an account located
outside the United States maintained by the payee.

 

Unless otherwise provided as contemplated by Section 3.01,
every permanent global Security will provide that interest, if any, payable on
any Interest Payment Date will be paid to the Depositary with respect to that
portion of such permanent global Security held for its account by the Common Depositary,
for the purpose of permitting the Depositary to credit the interest, if any,
received by it in respect of such permanent global Security to the accounts of
the beneficial owners thereof.

 

Any interest on any Registered Security of
any series which is payable, but is not punctually paid or duly provided for,
on any Interest Payment Date 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 and, if applicable, interest on such defaulted interest
(to the extent lawful) at the rate specified in the Securities of such series
(such defaulted interest and, if applicable, interest thereon herein
collectively called “Defaulted Interest”) must be paid by the Company as
provided for in either clause (1) or (2), at the Company’s election:

 

(1)           The Company may elect to
make payment of any Defaulted Interest to the Persons in whose names the
Registered 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
Trustees in writing of the amount of Defaulted Interest proposed to be paid on
each Registered Security of such series and the date of the proposed payment,
and at the same time the Company shall deposit with either Trustee an amount of
money in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 3.01 for the Securities

 

39

 

of such series and except,
if applicable, as provided in Section 3.12(b), Section 3.12(d) and
Section 3.12(e)) equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustees for such deposit on or 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 Trustees 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 Trustees of the
notice of the proposed payment.  The
Trustees 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 in the manner provided in Section 1.06, 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 given, such Defaulted Interest shall be paid to the
Persons in whose name the Registered 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 Registered 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
Trustees of the proposed payment pursuant to this clause, such manner of payment
shall be deemed practicable by the Trustees.

 

(b)           The provisions
of this Subsection may be made applicable to any series of Securities pursuant
to Section 3.01 (with such modifications, additions or substitutions as
may be specified pursuant to such Section 3.01).  The interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) on any Security
of such series may be reset by the Company on the date or dates specified on
the face of such Security (each an “Optional Reset Date”).  The Company may exercise such option with
respect to such Security by notifying the Trustees of such exercise at least 50
but not more than 60 days prior to an Optional Reset Date for such Security.  Not later than 40 days prior to each Optional
Reset Date, the Trustees shall transmit, in the manner provided for in Section 1.06,
to the Holder of any such Security a notice (the “Reset Notice”) indicating
whether the Company has elected to reset the interest rate (or the spread or
spread multiplier used to calculate such interest rate, if applicable), and if
so (i) such new interest rate (or such new spread or spread multiplier, if
applicable) and (ii) the provisions, if any, for redemption during the
period from such Optional Reset Date to the next Optional Reset Date or if
there is no such next Optional Reset Date, to the Stated Maturity Date of such
Security (each such period a “Subsequent Interest Period”), including the date
or dates on which or the period or periods during which and the price or prices
at which such redemption may occur during the Subsequent Interest Period.

 

40

 

Notwithstanding the foregoing, not later than
20 days prior to the Optional Reset Date, the Company may, at its option,
revoke the interest rate (or the spread or spread multiplier used to calculate
such interest rate, if applicable) provided for in the Reset Notice and
establish an interest rate (or the spread or spread multiplier, if applicable)
that is higher than the interest rate (or the spread or spread multiplier, if
applicable) provided for in the Reset Notice, for the Subsequent Interest
Period by causing the Trustees to transmit, in the manner provided for in Section 1.06,
notice of such higher interest rate (or such higher spread or spread
multiplier, if applicable) to the Holder of such Security.  Such notice shall be irrevocable.  All Securities with respect to which the interest
rate (or the spread or spread multiplier used to calculate such interest rate,
if applicable) is reset on an Optional Reset Date, and with respect to which
the Holders of such Securities have not tendered such Securities for repayment
(or have validly revoked any such tender) pursuant to the next succeeding
paragraph, will bear such higher interest rate (or such higher spread or spread
multiplier, if applicable).

 

The Holder of any such Security will have the
option to elect repayment by the Company of the principal of such Security on
each Optional Reset Date at a price equal to the principal amount thereof plus
interest accrued to such Optional Reset Date. 
In order to obtain repayment on an Optional Reset Date, the Holder must
follow the procedures set forth in Article Fourteen for repayment at the
option of Holders except that the period for delivery or notification to the
Trustees shall be at least 25 but not more than 35 days prior to such Optional
Reset Date and except that, if the Holder has tendered any Security for
repayment pursuant to the Reset Notice, the Holder may, by written notice to
the Trustees, revoke such tender or repayment until the close of business on
the tenth day before such Optional Reset Date.

 

Subject to the foregoing provisions of this Section and
Section 3.05, 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 3.08                                                                            Optional
Extension of Stated Maturity

 

The provisions of this Section 3.08 may
be made applicable to any series of Securities pursuant to Section 3.01
(with such modifications, additions or substitutions as may be specified
pursuant to such Section 3.01).  The
Stated Maturity of any Security of such series may be extended at the option of
the Company for the period or periods specified on the face of such Security
(each an “Extension Period”) up to but not beyond the date (the “Final Maturity”)
set forth on the face of such Security. 
The Company may exercise such option with respect to any Security by
notifying the Trustees of such exercise at least 50 but not more than 60 days
prior to the Stated Maturity of such Security in effect prior to the exercise
of such option (the “Original Stated Maturity”).  If the Company exercises such option, the
Trustees shall transmit, in the manner provided for in Section 1.06, to
the Holder of such Security not later than 40 days prior to the Original Stated
Maturity a notice (the “Extension Notice”) indicating (i) the election of
the Company to extend the Stated Maturity, (ii) the new Stated Maturity, (iii) the
interest rate, if any, applicable to the Extension Period and (iv) the
provisions, if any, for redemption during such Extension Period.  Upon the Trustees’ transmittal of the
Extension Notice, the Stated Maturity of such Security shall be extended
automatically and, except as modified by the Extension Notice and as described
in the next

 

41

 

paragraph, such Security
will have the same terms as prior to the transmittal of such Extension Notice.

 

Notwithstanding the foregoing, not later than
20 days before the Original Stated Maturity of such Security, the Company may,
at its option, revoke the interest rate provided for in the Extension Notice
and establish a higher interest rate for the Extension Period by causing the
Trustees to transmit, in the manner provided for in Section 1.06, notice
of such higher interest rate to the Holder of such Security.  Such notice shall be irrevocable.  All Securities with respect to which the
Stated Maturity is extended will bear such higher interest rate.

 

If the Company extends the Maturity of any
Security, the Holder will have the option to elect repayment of such Security
by the Company on the original Stated Maturity at a price equal to the
principal amount thereof, plus interest accrued to such date.  In order to obtain repayment on the Original
Stated Maturity once the Company has extended the Maturity thereof, the Holder must
follow the procedures set forth in Article Fourteen for repayment at the
option of Holders, except that the period for delivery or notification to the
Trustees shall be at least 25 but not more than 35 days prior to the Original
Stated Maturity and except that, if the Holder has tendered any Security for
repayment pursuant to an Extension Notice, the Holder may by written notice to
the Trustees revoke such tender for repayment until the close of business on
the tenth day before the Original Stated Maturity.

 

Section 3.09                                                                            Persons
Deemed Owners

 

Prior to due presentment of a Registered
Security for registration of transfer, the Company, the Trustees and any agent
of the Company or the Trustees may treat the Person in whose name such
Registered Security is registered as the owner of such Registered Security for
the purpose of receiving payment of principal of (and premium, if any) and
(subject to Section 3.05 and Section 3.07) interest, if any, on such
Security and for all other purposes whatsoever (other than the payment of
Additional Amounts, if any), whether or not such Security be overdue, and none
of the Company, the Trustees or any agent of the Company or the Trustees shall
be affected by notice to the contrary.

 

Title to any Bearer Security and any coupons
appertaining thereto shall pass by delivery. 
The Company, the Trustees and any agent of the Company or the Trustees
may treat the bearer of any Bearer Security and the bearer of any coupon as the
absolute owner of such Security or coupon for the purpose of receiving payment
thereof or on account thereof and for all other purposes whatsoever, whether or
not such Security or coupons be overdue, and none of the Company, the Trustees
or any agent of the Company or the Trustees shall be affected by notice to the
contrary.

 

The Depositary for Securities may be treated
by the Company, the Trustee, and any agent of the Company or the Trustee as the
owner of such global Security for all purposes whatsoever  (other than the payment of Additional
Amounts, if any).  None of the Company,
the Trustees, any Paying Agent or the Security Registrar will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a Security in
global form or for maintaining, supervising or reviewing any records relating
to such beneficial ownership interests.

 

42

 

Notwithstanding the foregoing, with respect
to any global Security, nothing herein shall prevent the Company, the Trustees,
or any agent of the Company or the Trustees, from giving effect to any written
certification, proxy or other authorization furnished by any depositary, as a
Holder, with respect to such global Security or impair, as between such depositary
and owners of beneficial interests in such global Security, the operation of
customary practices governing the exercise of the rights of such depositary (or
its nominee) as Holder of such global Security.

 

Section 3.10                                                                            Cancellation

 

All Securities and coupons surrendered for
payment, redemption, repayment at the option of the Holder, registration of
transfer or exchange or for credit against any current or future sinking fund
payment shall, if surrendered to any Person other than a Trustee, be delivered
to a Trustee.  All securities and coupons
so delivered to either Trustee shall be promptly cancelled by it.  The Company may at any time deliver to either
Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may
deliver to either Trustee (or to any other Person for delivery to such Trustee)
for cancellation any Securities previously authenticated hereunder which the
Company has not issued and sold, and all Securities so delivered shall be
promptly cancelled by such Trustee.  If
the Company shall so acquire any of the Securities, however, such acquisition
shall not operate as a redemption or satisfaction of the indebtedness
represented by such Securities unless and until the same are surrendered to a
Trustee for cancellation.  No Securities
shall be authenticated in lieu of or in exchange for any Securities cancelled
as provided in this Section, except as expressly permitted by this
Indenture.  All cancelled Securities held
by a Trustee shall be disposed of by such Trustee in accordance with its
customary procedures and certification of their disposal delivered to the
Company unless by Company Order the Company shall direct that cancelled
Securities be returned to it.

 

Section 3.11                                                                            Computation
of Interest

 

Except as otherwise specified as contemplated
by Section 3.01 with respect to any Securities, interest, if any, on the
Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months.  For the purposes
of disclosure under the Interest Act
(Canada), the yearly rate of interest to which interest calculated under a
Security for any period in any calendar year (the “calculation period”) is
equivalent, is the rate payable under a Security in respect of the calculation
period multiplied by a fraction the numerator of which is the actual number of
days in such calendar year and the denominator of which is the actual number of
days in the calculation period.  If the
Canadian Trustee is appointed Paying Agent, it shall be entitled to rely on the
calculations to be provided by the Company.

 

Section 3.12                                                                            Currency
and Manner of Payments in Respect of Securities

 

(a)           With respect to Registered Securities
of any series not permitting the election provided for in paragraph (b) below
or the Holders of which have not made the election provided for in paragraph (b) below,
and with respect to Bearer Securities of any series, except as provided in
paragraph (d) below, payment of the principal of (and premium, if any) and
interest, if any, on any Registered or Bearer Security of such series will be
made in the Currency in which such Registered

 

43

 

Security or Bearer Security, as the case may be, is payable.  The provisions of this Section may be
modified or superseded with respect to any Securities pursuant to Section 3.01.

 

(b)           It may be provided pursuant to Section 3.01
with respect to Registered Securities of any series that Holders shall have the
option, subject to paragraphs (d) and (e) below, to receive payments
of principal of (or premium, if any) or interest, if any, on such Registered
Securities in any of the Currencies which may be designated for such election
by delivering to the Trustees a written election with signature guarantees and
in the applicable form established pursuant to Section 3.01, not later
than the close of business on the Election Date immediately preceding the
applicable payment date.  If the Canadian
Trustee or the U.S. Trustee is appointed Paying Agent, the ability to receive
payments of principal of (or premium, if any) or interest, if any in the
Currency designated for election will be subject to the Canadian Trustee’s or
the U.S. Trustee’s ability, as Paying Agent, to accommodate payment in the
Currency elected.  If a Holder so elects
to receive such payments in any such Currency, such election will remain in
effect for such Holder or any transferee of such Holder until changed by such
Holder or such transferee by written notice to the Trustees (but any such
change must be made not later than the close of business on the Election Date
immediately preceding the next payment date to be effective for the payment to
be made on such payment date and no such change of election may be made with
respect to payments to be made on any Registered Security of such series with
respect to which an Event of Default has occurred or with respect to which the
Company has deposited funds pursuant to Articles Four or Fifteen or with respect
to which a notice of redemption has been given by the Company or a notice of
option to elect repayment has been sent by such Holder or such
transferee).  Any Holder of any such
Registered Security who shall not have delivered any such election to the Trustees
not later than the close of business on the applicable Election Date will be
paid the amount due on the applicable payment date in the relevant Currency as
provided in Section 3.12(a).  The
Trustees shall notify the Exchange Rate Agent as soon as practicable after the
Election Date of the aggregate principal amount of Registered Securities for
which Holders have made such written election.

 

(c)           Unless otherwise specified pursuant
to Section 3.01, if the election referred to in paragraph (b) above
has been provided for pursuant to Section 3.01, then, unless otherwise
specified pursuant to Section 3.01, not later than the fourth Business Day
after the Election Date for each payment date for Registered Securities of any
series, the Exchange Rate Agent will deliver to the Company a written notice
specifying, in the Currency in which Registered Securities of such series are
payable, the respective aggregate amounts of principal of (and premium, if any)
and interest, if any, on the Registered Securities to be paid on such payment
date, specifying the amounts in such Currency so payable in respect of the
Registered Securities as to which the Holders of Registered Securities of such
series shall have elected to be paid in another currency as provided in paragraph
(b) above.  If the election referred
to in paragraph (b) above has been provided for pursuant to Section 3.01
and if at least one Holder has made such election, then, unless otherwise
specified pursuant to Section 3.01, on the seventh Business Day preceding
such payment date the Company will deliver to the Trustees for such series of
Registered Securities an Exchange Rate Officers’ Certificate in respect of the
Dollar or Foreign Currency payments to be made on such payment date.  Unless otherwise specified pursuant to Section 3.01,
the Dollar or Foreign Currency amount receivable by Holders of Registered
Securities who have elected payment in a Currency as provided in paragraph (b) above
shall be determined by the Company on the basis of the applicable Market
Exchange Rate in effect on the eighth Business Day (the “Valuation Date”)
immediately preceding

 

44

 

each payment date, and such determination shall be conclusive and
binding for all purposes, absent manifest error.

 

(d)           If a Conversion Event occurs with
respect to a Foreign Currency in which any of the Securities are denominated or
payable other than pursuant to an election provided for pursuant to paragraph (b) above,
then, with respect to each date for the payment of principal of (and premium,
if any) and interest, if any, on the applicable Securities denominated or
payable in such Foreign Currency occurring after the last date on which such
Foreign Currency was used (the “Conversion Date”), the Dollar shall be the
Currency of payment for use on each such payment date.  Unless otherwise specified pursuant to Section 3.01,
the Dollar amount to be paid by the Company to the Trustees and by the Trustees
or any Paying Agent to the Holders of such Securities with respect to such
payment date shall be, in the case of a Foreign Currency other than a currency
unit, the Dollar Equivalent of the Foreign Currency or, in the case of a
currency unit, the Dollar Equivalent of the Currency Unit, in each case as
determined by the Exchange Rate Agent in the manner provided in paragraph (f) or
(g) below.

 

(e)           Unless otherwise specified pursuant
to Section 3.01, if the Holder of a Registered Security denominated in any
Currency shall have elected to be paid in another Currency as provided in
paragraph (b) above, and a Conversion Event occurs with respect to such
elected Currency, such Holder shall receive payment in the Currency in which
payment would have been made in the absence of such election; and if a
Conversion Event occurs with respect to the Currency in which payment would
have been made in the absence of such election, such Holder shall receive
payment in Dollars as provided in paragraph (d) above.

 

(f)            The “Dollar Equivalent of the
Foreign Currency” shall be determined by the Exchange Rate Agent and shall be
obtained for each subsequent payment date by converting the specified Foreign
Currency into Dollars at the Market Exchange Rate on the Conversion Date.

 

(g)           The “Dollar Equivalent of the
Currency Unit” shall be determined by the Exchange Rate Agent and subject to
the provisions of paragraph (h) below shall be the sum of each amount
obtained by converting the Specified Amount of each Component Currency into
Dollars at the Market Exchange Rate for such Component Currency on the
Valuation Date with respect to each payment.

 

(h)           For purposes of this Section the
following terms shall have the following meanings:

 

A “Component Currency” shall mean any
Currency which, on the Conversion Date, was a component currency of the
relevant currency unit, including, but not limited to, the Euro.

 

A “Specified Amount” of a Component Currency
shall mean the number of units of such Component Currency or fractions thereof
which were represented in the relevant currency unit, including, but not
limited to, the Euro, on the Conversion Date. 
If after the Conversion Date the official unit of any Component Currency
is altered by way of combination or subdivision, the Specified Amount of such
Component Currency shall be divided or multiplied in the same proportion.  If after the Conversion Date two or more
Component Currencies are consolidated into a single currency, the respective
Specified Amounts of such Component Currencies shall be replaced by an amount
in such single Currency equal to the sum of the respective Specified Amounts of
such

 

45

 

consolidated Component
Currencies expressed in such single Currency, and such amount shall thereafter
be a Specified Amount and such single Currency shall thereafter be a Component
Currency.  If after the Conversion Date
any Component Currency shall be divided into two or more currencies, the
Specified Amount of such Component Currency shall be replaced by amounts of
such two or more currencies, having an aggregate Dollar Equivalent value at the
Market Exchange Rate on the date of such replacement equal to the Dollar
Equivalent value of the Specified Amount of such former Component Currency at
the Market Exchange Rate immediately before such division and such amounts
shall thereafter be Specified Amounts and such currencies shall thereafter be
Component Currencies.  If, after the
Conversion Date of the relevant currency unit, including, but not limited to,
the Euro, a Conversion Event (other than any event referred to above in this
definition of “Specified Amount”) occurs with respect to any Component Currency
of such currency unit and is continuing on the applicable Valuation Date, the
Specified Amount of such Component Currency shall, for purposes of calculating
the Dollar Equivalent of the Currency Unit, be converted into Dollars at the
Market Exchange Rate in effect on the Conversion Date of such Component
Currency.

 

“Election Date” shall mean the date for any
series of Registered Securities as specified pursuant to clause (15) of Section 3.01
by which the written election referred to in paragraph (b) above may be
made.

 

All decisions and determinations of the
Exchange Rate Agent regarding the Dollar Equivalent of the Foreign Currency,
the Dollar Equivalent of the Currency Unit, the Market Exchange Rate and
changes in the Specified Amounts as specified above shall be in its sole
discretion and shall, in the absence of manifest error, be conclusive for all
purposes and irrevocably binding upon the Company, the Trustees and all Holders
of such Securities denominated or payable in the relevant Currency.  The Exchange Rate Agent shall promptly give
written notice to the Company and the Trustees of any such decision or determination.

 

In the event that the Company determines in
good faith that a Conversion Event has occurred with respect to a Foreign
Currency, the Company will immediately give written notice thereof to the
Trustees and to the Exchange Rate Agent (and the Trustees will promptly
thereafter give notice in the manner provided for in Section 1.06 to the
affected Holders) specifying the Conversion Date.  In the event the Company so determines that a
Conversion Event has occurred with respect to the Euro or any other currency
unit in which Securities are denominated or payable, the Company will
immediately give written notice thereof to the Trustees and to the Exchange
Rate Agent (and the Trustees will promptly thereafter give notice in the manner
provided for in Section 1.06 to the affected Holders) specifying the
Conversion Date and the Specified Amount of each Component Currency on the
Conversion Date.  In the event the
Company determines in good faith that any subsequent change in any Component
Currency as set forth in the definition of Specified Amount above has occurred,
the Company will similarly give written notice to the Trustees and the Exchange
Rate Agent.

 

The Trustees shall be fully justified and
protected in relying and acting upon information received by it from the
Company and the Exchange Rate Agent and shall not otherwise have any duty or
obligation to determine the accuracy or validity of such information
independent of the Company or the Exchange Rate Agent.

 

46

 

Section 3.13                         Appointment
and Resignation of Successor Exchange Rate Agent

 

(a)           Unless
otherwise specified pursuant to Section 3.01, if and so long as the
Securities of any series (i) are denominated in a Currency other than
Dollars or (ii) may be payable in a Currency other than Dollars, or so
long as it is required under any other provision of this Indenture, then the
Company will maintain with respect to each such series of Securities, or as so
required, at least one Exchange Rate Agent. 
The Company will cause the Exchange Rate Agent to make the necessary
foreign exchange determinations at the time and in the manner specified
pursuant to Section 3.01 for the purpose of determining the applicable
rate of exchange and, if applicable, for the purpose of converting the issued
Currency into the applicable payment Currency for the payment of principal (and
premium, if any) and interest, if any, pursuant to Section 3.12.

 

(b)           The Company
shall have the right to remove and replace from time to time the Exchange Rate
Agent for any series of Securities.  No
resignation of the Exchange Rate Agent and no appointment of a successor
Exchange Rate Agent pursuant to this Section shall become effective until
the acceptance of appointment by the successor Exchange Rate Agent as evidenced
by a written instrument delivered to the Company and the Trustees.

 

(c)           If the Exchange
Rate Agent shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of the Exchange Rate Agent for any cause with
respect to the Securities of one or more series, the Company, by or pursuant to
a Board Resolution, shall promptly appoint a successor Exchange Rate Agent or
Exchange Rate Agents with respect to the Securities of that or those series (it
being understood that any such successor Exchange Rate Agent may be appointed
with respect to the Securities of one or more or all of such series and that,
unless otherwise specified pursuant to Section 3.01, at any time there
shall only be one Exchange Rate Agent with respect to the Securities of any
particular series that are originally issued by the Company on the same date
and that are initially denominated and/or payable in the same Currency).

 

ARTICLE FOUR

SATISFACTION AND DISCHARGE

 

Section 4.01                         Satisfaction
and Discharge of Indenture

 

This Indenture shall upon
Company Request cease to be of further effect with respect to any series of
Securities specified in such Company Request (except as to any surviving rights
of registration of transfer or exchange of Securities of such series expressly
provided for herein or pursuant hereto and any right to receive Additional
Amounts as contemplated by Section 11.05) and the Trustees, at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture as to such series when

 

(1)           either

 

(a)           all Securities
of such series theretofore authenticated and delivered and all coupons, if any,
appertaining thereto (other than (i) coupons appertaining to Bearer
Securities surrendered for exchange for Registered Securities and maturing
after such exchange, whose surrender is not required or has been waived as
provided in Section 3.05, (ii) Securities and coupons of such series
which have been destroyed, lost or stolen and which have been replaced or paid
as provided in Section 3.06, (iii) coupons appertaining to Securities
called for redemption and maturing after the

 

47

 

relevant Redemption Date, whose surrender has been waived as provided
in Section 12.06, and (iv) Securities and coupons of such series for
whose payment money has theretofore been deposited in trust with either Trustee
or any Paying Agent or segregated and held in trust by the Company and
thereafter repaid to the Company, as provided in Section 11.03) have been
delivered to either Trustee for cancellation; or

 

(b)           all Securities
of such series and, in the case of (i) or (ii) below, any coupons
appertaining thereto not theretofore delivered to either 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)          if redeemable at the option
of the Company, are to be called for redemption within one year under
arrangements satisfactory to the Trustees for the giving of notice of
redemption by the Trustees in the name, and at the expense, of the Company,

 

and the Company, in the case
of (i), (ii) or (iii) above, has irrevocably deposited or caused to
be deposited with either Trustee as trust funds in trust for such purpose an
amount in the Currency in which the Securities of such series are payable,
sufficient to pay and discharge the entire indebtedness on such Securities not
theretofore delivered to such Trustee for cancellation, for principal (and
premium, if any), interest, if any, and Additional Amounts, if any, 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 Trustees 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 as to such series have been
complied with.

 

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to
the Trustees under Section 7.07, the obligations of the Trustees to any Authenticating
Agent under Section 7.12 and, if money shall have been deposited with the
Trustees pursuant to subclause (b) of clause (1) of this Section, the
obligations of the Trustees under Section 4.02 and the last paragraph of Section 11.03
shall survive.

 

Section 4.02                         Application
of Trust Money

 

Subject to the provisions of
the last paragraph of Section 11.03, all money deposited with the Trustees
pursuant to Section 4.01 shall be held in trust and applied by it, in
accordance with the provisions of the Securities, the coupons and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustees may
determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest, if

 

48

 

any, for whose payment such
money has been deposited with the Trustees; but such money need not be
segregated from other funds except to the extent required by law.

 

ARTICLE FIVE

SUBORDINATION OF THE SECURITIES

 

Section 5.01                         Agreement
to Subordinate

 

The Company covenants and
agrees, and each Holder of Securities, by its acceptance thereof, likewise
agrees, that the payment of the principal of, premium, if any, and interest on
the Securities is hereby expressly subordinated, to the extent and in the
manner hereinafter set forth, in right of payment to the prior payment in full
of all Senior Indebtedness.

 

Section 5.02                         Distribution
on Insolvency or Winding-Up

 

In the event of any Senior
Default or in the event that proceedings are commenced by or against the
Company as a result of its insolvency or in the event of the liquidation or
winding-up of the Company or if proceedings are commenced which effect a
reorganization, arrangement, or compromise of debt of the Company:

 

(a)           the holders of all Senior Indebtedness
shall be entitled to receive payment in full of the principal thereof, the
premium, if any, and the interest due thereon (including interest accruing
after the commencement of any such proceeding at the rate specified in the
instrument or agreement evidencing the Senior Indebtedness, whether or not such
interest is an allowable claim in any such proceeding) before the Holders are
entitled to receive any payment upon the principal of, premium, if any, and
interest on indebtedness evidenced by the Securities;

 

(b)           any payment or distribution of assets
of the Company of any kind or character, whether in cash, property or
securities, to which the Holders or the Trustees would be entitled except for
the provisions of this Article 5 shall be paid by the Person making such
payment or distribution, whether the liquidator, agent or other agent or a
trustee in bankruptcy or a receiver or otherwise, directly to the holders of
Senior Indebtedness or their representative or to the trustee under any
indenture under which any instruments evidencing any of such Senior
Indebtedness may have been issued, as their respective interests may appear, to
the extent necessary to pay in full all Senior Indebtedness remaining unpaid
after giving effect to any concurrent payment or distribution to the holders of
such Senior Indebtedness in respect thereof;

 

(c)           in the event that, notwithstanding the
foregoing, any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, shall be received by the
Trustees or the Holders before all Senior Indebtedness is paid in full, such
payment or distribution shall be held in trust for the benefit of, and shall be
paid over to, the holders of such Senior Indebtedness or their representative
or to the trustee under any indenture under which any instruments evidencing
any of such Senior Indebtedness may have been issued, as their respective
interests may appear, for application to the payment of all Senior Indebtedness
remaining unpaid until all such Senior Indebtedness shall have been paid in
full after giving effect to any concurrent payment or distribution to the
holders of such Senior Indebtedness in respect thereof; and

 

49

 

(d)           any payments or distributions paid over
to the holders of Senior Indebtedness pursuant to Section 5.02(c) and
not applied in reduction of the amounts owing to the Holders hereunder shall be
deemed not to have discharged any of the obligations of the Company hereunder
(and, to the extent that by operation of applicable law they are treated as
doing so, the Company covenants to indemnify the Holders on demand from and
against any loss suffered or incurred by them in consequence thereof).

 

Upon any payment or
distribution of assets of the Company referred to in this Article 5, the
Trustees and the Holders shall be entitled to call for and rely upon a
certificate, addressed to the Trustees or to the Holders, of the Person making
any such payment or distribution for the purpose of ascertaining the Persons
entitled to participate in such distribution, the holders of the Senior
Indebtedness and other indebtedness of the Company, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article 5.

 

Section 5.03                         Subrogation
of the Securities

 

Subject to the payment in
full of all Senior Indebtedness, the Holders shall be subrogated to the rights
of the holders of Senior Indebtedness to receive payments and distributions of
assets of the Company in respect of and on account of Senior Indebtedness, to
the extent of the application thereto of moneys or other assets which would have
been received by the Holders but for the provisions of this Article 5,
until the principal of, premium, if any, and interest on the Securities shall
be paid in full.  No payment or
distribution of assets of the Company to the Holders which would be payable or
distributable to the holders of Senior Indebtedness pursuant to this Article shall,
as between the Company, its creditors (other than the holders of Senior
Indebtedness) and the Holders, be deemed to be a payment by the Company to or
on account of the Holders, it being understood that the provisions of this Article 5
are, and are intended, solely for the purpose of defining the relative rights
of the Holders, on the one hand, and the holders of the Senior Indebtedness, on
the other hand.  Nothing contained in
this Article 5 or elsewhere in this Indenture or in the Securities is
intended to or shall impair, as between the Company and its creditors (other
than the holders of Senior Indebtedness and the Holders), the obligation of the
Company, which is unconditional and absolute, to pay to the Holders the
principal of, premium, if any, and interest on the Securities as and when the
same shall become due and payable in accordance with their terms, or to affect
the relative rights of the Holders and creditors of the Company other than the
holders of the Senior Indebtedness, nor shall anything herein or therein
prevent the Trustees or the Holder of any Securities from exercising all
remedies otherwise permitted by applicable law upon default under this Indenture,
subject to the rights, if any, under this Article 5, of the holders of
Senior Indebtedness upon the exercise of any such remedy.

 

Section 5.04                         No
Payment to Holders if Senior Indebtedness Due or in Default or Commencement of
Proceedings

 

(a)           Upon the maturity
of any Senior Indebtedness by lapse of time, acceleration or otherwise, then,
except as hereinafter otherwise provided, all principal of, premium, if any,
and interest on all such matured Senior Indebtedness shall first be paid in
full, or shall first have been duly provided for, before any payment on account
of principal of, premium, if any, and interest on the Securities is made.

 

50

 

(b)           Upon the
occurrence of any Senior Default, then, unless and until such default shall
have been cured or waived or shall have ceased to exist, no payment (by payment
of principal or interest, purchase of Securities, redemption or otherwise)
shall be made by the Company with respect to the principal of, premium, if any,
or interest on the Securities.  In the
event that, notwithstanding the foregoing, the Company shall make any payment
of principal of, premium, if any, or interest on the Securities after the
happening of such a default, then, except as hereinafter otherwise provided,
unless and until such default shall have been cured or waived or shall have
ceased to exist, such payments shall be held in trust for the benefit of, and
if and when such Senior Indebtedness shall have become due and payable shall be
paid over to, the holders of the Senior Indebtedness or their representative or
to the trustee under any indenture under which any instruments evidencing any
of the Senior Indebtedness may have been issued, as their respective interests
may appear, for application to the payment of all Senior Indebtedness remaining
unpaid until all such Senior Indebtedness shall have been paid in full, after
giving effect to any concurrent payment or distribution to the holders of such
Senior Indebtedness in respect thereof.

 

(c)           The fact that
any payment which is required to be made pursuant to this Indenture or the
Securities is prohibited by this Section 5.04 shall not prevent the
failure to make such payment from being an Event of Default hereunder.

 

(d)           The Company
shall not grant and the Trustees and the Holders shall not be entitled to
receive any mortgage, charge, hypothec, assignment, pledge or other security
interest against any of the property, assets or undertaking of the Company or
any of its Subsidiaries or Affiliates without the prior written consent of the
holders of the Senior Indebtedness (other than trade creditors).

 

(e)           Upon any
default by the Company under this Indenture, the occurrence of any Event of
Default or any Senior Default, neither the Trustees nor any Holder shall be
entitled to take or commence any action, suit, remedy or proceedings (whether
judicial or extra-judicial and including, without limitation, any action
contemplated by Article 6) against the Company or any of its property,
assets or undertaking to collect or enforce payment of the principal and
interest on the Securities or any other amounts owing under this Indenture or
to enforce the performance of any other covenant or obligation of the Company
under this Indenture or the Securities (including, without limitation, any
action or proceeding for the payment of any principal of or interest on the
Securities, the appointment of a liquidator or receiver of the Company or any
of its property, assets or undertaking for the winding up of the Company or
pursuant to the Bankruptcy and Insolvency
Act (Canada)) unless and until the Senior Indebtedness has been paid
in full; provided however that the foregoing shall in no way prohibit, restrict
or prevent the Trustees from filing proofs of claim in any bankruptcy,
reorganization or insolvency proceedings commenced by or against the Company by
any Person other than the Trustees or a Holder or taking steps in accordance
with any subordination or postponement agreement entered into by the Trustees
on their own behalf or on behalf of the Holders as contemplated by Section 5.10.

 

51

 

Section 5.05                         Payment
of Securities Permitted

 

(a)           Subject always to Section 5.10,
nothing contained in this Indenture or in any of the Securities shall prevent
the Company at any time from making payments of the principal of, premium, if
any on, or interest on the Securities provided that no such payments will be
made if a Senior Default has occurred unless and until such default has been cured
or waived or has ceased to exist.

 

(b)           Until written
notice shall be given to the Trustees by the Company or on behalf of any holder
of any Senior Indebtedness of the occurrence of any Senior Default or of the
existence of any other facts which would have the result that any payment with
respect to the Securities would be in contravention of the provisions of this Article 5,
the Trustees shall be entitled to assume that no such default has occurred, or
that no such facts exist; and nothing in this Indenture shall prevent the
Trustees, prior to receipt of such notice, from applying any moneys received by
it pursuant to this Indenture prior to the receipt by it of such written
notice, to the purposes for which the same were received, notwithstanding the occurrence
or continuance of a default with respect to, or the existence of such facts
with respect to, such Senior Indebtedness.

 

Section 5.06                         Subordination
Not to be Impaired

 

No right of any present or
future holder of any Senior Indebtedness of the Company to enforce the
subordination provided for in this Article shall at any time 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
non-compliance by the Company with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof which any such holder may have
or be otherwise charged with.

 

Section 5.07                         Obligations
Created by Article 5

 

Each of the Company and the
Trustees agrees, and each Holder of Securities, by its acceptance thereof,
likewise agrees, that:

 

(a)           the provisions of this Article 5 are
an inducement and consideration to each holder of Senior Indebtedness to give
or continue credit to the Company or others or to acquire Senior Indebtedness;

 

(b)           each holder of Senior Indebtedness may
accept the benefit of this Article 5 on the terms and conditions set forth
in this Article 5 by giving or continuing credit to the Company or others
or by acquiring Senior Indebtedness, in each case without notice to the
Trustees or any Holder and without establishing actual reliance on this Article 5;
and

 

(c)           each obligation created by this Article 5
is created for the benefit of the holders of Senior Indebtedness and is hereby
declared to be created in trust for those holders by the Company, the Trustees
and each Holder of Securities and shall be binding on the Company, the Trustees and
each Holder of Securities whether or not the confirmation described in Section 5.10 is requested, executed or delivered.

 

52

 

Section 5.08                         No
Set-Off

 

Each of the Company and
the Trustees agrees, and each Holder of Securities, by its acceptance thereof, likewise
agrees, that it shall have no rights of set-off or counterclaim with respect to
the principal of, premium, if any, and interest on the Securities at any time when any payment of, or in
respect of, such amounts to the Trustees or the Holders is prohibited by this Article 5
or is otherwise required to be paid to the holders of Senior Indebtedness or
their representative or to the trustee under any indenture under which any
instruments evidencing any of such Senior Indebtedness may have been issued, as
their respective interests may appear.

 

Section 5.09                         Amendments
to Article 5

 

Each of the Company and
the Trustees agrees, and each Holder of Securities, by its acceptance thereof, likewise
agrees, not to make any changes to (i) this Article 5, (ii) the
definitions of Senior Indebtedness or Senior Default, or (iii) any other
provision of this Indenture that makes reference to this Article 5 or any
provision of this Article 5, without the consent of each holder of Senior
Indebtedness (other than trade creditors), or their representative or the
trustee under any indenture under which any instruments evidencing any of such
Senior Indebtedness may have been issued.

 

Section 5.10                         Authorization
to Trustees to Effect Subordination

 

Each Holder of Securities, by its acceptance thereof, authorizes and
directs the Trustees on its behalf to take such action as may be necessary or
appropriate to effect the subordination provided for in this Article 5 and
to acknowledge and confirm such subordination to any holder of Senior
Indebtedness and appoints the Trustees its attorney-in-fact for any and all
such purposes, including confirmations that the holder or holders of any Senior
Indebtedness are entitled to all the rights and benefits of this Article 5
and that such holder of Senior Indebtedness may rely on and enforce each of the
terms of this Indenture including, without limitation, of this Article 5.  Forthwith upon the request of any holder of
Senior Indebtedness or its representative or the trustee under any indenture
under which any instruments evidencing any Senior Indebtedness may have been
issued, the Trustees shall execute and deliver to the Person making that
request a form of such confirmation or, with the advice of Counsel, any such
subordination agreement, on its own behalf and on behalf of all Holders.

 

ARTICLE SIX

REMEDIES

 

Section 6.01                         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 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 such event is
specifically deleted or modified in or pursuant to a supplemental indenture,
Board Resolution or Officers’ Certificate establishing the terms of such series
pursuant to Section 3.01 of this Indenture:

 

53

 

(1)           default in the
payment of any interest (including Additional Amounts) due on any Security of
that series, or any related coupon (including Additional Amounts), when such
interest or coupon becomes due and payable, and continuance of such default for
a period of 30 days; or

 

(2)           default in the
payment of the principal (or premium, if any), or any Additional Amounts in
respect of any Security of that series at its Maturity; or

 

(3)           default in the
deposit of any sinking fund or analogous payment when due by the terms of any
Security of that series and Article Thirteen; or

 

(4)           default in the
performance, or breach, of any covenant or agreement of the Company in this
Indenture which affects or is applicable to the Securities of 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 Trustees or
to the Company and the Trustees by the Holders of at least 25% in principal
amount of all 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)           if an event of
default (as defined in any indenture or instrument under which the Company or
any Subsidiary has at the time of this Indenture or shall thereafter have
outstanding any indebtedness) shall have occurred and be continuing, or the
Company or any Subsidiary shall have failed to pay principal amounts with
respect to such indebtedness at maturity and such event of default or failure
to pay shall have resulted in indebtedness under such indentures or instruments
being declared due, payable or otherwise being accelerated, in either event so
that an amount in excess of the greater of $15,000,000 and 2% of Shareholders’
Equity shall be or become due, payable and accelerated upon such declaration or
prior to the date on which the same would otherwise have become due, payable
and accelerated (the “accelerated indebtedness”), and such acceleration shall
not be rescinded or annulled, or such event of default or failure to pay under
such indenture or instrument shall not be remedied or cured, whether by payment
or otherwise, or waived by the holders of such accelerated indebtedness, then

 

(a)           the accelerated indebtedness
shall be as a result of an event of default 
which is not related to the failure to pay  principal or interest on the terms,  at the times, 
and on the conditions set out in any such indenture or  instrument, 
it shall not be considered an Event of Default for purposes of this Indenture  until 30 days after such indebtedness has
been accelerated, or

 

(b)           if the accelerated
indebtedness shall occur as a result of such failure to pay principal or
interest or as a result of an event of default which is related to the failure
to pay principal or interest on the terms, at the times, and on the conditions
set out in any such indenture or instrument, then (i) if such accelerated
indebtedness is, by its terms, Non-Recourse Debt to the Company or a
Subsidiary, it shall not be considered an Event of Default for purposes of this
Indenture; or (ii) if such

 

54

 

accelerated indebtedness is
recourse to the Company or a Subsidiary, any requirement in connection with
such failure to pay or event of default for the giving of notice or the lapse
of time or the happening of any further condition, event or act under such
other indenture or instrument in connection with such failure to pay or event
of default shall be applicable together with an additional seven days before
being considered an Event of Default for purposes of this Indenture; or

 

(6)           the entry of a
decree or order by a court having jurisdiction in the premises adjudging the
Company bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment or composition of or in respect
of the Company under or subject to the Bankruptcy
and Insolvency Act (Canada), the Companies’
Creditors Arrangement Act (Canada), the U.S. Federal Bankruptcy Code or any other
federal, provincial, state or foreign bankruptcy, insolvency or analogous laws,
or the issuance of a sequestration order or the (appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the
Company or in receipt of any substantial part of the property of the Company,
and any such decree, order or appointment continues unstayed and in effect for
a period of 90 consecutive days; or

 

(7)           the institution
by the Company of proceedings to be adjudicated bankrupt or insolvent, or the
consent by it to the institution of bankruptcy or insolvency proceedings
against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under or subject to the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act
(Canada), the U.S. Federal Bankruptcy Code
or any other federal, provincial, state or foreign bankruptcy, insolvency or
analogous laws or the consent by it to the filing of any such petition or to
the appointment of a 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 a general 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 by it of corporate action in
furtherance of any of the aforesaid purposes; or

 

(8)           any other Event
of Default provided with respect to Securities of that series.

 

Section 6.02                         Acceleration
of Maturity; Rescission and Annulment

 

If an Event of Default
described in clause (1), (2), (3), (4), (5), or (8) of Section 6.01
with respect to Securities of any series at the time Outstanding occurs and is
continuing, then in every such case, either Trustee or the Holders of not less
than 25% in principal amount of the Outstanding Securities of that series, may
declare the principal amount (or, if the Securities of that series are Original
Issue Discount Securities or Indexed Securities, such portion of the principal
amount as may be specified in the terms of that series) of all of the
Securities of that series and all interest thereon to be due and payable
immediately, by a notice in writing to the Company (and to the Trustees if
given by Holders), and upon any such declaration such principal amount (or
specified portion thereof) shall become immediately due and payable.  If an Event of Default specified in Section 6.01(6) or
6.01(7) occurs and is continuing, then the principal amount of all the Securities

 

55

 

shall
ipso facto become and be immediately due and payable without any declaration or
other act on the part of the Trustees or any Holder.

 

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

 

(1)           the Company has
paid or deposited with either Trustee a sum sufficient to pay in the Currency
in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 3.01 for the Securities of such series and
except, if applicable, as provided in Sections 3.12(b), 3.12(d) and
3.12(e)),

 

(a)           all overdue interest, if
any, on all Outstanding Securities of that series (or of all series, as the
case may be) and any related coupons,

 

(b)           all unpaid principal of (and
premium, if any, on) any Outstanding Securities of that series (or of all
series, as the case may be) which has become due otherwise than by such
declaration of acceleration, and interest on such unpaid principal (and
premium, if any) at the rate or rates prescribed therefor in such Securities,

 

(c)           to the extent that payment
of such interest is legally enforceable, interest on overdue interest at the
rate or rates prescribed therefor in such Securities, and

 

(d)           all sums paid or advanced by
the Trustees hereunder and the reasonable compensation, expenses, disbursements
and advances of the Trustees, their agents and counsel; and

 

(2)           all Events of
Default with respect to Securities of that series (or of all series, as the
case may be), other than the non-payment of amounts of principal of (or
premium, if any, on) or interest on Securities of that series (or of all
series, as the case may be) which have become due solely by such declaration of
acceleration, have been cured or waived as provided in Section 6.13.

 

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

 

Section 6.03                         Collection
of Debt and Suits for Enforcement by Trustees

 

The Company covenants that
if

 

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

 

56

 

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

 

then the Company will, upon
demand of either Trustee, pay to the Appropriate Trustee for the benefit of the
Holders of such Securities and coupons, the whole amount then due and payable
on such Securities and coupons for principal (and premium, if any) and
interest, if any, and interest on any overdue principal (and premium, if any)
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 Trustees,
their agents and counsel.

 

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

 

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

 

Section 6.04                         Trustees
May File Proofs of Claim

 

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

 

(i)            to file and
prove a claim for the whole amount of principal (and premium, if any), or such
portion of the principal amount of any series of Original Issue Discount
Securities or Indexed Securities as may be specified in the terms of such
series, and interest, if any, owing and unpaid in respect of the Securities and
to file such other papers or documents as may be necessary or advisable in
order to have the claims of such Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of such Trustee,
its agents and counsel) and of the Holders allowed in such judicial proceeding,
and

 

57

 

(ii)           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 such Trustee and, in the event that such Trustee shall consent to
the making of such payments directly to the Holders, to pay to such Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and
advances of each Trustee, its agents and counsel, and any other amounts due to
such Trustee under Section 7.07.

 

Nothing herein contained
shall be deemed to authorize the Trustees 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 Trustees to vote in respect of the claim of any
Holder in any such proceeding.

 

Section 6.05                         Trustees
May Enforce Claims Without Possession of Securities

 

All rights of action and
claims under this Indenture or the Securities or coupons may be prosecuted and
enforced by the Trustees without the possession of any of the Securities or
coupons or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by a 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 such Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities and coupons in respect of
which such judgment has been recovered.

 

Section 6.06                         Application
of Money Collected

 

Any money collected by a
Trustee pursuant to this Article shall be applied in the following order,
at the date or dates fixed by the Trustees and, in case of the distribution of
such money on account or principal (or premium, if any) or interest, if any,
upon presentation of the Securities or coupons, or both, as the case may be,
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 Trustees under Section 7.07;

 

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

 

Third:     the balance, if
any, to the Person or Persons entitled thereto.

 

 

58

 

Section 6.07               Limitation
on Suits

 

No Holder of any Security of
any series or any related coupons 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 Trustees of a continuing Event of
Default with respect to the Securities of that series;

 

(2)       the Holders of
not less than 25% in principal amount of the Outstanding Securities of that
series in the case of any Event of Default described in clause (1), (2), (3),
(4), (5), or (8) of Section 6.01, or, in the case of any Event of
Default described in clause (6) or (7) of Section 6.01, the
Holders of not less than 25% in principal amount of all Outstanding Securities,
shall have made written request to the Trustees to institute proceedings in
respect of such Event of Default in their own names as Trustees hereunder;

 

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

 

(4)       the Trustees
for 60 days after their receipt of such notice, request and offer of indemnity
have failed to institute any such proceeding; and

 

(5)       no direction
inconsistent with such written request has been given to the Trustees during
such 60-day period by the Holders of a majority or more in principal amount of
the Outstanding Securities of that series in the case of any Event of Default
described in clause (1), (2), (3), (4), (5), or (8) of Section 6.01,
or in the case of any Event of Default described in clause (6) or (7) of
Section 6.01, by the Holders of a majority or more in principal amount of
all Outstanding Securities;

 

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 Holders of Securities of the
same series, in the case of any Event of Default described in clause (1), (2),
(3), (4), (5) or (8) of Section 6.01, or of Holders of all
Securities in the case of any Event of Default described in clause (6) or (7) of
Section 6.01, 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 Holders of Securities of the same series, in the case of any Event of
Default described in clause (1), (2), (3), (4), (5) or (8) of Section 6.01,
or of Holders of all Securities in the case of any Event of Default described
in clause (6) or (7) of Section 6.01.

 

59

 

Section 6.08               Unconditional
Right of Holders to Receive Principal, Premium and Interest

 

Notwithstanding any other
provision in this Indenture, the Holder of any Security shall have the right,
which is absolute and unconditional, to receive payment, as provided herein
(including, if applicable, Article Fourteen) and in such Security, of the
principal of (and premium, if any) and (subject to Section 3.07) interest,
if any, on, such Security or payment of such coupon on the respective Stated
Maturities expressed in such Security or coupon (or, in the case of redemption,
on the Redemption Date) and subject to the limitations on a Holder’s ability to
institute suit contained Section 6.07, to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder.

 

Section 6.09               Restoration
of Rights and Remedies

 

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

 

Section 6.10               Rights
and Remedies Cumulative

 

Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities or coupons in the last paragraph of Section 3.06, no
right or remedy herein conferred upon or reserved to the Trustees or to the
Holders of Securities or coupons is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

 

Section 6.11               Delay
or Omission Not Waiver

 

No delay or omission of the
Trustees or of any Holder of any Security or coupon 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 Trustees or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustees or
by the Holders, as the case may be.

 

Section 6.12               Control
by Holders

 

With respect to the
Securities of any series, the Holders of not less than a majority in principal
amount of the Outstanding Securities of such series shall have the right to
direct the time, method and place of conducting any proceeding for any remedy
available to the Trustees, or exercising any trust or power conferred on the
Trustees, relating to or arising under clause (1), (2), (3), (4), (5) or (8) of
Section 6.01, and, with respect to all Securities, the Holders of not less
than a 

 

60

 

majority in principal amount
of all Outstanding Securities shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the
Trustees, or exercising any trust or power conferred on the Trustees, not
relating to or arising under clause (1), (2), (3), (4), (5) or (8) of
Section 6.01, provided that in each case

 

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

 

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

 

(3)       the Trustees
need not take any action which might involve them in personal liability or be
unjustly prejudicial to the Holders of Securities of such series not
consenting.

 

Section 6.13               Waiver
of Past Defaults

 

Subject to Section 6.02,
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 described in clause (1), (2), (3), (4), (5) or
(8) of Section 6.01 (or, in the case of a default described in clause
(6) or (7) of Section 6.01, the Holders of not less than a
majority in principal amount of all Outstanding Securities may waive any such
past default), and its consequences, except a default

 

(1)       in respect of
the payment of the principal of (or premium, if any) or interest, if any, on
any Security or any related coupon, or

 

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

 

Upon any such waiver, any
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 Event of Default
or impair any right consequent thereon.

 

Section 6.14               Waiver
of 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 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 Trustees, but will suffer and permit the execution of every such power as
though no such law had been enacted.

 

61

 

Section 6.15               Undertaking
for Costs

 

In any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
either 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 Trust Indenture Legislation; provided,
however, that neither this Section nor the provisions of Section 315(e) of
the Trust Indenture Act shall apply to any suit instituted by either Trustee or
by any Holder or group of Holders holding more than 10% in principal amount of
all Outstanding Securities or by any Holder of any Security on any suit for the
enforcement of the right to receive the principal of and interest (including
any Additional Amounts) on any such Securities.

 

ARTICLE SEVEN

THE TRUSTEES

 

Section 7.01               Notice
of Defaults

 

Each Trustee shall promptly
give the other Trustee notice of any Default or Event of Default known to it.  Within a reasonable time, but no more than 30
days after either Trustee has knowledge of any Default hereunder with respect
to the Securities of any series, one or both of the Trustees shall transmit in
the manner and to the extent provided in Trust Indenture Legislation, including
TIA Section 313(c), notice to the Holders of such Default hereunder known
to either Trustee, unless such Default shall have been cured or waived (and, in
the case where such Default shall have been cured, the Trustees shall notify
the Holders in writing of such cure in writing within a reasonable time, but
not exceeding 30 days, after the Trustees have become aware that the Default
has been cured); provided, however, that, except in the case of a
Default in the payment of the principal of (or premium, if any) or interest, if
any, on any Security of such series or in the payment of any sinking fund
installment with respect to Securities of such series, the Trustees shall be
protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or Responsible
Officers of each Trustee in good faith determine that the withholding of such
notice is in the interest of the Holders of Securities of such series and any
related coupons and so advises the Company in writing; and provided further that in the case of any Default of the character
specified in Section 6.01(4) with respect to Securities of such
series, no such notice to Holders shall be given until at least 30 days after
the occurrence thereof.

 

Section 7.02               Certain
Duties and Responsibilities of Trustees

 

(a)       The Trustees, prior to the
occurrence of an Event of Default and after the curing of all Events of Default
that may have occurred, shall undertake to perform with respect to the
Securities of any series such duties and only such duties as are specifically
set forth in this Indenture, and no implied covenants shall be read into this
Indenture against the Trustees.

 

(b)       In all instances, in the
exercise of the powers and discharge of obligations prescribed or conferred by
the terms of this Indenture, each Trustee shall act honestly and in good faith
with a view to the best interests of the Holders and exercise the care,
diligence and skill that a reasonably prudent trustee in respect of indentures
for the purpose of issuing corporate debt obligations would exercise in
comparable circumstances.

 

62

 

(c)           No provision of
this Indenture shall be construed to relieve each Trustee from liability for
its own actions or failure to act in accordance with Section 7.02(b),
except that:

 

(i)       prior to the occurrence of
an Event of Default and after the curing or waiving of all such Events of
Default that may have occurred:

 

(A)                              the duties and
obligations of each Trustee with respect to the Securities of any series shall
be determined solely by the express provisions of this Indenture, and the
Trustees shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the
Trustees; and

 

(B)           in the absence
of bad faith on the part of either Trustee, such Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to the Trustees and
conforming to the requirements of this Indenture and Trust Indenture
Legislation; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Trustees, the
Trustees shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Indenture; provided, however, the
Canadian Trustee shall not be required to determine whether the certificates or
opinions presented to it conform to the TIA and the U.S. Trustee shall not be
required to determine whether the certificates or opinions presented to it
conform to Canadian Trust Indenture Legislation.

 

(ii)           the Trustees
shall not be liable with respect to any action taken or omitted to be taken by
them in good faith in accordance with the direction of the Holders of not less
than a majority in principal amount of the Securities of any series at the time
Outstanding relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustees, or exercising any trust or power
conferred upon the Trustees under this Indenture;

 

(iii)          none of the
provisions contained in this Indenture shall require either Trustee to expend
or risk their own funds or otherwise incur personal or any financial liability
in the performance of any of their duties or in the exercise of any of their
rights or powers; and

 

(iv)          whether or not
therein expressly so provided, except to the extent expressly provided herein
to the contrary, every provision of this Indenture relating to the conduct or
effecting the liability or affording protection to the Trustees shall be
subject to the provisions of this Section.

 

63

 

Section 7.03               Certain
Rights of Trustees

 

Subject to the provisions of
TIA Sections 315(a) through 315(d):

 

(1)       the Trustees
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 them to be genuine and to
have been signed or presented by the proper party or parties;

 

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

 

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

 

(4)       the Trustees
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 them hereunder in good faith and in
reliance thereon;

 

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

 

(6)       the Trustees
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 Trustees, in their discretion,
may make such further inquiry or investigation into such facts or matters as
they may see fit, and, if the Trustees shall determine to make such further
inquiry or investigation, they shall be entitled to examine the books, records
and premises of the Company, personally or by agent or attorney;

 

(7)       in an Event of
Default, the Trustees’ powers shall not be infringed upon so long as they act
in accordance with Section 7.02(b);

 

(8)       the Trustees
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 Trustees
shall not be responsible for any misconduct or negligence on the part of any
agent or attorney appointed with due care by them hereunder; and

 

64

 

(9)       the Trustees
shall not be liable for any action taken, suffered or omitted by them in good
faith and believed by them to be authorized or within the discretion or rights
or powers conferred upon them by this Indenture so long as they act in
accordance with Section 7.02(b).

 

Section 7.04               Trustees
Not Responsible for Recitals or Issuance of Securities

 

The recitals contained
herein and in the Securities, except for a Trustee’s certificates of
authentication, and in any coupons shall be taken as the statements of the
Company, and neither Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. 
The Trustees make no representations as to the validity or sufficiency
of this Indenture or of the Securities or coupons, except that the Trustees
represent that they are duly authorized to execute and deliver this Indenture,
authenticate the Securities and perform their obligations hereunder and that
the statements made by the U.S. Trustee in a Statement of Eligibility on Form T-1
supplied to the Company are true and accurate, subject to the qualifications
set forth therein.  Neither Trustee nor
any Authenticating Agent shall be accountable for the use or application by the
Company of Securities or the proceeds thereof. 
Nothing herein contained will impose on either Trustee any obligation to
see to, or to require evidence of, the registration or filing (or renewal
thereof) of this Indenture or any supplemental indenture.  The Trustees shall not be bound to give
notice to any person of the execution hereof.

 

Section 7.05               May Hold
Securities

 

The Trustees, any
Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company or of the Trustees, in their individual or any other
capacity, may become the owner or pledgee of Securities and coupons and,
subject to TIA Sections 310(b) and 311, may otherwise deal with the
Company, including, without limitation, as a creditor of the Company, with the
same rights they would have if they were not Trustees, Authenticating Agent,
Paying Agent, Security Registrar or such other agent.  A Trustee that has resigned or was removed
shall remain subject to TIA Section 311(a) to the extent provided
therein.

 

Section 7.06               Money
Held in Trust

 

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

 

Section 7.07               Compensation
and Reimbursement

 

The Company agrees:

 

(1)       to pay to the
Trustees from time to time reasonable compensation for all services rendered by
them hereunder (which compensation shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust); any invoices
which remain outstanding for 30 days following the date of invoice shall accrue
interest at the then current rate of interest charged by the Canadian Trustee
to it corporate clients;

 

65

 

(2)       except as
otherwise expressly provided herein, to reimburse the Trustees upon their
request for all reasonable expenses, disbursements and advances incurred or
made by the Trustees in accordance with any provision of this Indenture
(including the reasonable compensation and the expenses and disbursements of
their agents and counsel), except any such expense, disbursement or advance as
may be attributable to the U.S. Trustee’s gross negligence or bad faith or the
Canadian Trustee’s gross negligence or willful misconduct, respectively; and

 

(3)       to indemnify
the Trustees for, and to hold them and their directors, officers, agents,
representatives, successors, assigns and employees harmless against, any loss,
liability or expense incurred without gross negligence or bad faith on the part
of the U.S. Trustee, or gross negligence or willful misconduct on the part of
the Canadian Trustee, respectively, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder, including
reasonable attorneys’ fees and other reasonable costs and expenses of defending
themselves against any claim or liability in connection with the exercise or
performance of any of their powers or duties hereunder.

 

The obligations of the
Company under this Section to compensate the Trustees, to pay or reimburse
the Trustees for expenses, disbursements and advances and to indemnify and hold
harmless the Trustees shall constitute additional indebtedness hereunder and
shall survive the satisfaction and discharge of this Indenture and the resignation
or removal of the Trustee.  As security
for the performance of such obligations of the Company, the Trustees shall have
a claim prior to the Securities upon all property and funds held or collected
by the Trustees as such, except funds held in trust for the payment of
principal of (or premium, if any) or interest, if any, on particular Securities
or any coupons.

 

When the Trustees incur
expenses or render services in connection with an Event of Default specified in
Section 6.01(6) or (7), the expenses (including reasonable charges
and expense of its counsel) of and the compensation for such services are
intended to constitute expenses of administration under any applicable U.S. or
Canadian federal, state or provincial bankruptcy, insolvency or other similar
law.

 

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

 

Section 7.08               Corporate
Trustees Required; Eligibility

 

(1)       There shall be
at all times a U.S. Trustee hereunder which shall be eligible to act as Trustee
under TIA Section 310(a)(1) and, together with its immediate parent,
shall have a combined capital and surplus of at least $50,000,000.  If the U.S. Trustee publishes reports of
condition at least annually, pursuant to law or to the requirements of U.S.
federal, state, territorial or District of Columbia supervising or examining
authority, then for the purposes of this Section, the combined capital and
surplus of U.S. Trustee 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 U.S. Trustee shall cease
to be eligible in accordance with the provisions of this Section, it

 

66

 

shall resign immediately in the manner and
with the effect hereinafter specified in this Article.

 

(2)       For so long as
required by Trust Indenture Legislation, there shall be a Canadian Trustee
under this Indenture.  The Canadian
Trustee shall at all times be a resident or authorized to do business in the
Province of British Columbia and any other province in Canada where Holders may
be resident from time to time.  The
Canadian Trustee represents and warrants that no material conflict of interest
exists in the Canadian Trustee’s role as a fiduciary hereunder and agrees that
in the event of a material conflict of interest arising hereafter it will,
within 30 days after ascertaining that it has such material conflict of
interest, either eliminate the same or resign its trust hereunder.  If any such material conflict of interests
exists or hereafter shall exist, the validity and enforceability of this
Indenture shall not be affected in any manner whatsoever by reason thereof.

 

(3)       The Trustees
will not be required to give any bond or security in respect of the execution
of the trusts and powers set out in this Indenture or otherwise in respect of
the premises.

 

(4)       Neither Trustee
nor any Affiliate of either Trustee shall be appointed a receiver or receiver
and manager or liquidator of all or any part of the assets or undertaking of
the Company.

 

Section 7.09               Resignation
and Removal; Appointment of Successor

 

(1)       No resignation
or removal of either 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 7.10.

 

(2)       Either 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 7.10
shall not have been delivered to such 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.

 

(3)       Either Trustee
may be removed following thirty days notice with respect to the Securities of
any series by Act of the Holders of not less than a majority in principal
amount of the Outstanding Securities of such series, delivered to such Trustee
and to the Company.

 

(4)       If at any time:

 

(a)       either Trustee
shall acquire any conflicting interest as defined in TIA Section 310(b) and
fail to comply with the provisions of TIA Section 310(b)(i), or

 

67

 

(b)       either Trustee
shall fail to comply with the provisions of TIA Section 310(b) 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

 

(c)       either Trustee
shall cease to be eligible under Section 7.08 and shall fail to resign
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

 

(d)       either Trustee
shall become incapable of acting or shall be adjudged a bankrupt or insolvent
or a receiver of such Trustee or of its property shall be appointed or any
public officer shall take charge or control of such Trustee or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the
Company, by a Board Resolution, may remove such Trustee with respect to all
Securities, or (ii) subject to TIA Section 315(e), any Holder who has
been a bona fide Holder of a Security of such series for at least six months
may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the removal of such Trustee with respect to all
Securities of such series and the appointment of a successor Trustee or
Trustees.

 

(5)       If either Trustee shall
resign, be removed or become incapable of acting, or if a vacancy shall occur
in the office of the U.S. Trustee or the Canadian 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) provided, however, that the Company
shall not be required to appoint a successor Trustee to the Canadian Trustee if
the Canadian Trustee resigns or is removed and a Canadian Trustee under this
Indenture is no longer required under Trust Indenture Legislation.  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, 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 hereinafter provided, any Holder
who has been a bona fide Holder of a Security of such series for at least six
months may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

 

68

 

(6)       The Company shall give notice of each resignation
and each removal of a 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 the Holders of Securities of such series in the manner provided for
in Section 1.06.  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.

 

(7)       If a Canadian Trustee under
this Indenture is no longer required by Trust Indenture Legislation, then the
Company by a Board Resolution may remove the Canadian Trustee after giving 30
days notice.

 

Section 7.10               Acceptance
of Appointment by Successor

 

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

 

(2)       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

 

69

 

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.  Whenever there is a successor Trustee with
respect to one or more (but less than all) series of Securities issued pursuant
to this Indenture, the terms “Indenture” and “Securities” shall have the
meanings specified in the provisions to the respective definitions of those
terms in Section 1.01 which contemplate such situation.

 

(3)       Upon reasonable
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 rights, powers and trusts referred to in paragraph (a) or
(b) of this Section, as the case may be.

 

(4)       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 7.11               Merger,
Conversion, Consolidation or Succession to Business

 

Any corporation into which
either Trustee or its corporate trust business may be merged or converted or
with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which either Trustee shall be a party,
or any corporation succeeding to all or substantially all the corporate trust
business of either Trustee, shall be the successor of such Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto.  In
case any Securities shall have been authenticated, but not delivered, by a
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 case any of the Securities shall not have been authenticated by such
predecessor Trustee, any successor Trustee may authenticate such Securities
either in the name of any predecessor hereunder or in the name of the successor
Trustee.  In all such cases such
certificates shall have the full force and effect which this Indenture provides
for the certificate of authentication of such Trustee; provided, however,
that the right to adopt the certificate of authentication of any predecessor
Trustee or to authenticate Securities in the name of any predecessor Trustee
shall apply only to its successor or successors by merger, conversion or
consolidation.

 

Section 7.12               Appointment
of Authenticating Agent

 

At any time when any of the
Securities remain outstanding, the Trustees 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 Trustees to authenticate Securities of such
series and the Trustees shall give written notice of such appointment to all
Holders of Securities of the series with respect to which such Authenticating
Agent will serve, in the manner provided for in Section 1.06.  Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory

 

70

 

for all purposes as if
authenticated by the Appropriate Trustee hereunder.  Any such appointment shall be evidenced by an
instrument in writing signed by a Responsible Officer of the Trustees, and a
copy of such instrument shall be promptly furnished to the Company.  Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustees or either
Trustee’s certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustees by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustees 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 or
the laws of Canada or any province thereof, authorized under such laws to act
as Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by U.S. federal or state
or Canadian federal or provincial authority. 
If such corporation 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 corporation 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, it
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 Trustees
or the Authenticating Agent.

 

An Authenticating Agent may
resign at any time by giving written notice thereof to the Trustees and to the
Company.  The Trustees 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 Trustees may appoint a successor Authenticating Agent which shall be
acceptable to the Company and shall give written notice of such appointment to
all Holders of Securities of the series with respect to which such Authenticating
Agent will serve, in the manner provided for in Section 1.06.  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 Trustees agree to pay to
each Authenticating Agent from time to time reasonable compensation for its
services under this Section, and the Trustees shall be entitled to be
reimbursed for such payments, subject to the provisions of Section 7.07.

 

71

 

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

 

(Certificate of
Authentication may be executed by either Trustee)

 

Computershare
Trust Company, N.A., as U.S. Trustee, certifies that this is one of the
Securities of the series designated therein referred to in the within-mentioned
Indenture.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Computershare Trust Company,
  N.A.,

  
	
   

  	
   

  	
  as U.S. Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  As Authenticating Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized Officer

  

 

Computershare
Trust Company of Canada, as Canadian Trustee, certifies that this is one of the
Securities of the series designated therein referred to in the within-mentioned
Indenture.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Computershare Trust
  Company of Canada,

  
	
   

  	
   

  	
  as Canadian Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  As Authenticating Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized Officer

  

 

Section 7.13               Joint
Trustees

 

The rights, powers, duties
and obligations conferred and imposed upon the Trustees are conferred and
imposed upon and shall be exercised and performed by the U.S. Trustee and the
Canadian Trustee individually, except to the extent the Trustees are required
under Trust Indenture Legislation to perform such acts jointly, and neither
Trustee shall be liable or responsible for the acts or omissions of the other
Trustee.  If the U.S. Trustee and
Canadian Trustee are unable to agree jointly to act or refrain from acting, the
Appropriate Trustee shall make the decision in accordance with its applicable
legislation.  Unless the context implies
or requires otherwise, any written notice, request, direction, certificate,
instruction, opinion or other document (each such document, a “Writing”)
delivered pursuant to any provision of this Indenture to any of the U.S.
Trustee or the Canadian Trustee shall be deemed for all purposes of this
Indenture as delivery of such Writing to the Trustee.  Each such trustee in receipt of such Writing
shall notify such other trustee of its receipt of such Writing within two
Business Days of such receipt provided, however, that any failure
of

 

72

 

such trustee in receipt of
such Writing to so notify such other trustee shall not be deemed as a
deficiency in the delivery of such Writing to the Trustee.

 

Section 7.14               Other
Rights of Trustees

 

Each Trustee shall retain
the right not to act and shall not be liable for refusing to act if, due to a
lack of information or for any other reason whatsoever, either Trustee, in its
sole judgment, determines that such act might cause it to be in non-compliance
with any applicable anti-money laundering or anti-terrorist legislation,
regulation or guideline.  Further, should
either Trustee, in its sole judgment, determine at any time that its acting
under this Indenture has resulted in its being in non-compliance with any
applicable anti-money laundering or anti-terrorist legislation, regulation or
guideline, then it shall have the right to resign on 10 days written notice to
all parties provided (i) that such Trustee’s written notice shall describe
the circumstances of such non-compliance; and (ii) that if such
circumstances are rectified to such Trustee’s satisfaction within such 10 day
period, then such resignation shall not be effective.

 

The parties hereto
acknowledge that Canadian federal and provincial legislation addressing the
protection of individuals’ personal information (collectively, “Privacy Laws”)
applies to obligations and activities under this Indenture.  Despite any other provision of this
Indenture, neither party shall take or direct any action that would contravene,
or cause the other to contravene, applicable Privacy Laws. The Company, prior
to transferring, or causing to be transferred, personal information to the
Canadian Trustee, shall obtain and retain required consents of the relevant
individuals to the collection, use and disclosure of their personal
information, or shall have determined that such consents either have been
previously given and can be relied on or are not required under Privacy
Laws.  The Canadian Trustee shall use
commercially reasonable efforts to ensure that its services hereunder comply
with Privacy Laws.  Specifically, the
Trustee agrees to (i) have designated a chief privacy officer; (ii) maintain
policies and procedures to protect personal information and to receive and
respond to any privacy complaint or inquiry; (iii) use personal
information solely for the purposes of providing its services under or
ancillary to this Indenture and not to use it for any other purpose except with
the consent and direction of the Company; (iv) not sell or otherwise
improperly disclose personal information to any third party; and (v) use
employee administrative, physical and technological safeguards to reasonably
secure and protect personal information against loss, theft or unauthorized
access, use or modification.

 

It is expressly acknowledged
and agreed that the Canadian Trustee may, in the course of providing services
hereunder, collect or receive, use and disclose financial and other personal
information about such parties and/or their representatives, as individuals, or
about other individuals related to the subject matter hereof, and use such
information for the following purposes:

 

	
  (i)

  	
   

  	
  to provide the services
  required under this Indenture and other services that may be requested from
  time to time;

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  to help the Canadian
  Trustee manage its servicing relationships with such individuals;

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  to meet the Canadian
  Trustee’s legal and regulatory requirements; and

  

 

73

 

	
  (iv)

  	
   

  	
  if
  social insurance numbers are collected by the Canadian Trustee, to perform
  tax reporting and to assist in verification of an individual’s identity for
  security purposes.

   

  

 

Further, each party agrees
that it shall not provide or cause to be provided to the Canadian Trustee any
personal information relating to an individual who is not a party to this
Indenture unless that party has assured itself that such individual understands
and has consented to the aforementioned uses and disclosures.  Notwithstanding anything to the contrary herein, the
Company and the Trustees may, without liability, disclose information about the
Holders and Beneficial Owners or Potential Holders or Beneficial Owners of the
Securities pursuant to subpoena or other order issued by a court of competent
jurisdiction or when otherwise required by applicable law.

 

Unless otherwise notified,
the Trustees shall be entitled to assume that all payments have been made by
the Company as required under this Indenture.

 

The Trustees may assume for
the purposes of this Indenture that any address on the register of the Holders
of the Securities is the holder’s actual address and is also determinative as
to residency.

 

The Trustees shall have no
obligation to ensure or verify compliance with any applicable laws or
regulatory requirements on the issue, exercise or transfer of any Securities
provided such issue, exercise or transfer, as the case may be, is effected in
accordance with the terms of this Indenture. 
The Trustees shall be entitled to process all transfers of Securities
upon the presumption that such transfers are permissible pursuant to all
applicable laws and regulatory requirements. 
The Trustees shall have no obligation to ensure that legends appearing
on the Securities certificates comply with regulatory requirements or
securities laws of any applicable jurisdiction.

 

Except as provided in this
Indenture, the Trustees shall retain the right not to act and shall not be held
liable for refusing to act unless it has received clear and reasonable
documentation which complies with the terms of this Indenture; such document
must not require the exercise of any discretion or independent judgment.

 

Each Trustee hereby accepts
the trusts in this Indenture declared and provided for and agrees to perform
the same upon the terms and conditions herein set forth and to hold all rights,
privileges and benefits conferred hereby and by law in trust for the various
persons who shall from time to time be holders, subject to all the terms and
conditions herein set forth.

 

Section 7.15               Third
Party Interests

 

Each party to this Indenture hereby represents to each
Trustee that any account to be opened by, or interest to held by the Trustees
in connection with this Indenture, for or to the credit of such party, either (i) is
not intended to be used by or on behalf of any third party; or (ii) is
intended to be used by or on behalf of a third party, in which case such party
hereto agrees to complete and execute forthwith a declaration in each Trustee’s
prescribed form as to the particulars of such third party.

 

74

 

ARTICLE EIGHT

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 8.01               Company
to Furnish Trustee Names and Addresses of Holders

 

The Company will furnish or cause to be furnished to
the Trustee (1) not more than 15 days after each Regular Record Date, or
such lesser time as required by the Trustee, a list, in such form as the
Trustee may reasonably require, of the names and addresses of Holders as of
such Regular Record Date; provided, however, that the Company shall not be
obligated to furnish or cause to be furnished such list at any time that the
list shall not differ in any respect from the most recent list furnished to the
Trustee by the Company or at such times as the Trustee is acting as Security
Registrar for the applicable series of Securities 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.

 

Section 8.02               Preservation
of List of Names and Addresses of Holders

 

The Trustee shall preserve, in as current a form as is
reasonably practicable, all information as to the names and addresses of the
Holders contained in the most recent list furnished to it as provided in Section 8.01
and as to the names and addresses of Holders received by the Trustee in its
capacity as Security Registrar for the applicable series of Securities (if
acting in such capacity).

 

The Trustee may destroy any list furnished to it as
provided in Section 8.01 upon receipt of a new list so furnished.

 

Holders may communicate as provided in TIA Section 312(b) with
other Holders with respect to their rights under this Indenture or under the
Securities.

 

Section 8.03               Disclosure
of Names and Addresses of Holders

 

Every Holder of Securities
or coupons, by receiving and holding the same, agrees with the Company and the
Trustees that none of the Company or the Trustees or any agent of either of
them shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Holders in accordance with TIA
Section 312 or Section 85 of the YBCA, regardless of the source from
which such information was derived, and that the Trustees shall not be held
accountable by reason of mailing any material pursuant to a request made under
TIA Section 312(b).

 

Section 8.04               Reports
by Trustees

 

(1)                              Within 60 days
after May 15 of each year commencing with the first year after the first
issuance of Securities pursuant to this Indenture, the U.S. Trustee shall transmit
to the Holders of Securities, in the manner and to the extent provided in Section 313(c) of
the Trust Indenture Act, a brief report dated as of such reporting date, if
required by Section 313(a) of the Trust Indenture Act.

 

(2)       The U.S.
Trustee shall comply with Sections 313(b) and 313(c) of the Trust
Indenture Act.

 

75

 

(3)       A copy of such
report shall, at the time of such transmission to the Holders, be filed by the
U.S. Trustee with the Company (Attention: 
Chief Financial Officer), with each securities exchange upon which any
of the Securities are listed (if so listed) and also with the Commission.  The Company agrees to notify the Trustees
when the Securities become listed on any securities exchange.

 

Section 8.05               Reports
by the Company

 

(1)       The Company
will file with the Trustee, within 20 days after the Company files or furnishes
them with the Commission, copies of the Company’s annual reports and of the
information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may by rules and regulations prescribe)
which the Company is required to file or furnish with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act.

 

Notwithstanding
that the Company may not remain subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act or otherwise report on an annual and
quarterly basis on forms provided for such annual and quarterly reporting
pursuant to rules and regulations promulgated by the Commission, the
Company will continue to provide the Trustee:

 

·      within 20 days
after the time periods required for the filing or furnishing of such forms by
the Commission, annual reports on Form 40-F or 20-F or any successor form;
and

 

·    within 20 days after the
time periods required for the filing of such forms by the Commission, reports
on Form 6-K (or any successor form), which, regardless of applicable
requirements shall, at a minimum, contain such information required to be
provided in quarterly reports under the laws of Canada or any province thereof
to security holders of a corporation with securities listed on the Toronto
Stock Exchange, whether or not the Company has any of the Securities listed on
such exchange. Each of such reports, to the extent permitted by the rules and
regulations of the Commission, will be prepared in accordance with Canadian
disclosure requirements and GAAP provided, however, that the Company shall not
be obligated to file or furnish such reports with the Commission if the
Commission does not permit such filings; and

 

(2)       the Company
will transmit to all Holders, in the manner and to the extent provided in Section 313(c) of
the Trust Indenture Act, within 30 days after the filing thereof with the
Trustees, such summaries of any information, documents and reports required to
be filed by the Company pursuant to paragraph (1) of this Section as
may be required by rules and regulations prescribed from time to time by
the Commission.

 

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ARTICLE NINE

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

Section 9.01               Company
May Consolidate, etc., only on Certain Terms

 

The Company shall not
amalgamate or consolidate with or merge into or enter into any statutory
arrangement with any other Person, or, directly or indirectly, convey, transfer
or lease all or substantially all of its properties and assets to any Person,
unless:

 

(1)       the Person
formed by or continuing from such amalgamation or consolidation or into which
the Company is merged or with which it enters into such statutory arrangement
or the Person which acquires by operation of law or by conveyance or transfer,
or which leases, all or substantially all of the properties and assets of the
Company shall be a corporation, partnership or trust organized and validly
existing under the laws of Canada or any province or territory thereof, the
United States of America or any state thereof or the District of Columbia or,
if such amalgamation, merger, consolidation, statutory arrangement or other
transaction would not impair the rights of Holders, any other country, and,
unless the Company is the continuing corporation, shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustees, in form
satisfactory to the Trustees, the Company’s obligation for the due and punctual
payment of the principal of (and premium, if any), and interest, if any, on all
the Securities and the performance and observance of every covenant of this
Indenture on the part of the Company to be performed or observed;

 

(2)       immediately
after giving effect to such transaction, no Default or Event of Default shall
have happened and be continuing; and

 

(3)       the Company or
such Person shall have delivered to the Trustees an officers’ Certificate and
an opinion of Counsel, each stating that such amalgamation, statutory
arrangement, consolidation, merger, conveyance, transfer or lease and such
supplemental indenture comply with this Article and that all conditions
precedent herein provided for relating to such transaction have been complied
with.

 

This Section 9.01 shall
only apply to a merger, consolidation or amalgamation in which the Company is
not the surviving Person and to conveyances, leases and transfers by the
Company as transferor or lessor.

 

Section 9.02               Successor
Person Substituted

 

Upon any amalgamation or
consolidation by the Company with or merger by the Company into any other
corporation or a statutory arrangement or any conveyance, transfer or lease all
or substantially all of the properties and assets of the Company to any Person
in accordance with Section 9.01, the successor Person formed by such
amalgamation or consolidation or into which the Company is merged or statutory
arrangement, 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 in the event of any such
conveyance or transfer, the Company (which term

 

77

 

shall for this purpose mean
the Person named as the “Company” in the first paragraph of this Indenture or
any successor Person which shall theretofore become such in the manner
described in Section 9.01), except in the case of a lease, shall be
discharged of all obligations and covenants under this Indenture and the
Securities and the coupons and may be dissolved and liquidated.

 

ARTICLE TEN

SUPPLEMENTAL INDENTURES

 

Section 10.01              Supplemental
Indentures Without Consent of Holders

 

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

 

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

 

(2)       to add to the
covenants of the Company for the benefit of the Holders of all or any series of
Securities and any related coupons (and if such covenants are to be for the
benefit of less than all series of Securities, stating that such covenants are
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 (and if such Events of Default are to be for the
benefit of less than all series of Securities, stating that such Events of
Default are being included solely for the benefit of such series); or

 

(4)       to add to or
change any of the provisions of this Indenture to provide that Bearer
Securities may be registrable as to principal, to change or eliminate any
restrictions on the payment of principal of or any premium or interest on
Bearer Securities, to permit Bearer Securities to be issued in exchange for
Registered Securities, to permit Bearer Securities to be issued in exchange for
Bearer Securities of other authorized denominations or to permit or facilitate
the issuance of Securities in uncertificated form; provided that any
such action shall not adversely affect the interests of the Holders of
Securities of any series or any related coupons in any material respect; or

 

(5)       to change or
eliminate any of the provisions of this Indenture; provided that any such
change or elimination shall become effective only when there is no Security
which is Outstanding of any series created prior to the execution of such
supplemental indenture which is entitled to the benefit of such provision; or

 

(6)       to establish
the form or terms of Securities of any series as permitted by Sections 2.01 and
3.01; or

 

78

 

(7)       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 7.10; or

 

(8)       to close this
Indenture with respect to the authentication and delivery of additional series
of Securities, to cure any ambiguity, to correct or supplement any provision
herein which may be inconsistent with any other provision herein, or to make
any other provisions with respect to matters or questions arising under this
Indenture; provided that any such action shall not adversely affect the
interests of the Holders of Securities of any series and any related coupons in
any material respect; or

 

(9)       to supplement
any of the provisions of this Indenture to such extent as shall be necessary to
permit or facilitate the defeasance and discharge of any series of Securities
pursuant to Sections 4.01, 15.02 and 15.03; provided that any such
action shall not adversely affect the interests of the Holders of Securities of
such series and any related coupons or any other series of securities in any
material respect; or

 

(10)         to modify, eliminate or add
to the provisions of this Indenture to such extent as shall be necessary to
effect the qualifications of this Indenture under any applicable law of the
United States and Canada or of any province or territory thereof to the extent
they do not conflict with the applicable law of the United States heretofore or
hereafter enacted.

 

Section 10.02              Supplemental
Indentures with Consent of Holders

 

With the consent of the Holders
of not less than a majority in principal amount of all Outstanding Securities
affected by such supplemental indenture, by Act of said Holders delivered to
the Company and the Trustees, the Company, when authorized by or pursuant to a
Board Resolution, and the Trustees 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 which affect
such series of Securities 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 of such series,

 

(1)       change the Stated
Maturity of the principal of (or premium, if any) or any installment of
interest on any Security of such series, or reduce the principal amount thereof
(or premium, if any) or the rate of interest, if any, thereon, or change any
obligation of the Company to pay Additional Amounts contemplated by Section 11.05
(except as contemplated by Section 9.01 and permitted by Section 10.01),
or reduce the amount of the principal of an Original Issue Discount Security of
such series that would be due and payable upon a declaration of acceleration of
the Maturity thereof pursuant to Section 6.02 or the amount thereof
provable in bankruptcy pursuant to Section 6.04, or adversely affect any
right of repayment at the option of any Holder of any Security of such series,
or change any Place of Payment where, or the Currency in

 

79

 

which,
any Security of such series 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 or
repayment at the option of the Holder, on or after the Redemption Date or
Repayment Date, as the case may be), or adversely affect any right to convert
or exchange any Security as may be provided pursuant to Section 3.01
herein, or

 

(2)       reduce the
percentage in principal amount of the Outstanding Securities of such series
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 which affect such series or certain defaults applicable to such
series hereunder and their consequences provided for in this Indenture, or
reduce the requirements of Section 16.04 for quorum or voting with respect
to Securities of such series, or

 

(3)       modify any of
the provisions of this Section, Section 6.13 or Section 11.08, except
to increase any such percentage or to provide that certain other provisions of
this Indenture which affect such series cannot be modified or waived without
the consent of the Holder of each Outstanding Security of such series.

 

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.  Any such
supplemental indenture adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture, or modifying in any manner
the rights of the Holders of Securities of such series, shall not 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 10.03              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 Trustees
shall be entitled to receive, in addition to the documents required by Section 1.02,
and shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by
this Indenture.  Each Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which
affects such Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

 

Section 10.04              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.

 

80

 

Section 10.05              Conformity
with Trust Indenture Legislation

 

Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of
Trust Indenture Legislation as then in effect.

 

Section 10.06              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 Trustees, bear
a notation in form approved by the Trustees 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 Trustees and the Company, to any such
supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustees in exchange for outstanding
Securities of such series.

 

Section 10.07              Notice
of Supplemental Indentures

 

Promptly after the execution
by the Company and the Trustees of any supplemental indenture pursuant to the
provisions of Section 10.02, the Company shall give notice thereof to the
Holders of each outstanding Security affected, in the manner provided for in Section 1.06,
setting forth in general terms the substance of such supplemental indenture.

 

ARTICLE ELEVEN

COVENANTS

 

Section 11.01              Payment
of Principal, Premium, if any, and Interest

 

The Company covenants and
agrees for the benefit of the Holders of each series of Securities and any
related coupons that it will duly and punctually pay the principal of (and
premium, if any) and interest, if any, on the Securities of that series in
accordance with the terms of the Securities, any coupons appertaining thereto
and this Indenture.  Unless otherwise
specified as contemplated by Section 3.01 with respect to any series of
Securities, any interest installments due on Bearer Securities on or before
Maturity shall be payable only upon presentation and surrender of the several
coupons for such interest installments as are evidenced thereby as they
severally mature.

 

Section 11.02              Maintenance
of Office or Agency

 

(1)       If the
Securities of a series are issuable as Registered Securities, 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 that are convertible or
exchangeable may be surrendered for conversion or exchange, as applicable, and
where notices and demands to or upon the Company in respect of the Securities
of that series and this Indenture may be served and, if the Securities of a
series are also issuable as Bearer Securities, where Bearer Securities of that series
and related coupons may be presented or surrendered for payment in the
circumstances described in this Section 11.02.

 

81

 

(2)       If Securities
of a series are issuable as Bearer Securities, the Company will maintain (A) in
The City of New York, an office or agency where any Registered Securities of
that series may be presented or surrendered for payment, where any Registered
Securities of that series may be surrendered for registration of transfer, where
Securities of that series may be surrendered for exchange, where Securities of
that series that are convertible or exchangeable may be surrendered for
conversion or exchange, as applicable, where notices and demands to or upon the
Company in respect of the Securities of that series and this Indenture may be
served and where Bearer Securities of that series and related coupons may be
presented or surrendered for payment in the circumstances described in the
following paragraph (and not otherwise) (B) subject to any laws or
regulations applicable thereto, in a Place of Payment for that series which is
located outside the United States, an office or agency where Securities of that
series and related coupons may be presented and surrendered for payment; provided,
however, that, if the Securities of that series are listed on any stock
exchange located outside the United States and such stock exchange shall so
require, the Company will maintain a Paying Agent for the Securities of that
series in any required city located outside the United States so long as the
Securities of that series are listed on such exchange and (C) subject to
any laws or regulations applicable thereto, in a Place of Payment for that
series located outside the United States an office or agency where any
Registered Securities of that series may be surrendered for registration of
transfer, where Securities of that series may be surrendered for exchange,
where Securities of that series that are convertible and exchangeable may be
surrendered for conversion or exchange, as applicable, and where notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served.

 

(3)       The Company
will give prompt written notice to the Trustees 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 Trustees with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the U.S. Trustee, except that Bearer
Securities of any series and the related coupons may be presented and
surrendered for payment at the offices specified in the Security and the
Company hereby appoints the same as its agents to receive such respective
presentations, surrenders, notices and demands.

 

(4)       Unless
otherwise specified with respect to any Securities pursuant to Section 3.01,
no payment of principal, premium or interest on Bearer Securities shall be made
at any office or agency of the Company in the United States or by check mailed
to any address in the United States or by transfer to an account maintained
with a bank located in the United States; provided, however,
that, if the Securities of a series are payable in Dollars, payment of
principal of (and premium, if any) and interest, if any, on any Bearer Security
shall be made at the office of the Company’s Paying Agent in The City of New
York, if (but only if) payment in Dollars of the full amount of such
principals, premium or interest, as the case may be, at all offices or agencies
outside the United States maintained for such purpose by the Company in
accordance with

 

82

 

this
Indenture is illegal or effectively precluded by exchange controls or other
similar restrictions.

 

(5)       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 any such designation; 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
accordance with the requirements set forth above for securities of any series
for such purposes.  The Company will give
prompt written notice to the Trustees of any such designation or rescission and
of any change in the location of any such other office or agency.  Unless otherwise specified with respect to
any Securities as contemplated by Section 3.01 with respect to a series of
Securities, the Company hereby initially appoints the U.S. Trustee at its
Corporate Trust office as Paying Agent in such city and as its agent to receive
all such presentations, surrenders, notices and demands.

 

(6)       Unless
otherwise specified with respect to any Securities pursuant to Section 3.01,
if and so long as the Securities of any series (i) are denominated in a
Currency other than Dollars or (ii) may be payable in a Currency other
than Dollars, or so long as it is required under any other provision of the
Indenture, then the Company will maintain with respect to each such series of
Securities, or as so required, at least one Exchange Rate Agent.

 

Section 11.03              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 and
any related coupons, it will, on or before each due date of the principal of
(or premium, if any) or interest, if any, on any of the Securities of that
series, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum in the Currency in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 3.01 for the
Securities of such series and except, if applicable, as provided in Sections
3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the principal of (or
premium, if any) or interest, if any, on Securities of such series so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as
herein provided and will promptly notify the Trustees of its action or failure
so to act.

 

Whenever the Company shall
have one or more Paying Agents for any series of Securities and any related
coupons, it will, at least three Business Days in advance of the due date of
the principal of (or premium, if any) or interest, if any, on any Securities of
that series, deposit with a Paying Agent a sum (in the Currency described in
the preceding paragraph) sufficient to pay the principal (or premium, if any)
or interest, if any, so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, premium or interest, and
(unless such Paying Agent is such Trustee) the Company will promptly notify the
Trustees of its action or failure so to act.

 

83

 

The
Company will cause each Paying Agent (other than the Trustees) for any series
of Securities to execute and deliver to the Trustees an instrument in which
such Paying Agent shall agree with the Trustees, subject to the provisions of
this Section, that such Paying Agent will:

 

(1)       hold all sums
held by it for the payment of the principal of (and premium, if any) and
interest, if any, on Securities of such series in trust for the benefit of the
Persons entitled thereto until such sums shall be paid to such Persons or
otherwise disposed of as herein provided;

 

(2)       give the
Trustees notice of any default by the Company (or any other obligor upon the
Securities of such series) in the making of any payment of principal of (or
premium, if any) or interest, if any, on the Securities of such series; and

 

(3)       at any time
during the continuance of any such default, upon the written request of the
Trustees, forthwith pay to the Trustees all sums so held in trust by such
Paying Agent.

 

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 Trustees all sums held in trust by the Company or such Paying
Agent, such sums to be held by the Trustees upon the same trusts as those upon
which sums were held by the Company or such Paying Agent; and, upon such
payment by any Paying Agent to the Trustees, such Paying Agent shall be
released from all further liability with respect to such sums.

 

Except as provided in the
Securities of any series, any money deposited with the Trustees or any Paying
Agent, or then held by the Company, in trust for the payment of the principal
of (or premium, if any) or interest, if any, on any Security of any series, or
any coupon appertaining thereto, and remaining unclaimed for 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 or coupon shall
thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustees 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
Trustees 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 an
Authorized Newspaper, 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 11.04              Statement
as to Compliance

 

The Company shall deliver to
the Trustees, on or before 120 days after the end of the Company’s fiscal year,
an Officers’ Certificate stating that a review of the activities of the Company
during such fiscal year has been made under the supervision of the signing
officers with a view to determining whether the Company has kept, observed, performed
and fulfilled its obligations under this Indenture, and further stating, as to
each such officer signing such certificate, that the Company has kept,
observed, performed and fulfilled each and every covenant contained in this
Indenture and

 

84

 

is not in default in the
performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred and is continuing,
describing all such Defaults or Events of Default of which he or she may have
knowledge and what action the Company is taking or propose to take with respect
thereto).  The Company shall deliver to
the Trustees upon demand evidence in such form as the Trustees may require as
to compliance by the Company with any condition or covenant of the Company set
out herein relating to any action required or permitted to be taken by the
Company under this Indenture or as a result of any obligation imposed by this
Indenture.  For purposes of this Section,
such compliance shall be determined without regard to any period of grace or
requirement of notice under this Indenture.

 

Section 11.05              Additional
Amounts

 

If specified pursuant to Section 3.01,
all payments made by or on behalf of the Company under or with respect to the
Securities of any series will be made free and clear of and without withholding
or deduction for or on account of any present or future tax, duty, levy,
impost, assessment or other government charge (including penalties, interest
and other liabilities related thereto) imposed or levied by or on behalf of the
Government of Canada or of any province or territory thereof or by any
authority or agency therein or thereof having power to tax (“Canadian Taxes”),
unless the Company is required to withhold or deduct Canadian Taxes by law or
by the interpretation or administration thereof by the relevant government
authority or agency.  If the Company is
so required to withhold or deduct any amount for or on account of Canadian
Taxes from any payment made under or with respect to the Securities, the
Company will pay as additional interest such additional amounts (“Additional
Amounts”) as may be necessary so that the net amount received by each Holder
after such withholding or deduction (including with respect to Additional
Amounts) will not be less than the amount the Holder would have received if
such Canadian Taxes had not been withheld or deducted; provided, however,
that no Additional Amounts will be payable with respect to a payment made to a
Holder (an “Excluded Holder”) if the Holder or the beneficial owner of some or
all of the payment to the Holder (i) does not deal at arm’s length with
the Company (for purposes of the Income Tax
Act (Canada)) at the time of the making of such payment, (ii) is
subject to such Canadian Taxes by reason of its failure to comply with any
certification, identification, information, documentation or other reporting
requirement if compliance is required by law, regulation, administrative
practice or an applicable treaty as a precondition to exemption from, or a
reduction in the rate of deduction or withholding of, such Canadian Taxes, (iii) is
subject to such Canadian Taxes by reason of its being a resident, domicile or
national of, or engaged in business or maintaining a permanent establishment or
other physical presence in or otherwise having some connection with Canada or
any province or territory thereof otherwise than by the mere holding of
Securities or the receipt of payments thereunder, or (iv) is subject to
such Canadian Taxes because it is not entitled to the benefit of an otherwise
applicable tax treaty by reason of its legal nature.  The Company will make such withholding or
deduction and remit the full amount deducted or withheld to the relevant authority
as and when required in accordance with applicable law.  The Company will pay all taxes, interest and
other liabilities which arise by virtue of any failure of the  Company to withhold, deduct and remit to the
relevant authority on a timely basis the full amounts required in accordance
with applicable law.  The Company will
furnish to the Holders, within 60 days after the date the payment of any
Canadian Taxes is due pursuant to applicable law, certified copies of tax
receipts or other satisfactory evidence of such payment by the Company.

 

85

 

If as a result of any
payment by or on behalf of the Company under or with respect to the Securities
of any series, any Holder is required to pay tax under Part XIII of the Income Tax Act (Canada) or any successor
provisions in circumstances where the Company is not required to make a
withholding with respect to such tax (for instance, in accordance with Section 803
of the Regulations to the Income Tax Act
(Canada)), then the Company will, upon demand by any such Holder, indemnify
such Holder (other than a Holder (i) with which the Company does not deal
at arm’s length (for the purposes of the Income
Tax Act (Canada)) at the time of the making of such payment; (ii) which
is subject to such Canadian Taxes by reason of its failure to comply with any
certification, identification, information, documentation or other reporting
requirement if compliance is required by law, regulation, administrative
practice or an applicable treaty as a precondition to exemption from, or a
reduction in the rate of deduction or withholding of, such Canadian Taxes for
the payment of any such taxes, together with any interest, penalties and
expenses in connection therewith, or (iii) which is subject to such
Canadian Taxes because it is not entitled to the benefit of an otherwise
applicable tax treaty by reason of the legal nature of such Holder).  All such amounts shall be payable by the
Company on demand and shall bear interest at the rate borne by the Securities,
calculated from the date incurred by the Holder to the date paid by the
Company.  All such amounts shall be
Additional Amounts for the purpose of this Indenture.

 

Promptly following the
Company becoming aware that the Company will be obligated to pay Additional
Amounts with respect to a payment hereunder, the Company will deliver to the
Trustees and to any Paying Agent an Officers’ Certificate stating the fact that
such Additional Amounts will be payable and the amounts so payable.  References in this Indenture to interest,
principal or other payments made or to be made by the Company with respect to
the Securities shall be deemed also to refer to the payment of Additional
Amounts provided for in Section 3.01 that may be payable in respect
thereof.

 

The provisions of this Section 11.05
shall survive any termination, defeasance or discharge of this Indenture.

 

Section 11.06              Payment
of Taxes and Other Claims

 

The Company will pay or
discharge or cause to be paid or discharged, before the same shall become
delinquent, (1) all material taxes, assessments and governmental charges
levied or imposed upon the Company or any Subsidiary or upon the income,
profits or property of the Company or any Subsidiary, and (2) all material
lawful claims for labor, materials and supplies which, if unpaid, might by law
become a Lien upon any property or assets of the Company or any Subsidiary; provided,
however, that the Company shall not be required to pay or discharge or
cause to be paid or discharged any such tax, assessment, charge or claim whose
amount, applicability or validity is being contested in good faith by
appropriate proceedings.

 

Section 11.07              Corporate
Existence

 

Subject to Article Nine,
the Company will do or cause to be done all things necessary to preserve and
keep in full force and effect its corporate existence and the rights (charter
and statutory) and franchises of the Company; provided, however,
that the Company shall not be required to preserve any such right or franchise
if the Company shall determine that the preservation thereof is

 

86

 

no longer desirable in the
conduct of the business of the Company and its Subsidiaries as a whole and that
the loss thereof is not disadvantageous in any material respect to the Holders.

 

Section 11.08              Waiver
of Certain Covenants

 

The Company may, with
respect to any series of Securities, omit in any particular instance to comply
with any term, provision or condition which affects such series set forth in Section 11.06
and Section 11.07, or, as specified pursuant to Section 3.01(17) for
Securities of such series, in any covenants of the Company added to this Article pursuant
to Section 3.01(16) or Section 3.01(17) in connection with Securities
of such series, if before the time for such compliance the Holders of at least
a majority in principal amount of all Outstanding Securities of any series, by
Act of such Holders, waive such compliance in such instance 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 Trustees to Holders of Securities of such series in respect of
any such term, provision or condition shall remain in full force and effect.

 

ARTICLE TWELVE

REDEMPTION OF SECURITIES

 

Section 12.01              Applicability
of Article

 

Securities of any series
which are redeemable before their Stated Maturity shall be redeemable in
accordance with the terms of such Securities and (except as otherwise specified
as contemplated by Section 3.01 for Securities of any series) in
accordance with this Article.

 

Section 12.02              Election
to Redeem; Notice to Trustees

 

The election of the Company
to redeem any securities shall be evidenced by or pursuant to a Board
Resolution.  In case of any redemption at
the election of the Company, the Company shall, at least 60 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustees), notify the Trustees of such Redemption Date and
of the principal amount of Securities of such series to be redeemed and shall
deliver to the Trustees such documentation and records as shall enable the Trustees
to select the Securities to be redeemed pursuant to Section 12.03.  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 to the Trustees an Officers’ Certificate evidencing compliance with
such restriction.

 

Section 12.03              Selection
by Trustees of Securities to Be Redeemed

 

If less than all the
Securities of any series are to be redeemed, the particular Securities to be
redeemed shall be selected not more than 60 days prior to the Redemption Date
by the Trustees, from the Outstanding Securities of such series not previously
called for redemption, by such method as the Trustees shall deem fair and appropriate
and which may provide for the selection for redemption of portions of the
principal of Securities of such series; provided, however, that
no such partial redemption shall reduce the portion of the principal amount of
a Security not redeemed to less

 

87

 

than
the minimum authorized denomination for Securities of such series established
pursuant to Section 3.01.

 

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

 

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 Security redeemed
or to be redeemed only in part, to the portion of the principal amount of such
Security which has been or is to be redeemed.

 

Section 12.04              Notice
of Redemption

 

Except as otherwise
specified as contemplated by Section 3.01, notice of redemption shall be
given in the manner provided for in Section 1.06 not less than 30 nor more
than 60 days prior to the Redemption Date, to each Holder of Securities to be
redeemed.  Failure to give notice in the
manner provided in Section 1.06 to the Holder of any Securities designated
for redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of
any other Securities or portion thereof.

 

All
notices of redemption shall state:

 

(1)       the Redemption
Date,

 

(2)       the Redemption
Price and the amount of accrued interest to the Redemption Date payable as
provided in Section 12.06, if any,

 

(3)       if less than
all the Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption, the principal amounts)
of the particular Securities to be redeemed,

 

(4)       in case any
Security is to be redeemed in part only, the notice which relates to such
Security shall state that on and after the Redemption Date, upon surrender of
such Security, the holder 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 and accrued interest, if any, to the
Redemption Date payable as provided in Section 12.06 will become due and
payable upon each such Security, or the portion thereof, to be redeemed and, if
applicable, that interest thereon will cease to accrue on and after said date,

 

(6)       the Place or
Places of Payment where such Securities, together in the case of Bearer
Securities with all coupons appertaining thereto, if any, maturing after the
Redemption Date, are to be surrendered for payment of the Redemption Price and
accrued interest, if any,

 

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

 

88

 

(8)       that, unless
otherwise specified in such notice, Bearer Securities of any series, if any,
surrendered for redemption must be accompanied by all coupons maturing
subsequent to the Redemption Date or the amount of any such missing coupon or
coupons will be deducted from the Redemption Price unless security or indemnity
satisfactory to the Company, the Trustees and any Paying Agent is furnished,
and

 

(9)       if Bearer
Securities of any series are to be redeemed and any Registered Securities of
such series are not to be redeemed, and if such Bearer Securities may be
exchanged for Registered Securities not subject to redemption on such
Redemption Date pursuant to Section 3.05 or otherwise, the last date, as
determined by the Company, on which such exchanges may be made.

 

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 Trustees in the name and at the
expense of the Company.

 

Section 12.05              Deposit
of Redemption Price

 

At least three Business Days
prior to any Redemption Date, the Company shall deposit with a 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 11.03) an amount of money in the
Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 3.01 for the Securities of such
series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and
3.12(e)) sufficient to pay the Redemption Price of, and accrued interest, if
any, on, all the Securities which are to be redeemed on that date.

 

Section 12.06              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 in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 3.01 for the Securities
of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and
3.12(e)) (together with accrued interest, if any, to the Redemption Date), and
from and after such date (unless the Company shall default in the payment of
the Redemption Price and accrued interest, if any) such Securities shall, if
the same were interest-bearing, cease to bear interest and the coupons for such
interest appertaining to any Bearer Securities so to be redeemed, except to the
extent provided below, shall be void. 
Upon surrender of any such Security for redemption in accordance with
said notice, together with all coupons, if any, appertaining thereto maturing
after the Redemption Date, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest, if any, to the Redemption
Date; provided, however, that installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only at an office or agency located outside the United States (except
as otherwise provided in Section 11.02) and, unless otherwise specified as
contemplated by Section 3.01, only upon presentation and surrender of
coupons for such interest; and provided further that installments of interest
on Registered Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor

 

89

 

Securities, registered as
such at the close of business on the relevant Record Dates according to their
terms and the provisions of Section 3.07.

 

If any Bearer Security
surrendered for redemption shall not be accompanied by all appurtenant coupons
maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such missing
coupons, or the surrender of such missing coupon or coupons may be waived by
the Company and the Trustees if there be furnished to them such security or
indemnity as they may require to save each of them and any Paying Agent
harmless.  If thereafter the Holder of
such Security shall surrender to the Trustees or any Paying Agent any such
missing coupon in respect of which a deduction shall have been made from the
Redemption Price, such Holder shall be entitled to receive the amount so
deducted; provided, however, that interest represented by coupons
shall be payable only at an office or agency located outside the United States
(except as otherwise provided in Section 11.02) and, unless otherwise
specified as contemplated by Section 3.01, only upon presentation and
surrender of those coupons.

 

If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the
principal (and premium, if any) shall, until paid, bear interest from the
Redemption Date at the rate of interest or Yield to Maturity (in the case of
original Issue Discount Securities) set forth in such Security.

 

Section 12.07              Securities
Redeemed in Part

 

Any Security which is to be
redeemed only in part (pursuant to the provisions of this Article or of Article Thirteen)
shall be surrendered at a Place of Payment therefor (with, if the Company or
the Trustees so requires, due endorsement by, or a written instrument of
transfer in form satisfactory to the Company and the Trustees duly executed by,
the Holder thereof or such Holder’s attorney duly authorized in writing), and
the Company shall execute, and either Trustee shall authenticate and deliver to
the Holder of such Security without service charge, a new Security or
Securities of the same series, 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.

 

Section 12.08              Tax
Redemption

 

If specified pursuant to Section 3.01,
the Securities of a series will be subject to redemption at any time, in whole
but not in part, at a redemption price equal to the principal amount thereof
together with accrued and unpaid interest to the date fixed for redemption,
upon the giving of a notice as described below, if (1) the Company
determines that (a) as a result of any change in or amendment to the laws
(or any regulations or rulings promulgated thereunder) of Canada or of any
political subdivision or taxing authority thereof or therein affecting taxation,
or any change in position regarding application or interpretation of such laws,
regulations or rulings (including a holding by a court of competent
jurisdiction), which change or amendment is announced or becomes effective on
or after a date specified pursuant to Section 3.01, if any date is so
specified, the Company has or will become obligated to pay, on the next
succeeding date on which interest is due, Additional Amounts pursuant to Section 11.05
or (b) on or after a date specified pursuant to Section 3.01, any
action has been taken by any taxing authority of, or any decision has been
rendered by a

 

90

 

court of competent
jurisdiction in, Canada or any political subdivision or taxing authority thereof
or therein, including any of those actions specified in (a) above, whether
or not such action was taken or decision was rendered with respect to the
Company, or any change, amendment, application or interpretation shall be
proposed, which, in any such case, in the opinion of Counsel to the Company,
will result in the Company becoming obligated to pay, on the next succeeding
date on which interest is due, Additional Amounts with respect to any Security
of such series and (2) in any such case, the Company in its business
judgment determines that such obligation cannot be avoided by the use of
reasonable measures available to the Company; provided, however,
that (i) no such notice of redemption may be given earlier than 90 days
prior to the earliest date on which the Company would be obligated to pay such
Additional Amounts were a payment in respect of the Securities then due, and (ii) at
the time such notice of redemption is given, such obligation to pay such
Additional Amounts remains in effect.

 

In the event that the
Company elects to redeem the Securities pursuant to the provisions set forth in
the preceding paragraph, the Company shall deliver to the Trustees a
certificate, signed by an authorized officer, stating that the Company is
entitled to redeem the Securities pursuant to their terms.

 

ARTICLE THIRTEEN

SINKING FUNDS

 

Section 13.01              Applicability
of Article

 

Retirements of Securities of
any series pursuant to any sinking fund shall be made in accordance with the
terms of such Securities and (except as otherwise specified as contemplated by Section 3.01
for Securities of any series) in accordance with this Article.

 

The minimum amount of any
sinking fund payment provided for by the terms of Securities of any series 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 Securities of any
series is herein referred to as an “optional sinking fund payment”.  If provided for by the terms of Securities of
any series, the cash amount of any mandatory sinking fund payment may be
subject to reduction as provided in Section 13.02.  Each sinking fund payment shall be applied to
the redemption of Securities of any series as provided for by the terms of
Securities of such series.

 

Section 13.02              Satisfaction
of Sinking Fund Payments with Securities

 

Subject to Section 13.03,
in lieu of making all or any part of any mandatory sinking fund payment with
respect to any Securities of a series in cash, the Company may at its option (1) deliver
to the Trustees Outstanding Securities of a series (other than any previously
called for redemption) theretofore purchased or otherwise acquired by the
Company together in the case of any Bearer Securities of such series with all
un-matured coupons appertaining thereto, and/or (2) receive credit for the
principal amount of Securities of such series which have been previously
delivered to the Trustees by the Company or for Securities of such 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 mandatory sinking fund payment with respect
to the Securities

 

91

 

of the same series required
to be made pursuant to the terms of such Securities as provided for by the
terms of such series; provided, however, that such Securities
have not been previously so credited. 
Such Securities shall be received and credited for such purpose by the
Trustees at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such mandatory sinking
fund payment shall be reduced accordingly.

 

Section 13.03              Redemption
of Securities for Sinking Fund

 

Not less than 60 days prior
to each sinking fund payment date for any series of Securities, the Company
will deliver to the Trustees an Officers’ Certificate specifying the amount of
the next ensuing sinking fund payment for that series pursuant to the terms of
that series, the portion thereof, if any, which is to be satisfied by payment
of cash in the Currency in which the Securities of such series are payable (except
as otherwise specified pursuant to Section 3.01 for the Securities of such
series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and
3.12(e)) and the portion thereof, if any, which is to be satisfied by
delivering or crediting Securities of that series pursuant to Section 13.02
(which Securities will, if not previously delivered, accompany such
certificate) and whether the Company intends to exercise its right to make a
permitted optional sinking fund payment with respect to such series.

 

Such certificate shall be
irrevocable and upon its delivery the Company shall be obligated to make the
cash payment or payments therein referred to, if any, on or before the next
succeeding sinking fund payment date.  In
the case of the failure of the Company to deliver such certificate, the sinking
fund payment due on the next succeeding sinking fund payment date for that
series shall be paid entirely in cash and shall be sufficient to redeem the
principal amount of such Securities subject to a mandatory sinking fund payment
without the option to deliver or credit Securities as provided in Section 13.02
and without the right to make any optional sinking fund payment, if any, with
respect to such series.

 

Not more than 60 days before
each such sinking fund payment date the Trustees shall select the Securities to
be redeemed upon such sinking fund payment date in the manner specified in Section 12.03
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 12.04.  Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Section 12.06 and Section 12.07.

 

Prior to any sinking fund
payment date, the Company shall pay to the Trustees or a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 11.03) in cash a sum equal to any interest that will
accrue to the date fixed for redemption of Securities or portions thereof to be
redeemed on such sinking fund payment date pursuant to this Section.

 

Notwithstanding the
foregoing, with respect to a sinking fund for any series of Securities, if at
any time the amount of cash to be paid into such sinking fund on the next
succeeding sinking fund payment date, together with any unused balance of any
preceding sinking fund payment or payments for such series, does not exceed in
the aggregate $100,000, the Trustees, unless requested by the Company, shall
not give the next succeeding notice of the redemption of Securities of such
series through the operation of the sinking fund.  Any such unused balance of moneys deposited
in such

 

92

 

sinking
fund shall be added to the sinking fund payment for such series to be made in
cash on the next succeeding sinking fund payment date or, at the request of the
Company, shall be applied at any time or from time to time to the purchase of
Securities of such series, by public or private purchase, in the open market or
otherwise, at a purchase price for such Securities (excluding accrued interest
and brokerage commissions, for which the Trustees or any Paying Agent will be
reimbursed by the Company) not in excess of the principal amount thereof.

 

ARTICLE FOURTEEN

REPAYMENT AT OPTION OF HOLDERS

 

Section 14.01              Applicability
of Article

 

Repayment of Securities of
any series before their Stated Maturity at the option of Holders thereof shall
be made in accordance with the terms of such Securities and (except as
otherwise specified as contemplated by Section 3.01 for Securities of any
series) in accordance with this Article.

 

Section 14.02              Repayment
of Securities

 

Securities of any series
subject to repayment in whole or in part at the option of the Holders thereof
will, unless otherwise provided in the terms of such Securities, be repaid at a
price equal to the principal amount thereof, together with interest, if any,
thereon accrued to the Repayment Date specified in or pursuant to the terms of
such Securities.  The Company covenants
that at least three Business Days prior to the Repayment Date it will deposit
with a 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 11.03) an
amount of money in the Currency in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 3.01 for the
Securities of such series and except, if applicable, as provided in Sections
3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the principal (or, if so
provided by the terms of the Securities of any series, a percentage of the
principal) of and (except if the Repayment Date shall be an Interest Payment
Date) accrued interest, if any, on, all the Securities or portions thereof, as
the case may be, to be repaid on such date.

 

Section 14.03              Exercise
of Option

 

Securities of any series
subject to repayment at the option of the Holders thereof will contain an “Option
to Elect Repayment” form on the reverse of such Securities.  To be repaid at the option of the Holder, any
Security so providing for such repayment, with the “Option to Elect Repayment”
form on the reverse of such Security duly completed by the Holder (or by the
Holder’s attorney duly authorized in writing), must be received by the Company
at the Place of Payment therefor specified in the terms of such Security (or at
such other place or places which the Company shall from time to time notify the
Holders of such Securities) not earlier than 45 days nor later than 30 days
prior to the Repayment Date.  If less
than the entire principal amount of such Security is to be repaid in accordance
with the terms of such Security, the principal amount of such Security to be
repaid, in increments of the minimum denomination for Securities of such
series, and the denomination or denominations of the Security or Securities to
be issued to the Holder for the portion of the principal amount of such
Security surrendered that is not to be repaid, must be specified.  The principal amount of any Security
providing for repayment at the option of the Holder thereof may not be

 

93

 

repaid in part if, following
such repayment, the unpaid principal amount of such Security would be less than
the minimum authorized denomination of Securities of the series of which such
Security to be repaid is a part.  Except
as otherwise may be provided by the terms of any Security providing for repayment
at the option of the Holder thereof, exercise of the repayment option by the
Holder shall be irrevocable unless waived by the Company.

 

Section 14.04              When
Securities Presented for Repayment Become Due and Payable

 

If Securities of any series
providing for repayment at the option of the Holders thereof shall have been
surrendered as provided in this Article and as provided by or pursuant to
the terms of such Securities, such Securities or the portions thereof, as the
case may be, to be repaid shall become due and payable and shall be paid by the
Company on the Repayment Date therein specified, and on and after such
Repayment Date (unless the Company shall default in the payment of such
Securities on such Repayment Date) such Securities shall, if the same were
interest-bearing, cease to bear interest and the coupons for such interest
appertaining to any Bearer Securities so to be repaid, except to the extent
provided below, shall be void.  Upon
surrender of any such Security for repayment in accordance with such
provisions, together with all coupons, if any, appertaining thereto maturing
after the Repayment Date, the principal amount of such Security so to be repaid
shall be paid by the Company, together with accrued interest, if any, to the
Repayment Date; provided, however, that coupons whose Stated
Maturity is on or prior to the Repayment Date shall be payable only at an
office or agency located outside the United States (except as otherwise
provided in Section 11.02) and, unless otherwise specified pursuant to Section 3.01,
only upon presentation and surrender of such coupons; and provided  further
that, in the case of Registered Securities, installments of interest, if any,
whose Stated Maturity is on or prior to the Repayment Date shall 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 3.07.

 

If any Bearer Security
surrendered for repayment shall not be accompanied by all appurtenant coupons
maturing after the Repayment Date, such Security may be paid after deducting
from the amount payable therefor as provided in Section 14.02 an amount
equal to the face amount of all such missing coupons, or the surrender of such
missing coupon or coupons may be waived by the Company and the Trustees if
there be furnished to them such security or indemnity as they may require to
save each of them and any Paying Agent harmless.  If thereafter the Holder of such Security
shall surrender to the Trustees or any Paying Agent any such missing coupon in
respect of which a deduction shall have been made as provided in the preceding
sentence, such Holder shall be entitled to receive the amount so deducted; provided,
however, that interest represented by coupons shall be payable only at
an office or agency located outside the United States (except as otherwise
provided in Section 11.02) and, unless otherwise specified as contemplated
by Section 3.01, only upon presentation and surrender of those coupons.

 

If the principal amount of
any Security surrendered for repayment shall not be so repaid upon surrender
thereof, such principal amount (together with interest, if any, thereon accrued
to such Repayment Date) shall, until paid, bear interest from the Repayment Date
at the rate of interest or Yield to Maturity (in the case of Original Issue
Discount Securities) set forth in such Security.

 

94

 

Section 14.05              Securities
Repaid in Part

 

Upon surrender of any
Registered Security which is to be repaid in part only, the Company shall
execute and either Trustee shall authenticate and deliver to the Holder of such
Security, without service charge and at the expense of the Company, a new
Registered Security or Securities of the same series, of any authorized
denomination specified by the Holder, in an aggregate principal amount equal to
and in exchange for the portion of the principal of such Security so
surrendered which is not to be repaid.

 

ARTICLE FIFTEEN

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 15.01              Company’s
Option to Effect Defeasance or Covenant Defeasance

 

Except as otherwise
specified as contemplated by Section 3.01 for Securities of any series,
the provisions of this Article shall apply to each series of Securities,
and the Company may, at its option, effect defeasance (as defined below) of the
Securities of or within a series under Section 15.02, or covenant
defeasance (as defined below) of or within a series under Section 15.03 in
accordance with the terms of such Securities and in accordance with this
Article.

 

Section 15.02              Defeasance
and Discharge

 

Upon the Company’s exercise
of the above option applicable to this Section with respect to any
Securities of or within a series, the Company shall be deemed to have been
discharged from its obligations with respect to such Outstanding Securities and
any related coupons on the date the conditions set forth in Section 15.04
are satisfied (hereinafter, “defeasance”). 
For this purpose, such defeasance means that the Company shall be deemed
to have paid and discharged the entire indebtedness represented by such
Outstanding Securities and any related coupons, which shall thereafter be
deemed to be “Outstanding” only for the purposes of Section 15.05 and the
other Sections of this Indenture referred to in (A) and (B) below,
and to have satisfied all its other obligations under such Securities and any
related coupons and this Indenture insofar as such Securities and any related
coupons are concerned (and the Trustees, at the expense of the Company, shall
execute proper instruments acknowledging the same), except for the following
which shall survive until otherwise terminated or discharged hereunder:  (A) the rights of Holders of such
Outstanding Securities and any related coupons to receive, solely from the
trust fund described in Section 15.04 and as more fully set forth in such
Section, payments in respect of the principal of (and premium, if any) and interest,
if any, on such Securities and any related coupons when such payments are due, (B) the
Company’s obligations with respect to such Securities under Sections 3.04,
3.05, 3.06, 11.02 and 11.03 and with respect to the payment of Additional
Amounts, if any, on such Securities as contemplated by Section 11.05, (C) the
rights, powers, trusts, duties and immunities of the Trustees hereunder and (D) this
Article.  Subject to compliance with this
Article, the Company may exercise its option under this Section notwithstanding
the prior exercise of its option under Section 15.03 with respect to such
Securities and any related coupons.

 

95

 

Section 15.03              Covenant
Defeasance

 

Upon the Company’s exercise
of the above option applicable to this Section with respect to any
Securities of or within a series, the Company shall be released from its
obligations under Section 11.06 and Section 11.07, and, if specified
pursuant to Section 3.01, its obligations under any other covenant, with
respect to such Outstanding Securities and any related coupons on and after the
date the conditions set forth in Section 15.04 are satisfied (hereinafter,
“covenant defeasance”), and such Securities and any related coupons shall
thereafter be deemed not to be “Outstanding” for the purposes of any direction,
waiver, consent or declaration or Act of Holders (and the consequences of any
thereof) in connection with such covenants, but shall continue to be deemed “Outstanding”
for all other purposes hereunder.  For
this purpose, such covenant defeasance means that, with respect to such
outstanding Securities and any related coupons, the Company may omit to comply
with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of
reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event
of Default under clauses (4), (5) or (9) of Section 6.01 or
otherwise, as the case may be, but, except as specified above, the remainder of
this Indenture and such Securities and any related coupons shall be unaffected
thereby.

 

Section 15.04              Conditions
to Defeasance or Covenant Defeasance

 

The following shall be the
conditions to application of either Section 15.02 or Section Section 15.03
to any Outstanding Securities of or within a series and any related coupons:

 

(1)       The Company
shall irrevocably have deposited or caused to be deposited with either Trustee
(or another trustee satisfying the requirements of Section 7.08 who shall
agree to comply with the provisions of this Article applicable to it) as
trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of
the Holders of such Securities and any related coupons, (A) an amount (in
such Currency in which such Securities and any related coupons are then
specified as payable at Stated Maturity), or (B) Government Obligations
applicable to such Securities (determined on the basis of the Currency in which
such Securities are then specified as payable at Stated Maturity) 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 of principal of and premium, if any, and interest, if any,
under such Securities and any related coupons, money in an amount, or (C) a
combination thereof, sufficient, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to the Trustees, to pay and discharge, and which shall be applied by
the Trustees (or other qualifying trustee) to pay and discharge, (i) the
principal of (and premium, if any) and interest, if any, on such Outstanding
Securities and any related coupons on the Stated Maturity (or Redemption Date,
if applicable) of such principal (and premium, if any) or installment of
interest, if any, (ii) any mandatory sinking fund payments or analogous
payments applicable to such Outstanding Securities and any related coupons on
the day on which such payments are due and payable in accordance with the terms
of this Indenture and of such Securities and any related coupons, and (iii)

 

96

 

all
amounts due the Trustees under Section 7.07; provided that the Trustees
shall have been irrevocably instructed to apply such money or the proceeds of
such Government Obligations to said payments with respect to such Securities
and any related coupons.  Before such a
deposit, the Company may give to the Trustees, in accordance with Section 12.02
hereof, a notice of its election to redeem all or any portion of such
Outstanding Securities at a future date in accordance with the terms of the
Securities of such series and Article Tweleve hereof, which notice shall
be irrevocable.  Such irrevocable
redemption notice, if given, shall be given effect in applying the foregoing.

 

(2)       No Default or
Event of Default with respect to such Securities or any related coupons shall
have occurred and be continuing on the date of such deposit or, insofar as
clauses (7) and (8) of Section 6.01 are concerned, at any time
during the period ending on the 91st day after the date of such deposit (it
being understood that this condition shall not be deemed satisfied until the
expiration of such period).

 

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

 

(4)       In the case of
an election under Section 15.02, the Company shall have delivered to the
Trustees an Opinion of Counsel in the United States stating that (x) the
Company has received from, or there has been published by, the Internal Revenue
Service a ruling, or (y) since the date of execution of this Indenture,
there has been a change in the applicable U.S. federal income tax law, in
either case to the effect that, and based thereon such opinion shall confirm
that, the Holders of such Outstanding Securities and any related coupons will
not recognize income, gain or loss for U.S. federal income tax purposes as a
result of such defeasance and will be subject to U.S. federal income tax on the
same amounts, in the same manner and at the same times as would have been the
case if such defeasance had not occurred.

 

(5)       In the case of
an election under Section 15.03, the Company shall have delivered to the
Trustees an Opinion of Counsel in the United States to the effect that the
Holders of such Outstanding Securities will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such covenant defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such covenant
defeasance had not occurred.

 

(6)       The Company
shall have delivered to the Trustees an Opinion of Counsel in Canada or a
ruling from the Canada Revenue Agency to the effect that the Holders of such
Outstanding Securities will not recognize income, gain or loss for Canadian
federal, provincial or territorial income tax or other tax purposes as a result
of such defeasance or covenant defeasance, as applicable, and will be subject
to Canadian federal, provincial or territorial income tax and other tax on the
same amounts, in the same manner and at the same times as would have been the
case had such defeasance or covenant defeasance, as applicable, not occurred
(and for the purposes of such

 

97

 

opinion,
such Canadian counsel shall assume that Holders of the Securities include
Holders who are not resident in Canada).

 

(7)       The Company is
not an “insolvent person” within the meaning of the Bankruptcy and Insolvency Act (Canada) on the date of such
deposit or at any time during the period ending on the 91st day after the date
of such deposit (it being understood that this condition shall not be deemed
satisfied until the expiration of such period).

 

(8)       Notwithstanding
any other provisions of this Section, such defeasance or covenant defeasance
shall be effected in compliance with any additional or substitute terms,
conditions or limitations in connection therewith pursuant to Section 3.01.

 

(9)       The Company
shall have delivered to the Trustees an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent provided for, relating to either the defeasance
under Section 15.02 or the covenant defeasance under Section 15.03
(as the case may be), have been complied with.

 

Section 15.05              Deposited
Money and Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions

 

Subject to the provisions of
the last paragraph of Section 11.03, all money and Government Obligations
(or other property as may be provided pursuant to Section 3.01) (including
the proceeds thereof) deposited with a Trustee (or other qualifying trustee,
collectively, for purposes of this Section, the “Trustee”) pursuant to Section 15.04
in respect of such Outstanding Securities and any related coupons shall be held
in trust and applied by such Trustee, in accordance with the provisions of such
Securities and any related coupons and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as such Trustee may determine, to the Holders of such Securities
and any related coupons of all sums due and to become due thereon in respect of
principal (and premium, if any) and interest, if any, but such money need not
be segregated from other funds except to the extent required by law.

 

Unless otherwise specified
with respect to any Security pursuant to Section 3.01, if, after a deposit
referred to in Section 15.04 has been made, (a) the Holder of a
Security in respect of which such deposit was made is entitled to, and does,
elect pursuant to Section 3.12(b) or the terms of such Security to
receive payment in a Currency other than that in which the deposit pursuant to Section 15.04
has been made in respect of such Security, or (b) a Conversion Event
occurs as contemplated in Section 3.12(d) or 3.12(e) or by the
terms of any Security in respect of which the deposit pursuant to Section 15.04
has been made, the indebtedness represented by such Security and any related
coupons shall be deemed to have been, and will be, fully discharged and
satisfied through the payment of the principal of (and premium, if any) and
interest, if any, on such Security as they become due out of the proceeds
yielded by converting (from time to time as specified below in the case of any
such election) the amount or other property deposited in respect of such
Security into the Currency in which such Security becomes payable as a result
of such election or Conversion Event based on the applicable Market Exchange
Rate for such Currency in effect on the third Business Day prior to each
payment date, except, with respect to a Conversion Event, for such Currency in
effect (as nearly as feasible) at the time of the Conversion Event.

 

98

 

The Company shall pay and
indemnify such Trustee against any tax, fee or other charge imposed on or
assessed against the Government Obligations deposited pursuant to Section 15.04
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 such
Outstanding Securities and any related coupons.

 

Anything in this Article to
the contrary notwithstanding, such Trustee shall deliver or pay to the Company
from time to time upon Company Request any money or Government Obligations (or
other property and any proceeds therefrom) held by it as provided in Section 15.04
which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to such
Trustee, are in excess of the amount thereof which would then be required to be
deposited to effect an equivalent defeasance or covenant defeasance, as
applicable, in accordance with this Article.

 

Section 15.06              Reinstatement

 

If a Trustee or any Paying
Agent is unable to apply any money in accordance with Section 15.05 by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the
Company’s obligations under this Indenture and such Securities and any related
coupons shall be revived and reinstated as though no deposit had occurred
pursuant to Section 15.02 or Section 15.03, as the case may be, until
such time as such Trustee or Paying Agent is permitted to apply all such money
in accordance with Section 15.05; provided, however, that if
the Company makes any payment of principal of (or premium, if any) or interest,
if any, on any such Security or any related coupon following the reinstatement
of its obligations, the Company shall be subrogated to the rights of the
Holders of such Securities and any related coupons to receive such payment from
the money held by such Trustee or Paying Agent.

 

ARTICLE SIXTEEN

MEETINGS OF HOLDERS OF SECURITIES

 

Section 16.01              Purposes
for Which Meetings May Be Called

 

If Securities of a series
are issuable as Bearer Securities, a meeting of Holders of Securities of such
series may be called at any time and from time to time pursuant to this Article to
make, give or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be made, given or
taken by Holders of Securities of such series.

 

Section 16.02              Call,
Notice and Place of Meetings

 

(1)       The Trustees
may at any time call a meeting of Holders of Securities of any series for any
purpose specified in Section 16.01, to be held at such time and at such
place in The City of New York, in Toronto or in Vancouver as the Trustees shall
determine.  Notice of every meeting of
Holders of Securities of any series, setting forth the time and the place of
such meeting and in general terms the action proposed to be taken at such
meeting, shall be given, in the manner provided for in Section 1.06, not
less than 21 nor more than 180 days prior to the date fixed for the meeting.

 

99

 

(2)       In case at any
time the Company, pursuant to a Board Resolution, or the Holders of at least
10% in principal amount of the outstanding Securities of any series shall have
requested the Trustees to call a meeting of the Holders of Securities of such
series for any purpose specified in Section 16.01, by written request
setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustees shall not have made the first publication of the
notice of such meeting within 21 days after receipt of such request or shall
not thereafter proceed to cause the meeting to be held as provided herein, then
the Company or the Holders of Securities of such series in the amount above
specified, as the case may be, may determine the time and the place in The City
of New York, in Toronto or in Vancouver for such meeting and may call such
meeting for such purposes by giving notice thereof as provided in paragraph (1) of
this Section.

 

Section 16.03              Persons
Entitled to Vote at Meetings

 

To be entitled to vote at
any meeting of Holders of Securities of any series, a Person shall be (1) a
Holder of one or more Outstanding Securities of such series, or (2) a
Person appointed by an instrument in writing as proxy for a Holder or Holders
of one or more Outstanding Securities of such series by such Holder of
Holders.  The only Persons who shall be
entitled to be present or to speak at any meeting of Holders of Securities of
any series shall be the Persons entitled to vote at such meeting and their
counsel, any representatives of the Trustees and their counsel and any
representatives of the Company and its counsel.

 

Section 16.04              Quorum;
Action

 

The Persons entitled to vote
a majority in principal amount of the Outstanding Securities of a series shall
constitute a quorum for a meeting of Holders of Securities of such series; provided,
however, that, if any action is to be taken at such meeting with respect
to a consent or waiver which this Indenture expressly provides may be given by
the Holders of not less than a specified percentage in principal amount of the
outstanding Securities of a series, the Persons entitled to vote such specified
percentage in principal amount of the Outstanding Securities of such series
shall constitute a quorum.  In the
absence of a quorum within 30 minutes of the time appointed for any such
meeting, the meeting shall, if convened at the request of Holders of Securities
of such series, be dissolved.  In any
other case the meeting may be adjourned for a period of not less than 10 days
as determined by the chairman of the meeting prior to the adjournment of such
meeting.  In the absence of a quorum at
any such adjourned meeting, such adjourned meeting may be further adjourned for
a period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting.  Notice of the reconvening of any adjourned
meeting shall be given as provided in Section 16.02, except that such
notice need be given only once not less than five days prior to the date on
which the meeting is scheduled to be reconvened.  Notice of the reconvening of any adjourned
meeting shall state expressly the percentage, as provided above, of the
principal amount of the outstanding Securities of such series which shall
constitute a quorum.

 

Subject to the foregoing, at
the reconvening of any meeting adjourned for lack of a quorum the Persons
entitled to vote 25% in principal amount of the Outstanding Securities at the
time shall constitute a quorum for the taking of any action set forth in the
notice of the original meeting.

 

100

 

Except as limited by the
proviso to Section 10.02, any resolution presented to a meeting or
adjourned meeting duly reconvened at which a quorum is present as aforesaid may
be adopted by the affirmative vote of the Holders of not less than a majority
in principal amount of the outstanding Securities of such series who have
casted their votes; provided, however, that, except as limited by
the proviso to Section 10.02, any resolution with respect to any request,
demand, authorization, direction, notice, consent, waiver or other action which
this Indenture expressly provides may be made, given or taken by the Holders of
a specified percentage, which is less than a majority, in principal amount of
the Outstanding Securities of a series may be adopted at a meeting or an
adjourned meeting duly reconvened and at which a quorum is present as aforesaid
by the affirmative vote of the Holders of not less than such specified
percentage in principal amount of the Outstanding Securities of such series.

 

Any resolution passed or
decision taken at any meeting of Holders of Securities of any series duly held
in accordance with this Section shall be binding on all the Holders of
Securities of such series and the related coupons, whether or not present or
represented at the meeting.

 

Notwithstanding the
foregoing provisions of this Section, if any action is to be taken at a meeting
of Holders of Securities of any series with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action that this
Indenture expressly provides may be made, given or taken by the Holders of a
specified percentage in principal amount of all Outstanding Securities affected
thereby, or of the Holders of such series and one or more additional series:

 

	
  (i)

  	
   

  	
  there
  shall be no minimum quorum requirement for such meeting; and

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  the
  principal amount of the Outstanding Securities of such series that vote in
  favor of such request, demand, authorization, direction, notice, consent,
  waiver or other action shall be taken into account in determining whether
  such request, demand, authorization, direction, notice, consent, waiver or
  other action has been made, given or taken under this Indenture.

  

 

Section 16.05              Determination
of Voting Rights; Conduct and Adjournment of Meetings

 

(1)       Notwithstanding
any provisions of this Indenture, the Trustees may make such reasonable
regulations as the Trustees may deem advisable for any meeting of Holders of
Securities of a series in regard to proof of the holding of Securities of such
series and of the appointment of proxies and in regard to the appointment and
duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters
concerning the conduct of the meeting as the Trustees shall deem appropriate.  Except as otherwise permitted or required by
any such regulations, the holding of Securities shall be proved in the manner
specified in Section 1.04 and the appointment of any proxyholder shall be
proved in the manner specified in Section 1.04 or by having the signature
of the person executing the proxy witnessed or guaranteed by any trust company,
bank or banker authorized by Section 1.04 to certify to the holding of
Bearer Securities.  Such regulations may
provide that written instruments appointing proxyholders, regular on their
face, may be presumed valid and genuine without the proof specified in Section 1.04
or other proof.

 

101

 

(2)       The Trustees
shall, by an instrument in writing appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Company or by Holders of
Securities as provided in Section 16.02, in which case the Company or the
Holders of Securities of the series calling the meeting, as the case may be,
shall in like manner appoint a temporary chairman.  A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the Persons entitled to
vote a majority in principal amount of the Outstanding Securities of such
series represented at the meeting.

 

(3)       At any meeting
each Holder of a Security of such series or proxy shall be entitled to one vote
for each $1,000 principal amount of Outstanding Securities of such series held
or represented by him (determined as specified in the definition of “Outstanding”
in Section 1.01); provided, however, that no vote shall be
cast or counted at any meeting in respect of any Security challenged as not
Outstanding and ruled by the chairman of the meeting to be not
Outstanding.  The chairman of the meeting
shall have no right to vote, except as a Holder of a Security of such series or
a proxy.

 

(4)       Any meeting of
Holders of Securities of any series duly called pursuant to Section 16.02
at which a quorum is present may be adjourned from time to time by Persons entitled
to vote a majority in principal amount of the Outstanding Securities of such
series represented at the meeting; and the meeting may be held as so adjourned
without further notice.

 

Section 16.06              Counting
Votes and Recording Action of Meetings

 

The vote upon any resolution
submitted to any meeting of Holders of Securities of any series shall be by
written ballots on which shall be subscribed the signatures of the Holders of
Securities of such series or of their representatives by proxy and the principal
amounts and serial numbers, if any, of the Outstanding Securities of such
series held or represented by them.  The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting.  A record, at least in duplicate, of the
proceedings of each meeting of Holders of Securities of any series shall be
prepared by the secretary of the meeting and there shall be attached to said
record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more persons having knowledge of the
facts setting forth a copy of the notice of the meeting and showing that said
notice was given as provided in Section 16.02 and, if applicable, Section 16.04.  Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the Trustees to be
preserved by the Trustees, the latter to have attached thereto the ballots
voted at the meeting.  Any record so
signed and verified shall be conclusive evidence of the matters therein stated.

 

102

 

Section 16.07              Waiver
of Jury Trial

 

Each of the Company and the Trustee hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to
trial by jury in any legal proceeding arising out of or relating to this
Indenture, the Securities or the transactions contemplated hereby.

 

Section 16.08              Counterparts

 

This Indenture may be executed in any number of
counterparts (either by facsimile or by original manual signature), each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same Indenture.

 

103

 

IN WITNESS WHEREOF, the
parties hereto have caused this Indenture to be duly executed, and their
respective corporate seals to be hereunto affixed and attested, all as of the
day and year first above written.

 

	
   

  	
  VISTA
  GOLD CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMPUTERSHARE
  TRUST COMPANY,

  
	
   

  	
  N.A.,
  as U.S. Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMPUTERSHARE TRUST COMPANY

  
	
   

  	
  OF CANADA, as Canadian Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title: 

  	
  Authorized Signing Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title: 

  	
  Authorized Signing Officer

  

 

104

 

EXHIBIT A

 

FORMS OF CERTIFICATION

 

A-1

 

EXHIBIT A-1

 

FORM OF CERTIFICATE TO BE GIVEN BY

PERSON ENTITLED TO RECEIVE BEARER SECURITY

OR TO OBTAIN INTEREST PAYABLE PRIOR

TO THE EXCHANGE DATE

 

CERTIFICATE

 

VISTA GOLD CORP.

______% Notes due ________________

 

This is to certify that as
of the date hereof, and except as set forth below, the above-captioned
Securities held by you for our account (i) are owned by any person(s) that
is not a citizen or resident of the United States; a corporation or partnership
(including any entity treated as a corporation or partnership for United States
Federal income tax purposes) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia unless, in the
case of a partnership, Treasury Regulations provide otherwise; any estate whose
income is subject to United States Federal income tax regardless of its source
or; a trust if (A) a United States court can exercise primary supervision
over the trust’s administration and one or more United States persons are
authorized to control all substantial decisions of the trust or (B) it was
in existence on August 20, 1996 and has a valid election in effect under
applicable Treasury Regulations to be treated as a United States person (“United
States persons(s)”), (ii) are owned by United States person(s) that
are (a) foreign branches of United States financial institutions
(financial institutions, as defined in United States.  Treasury Regulation Section 1.165-12(c)(1)(v) are
herein referred to as “financial institutions”) purchasing for their own
account or for resale, or (b) United States person(s) who acquired
the Securities through foreign branches of United States financial institutions
and who hold the Securities through such United States financial institutions
on the date hereof (and in either case (a) or (b), each such United States
financial institution hereby agrees, on its own behalf or through its agent,
that you may advise Vista Gold Corp. or its agent that such financial
institution will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the United States Internal Revenue Code of 1986, as amended, and
the regulations thereunder), or (iii) are owned by United States or
foreign financial institution(s) for purposes of resale during the
restricted period (as defined in United States Treasury Regulation Section 1.163-5(c)(2)(i)(D)(7)),
and, in addition, if the owner is a United States or foreign financial
institution described in clause (iii) above (whether or not also described
in clause (i) or (ii)), this is to further certify that such financial
institution has not acquired the Securities for purposes of resale directly or
indirectly to a United States person or to a person within the United States or
its possessions.

 

As used herein, “United
States” means the United States of America (including the states and the
District of Columbia); and its “possessions” include Puerto Rico, the U.S.
Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands.

 

A-2

 

We undertake to advise you promptly in writing on or prior to the date
on which you intend to submit your certification relating to the
above-captioned Securities held by you for our account in accordance with your
operating procedures if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this
certification applies as of such date.

 

This certificate excepts and
does not relate to U.S. $_____________ of such interest in the above-captioned
Securities in respect of which we are not able to certify and as to which we
understand an exchange for an interest in a permanent global security or an
exchange for and delivery of definitive Securities (or, if relevant, collection
of any interest) cannot be made until we do so certify.

 

We understand that this
certificate may be required in connection with certain tax legislation in the
United States.  If administrative or
legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
  [To
  be dated no earlier than the 15th day prior to (i) the Exchange Date or
  (ii) the relevant Interest Payment Date occurring prior to the Exchange Date,
  applicable]

  	
   

  	
   

  
	
   

  	
  [Name
  of Person Making Certification]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

A-3

 

EXHIBIT A-2

 

FORM OF CERTIFICATE TO BE GIVEN BY THE DEPOSITARY

IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A

TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST

PAYABLE PRIOR TO THE EXCHANGE DATE

 

VISTA GOLD CORP.

 

______% Notes due ________________

 

 

This is to certify that
based solely on written certifications that we have receive in writing, by
electronic transmission from each of the persons appearing in our records as
persons entitled to a portion of the principal amount set forth below (our “Member
Organizations”) substantially in the form attached hereto, as of the date
hereof, U.S. $____________ principal amount of the above-captioned Securities (i) is
owned by any person(s) that is not a citizen or resident of the United
States; a corporation or partnership (including any entity treated as a
corporation or partnership for United States Federal income tax purposes)
created or organized in or under the laws of the United States, any state
thereof or the District of Columbia unless, in the case of a partnership,
Treasury Regulations provide otherwise; any estate whose income is subject to
United States Federal income tax regardless of its source or; a trust if (A) a
United States court can exercise primary supervision over the trust’s
administration and one or more United States persons are authorized to control
all substantial decisions of the trust or (B) it was in existence on August 20,
1996 and has a valid election in effect under applicable Treasury Regulations
to be treated as a United States person (“United States person(s)”), (ii) is
owned by United States person(s) that are (a) foreign branches of
United States financial institutions (financial institutions, as defined in
U.S. Treasury Regulation Section 1.165-12(c)(1)(v) are herein
referred to as “financial institutions”) purchasing for their own account or
for resale, or (b) United States person(s) who acquired the
Securities through foreign branches of United States financial institutions and
who hold the Securities through such United States financial institutions on
the date hereof (and in either case (a) or (b), each such financial
institution has agreed, on its own behalf or through its agent, that we may
advise Vista Gold Corp. or its agent that such financial institution will
comply with the requirements of Section 165(j)(3)(A), (B) or (C) of
the Internal Revenue Code of 1986, as amended, and the regulations thereunder),
or (iii) is owned by United States or foreign financial institution(s) for
purposes of resale during the restricted period (as defined in United States
Treasury Regulation Section 1.163-5(c)(2)(i)(D)(7)) and, to the further
effect, that financial institutions described in clause (iii) above
(whether or not also described in clause (i) or (ii)) have certified that
they have not acquired the Securities for purposes of resale directly or
indirectly to a United States person or to a person within the United States or
its possessions.

 

As used herein, “United
States” means the United States of America (including the states and the
District of Columbia); and its “possessions” include Puerto Rico, the U.S.
Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands.

 

A-4

 

We further certify that (i) we are not making available herewith
for exchange (or, if relevant, collection of any interest) any portion of the
temporary global Security representing the above-captioned Securities excepted
in the above-referenced certificates of member Organizations and (ii) as
of the date hereof we have not received any notification from any of our Member
organizations to the effect that the statements made by such Member
organizations with respect to any portion of the part submitted herewith for
exchange (or, if relevant, collection of any interest) are no longer true and
cannot be relied upon as of the date hereof.

 

We understand that this
certification is required in connection with certain tax legislation in the
United States.  If administrative or
legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
  [To
  be dated no earlier than the 15th day prior to (i) the Exchange Date or
  (ii) the relevant Interest Payment Date occurring prior to the Exchange Date,
  applicable]

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Insert
  name of Depositary]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

A-5

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