Document:

Unassociated Document

     

    
      

    

    FORM
OF SENIOR NOTE INDENTURE TO BE ENTERED INTO BETWEEN

    ENER1,
INC. AND _____________________

    
       

      
        

      

    

    

    ENER1,
INC.

    
      
        

      

    

    INDENTURE

    

    Dated as
of

    
      
        

      

    

    
 

    
      
        

      

    

    

    as
Trustee

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    

    
      
        
          
            	 
      	 	 
      	 	
                    Page

                  
	 
      	 	 
      	 	 
      
	
                    Article
      I.

                  	 	
                    DEFINITIONS
      AND INCORPORATION BY REFERENCE

                  	 	
                    1

                  
	
                    Section
      1.1.

                  	 	
                    Definitions

                  	 	
                    1

                  
	
                    Section
      1.2.

                  	 	
                    Other
      Definitions

                  	 	
                    5

                  
	
                    Section
      1.3.

                  	 	
                    Incorporation
      by Reference of Trust Indenture Act

                  	 	
                    5

                  
	
                    Section
      1.4.

                  	 	
                    Rules
      of Construction

                  	 	
                    6

                  
	
                    Article
      II.

                  	 	
                    THE
      SECURITIES

                  	 	
                    6

                  
	
                    Section
      2.1.

                  	 	
                    Issuable
      in Series

                  	 	
                    6

                  
	
                    Section
      2.2.

                  	 	
                    Establishment
      of Terms of Series of Securities

                  	 	
                    7

                  
	
                    Section
      2.3.

                  	 	
                    Execution
      and Authentication

                  	 	
                    9

                  
	
                    Section
      2.4.

                  	 	
                    Registrar
      and Paying Agent

                  	 	
                    10

                  
	
                    Section
      2.5.

                  	 	
                    Paying
      Agent to Hold Money in Trust

                  	 	
                    11

                  
	
                    Section
      2.6.

                  	 	
                    Securityholder
      Lists

                  	 	
                    11

                  
	
                    Section
      2.7.

                  	 	
                    Transfer
      and Exchange

                  	 	
                    11

                  
	
                    Section
      2.8.

                  	 	
                    Mutilated,
      Destroyed, Lost and Stolen Securities

                  	 	
                    12

                  
	
                    Section
      2.9.

                  	 	
                    Outstanding
      Securities

                  	 	
                    12

                  
	
                    Section
      2.10.

                  	 	
                    Treasury
      Securities

                  	 	
                    13

                  
	
                    Section
      2.11.

                  	 	
                    Temporary
      Securities

                  	 	
                    13

                  
	
                    Section
      2.12.

                  	 	
                    Cancellation

                  	 	
                    13

                  
	
                    Section
      2.13.

                  	 	
                    Defaulted
      Interest

                  	 	
                    14

                  
	
                    Section
      2.14.

                  	 	
                    Global
      Securities

                  	 	
                    14

                  
	
                    Section
      2.15.

                  	 	
                    CUSIP
      Numbers

                  	 	
                    15

                  
	
                    Article
      III.

                  	 	
                    REDEMPTION

                  	 	
                    15

                  
	
                    Section
      3.1.

                  	 	
                    Notice
      to Trustee

                  	 	
                    15

                  
	
                    Section
      3.2.

                  	 	
                    Selection
      of Securities to be Redeemed

                  	 	
                    16

                  
	
                    Section
      3.3.

                  	 	
                    Notice
      of Redemption

                  	 	
                    16

                  
	
                    Section
      3.4.

                  	 	
                    Effect
      of Notice of Redemption

                  	 	
                    17

                  
	
                    Section
      3.5.

                  	 	
                    Deposit
      of Redemption Price

                  	 	
                    17

                  
	
                    Section
      3.6.

                  	 	
                    Securities
      Redeemed in Part

                  	 	
                    17

                  
	
                    Article
      IV.

                  	 	
                    COVENANTS

                  	 	
                    17

                  
	
                    Section
      4.1.

                  	 	
                    Payment
      of Principal and Interest

                  	 	
                    17

                  

          

        

      

    

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

     

    
      
        
          
            	 
      	 	 
      	 	
                    Page

                  
	 
      	 	 
      	 	 
      
	
                    Section
      4.2.

                  	 	
                    SEC
      Reports

                  	 	
                    17

                  
	
                    Section
      4.3.

                  	 	
                    Compliance
      Certificate

                  	 	
                    17

                  
	
                    Section
      4.4.

                  	 	
                    Stay,
      Extension and Usury Laws

                  	 	
                    18

                  
	
                    Section
      4.5.

                  	 	
                    Corporate
      Existence

                  	 	
                    18

                  
	
                    Section
      4.6.

                  	 	
                    Taxes

                  	 	
                    18

                  
	
                    Article
      V.

                  	 	
                    SUCCESSORS

                  	 	
                    19

                  
	
                    Section
      5.1.

                  	 	
                    When
      Company May Merge, Etc

                  	 	
                    19

                  
	
                    Section
      5.2.

                  	 	
                    Successor
      Corporation Substituted

                  	 	
                    19

                  
	
                    Article
      VI.

                  	 	
                    DEFAULTS
      AND REMEDIES

                  	 	
                    19

                  
	
                    Section
      6.1.

                  	 	
                    Events
      of Default

                  	 	
                    19

                  
	
                    Section
      6.2.

                  	 	
                    Acceleration
      of Maturity; Rescission and Annulment

                  	 	
                    21

                  
	
                    Section
      6.3.

                  	 	
                    Collection
      of Indebtedness and Suits for Enforcement by Trustee

                  	 	
                    22

                  
	
                    Section
      6.4.

                  	 	
                    Trustee
      May File Proofs of Claim

                  	 	
                    23

                  
	
                    Section
      6.5.

                  	 	
                    Trustee
      May Enforce Claims Without Possession of Securities

                  	 	
                    23

                  
	
                    Section
      6.6.

                  	 	
                    Application
      of Money Collected

                  	 	
                    24

                  
	
                    Section
      6.7.

                  	 	
                    Limitation
      on Suits

                  	 	
                    24

                  
	
                    Section
      6.8.

                  	 	
                    Unconditional
      Right of Holders to Receive Principal and Interest

                  	 	
                    25

                  
	
                    Section
      6.9.

                  	 	
                    Restoration
      of Rights and Remedies

                  	 	
                    25

                  
	
                    Section
      6.10.

                  	 	
                    Rights
      and Remedies Cumulative

                  	 	
                    25

                  
	
                    Section
      6.11.

                  	 	
                    Delay
      or Omission Not Waiver

                  	 	
                    25

                  
	
                    Section
      6.12.

                  	 	
                    Control
      by Holders

                  	 	
                    26

                  
	
                    Section
      6.13.

                  	 	
                    Waiver
      of Past Defaults

                  	 	
                    26

                  
	
                    Section
      6.14.

                  	 	
                    Undertaking
      for Costs

                  	 	
                    26

                  
	
                    Article
      VII.

                  	 	
                    TRUSTEE

                  	 	
                    27

                  
	
                    Section
      7.1.

                  	 	
                    Duties
      of Trustee

                  	 	
                    27

                  
	
                    Section
      7.2.

                  	 	
                    Rights
      of Trustee

                  	 	
                    28

                  
	
                    Section
      7.3.

                  	 	
                    Individual
      Rights of Trustee

                  	 	
                    29

                  
	
                    Section
      7.4.

                  	 	
                    Trustee’s
      Disclaimer

                  	 	
                    29

                  

          

        

      

    

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

     

    
      
        
          
            	 
      	 	 
      	 	
                    Page

                  
	 
      	 	 
      	 	 
      
	
                    Section
      7.5.

                  	 	
                    Notice
      of Defaults

                  	 	
                    29

                  
	
                    Section
      7.6.

                  	 	
                    Reports
      by Trustee to Holders

                  	 	
                    29

                  
	
                    Section
      7.7.

                  	 	
                    Compensation
      and Indemnity

                  	 	
                    29

                  
	
                    Section
      7.8.

                  	 	
                    Replacement
      of Trustee

                  	 	
                    30

                  
	
                    Section
      7.9.

                  	 	
                    Successor
      Trustee by Merger, Etc

                  	 	
                    31

                  
	
                    Section
      7.10.

                  	 	
                    Eligibility;
      Disqualification

                  	 	
                    31

                  
	
                    Section
      7.11.

                  	 	
                    Preferential
      Collection of Claims Against Company

                  	 	
                    32

                  
	
                    Article
      VIII.

                  	 	
                    SATISFACTION
      AND DISCHARGE; DEFEASANCE

                  	 	
                    32

                  
	
                    Section
      8.1.

                  	 	
                    Satisfaction
      and Discharge of Indenture

                  	 	
                    32

                  
	
                    Section
      8.2.

                  	 	
                    Application
      of Trust Funds; Indemnification

                  	 	
                    33

                  
	
                    Section
      8.3.

                  	 	
                    Legal
      Defeasance of Securities of any Series

                  	 	
                    33

                  
	
                    Section
      8.4.

                  	 	
                    Covenant
      Defeasance

                  	 	
                    35

                  
	
                    Section
      8.5.

                  	 	
                    Repayment
      to Company

                  	 	
                    36

                  
	
                    Section
      8.6.

                  	 	
                    Reinstatement

                  	 	
                    36

                  
	
                    Article
      IX.

                  	 	
                    AMENDMENTS
      AND WAIVERS

                  	 	
                    37

                  
	
                    Section
      9.1.

                  	 	
                    Without
      Consent of Holders

                  	 	
                    37

                  
	
                    Section
      9.2.

                  	 	
                    With
      Consent of Holders

                  	 	
                    38

                  
	
                    Section
      9.3.

                  	 	
                    Limitations

                  	 	
                    38

                  
	
                    Section
      9.4.

                  	 	
                    Compliance
      with Trust Indenture Act

                  	 	
                    39

                  
	
                    Section
      9.5.

                  	 	
                    Revocation
      and Effect of Consents

                  	 	
                    39

                  
	
                    Section
      9.6.

                  	 	
                    Notation
      on or Exchange of Securities

                  	 	
                    39

                  
	
                    Section
      9.7.

                  	 	
                    Trustee
      Protected

                  	 	
                    39

                  
	
                    Article
      X.

                  	 	
                    MISCELLANEOUS

                  	 	
                    40

                  
	
                    Section
      10.1.

                  	 	
                    Trust
      Indenture Act Controls

                  	 	
                    40

                  
	
                    Section
      10.2.

                  	 	
                    Notices

                  	 	
                    40

                  
	
                    Section
      10.3.

                  	 	
                    Communication
      by Holders with Other Holders

                  	 	
                    40

                  
	
                    Section
      10.4.

                  	 	
                    Certificate
      and Opinion as to Conditions Precedent

                  	 	
                    41

                  
	
                    Section
      10.5.

                  	 	
                    Statements
      Required in Certificate or Opinion

                  	 	
                    41

                  
	
                    Section
      10.6.

                  	 	
                    Rules
      by Trustee and Agents

                  	 	
                    41

                  
	
                    Section
      10.7.

                  	 	
                    Legal
      Holidays

                  	 	
                    41

                  

          

        

      

    

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

     

    
      
        
          
            	 
      	 	 
      	 	
                    Page

                  
	 
      	 	 
      	 	 
      
	
                    Section
      10.8.

                  	 	
                    No
      Recourse Against Others

                  	 	
                    42

                  
	
                    Section
      10.9.

                  	 	
                    Counterparts

                  	 	
                    42

                  
	
                    Section
      10.10.

                  	 	
                    Governing
      Laws

                  	 	
                    42

                  
	
                    Section
      10.11.

                  	 	
                    No
      Adverse Interpretation of Other Agreements

                  	 	
                    42

                  
	
                    Section
      10.12.

                  	 	
                    Successors

                  	 	
                    42

                  
	
                    Section
      10.13.

                  	 	
                    Severability

                  	 	
                    42

                  
	
                    Section
      10.14.

                  	 	
                    Table
      of Contents, Headings, Etc

                  	 	
                    42

                  
	
                    Section
      10.15.

                  	 	
                    Securities
      in a Foreign Currency or in ECU

                  	 	
                    43

                  
	
                    Section
      10.16.

                  	 	
                    Judgment
      Currency

                  	 	
                    43

                  
	
                    Article
      XI.

                  	 	
                    SINKING
      FUNDS

                  	 	
                    44

                  
	
                    Section
      11.1.

                  	 	
                    Applicability
      of Article

                  	 	
                    44

                  
	
                    Section
      11.2.

                  	 	
                    Satisfaction
      of Sinking Fund Payments with Securities

                  	 	
                    45

                  
	
                    Section
      11.3.

                  	 	
                    Redemption
      of Securities for Sinking Fund

                  	 	
                    46

                  

          

        

      

    

    
      
         

      

      
        iv

        
          

        

      

      
         

      

    

    ENER1,
INC.

    

    Reconciliation
and tie between Trust Indenture Act of 1939, as amended, and

    Indenture,
dated as
of                     ,
2010

       

    
      
        	
                Section
      310(a)(1)

              	
                7.10

              
	
                (a)(2)

              	
                7.10

              
	
                (a)(3)

              	
                Not
      Applicable

              
	
                (a)(4)

              	
                Not
      Applicable

              
	
                (a)(5)

              	
                7.10

              
	
                (b)

              	
                7.10

              
	
                Section
      311(a)

              	
                7.11

              
	
                (b)

              	
                7.11

              
	
                (c)

              	
                Not
      Applicable

              
	
                Section
      312(a)

              	
                2.6

              
	
                (b)

              	
                10.3

              
	
                (c)

              	
                10.3

              
	
                Section
      313(a)

              	
                7.6

              
	
                (b)(1)

              	
                7.6

              
	
                (b)(2)

              	
                7.6

              
	
                (c)(1)

              	
                7.6

              
	
                (d)

              	
                7.6

              
	
                Section
      314(a)(1)

              	
                4.2

              
	
                (a)(2)

              	
                4.2

              
	
                (a)(3)

              	
                4.2

              
	
                (a)(4)

              	
                4.2,
      10.5

              
	
                (b)

              	
                Not
      Applicable

              
	
                (c)

              	
                Not
      Applicable

              
	
                (d)

              	
                Not
      Applicable

              
	
                (e)

              	
                10.5

              
	
                (f)

              	
                Not
      Applicable

              

      

    

    
      
        

      

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Indenture
dated as of __________, _____ between Ener1, Inc., a Florida corporation (“
Company ”), and ________________________ (“ Trustee ”).

    

    Each
party agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of the Securities issued under this
Indenture.

    

    ARTICLE
I.

    DEFINITIONS
AND INCORPORATION BY REFERENCE

    

    Section
1.1.           Definitions.

    

    “Additional
Amounts” means any additional amounts which are required hereby or by any
Security, under circumstances specified herein or therein, to be paid by the
Company in respect of certain taxes imposed on Holders specified therein and
which are owing to such Holders.

    

    “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”
(including, with correlative meanings, the terms “controlled by” and “under
common control with”), as used with respect to any person, shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such person, whether through the
ownership of voting securities or by agreement or otherwise.

    

    “Agent”
means any Registrar, Paying Agent, Service Agent or authenticating
agent.

    

    “Board of
Directors” means the Board of Directors of the Company or any duly authorized
committee thereof.

    

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

    

    “Business
Day” means with respect to any Place of Payment (or unless otherwise provided by
Board Resolution, Officers’ Certificate or supplemental indenture hereto for a
particular Series), any day except a Saturday, Sunday or any day banking
institutions or trust companies in the Place of Payment or the place in which
Corporate Trust Office is located are authorized or required by law, regulation
or executive order to close.

    

    “Company”
means the party named as such above until a successor replaces it pursuant to
the applicable provisions hereof and thereafter means the
successor.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Company
Order” means a written order signed in the name of the Company by two Officers,
one of whom must be the Company’s chief executive officer, chief financial
officer, principal accounting officer or any Vice President.

    

    “Company
Request” means a written request signed in the name of the Company by its
Chairman of the Board, a President or a Vice President, and by its Treasurer, an
Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to
the Trustee.

    

    “Corporate
Trust Office” means the office of the Trustee at which at any particular time
its corporate trust business shall be principally administered.

    

    “debt” of
any person as of any date means, without duplication, all indebtedness of such
person in respect of borrowed money, including all interest, fees and expenses
owed in respect thereto (whether or not the recourse of the lender is to the
whole of the assets of such person or only to a portion thereof), or evidenced
by bonds, notes, debentures or similar instruments.

    

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

    

    “Depositary”
means, with respect to the Securities of any Series issuable or issued in whole
or in part in the form of one or more Global Securities, the person designated
as Depositary for such Series by the Company, which Depositary shall be a
clearing agency registered under the Exchange Act; and if at any time there is
more than one such person, “Depositary” as used with respect to the Securities
of any Series shall mean the Depositary with respect to the Securities of such
Series.

    

    “Discount
Security” means any Security that provides for an amount less than the stated
principal amount thereof to be due and payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.2.

    

    “Dollars”
means the currency of The United States of America.

    

    “ECU”
means the European Currency Unit as determined by the Commission of the European
Union.

    

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

    

    “Foreign
Currency” means any currency or currency unit issued by a government other than
the government of The United States of America.

    

    “Foreign
Government Obligations” means with respect to Securities of any Series that are
denominated in a Foreign Currency, (i) direct obligations of the government that
issued or caused to be issued such currency for the payment of which obligations
its full faith and credit is pledged or (ii) obligations of a person controlled
or supervised by or acting as an agency or instrumentality of such government
the timely payment of which is unconditionally guaranteed as a full faith and
credit obligation by such government, which, in either case under clauses (i) or
(ii), are not callable or redeemable at the option of the issuer
thereof.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    “Global
Security” or “Global Securities” means a Security or Securities, as the case may
be, in the form established pursuant to Section 2.2 evidencing all or part of a
Series of Securities, issued to the Depositary for such Series or its nominee,
and registered in the name of such Depositary or nominee.

    

    “Holder”
or “Securityholder” means a person in whose name a Security is
registered.

    

    “Indenture”
means this Indenture as amended from time to time in accordance with its terms
and shall include the form and terms of particular Series of Securities
established as contemplated hereunder.

    

    “interest”
with respect to any Discount Security which by its terms bears interest only
after Maturity, means interest payable after Maturity.

    

    “Maturity,”
when used with respect to any Security or installment of principal thereof,
means the date on which the principal of such Security or such installment of
principal becomes due and payable as therein or herein provided, whether at the
Stated Maturity or by declaration of acceleration, call for redemption, notice
of option to elect repayment or otherwise.

    

    “Officer”
means the Chairman of the Board, any President, any Vice-President, the
Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of
the Company.

    

    “Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the
Company’s principal executive officer, principal financial officer or principal
accounting officer.

    

    “Opinion
of Counsel” means a written opinion of legal counsel may be an employee of or
counsel to the Company and is acceptable to the Trustee.

    

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

    

    “Place of
Payment” when used with respect to the Securities of any series, means the place
or places where the principal of and any premium or interest on the Securities
of that series are payable specified as required by Section 2.2.6.

    

    “principal”
of a Security means the principal of the Security plus, when appropriate, the
premium, if any, on, and any Additional Amounts in respect of, the
Security.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    “Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office and also
means, with respect to a particular corporate trust matter, any other officer to
whom any corporate trust matter is referred because of such person’s knowledge
of and familiarity with a particular subject.

    

    “SEC”
means the Securities and Exchange Commission.

    

    “Securities”
means the debentures, notes or other debt instruments of the Company of any
Series authenticated and delivered under this Indenture.

    

    “Series”
or “Series of Securities” means each series of debentures, notes or other debt
instruments of the Company created pursuant to Sections 2.1 and 2.2
hereof.

    

    “Significant
Subsidiary” means any direct or indirect Subsidiary of the Company that would be
a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act of 1933, as amended, as such
regulation is in effect on the date hereof.

    

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

    

    “Subsidiary”
of any specified person means any corporation of which at least a majority of
the outstanding stock having by the terms thereof ordinary voting power for the
election of directors of such corporation (irrespective of whether or not at the
time stock of any other class or classes of such corporation shall have or might
have voting power by reason of the happening of any contingency) is at the time
directly or indirectly owned by such person, or by one or more other
Subsidiaries, or by such person and one or more other Subsidiaries.

    

    “TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in
effect on the date of this Indenture;  provided ,  however ,
that in the event the Trust Indenture Act of 1939 is amended after such date,
“TIA” means, to the extent required by any such amendment, the Trust Indenture
Act as so amended.

    

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

    

    “U.S.
Government Obligations” means securities which are (i) direct obligations of The
United States of America for the payment of which its full faith and credit is
pledged or (ii) obligations of a person controlled or supervised by and acting
as an agency or instrumentality of The United States of America the payment of
which is unconditionally guaranteed as a full faith and credit obligation by The
United States of America, and which in the case of (i) and (ii) are not callable
or redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect
to any such U.S. Government Obligation or a specific payment of interest on or
principal of any such U.S. Government Obligation held by such custodian for the
account of the holder of a depository receipt, provided  that (except
as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depository receipt from any amount
received by the custodian in respect of the U.S. Government Obligation evidenced
by such depository receipt.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Section
1.2.           Other
Definitions.

    

    
      
        	
                Term

              	
                Defined
      In Section

              
	
                “Bankruptcy
      Law”

              	
                6.1

              
	
                “Custodian”

              	
                6.1

              
	
                “Event
      of Default”

              	
                6.1

              
	
                “Journal”

              	
                10.15

              
	
                “Judgment
      Currency”

              	
                10.16

              
	
                “Legal
      Holiday”

              	
                10.7

              
	
                “mandatory
      sinking fund payment”

              	
                11.1

              
	
                “Market
      Exchange Rate”

              	
                10.15

              
	
                “New
      York Banking Day”

              	
                10.16

              
	
                “optional
      sinking fund payment”

              	
                11.1

              
	
                “Paying
      Agent”

              	
                2.4

              
	
                “Registrar”

              	
                2.4

              
	
                “Required
      Currency”

              	
                10.16

              
	
                “Service
      Agent”

              	
                2.4

              
	
                “successor
      person”

              	
                5.1

              

      

    

    

    Section
1.3.           Incorporation by Reference
of Trust Indenture Act.

    

    Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture.  The following TIA
terms used in this Indenture have the following meanings:

    

    “Commission”
means the SEC.

    

    “indenture
securities” means the Securities.

    

    “indenture
security holder” means a Securityholder.

    

    “indenture
to be qualified” means this Indenture.

    

    “indenture
trustee” or “institutional trustee” means the Trustee.

    

    “obligor”
on the indenture securities means the Company and any successor obligor upon the
Securities.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    All other
terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule under the TIA and not
otherwise defined herein are used herein as so defined.

    

    Section
1.4.           Rules of
Construction.

    

    Unless
the context otherwise requires:

    

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

    

    (b)           an
accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles;

    

    (c)           references
to “generally accepted accounting principles” shall mean generally accepted
accounting principles in effect as of the time when and for the period as to
which such accounting principles are to be applied;

    

    (d)          “or”
is not exclusive;

    

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

    

    (f)       
    provisions apply to successive events and
transactions;

    

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

    

    (h)          “including:
means including without limitation; and

    

    (i)           references
herein to Articles, Sections or other subdivisions are references to Articles,
Sections or such other subdivisions of this Indenture.

    

    ARTICLE
II.

    THE
SECURITIES

    

    Section
2.1.           Issuable in
Series.

    

    The
aggregate principal amount of Securities that may be authenticated and delivered
under this Indenture is unlimited.  The Securities may be issued in
one or more Series.  All Securities of a Series shall be identical
except as may be set forth in a Board Resolution, a supplemental indenture or an
Officers’ Certificate detailing the adoption of the terms thereof pursuant to
the authority granted under a Board Resolution.  In the case of
Securities of a Series to be issued from time to time, the Board Resolution,
Officers’ Certificate or supplemental indenture may provide for the method by
which specified terms (such as interest rate, maturity date, record date or date
from which interest shall accrue) are to be determined.  Securities
may differ between Series in respect of any matters, provided that all Series of
Securities shall be equally and ratably entitled to the benefits of the
Indenture.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    Section
2.2.           Establishment of Terms of
Series of Securities.

    

    At or
prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection 2.2.1 and
either as to such Securities within the Series or as to the Series generally in
the case of Subsections 2.2.2 through 2.2.22) by a Board Resolution, a
supplemental indenture or an Officers’ Certificate pursuant to authority granted
under a Board Resolution:

    

    2.2.1       the
title of the Series (which shall distinguish the Securities of that particular
Series from the Securities of any other Series);

    

    2.2.2       the
price or prices (expressed as a percentage of the principal amount thereof) at
which the Securities of the Series will be issued;

    

    2.2.3       any
limit upon the aggregate principal amount of the Securities of the Series which
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8,
2.11, 3.6 or 9.6);

    

    2.2.4       the
date or dates on which the principal of the Securities of the Series is
payable;

    

    2.2.5       the
rate or rates (which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not limited to, any
commodity, commodity index, stock exchange index or financial index) at which
the Securities of the Series shall bear interest, if any, the date or dates from
which such interest, if any, shall accrue, the date or dates on which such
interest, if any, shall commence and be payable and any regular record date for
the interest payable on any interest payment date;

    

    2.2.6       the
place or places where the principal of and interest, if any, on the Securities
of the Series shall be payable, or the method of such payment, if by wire
transfer, mail or other means;

    

    2.2.7       if
applicable, the period or periods within which, the price or prices at which and
the terms and conditions upon which the Securities of the Series may be
redeemed, in whole or in part, at the option of the Company;

    

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

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    2.2.9       the
dates, if any, on which and the price or prices at which the Securities of the
Series will be repurchased by the Company at the option of the Holders thereof
and other detailed terms and provisions of such repurchase
obligations;

    

    2.2.10    
if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the Series shall be
issuable;

    

    2.2.11     the
forms of the Securities of the Series in fully registered form (and, if in fully
registered form, whether the Securities will be issuable as Global
Securities);

    

    2.2.12     if
other than the principal amount thereof, the portion of the principal amount of
the Securities of the Series that shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.2;

    

    2.2.13     the
currency of denomination of the Securities of the Series, which may be Dollars
or any Foreign Currency, including, but not limited to, the ECU, and if such
currency of denomination is a composite currency other than the ECU, the agency
or organization, if any, responsible for overseeing such composite
currency;

    

    2.2.14     the
designation of the currency, currencies or currency units in which payment of
the principal of and interest, if any, on the Securities of the Series will be
made;

    

    2.2.15     if
payments of principal of or interest, if any, on the Securities of the Series
are to be made in one or more currencies or currency units other than that or
those in which such Securities are denominated, the manner in which the exchange
rate with respect to such payments will be determined;

    

    2.2.16     the
manner in which the amounts of payment of principal of or interest, if any, on
the Securities of the Series will be determined, if such amounts may be
determined by reference to an index based on a currency or currencies or by
reference to a commodity, commodity index, stock exchange index or financial
index;

    

    2.2.17     the
provisions, if any, relating to any security provided for the Securities of the
Series;

    

    2.2.18     if
the holders of Securities of the Series may convert or exchange the Securities
into or for securities of the Issuer or of other entities or other property, the
period or periods within which, the rate or rates at which and the terms and
conditions upon which Securities of the Series may be converted or exchanged, in
whole or in part;

    

    2.2.19     any
addition to or change in the Events of Default which applies to any Securities
of the Series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 6.2;

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    2.2.20     any
addition to or change in the covenants set forth in Articles IV or V which
applies to Securities of the Series;

    

    2.2.21     any
other terms of the Securities of the Series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by
Section 9.1, but which may modify or delete any provision of this Indenture
insofar as it applies to such Series); and

    

    2.2.22     any
depositories, interest rate calculation agents, exchange rate calculation agents
or other agents with respect to Securities of such Series if other than those
appointed herein.

    

    All
Securities of any one Series need not be issued at the same time and may be
issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution, supplemental indenture or
Officers’ Certificate referred to above, and the authorized principal amount of
any Series may not be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution,
supplemental indenture or Officers’ Certificate.

    

    Section
2.3.           Execution and
Authentication.

    

    Two
Officers shall sign the Securities for the Company by manual or facsimile
signature.

    

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

    

    A
Security shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.  The signature shall be conclusive
evidence that the Security has been authenticated under this
Indenture.

    

    The
Trustee shall at any time, and from time to time, authenticate Securities for
original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the
Trustee of a Company Order.  Such Company Order may authorize
authentication and delivery pursuant to oral or electronic instructions from the
Company or its duly authorized agent or agents, which oral instructions shall be
promptly confirmed in writing.  Each Security shall be dated the date
of its authentication unless otherwise provided by a Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate.

    

    The
aggregate principal amount of Securities of any Series outstanding at any time
may not exceed any limit upon the maximum principal amount for such Series set
forth in the Board Resolution, supplemental indenture hereto or Officers’
Certificate delivered pursuant to Section 2.2, except as provided in Section
2.8.

    

    Prior to
the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.2) shall be fully protected in relying on: (a) the Board
Resolution, supplemental indenture hereto or Officers’ Certificate establishing
the form of the Securities of that Series or of Securities within that Series
and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an
Opinion of Counsel complying with Section 10.4.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    The
Trustee shall have the right to decline to authenticate and deliver any
Securities of such Series: (a) if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken; or (b) if the Trustee in
good faith by its board of directors or trustees, executive committee or a trust
committee of Responsible Officers shall determine that such action would expose
the Trustee to personal liability to Holders of any then outstanding Series of
Securities.

    

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

    

    Section
2.4.           Registrar and Paying
Agent.

    

    The
Company shall maintain, with respect to each Series of Securities, at the place
or places specified with respect to such Series pursuant to Section 2.2, an
office or agency where Securities of such Series may be presented or surrendered
for payment (“Paying Agent”), where Securities of such Series may be surrendered
for registration of transfer or exchange (“Registrar”) and where notices and
demands to or upon the Company in respect of the Securities of such Series and
this Indenture may be served (“Service Agent”).  The Registrar shall
keep a register with respect to each Series of Securities and to their transfer
and exchange.  The Company will give prompt written notice to the
Trustee of the name and address, and any change in the name or address, of each
Registrar, Paying Agent or Service Agent.  If at any time the Company
shall fail to maintain any such required Registrar, Paying Agent or Service
Agent or shall fail to furnish the Trustee with the name and address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

    

    The
Company may also from time to time designate one or more co-registrars,
additional paying agents or additional service agents and may from time to time
rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligations to
maintain a Registrar, Paying Agent and Service Agent in each place so specified
pursuant to Section 2.2 for Securities of any Series for such
purposes.  The Company will give prompt written notice to the Trustee
of any such designation or rescission and of any change in the name or address
of any such co-registrar, additional paying agent or additional service
agent.  The term “Registrar” includes any co-registrar; the term
“Paying Agent” includes any additional paying agent; and the term “Service
Agent” includes any additional service agent.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    The
Company hereby appoints the Trustee the initial Registrar, Paying Agent and
Service Agent for each Series unless another Registrar, Paying Agent or Service
Agent, as the case may be, is appointed prior to the time Securities of that
Series are first issued.

    

    Section
2.5.           Paying Agent to Hold Money
in Trust.

    

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

    

    Section
2.6.           Securityholder
Lists.

    

    The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Securityholders
of each Series of Securities and shall otherwise comply with TIA Section
312(a).  If the Trustee is not the Registrar, the Company shall
furnish to the Trustee at least ten days before each interest payment date and
at such other times as the Trustee may request in writing a list, in such form
and as of such date as the Trustee may reasonably require, of the names and
addresses of Securityholders of each Series of Securities.

    

    Section
2.7.           Transfer and
Exchange.

    

    Where
Securities of a Series are presented to the Registrar or a co-registrar with a
request to register a transfer or to exchange them for an equal principal amount
of Securities of the same Series, the Registrar shall register the transfer or
make the exchange if its requirements for such transactions are
met.  To permit registrations of transfers and exchanges, the Trustee
shall authenticate Securities at the Registrar’s request.  No service
charge shall be made for any registration of transfer or exchange (except as
otherwise expressly permitted herein), but the Company may require payment of a
sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith (other than any such transfer tax or similar
governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or
9.6).

    

    Neither
the Company nor the Registrar shall be required (a) to issue, register the
transfer of, or exchange Securities of any Series for the period beginning at
the opening of business fifteen days immediately preceding the mailing of a
notice of redemption of Securities of that Series selected for redemption and
ending at the close of business on the day of such mailing, or (b) to register
the transfer of or exchange Securities of any Series selected, called or being
called for redemption as a whole or the portion being redeemed of any such
Securities selected, called or being called for redemption in
part.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    Section
2.8.           Mutilated, Destroyed, Lost
and Stolen Securities.

    

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

    

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

    

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

    

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

    

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

    

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

    

    Section
2.9.           Outstanding
Securities.

    

    The
Securities outstanding at any time are all the Securities authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest on a Global Security effected by the Trustee in
accordance with the provisions hereof and those described in this Section as not
outstanding.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    If a
Security is replaced pursuant to Section 2.8, it ceases to be outstanding until
the Trustee receives proof satisfactory to it that the replaced Security is held
by a bona fide purchaser.

    

    If the
Paying Agent (other than the Company, a Subsidiary or an Affiliate of any
thereof) holds on the Maturity of Securities of a Series money sufficient to pay
such Securities payable on that date, then on and after that date such
Securities of the Series cease to be outstanding and interest on them ceases to
accrue.

    

    A
Security does not cease to be outstanding because the Company or an Affiliate
holds the Security.

    

    In
determining whether the Holders of the requisite principal amount of outstanding
Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of a Discount Security that
shall be deemed to be outstanding for such purposes shall be the amount of the
principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section 6.2.

    

    Section
2.10.         Treasury
Securities.

    

    In
determining whether the Holders of the required principal amount of Securities
of a Series have concurred in any request, demand, authorization, direction,
notice, consent or waiver Securities of a Series owned by the Company or an
Affiliate shall be disregarded, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent or waiver only Securities of a Series
that a Responsible Officer of the Trustee knows are so owned shall be so
disregarded.

    

    Section
2.11.         Temporary
Securities.

    

    Until
definitive Securities are ready for delivery, the Company may prepare and the
Trustee shall authenticate temporary Securities upon a Company
Order.  Temporary Securities shall be substantially in the form of
definitive Securities but may have variations that the Company considers
appropriate for temporary Securities.  Without unreasonable delay, the
Company shall prepare and the Trustee upon request shall authenticate definitive
Securities of the same Series and date of maturity in exchange for temporary
Securities.  Until so exchanged, temporary Securities shall have the
same rights under this Indenture as the definitive Securities.

    

    Section
2.12.         Cancellation.

    

    The
Company at any time may deliver Securities to the Trustee for
cancellation.  The Registrar and the Paying Agent shall forward to the
Trustee any Securities surrendered to them for registration of transfer,
exchange or payment.  The Trustee shall cancel all Securities
surrendered for transfer, exchange, payment, replacement or cancellation and
shall destroy such canceled Securities (subject to the record retention
requirement of the Exchange Act) and deliver a certificate of such destruction
to the Company, unless the Company otherwise directs.  The Company may
not issue new Securities to replace Securities that it has paid or delivered to
the Trustee for cancellation.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    Section
2.13.         Defaulted
Interest.

    

    If the
Company defaults in a payment of interest on a Series of Securities, it shall
pay the defaulted interest, plus, to the extent permitted by law, any interest
payable on the defaulted interest, to the persons who are Securityholders of the
Series on a subsequent special record date.  The Company shall fix the
record date and payment date.  At least 30 days before the record
date, the Company shall mail to the Trustee and to each Securityholder of the
Series a notice that states the record date, the payment date and the amount of
interest to be paid.  The Company may pay defaulted interest in any
other lawful manner.

    

    Section
2.14.         Global
Securities.

    

    2.14.1     Terms of
Securities.  A Board Resolution, a supplemental indenture
hereto or an Officers’ Certificate shall establish whether the Securities of a
Series shall be issued in whole or in part in the form of one or more Global
Securities and the Depositary for such Global Security or
Securities.

    

    2.14.2     Transfer and
Exchange.  Notwithstanding any provisions to the contrary
contained in Section 2.7 of the Indenture and in addition thereto, any Global
Security shall be exchangeable pursuant to Section 2.7 of the Indenture for
Securities registered in the names of Holders other than the Depositary for such
Security or its nominee only if (i) such Depositary notifies the Company that it
is unwilling or unable to continue as Depositary for such Global Security or if
at any time such Depositary ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor
Depositary within 90 days of such event, (ii) the Company executes and delivers
to the Trustee an Officers’ Certificate to the effect that such Global Security
shall be so exchangeable or (iii) an Event of Default with respect to the
Securities represented by such Global Security shall have happened and be
continuing.  Any Global Security that is exchangeable pursuant to the
preceding sentence shall be exchangeable for Securities registered in such names
as the Depositary shall direct in writing in an aggregate principal amount equal
to the principal amount of the Global Security with like tenor and
terms.

    

    Except as
provided in this Section 2.14.2, a Global Security may not be transferred except
as a whole by the Depositary with respect to such Global Security to a nominee
of such Depositary, by a nominee of such Depositary to such Depositary or
another nominee of such Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such a successor
Depositary.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    2.14.3     Legend.  Unless
otherwise provided pursuant to Section 2.2, any Global Security issued hereunder
shall bear a legend in substantially the following form:

    

    “This
Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of the Depositary or a nominee of the
Depositary.  This Security is exchangeable for Securities registered
in the name of a person other than the Depositary or its nominee only in the
limited circumstances described in the Indenture, and may not be transferred
except as a whole by the Depositary to a nominee of the Depositary, by a nominee
of the Depositary to the Depositary or another nominee of the Depositary or by
the Depositary or any such nominee to a successor Depositary or a nominee of
such a successor Depositary.”

    

    2.14.4     Acts of
Holders.  The Depositary, as a Holder, may appoint agents and
otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under the Indenture.

    

    2.14.5     Payments.  Notwithstanding
the other provisions of this Indenture, unless otherwise specified as
contemplated by Section 2.2, payment of the principal of, premium, if any, and
interest, if any, on any Global Security shall be made to the Holder
thereof.

    

    2.14.6    
Consents, Declaration
and Directions.  Except as provided in Section 2.14.5, the
Company, the Trustee and any Agent shall treat a person as the Holder of such
principal amount of outstanding Securities of such Series represented by a
Global Security as shall be specified in a written statement of the Depositary
with respect to such Global Security, for purposes of obtaining any consents,
declarations, waivers or directions required to be given by the Holders pursuant
to this Indenture.

    

    Section
2.15.         CUSIP
Numbers.

    

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

    

    ARTICLE
III.

    REDEMPTION

    

    Section
3.1.           Notice to
Trustee.

    

    The
Company may, with respect to any Series of Securities, reserve the right to
redeem and pay the Series of Securities or may covenant to redeem and pay the
Series of Securities or any part thereof prior to the Stated Maturity thereof at
such time and on such terms as provided for in such Securities.  If a
Series of Securities is redeemable and the Company wants or is obligated to
redeem prior to the Stated Maturity thereof all or part of the Series of
Securities pursuant to the terms of such Securities, it shall notify the Trustee
of the redemption date and the principal amount of Series of Securities to be
redeemed.  The Company shall give the notice at least 45 days before
the redemption date (or such shorter notice as may be acceptable to the
Trustee).

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    Section
3.2.           Selection of Securities to
be Redeemed.

    

    Unless
otherwise indicated for a particular Series by a Board Resolution, a
supplemental indenture or an Officers’ Certificate, if less than all the
Securities of a Series are to be redeemed, the Trustee shall select the
Securities of the Series to be redeemed in any manner that the Trustee deems
fair and appropriate.  The Trustee shall make the selection from
Securities of the Series outstanding not previously called for
redemption.  The Trustee may select for redemption portions of the
principal of Securities of the Series that have denominations larger than
$1,000.  Securities of the Series and portions of them it selects
shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to
Securities of any Series issuable in other denominations pursuant to Section
2.2.10, the minimum principal denomination for each Series and integral
multiples thereof.  Provisions of this Indenture that apply to
Securities of a Series called for redemption also apply to portions of
Securities of that Series called for redemption.

    

    Section
3.3.           Notice of
Redemption.

    

    Unless
otherwise indicated for a particular Series by a Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate, at least 30 days but
not more than 60 days before a redemption date, the Company shall deliver a
notice of redemption by first-class mail or electronically to each Holder whose
Securities are to be redeemed.

    

    The
notice shall identify the Securities of the Series to be redeemed and shall
state:

    

    (a)           the
redemption date;

    

    (b)          the
redemption price;

    

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

    

    (d)          that
Securities of the Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price;

    

    (e)           that
interest on Securities of the Series called for redemption ceases to accrue on
and after the redemption date; and

    

    (f)           any
other information as may be required by the terms of the particular Series or
the Securities of a Series being redeemed.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    At the
Company’s request, the Trustee shall give the notice of redemption in the
Company’s name.

    

    Section
3.4.           Effect of Notice of
Redemption.

    

    Once
notice of redemption is delivered as provided in Section 3.3, Securities of a
Series called for redemption become due and payable on the redemption date and
at the redemption price.  A notice of redemption may not be
conditional.  Upon surrender to the Paying Agent, such Securities
shall be paid at the redemption price plus accrued interest to the redemption
date.

    

    Section
3.5.           Deposit of Redemption
Price.

    

    On or
before the redemption date, the Company shall deposit with the Paying Agent
money sufficient to pay the redemption price of and accrued interest, if any, on
all Securities to be redeemed on that date.

    

    Section
3.6.           Securities Redeemed in
Part.

    

    Upon
surrender of a Security that is redeemed in part, the Trustee shall authenticate
for the Holder a new Security of the same Series and the same Maturity equal in
principal amount to the unredeemed portion of the Security
surrendered.

    

    ARTICLE
IV.

    COVENANTS

    

    Section
4.1.           Payment of Principal and
Interest.

    

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

    

    Section
4.2.           SEC
Reports.

    

    The
Company shall deliver to the Trustee within 15 days after it files them with the
SEC copies of the annual reports and of the information, documents, and other
reports (or copies of such portions of any of the foregoing as the SEC may by
rules and regulations prescribe) which the Company is required to file with the
SEC pursuant to Section 13 or 15(d) of the Exchange Act.  The Company
also shall comply with the other provisions of TIA Section 314(a).

    

    Section
4.3.           Compliance
Certificate.

    

    The
Company shall deliver to the Trustee, within 90 days after the end of each
fiscal year of the Company, an Officers’ Certificate stating that a review of
the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his knowledge the Company has
kept, observed, performed and fulfilled each and every covenant contained in
this Indenture and is not in default in the performance or observance of any of
the terms, provisions and conditions hereof (or, if a Default or Event of
Default shall have occurred, describing all such Defaults or Events of Default
of which he may have knowledge).

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    The
Company will, so long as any of the Securities are outstanding, deliver to the
Trustee, forthwith upon becoming aware of any Default or Event of Default, an
Officers’ Certificate specifying such Default or Event of Default and what
action the Company is taking or proposes to take with respect
thereto.

    

    Section
4.4.           Stay, Extension and Usury
Laws.

    

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

    

    Section
4.5.           Corporate
Existence.

    

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

    

    Section
4.6.           Taxes.

    

    The
Company shall, and shall cause each of its Significant Subsidiaries to, pay
prior to delinquency all taxes, assessments and governmental levies, except as
contested in good faith and by appropriate proceedings.

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

    ARTICLE
V.

    SUCCESSORS

    

    Section
5.1.               When Company May Merge,
Etc.

    

     
The Company shall not consolidate with or merge into, or sell, convey, transfer
or lease all or substantially all of its properties and assets to, any person (a
“successor person”), and may not permit any person to merge into, or convey,
transfer or lease its properties and assets substantially as an entirety to, the
Company, unless:

    

    (a)          
the successor person (if any) is a corporation, partnership, trust or other
entity organized and validly existing under the laws of any U.S. domestic
jurisdiction and expressly assumes the Company’s obligations on the Securities
and under this Indenture and

    

    (b)          
immediately after giving effect to the transaction, no Default or Event of
Default, shall have occurred and be continuing.

    

     
The Company shall deliver to the Trustee prior to the consummation of the
proposed transaction an Officers’ Certificate to the foregoing effect and an
Opinion of Counsel stating that the proposed transaction and such supplemental
indenture comply with this Indenture.

    

    Section
5.2.    
          Successor Corporation
Substituted.

    

      
Upon any consolidation or merger, or any sale, lease, conveyance or other
disposition of all or substantially all of the assets of the Company in
accordance with Section 5.1, the successor corporation, partnership, trust or
other entity organized and validly existing under the laws of any U.S. domestic
jurisdiction formed by such consolidation or into or with which the Company is
merged or to which such sale, lease, conveyance or other disposition 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 has been named as the Company herein;  provided
,  however , that the predecessor Company in the case of a sale,
lease, conveyance or other disposition shall not be released from the obligation
to pay the principal of and interest, if any, on the Securities.

    

    ARTICLE
VI.

    DEFAULTS
AND REMEDIES

    

    Section
6.1.    
          Events of
Default.

    

     
“Event of Default,” wherever used herein with respect to Securities of any
Series, means any one of the following events, unless in the establishing Board
Resolution, supplemental indenture or Officers’ Certificate, it is provided that
such Series shall not have the benefit of said Event of
Default:

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    (a)           default
in the payment of any interest on any Security of that Series when it becomes
due and payable, and continuance of such default for a period of 30 days (unless
the entire amount of such payment is deposited by the Company with the Trustee
or with a Paying Agent prior to the expiration of such period of 30 days);
or

    

    (b)           default
in the payment of the principal of any Security of that Series at its Maturity;
or

    

    (c)           default
in the deposit of any sinking fund payment, when and as due in respect of any
Security of that Series; or

    

    (d)           default
in the performance or breach of any covenant or warranty of the Company in this
Indenture (other than a covenant or warranty that has been included in this
Indenture solely for the benefit of Series of Securities other than that
Series), which default continues uncured for a period of 60 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in principal amount
of the outstanding Securities of that Series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice
is a “Notice of Default” hereunder; or

    

    (e)           the
Company pursuant to or within the meaning of any Bankruptcy Law:

    

    (i)      
     commences a voluntary case,

    

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

    

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

    

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

    

    (v)           generally
is unable to pay its debts as the same become due; or

    

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

    

    (i)  
         is for relief against the
Company in an involuntary case,

    

    (ii)           appoints
a Custodian of the Company or for all or substantially all of its property,
or

    

    (iii)          orders
the liquidation of the Company,

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

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

     

    (g)        
  any other Event of Default provided with respect to Securities of
that Series, which is specified in a Board Resolution, a supplemental indenture
hereto or an Officers’ Certificate, in accordance with Section
2.2.19.

    

    The term
“Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law
for the relief of debtors.  The term “Custodian” means any receiver,
trustee, assignee, liquidator or similar official under any Bankruptcy
Law.

    

    Section
6.2.         
     Acceleration of Maturity;
Rescission and Annulment.

    

    If an
Event of Default with respect to Securities of any Series at the time
outstanding occurs and is continuing (other than an Event of Default referred to
in Section 6.1(e) or (f)) then in every such case the Trustee or the Holders of
not less than 25% in principal amount of the outstanding Securities of that
Series may declare the principal amount (or, if any Securities of that Series
are Discount Securities, such portion of the principal amount as may be
specified in the terms of such Securities) of and accrued and unpaid interest,
if any, on all of the Securities of that Series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified
amount) and accrued and unpaid interest, if any, shall become immediately due
and payable.  If an Event of Default specified in Section 6.1(e) or
(f) shall occur, the principal amount (or specified amount) of and accrued and
unpaid interest, if any, on all outstanding Securities shall ipso facto become
and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder.

    

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

    

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

    

    (i)    
       all overdue interest, if any, on all
Securities of that Series,

    

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

    

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

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

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

    

      
and

    

    (b)          all
Events of Default with respect to Securities of that Series, other than the
non-payment of the principal of Securities of that Series 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
6.3.               Collection of Indebtedness
and Suits for Enforcement by Trustee.

    

    The
Company covenants that if

    

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

    

    (b)          default
is made in the payment of principal of any Security at the Maturity thereof,
or

    

    (c)          default
is made in the deposit of any sinking fund payment when and as due by the terms
of a Security,

    

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

    

    If the
Company fails to pay such amounts forthwith upon such demand, the Trustee, in
its own name and 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 deemed 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 any Securities of any Series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such Series by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    Section
6.4.             
  Trustee
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, the
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 the Trustee shall have made any demand on the Company
for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

    

    (a)           to
file and prove a claim for the whole amount of principal and interest 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 the Trustee
(including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and of the Holders allowed
in such judicial proceeding, and

    

    (b)           to
collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same, and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.7.

    

    Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

    

    Section
6.5.           
   Trustee May Enforce Claims
Without Possession of Securities.

    

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

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

     

    Section
6.6.               Application of Money
Collected.

    

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

    

    First:  To
the payment of all amounts due the Trustee under Section 7.7; and

    

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

    

    Third:  To
the Company.

    

    Section
6.7.               Limitation on
Suits.

    

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

    

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

    

    (b)           the
Holders of not less than 25% in principal amount of the outstanding Securities
of that Series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee
hereunder;

    

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

    

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

    

    (e)           no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the outstanding Securities of that Series;

    

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

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    Section
6.8.           
    Unconditional Right of
Holders to Receive Principal 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 of the principal
of and interest, if any, on such Security on the Stated Maturity or Stated
Maturities expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such
Holder.

    

    Section
6.9.       
       Restoration of Rights and
Remedies.

    

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

    

    Section
6.10.        
    Rights and Remedies
Cumulative.

    

    Except as
otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

    

    Section
6.11.           
 Delay or
Omission Not Waiver.

    

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

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    

    Section
6.12.            
Control by
Holders.

    

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

    

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

    

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

    

    (c)           subject
to the provisions of Section 6.1, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall, by a Responsible
Officer of the Trustee, determine that the proceeding so directed would involve
the Trustee in personal liability.

    

    Section
6.13.       
     Waiver of Past
Defaults.

    

    Subject
to Section 6.2, the Holders of not less than a majority in principal amount of
the outstanding Securities of any Series may on behalf of the Holders of all the
Securities of such Series waive any past Default hereunder with respect to such
Series and its consequences, except a Default in the payment of the principal of
or interest on any Security of such Series (provided, however, that the Holders
of a majority in principal amount of the outstanding Securities of any Series
may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration).  Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

    

    Section
6.14.        
     Undertaking for
Costs.

    

    All
parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in
its discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the outstanding Securities of any Series, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of or interest on
any Security on or after the Stated Maturity or Stated Maturities expressed in
such Security (or, in the case of redemption, on the redemption
date).

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    

    ARTICLE
VII.

    TRUSTEE

    

    Section
7.1.               Duties of
Trustee.

    

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

    

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

    

    (i)           The
Trustee need perform only those duties that are specifically set forth in this
Indenture and no others.

    

    (ii)           In
the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon Officers’ Certificates or Opinions of Counsel furnished to the
Trustee and conforming to the requirements of this
Indenture;  however, in the case of any such Officers’ Certificates or
Opinions of Counsel which by any provisions hereof are specifically required to
be furnished to the Trustee, the Trustee shall examine such Officers’
Certificates and Opinions of Counsel to determine whether or not they conform to
the requirements of this Indenture.

    

    (c)             
No provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act or its
own willful misconduct, except that:

    

    (i)   
        This paragraph does not limit
the effect of paragraph (b) of this Section.

    

    (ii)           The
Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts.

    

    (iii)           The
Trustee shall not be liable with respect to any action taken, suffered or
omitted to be taken by it with respect to Securities of any Series in good faith
in accordance with the direction of the Holders of a majority in principal
amount of the outstanding Securities of such Series relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee, under this
Indenture with respect to the Securities of such Series.

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    

    (d)             
 Every provision of this Indenture that in any way relates to the Trustee
is subject to paragraph (a), (b) and (c) of this Section.

    

    (e)          
    The Trustee may refuse to perform any duty or exercise
any right or power unless it receives indemnity satisfactory to it against any
loss, liability or expense.

    

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

    

    (g)          
    No provision of this Indenture shall require the Trustee
to risk its own funds or otherwise incur any financial liability in the
performance of any of its duties, or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk is not reasonably assured to
it.

    

    (h)          
    The Paying Agent, the Registrar and any authenticating
agent shall be entitled to the protections and immunities as are set forth in
paragraphs (a), (b) and (c) of this Section with respect to the
Trustee.

    

    Section
7.2.           
   Rights of
Trustee.

    

    (a)       
       The Trustee may rely on and shall be
protected in acting or refraining from acting upon any document believed by it
to be genuine and to have been signed or presented by the proper
person.  The Trustee need not investigate any fact or matter stated in
the document.

    

    (b)      
        Before the Trustee acts or
refrains from acting, it may require an Officers’ Certificate or an Opinion of
Counsel.  The Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel.

    

    (c)         
     The Trustee may act through agents and shall not
be responsible for the misconduct or negligence of any agent appointed with due
care.  No Depositary shall be deemed an agent of the Trustee and the
Trustee shall not be responsible for any act or omission by any
Depositary.

    

    (d)        
      The Trustee shall not be liable for any
action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers.

    

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

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    

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

    

    Section
7.3.                Individual Rights of
Trustee.

    

    The
Trustee in its individual or any other capacity may become the owner or pledgee
of Securities and may otherwise deal with the Company or an Affiliate with the
same rights it would have if it were not Trustee.  Any Agent may do
the same with like rights.  The Trustee is also subject to Sections
7.10 and 7.11.

    

    Section
7.4.              
Trustee’s
Disclaimer.

    

    The
Trustee makes no representation as to the validity or adequacy of this Indenture
or the Securities, it shall not be accountable for the Company’s use of the
proceeds from the Securities, and it shall not be responsible for any statement
in the Securities other than its authentication.

    

    Section
7.5.              
Notice of
Defaults.

    

    If a
Default or Event of Default occurs and is continuing with respect to the
Securities of any Series and if it is known to a Responsible Officer of the
Trustee, the Trustee shall mail (first-class, postage prepaid) or electronically
deliver to each Securityholder of the Securities of that Series the notice of a
Default or Event of Default within 90 days after it occurs or, if later, after a
Responsible Officer of the Trustee has knowledge of such Default or Event of
Default.  Except in the case of a Default or Event of Default in
payment of principal of or interest on any Security of any Series, the Trustee
may withhold the notice if and so long as its corporate trust committee or a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of Securityholders of that Series.

    

    Section
7.6.              
Reports by Trustee to
Holders.

    

    Within 60
days after May 15 in each year, the Trustee shall transmit by mail or
electronically to all Securityholders a brief report dated as of such May 15, in
accordance with, and to the extent required under, TIA Section 313.

    

    A copy of
each report at the time of its mailing to Securityholders of any Series shall be
filed with the SEC and each stock exchange on which the Securities of that
Series are listed.  The Company shall promptly notify the Trustee when
Securities of any Series are listed on any stock exchange.

    

    Section
7.7.              
 Compensation and
Indemnity.

    

    The
Company shall pay to the Trustee from time to time reasonable compensation for
its services.  The Trustee’s compensation shall not be limited by any
law on compensation of a trustee of an express trust.  The Company
shall reimburse the Trustee upon request for all reasonable out-of-pocket
expenses incurred by it.  Such expenses shall include the reasonable
compensation and expenses of the Trustee’s agents and counsel.

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    

    The
Company shall indemnify the Trustee (including the cost of defending itself)
against any loss, liability or expense incurred by it except as set forth in the
next paragraph in the performance of its duties under this Indenture as Trustee
or Agent.  The Trustee shall notify the Company promptly of any claim
for which it may seek indemnity.  The Company shall defend the claim
and the Trustee shall cooperate in the defense.  The Trustee may have
separate counsel and the Company shall pay the reasonable fees and expenses of
such counsel.  The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably
withheld.  This indemnification shall apply to officers, directors,
employees, shareholders and agents of the Trustee.

    

    The
Company need not reimburse any expense or indemnify against any loss or
liability incurred by the Trustee or by any officer, director, employee,
shareholder or agent of the Trustee through negligence, bad faith or willful
misconduct.

    

    To secure
the Company’s payment obligations in this Section, the Trustee shall have a lien
prior to the Securities of any Series on all money or property held or collected
by the Trustee, except that held in trust to pay principal and interest on
particular Securities of that Series.

    

    When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.1(e) or (f) occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any
Bankruptcy Law.

    

    Section
7.8.            
   Replacement of
Trustee.

    

    A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section.

    

    The
Trustee may resign with respect to the Securities of one or more Series by so
notifying the Company.  The Holders of a majority in principal amount
of the Securities of any Series may remove the Trustee with respect to that
Series by so notifying the Trustee and the Company.  The Company may
remove the Trustee with respect to Securities of one or more Series
if:

    

    (a)           the
Trustee fails to comply with Section 7.10;

    

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

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    

    (c)           a
Custodian or public officer takes charge of the Trustee or its property;
or

    

    (d)           the
Trustee becomes incapable of acting.

    

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

    

    If a
successor Trustee with respect to the Securities of any one or more Series does
not take office within 60 days after the retiring Trustee resigns or is removed,
the retiring Trustee, the Company or the Holders of at least 10% in principal
amount of the Securities of the applicable Series may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

    

    If the
Trustee with respect to the Securities of any one or more Series fails to comply
with Section 7.10, any Securityholder of the applicable Series may petition any
court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

    

    A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company.  Immediately after that, the
retiring Trustee shall transfer all property held by it as Trustee to the
successor Trustee subject to the lien provided for in Section 7.7, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
with respect to each Series of Securities for which it is acting as Trustee
under this Indenture.  A successor Trustee shall deliver by mail or
electronically a notice of its succession to each Securityholder of each such
Series.  Notwithstanding replacement of the Trustee pursuant to this
Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue
for the benefit of the retiring trustee with respect to expenses and liabilities
incurred by it prior to such replacement.

    

    Section
7.9.             
  Successor
Trustee by Merger, Etc.

    

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

    

    Section
7.10.    
        Eligibility;
Disqualification.

    

    This
Indenture shall always have a Trustee who satisfies the requirements of TIA
Section 310(a)(1), (2) and (5).  The Trustee shall always have a
combined capital and surplus of at least $25,000,000 as set forth in its most
recent published annual report of condition.  The Trustee shall comply
with TIA Section 310(b).

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    

    Section
7.11.            
Preferential
Collection of Claims Against Company.

    

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

    

    ARTICLE
VIII.

    SATISFACTION
AND DISCHARGE; DEFEASANCE

    

    Section
8.1.          
    Satisfaction and Discharge
of Indenture.

    

    This
Indenture shall upon Company Order cease to be of further effect (except as
hereinafter provided in this Section 8.1), and the Trustee, at the expense of
the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

    

    (a)           either

    

    (i)          all
Securities theretofore authenticated and delivered (other than Securities that
have been destroyed, lost or stolen and that have been replaced or paid) have
been delivered to the Trustee for cancellation; or

    

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

    

    (1)           have
become due and payable, or

    

    (2)           will
become due and payable at their Stated Maturity within one year, or

    

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

    

    (4)           are
deemed paid and discharged pursuant to Section 8.3, as applicable;

    

    and the
Company, in the case of (1), (2) or (3) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust an amount sufficient for the
purpose of paying and discharging the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal and
interest to the date of such deposit (in the case of Securities which have
become due and payable on or prior to the date of such deposit) or to the Stated
Maturity or redemption date, as the case may be;

    

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

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    

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

    

    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 7.7, and, if money shall have been deposited with
the Trustee pursuant to clause (a) of this Section, the provisions of Sections
2.4, 2.7, 2.8, 8.1, 8.2 and 8.5 shall survive.

    

    Section
8.2.              
Application of Trust
Funds; Indemnification.

    

    (a)           
    Subject to the provisions of Section 8.5, all money
deposited with the Trustee pursuant to Section 8.1, all money and U.S.
Government Obligations or Foreign Government Obligations deposited with the
Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in
respect of U.S. Government Obligations or Foreign Government Obligations
deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in
trust and applied by it, in accordance with the provisions of the Securities and
this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the persons entitled thereto, of the principal and interest for
whose payment such money has been deposited with or received by the Trustee or
to make mandatory sinking fund payments or analogous payments as contemplated by
Sections 8.3 or 8.4.

    

    (b)        
      The Company shall pay and shall indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against
U.S. Government Obligations or Foreign Government Obligations deposited pursuant
to Sections 8.3 or 8.4 or the interest and principal received in respect of such
obligations other than any payable by or on behalf of Holders.

    

    (c)             
 The Trustee shall deliver or pay to the Company from time to time upon
Company Request any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the
opinion of a nationally recognized firm of independent certified public
accountants expressed in a written certification thereof delivered to the
Trustee, are then in excess of the amount thereof which then would have been
required to be deposited for the purpose for which such U.S. Government
Obligations or Foreign Government Obligations or money were deposited or
received.  This provision shall not authorize the sale by the Trustee
of any U.S. Government Obligations or Foreign Government Obligations held under
this Indenture.

    

    Section
8.3.           
    Legal Defeasance of
Securities of any Series.

    

    Unless
this Section 8.3 is otherwise specified, pursuant to Section 2.2.21, to be
inapplicable to Securities of any Series, the Company shall be deemed to have
paid and discharged the entire indebtedness on all the outstanding Securities of
such Series on the 91st day after the date of the deposit referred to in
subparagraph (d) hereof, and the provisions of this Indenture, as it relates to
such outstanding Securities of such Series, shall no longer be in effect (and
the Trustee, at the expense of the Company, shall, at Company Request, execute
proper instruments acknowledging the same), except as to:

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

     

    (a)           the
rights of Holders of Securities of such Series to receive, from the trust funds
described in subparagraph (d) hereof, (i) payment of the principal of and each
installment of principal of and interest on the outstanding Securities of such
Series on the Stated Maturity of such principal or installment of principal or
interest and (ii) the benefit of any mandatory sinking fund payments applicable
to the Securities of such Series on the day on which such payments are due and
payable in accordance with the terms of this Indenture and the Securities of
such Series;

    

    (b)           the
provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

    

    (c)           the
rights, powers, trust and immunities of the Trustee hereunder;

    

    provided
that, the following conditions shall have been satisfied:

    

    (d)           the
Company shall have deposited or caused to be deposited irrevocably with the
Trustee 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 (i) in the case of Securities of such
Series denominated in Dollars, cash in Dollars (or such other money or
currencies as shall then be legal tender in the United States) and/or U.S.
Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money
and/or Foreign Government Obligations, which through the payment of interest and
principal in respect thereof, in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such
Trustee), not later than one day before the due date of any payment of money, an
amount in cash, sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal
(including mandatory sinking fund or analogous payments) of and interest, if
any, on all the Securities of such Series on the dates such installments of
interest or principal are due;

    

    (e)           such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

    

    (f)           no
Default or Event of Default with respect to the Securities of such Series shall
have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;

    

    (g)           the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that (i) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii)
since the date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall confirm that, the Holders of the
Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to Federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such deposit, defeasance
and discharge had not occurred;

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

    

    (h)           the
Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit was not made by the Company with the intent of preferring the
Holders of the Securities of such Series over any other creditors of the company
or with the intent of defeating, hindering, delaying or defrauding any other
creditors of the Company;

    

    (i)    
        such deposit shall not result in
the trust arising from such deposit constituting an investment company (as
defined in the Investment Company Act of 1940, as amended), or such trust shall
be qualified under such Act or exempt from regulation thereunder;
and

    

    (j)      
      the Company shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for relating to the defeasance contemplated by
this Section have been complied with.

    

    Section
8.4.             
  Covenant
Defeasance.

    

    Unless
this Section 8.4 is otherwise specified pursuant to Section 2.2.21 to be
inapplicable to Securities of any Series, on and after the 91st day after the
date of the deposit referred to in subparagraph (a) hereof, the Company may omit
to comply with any term, provision or condition set forth under Sections 4.2,
4.3, 4.4, 4.5, 4.6, and 5.1 as well as any additional covenants contained in a
supplemental indenture hereto for a particular Series of Securities or a Board
Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.21 (and
the failure to comply with any such covenants shall not constitute a Default or
Event of Default under Section 6.1) and the occurrence of any event described in
clause (e) of Section 6.1 shall not constitute a Default or Event of Default
hereunder, with respect to the Securities of such Series, provided that the
following conditions shall have been satisfied:

    

    (a)           With
reference to this Section 8.4, the Company has deposited or caused to be
irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as
trust funds in trust, specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of such Securities (i) in the case of Securities
of such Series denominated in Dollars, cash in Dollars (or such other money or
currencies as shall then be legal tender in the United States) and/or U.S.
Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money
and/or Foreign Government Obligations, which through the payment of interest and
principal in respect thereof, in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such
Trustee), not later than one day before the due date of any payment of money, an
amount in cash, sufficient, in the opinion of a nationally recognized firm of
independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, to pay principal and interest, if any, on and
any mandatory sinking fund in respect of the Securities of such Series on the
dates such installments of interest or principal are due;

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

    

    (b)           Such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

    

    (c)           No
Default or Event of Default with respect to the Securities of such Series shall
have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;

    

    (d)           the
Company shall have delivered to the Trustee an Opinion of Counsel confirming
that Holders of the Securities of such Series will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit and defeasance
and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such deposit and
defeasance had not occurred;

    

    (e)           the
Company shall have delivered to the Trustee an Officers’ Certificate stating the
deposit was not made by the Company with the intent of preferring the Holders of
the Securities of such Series over any other creditors of the Company or with
the intent of defeating, hindering, delaying or defrauding any other creditors
of the Company; and

    

    (f)           The
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the defeasance contemplated by this Section have been complied
with.

    

    Section
8.5.          
    Repayment to
Company.

    

    The
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal and interest that remains unclaimed
for two years.  After that, Securityholders entitled to the money must
look to the Company for payment as general creditors unless an applicable
abandoned property law designates another person.

    

    Section
8.6.         
     Reinstatement.

    

    If the
Trustee or Paying Agent is unable to apply any money or U.S. Government
Obligations in accordance with Sections 8.1, 8.3 or 8.4, as the case may be, by
reason of any legal proceeding or by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s obligations under this Indenture and the
Securities shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.1, 8.3 or 8.4, as the case may be, until such time as the
Trustee or Paying Agent is permitted to apply all such money or U.S. Government
Obligations in accordance with Section 8.1, 8.3 or 8.4, as the case may be;
provided, however, that if the Company makes any payment of principal of,
premium, if any, or interest on any Securities because of reinstatement of its
obligations, the Company shall be subrogated to the rights of the holders of
such Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent.

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

    

    ARTICLE
IX.

    AMENDMENTS
AND WAIVERS

    

    Section
9.1.               Without Consent of
Holders.

    

    The
Company and the Trustee may amend or supplement this Indenture or the Securities
of one or more Series without the consent of any Securityholder:

    

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

    

    (b)           to
comply with Article V;

    

    (c)           to
provide for uncertificated Securities in addition to or in place of certificated
Securities;

    

    (d)           to
make any change that does not adversely affect the rights of any
Securityholder;

    

    (e)           to
provide for the issuance of and establish the form and terms and conditions of
Securities of any Series as permitted by this Indenture;

    

    (f)       
    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;

    

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

    

    (h)           to
comply with any applicable prospectus or prospectus supplement.

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

    

    Section
9.2.              
 With Consent of
Holders.

    

    The
Company and the Trustee may enter into a supplemental indenture with the written
consent of the Holders of at least a majority in principal amount of the
outstanding Securities of each Series affected by such supplemental indenture
(including consents obtained in connection with a tender offer or exchange offer
for the Securities of such Series), for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Indenture
or of any supplemental indenture or of modifying in any manner the rights of the
Securityholders of each such Series.  Except as provided in Section
6.13, the Holders of at least a majority in principal amount of the outstanding
Securities of each Series affected by such waiver by notice to the Trustee
(including consents obtained in connection with a tender offer or exchange offer
for the Securities of such Series) may waive compliance by the Company with any
provision of this Indenture or the Securities with respect to such
Series.

    

    It shall
not be necessary for the consent of the Holders of Securities under this Section
9.2 to approve the particular form of any proposed supplemental indenture or
waiver, but it shall be sufficient if such consent approves the substance
thereof.  After a supplemental indenture or waiver under this Section
becomes effective, the Company shall deliver by mail or electronically to the
Holders of Securities affected thereby a notice briefly describing the
supplemental indenture or waiver.  Any failure by the Company to
deliver such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture or
waiver.

    

    Section
9.3.             
  Limitations.

    

    Without
the consent of each Securityholder affected, an amendment or waiver may
not:

    

    (a)           change
the amount of Securities whose Holders must consent to an amendment, supplement
or waiver;

    

    (b)           reduce
the rate of or extend the time for payment of interest (including default
interest) on any Security;

    

    (c)           reduce
the principal or change the Stated Maturity of any Security or reduce the amount
of, or postpone the date fixed for, the payment of any sinking fund or analogous
obligation;

    

    (d)           reduce
the principal amount of Discount Securities payable upon acceleration of the
maturity thereof;

    

    (e)           waive
a Default or Event of Default in the payment of the principal of or interest, if
any, on any Security (except a rescission of acceleration of the Securities of
any Series by the Holders of at least a majority in principal amount of the
outstanding Securities of such Series and a waiver of the payment default that
resulted from such acceleration);

    
      
         

      

      
        38

        
          

        

      

      
         

      

    

    

    (f)           make
the principal of or interest, if any, on any Security payable in any currency
other than that stated in the Security;

    

    (g)           make
any change in Sections 6.8, 6.13, 9.3 (this sentence), 10.15 or 10.16;
or

    

    (h)           waive
a redemption payment with respect to any Security or change any of the
provisions with respect to the redemption of any Securities.

    

    Section
9.4.               Compliance with Trust
Indenture Act.

    

    Every
amendment to this Indenture or the Securities of one or more Series shall be set
forth in a supplemental indenture hereto that complies with the TIA as then in
effect.

    

    Section
9.5.               Revocation and Effect of
Consents.

    

    Until an
amendment or waiver becomes effective, a consent to it by a Holder of a Security
is a continuing consent by the Holder and every subsequent Holder of a Security
or portion of a Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent is not made on any
Security.  However, any such Holder or subsequent Holder may revoke
the consent as to his Security or portion of a Security if the Trustee receives
the notice of revocation before the date the amendment or waiver becomes
effective.

    

    Any
amendment or waiver once effective shall bind every Securityholder of each
Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (g) of Section 9.3.  In that case, the
amendment or waiver shall bind each Holder of a Security who has consented to it
and every subsequent Holder of a Security or portion of a Security that
evidences the same debt as the consenting Holder’s Security.

    

    Section
9.6.             
 Notation on or
Exchange of Securities.

    

    The
Trustee may place an appropriate notation about an amendment or waiver on any
Security of any Series thereafter authenticated.  The Company in
exchange for Securities of that Series may issue and the Trustee shall
authenticate upon request new Securities of that Series that reflect the
amendment or waiver.

    

    Section
9.7.        
      Trustee
Protected.

    

    In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and
(subject to Section 7.1) shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture.  The Trustee shall sign all
supplemental indentures, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights.

    
      
         

      

      
        39

        
          

        

      

      
         

      

    

    

    ARTICLE
X.

    MISCELLANEOUS

    

    Section
10.1.         
    Trust Indenture Act
Controls.

    

    If any
provision of this Indenture limits, qualifies, or conflicts with another
provision which is required or deemed to be included in this Indenture by the
TIA, such required or deemed provision shall control.

    

    Section
10.2.       
     Notices.

    

    Any
notice or communication by the Company or the Trustee to the other is duly given
if in writing and delivered in person or mailed by first-class
mail:

    

    if to the
Company:

    

    Ener1,
Inc.

    1540
Broadway, Suite 25C

    New York,
New York 10036

    Attn:
Charles Gassenheimer, Chief Executive Officer

    

    if to the
Trustee:

    

    ___________________

    [Address]

    

    The
Company or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications.

    

    Any
notice or communication to a Securityholder shall be delivered by first-class
mail or electronically.  Failure to mail a notice or communication to
a Securityholder of any Series or any defect in it shall not affect its
sufficiency with respect to other Securityholders of that or any other
Series.

    

    If a
notice or communication is delivered in the manner provided above, within the
time prescribed, it is duly given, whether or not the Securityholder receives
it.

    

    If the
Company mails a notice or communication to Securityholders, it shall mail a copy
to the Trustee and each Agent at the same time.

    

    Section
10.3.           
  Communication by Holders
with Other Holders.

    

    Securityholders
of any Series may communicate pursuant to TIA Section 312(b) with other
Securityholders of that Series or any other Series with respect to their rights
under this Indenture or the Securities of that Series or all
Series.  The Company, the Trustee, the Registrar and anyone else shall
have the protection of TIA Section 312(c).

    
      
         

      

      
        40

        
          

        

      

      
         

      

    

    

    Section
10.4.         
    Certificate and Opinion as
to Conditions Precedent.

    

    Upon any
request or application by the Company to the Trustee to take any action under
this Indenture, the Company shall furnish to the Trustee:

    

    (a)           an
Officers’ Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with; and

    

    (b)           an
Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

    

    Section
10.5.        
     Statements Required in
Certificate or Opinion.

    

    Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than a certificate provided pursuant to
TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e)
and shall include:

    

    (a)           a
statement that the person making such certificate or opinion has read such
covenant or condition;

    

    (b)           a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

    

    (c)           a
statement that, in the opinion of such person, he 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

    

    (d)           a
statement as to whether or not, in the opinion of such person, such condition or
covenant has been complied with.

    

    Section
10.6.          
   Rules by Trustee and
Agents.

    

    The
Trustee may make reasonable rules for action by or a meeting of Securityholders
of one or more Series.  Any Agent may make reasonable rules and set
reasonable requirements for its functions.

    

    Section
10.7.          
   Legal
Holidays.

    

    Unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental
indenture for a particular Series, a “Legal Holiday” is any day that is not a
Business Day.  If a payment date is a Legal Holiday at a place of
payment, payment may be made at that place on the next succeeding day that is
not a Legal Holiday, and no interest shall accrue for the intervening
period.

    
      
         

      

      
        41

        
          

        

      

      
         

      

    

    

    Section
10.8.             
No Recourse Against
Others.

    

    A
director, officer, employee or shareholder, as such, of the Company shall not
have any liability for any obligations of the Company under the Securities or
the Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation.  Each Securityholder by accepting a
Security waives and releases all such liability.  The waiver and
release are part of the consideration for the issue of the
Securities.

    

    Section
10.9.       
      Counterparts.

    

    This
Indenture may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

    

    Section
10.10.            Governing
Law.

    

    THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

    

    Section
10.11.           No Adverse Interpretation of
Other Agreements.

    

    This
Indenture may not be used to interpret another indenture, loan or debt agreement
of the Company or a Subsidiary.  Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

    

    Section
10.12.           Successors.

    

    All
agreements of the Company in this Indenture and the Securities shall bind its
successor.  All agreements of the Trustee in this Indenture shall bind
its successor.

    

    Section
10.13.           Severability.

    

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

    

    Section
10.14.            Table of Contents, Headings,
Etc.

    

    The Table
of Contents, Cross Reference Table, and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not to
be considered a part hereof, and shall in no way modify or restrict any of the
terms or provisions hereof.

    
      
         

      

      
        42

        
          

        

      

      
         

      

    

    

    Section
10.15.            Securities in a Foreign
Currency or in ECU.

    

    Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with
respect to a particular Series of Securities, whenever for purposes of this
Indenture any action may be taken by the Holders of a specified percentage in
aggregate principal amount of Securities of all Series or all Series affected by
a particular action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a coin or currency
other than Dollars (including ECUs), then the principal amount of Securities of
such Series which shall be deemed to be outstanding for the purpose of taking
such action shall be that amount of Dollars that could be obtained for such
amount at the Market Exchange Rate at such time.  For purposes of this
Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in
New York City for cable transfers of that currency as published by the Federal
Reserve Bank of New York; provided, however, in the case of ECUs, Market
Exchange Rate shall mean the rate of exchange determined by the Commission of
the European Union (or any successor thereto) as published in the Official
Journal of the European Union (such publication or any successor publication,
the “Journal”).  If such Market Exchange Rate is not available for any
reason with respect to such currency, the Trustee shall use, in its sole
discretion and without liability on its part, such quotation of the Federal
Reserve Bank of New York or, in the case of ECUs, the rate of exchange as
published in the Journal, as of the most recent available date, or quotations
or, in the case of ECUs, rates of exchange from one or more major banks in The
City of New York or in the country of issue of the currency in question or, in
the case of ECUs, in Luxembourg or such other quotations or, in the case of
ECUs, rates of exchange as the Trustee, upon consultation with the Company,
shall deem appropriate.  The provisions of this paragraph shall apply
in determining the equivalent principal amount in respect of Securities of a
Series denominated in currency other than Dollars in connection with any action
taken by Holders of Securities pursuant to the terms of this
Indenture.

    

    All
decisions and determinations of the Trustee regarding the Market Exchange Rate
or any alternative determination provided for in the preceding paragraph shall
be in its sole discretion and shall, in the absence of manifest error, be
conclusive to the extent permitted by law for all purposes and irrevocably
binding upon the Company and all Holders.

    

    Section
10.16.            Judgment
Currency.

    

    The
Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any court
it is necessary to convert the sum due in respect of the principal of or
interest or other amount on the Securities of any Series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance
with normal banking procedures the Trustee could purchase in The City of New
York the Required Currency with the Judgment Currency on the day on which final
unappealable judgment is entered, unless such day is not a New York Banking Day,
then, the rate of exchange used shall be the rate at which in accordance with
normal banking procedures the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the New York Banking Day
preceding the day on which final unappealable judgment is entered and (b) its
obligations under this Indenture to make payments in the Required Currency (i)
shall not be discharged or satisfied by any tender, any recovery pursuant to any
judgment (whether or not entered in accordance with Subsection (a)), in any
currency other than the Required Currency, except to the extent that such tender
or recovery shall result in the actual receipt, by the payee, of the full amount
of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for
the purpose of recovering in the Required Currency the amount, if any, by which
such actual receipt shall fall short of the full amount of the Required Currency
so expressed to be payable, and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture.  For purposes of
the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or
a legal holiday in The City of New York on which banking institutions are
authorized or required by law, regulation or executive order to
close.

    
      
         

      

      
        43

        
          

        

      

      
         

      

    

    

    Section
10.17.            Benefits of
Indenture.

    

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

    

    ARTICLE
XI.

    SINKING
FUNDS

    

    Section
11.1.             Applicability of
Article.

    

    The
provisions of this Article shall be applicable to any sinking fund for the
retirement of the Securities of a Series, except as otherwise permitted or
required by any form of Security of such Series issued pursuant to this
Indenture.

    

    The
minimum amount of any sinking fund payment provided for by the terms of the
Securities of any Series is herein referred to as a “mandatory sinking fund
payment” and any other amount provided for by the terms of Securities of such
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 sinking fund payment may be subject to reduction as
provided in Section 11.2.  Each sinking fund payment shall be applied
to the redemption of Securities of any Series as provided for by the terms of
the Securities of such Series.

    
      
         

      

      
        44

        
          

        

      

      
         

      

    

    

    Section
11.2.        
     Satisfaction of Sinking Fund
Payments with Securities.

    

    The
Company may, in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of any Series to be made pursuant to the terms of such
Securities (1) deliver outstanding Securities of such Series to which such
sinking fund payment is applicable (other than any of such Securities previously
called for mandatory sinking fund redemption) and (2) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have
been redeemed either at the election of the Company pursuant to the terms of
such Series of Securities (except pursuant to any mandatory sinking fund) or
through the application of permitted optional sinking fund payments or other
optional redemptions pursuant to the terms of such Securities, provided that
such Securities have not been previously so credited.  Such Securities
shall be received by the Trustee, together with an Officers’ Certificate with
respect thereto, not later than 15 days prior to the date on which the Trustee
begins the process of selecting Securities for redemption, and shall be credited
for such purpose by the Trustee at the price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.  If as a result of the
delivery or credit of Securities in lieu of cash payments pursuant to this
Section 11.2, the principal amount of Securities of such Series to be redeemed
in order to exhaust the aforesaid cash payment shall be less than $100,000, the
Trustee need not call Securities of such Series for redemption, except upon
receipt of a Company Order that such action be taken, and such cash payment
shall be held by the Trustee or a Paying Agent and applied to the next
succeeding sinking fund payment, provided, however, that the Trustee or such
Paying Agent shall from time to time upon receipt of a Company Order pay over
and deliver to the Company any cash payment so being held by the Trustee or such
Paying Agent upon delivery by the Company to the Trustee of Securities of that
Series purchased by the Company having an unpaid principal amount equal to the
cash payment required to be released to the Company.

    
      
         

      

      
        45

        
          

        

      

      
         

      

    

    

    Section
11.3.            
 Redemption of
Securities for Sinking Fund.

    

    Not less
than 45 days (unless otherwise indicated in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate in respect of a particular Series of
Securities) prior to each sinking fund payment date for any Series of
Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing mandatory 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 and the portion thereof, if any,
which is to be satisfied by delivering and crediting of Securities of that
Series pursuant to Section 11.2, and the optional amount, if any, to be added in
cash to the next ensuing mandatory sinking fund payment, and the Company shall
thereupon be obligated to pay the amount therein specified.  Not less
than 30 days (unless otherwise indicated in the Board Resolution, Officers’
Certificate or supplemental indenture in respect of a particular Series of
Securities) before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 3.2 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 3.3.  Such notice having been duly given, the redemption of
such Securities shall be made upon the terms and in the manner stated in
Sections 3.4, 3.5 and 3.6.

    

    [signature
page follows]

    
      
         

      

      
        46

        
          

        

      

      
         

      

    

    

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

     

    
      
        
          	
                  ENER1,
      INC.

                
	 
      	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                
	 
      	 
      
	
                  [TRUSTEE]

                
	 
      	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                        
                    Title:

                  

                

        

      

    

    

     [SIGNATURE PAGE TO
INDENTURE] 

    
      
         

      

      
        47Unassociated Document

    
       

        

      FORM
OF SUBORDINATED NOTE INDENTURE TO BE ENTERED INTO BETWEEN

      ENER1,
INC.

      AND

      _______________________________]

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        

      

    ENER1,
INC.

    
      
        

      

    

    

    INDENTURE

    Dated as
of

     

    
      

    

     

    
      
 

    as
Trustee

    

    
      
        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    TABLE
OF CONTENTS

    

    
      
        
          
            
              	 
      	 
      	 
      	 
      	
                      Page

                    
	 
      	 
      	 
      	 
      	 
      
	
                      ARTICLE
      I.

                    	
                      DEFINITIONS
      AND INCORPORATION BY REFERENCE

                    	
                      1

                    
	 
      	
                      Section
      1.1.

                    	 
      	
                      Definitions

                    	
                      1

                    
	 
      	
                      Section
      1.2.

                    	 
      	
                      Other
      Definitions

                    	
                      6

                    
	 
      	
                      Section
      1.3.

                    	 
      	
                      Incorporation
      by Reference of Trust Indenture Act

                    	
                      6

                    
	 
      	
                      Section
      1.4.

                    	 
      	
                      Rules
      of Construction

                    	
                      7

                    
	
                      ARTICLE
      II.

                    	
                      THE
      SECURITIES

                    	
                      8

                    
	 
      	
                      Section
      2.1.

                    	 
      	
                      Issuable
      in Series

                    	
                      8

                    
	 
      	
                      Section
      2.2.

                    	 
      	
                      Establishment
      of Terms of Series of Securities

                    	
                      8

                    
	 
      	
                      Section
      2.3.

                    	 
      	
                      Execution
      and Authentication

                    	
                      10

                    
	 
      	
                      Section
      2.4.

                    	 
      	
                      Registrar
      and Paying Agent

                    	
                      11

                    
	 
      	
                      Section
      2.5.

                    	 
      	
                      Paying
      Agent to Hold Money in Trust

                    	
                      12

                    
	 
      	
                      Section
      2.6.

                    	 
      	
                      Securityholder
      Lists

                    	
                      12

                    
	 
      	
                      Section
      2.7.

                    	 
      	
                      Transfer
      and Exchange

                    	
                      13

                    
	 
      	
                      Section
      2.8.

                    	 
      	
                      Mutilated,
      Destroyed, Lost and Stolen Securities

                    	
                      13

                    
	 
      	
                      Section
      2.9.

                    	 
      	
                      Outstanding
      Securities

                    	
                      14

                    
	 
      	
                      Section
      2.10.

                    	 
      	
                      Treasury
      Securities

                    	
                      14

                    
	 
      	
                      Section
      2.11.

                    	 
      	
                      Temporary
      Securities

                    	
                      15

                    
	 
      	
                      Section
      2.12.

                    	 
      	
                      Cancellation

                    	
                      15

                    
	 
      	
                      Section
      2.13.

                    	 
      	
                      Defaulted
      Interest

                    	
                      15

                    
	 
      	
                      Section
      2.14.

                    	 
      	
                      Global
      Securities

                    	
                      15

                    
	 
      	
                      Section
      2.15.

                    	 
      	
                      CUSIP
      Numbers

                    	
                      17

                    
	
                      ARTICLE
      III.

                    	
                      REDEMPTION

                    	
                      17

                    
	 
      	
                      Section
      3.1.

                    	 
      	
                      Notice
      to Trustee

                    	
                      17

                    
	 
      	
                      Section
      3.2.

                    	 
      	
                      Selection
      of Securities to be Redeemed

                    	
                      17

                    
	 
      	
                      Section
      3.3.

                    	 
      	
                      Notice
      of Redemption

                    	
                      17

                    
	 
      	
                      Section
      3.4.

                    	 
      	
                      Effect
      of Notice of Redemption

                    	
                      18

                    
	 
      	
                      Section
      3.5.

                    	 
      	
                      Deposit
      of Redemption Price

                    	
                      18

                    
	 
      	
                      Section
      3.6.

                    	 
      	
                      Securities
      Redeemed in Part

                    	
                      18

                    
	
                      ARTICLE
      IV.

                    	
                      COVENANTS

                    	
                      18

                    
	 
      	
                      Section
      4.1.

                    	 
      	
                      Payment
      of Principal and Interest

                    	
                      18

                    

            

          

        

      

    

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

     

    TABLE
OF CONTENTS

    (continued)

    

    
      
        
          	 
      	 
      	 
      	 
      	
                  Page

                
	 
      	 
      	 
      	 
      	 
      
	 
      	
                  Section
      4.2.

                	 
      	
                  SEC
      Reports

                	
                  19

                
	 
      	
                  Section
      4.3.

                	 
      	
                  Compliance
      Certificate

                	
                  19

                
	 
      	
                  Section
      4.4.

                	 
      	
                  Stay,
      Extension and Usury Laws

                	
                  19

                
	 
      	
                  Section
      4.5.

                	 
      	
                  Corporate
      Existence

                	
                  19

                
	 
      	
                  Section
      4.6.

                	 
      	
                  Taxes

                	
                  20

                
	
                  ARTICLE
      V.

                	
                  SUCCESSORS

                	
                  20

                
	 
      	
                  Section
      5.1.

                	 
      	
                  When
      Company May Merge, Etc

                	
                  20

                
	 
      	
                  Section
      5.2.

                	 
      	
                  Successor
      Corporation Substituted

                	
                  20

                
	
                  ARTICLE
      VI.

                	
                  DEFAULTS
      AND REMEDIES

                	
                  21

                
	 
      	
                  Section
      6.1.

                	 
      	
                  Events
      of Default

                	
                  21

                
	 
      	
                  Section
      6.2.

                	 
      	
                  Acceleration
      of Maturity; Rescission and Annulment

                	
                  22

                
	 
      	
                  Section
      6.3.

                	 
      	
                  Collection
      of Indebtedness and Suits for Enforcement by Trustee

                	
                  23

                
	 
      	
                  Section
      6.4.

                	 
      	
                  Trustee
      May File Proofs of Claim

                	
                  24

                
	 
      	
                  Section
      6.5.

                	 
      	
                  Trustee
      May Enforce Claims Without Possession of Securities

                	
                  25

                
	 
      	
                  Section
      6.6.

                	 
      	
                  Application
      of Money Collected

                	
                  25

                
	 
      	
                  Section
      6.7.

                	 
      	
                  Limitation
      on Suits

                	
                  25

                
	 
      	
                  Section
      6.8.

                	 
      	
                  Unconditional
      Right of Holders to Receive Principal and Interest

                	
                  26

                
	 
      	
                  Section
      6.9.

                	 
      	
                  Restoration
      of Rights and Remedies

                	
                  26

                
	 
      	
                  Section
      6.10.

                	 
      	
                  Rights
      and Remedies Cumulative

                	
                  26

                
	 
      	
                  Section
      6.11.

                	 
      	
                  Delay
      or Omission Not Waiver

                	
                  27

                
	 
      	
                  Section
      6.12.

                	 
      	
                  Control
      by Holders

                	
                  27

                
	 
      	
                  Section
      6.13.

                	 
      	
                  Waiver
      of Past Defaults

                	
                  27

                
	 
      	
                  Section
      6.14.

                	 
      	
                  Undertaking
      for Costs

                	
                  28

                
	
                  ARTICLE
      VII.

                	
                  TRUSTEE

                	
                  28

                
	 
      	
                  Section
      7.1.

                	 
      	
                  Duties
      of Trustee

                	
                  28

                
	 
      	
                  Section
      7.2.

                	 
      	
                  Rights
      of Trustee

                	
                  29

                
	 
      	
                  Section
      7.3.

                	 
      	
                  Individual
      Rights of Trustee

                	
                  30

                
	 
      	
                  Section
      7.4.

                	 
      	
                  Trustee’s
      Disclaimer

                	
                  30

                

        

      

    

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    

    TABLE
OF CONTENTS

    (continued)

    

    
      
        
          
            	 
      	 
      	 
      	 
      	
                    Page

                  
	 
      	 
      	 
      	 
      	 
      
	 
      	
                    Section
      7.5.

                  	 
      	
                    Notice
      of Defaults

                  	
                    30

                  
	 
      	
                    Section
      7.6.

                  	 
      	
                    Reports
      by Trustee to Holders

                  	
                    31

                  
	 
      	
                    Section
      7.7.

                  	 
      	
                    Compensation
      and Indemnity

                  	
                    31

                  
	 
      	
                    Section
      7.8.

                  	 
      	
                    Replacement
      of Trustee

                  	
                    32

                  
	 
      	
                    Section
      7.9.

                  	 
      	
                    Successor
      Trustee by Merger, Etc

                  	
                    33

                  
	 
      	
                    Section
      7.10.

                  	 
      	
                    Eligibility;
      Disqualification

                  	
                    33

                  
	 
      	
                    Section
      7.11.

                  	 
      	
                    Preferential
      Collection of Claims Against Company

                  	
                    33

                  
	
                    ARTICLE
      VIII.

                  	
                    SATISFACTION
      AND DISCHARGE; DEFEASANCE

                  	
                    33

                  
	 
      	
                    Section
      8.1.

                  	 
      	
                    Satisfaction
      and Discharge of Indenture

                  	
                    33

                  
	 
      	
                    Section
      8.2.

                  	 
      	
                    Application
      of Trust Funds; Indemnification

                  	
                    34

                  
	 
      	
                    Section
      8.3.

                  	 
      	
                    Legal
      Defeasance of Securities of any Series

                  	
                    35

                  
	 
      	
                    Section
      8.4.

                  	 
      	
                    Covenant
      Defeasance

                  	
                    36

                  
	 
      	
                    Section
      8.5.

                  	 
      	
                    Repayment
      to Company

                  	
                    38

                  
	 
      	
                    Section
      8.6.

                  	 
      	
                    Reinstatement

                  	
                    38

                  
	
                    ARTICLE
      IX.

                  	
                    AMENDMENTS
      AND WAIVERS

                  	
                    38

                  
	 
      	
                    Section
      9.1.

                  	 
      	
                    Without
      Consent of Holders

                  	
                    38

                  
	 
      	
                    Section
      9.2.

                  	 
      	
                    With
      Consent of Holders

                  	
                    39

                  
	 
      	
                    Section
      9.3.

                  	 
      	
                    Limitations

                  	
                    39

                  
	 
      	
                    Section
      9.4.

                  	 
      	
                    Compliance
      with Trust Indenture Act

                  	
                    40

                  
	 
      	
                    Section
      9.5.

                  	 
      	
                    Revocation
      and Effect of Consents

                  	
                    40

                  
	 
      	
                    Section
      9.6.

                  	 
      	
                    Notation
      on or Exchange of Securities

                  	
                    41

                  
	 
      	
                    Section
      9.7.

                  	 
      	
                    Trustee
      Protected

                  	
                    41

                  
	
                    ARTICLE
      X.

                  	
                    MISCELLANEOUS

                  	
                    41

                  
	 
      	
                    Section
      10.1.

                  	 
      	
                    Trust
      Indenture Act Controls

                  	
                    41

                  
	 
      	
                    Section
      10.2.

                  	 
      	
                    Notices

                  	
                    41

                  
	 
      	
                    Section
      10.3.

                  	 
      	
                    Communication
      by Holders with Other Holders

                  	
                    42

                  
	 
      	
                    Section
      10.4.

                  	 
      	
                    Certificate
      and Opinion as to Conditions Precedent

                  	
                    42

                  
	 
      	
                    Section
      10.5.

                  	 
      	
                    Statements
      Required in Certificate or Opinion

                  	
                    42

                  
	 
      	
                    Section
      10.6.

                  	 
      	
                    Rules
      by Trustee and Agents

                  	
                    43

                  
	 
      	
                    Section
      10.7.

                  	 
      	
                    Legal
      Holidays

                  	
                    43

                  

          

        

      

    

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    

    TABLE
OF CONTENTS

    (continued)

    

    
      
        
          	 
      	 
      	 
      	 
      	
                  Page

                
	 
      	 
      	 
      	 
      	 
      
	 
      	
                  Section
      10.8.

                	 
      	
                  No
      Recourse Against Others

                	
                  43

                
	 
      	
                  Section
      10.9.

                	 
      	
                  Counterparts

                	
                  43

                
	 
      	
                  Section
      10.10.

                	 
      	
                  Governing
      Law

                	
                  43

                
	 
      	
                  Section
      10.11.

                	 
      	
                  No
      Adverse Interpretation of Other Agreements

                	
                  43

                
	 
      	
                  Section
      10.12.

                	 
      	
                  Successors

                	
                  44

                
	 
      	
                  Section
      10.13.

                	 
      	
                  Severability

                	
                  44

                
	 
      	
                  Section
      10.14.

                	 
      	
                  Table
      of Contents, Headings, Etc

                	
                  44

                
	 
      	
                  Section
      10.15.

                	 
      	
                  Securities
      in a Foreign Currency or in ECU

                	
                  44

                
	 
      	
                  Section
      10.16.

                	 
      	
                  Judgment
      Currency

                	
                  45

                
	 
      	
                  Section
      10.17.

                	 
      	
                  Benefits
      of Indenture

                	
                  45

                
	
                  ARTICLE
      XI.

                	
                  SINKING
      FUNDS

                	
                  46

                
	 
      	
                  Section
      11.1.

                	 
      	
                  Applicability
      of Article

                	
                  46

                
	 
      	
                  Section
      11.2.

                	 
      	
                  Satisfaction
      of Sinking Fund Payments with Securities

                	
                  46

                
	 
      	
                  Section
      11.3.

                	 
      	
                  Redemption
      of Securities for Sinking Fund

                	
                  47

                
	
                  ARTICLE
      XII.

                	
                  SUBORDINATION
      OF SECURITIES

                	
                  47

                
	 
      	
                  Section
      12.1.

                	 
      	
                  Agreement
      of Subordination

                	
                  47

                
	 
      	
                  Section
      12.2.

                	 
      	
                  Payments
      to Holders

                	
                  47

                
	 
      	
                  Section
      12.3.

                	 
      	
                  Subrogation
      of Securities

                	
                  50

                
	 
      	
                  Section
      12.4.

                	 
      	
                  Authorization
      to Effect Subordination

                	
                  51

                
	 
      	
                  Section
      12.5.

                	 
      	
                  Notice
      to Trustee

                	
                  51

                
	 
      	
                  Section
      12.6.

                	 
      	
                  Trustee’s
      Relation to Senior Indebtedness

                	
                  52

                
	 
      	
                  Section
      12.7.

                	 
      	
                  No
      Impairment of Subordination

                	
                  53

                
	 
      	
                  Section
      12.8.

                	 
      	
                  Article
      Applicable to Paying Agents

                	
                  53

                
	 
      	
                  Section
      12.9.

                	 
      	
                  Senior
      Indebtedness Entitled to Rely

                	
                  53

                

        

      

    

    
      
         

      

      
        iv

        
          

        

      

      
         

      

    

    

    ENER1,
INC.

    

    Reconciliation
and tie between Trust Indenture Act of 1939, as amended, and

    Indenture,
dated as
of                     ,
2010

       

    
      
        	
                Section
      310(a)(1)

              	
                7.10

              
	
                (a)(2)

              	
                7.10

              
	
                (a)(3)

              	
                Not Applicable

              
	
                (a)(4)

              	
                Not
      Applicable

              
	
                (a)(5)

              	
                7.10

              
	
                (b)

              	
                7.10

              
	
                Section
      311(a)

              	
                7.11

              
	
                (b)

              	
                7.11

              
	
                (c)

              	
                Not
      Applicable

              
	
                Section
      312(a)

              	
                2.6

              
	
                (b)

              	
                10.3

              
	
                (c)

              	
                10.3

              
	
                Section
      313(a)

              	
                7.6

              
	
                (b)(1)

              	
                7.6

              
	
                (b)(2)

              	
                7.6

              
	
                (c)(1)

              	
                7.6

              
	
                (d)

              	
                7.6

              
	
                Section
      314(a)(1)

              	
                4.2

              
	
                (a)(2)

              	
                4.2

              
	
                (a)(3)

              	
                4.2

              
	
                (a)(4)

              	
                4.2,
      10.5

              
	
                (b)

              	
                Not
      Applicable

              
	
                (c)

              	
                Not
      Applicable

              
	
                (d)

              	
                Not
      Applicable

              
	
                (e)

              	
                10.5

              
	
                (f)

              	
                Not
      Applicable

              

      

    

     

      
        

      

    

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

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    Indenture
dated as of __________, _____ between Ener1, Inc., a Florida corporation
(“Company”), and ____________________ (“Trustee”).

    

    Each
party agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of the Securities issued under this
Indenture.

    

    ARTICLE
I.

    

    DEFINITIONS
AND INCORPORATION BY REFERENCE

    

    Section
1.1.            Definitions.

    

    “Additional
Amounts” means any additional amounts which are required hereby or by any
Security, under circumstances specified herein or therein, to be paid by the
Company in respect of certain taxes imposed on Holders specified therein and
which are owing to such Holders.

    

    “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”
(including, with correlative meanings, the terms “controlled by” and “under
common control with”), as used with respect to any person, shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such person, whether through the
ownership of voting securities or by agreement or otherwise.

    

    “Agent”
means any Registrar, Paying Agent, Service Agent or authenticating
agent.

    

    “Board of
Directors” means the Board of Directors of the Company or any duly authorized
committee thereof.

    

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

    

    “Business
Day” means with respect to any Place of Payment (or unless otherwise provided by
Board Resolution, Officers’ Certificate or supplemental indenture hereto for a
particular Series), any day except a Saturday, Sunday or any day banking
institutions or trust companies in the Place of Payment or the place in which
Corporate Trust Office is located are authorized or required by law, regulation
or executive order to close.

    

    “Company”
means the party named as such above until a successor replaces it pursuant to
the applicable provisions hereof and thereafter means the
successor.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    “Company
Order” means a written order signed in the name of the Company by two Officers,
one of whom must be the Company’s chief executive officer, chief financial
officer, principal accounting officer or any Vice President.

    

    “Company
Request” means a written request signed in the name of the Company by its
Chairman of the Board, a President or a Vice President, and by its Treasurer, an
Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to
the Trustee.

    

    “Corporate
Trust Office” means the office of the Trustee at which at any particular time
its corporate trust business shall be principally administered.

    

    “debt” of
any person as of any date means, without duplication, all indebtedness of such
person in respect of borrowed money, including all interest, fees and expenses
owed in respect thereto (whether or not the recourse of the lender is to the
whole of the assets of such person or only to a portion thereof), or evidenced
by bonds, notes, debentures or similar instruments.

    

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

    

    “Depositary”
means, with respect to the Securities of any Series issuable or issued in whole
or in part in the form of one or more Global Securities, the person designated
as Depositary for such Series by the Company, which Depositary shall be a
clearing agency registered under the Exchange Act; and if at any time there is
more than one such person, “Depositary” as used with respect to the Securities
of any Series shall mean the Depositary with respect to the Securities of such
Series.

    

    “Designated
Senior Indebtedness” means any of our senior indebtedness that expressly
provides that it is “designated senior indebtedness” for purposes of this
Indenture (provided that the instrument, agreement or other document creating or
evidencing such Senior Indebtedness may place limitations and conditions on the
right of such Senior Indebtedness to exercise the rights of Designated Senior
Indebtedness).

    

    “Discount
Security” means any Security that provides for an amount less than the stated
principal amount thereof to be due and payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.2.

    

    “Dollars”
means the currency of The United States of America.

    

    “ECU”
means the European Currency Unit as determined by the Commission of the European
Union.

    

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

    

    “Foreign
Currency” means any currency or currency unit issued by a government other than
the government of The United States of America.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    “Foreign
Government Obligations” means with respect to Securities of any Series that are
denominated in a Foreign Currency, (i) direct obligations of the government that
issued or caused to be issued such currency for the payment of which obligations
its full faith and credit is pledged or (ii) obligations of a person controlled
or supervised by or acting as an agency or instrumentality of such government
the timely payment of which is unconditionally guaranteed as a full faith and
credit obligation by such government, which, in either case under clauses (i) or
(ii), are not callable or redeemable at the option of the issuer
thereof.

    

    “Global
Security” or “Global Securities” means a Security or Securities, as the case may
be, in the form established pursuant to Section 2.2 evidencing all or part of a
Series of Securities, issued to the Depositary for such Series or its nominee,
and registered in the name of such Depositary or nominee.

    

    “Holder”
or “Securityholder” means a person in whose name a Security is
registered.

    

    “indebtedness”
means, with respect to any person, and without duplication, (a) all
indebtedness, obligations and other liabilities (contingent or otherwise) of
such person for borrowed money (including obligations of the Company in respect
of overdrafts, foreign exchange contracts, currency exchange agreements,
interest rate protection agreements, and any loans or advances from banks,
whether or not evidenced by notes or similar instruments) or evidenced by bonds,
debentures, notes or similar instruments (whether or not the recourse of the
lender is to the whole of the assets of such person or to only a portion
thereof) (other than any account payable or other accrued current liability or
obligation incurred in the ordinary course of business in connection with the
obtaining of materials or services), (b) all reimbursement obligations and other
liabilities (contingent or otherwise) of such person with respect to letters of
credit, bank guarantees or bankers’ acceptances, (c) all obligations and
liabilities (contingent or otherwise) in respect of leases of such person
required, in conformity with generally accepted accounting principles, to be
accounted for as capitalized lease obligations on the balance sheet of such
person and all obligations and other liabilities (contingent or otherwise) under
any lease or related document (including a purchase agreement) in connection
with the lease of real property which provides that such person is contractually
obligated to purchase or cause a third party to purchase the leased property and
thereby guarantee a minimum residual value of the leased property to the lessor
and the obligations of such person under such lease or related document to
purchase or to cause a third party to purchase such leased property, (d) all
obligations of such person (contingent or otherwise) with respect to an interest
rate or other swap, cap or collar agreement or other similar instrument or
agreement or foreign currency hedge, exchange, purchase or similar instrument or
agreement, (e) all direct or indirect guaranties or similar agreements by such
person in respect of, and obligations or liabilities (contingent or otherwise)
of such person to purchase or otherwise acquire or otherwise assure a creditor
against loss in respect of indebtedness, obligations or liabilities of another
person of the kind described in clauses (a) through (d), (f) any indebtedness or
other obligations described in clauses (a) through (e) secured by any mortgage,
pledge, lien or other encumbrance existing on property which is owned or held by
such person, regardless of whether the indebtedness or other obligation secured
thereby shall have been assumed by such person and (g) any and all refinancings,
replacements, deferrals, renewals, extensions and refundings of, or amendments,
modifications or supplements to, any indebtedness, obligation or liability of
the kind described in clauses (a) through (f).

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    “Indenture”
means this Indenture as amended from time to time in accordance with its terms
and shall include the form and terms of particular Series of Securities
established as contemplated hereunder.

    

    “interest”
with respect to any Discount Security which by its terms bears interest only
after Maturity, means interest payable after Maturity.

    

    “Maturity,”
when used with respect to any Security or installment of principal thereof,
means the date on which the principal of such Security or such installment of
principal becomes due and payable as therein or herein provided, whether at the
Stated Maturity or by declaration of acceleration, call for redemption, notice
of option to elect repayment or otherwise.

    

    “Officer”
means the Chairman of the Board, any President, any Vice-President, the
Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of
the Company.

    

    “Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the
Company’s principal executive officer, principal financial officer or principal
accounting officer.

    

    “Opinion
of Counsel” means a written opinion of legal counsel may be an employee of or
counsel to the Company and is acceptable to the Trustee.

    

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

    

    “Place of
Payment” when used with respect to the Securities of any series, means the place
or places where the principal of and any premium or interest on the Securities
of that series are payable specified as required by Section 2.2.6.

    

    “principal”
of a Security means the principal of the Security plus, when appropriate, the
premium, if any, on, and any Additional Amounts in respect of, the
Security.

    

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

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    “Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office and also
means, with respect to a particular corporate trust matter, any other officer to
whom any corporate trust matter is referred because of such person’s knowledge
of and familiarity with a particular subject.

    

    “SEC”
means the Securities and Exchange Commission.

    

    “Securities”
means the debentures, notes or other debt instruments of the Company of any
Series authenticated and delivered under this Indenture.

    

    “Senior
Indebtedness” means the principal, premium, if any, interest, including any
interest accruing after bankruptcy, and rent or termination payment on or other
amounts due on our current or future Indebtedness, whether created, incurred,
assumed, guaranteed or in effect guaranteed by us, including any deferrals,
renewals, extensions, refundings, amendments, modifications or supplements to
the above.  However, Senior Indebtedness does not
include:  (i) Indebtedness that expressly provides that it shall not
be senior in right of payment to the Securities or expressly provides that it is
on the same basis or junior to the Securities; (ii) our indebtedness to any of
our majority-owned subsidiaries; and (iii) the Securities.

    

    “Series”
or “Series of Securities” means each series of debentures, notes or other debt
instruments of the Company created pursuant to Sections 2.1 and 2.2
hereof.

    

    “Significant
Subsidiary” means any direct or indirect Subsidiary of the Company that would be
a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act of 1933, as amended, as such
regulation is in effect on the date hereof.

    

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

    

    “Subsidiary”
of any specified person means any corporation of which at least a majority of
the outstanding stock having by the terms thereof ordinary voting power for the
election of directors of such corporation (irrespective of whether or not at the
time stock of any other class or classes of such corporation shall have or might
have voting power by reason of the happening of any contingency) is at the time
directly or indirectly owned by such person, or by one or more other
Subsidiaries, or by such person and one or more other Subsidiaries.

    

    “TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in
effect on the date of this Indenture;  provided ,  however ,
that in the event the Trust Indenture Act of 1939 is amended after such date,
“TIA” means, to the extent required by any such amendment, the Trust Indenture
Act as so amended.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

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

    

    “U.S.
Government Obligations” means securities which are (i) direct obligations of The
United States of America for the payment of which its full faith and credit is
pledged or (ii) obligations of a person controlled or supervised by and acting
as an agency or instrumentality of The United States of America the payment of
which is unconditionally guaranteed as a full faith and credit obligation by The
United States of America, and which in the case of (i) and (ii) are not callable
or redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect
to any such U.S. Government Obligation or a specific payment of interest on or
principal of any such U.S. Government Obligation held by such custodian for the
account of the holder of a depository receipt, provided  that (except
as required by law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depository receipt from any amount
received by the custodian in respect of the U.S. Government Obligation evidenced
by such depository receipt.

    

    Section
1.2.            Other
Definitions.

    

    
      
        
          
            	
                    Term

                  	 	
                    Defined In Section

                  	 
	
                    “Bankruptcy
      Law”

                  	 	 	6.1	 
	
                    “Custodian”

                  	 	 	6.1	 
	
                    “Event
      of Default”

                  	 	 	6.1	 
	
                    “Journal”

                  	 	 	10.15	 
	
                    “Judgment
      Currency”

                  	 	 	10.16	 
	
                    “Legal
      Holiday”

                  	 	 	10.7	 
	
                    “mandatory
      sinking fund payment”

                  	 	 	11.1	 
	
                    “Market
      Exchange Rate”

                  	 	 	10.15	 
	
                    “New
      York Banking Day”

                  	 	 	10.16	 
	
                    “optional
      sinking fund payment”

                  	 	 	11.1	 
	
                    “Paying
      Agent”

                  	 	 	2.4	 
	
                    “Payment
      Blockage Notice”

                  	 	 	12.2	 
	
                    “Registrar”

                  	 	 	2.4	 
	
                    “Required
      Currency”

                  	 	 	10.16	 
	
                    “Service
      Agent”

                  	 	 	2.4	 
	
                    “successor
      person”

                  	 	 	5.1	 

          

        

      

    

    

    Section
1.3.            Incorporation by Reference
of Trust Indenture Act.

    

    Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture.  The following TIA
terms used in this Indenture have the following meanings:

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    “Commission”
means the SEC.

    

    “indenture
securities” means the Securities.

    

    “indenture
security holder” means a Securityholder.

    

    “indenture
to be qualified” means this Indenture.

    

    “indenture
trustee” or “institutional trustee” means the Trustee.

    

    “obligor”
on the indenture securities means the Company and any successor obligor upon the
Securities.

    

    All other
terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule under the TIA and not
otherwise defined herein are used herein as so defined.

    

    Section
1.4.            Rules of
Construction.

    

    Unless
the context otherwise requires:

    

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

    

    (b)            an
accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles;

    

    (c)            references
to “generally accepted accounting principles” shall mean generally accepted
accounting principles in effect as of the time when and for the period as to
which such accounting principles are to be applied;

    

    (d)            “or”
is not exclusive;

    

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

    

    (f)      
      provisions apply to successive events and
transactions;

    

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

    

    (h)            “including:
means including without limitation; and

    

    (i)      
      references herein to Articles, Sections or
other subdivisions are references to Articles, Sections or such other
subdivisions of this Indenture.  

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    ARTICLE
II.

    THE
SECURITIES

    

    Section
2.1.            Issuable in
Series.

    

    The
aggregate principal amount of Securities that may be authenticated and delivered
under this Indenture is unlimited.  The Securities may be issued in
one or more Series.  All Securities of a Series shall be identical
except as may be set forth in a Board Resolution, a supplemental indenture or an
Officers’ Certificate detailing the adoption of the terms thereof pursuant to
the authority granted under a Board Resolution.  In the case of
Securities of a Series to be issued from time to time, the Board Resolution,
Officers’ Certificate or supplemental indenture may provide for the method by
which specified terms (such as interest rate, maturity date, record date or date
from which interest shall accrue) are to be determined.  Securities
may differ between Series in respect of any matters, provided that all Series of
Securities shall be equally and ratably entitled to the benefits of the
Indenture but all Securities issued hereunder shall be subordinate and junior in
right of payment, to the extent and in the manner set forth in Article XII, to
all Senior Indebtedness of the Company.

    

    Section
2.2.            Establishment of Terms of
Series of Securities.

    

    At or
prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection 2.2.1 and
either as to such Securities within the Series or as to the Series generally in
the case of Subsections 2.2.2 through 2.2.22) by a Board Resolution, a
supplemental indenture or an Officers’ Certificate pursuant to authority granted
under a Board Resolution:

    

    2.2.1         the
title of the Series (which shall distinguish the Securities of that particular
Series from the Securities of any other Series);

    

    2.2.2         the
price or prices (expressed as a percentage of the principal amount thereof) at
which the Securities of the Series will be issued;

    

    2.2.3         any
limit upon the aggregate principal amount of the Securities of the Series which
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8,
2.11, 3.6 or 9.6);

    

    2.2.4         the
date or dates on which the principal of the Securities of the Series is
payable;

    

    2.2.5         the
rate or rates (which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not limited to, any
commodity, commodity index, stock exchange index or financial index) at which
the Securities of the Series shall bear interest, if any, the date or dates from
which such interest, if any, shall accrue, the date or dates on which such
interest, if any, shall commence and be payable and any regular record date for
the interest payable on any interest payment date;

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    2.2.6         the
place or places where the principal of and interest, if any, on the Securities
of the Series shall be payable, or the method of such payment, if by wire
transfer, mail or other means;

    

    2.2.7         if
applicable, the period or periods within which, the price or prices at which and
the terms and conditions upon which the Securities of the Series may be
redeemed, in whole or in part, at the option of the Company;

    

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

    

    2.2.9         the
dates, if any, on which and the price or prices at which the Securities of the
Series will be repurchased by the Company at the option of the Holders thereof
and other detailed terms and provisions of such repurchase
obligations;

    

    2.2.10       if
other than denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the Series shall be
issuable;

    

    2.2.11       the
forms of the Securities of the Series in fully registered form (and, if in fully
registered form, whether the Securities will be issuable as Global
Securities);

    

    2.2.12       if
other than the principal amount thereof, the portion of the principal amount of
the Securities of the Series that shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.2;

    

    2.2.13       the
currency of denomination of the Securities of the Series, which may be Dollars
or any Foreign Currency, including, but not limited to, the ECU, and if such
currency of denomination is a composite currency other than the ECU, the agency
or organization, if any, responsible for overseeing such composite
currency;

    

    2.2.14       the
designation of the currency, currencies or currency units in which payment of
the principal of and interest, if any, on the Securities of the Series will be
made;

    

    2.2.15       if
payments of principal of or interest, if any, on the Securities of the Series
are to be made in one or more currencies or currency units other than that or
those in which such Securities are denominated, the manner in which the exchange
rate with respect to such payments will be determined;

    

    2.2.16       the
manner in which the amounts of payment of principal of or interest, if any, on
the Securities of the Series will be determined, if such amounts may be
determined by reference to an index based on a currency or currencies or by
reference to a commodity, commodity index, stock exchange index or financial
index;

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    2.2.17       the
provisions, if any, relating to any security provided for the Securities of the
Series;

    

    2.2.18       if
the holders of Securities of the Series may convert or exchange the Securities
into or for securities of the Issuer or of other entities or other property, the
period or periods within which, the rate or rates at which and the terms and
conditions upon which Securities of the Series may be converted or exchanged, in
whole or in part;

    

    2.2.19       any
addition to or change in the Events of Default which applies to any Securities
of the Series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 6.2;

    

    2.2.20       any
addition to or change in the covenants set forth in Articles IV or V which
applies to Securities of the Series;

    

    2.2.21       any
other terms of the Securities of the Series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by
Section 9.1, but which may modify or delete any provision of this Indenture
insofar as it applies to such Series); and

    

    2.2.22       any
depositories, interest rate calculation agents, exchange rate calculation agents
or other agents with respect to Securities of such Series if other than those
appointed herein.

    

    All
Securities of any one Series need not be issued at the same time and may be
issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution, supplemental indenture or
Officers’ Certificate referred to above, and the authorized principal amount of
any Series may not be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution,
supplemental indenture or Officers’ Certificate.

    

    Section
2.3.            Execution and
Authentication.

    

    Two
Officers shall sign the Securities for the Company by manual or facsimile
signature.

    

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

    

    A
Security shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent. The signature shall be conclusive evidence
that the Security has been authenticated under this Indenture.

    

    The
Trustee shall at any time, and from time to time, authenticate Securities for
original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the
Trustee of a Company Order. Such Company Order may authorize authentication and
delivery pursuant to oral or electronic instructions from the Company or its
duly authorized agent or agents, which oral instructions shall be promptly
confirmed in writing. Each Security shall be dated the date of its
authentication unless otherwise provided by a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    The
aggregate principal amount of Securities of any Series outstanding at any time
may not exceed any limit upon the maximum principal amount for such Series set
forth in the Board Resolution, supplemental indenture hereto or Officers’
Certificate delivered pursuant to Section 2.2, except as provided in Section
2.8.

    

    Prior to
the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.2) shall be fully protected in relying on: (a) the Board
Resolution, supplemental indenture hereto or Officers’ Certificate establishing
the form of the Securities of that Series or of Securities within that Series
and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an
Opinion of Counsel complying with Section 10.4.

    

    The
Trustee shall have the right to decline to authenticate and deliver any
Securities of such Series: (a) if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken; or (b) if the Trustee in
good faith by its board of directors or trustees, executive committee or a trust
committee of Responsible Officers shall determine that such action would expose
the Trustee to personal liability to Holders of any then outstanding Series of
Securities.

    

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

    

    Section
2.4.            Registrar and Paying
Agent.

    

    The
Company shall maintain, with respect to each Series of Securities, at the place
or places specified with respect to such Series pursuant to Section 2.2, an
office or agency where Securities of such Series may be presented or surrendered
for payment (“Paying Agent”), where Securities of such Series may be surrendered
for registration of transfer or exchange (“Registrar”) and where notices and
demands to or upon the Company in respect of the Securities of such Series and
this Indenture may be served (“Service Agent”).  The Registrar shall
keep a register with respect to each Series of Securities and to their transfer
and exchange.  The Company will give prompt written notice to the
Trustee of the name and address, and any change in the name or address, of each
Registrar, Paying Agent or Service Agent.  If at any time the Company
shall fail to maintain any such required Registrar, Paying Agent or Service
Agent or shall fail to furnish the Trustee with the name and address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    The
Company may also from time to time designate one or more co-registrars,
additional paying agents or additional service agents and may from time to time
rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligations to
maintain a Registrar, Paying Agent and Service Agent in each place so specified
pursuant to Section 2.2 for Securities of any Series for such
purposes.  The Company will give prompt written notice to the Trustee
of any such designation or rescission and of any change in the name or address
of any such co-registrar, additional paying agent or additional service
agent.  The term “Registrar” includes any co-registrar; the term
“Paying Agent” includes any additional paying agent; and the term “Service
Agent” includes any additional service agent.

    

    The
Company hereby appoints the Trustee as the initial Registrar, Paying Agent and
Service Agent for each Series unless another Registrar, Paying Agent or Service
Agent, as the case may be, is appointed prior to the time Securities of that
Series are first issued.

    

    Section
2.5.            Paying Agent to Hold Money
in Trust.

    

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

    

    Section
2.6.            Securityholder
Lists.

    

    The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Securityholders
of each Series of Securities and shall otherwise comply with TIA Section
312(a).  If the Trustee is not the Registrar, the Company shall
furnish to the Trustee at least ten days before each interest payment date and
at such other times as the Trustee may request in writing a list, in such form
and as of such date as the Trustee may reasonably require, of the names and
addresses of Securityholders of each Series of Securities.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    Section
2.7.            Transfer and
Exchange.

    

    Where
Securities of a Series are presented to the Registrar or a co-registrar with a
request to register a transfer or to exchange them for an equal principal amount
of Securities of the same Series, the Registrar shall register the transfer or
make the exchange if its requirements for such transactions are
met.  To permit registrations of transfers and exchanges, the Trustee
shall authenticate Securities at the Registrar’s request.  No service
charge shall be made for any registration of transfer or exchange (except as
otherwise expressly permitted herein), but the Company may require payment of a
sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith (other than any such transfer tax or similar
governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or
9.6).

    

    Neither
the Company nor the Registrar shall be required (a) to issue, register the
transfer of, or exchange Securities of any Series for the period beginning at
the opening of business fifteen days immediately preceding the mailing of a
notice of redemption of Securities of that Series selected for redemption and
ending at the close of business on the day of such mailing, or (b) to register
the transfer of or exchange Securities of any Series selected, called or being
called for redemption as a whole or the portion being redeemed of any such
Securities selected, called or being called for redemption in part.

    

    Section
2.8.            Mutilated, Destroyed, Lost
and Stolen Securities.

    

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

    

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

    

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

    

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

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

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

    

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

    

    Section
2.9.            Outstanding
Securities.

    

    The
Securities outstanding at any time are all the Securities authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest on a Global Security effected by the Trustee in
accordance with the provisions hereof and those described in this Section as not
outstanding.

    

    If a
Security is replaced pursuant to Section 2.8, it ceases to be outstanding until
the Trustee receives proof satisfactory to it that the replaced Security is held
by a bona fide purchaser.

    

    If the
Paying Agent (other than the Company, a Subsidiary or an Affiliate of any
thereof) holds on the Maturity of Securities of a Series money sufficient to pay
such Securities payable on that date, then on and after that date such
Securities of the Series cease to be outstanding and interest on them ceases to
accrue.

    

    A
Security does not cease to be outstanding because the Company or an Affiliate
holds the Security.

    

    In
determining whether the Holders of the requisite principal amount of outstanding
Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of a Discount Security that
shall be deemed to be outstanding for such purposes shall be the amount of the
principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section 6.2.

    

    Section
2.10.          Treasury
Securities.

    

    In
determining whether the Holders of the required principal amount of Securities
of a Series have concurred in any request, demand, authorization, direction,
notice, consent or waiver Securities of a Series owned by the Company or an
Affiliate shall be disregarded, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent or waiver only Securities of a Series
that a Responsible Officer of the Trustee knows are so owned shall be so
disregarded.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    Section
2.11.          Temporary
Securities.

    

    Until
definitive Securities are ready for delivery, the Company may prepare and the
Trustee shall authenticate temporary Securities upon a Company
Order.  Temporary Securities shall be substantially in the form of
definitive Securities but may have variations that the Company considers
appropriate for temporary Securities.  Without unreasonable delay, the
Company shall prepare and the Trustee upon request shall authenticate definitive
Securities of the same Series and date of maturity in exchange for temporary
Securities.  Until so exchanged, temporary Securities shall have the
same rights under this Indenture as the definitive Securities.

    

    Section
2.12.          Cancellation.

    

    The
Company at any time may deliver Securities to the Trustee for
cancellation.  The Registrar and the Paying Agent shall forward to the
Trustee any Securities surrendered to them for registration of transfer,
exchange or payment.  The Trustee shall cancel all Securities
surrendered for transfer, exchange, payment, replacement or cancellation and
shall destroy such canceled Securities (subject to the record retention
requirement of the Exchange Act) and deliver a certificate of such destruction
to the Company, unless the Company otherwise directs.  The Company may
not issue new Securities to replace Securities that it has paid or delivered to
the Trustee for cancellation.

    

    Section
2.13.          Defaulted
Interest.

    

    If the
Company defaults in a payment of interest on a Series of Securities, it shall
pay the defaulted interest, plus, to the extent permitted by law, any interest
payable on the defaulted interest, to the persons who are Securityholders of the
Series on a subsequent special record date.  The Company shall fix the
record date and payment date.  At least 30 days before the record
date, the Company shall mail to the Trustee and to each Securityholder of the
Series a notice that states the record date, the payment date and the amount of
interest to be paid.  The Company may pay defaulted interest in any
other lawful manner.

    

    Section
2.14.          Global
Securities.

    

    2.14.1       Terms of
Securities.  A Board Resolution, a supplemental indenture
hereto or an Officers’ Certificate shall establish whether the Securities of a
Series shall be issued in whole or in part in the form of one or more Global
Securities and the Depositary for such Global Security or
Securities.

    

    2.14.2       Transfer and
Exchange.  Notwithstanding any provisions to the contrary
contained in Section 2.7 of the Indenture and in addition thereto, any Global
Security shall be exchangeable pursuant to Section 2.7 of the Indenture for
Securities registered in the names of Holders other than the Depositary for such
Security or its nominee only if (i) such Depositary notifies the Company that it
is unwilling or unable to continue as Depositary for such Global Security or if
at any time such Depositary ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor
Depositary within 90 days of such event, (ii) the Company executes and delivers
to the Trustee an Officers’ Certificate to the effect that such Global Security
shall be so exchangeable or (iii) an Event of Default with respect to the
Securities represented by such Global Security shall have happened and be
continuing.  Any Global Security that is exchangeable pursuant to the
preceding sentence shall be exchangeable for Securities registered in such names
as the Depositary shall direct in writing in an aggregate principal amount equal
to the principal amount of the Global Security with like tenor and
terms.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    Except as
provided in this Section 2.14.2, a Global Security may not be transferred except
as a whole by the Depositary with respect to such Global Security to a nominee
of such Depositary, by a nominee of such Depositary to such Depositary or
another nominee of such Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such a successor Depositary.

    

    2.14.3       Legend.  Unless
otherwise provided pursuant to Section 2.2, any Global Security issued hereunder
shall bear a legend in substantially the following form:

    

    “This
Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of the Depositary or a nominee of the
Depositary.  This Security is exchangeable for Securities registered
in the name of a person other than the Depositary or its nominee only in the
limited circumstances described in the Indenture, and may not be transferred
except as a whole by the Depositary to a nominee of the Depositary, by a nominee
of the Depositary to the Depositary or another nominee of the Depositary or by
the Depositary or any such nominee to a successor Depositary or a nominee of
such a successor Depositary.”

    

    2.14.4       Acts of
Holders.  The Depositary, as a Holder, may appoint agents and
otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under the Indenture.

    

    2.14.5       Payments.  Notwithstanding
the other provisions of this Indenture, unless otherwise specified as
contemplated by Section 2.2, payment of the principal of, premium, if any, and
interest, if any, on any Global Security shall be made to the Holder
thereof.

    

    2.14.6       Consents, Declaration and
Directions.  Except as provided in Section 2.14.5, the Company,
the Trustee and any Agent shall treat a person as the Holder of such principal
amount of outstanding Securities of such Series represented by a Global Security
as shall be specified in a written statement of the Depositary with respect to
such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this
Indenture.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

    Section
2.15.          CUSIP
Numbers.

    

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

    

    ARTICLE
III.

    REDEMPTION

    

    Section
3.1.            Notice to
Trustee.

    

    The
Company may, with respect to any Series of Securities, reserve the right to
redeem and pay the Series of Securities or may covenant to redeem and pay the
Series of Securities or any part thereof prior to the Stated Maturity thereof at
such time and on such terms as provided for in such Securities.  If a
Series of Securities is redeemable and the Company wants or is obligated to
redeem prior to the Stated Maturity thereof all or part of the Series of
Securities pursuant to the terms of such Securities, it shall notify the Trustee
of the redemption date and the principal amount of Series of Securities to be
redeemed.  The Company shall give the notice at least 45 days before
the redemption date (or such shorter notice as may be acceptable to the
Trustee).

    

    Section
3.2.            Selection of Securities to
be Redeemed.

    

    Unless
otherwise indicated for a particular Series by a Board Resolution, a
supplemental indenture or an Officers’ Certificate, if less than all the
Securities of a Series are to be redeemed, the Trustee shall select the
Securities of the Series to be redeemed in any manner that the Trustee deems
fair and appropriate.  The Trustee shall make the selection from
Securities of the Series outstanding not previously called for
redemption.  The Trustee may select for redemption portions of the
principal of Securities of the Series that have denominations larger than
$1,000.  Securities of the Series and portions of them it selects
shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to
Securities of any Series issuable in other denominations pursuant to Section
2.2.10, the minimum principal denomination for each Series and integral
multiples thereof.  Provisions of this Indenture that apply to
Securities of a Series called for redemption also apply to portions of
Securities of that Series called for redemption.

    

    Section
3.3.            Notice of
Redemption.

    

    Unless
otherwise indicated for a particular Series by a Board Resolution, a
supplemental indenture hereto or an Officers’ Certificate, at least 30 days but
not more than 60 days before a redemption date, the Company shall deliver a
notice of redemption by first-class mail or electronically to each Holder whose
Securities are to be redeemed.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

    The
notice shall identify the Securities of the Series to be redeemed and shall
state:

    

    (a)            the
redemption date;

    

    (b)            the
redemption price;

    

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

    

    (d)            that
Securities of the Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price;

    

    (e)            that
interest on Securities of the Series called for redemption ceases to accrue on
and after the redemption date; and

    

    (f)            any
other information as may be required by the terms of the particular Series or
the Securities of a Series being redeemed.

    

    At the
Company’s request, the Trustee shall give the notice of redemption in the
Company’s name.

    

    Section
3.4.            Effect of Notice of
Redemption.

    

    Once
notice of redemption is delivered as provided in Section 3.3, Securities of a
Series called for redemption become due and payable on the redemption date and
at the redemption price.  A notice of redemption may not be
conditional.  Upon surrender to the Paying Agent, such Securities
shall be paid at the redemption price plus accrued interest to the redemption
date.

    

    Section
3.5.            Deposit of Redemption
Price.

    

    On or
before the redemption date, the Company shall deposit with the Paying Agent
money sufficient to pay the redemption price of and accrued interest, if any, on
all Securities to be redeemed on that date.

    

    Section
3.6.            Securities Redeemed in
Part.

    

    Upon
surrender of a Security that is redeemed in part, the Trustee shall authenticate
for the Holder a new Security of the same Series and the same Maturity equal in
principal amount to the unredeemed portion of the Security
surrendered.

    

    ARTICLE
IV.

    COVENANTS

    

    Section
4.1.            Payment of Principal and
Interest.

    

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

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

    Section
4.2.            SEC
Reports.

    

    The
Company shall deliver to the Trustee within 15 days after it files them with the
SEC copies of the annual reports and of the information, documents, and other
reports (or copies of such portions of any of the foregoing as the SEC may by
rules and regulations prescribe) which the Company is required to file with the
SEC pursuant to Section 13 or 15(d) of the Exchange Act.  The Company
also shall comply with the other provisions of TIA Section 314(a).

    

    Section
4.3.            Compliance
Certificate.

    

    The
Company shall deliver to the Trustee, within 90 days after the end of each
fiscal year of the Company, an Officers’ Certificate stating that a review of
the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his knowledge the Company has
kept, observed, performed and fulfilled each and every covenant contained in
this Indenture and is not in default in the performance or observance of any of
the terms, provisions and conditions hereof (or, if a Default or Event of
Default shall have occurred, describing all such Defaults or Events of Default
of which he may have knowledge).

    

    The
Company will, so long as any of the Securities are outstanding, deliver to the
Trustee, forthwith upon becoming aware of any Default or Event of Default, an
Officers’ Certificate specifying such Default or Event of Default and what
action the Company is taking or proposes to take with respect
thereto.

    

    Section
4.4.            Stay, Extension and Usury
Laws.

    

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

    

    Section
4.5.            Corporate
Existence.

    

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

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    

    Section
4.6.            Taxes.

    

    The
Company shall, and shall cause each of its Significant Subsidiaries to, pay
prior to delinquency all taxes, assessments and governmental levies, except as
contested in good faith and by appropriate proceedings.

    

    ARTICLE
V.

    SUCCESSORS

    

    Section
5.1.            When Company May Merge,
Etc.

    

    The
Company shall not consolidate with or merge into, or sell, convey, transfer or
lease all or substantially all of its properties and assets to, any person (a
“successor person”), and may not permit any person to merge into, or convey,
transfer or lease its properties and assets substantially as an entirety to, the
Company, unless:

    

    (a)            the
successor person (if any) is a corporation, partnership, trust or other entity
organized and validly existing under the laws of any U.S. domestic jurisdiction
and expressly assumes the Company’s obligations on the Securities and under this
Indenture and

    

    (b)            immediately
after giving effect to the transaction, no Default or Event of Default, shall
have occurred and be continuing.

    

    The
Company shall deliver to the Trustee prior to the consummation of the proposed
transaction an Officers’ Certificate to the foregoing effect and an Opinion of
Counsel stating that the proposed transaction and such supplemental indenture
comply with this Indenture.

    

    Section
5.2.            Successor Corporation
Substituted.

    

    Upon any
consolidation or merger, or any sale, lease, conveyance or other disposition of
all or substantially all of the assets of the Company in accordance with Section
5.1, the successor corporation, partnership, trust or other entity organized and
validly existing under the laws of any U.S. domestic jurisdiction formed by such
consolidation or into or with which the Company is merged or to which such sale,
lease, conveyance or other disposition 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 has been named
as the Company herein;  provided, however, that the predecessor
Company in the case of a sale, lease, conveyance or other disposition shall not
be released from the obligation to pay the principal of and interest, if any, on
the Securities.

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    

    ARTICLE
VI.

    DEFAULTS
AND REMEDIES

    

    Section
6.1.            Events of
Default.

    

    “Event of
Default,” wherever used herein with respect to Securities of any Series, means
any one of the following events, unless in the establishing Board Resolution,
supplemental indenture or Officers’ Certificate, it is provided that such Series
shall not have the benefit of said Event of Default:

    

    (a)            default
in the payment of any interest on any Security of that Series when it becomes
due and payable, and continuance of such default for a period of 30 days (unless
the entire amount of such payment is deposited by the Company with the Trustee
or with a Paying Agent prior to the expiration of such period of 30 days);
or

    

    (b)            default
in the payment of the principal of any Security of that Series at its Maturity;
or

    

    (c)            default
in the deposit of any sinking fund payment, when and as due in respect of any
Security of that Series; or

    

    (d)            default
in the performance or breach of any covenant or warranty of the Company in this
Indenture (other than a covenant or warranty that has been included in this
Indenture solely for the benefit of Series of Securities other than that
Series), which default continues uncured for a period of 60 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in principal amount
of the outstanding Securities of that Series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice
is a “ Notice of Default ” hereunder; or

    

    (e)            the
Company pursuant to or within the meaning of any Bankruptcy Law:

    

    (i)        
    commences a voluntary case,

    

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

    

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

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

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

    

    (v)            generally
is unable to pay its debts as the same become due; or

    

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

    

    (i)            
is for relief against the Company in an involuntary case,

    

    (ii)            appoints
a Custodian of the Company or for all or substantially all of its property,
or

    

    (iii)           orders
the liquidation of the Company,

    

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

    

    (g)            any
other Event of Default provided with respect to Securities of that Series, which
is specified in a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate, in accordance with Section 2.2.19.

    

    The term
“Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law
for the relief of debtors.  The term “ Custodian ” means any receiver,
trustee, assignee, liquidator or similar official under any Bankruptcy
Law.

    

    Section
6.2.            Acceleration of Maturity;
Rescission and Annulment.

    

    If an
Event of Default with respect to Securities of any Series at the time
outstanding occurs and is continuing (other than an Event of Default referred to
in Section 6.1(e) or (f)) then in every such case the Trustee or the Holders of
not less than 25% in principal amount of the outstanding Securities of that
Series may declare the principal amount (or, if any Securities of that Series
are Discount Securities, such portion of the principal amount as may be
specified in the terms of such Securities) of and accrued and unpaid interest,
if any, on all of the Securities of that Series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified
amount) and accrued and unpaid interest, if any, shall become immediately due
and payable.  If an Event of Default specified in Section 6.1(e) or
(f) shall occur, the principal amount (or specified amount) of and accrued and
unpaid interest, if any, on all outstanding Securities shall ipso facto become
and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder.

    

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

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    

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

    

    (i)         
   all overdue interest, if any, on all Securities of that
Series,

    

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

    

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

    

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

    

    and

    

    (b)         all
Events of Default with respect to Securities of that Series, other than the
non-payment of the principal of Securities of that Series 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
6.3.            Collection of Indebtedness
and Suits for Enforcement by Trustee.

    

    The
Company covenants that if

    

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

    

    (b)            default
is made in the payment of principal of any Security at the Maturity thereof,
or

    

    (c)            default
is made in the deposit of any sinking fund payment when and as due by the terms
of a Security,

    

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

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    

    If the
Company fails to pay such amounts forthwith upon such demand, the Trustee, in
its own name and 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 deemed 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 any Securities of any Series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such Series by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

    

    Section
6.4.            Trustee 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, the
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 the Trustee shall have made any demand on the Company
for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

    

    (a)            to
file and prove a claim for the whole amount of principal and interest 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 the Trustee
(including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and of the Holders allowed
in such judicial proceeding, and

    

    (b)            to
collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same, and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.7.

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    
       

      Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

      

      Section
6.5.            Trustee May Enforce Claims
Without Possession of Securities.

      

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

      

      Section
6.6.            Application of Money
Collected.

      

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

      

      First:  To
the payment of all amounts due the Trustee under Section 7.7; and

      

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

      

      Third:  To
the Company.

      

      Section
6.7.            Limitation on
Suits.

      

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

      

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

      

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

      (b)            the
Holders of not less than 25% in principal amount of the outstanding Securities
of that Series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee
hereunder;

      

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

      

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

      

      (e)            no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the outstanding Securities of that Series;

      

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

      

      Section
6.8.              
Unconditional Right of
Holders to Receive Principal 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 of the principal of and interest, if any, on such Security on the Stated
Maturity or Stated Maturities expressed in such Security (or, in the case of
redemption, on the redemption date) and to institute suit for the enforcement of
any such payment, and such rights shall not be impaired without the consent of
such Holder.

      

      Section
6.9.               Restoration of Rights and
Remedies.

      

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

      

      Section
6.10.             Rights and Remedies
Cumulative.

      

        
Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise.  The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

      Section
6.11.          
  Delay or
Omission Not Waiver.

      

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

      

      Section
6.12.          
  Control by
Holders.

      

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

      

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

      

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

      

      (c)            subject
to the provisions of Section 6.1, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall, by a Responsible
Officer of the Trustee, determine that the proceeding so directed would involve
the Trustee in personal liability.

      

      Section
6.13.          
   Waiver of Past
Defaults.

      

        
Subject to Section 6.2, the Holders of not less than a majority in principal
amount of the outstanding Securities of any Series may on behalf of the Holders
of all the Securities of such Series waive any past Default hereunder with
respect to such Series and its consequences, except a Default in the payment of
the principal of or interest on any Security of such Series ( provided
,  however , that the Holders of a majority in principal amount of the
outstanding Securities of any Series may rescind an acceleration and its
consequences, including any related payment default that resulted from such
acceleration).  Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been
cured, for every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other Default or impair any right consequent
thereon.

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

      

      Section
6.14.        
    Undertaking for
Costs.

      

      All
parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in
its discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the outstanding Securities of any Series, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of or interest on
any Security on or after the Stated Maturity or Stated Maturities expressed in
such Security (or, in the case of redemption, on the redemption
date).

      

      ARTICLE
VII.

      TRUSTEE

      

      Section
7.1.       
       Duties of
Trustee.

      

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

      

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

      

       (i)       
     The Trustee need perform only those duties that
are specifically set forth in this Indenture and no others.

      

       (ii)            In
the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon Officers’ Certificates or Opinions of Counsel furnished to the
Trustee and conforming to the requirements of this Indenture;  however
, in the case of any such Officers’ Certificates or Opinions of Counsel which by
any provisions hereof are specifically required to be furnished to the Trustee,
the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to
determine whether or not they conform to the requirements of this
Indenture.

      

      (c)          
    No provision of this Indenture shall be construed to
relieve the Trustee from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except
that:

      

       (i)        
    This paragraph does not limit the effect of paragraph
(b) of this Section.

      

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

      (ii)            The
Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts.

      

      (iii)           The
Trustee shall not be liable with respect to any action taken, suffered or
omitted to be taken by it with respect to Securities of any Series in good faith
in accordance with the direction of the Holders of a majority in principal
amount of the outstanding Securities of such Series relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee, under this
Indenture with respect to the Securities of such Series.

      

      (d)            Every
provision of this Indenture that in any way relates to the Trustee is subject to
paragraph (a), (b) and (c) of this Section.

      

      (e)            The
Trustee may refuse to perform any duty or exercise any right or power unless it
receives indemnity satisfactory to it against any loss, liability or
expense.

      

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

      

      (g)            No
provision of this Indenture shall require the Trustee to risk its own funds or
otherwise incur any financial liability in the performance of any of its duties,
or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk is not reasonably assured to it.

      

      (h)            The
Paying Agent, the Registrar and any authenticating agent shall be entitled to
the protections and immunities as are set forth in paragraphs (a), (b) and (c)
of this Section with respect to the Trustee.

      

      Section
7.2.            Rights of
Trustee.

      

      (a)            The
Trustee may rely on and shall be protected in acting or refraining from acting
upon any document believed by it to be genuine and to have been signed or
presented by the proper person.  The Trustee need not investigate any
fact or matter stated in the document.

      

      (b)            Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel.  The Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on such
Officers’ Certificate or Opinion of Counsel.

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

    

     

    (c)            The
Trustee may act through agents and shall not be responsible for the misconduct
or negligence of any agent appointed with due care.  No Depositary
shall be deemed an agent of the Trustee and the Trustee shall not be responsible
for any act or omission by any Depositary.

    

    (d)            The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or
powers.

    

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

    

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

    

    Section
7.3.            Individual Rights of
Trustee.

    

    The
Trustee in its individual or any other capacity may become the owner or pledgee
of Securities and may otherwise deal with the Company or an Affiliate with the
same rights it would have if it were not Trustee.  Any Agent may do
the same with like rights.  The Trustee is also subject to Sections
7.10 and 7.11.

    

    Section
7.4.            Trustee’s
Disclaimer.

    

    The
Trustee makes no representation as to the validity or adequacy of this Indenture
or the Securities, it shall not be accountable for the Company’s use of the
proceeds from the Securities, and it shall not be responsible for any statement
in the Securities other than its authentication.

    

    Section
7.5.            Notice of
Defaults.

    

    If a
Default or Event of Default occurs and is continuing with respect to the
Securities of any Series and if it is known to a Responsible Officer of the
Trustee, the Trustee shall mail (first-class, postage prepaid) or electronically
deliver to each Securityholder of the Securities of that Series the notice of a
Default or Event of Default within 90 days after it occurs or, if later, after a
Responsible Officer of the Trustee has knowledge of such Default or Event of
Default.  Except in the case of a Default or Event of Default in
payment of principal of or interest on any Security of any Series, the Trustee
may withhold the notice if and so long as its corporate trust committee or a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of Securityholders of that Series.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    Section
7.6.            Reports by Trustee to
Holders.

    

    Within 60
days after May 15 in each year, the Trustee shall transmit by mail or
electronically to all Securityholders a brief report dated as of such May 15, in
accordance with, and to the extent required under, TIA Section 313.

    

    A copy of
each report at the time of its mailing to Securityholders of any Series shall be
filed with the SEC and each stock exchange on which the Securities of that
Series are listed.  The Company shall promptly notify the Trustee when
Securities of any Series are listed on any stock exchange.

    

    Section
7.7.            Compensation and
Indemnity.

    

    The
Company shall pay to the Trustee from time to time reasonable compensation for
its services.  The Trustee’s compensation shall not be limited by any
law on compensation of a trustee of an express trust.  The Company
shall reimburse the Trustee upon request for all reasonable out-of-pocket
expenses incurred by it.  Such expenses shall include the reasonable
compensation and expenses of the Trustee’s agents and counsel.

    

    The
Company shall indemnify the Trustee (including the cost of defending itself)
against any loss, liability or expense incurred by it except as set forth in the
next paragraph in the performance of its duties under this Indenture as Trustee
or Agent.  The Trustee shall notify the Company promptly of any claim
for which it may seek indemnity.  The Company shall defend the claim
and the Trustee shall cooperate in the defense.  The Trustee may have
separate counsel and the Company shall pay the reasonable fees and expenses of
such counsel.  The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably
withheld.  This indemnification shall apply to officers, directors,
employees, shareholders and agents of the Trustee.

    

    The
Company need not reimburse any expense or indemnify against any loss or
liability incurred by the Trustee or by any officer, director, employee,
shareholder or agent of the Trustee through negligence, bad faith or willful
misconduct.

    

    To secure
the Company’s payment obligations in this Section, the Trustee shall have a lien
prior to the Securities of any Series on all money or property held or collected
by the Trustee, except that held in trust to pay principal and interest on
particular Securities of that Series.

    

    When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.1(e) or (f) occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any
Bankruptcy Law.

    

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    Section
7.8.            Replacement of
Trustee.

    

      
A resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section.

    

      
The Trustee may resign with respect to the Securities of one or more Series by
so notifying the Company.  The Holders of a majority in principal
amount of the Securities of any Series may remove the Trustee with respect to
that Series by so notifying the Trustee and the Company.  The Company
may remove the Trustee with respect to Securities of one or more Series
if:

    

    (a)            the
Trustee fails to comply with Section 7.10;

    

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

    

    (c)            a
Custodian or public officer takes charge of the Trustee or its property;
or

    

    (d)            the
Trustee becomes incapable of acting.

    

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

    

       If
a successor Trustee with respect to the Securities of any one or more Series
does not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee, the Company or the Holders of at least 10% in
principal amount of the Securities of the applicable Series may petition any
court of competent jurisdiction for the appointment of a successor
Trustee.

    

      
If the Trustee with respect to the Securities of any one or more Series fails to
comply with Section 7.10, any Securityholder of the applicable Series may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee.

    

      
A successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company.  Immediately after that, the
retiring Trustee shall transfer all property held by it as Trustee to the
successor Trustee subject to the lien provided for in Section 7.7, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
with respect to each Series of Securities for which it is acting as Trustee
under this Indenture.  A successor Trustee shall delivery by mail or
electronically a notice of its succession to each Securityholder of each such
Series.  Notwithstanding replacement of the Trustee pursuant to this
Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue
for the benefit of the retiring trustee with respect to expenses and liabilities
incurred by it prior to such replacement.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    Section
7.9.            Successor Trustee by Merger,
Etc.

    

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

    

    Section
7.10.          Eligibility;
Disqualification.

    

      
This Indenture shall always have a Trustee who satisfies the requirements of TIA
Section 310(a)(1), (2) and (5).  The Trustee shall always have a
combined capital and surplus of at least $25,000,000 as set forth in its most
recent published annual report of condition.  The Trustee shall comply
with TIA Section 310(b).

    

    Section
7.11.          Preferential Collection of
Claims Against Company.

    

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

    

    ARTICLE
VIII.

    SATISFACTION
AND DISCHARGE; DEFEASANCE

    

    Section
8.1.            Satisfaction and Discharge
of Indenture.

    

      
This Indenture shall upon Company Order cease to be of further effect (except as
hereinafter provided in this Section 8.1), and the Trustee, at the expense of
the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

    

    (a)           either

    

    (i)
             all
Securities theretofore authenticated and delivered (other than Securities that
have been destroyed, lost or stolen and that have been replaced or paid) have
been delivered to the Trustee for cancellation; or

    

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

    

    (1)            have
become due and payable, or

    

    (2)            will
become due and payable at their Stated Maturity within one year, or

    

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

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    (4)            are
deemed paid and discharged pursuant to Section 8.3, as applicable;

    

    and the
Company, in the case of (1), (2) or (3) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust an amount sufficient for the
purpose of paying and discharging the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal and
interest to the date of such deposit (in the case of Securities which have
become due and payable on or prior to the date of such deposit) or to the Stated
Maturity or redemption date, as the case may be;

    

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

    

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

    

      
Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 7.7, and, if money shall
have been deposited with the Trustee pursuant to clause (a) of this Section, the
provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2 and 8.5 shall
survive.

    

    Section
8.2.            Application of Trust Funds;
Indemnification.

    

    (a)            Subject
to the provisions of Section 8.5, all money deposited with the Trustee pursuant
to Section 8.1, all money and U.S. Government Obligations or Foreign Government
Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all
money received by the Trustee in respect of U.S. Government Obligations or
Foreign Government Obligations deposited with the Trustee pursuant to Section
8.3 or 8.4, shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the persons entitled thereto, of the
principal and interest for whose payment such money has been deposited with or
received by the Trustee or to make mandatory sinking fund payments or analogous
payments as contemplated by Sections 8.3 or 8.4.

    

    (b)            The
Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against U.S. Government Obligations or Foreign
Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest
and principal received in respect of such obligations other than any payable by
or on behalf of Holders.

    

    (c)            The
Trustee shall deliver or pay to the Company from time to time upon Company
Request any U.S. Government Obligations or Foreign Government Obligations or
money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a
nationally recognized firm of independent certified public accountants expressed
in a written certification thereof delivered to the Trustee, are then in excess
of the amount thereof which then would have been required to be deposited for
the purpose for which such U.S. Government Obligations or Foreign Government
Obligations or money were deposited or received.  This provision shall
not authorize the sale by the Trustee of any U.S. Government Obligations or
Foreign Government Obligations held under this Indenture.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    Section
8.3.            Legal Defeasance of
Securities of any Series.

    

       
Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2.21, to
be inapplicable to Securities of any Series, the Company shall be deemed to have
paid and discharged the entire indebtedness on all the outstanding Securities of
such Series on the 91st day after the date of the deposit referred to in
subparagraph (d) hereof, and the provisions of this Indenture, as it relates to
such outstanding Securities of such Series, shall no longer be in effect (and
the Trustee, at the expense of the Company, shall, at Company Request, execute
proper instruments acknowledging the same), except as to:

    

    (a)            the
rights of Holders of Securities of such Series to receive, from the trust funds
described in subparagraph (d) hereof, (i) payment of the principal of and each
installment of principal of and interest on the outstanding Securities of such
Series on the Stated Maturity of such principal or installment of principal or
interest and (ii) the benefit of any mandatory sinking fund payments applicable
to the Securities of such Series on the day on which such payments are due and
payable in accordance with the terms of this Indenture and the Securities of
such Series;

    

    (b)            the
provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

    

    (c)            the
rights, powers, trust and immunities of the Trustee hereunder;

    

    provided
that, the following conditions shall have been satisfied:

    

    (d)            the
Company shall have deposited or caused to be deposited irrevocably with the
Trustee 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 (i) in the case of Securities of such
Series denominated in Dollars, cash in Dollars (or such other money or
currencies as shall then be legal tender in the United States) and/or U.S.
Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money
and/or Foreign Government Obligations, which through the payment of interest and
principal in respect thereof, in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such
Trustee), not later than one day before the due date of any payment of money, an
amount in cash, sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal
(including mandatory sinking fund or analogous payments) of and interest, if
any, on all the Securities of such Series on the dates such installments of
interest or principal are due;

    

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    (e)            such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

    

    (f)      
      no Default or Event of Default with respect
to the Securities of such Series shall have occurred and be continuing on the
date of such deposit or during the period ending on the 91st day after such
date;

    

    (g)            the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that (i) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii)
since the date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall confirm that, the Holders of the
Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to Federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such deposit, defeasance
and discharge had not occurred;

    

    (h)            the
Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit was not made by the Company with the intent of preferring the
Holders of the Securities of such Series over any other creditors of the company
or with the intent of defeating, hindering, delaying or defrauding any other
creditors of the Company;

    

    (i)      
      such deposit shall not result in the trust
arising from such deposit constituting an investment company (as defined in the
Investment Company Act of 1940, as amended), or such trust shall be qualified
under such Act or exempt from regulation thereunder; and

    

    (j)      
      the Company shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for relating to the defeasance contemplated by
this Section have been complied with.

    

    Section
8.4.            
   Covenant
Defeasance.

    

       
Unless this Section 8.4 is otherwise specified pursuant to Section 2.2.21 to be
inapplicable to Securities of any Series, on and after the 91st day after the
date of the deposit referred to in subparagraph (a) hereof, the Company may omit
to comply with any term, provision or condition set forth under Sections 4.2,
4.3, 4.4, 4.5, 4.6, and 5.1 as well as any additional covenants contained in a
supplemental indenture hereto for a particular Series of Securities or a Board
Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.21 (and
the failure to comply with any such covenants shall not constitute a Default or
Event of Default under Section 6.1) and the occurrence of any event described in
clause (e) of Section 6.1 shall not constitute a Default or Event of Default
hereunder, with respect to the Securities of such Series, provided that the
following conditions shall have been satisfied:

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    (a)            With
reference to this Section 8.4, the Company has deposited or caused to be
irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as
trust funds in trust, specifically pledged as security for, and dedicated solely
to, the benefit of the Holders of such Securities (i) in the case of Securities
of such Series denominated in Dollars, cash in Dollars (or such other money or
currencies as shall then be legal tender in the United States) and/or U.S.
Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money
and/or Foreign Government Obligations, which through the payment of interest and
principal in respect thereof, in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such
Trustee), not later than one day before the due date of any payment of money, an
amount in cash, sufficient, in the opinion of a nationally recognized firm of
independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, to pay principal and interest, if any, on and
any mandatory sinking fund in respect of the Securities of such Series on the
dates such installments of interest or principal are due;

    

    (b)            Such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

    

    (c)            No
Default or Event of Default with respect to the Securities of such Series shall
have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;

    

    (d)            the
Company shall have delivered to the Trustee an Opinion of Counsel confirming
that Holders of the Securities of such Series will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit and defeasance
and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such deposit and
defeasance had not occurred;

    

    (e)            the
Company shall have delivered to the Trustee an Officers’ Certificate stating the
deposit was not made by the Company with the intent of preferring the Holders of
the Securities of such Series over any other creditors of the Company or with
the intent of defeating, hindering, delaying or defrauding any other creditors
of the Company; and

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    

    (f)            The
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the defeasance contemplated by this Section have been complied
with.

    

    Section
8.5.               Repayment to
Company.

    

    The
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal and interest that remains unclaimed
for two years.  After that, Securityholders entitled to the money must
look to the Company for payment as general creditors unless an applicable
abandoned property law designates another person.

    

    Section
8.6.               Reinstatement.

    

    If the
Trustee or Paying Agent is unable to apply any money or U.S. Government
Obligations in accordance with Sections 8.1, 8.3 or 8.4, as the case may be, by
reason of any legal proceeding or by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s obligations under this Indenture and the
Securities shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.1, 8.3 or 8.4, as the case may be, until such time as the
Trustee or Paying Agent is permitted to apply all such money or U.S. Government
Obligations in accordance with Section 8.1, 8.3 or 8.4, as the case may be;
provided, however, that if the Company makes any payment of principal of,
premium, if any, or interest on any Securities because of reinstatement of its
obligations, the Company shall be subrogated to the rights of the holders of
such Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent.

    

    ARTICLE
IX.

    AMENDMENTS
AND WAIVERS

    

    Section
9.1.            
  Without
Consent of Holders.

    

    The
Company and the Trustee may amend or supplement this Indenture or the Securities
of one or more Series without the consent of any Securityholder:

    

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

    

    (b)          to
comply with Article V;

    

    (c)          to
provide for uncertificated Securities in addition to or in place of certificated
Securities;

    

    (d)          to
make any change that does not adversely affect the rights of any
Securityholder;

    

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

     

    (e)            to
provide for the issuance of and establish the form and terms and conditions of
Securities of any Series as permitted by this Indenture;

    

    (f)            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;

    

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

    

    (h)            to
comply with any applicable prospectus or prospectus supplement.

    

    Section
9.2.            With Consent of
Holders.

    

      
The Company and the Trustee may enter into a supplemental indenture with the
written consent of the Holders of at least a majority in principal amount of the
outstanding Securities of each Series affected by such supplemental indenture
(including consents obtained in connection with a tender offer or exchange offer
for the Securities of such Series), for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Indenture
or of any supplemental indenture or of modifying in any manner the rights of the
Securityholders of each such Series.  Except as provided in Section
6.13, the Holders of at least a majority in principal amount of the outstanding
Securities of each Series affected by such waiver by notice to the Trustee
(including consents obtained in connection with a tender offer or exchange offer
for the Securities of such Series) may waive compliance by the Company with any
provision of this Indenture or the Securities with respect to such
Series.

    

      
It shall not be necessary for the consent of the Holders of Securities under
this Section 9.2 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the
substance thereof.  After a supplemental indenture or waiver under
this Section becomes effective, the Company shall deliver by mail or
electronically to the Holders of Securities affected thereby a notice briefly
describing the supplemental indenture or waiver.  Any failure by the
Company to deliver such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such supplemental indenture or
waiver.

    

    Section
9.3.            Limitations.

    

      
Without the consent of each Securityholder affected, an amendment or waiver may
not:

    

    (a)          change
the amount of Securities whose Holders must consent to an amendment, supplement
or waiver;

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

     

    (b)          reduce
the rate of or extend the time for payment of interest (including default
interest) on any Security;

    

    (c)          reduce
the principal or change the Stated Maturity of any Security or reduce the amount
of, or postpone the date fixed for, the payment of any sinking fund or analogous
obligation;

    

    (d)          reduce
the principal amount of Discount Securities payable upon acceleration of the
maturity thereof;

    

    (e)          waive
a Default or Event of Default in the payment of the principal of or interest, if
any, on any Security (except a rescission of acceleration of the Securities of
any Series by the Holders of at least a majority in principal amount of the
outstanding Securities of such Series and a waiver of the payment default that
resulted from such acceleration);

    

    (f)          make
the principal of or interest, if any, on any Security payable in any currency
other than that stated in the Security;

    

    (g)          make
any change in Sections 6.8, 6.13, 9.3 (this sentence), 10.15 or 10.16;
or

    

    (h)          waive
a redemption payment with respect to any Security or change any of the
provisions with respect to the redemption of any Securities.

    

    Section
9.4.            Compliance with Trust
Indenture Act.

    

    Every
amendment to this Indenture or the Securities of one or more Series shall be set
forth in a supplemental indenture hereto that complies with the TIA as then in
effect.

    

    Section
9.5.            Revocation and Effect of
Consents.

    

    Until an
amendment or waiver becomes effective, a consent to it by a Holder of a Security
is a continuing consent by the Holder and every subsequent Holder of a Security
or portion of a Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent is not made on any
Security.  However, any such Holder or subsequent Holder may revoke
the consent as to his Security or portion of a Security if the Trustee receives
the notice of revocation before the date the amendment or waiver becomes
effective.

    

    Any
amendment or waiver once effective shall bind every Securityholder of each
Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (g) of Section 9.3.  In that case, the
amendment or waiver shall bind each Holder of a Security who has consented to it
and every subsequent Holder of a Security or portion of a Security that
evidences the same debt as the consenting Holder’s Security.

    

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    Section
9.6.            Notation on or Exchange of
Securities.

    

    The
Trustee may place an appropriate notation about an amendment or waiver on any
Security of any Series thereafter authenticated.  The Company in
exchange for Securities of that Series may issue and the Trustee shall
authenticate upon request new Securities of that Series that reflect the
amendment or waiver.

    

    Section
9.7.            Trustee
Protected.

    

    In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and
(subject to Section 7.1) shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture.  The Trustee shall sign all
supplemental indentures, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights.

    

    ARTICLE
X.

    MISCELLANEOUS

    

    Section
10.1.          Trust Indenture Act
Controls.

    

    If any
provision of this Indenture limits, qualifies, or conflicts with another
provision which is required or deemed to be included in this Indenture by the
TIA, such required or deemed provision shall control.

    

    Section
10.2.          Notices.

    

    Any
notice or communication by the Company or the Trustee to the other is duly given
if in writing and delivered in person or mailed by first-class
mail:

    

    if to the
Company:

    

    Ener1,
Inc.

    1540
Broadway, Suite 25C

    New York,
New York 10036

    Attn:
Charles Gassenheimer, Chief Executive Officer

    

    if to the
Trustee:

    

    _________________________

    [Address]

    

    The
Company or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications.

    

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

      
Any notice or communication to a Securityholder shall be delivered by
first-class mail or electronically.  Failure to mail a notice or
communication to a Securityholder of any Series or any defect in it shall not
affect its sufficiency with respect to other Securityholders of that or any
other Series.

    

       
If a notice or communication is delivered in the manner provided above, within
the time prescribed, it is duly given, whether or not the Securityholder
receives it.

    

       If
the Company mails a notice or communication to Securityholders, it shall mail a
copy to the Trustee and each Agent at the same time.

    

    Section
10.3.          Communication by Holders
with Other Holders.

    

       Securityholders
of any Series may communicate pursuant to TIA Section 312(b) with other
Securityholders of that Series or any other Series with respect to their rights
under this Indenture or the Securities of that Series or all
Series.  The Company, the Trustee, the Registrar and anyone else shall
have the protection of TIA Section 312(c).

    

    Section
10.4.          Certificate and Opinion as
to Conditions Precedent.

    

      
Upon any request or application by the Company to the Trustee to take any action
under this Indenture, the Company shall furnish to the Trustee:

    

    (a)       an
Officers’ Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with; and

    

    (b)       an
Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

    

    Section
10.5.          Statements Required in
Certificate or Opinion.

    

       Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than a certificate provided pursuant to
TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e)
and shall include:

    

    (a)       a
statement that the person making such certificate or opinion has read such
covenant or condition;

    

    (b)       a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

    

    (c)       a
statement that, in the opinion of such person, he 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

    

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    (d)       a
statement as to whether or not, in the opinion of such person, such condition or
covenant has been complied with.

    

    Section
10.6.          Rules by Trustee and
Agents.

    

    The
Trustee may make reasonable rules for action by or a meeting of Securityholders
of one or more Series.  Any Agent may make reasonable rules and set
reasonable requirements for its functions.

    

    Section
10.7.          Legal
Holidays.

     

    Unless
otherwise provided by Board Resolution, Officers’ Certificate or supplemental
indenture for a particular Series, a “Legal Holiday” is any day that is not a
Business Day.  If a payment date is a Legal Holiday at a place of
payment, payment may be made at that place on the next succeeding day that is
not a Legal Holiday, and no interest shall accrue for the intervening
period.

    

    Section
10.8.          No Recourse Against
Others.

    

    A
director, officer, employee or shareholder, as such, of the Company shall not
have any liability for any obligations of the Company under the Securities or
the Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation.  Each Securityholder by accepting a
Security waives and releases all such liability.  The waiver and
release are part of the consideration for the issue of the
Securities.

    

    Section
10.9.          Counterparts.

    

    This
Indenture may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

    

    Section
10.10.        Governing
Law.

    

    THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

    

    Section
10.11.        No Adverse Interpretation of
Other Agreements.

    

    This
Indenture may not be used to interpret another indenture, loan or debt agreement
of the Company or a Subsidiary.  Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

    

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    Section
10.12.        Successors.

    

    All
agreements of the Company in this Indenture and the Securities shall bind its
successor.  All agreements of the Trustee in this Indenture shall bind
its successor.

    

    Section
10.13.        Severability.

    

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

    

    Section
10.14.        Table of Contents, Headings,
Etc.

    

    The Table
of Contents, Cross Reference Table, and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not to
be considered a part hereof, and shall in no way modify or restrict any of the
terms or provisions hereof.

    

    Section
10.15.        Securities in a Foreign
Currency or in ECU.

    

    Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with
respect to a particular Series of Securities, whenever for purposes of this
Indenture any action may be taken by the Holders of a specified percentage in
aggregate principal amount of Securities of all Series or all Series affected by
a particular action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a coin or currency
other than Dollars (including ECUs), then the principal amount of Securities of
such Series which shall be deemed to be outstanding for the purpose of taking
such action shall be that amount of Dollars that could be obtained for such
amount at the Market Exchange Rate at such time.  For purposes of this
Section 10.15, “ Market Exchange Rate ” shall mean the noon Dollar buying rate
in New York City for cable transfers of that currency as published by the
Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market
Exchange Rate shall mean the rate of exchange determined by the Commission of
the European Union (or any successor thereto) as published in the Official
Journal of the European Union (such publication or any successor publication,
the “ Journal ”).  If such Market Exchange Rate is not available for
any reason with respect to such currency, the Trustee shall use, in its sole
discretion and without liability on its part, such quotation of the Federal
Reserve Bank of New York or, in the case of ECUs, the rate of exchange as
published in the Journal, as of the most recent available date, or quotations
or, in the case of ECUs, rates of exchange from one or more major banks in The
City of New York or in the country of issue of the currency in question or, in
the case of ECUs, in Luxembourg or such other quotations or, in the case of
ECUs, rates of exchange as the Trustee, upon consultation with the Company,
shall deem appropriate.  The provisions of this paragraph shall apply
in determining the equivalent principal amount in respect of Securities of a
Series denominated in currency other than Dollars in connection with any action
taken by Holders of Securities pursuant to the terms of this
Indenture.

    

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

     

    All
decisions and determinations of the Trustee regarding the Market Exchange Rate
or any alternative determination provided for in the preceding paragraph shall
be in its sole discretion and shall, in the absence of manifest error, be
conclusive to the extent permitted by law for all purposes and irrevocably
binding upon the Company and all Holders.

    

    Section
10.16.        Judgment
Currency.

    

    The
Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any court
it is necessary to convert the sum due in respect of the principal of or
interest or other amount on the Securities of any Series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance
with normal banking procedures the Trustee could purchase in The City of New
York the Required Currency with the Judgment Currency on the day on which final
unappealable judgment is entered, unless such day is not a New York Banking Day,
then, the rate of exchange used shall be the rate at which in accordance with
normal banking procedures the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the New York Banking Day
preceding the day on which final unappealable judgment is entered and (b) its
obligations under this Indenture to make payments in the Required Currency (i)
shall not be discharged or satisfied by any tender, any recovery pursuant to any
judgment (whether or not entered in accordance with Subsection (a)), in any
currency other than the Required Currency, except to the extent that such tender
or recovery shall result in the actual receipt, by the payee, of the full amount
of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for
the purpose of recovering in the Required Currency the amount, if any, by which
such actual receipt shall fall short of the full amount of the Required Currency
so expressed to be payable, and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture.  For purposes of
the foregoing, “ New York Banking Day ” means any day except a Saturday, Sunday
or a legal holiday in The City of New York on which banking institutions are
authorized or required by law, regulation or executive order to
close.

    

    Section
10.17.        Benefits of
Indenture.

    

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

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    ARTICLE
XI.

    SINKING
FUNDS

    

    Section
11.1.          Applicability of
Article.

    

    The
provisions of this Article shall be applicable to any sinking fund for the
retirement of the Securities of a Series, except as otherwise permitted or
required by any form of Security of such Series issued pursuant to this
Indenture.

    

    The
minimum amount of any sinking fund payment provided for by the terms of the
Securities of any Series is herein referred to as a “mandatory sinking fund
payment” and any other amount provided for by the terms of Securities of such
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 sinking fund payment may be subject to reduction as
provided in Section 11.2.  Each sinking fund payment shall be applied
to the redemption of Securities of any Series as provided for by the terms of
the Securities of such Series.

    

    Section
11.2.          Satisfaction of Sinking Fund
Payments with Securities.

    

    The
Company may, in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of any Series to be made pursuant to the terms of such
Securities (1) deliver outstanding Securities of such Series to which such
sinking fund payment is applicable (other than any of such Securities previously
called for mandatory sinking fund redemption) and (2) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have
been redeemed either at the election of the Company pursuant to the terms of
such Series of Securities (except pursuant to any mandatory sinking fund) or
through the application of permitted optional sinking fund payments or other
optional redemptions pursuant to the terms of such Securities, provided that
such Securities have not been previously so credited.  Such Securities
shall be received by the Trustee, together with an Officers’ Certificate with
respect thereto, not later than 15 days prior to the date on which the Trustee
begins the process of selecting Securities for redemption, and shall be credited
for such purpose by the Trustee at the price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.  If as a result of the
delivery or credit of Securities in lieu of cash payments pursuant to this
Section 11.2, the principal amount of Securities of such Series to be redeemed
in order to exhaust the aforesaid cash payment shall be less than $100,000, the
Trustee need not call Securities of such Series for redemption, except upon
receipt of a Company Order that such action be taken, and such cash payment
shall be held by the Trustee or a Paying Agent and applied to the next
succeeding sinking fund payment, provided, however, that the Trustee or such
Paying Agent shall from time to time upon receipt of a Company Order pay over
and deliver to the Company any cash payment so being held by the Trustee or such
Paying Agent upon delivery by the Company to the Trustee of Securities of that
Series purchased by the Company having an unpaid principal amount equal to the
cash payment required to be released to the Company.

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

    Section
11.3.          Redemption of Securities for
Sinking Fund.

    

    Not less
than 45 days (unless otherwise indicated in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate in respect of a particular Series of
Securities) prior to each sinking fund payment date for any Series of
Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing mandatory 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 and the portion thereof, if any,
which is to be satisfied by delivering and crediting of Securities of that
Series pursuant to Section 11.2, and the optional amount, if any, to be added in
cash to the next ensuing mandatory sinking fund payment, and the Company shall
thereupon be obligated to pay the amount therein specified.  Not less
than 30 days (unless otherwise indicated in the Board Resolution, Officers’
Certificate or supplemental indenture in respect of a particular Series of
Securities) before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 3.2 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 3.3.  Such notice having been duly given, the redemption of
such Securities shall be made upon the terms and in the manner stated in
Sections 3.4, 3.5 and 3.6.

    

    ARTICLE
XII.

    SUBORDINATION
OF SECURITIES

    

    Section
12.1.          Agreement of
Subordination.

    

    The
Company covenants and agrees, and each Holder of Securities issued hereunder by
his acceptance thereof likewise covenants and agrees, that all Securities shall
be issued subject to the provisions of this Article XII; and each Person holding
any Security, whether upon original issue or upon transfer, assignment or
exchange thereof, accepts and agrees to be bound by such
provisions.

    

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

    

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

    

    Section
12.2.          Payments to
Holders.

    

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

     

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

     

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

    

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

    

    If the
Trustee receives any Payment Blockage Notice pursuant to clause (ii) above, no
subsequent Payment Blockage Notice shall be effective for purposes of this
Section unless and until (A) at least 365 days shall have elapsed since the
initial effectiveness of the immediately prior Payment Blockage Notice, and (B)
all scheduled payments of principal, premium, if any, and interest on the
Securities that have come due have been paid in full in cash.  No
nonpayment default that existed or was continuing on the date of delivery of any
Payment Blockage Notice to the Trustee shall be, or be made, the basis for a
subsequent Payment Blockage Notice.

    

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

    

    (1)            the
date upon which the default is cured or waived or ceases to exist,
or

    

    (2)            in
the case of a default referred to in clause (ii) above, 179 days pass after
notice is received if the maturity of such Designated Senior Indebtedness has
not been accelerated, unless this Article XII otherwise prohibits the payment or
distribution at the time of such payment or distribution.

    

    Upon any
payment by the Company, or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to creditors upon any
dissolution or winding-up or liquidation or reorganization of the Company,
whether voluntary or involuntary or in bankruptcy, insolvency, receivership or
other proceedings, all amounts due or to become due upon all Senior Indebtedness
shall first be paid in full in cash or other payment satisfactory to the holders
of such Senior Indebtedness, or payment thereof in accordance with its terms
provided for in cash or other payment satisfactory to the holders of such Senior
Indebtedness, before any payment is made on account of the principal of,
premium, if any, or interest on the Securities (except payments made pursuant to
Article VI from monies deposited with the Trustee pursuant thereto prior to
commencement of proceedings for such dissolution, winding-up, liquidation or
reorganization); and upon any such dissolution or winding-up or liquidation or
reorganization of the Company or bankruptcy, insolvency, receivership or other
proceeding, any payment by the Company, or distribution of assets of the Company
of any kind or character, whether in cash, property or securities, to which the
Holders of the Securities or the Trustee would be entitled, except for the
provision of this Article XII, shall (except as aforesaid) be paid by the
Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or
other Person making such payment or distribution, or by the Holders of the
Securities or by the Trustee under this Indenture if received by them or it,
directly to the holders of Senior Indebtedness (pro rata to such holders on the
basis of the respective amounts of Senior Indebtedness held by such holders, or
as otherwise required by law or a court order) or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing any Senior Indebtedness may have been issued,
as their respective interests may appear, to the extent necessary to pay all
Senior Indebtedness in full, in cash or other payment satisfactory to the
holders of such Senior Indebtedness, after giving effect to any concurrent
payment or distribution to or for the holders of Senior Indebtedness, before any
payment or distribution or provision therefor is made to the Holders of the
Securities or to the Trustee.

     

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

    

     

    For
purposes of this Article XII, the words, “cash, property or securities” shall
not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for
by a plan of reorganization or readjustment, the payment of which is
subordinated at least to the extent provided in this Article XII with respect to
the Securities to the payment of all Senior Indebtedness which may at the time
be outstanding; provided that (i) the Senior Indebtedness is assumed by the new
corporation, if any, resulting from any reorganization or readjustment, and (ii)
the rights of the holders of Senior Indebtedness (other than leases which are
not assumed by the Company or the new corporation, as the case may be) are not,
without the consent of such holders, altered by such reorganization or
readjustment.  The consolidation of the Company with, or the merger of
the Company into, another corporation or the liquidation or dissolution of the
Company following the conveyance or transfer of its property as an entirety, or
substantially as an entirety, to another corporation upon the terms and
conditions provided for in Article V shall not be deemed a dissolution,
winding-up, liquidation or reorganization for the purposes of this Section 12.2
if such other corporation shall, as a part of such consolidation, merger,
conveyance or transfer, comply with the conditions stated in Article
V.

    

    In the
event of the acceleration of the Securities because of an Event of Default, no
payment or distribution shall be made to the Trustee or any Holder of Securities
in respect of the principal of, premium, if any, or interest on the Securities
(including, but not limited to, the redemption price with respect to the
Securities called for redemption in accordance with Article III as provided in
the Indenture), except payments and distributions made by the Trustee as
permitted by the first or second paragraph of Section 12.5, until all Senior
Indebtedness has been paid in full in cash or other payment satisfactory to the
holders of Senior Indebtedness or such acceleration is rescinded in accordance
with the terms of this Indenture.  If payment of the Securities is
accelerated because of an Event of Default, the Company shall promptly notify
holders of Senior Indebtedness of the acceleration at the address set forth in
the notice from the Agent (or successor agent) to the Trustee as being the
address to which the Trustee should send its notice pursuant to this Section
12.2, unless there are no payment obligations of the Company thereunder and all
obligations thereunder to extend credit have been terminated or
expired.

    

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

     

    In the
event that, notwithstanding the foregoing provisions, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities (including, without limitation, by way of setoff or
otherwise), prohibited by the foregoing, shall be received by the Trustee or the
Holders of the Securities before all Senior Indebtedness is paid in full in cash
or other payment satisfactory to the holders of such Senior Indebtedness, or
provision is made for such payment thereof in accordance with its terms in cash
or other payment satisfactory to the holders of such Senior Indebtedness, such
payment or distribution shall be held in trust for the benefit of and shall be
paid over or delivered to the holders of Senior Indebtedness or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any Senior Indebtedness
may have been issued, as their respective interests may appear, as calculated by
the Company, for application to the payment of all Senior Indebtedness remaining
unpaid to the extent necessary to pay all Senior Indebtedness in full in cash or
other payment satisfactory to the holders of such Senior Indebtedness, after
giving effect to any concurrent payment or distribution to or for the holders of
such Senior Indebtedness.

    

    Nothing
in this Section 12.2 shall apply to claims of, or payments to, the Trustee under
or pursuant to Section 7.7.  This Section 12.2 shall be subject to the
further provisions of Section 12.5.

    

    Section
12.3.          Subrogation of
Securities.

    

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

    

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

    

     

    Nothing
contained in this Article XII or elsewhere in this Indenture or in the
Securities is intended to or shall impair, as among the Company, its creditors
other than the holders of Senior Indebtedness, and the Holders of the
Securities, the obligation of the Company, which is absolute and unconditional,
to pay to the Holders of the Securities the principal of (and premium, if any)
and interest on the Securities as and when the same shall become due and payable
in accordance with their terms, or is intended to or shall affect the relative
rights of the Holders of the Securities and creditors of the Company other than
the holders of the Senior Indebtedness, nor shall anything herein or therein
prevent the Trustee or the Holder of any Security from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if any, under this Article XII of the holders of Senior
Indebtedness in respect of cash, property or securities of the Company received
upon the exercise of any such remedy.

    

    Upon any
payment or distribution of assets of the Company referred to in this Article
XII, the Trustee, subject to the provisions of Section 7.1, and the Holders of
the Securities shall be entitled to rely upon any order or decree made by any
court of competent jurisdiction in which such bankruptcy, dissolution,
winding-up, liquidation or reorganization proceedings are pending, or a
certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent
or other person making such payment or distribution, delivered to the Trustee or
to the Holders of the Securities, for the purpose of ascertaining the persons
entitled to participate in such distribution, the holders of the Senior
Indebtedness and other indebtedness of the Company, the amount thereof or
payable thereon and all other facts pertinent thereto or to this Article
XII.

    

    Section
12.4.          Authorization to Effect
Subordination.

    

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

    

    Section
12.5.          Notice to
Trustee.

    

    The
Company shall give prompt written notice in the form of an Officers’ Certificate
to a Responsible Officer of the Trustee and to any paying agent of any fact
known to the Company which would prohibit the making of any payment of monies to
or by the Trustee or any paying agent in respect of the Securities pursuant to
the provisions of this Article XII.  Notwithstanding the provisions of
this Article XII or any other provision of this Indenture, the Trustee shall not
be charged with knowledge of the existence of any facts which would prohibit the
making of any payment of monies to or by the Trustee in respect of the
Securities pursuant to the provisions of this Article XII, unless and until a
Responsible Officer of the Trustee shall have received written notice thereof at
the Corporate Trust Office from the Company (in the form of an Officers’
Certificate) or a Representative or a holder or holders of Senior Indebtedness
or from any trustee thereof; and before the receipt of any such written notice,
the Trustee, subject to the provisions of Section 7.1, shall be entitled in all
respects to assume that no such facts exist; provided that if on a date not
fewer than two Business Days prior to the date upon which by the terms hereof
any such monies may become payable for any purpose (including, without
limitation, the payment of the principal of, or premium, if any, or interest on
any Security) the Trustee shall not have received, with respect to such monies,
the notice provided for in this Section 12.5, then, anything herein contained to
the contrary notwithstanding, the Trustee shall have full power and authority to
receive such monies and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be
received by it on or after such prior date.

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
anything in this Article XII to the contrary, nothing shall prevent any payment
by the Trustee to the Holders of monies deposited with it pursuant to Section
8.1, and any such payment shall not be subject to the provisions of Section 12.1
or 12.2.

    

    The
Trustee, subject to the provisions of Section 7.1, shall be entitled to rely on
the delivery to it of a written notice by a Representative or a person
representing himself to be a holder of Senior Indebtedness (or a trustee on
behalf of such holder) to establish that such notice has been given by a
Representative or a holder of Senior Indebtedness or a trustee on behalf of any
such holder or holders.  In the event that the Trustee determines in
good faith that further evidence is required with respect to the right of any
person as a holder of Senior Indebtedness to participate in any payment or
distribution pursuant to this Article XII, the Trustee may request such person
to furnish evidence to the reasonable satisfaction of the Trustee as to the
amount of Senior Indebtedness held by such person, the extent to which such
person is entitled to participate in such payment or distribution and any other
facts pertinent to the rights of such person under this Article XII, and if such
evidence is not furnished the Trustee may defer any payment to such person
pending judicial determination as to the right of such person to receive such
payment.

    

    Section
12.6.          Trustee’s Relation to Senior
Indebtedness.

    

    The
Trustee in its individual capacity shall be entitled to all the rights set forth
in this Article XII in respect of any Senior Indebtedness at any time held by
it, to the same extent as any other holder of Senior Indebtedness, and nothing
in Section 7.11 or elsewhere in this Indenture shall deprive the Trustee of any
of its rights as such holder.

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

    With
respect to the holders of Senior Indebtedness, the Trustee undertakes to perform
or to observe only such of its covenants and obligations as are specifically set
forth in this Article XII, and no implied covenants or obligations with respect
to the holders of Senior Indebtedness shall be read into this Indenture against
the Trustee.  The Trustee shall not be deemed to owe any fiduciary
duty to the holders of Senior Indebtedness and, subject to the provisions of
Section 7.1, the Trustee shall not be liable to any holder of Senior
Indebtedness if it shall pay over or deliver to Holders of Securities, the
Company or any other person money or assets to which any holder of Senior
Indebtedness shall be entitled by virtue of this Article XII or
otherwise.

    

    Section
12.7.          No Impairment of
Subordination.

    

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

    

    Section
12.8.          Article Applicable to Paying
Agents.

    

    If at any
time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term “ Trustee ” as used in this
Article shall (unless the context otherwise requires) be construed as extending
to and including such Paying Agent within its meaning as fully for all intents
and purposes as if such Paying Agent were named in this Article in addition to
or in place of the Trustee; provided, however, that the first paragraph of
Section 12.5 shall not apply to the Company or any Affiliate of the Company if
it or such Affiliate acts as Paying Agent.

    

    Section
12.9.          Senior Indebtedness Entitled
to Rely.

    

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

    

    [signature
page follows]

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

     

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

    

    
      
        
          	 
      	
                  ENER1,
      INC.

                
	 
      	 
      	 
      
	 
      	
                  By:

                	 
      
	 
      	 
      	
                  Name:

                
	 
      	 
      	
                  Title:

                
	 
      	 
      	 
      
	 
      	
                  [TRUSTEE]

                
	 
      	 
      	 
      
	 
      	
                  By:

                	 
      
	 
      	 
      	
                  Name:

                
	 
      	 
      	
                        
                    Title:

                  

                

        

      

    

     

    [SIGNATURE
PAGE TO INDENTURE]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]