Document:

Unassociated Document

    

      Exhibit
        10.1

      

      RELEASE
        AND RESTRICTIVE COVENANTS AGREEMENT

      

      THIS
        RELEASE AND RESTRICTIVE COVENANTS AGREEMENT (“Release” or “Agreement”) is
        executed on the date specified below by Neil Cashen (“Cashen”) and PHH
        Corporation (the “Company”). 

      

      WHEREAS,
        Cashen’s employment as a senior-level executive of the Company has terminated,
        effective September 20, 2006; and

      

      WHEREAS,
        the Company has agreed to pay Cashen certain amounts and to provide him with
        certain rights and benefits as consideration for the execution of this
        Release.

      

      NOW
        THEREFORE, intending to be legally bound hereby, the Company and Cashen agree
        as
        follows:

      

      Last
        Day of Employment

      

      Cashen’s
        employment with the Company and any of its subsidiaries and affiliates will
        terminate on September 20, 2006 (the “Termination Date”), at which date Cashen
        hereby resigns and relinquishes all offices, titles and authority as an officer
        of the Company or any of its subsidiaries or affiliates. 

      

      Consideration.

      

      
        	 	
                1.

              	
                In
                  consideration of Cashen’s execution of, failure to revoke and continued
                  compliance with the terms and conditions of the Release, the Company
                  agrees to (a) pay to Cashen a lump sum payment equal to $1,864,800.00,
                  (b)
                  transfer to Cashen title of a 2006 Cadillac Escalade, VIN# 3GYFK66N86G134294
                  (the “Vehicle”); provided after the Vehicle has been transferred to
                  Cashen, Cashen shall be solely responsible for any taxes, registration,
                  insurance, maintenance and fuel for the Vehicle, (c) transfer to
                  Cashen
                  title to an IBM Thinkpad computer (I.D. 6782)
                  and its monitor, power cord and printer and (d) allow Cashen to
                  continue
                  to vest in and, to the extent applicable, exercise, any outstanding
                  options or restricted stock units that have been awarded to Cashen
                  under
                  the 2005 PHH Corporation Equity and Incentive Plan (the “Equity Plan”),
                  subject to the terms and conditions of the Equity Plan and any
                  award
                  agreement, on the same basis and at the same time as such awards
                  would
                  have vested and been exercisable had Cashen remained in the employ
                  of the
                  Company through October 11, 2009. The payment described in clause
                  (a)
                  shall be paid, the Vehicle described in clause (b) and the computer
                  and
                  printer described in clause (c) shall be transferred, to Cashen
                  no later
                  than ten (10) business days after the Effective Date of the Release,
                  provided that the transfer of the computer referred to in clause
                  (c) shall
                  not occur unless Cashen returns such computer to the Company before
                  the
                  beginning of 

              

      

      

      

      

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      such
        10-business day period to allow the Company to erase or delete all software,
        data and information from such computer. The Effective Date of this Release
        shall be the tenth calendar day after the date Cashen signs the Release;
        provided he has not earlier revoked this Release. All amounts paid and property
        transferred under this Release shall be subject to applicable withholdings
        for
        federal state and local taxes. 

      

      
        	 	
                2.

              	
                Cashen
                  acknowledges that: (a) the payments and benefits set forth in this
                  Release
                  constitute full settlement of all his rights arising out of his
                  employment
                  with the Company except to matters specifically preserved herein,
                  (b) he
                  has no entitlement under any other severance or similar arrangement
                  maintained by the Company, and (c) except as otherwise provided
                  specifically in this Release, the Company does not and will not
                  have any
                  other liability or obligation to Cashen. Cashen further acknowledges
                  that,
                  in the absence of his execution of this Release, benefits and payments
                  specified in the “Consideration” section of the Release would not
                  otherwise be due to Cashen. 

              

      

      

      Release
        and Covenant Not to Sue.

      

      In
        consideration for the benefits and payments specified in the Release, Cashen
        hereby fully and forever releases and discharges the Company and each of
        its
        subsidiaries and affiliates, and all of their predecessors and successors,
        assigns, officers, directors, trustees, employees, agents and attorneys,
        past
        and present (“Releasees”) of and from any and all claims, demands, liens,
        agreements, contracts, covenants, actions, suits, causes of action, obligations,
        controversies, debts, costs, expenses, damages, judgments, orders and
        liabilities, of whatever kind or nature, direct or indirect, in law, equity
        or
        otherwise, whether known or unknown, arising through the date of this Release,
        out of Cashen’s employment with the Company or any Releasee, including the
        termination thereof. By this paragraph Cashen waives any claims which Cashen
        has
        or may have against Releasees, or any of them. This includes all rights and
        obligations under any federal, state or local laws or ordinances pertaining
        to
        employment, including but not limited to any claims for relief or causes
        of
        action under the Age Discrimination in Employment Act, 29 U.S.C. §621 et seq.,
        or any other federal, state or local statute, ordinance or regulation regarding
        discrimination in employment, all claims for wrongful discharge, all claims
        that
        Releasees, or any of them, dealt unfairly with Cashen, in bad faith or in
        violation of any contract or agreement, expressed or implied, that may have
        existed between Releasees, or any of them, and Cashen, and all claims against
        Releasees, or any of them, for assault, battery, personal injury, emotional
        distress, pain and suffering.

      

      Cashen
        expressly represents that he has not filed a lawsuit or initiated any other
        administrative proceeding against Releasees, or any of them, and that he
        has not
        assigned any claim against the Releasees, or any of them, Cashen further
        promises not to initiate a lawsuit or to bring any other claim against
        Releasees, or any of them, arising out of or in any way related to Cashen’s
        employment by the Company or any Releasee, including the termination of that
        employment. This Release will not prevent Cashen from filing a

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      charge
        with the Equal Employment Opportunity Commission (or similar state agency)
        or
        participating in any investigation conducted by the Equal Employment Opportunity
        Commission (or similar state agency); provided, however, that any claims
        by
        Cashen for personal relief in connection with such a charge or investigation
        (such as reinstatement or monetary damages) would be barred by this
        Release.

      

      The
        foregoing will not be deemed to release the Company from any of the following
        claims, entitlements or rights of Cashen for or to:

      

      
        	 	
                1.

              	
                Claims
                  or actions brought, in good faith, solely to enforce or clarify
                  the
                  promises, rights, entitlements, obligations, and benefits provided
                  in this
                  Release, including but not limited to those provided under the
                  “Consideration” section of this
                  Agreement;

              

      

      

      
        	 	
                2.

              	
                Vested
                  benefits under retirement plans sponsored by the Company in which
                  Cashen
                  is a participant, based on services performed prior to the Termination
                  Date;

              

      

      

      
        	 	
                3.

              	
                Rights
                  to continue health care coverage pursuant to the Consolidated Omnibus
                  Reconciliation Act of 1985, at his own expense, under the Company’s group
                  health plan upon a qualifying event, e.g., termination of employment;
                  

              

      

      

      
        	 	
                4.

              	
                Rights
                  to convert coverage under an existing life insurance policy provided
                  by
                  the Company, subject to the conversion rights of such
                  policy;

              

      

      

      
        	 	
                5.

              	
                Coverage,
                  if any, under any policy of liability or directors and officers
                  liability
                  insurance for matters subject to said policies for activities arising
                  out
                  of or in any way related to Cashen’s employment prior to the Termination
                  Date;

              

      

      

      
        	 	
                6.

              	
                Any
                  right to indemnification or cost of defense from or by the Company
                  pursuant to the Company’s by-laws or charter, or duly adopted resolution
                  of the Company’s Board of Directors for activities and actions by Cashen
                  as an agent, officer, or employee of the Company, prior to the
                  Termination
                  Date;

              

      

      

      
        	 	
                7.

              	
                Earned
                  wages and compensation, accrued vacation and accrued fringe benefits,
                  or
                  reimbursement for authorized expenses acquired or incurred before
                  the
                  Termination Date, including any bonus which may become due to Cashen
                  under
                  the Company’s 2005 Management Incentive Plan. Such bonus will be paid to
                  Cashen if and when the bonus is paid to the Company’s executive officers,
                  at a level consistent with Cashen’s former duties as Chief Financial
                  Officer of the Company and subject to the terms of the 2005 Management
                  Incentive Plan; and 

              

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

      

      
        	 	
                8.

              	
                Any
                  counterclaims in connection with a lawsuit or administrative proceeding
                  in
                  which the Company, its successors, assigns or subrogees seek legal
                  or
                  equitable relief from Cashen provided
                  such counterclaim (i) arises out of the transaction or occurrence
                  that is
                  the subject matter of the claim raised by the Company in such lawsuit
                  or
                  proceeding, (ii) does not require for adjudication the joinder
                  or presence
                  of third parties, and (iii) does not relate to or arise out of
                  the
                  termination of Cashen’s employment or involve any claim for compensation
                  or benefits for services rendered to the
                  Company.

              

      

      

      Covenants
        Not to Unfairly Compete

      

      In
        further consideration for the benefits and payments set forth in this Release,
        Cashen agrees that, during the Restriction Period (as defined below), Cashen
        shall not unfairly compete with the Company or any of its subsidiaries or
        affiliates (the “PHH Group”), as set forth below:

      

      
        	 	
                1.

              	
                Cashen
                  agrees that as part of his promise not to unfairly compete with
                  the PHH
                  Group, Cashen, directly or indirectly, as an individual on Cashen’s own
                  account, or as an independent contractor, employee, consultant,
                  agent,
                  partner, member, joint venturer or otherwise, shall not provide
                  any
                  service or assistance, in any capacity or function similar to the
                  capacity
                  or function in which Cashen provided services or assistance to
                  the PHH
                  Group to: *CONFIDENTIAL
                  and any successor entity of an entity listed in this section 1
                  of
                  “Covenants Not to Unfairly Compete” that is created by merger,
                  consolidation or any other similar
                  transaction.

              

      

      

      
        	 	
                2.

              	
                Cashen
                  further agrees that as part of his promise not to unfairly compete
                  with
                  the PHH Group, Cashen, directly or indirectly, as an individual
                  on
                  Cashen’s own account, or as an independent contractor, employee,
                  consultant, agent, 

              

      

      

      

      

      

      

      

      

      

      ___________________

      *The
        term
“Confidential” indicates material that has been omitted and for which
        confidential treatment has been requested. All such omitted material has
        been
        filed with the Securities and Exchange Commission pursuant to Rule 24b-2
        under the Securities Exchange Act of 1934, as amended.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      partner,
        member, joint venturer or otherwise, shall not solicit, induce or encourage,
        or
        permit any person or entity to solicit, encourage, induce or attempt to induce
        on Cashen’s behalf:

      

      
        	 	
                (a)

              	
                any
                  person who was employed by the PHH Group on the Effective Date
                  of this
                  Release, and/or any person who was employed by the PHH Group at
                  any time
                  during the twelve-month period immediately preceding the Effective
                  Date of
                  this Release, to terminate their employment with the PHH Group,
                  or in any
                  way interfere with the relationship between the PHH Group and any
                  employee
                  thereof; or

              

      

      

      
        	 	
                (b)

              	
                any
                  customer, client, supplier, licensee or other person or entity
                  that does
                  business with the PHH Group to cease doing business with the PHH
                  Group, or
                  in any way interfere with the relationship between any such persons
                  or
                  entities and the PHH Group; and

              

      

      

      
        	 	
                3.

              	
                Cashen
                  further agrees that as part of his promise not to unfairly compete
                  with
                  the PHH Group, Cashen, directly or indirectly, as an individual
                  on
                  Cashen’s own account, or as an independent contractor, employee,
                  consultant, agent, partner, member, joint venturer or otherwise,
                  shall not
                  call on, solicit or service any person or entity who was a customer,
                  client, licensor or licensee of the PHH Group at any time during
                  the
                  twelve-month period immediately preceding the Effective Date of
                  this
                  Release for any purpose which directly or indirectly competes with
                  the
                  business of the PHH Group. 

              

      

      

      Cashen
        agrees and acknowledges that the promises and covenants not to unfairly compete
        set forth above each have a unique, very substantial and immeasurable value
        to
        the PHH Group, that the PHH Group is engaged in a highly competitive industry,
        and that Cashen is receiving significant consideration in exchange for these
        promises and covenants. Cashen acknowledges that the promises and covenants
        set
        forth above are necessary for the reasonable and proper protection of the
        PHH
        Group’s legitimate business interests; and that each and every promise and
        covenant is reasonable with respect to activities restricted, geographic
        scope
        and length of time.

      

      Cashen
        agrees and acknowledges that in the event of a breach or threatened breach
        by
        Cashen of one or more of these covenants and promises, the PHH Group will
        suffer
        irreparable harm that is not compensable solely by damages. Cashen agrees
        that
        under such circumstances, the PHH Group shall be entitled, upon application
        to a
        court of competent jurisdiction, to obtain injunctive relief to enforce these
        promises and covenants.

      

      The
        “Restriction Period” for purposes of these “Covenants Not to Unfairly Compete”
shall in all events be five (5) years from the Effective Date of this Agreement,
        provided, however, that solely for purposes of section 1 of these “Covenants Not
        to Unfairly Compete” the Restriction Period with respect to only the following
        companies 

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      shall
        be
        three (3) years instead of five (5) years: *CONFIDENTIAL
        and any
        successor entity of an entity listed in this paragraph that is created by
        merger, consolidation or any other similar transaction.

      

      Confidential
        Information

      

      Cashen
        acknowledges that as part of his employment with the PHH Group, he had access
        to
        information that was not generally disclosed or made available to the public.
        Cashen recognizes that in order to guard the legitimate interests of the
        PHH
        Group, it is necessary for it to protect all confidential information. Cashen
        agrees to keep secret all non-public, confidential and/or proprietary
        information, matters and materials of the PHH Group, and personal confidential
        or otherwise proprietary information regarding the PHH Group’s employees,
        executives, directors or consultants affiliated with the PHH Group, including,
        but not limited to, documents, materials or information regarding, concerning
        or
        related to the PHH Group’s research and development, its business relationships,
        corporate structure, financial information, financial dealings, fees, charges,
        personnel, methods, trade secrets, systems, procedures, manuals, confidential
        reports, clients or potential clients, financial information, business and
        strategic plans, proprietary information regarding its financial or other
        business arrangements with the executives, sales representatives, editors
        and
        other professionals with which it works, software programs and codes, access
        codes, and other similar materials or information, as well as all other
        information relating to the business of the PHH Group which is not generally
        known to the public or within the fleet management and/or mortgage industries
        or
        any other industry or trade in which the PHH Group competes (collectively,
        “Confidential Information”), to which Cashen has had or may have access and
        shall not use or disclose such Confidential Information to any person except
        (a)
        to the extent required by applicable law, (b) to his personal advisors, to
        the
        extent such advisors agree to be bound by this provision, or (c) to the minimum
        necessary to enforce this Release. This obligation is understood to be in
        addition to any agreements Cashen may have signed with the PHH Group or any
        of
        its subsidiaries or affiliates concerning confidentiality and non-disclosure,
        non-competition, non-solicitation, and assignment of inventions or other
        intellectual property developments, which agreements will remain in full
        force
        and effect. This section of the Release is not subject to the five-year period
        provided under the “Covenants Not to Unfairly Compete” section
        above.

      

      Non-Disparagement.

      

      Cashen
        will not disparage or defame, through verbal or written statements or otherwise,
        the PHH Group or any of its members, directors, officers, agents or employees
        or
        otherwise take any action which could reasonably be expected to adversely
        affect
        the reputation, business practices, good will, products and services of the
        PHH
        Group or the personal or professional reputation of any of the PHH Group’s
        members, directors, officers, agents or employees. This section of the Release
        is not subject to the five-year period provided under the “Covenants Not to
        Unfairly Compete” section above. 

      

      

      

      _____________________

      *The
        term
“Confidential” indicates material that has been omitted and for which
        confidential treatment has been requested. All such omitted material has
        been
        filed with the Securities and Exchange Commission pursuant to Rule 24b-2
        under the Securities Exchange Act of 1934, as amended.

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      Cooperation.

      

      Cashen
        further agrees that, subject to reimbursement of his reasonable expenses,
        he
        will cooperate fully with the Company and any of its subsidiaries and affiliates
        and their counsel with respect to any matter (including any pending or future
        litigation, investigations, or governmental proceedings) which relates to
        matters with which Cashen was involved during his employment with the Company.
        Cashen will render such cooperation in a timely manner upon reasonable notice
        from the Company.

      

      Rescission
        Right.

      

      Cashen
        expressly acknowledges and recites that (a) he has read and understands the
        terms of this Release in its entirety, (b) he has entered into this Release
        knowingly and voluntarily, without any duress or coercion; (c) he has been
        advised orally and is hereby advised in writing to consult with an attorney
        with
        respect to this Release before signing it; (d) he was provided twenty-one
        (21)
        calendar days after the receipt of the Release to consider its terms before
        signing it; and (e) he has seven (7) calendar days from the date of signing
        to
        terminate and revoke this Release in which case this Release will be
        unenforceable, null and void. Cashen may revoke this Release during those
        seven
        (7) days by providing written notice of revocation to the Company. The
        revocation must be delivered to the President of PHH Corporation, 3000
        Leadenhall Road, Mail Stop LGL, Mt. Laurel, NJ 08054. 

      

      Challenge.

      

      If
        Cashen
        violates or successfully challenges the enforceability of any provisions
        of this
        Release, no further payments, rights or benefits provided under the
“Consideration” section this Release will be due to Cashen. However, Cashen may
        seek clarification from the Company of his rights and obligations under this
        Release, and, if a dispute remains after seeking clarification, Cashen may
        raise
        a dispute regarding his rights under this Release pursuant to the Arbitration
        provisions of this Release.

      

      Arbitration. 

      

      Any
        dispute arising under this Release will be resolved by arbitration administered
        exclusively in Baltimore, Maryland by JAMS, pursuant to its then-prevailing
        Employment Arbitration Rules & Procedures, before an arbitrator or
        arbitrators whose decision shall be final, binding and conclusive on the
        parties, and judgment on the award may be entered in any court having
        jurisdiction. The Company shall bear any and all costs of the arbitration
        process, excluding any attorneys’ fees incurred by Cashen with regard to such
        arbitration. Cashen and the Company further acknowledge and agree that, due
        to
        the nature of the confidential information, trade secrets, and intellectual
        property belonging to the PHH Group to which Cashen has been 

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      given
        access, and the likelihood of significant harm that the PHH Group would suffer
        in the event that such information was disclosed to third parties, nothing
        in
        this paragraph shall preclude the Company or any other member of the PHH
        Group
        from seeking injunctive relief to prevent Cashen from violating, or threatening
        to violate, the terms under the “Covenants Not to Unfairly Compete,”
“Confidential Information” and “Non-Disparagement” sections of this
        Release.

      

      Miscellaneous.

      

      No
        Admission of Liability.
        This
        Release is not to be construed as an admission of any violation of any federal,
        state or local statute, ordinance or regulation or of any duty owed by the
        Company or any other person to Cashen. There have been no such violations,
        and
        the Company specifically denies any such violations.

      

      Absence
        of Reliance.
        Cashen
        acknowledges that in agreeing to this Release, he has not relied in any way
        upon
        representations or statements of the Company other than those representations
        or
        statements set forth in this Release.

      

      No
        Reinstatement.
        Cashen
        agrees that he will not apply for reinstatement with the Company or any other
        member of the PHH Group or seek in any way to be reinstated, re-employed
        or
        hired by the Company or any other member of the PHH Group in the
        future.

      

      Section
        Headings.
        The
        section headings are solely for convenience of reference and shall not in
        any
        way affect the interpretation of this Release.

      

      Notice:
        All
        notices, requests, demands and other communications made or given in connection
        with this Release shall be in writing and shall be deemed to have been duly
        given (a) if hand delivered, at the same time delivered, or (b) at the time
        shown on the return receipt if mailed in a certified postage prepaid envelope
        (return receipt requested) addressed to the respective parties as
        follows:

      

      
        	 	
                If
                  to PHH Corporation:

              
	 	 	 
	 	 	
                PHH
                  Corporation

              
	 	 	
                c/o
                  William F. Brown

              
	 	 	
                3000
                  Leadenhall Road

              
	 	 	
                Mt.
                  Laurel, NJ 08054

              
	 	 	 
	 	
                If
                  to Neil Cashen:

              
	 	 	 
	 	 	
                Mr.
                  Neil Cashen

              
	 	 	
                8743
                  Marburg Manor Drive

              
	 	 	
                Lutherville,
                  MD 21093

              

      

      

      or
        to
        such other address as the party to whom notice is to be given may have
        previously furnished to the other party in writing in the manner set forth
        above.

      

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

       

      409A
        Compliance:
        Notwithstanding anything in this Release to the contrary, in no event shall
        the
        Company be obligated to make any payment or distribution to Cashen of any
        amount
        that constitutes nonqualified deferred compensation within the meaning of
        Internal Revenue Code section 409A (“Code section 409A”) earlier than the
        earliest permissible date under Code section 409A that such amount could
        be paid
        or distributed without additional taxes or interest being imposed under Code
        section 409A(a)(1)(B)(i).

      

      Successors
        and Assigns.
        This
        Release will inure to the benefit of and be binding upon the Company and
        Cashen
        and their respective successors, executors, administrators and heirs. Cashen
        may
        not make any assignment of this Release or any interest herein, by operation
        of
        law or otherwise. The Company may assign this Release to any successor to
        all or
        substantially all of its assets and business by means of liquidation,
        dissolution, merger, consolidation, transfer of assets, or
        otherwise.

      

      Severability.
        Whenever possible, each provision of this Release will be interpreted in
        such
        manner as to be effective and valid under applicable law. However, if any
        provision of this Release is held to be invalid, illegal or unenforceable
        in any
        respect, such invalidity, illegality or unenforceability will not affect
        any
        other provision, and this Release will be reformed, construed and enforced
        as
        though the invalid, illegal or unenforceable provision had never been herein
        contained.

      

      Entire
        Agreement; Amendments.
        Except
        as otherwise provided herein, this Release contains the entire agreement
        and
        understanding of the parties hereto relating to the subject matter hereof,
        and
        merges and supersedes all prior and contemporaneous discussions, agreements
        and
        understandings of every nature relating to the subject matter hereof. This
        Release may not be changed or modified, except by an agreement in writing
        signed
        by each of the parties hereto.

      

      Governing
        Law.
        This
        Release will be governed by, and enforced in accordance with, the laws of
        the
        State of Maryland without regard to the application of the principles of
        conflicts of laws.

       

      Counterparts
        and Facsimiles.
        This
        Release may be executed, including execution by facsimile signature, in multiple
        counterparts, each of which will be deemed an original, and all of which
        together will be deemed to be one and the same instrument. 

      

      [signature
        page to follow]

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

       

      IN
        WITNESS WHEREOF, Cashen and the Company have executed this Release as of
        the
        date first above written.

      

      
        	 	
                Executed
                  this 20th
                  day of September, 2006

              
	 	 
	 	
                By:/s/
                  Neil J. Cashen

              
	 	
                Neil
                  Cashen

              
	 	 
	 	 
	 	
                PHH
                  CORPORATION

              
	 	 
	 	 
	 	
                By:
                  /s/
                  Terence W. Edwards

              
	 	 
	 	
                Date:9/21/06

              

      

       

       

      
10Exhibit 4.1 - Indenture

     

    Exhibit
      4.1

    
 

    ____________________________________________

    

    FIRST
      INDUSTRIAL, L.P., as Issuer

     

    FIRST
      INDUSTRIAL REALTY TRUST, INC., as Guarantor

     

    U.S.
      BANK NATIONAL ASSOCIATION,
      as Trustee

    

    ___________________________________

     

    INDENTURE

     

    Dated
      as of

    September
      25, 2006

    

    ____________________________________

     

    4.625%
      Exchangeable Senior Notes due 2011

    

    ______________________________________________

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    

    Page        
      

    ARTICLE
      1

     

    Definitions

     

    
      	
              Section
                1.01.
                Definitions

            	
              1

            

    

    

    ARTICLE
      2

    Issue,
      Description, Execution, Registration and Exchange of Notes

    

    
      	
              Section
                2.01.
                Designation Amount and Issue of Notes

            	
              11

            
	
              Section
                2.02.
                Form of Notes

            	
              11

            
	
              Section
                2.03.
                Date and Denomination of Notes; Payments of Interest

            	
              12

            
	
              Section
                2.04.
                Execution of Notes

            	
              14

            
	
              Section
                2.05.
                Exchange and Registration of Transfer of Notes; Restrictions on
                Transfer

            	
              14

            
	
              Section
                2.06.
                Mutilated, Destroyed, Lost or Stolen Notes

            	
              19

            
	
              Section
                2.07.
                Temporary Notes

            	
              20

            
	
              Section
                2.08.
                Cancellation of Notes

            	
              21

            
	
              Section
                2.09.
                CUSIP Numbers

            	
              21

            

    

    

    ARTICLE
      3

    Redemption
      and Repurchase of Notes

    

    
      	
              Section
                3.01.
                Redemption of Notes

            	
              21

            
	
              Section
                3.02.
                Notice of Optional Redemption; Selection of Notes

            	
              22

            
	
              Section
                3.03.
                Payment of Notes Called for Redemption by the Issuer

            	
              23

            
	
              Section
                3.04.
                Sinking Fund

            	
              24

            
	
              Section
                3.05.
                Repurchase at Option of Holders Upon a Designated
                Event

            	
              24

            
	
              Section
                3.06. [Reserved]

            	
              25

            
	
              Section
                3.07.
                Issuer Repurchase Notice

            	
              26

            
	
              Section
                3.08.
                Effect of Designated Event Repurchase Notice;
                Withdrawal

            	
              27

            
	
              Section
                3.09.
                Deposit of Repurchase Price

            	
              28

            
	
              Section
                3.10.
                Notes Repurchased in Part

            	
              28

            
	
              Section
                3.11.
                Repayment to the Issuer

            	
              28

            

    

    

    ARTICLE
      4

    Particular
      Covenants of the Issuer

    

    
      	
              Section
                4.01.
                Payment of Principal, Premium and Interest

            	
              29

            
	
              Section
                4.02.
                Maintenance of Office or Agency

            	
              29

            
	
              Section
                4.03.
                Appointments to Fill Vacancies in Trustee’s Office

            	
              29

            
	
              Section
                4.04.
                Provisions as to Paying Agent

            	
              29

            

    

    

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

    Page     
          

    

    
      	
              Section
                4.05.
                Existence

            	
              31

            
	
              Section
                4.06.
                Rule 144A Information Requirement

            	
              31

            
	
              Section
                4.07.
                Stay, Extension and Usury Laws

            	
              31

            
	
              Section
                4.08.
                Compliance Certificate

            	
              31

            
	
              Section
                4.09.
                Additional Interest Notice

            	
              31

            

    

    

    ARTICLE
      5

    Noteholders’
      Lists and Reports by the Issuer and the Trustee

    

    
      	
              Section
                5.01.
                Noteholders’ Lists

            	
              32

            
	
              Section
                5.02.
                Preservation and Disclosure of Lists

            	
              32

            
	
              Section
                5.03.
                Reports by Trustee

            	
              32

            
	
              Section
                5.04.
                Reports by Issuer

            	
              32

            

    

    

    ARTICLE
      6

    Remedies
      of the Trustee and Noteholders on an Event of Default

    

    
      	
              Section
                6.01.
                Events of Default

            	
              33

            
	
              Section
                6.02.
                Payments of Notes on Default; Suit Therefor

            	
              36

            
	
              Section
                6.03.
                Application of Monies Collected by Trustee

            	
              37

            
	
              Section
                6.04.
                Proceedings by Noteholders

            	
              37

            
	
              Section
                6.05.
                Proceedings by Trustee

            	
              38

            
	
              Section
                6.06.
                Remedies Cumulative and Continuing

            	
              38

            
	
              Section
                6.07.
                Direction of Proceedings and Waiver of Defaults by Majority of
                Noteholders

            	
              39

            
	
              Section
                6.08.
                [Reserved]

            	
              39

            
	
              Section
                6.09.
                Undertaking to Pay Costs

            	
              39

            

    

    

    ARTICLE
      7

    The
      Trustee

    

    
      	
              Section
                7.01.
                Notice of Defaults

            	
              40

            
	
              Section
                7.02. Certain
                Rights of Trustee

            	
              40

            
	
              Section
                7.03.
                Not Responsible for Recitals or Issuance of Notes

            	
              42

            
	
              Section
                7.04. May
                Hold Notes and Common Stock

            	
              42

            
	
              Section
                7.05. Money
                Held in Trust

            	
              42

            
	
              Section
                7.06. Compensation
                and Reimbursement

            	
              42

            
	
              Section
                7.07.
                Corporate Trustee Required; Eligibility; Conflicting
                Interests

            	
              43

            
	
              Section
                7.08.
                Resignation and Removal; Appointment of Successor

            	
              43

            
	
              Section
                7.09.
                Acceptance of Appointment By Successor

            	
              45

            
	
              Section
                7.10.
                Merger, Conversion, Consolidation or Succession to
                Business

            	
              46

            
	
              Section
                7.11. Appointment
                of Authenticating Agent

            	
              46

            
	
              Section
                7.12. Certain
                Duties and Responsibilities of the Trustee

            	
              47

            

    

    

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

    Page        
      

    

    ARTICLE
      8

    The
      Noteholders

    

    
      	
              Section
                8.01.
                Action by Noteholders

            	
              49

            
	
              Section
                8.02.
                Proof of Execution by Noteholders

            	
              49

            
	
              Section
                8.03.
                Absolute Owners

            	
              49

            
	
              Section
                8.04.
                Issuer-owned Notes Disregarded

            	
              50

            
	
              Section
                8.05.
                Revocation of Consents; Future Holders Bound

            	
              50

            

    

    

    ARTICLE
      9

    Supplemental
      Indentures

    

    
      	
              Section
                9.01.
                Supplemental Indentures Without Consent of
                Noteholders

            	
              50

            
	
              Section
                9.02.
                Supplemental Indenture With Consent of Noteholders

            	
              52

            
	
              Section
                9.03.
                Effect of Supplemental Indenture

            	
              53

            
	
              Section
                9.04.
                Notation on Notes

            	
              53

            
	
              Section
                9.05.
                Evidence of Compliance of Supplemental Indenture to Be Furnished
                to
                Trustee

            	
              53

            

    

    

    ARTICLE
      10

    Consolidation,
      Merger, Sale, Conveyance and Lease

    

    
      	
              Section
                10.01.
                Issuer May Consolidate on Certain Terms

            	
              54

            
	
              Section
                10.02.
                Issuer Successor to Be Substituted

            	
              54

            
	
              Section
                10.03.
                Guarantor May Consolidate on Certain Terms

            	
              55

            
	
              Section
                10.04.
                Guarantor Successor to Be Substituted

            	
              55

            
	
              Section
                10.05.
                Assumption by Guarantor

            	
              56

            

    

    

    ARTICLE
      11

    Satisfaction
      and Discharge of Indenture

    

    
      	
              Section
                11.01.
                Satisfaction and Discharge of Indenture

            	
              56

            
	
              Section
                11.02.
                Application of Trust Funds

            	
              57

            
	
              Section
                11.03.
                Paying Agent to Repay Monies Held

            	
              57

            
	
              Section
                11.04.
                Return of Unclaimed Monies

            	
              58

            
	
              Section
                11.05.
                Reinstatement

            	
              58

            

    

    

    ARTICLE
      12

    Immunity
      of Incorporators, Stockholders, Officers and Directors

    

    
      	
              Section
                12.01.
                Indenture and Notes Solely Corporate Obligations

            	
              58

            

    

    

    
      
        
        

      

      
        -iii-

        
          

        

      

      
        
        

      

    

     

     

    
      Page         
        

      
        
          ARTICLE
            13

          Exchange
            of Notes

           

        

      

      
        
          	
                  Section
                    13.01.
                    Right to Exchange

                	
                  59

                

        

      

      
        	
                Section
                  13.02.
                  Exercise of Exchange Right; No Adjustment for Interest or
                  Dividends

              	
                62

              
	
                Section
                  13.03.
                  Cash Payments in Lieu of Fractional Shares

              	
                65

              
	
                Section
                  13.04.
                  Exchange Rate

              	
                65

              
	
                Section
                  13.05.
                  Adjustment of Exchange Rate

              	
                65

              
	
                Section
                  13.06.
                  Taxes on Shares Issued

              	
                73

              
	
                Section
                  13.07.
                  Reservation of Shares, Shares to Be Fully Paid; Compliance with
                  Governmental Requirements; Listing of Common Stock

              	
                73

              
	
                Section
                  13.08.
                  Responsibility of Trustee

              	
                73

              
	
                Section
                  13.09.
                  Notice to Holders Prior to Certain Actions

              	
                74

              
	
                Section
                  13.10.
                  Settlement upon Exchange

              	
                75

              
	
                Section
                  13.11.
                  Exchange Rate Adjustment After Certain Designated
                  Events

              	
                76

              
	
                Section
                  13.12.
                  Ownership Limit

              	
                77

              
	
                Section
                  13.13.
                  Calculations in Respect of Notes

              	
                77

              

      

    

    

    ARTICLE
      14

    Meetings
      of Holders of Notes

    

    
      	
              Section
                14.01.
                Purposes for Which Meetings May Be Called

            	
              78

            
	
              Section
                14.02.
                Call, Notice and Place of Meetings

            	
              78

            
	
              Section
                14.03.
                Persons Entitled to Vote at Meetings

            	
              78

            
	
              Section
                14.04.
                Quorum; Action

            	
              78

            
	
              Section
                14.05.
                Determination of Voting Rights; Conduct and Adjournment of
                Meetings

            	
              79

            
	
              Section
                14.06.
                Counting Votes and Recording Action of Meetings

            	
              80

            

    

    

    ARTICLE
      15

    Guarantee

    

    
      	
              Section
                15.01.
                Guarantee

            	
              81

            
	
              Section
                15.02.
                Execution and Delivery of Guarantee

            	
              82

            
	
              Section
                15.03.
                Limitation of Guarantor’s Liability; Certain Bankruptcy
                Events

            	
              83

            
	
              Section
                15.04.
                Application of Certain Terms and Provisions to the
                Guarantor

            	
              83

            

    

    

    ARTICLE
      16

    Miscellaneous
      Provisions

    

    
      	
              Section
                16.01.
                Provisions Binding on Issuer’s and Guarantor’s
                Successors

            	
              84

            
	
              Section
                16.02.
                Official Acts by Successor Corporation

            	
              84

            
	
              Section
                16.03.
                Addresses for Notices, etc

            	
              84

            
	
              Section
                16.04.
                Governing Law

            	
              85

            
	
              Section
                16.05.
                Evidence of Compliance with Conditions Precedent, Certificates to
                Trustee

            	
              85

            
	
              Section
                16.06.
                Legal Holidays

            	
              85

            
	
              Section
                16.07.
                Conflict with Trust Indenture Act

            	
              86

            
	
              Section
                16.08.
                No Security Interest Created

            	
              86

            
	
              Section
                16.09.
                Benefits of Indenture

            	
              86

            
	
              Section
                16.10.
                Table of Contents, Headings, etc

            	
              86

            
	
              Section
                16.11.
                [Reserved]

            	
              86

            
	
              Section
                16.12.
                Execution in Counterparts

            	
              86

            
	
              Section
                16.13.
                Severability

            	
              86

            

    

    

    
      	
              Exhibit
                A Form of Note

            	
              A−1

            

    

    

    
      
        
        

      

      
        -iv-

        
          

        

      

      
        
        

      

    

    

    
      	
              CROSS-REFERENCE
                TABLE*

            
	
              Trust
                Indenture Act Section 

            	
              Indenture
                Section

            
	
              310(a)(1)
                

            	
              7.09

            
	
              (a)(2)
                

            	
              7.07

            
	
              (a)(3)
                

            	
              7.07

            
	
              (a)(4)
                

            	
              N.A.

            
	
              (a)(5)
                

            	
              7.07

            
	
              (b)
                

            	
              7.08

            
	
              (c)
                

            	
              N.A.

            
	
              311(a)
                

            	
              N.A.

            
	
              (b)
                

            	
              N.A.

            
	
              (c)
                

            	
              N.A.

            
	
              312(a)
                

            	
              5.01

            
	
              (b)
                

            	
              5.02

            
	
              (c)
                

            	
              5.02

            
	
              313(a)
                

            	
              5.03

            
	
              (b)
                

            	
              5.03

            
	
              (c)
                

            	
              N.A.

            
	
              (d)
                

            	
              5.03

            
	
              314(a)
                

            	
              4.09,
                5.04

            
	
              (b)
                

            	
              N.A.

            
	
              (c)(1)
                

            	
              N.A.

            
	
              (c)(2)
                

            	
              N.A.

            
	
              (c)(3)
                

            	
              N.A.

            
	
              (d)
                

            	
              N.A.

            
	
              (e)
                

            	
              N.A.

            
	
              (f)
                

            	
              N.A.

            
	
              315(a)
                

            	
              7.02

            
	
              (b)
                

            	
              7.01

            
	
              (c)
                

            	
              6.05

            
	
              (d)
                

            	
              7.01

            
	
              (e)
                

            	
              6.09

            
	
              316(a)(1)(A)
                

            	
              6.07

            
	
              (a)(1)(B)
                

            	
              6.07

            
	
              (a)(2)
                

            	
              N.A.

            
	
              (b)
                

            	
              N.A.

            
	
              (c)
                

            	
              N.A.

            
	
              317(a)(1)
                

            	
              6.02

            
	
              (a)(2)
                

            	
              6.02

            
	
              (b)
                

            	
              4.04

            
	
              318(a)
                

            	
              N.A.

            

    

    

    N.A.
      means not applicable.

    *This
      Cross-Reference Table is not part of the Indenture.

    

    
      
        
        

      

      
        -v-

        
          

        

      

      
        
        

      

    

    INDENTURE

     

    INDENTURE
      dated as of September 25, 2006 among First Industrial, L.P., a Delaware limited
      partnership (hereinafter called the “Issuer”), First Industrial Realty Trust,
      Inc., a Maryland corporation (hereinafter called the “Guarantor” or, in its
      capacity as general partner of the Issuer, the “General Partner”), each having
      its principal office at 311 S. Wacker Drive, Suite 4000, Chicago, Illinois
      60606, and U.S. Bank National Association, as trustee hereunder (hereinafter
      called the “Trustee”).

     

    Each
      party agrees as follows for the benefit of the other parties and for the equal
      and ratable benefit of the holders of the Issuer’s 4.625% Exchangeable Senior
      Notes due 2011 (hereinafter called the “Notes”) guaranteed by the
      Guarantor.

     

    ARTICLE
      1

    DEFINITIONS

    

    Section
      1.01. Definitions.
      The
      terms
      defined in this Section 1.01 (except as herein otherwise expressly provided
      or
      unless the context otherwise requires) for all purposes of this Indenture and
      of
      any indenture supplemental hereto shall have the respective meanings specified
      in this Section 1.01. All other terms used in this Indenture that are defined
      in
      the Trust Indenture Act (as defined below) or which are by reference therein
      defined in the Securities Act (as defined below) (except as herein otherwise
      expressly provided or unless the context otherwise requires) shall have the
      respective meanings assigned to such terms in the Trust Indenture Act and in
      the
      Securities Act as in force at the date of the execution of this Indenture.
      The
      words “herein,”
      “hereof,”
      “hereunder”
and
      words of similar import refer to this Indenture as a whole and not to any
      particular Article, Section or other subdivision. The terms defined in this
      Article include the plural as well as the singular.

     

    “Additional
      Interest”
has
      the
      meaning specified in the Registration Rights Agreement (as defined
      below).

     

    “Additional
      Interest Notice”
has
      the
      meaning specified in Section 4.09.

     

    “Additional
      Notes”
has
      the
      meaning specified in Section 2.01.

     

    “Additional
      Designated Event Shares”
has
      the
      meaning specified in Section 13.11(a).

     

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

     

    “Agent
      Members”
has
      the
      meaning specified in Section 2.05(b)(v).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      “Applicable
      Exchange Rate”
as
      of
      any Trading Day, means the Exchange Rate in effect on such date, after giving
      effect to any adjustment provided for in Section 13.05 or Section
      13.11.

     

    “Applicable
      Observation Period”
with
      respect to any Note means the 30 consecutive Exchange Settlement Trading Day
      period beginning on and including the second Exchange Settlement Trading Day
      after the Exchange Date relating to such Note, except that with respect to
      any
      Note surrendered for exchange during the period beginning on the 34th Scheduled
      Trading Day prior to the respective Maturity Date of such Note and ending on
      the
      second Business Day prior to the Maturity Date, “Applicable Observation Period”
means the first 30 Exchange Settlement Trading Days beginning on and including
      the 32nd Scheduled Trading Day prior to the Maturity Date.

     

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

     

    “Benefited
      Party”
has
      the
      meaning specified in Section 15.01.

     

    “Board
      of Directors”
means
      the board of directors of the General Partner or a committee of that board
      duly
      authorized to act hereunder.

     

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

     

    “Business
      Day”
means
      each Monday, Tuesday, Wednesday, Thursday and Friday, other than a day on which
      banking institutions in The City of Chicago or The City of New York are
      authorized or obligated by law or executive order to close.

     

    “Charter”
means
      the Articles of Amendment and Restatement of the Guarantor filed June 13, 1994,
      as amended to date.

     

    “close
      of business”
means
      5:00 p.m., New York City time.

     

    “Closing
      Sale Price”
of
      Common Stock or other capital stock or similar equity interests or other
      publicly traded securities on any Trading Day means the closing sale price
      per
      share (or, if no closing sale price is reported, the average of the closing
      bid
      and ask prices or, if more than one in either case, the average of the average
      closing bid and the average closing ask prices) on such date as reported on
      the
      principal United States securities exchange on which Common Stock or such other
      capital stock or similar equity interests or other securities are traded or,
      if
      Common Stock or such other capital stock or similar equity interests or other
      securities are not listed on a United States national or regional securities
      exchange, any United States system of automated dissemination of quotations
      of
      securities prices or an established over-the-counter trading market in the
      United States.  The closing sale price will be determined without regard to
      after-hours trading or extended market making. In the absence of the foregoing,
      the Board of Directors will determine the closing sale price on such basis as it
      considers appropriate.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

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

     

    “Common
      Stock”
means,
      with respect to any Person, all shares of capital stock issued by such Person
      other than Preferred Stock. Shares of Common Stock issuable on exchange of
      Notes
      shall include only shares of the class designated as common stock of the
      Guarantor at the date of this Indenture (namely, the common stock, par value
      $0.01) or shares of any class or classes resulting from any reclassification
      or
      reclassifications thereof and which have no preference in respect of dividends
      or of amounts payable in the event of any voluntary or involuntary liquidation,
      dissolution or winding up of the Guarantor and which are not subject to
      redemption by the Guarantor; provided
      that if
      at any time there shall be more than one such resulting class, the shares of
      each such class then so issuable on exchange shall be substantially in the
      proportion which the total number of shares of such class resulting from all
      such reclassifications bears to the total number of shares of all such classes
      resulting from all such reclassifications.

     

    “Corporate
      Trust Office”
or
      other similar term, means the designated office of the Trustee at which, at
      any
      particular time, its corporate trust business as it relates to this Indenture
      shall be administered, which office is, at the date as of which this Indenture
      is dated, located at U.S. Bank National Association, 60 Livingston Avenue,
      St.
      Paul, Minnesota 55107, or at any other time at such other address as the Trustee
      may designate from time to time by notice to the Issuer.

     

    “CUSIP”
means
      the Committee on Uniform Securities Identification Procedures.

     

    “Custodian”
means
      U.S. Bank National Association, as custodian with respect to the Notes in global
      form, or any successor entity thereto.

     

    “Daily
      Exchange Value”
means,
      for each of the 30 consecutive Exchange Settlement Trading Days during the
      Applicable Observation Period, one-thirtieth of the product of (i) the
      Applicable Exchange Rate and (ii) the Daily VWAP of shares of Common Stock
      on
      such day.

     

    The
      “Daily
      Settlement Amount”
for
      each of the 30 Exchange Settlement Trading Days during the Applicable
      Observation Period, shall consist of: (i) cash equal to the lesser of (x)
      one-thirtieth of $1,000 and (y) the Daily Exchange Value; and (ii) to the extent
      the Daily Exchange Value exceeds one-thirtieth of $1,000, a number of shares
      of
      Common Stock equal to (x) the difference between the Daily Exchange Value and
      one-thirtieth of $1,000, divided by (y) the Daily VWAP for such
      day.

     

    “Daily
      VWAP”
means,
      for each of the 30 consecutive Exchange Settlement Trading Days during the
      Applicable Observation Period, the per share volume-weighted average price
      as
      displayed under the heading “Bloomberg VWAP” on Bloomberg page “FR.N _equity_
      AQR” (or its equivalent successor if such page is not available) in respect of
      the period from the scheduled open of the primary exchange or market
      on

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    which
      the
      Common Stock is listed or traded to the scheduled close of such exchange or
      market on such Exchange Settlement Trading Day (or if such volume-weighted
      average price is unavailable, the market value of one share of Common Stock
      on
      such Exchange Settlement Trading Day determined, using a volume-weighted average
      method, by a nationally recognized independent investment banking firm retained
      for this purpose by the Issuer).

     

    “default”
means
      any event that is, or after notice or lapse of time or both would become, an
      Event of Default.

     

    “Defaulted
      Interest”
has
      the
      meaning specified in Section 2.03.

     

    “Depositary”
means
      the clearing agency registered under the Exchange Act that is designated to
      act
      as the depositary for the Global Notes. DTC shall be the initial Depositary,
      until a successor shall have been appointed and become such pursuant to the
      applicable provisions of this Indenture, and thereafter, “Depositary”
shall
      mean or include such successor.

     

    “Designated
      Event”
means
      the occurrence at any time of any of the following events: (1) consummation
      of
      any transaction or event (whether by means of a share exchange or tender offer
      applicable to the Common Stock, a liquidation, consolidation, recapitalization,
      reclassification, combination or merger of the Guarantor or a sale, lease or
      other transfer of all or substantially all of the consolidated assets of the
      Guarantor) or a series of related transactions or events pursuant to which
      all
      of the outstanding Common Stock is exchanged for, converted into or constitutes
      solely the right to receive cash, securities or other property, more than ten
      percent (10%) of which consists of cash, securities or other property that
      is
      not, or will not be upon consummation of such transaction, listed on a national
      securities exchange; (2) any “person” or “group” (as such terms are used for
      purposes of Sections 13(d) and 14(d) of the Exchange Act, whether or not
      applicable), other than the Guarantor, the Issuer, any majority-owned Subsidiary
      of the Guarantor or the Issuer, or any employee benefit plan of the Guarantor,
      the Issuer or any such Subsidiary, is or becomes the “beneficial owner,”
directly or indirectly, of more than fifty percent (50%) of the total voting
      power in the aggregate of all classes of capital stock of the Guarantor then
      outstanding and entitled to vote generally in elections of directors; (3) during
      any period of twelve (12) consecutive months after the date of original issuance
      of the Notes (for so long as the Guarantor is the general partner of the Issuer
      immediately prior to such transaction or series of related transactions),
      persons who at the beginning of such twelve (12) month period constituted the
      Board of Directors, together with any new persons whose election was approved
      by
      a vote of a majority of the persons then still comprising the Board of Directors
      who were either members of the Board of Directors at the beginning of such
      period or whose election, designation or nomination for election was previously
      so approved, cease for any reason to constitute a majority of the Board of
      Directors; (4) holders of Common Stock approve any plan or proposal for
      liquidation or dissolution of the Issuer or the Guarantor, (5) the Common Stock
      has ceased to be listed on a United States national or regional securities
      exchange and is not quoted on the over-the-counter market as reported by Pink
      Sheets LLC or any similar organization, in each case, for 30 consecutive Trading
      Days or (6) the Guarantor

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (or
      any
      successor thereto permitted pursuant to the terms of this Indenture) ceases
      to
      be the general partner of the Issuer or ceases to control the Issuer;
provided,
      however,
      that the
      pro rata distribution by the Guarantor to its stockholders of shares of the
      Guarantor’s capital stock or shares of any of the Guarantor’s other Subsidiaries
      will not, in and of itself, constitute a Designated Event for purposes of this
      definition.

     

    For
      the
      purposes of this definition, “person”
      includes any syndicate or group that would be deemed to be a “person”
under
      Section 13(d)(3) of the Exchange Act.

     

    “Designated
      Event Repurchase Date”
has
      the
      meaning specified in Section 3.05(a).

     

    “DTC”
means
      The Depository Trust Company.

     

    “Effective
      Date”
has
      the
      meaning specified in Section 13.11(b).

     

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

     

    “ex-dividend
      date”
has
      the
      meaning specified in Section 13.01(a)(iv).

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended, and the rules and regulations
      promulgated thereunder, as in effect from time to time.

     

    “Exchange
      Agent”
means
      the exchange agent appointed by the Issuer to act as set forth in Article 13,
      which, initially, shall be the Trustee.

     

    “Exchange
      Date”
has
      the
      meaning specified in Section 13.02.

     

    “Exchange
      Notice”
has
      the
      meaning specified in Section 13.02.

     

    “Exchange
      Price”
means,
      on any date of determination, $1,000, divided
      by
      the
      Exchange Rate as of such date.

     

    “Exchange
      Rate”
has
      the
      meaning specified in Section 13.04.

     

    “Exchange
      Settlement Trading Day” means
      a
      day on which (i) there is no Market Disruption Event and (ii) trading in
      securities generally occurs on the New York Stock Exchange or, if the Common
      Stock is not then listed on the New York Stock Exchange, on the principal other
      United States national or regional securities exchange on which the Common
      Stock
      is then listed or, if the Common Stock is not then listed on a United States
      national or regional securities exchange, on the principal other market on
      which
      the Common Stock is then traded; provided,
      however,
      that if
      the Common Stock (or other security for which a Daily VWAP must be determined)
      in not so listed or quoted, “Exchange Settlement Trading Day” means a Business
      Day.

     

    “Expiration
      Time”
has
      the
      meaning specified in Section 13.05(e).

     

    
      
        
        

      

      
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    “General
      Partner”
means
      the corporation named as the “General
      Partner”
in
      the
      first paragraph of this Indenture, and, subject to the provisions of Article
      10,
      shall include its successors and assigns.

     

    “Global
      Note”
has
      the
      meaning specified in Section 2.02.

     

    “Guarantee”
means
      the full and unconditional guarantee provided by the Guarantor in respect of
      the
      Notes as made applicable to the Notes in accordance with the provisions of
      Article 15 hereof.

     

    “Guarantee
      Obligations”
has
      the
      meaning specified in Section 15.01.

     

    “Guarantor”
means
      the corporation named as the “Guarantor”
in
      the
      first paragraph of this Indenture, and, subject to the provisions of Article
      10,
      shall include its successors and assigns.

     

    “Indenture”
means
      this instrument as originally executed or, if amended or supplemented as herein
      provided, as so amended or supplemented.

     

    “Initial
      Notes”
has
      the
      meaning specified in Section 2.01.

     

    “Initial
      Purchasers”
means
      each of J.P. Morgan Securities Inc., Credit Suisse Securities (USA) LLC, Merrill
      Lynch, Pierce, Fenner & Smith Incorporated and Wachovia Capital Markets, LLC
      (each, an “Initial
      Purchaser”).

     

    “interest”
means,
      when used with reference to the Notes, any interest payable under the terms
      of
      the Notes, including Additional Interest, if any, payable under the terms of
      the
      Registration Rights Agreement.

     

    “Issuer”
means
      the limited partnership named as the “Issuer”
in
      the
      first paragraph of this Indenture, and, subject to the provisions of Article
      10,
      shall include its successors and assigns.

     

    “Issuer
      Request”
and
      “Issuer
      Order”
mean,
      respectively, a written request or order signed in the name of the Issuer by
      the
      General Partner by its Chairman of the Board of Directors, the President or
      a
      Vice President, and by its Treasurer, an Assistant Treasurer, the Secretary
      or
      an Assistant Secretary, of the General Partner, and delivered to the
      Trustee. 

     

    “Issuer
      Repurchase Notice”
has
      the
      meaning specified in Section 3.07(b).

     

    “Issuer
      Repurchase Notice Date”
has
      the
      meaning specified in Section 3.07(a).

     

    “Make
      Whole Cap”
has
      the
      meaning specified in Section 13.11(f)(ii).

     

    “Make
      Whole Floor”
has
      the
      meaning specified in Section 13.11(f)(iii).

     

    
      
        
        

      

      
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    “Market
      Disruption Event”
means
      the occurrence or existence for more than one half-hour period in the aggregate
      on any Scheduled Trading Day for the Common Stock of any suspension or
      limitation imposed on trading (by reason of movements in price exceeding limits
      permitted by the New
      York
      Stock Exchange
      or
      otherwise) in the Common Stock or in any options, contracts or future contracts
      relating to the Common Stock, and such suspension or limitation occurs or exists
      at any time before 1:00 p.m. (New York City time) on such day.

     

    “Maturity
      Date”
means
      September 15, 2011.

     

    “Note”
or
      “Notes”
means
      any Note or Notes, as the case may be, authenticated and delivered under this
      Indenture, including the Initial Notes, any Additional Notes and any Global
      Note.

     

    “Note
      Register”
has
      the
      meaning specified in Section 2.05(a).

     

    “Note
      Registrar”
has
      the
      meaning specified in Section 2.05(a).

     

    “Noteholder”
or
      “Holder”
as
      applied to any Note, or other similar terms (but excluding the term
“beneficial
      holder”),
      means
      any Person in whose name at the time a particular Note is registered on the
      Note
      Registrar’s books.

     

    “Offering
      Memorandum”
means
      the Issuer’s and the Guarantor’s offering memorandum dated September 19, 2006
      relating to the Notes.

     

    “Officer”
means
      the Chairman of the Board of Directors, the President, one of the Vice
      Presidents, the Treasurer, the Assistant Treasurer, the Secretary or an
      Assistant Secretary of the General Partner.

     

    “Officers’
      Certificate,”
when
      used with respect to the Issuer, means a certificate signed by the Chairman
      of
      the Board of Directors, the President or a Vice President and by the Treasurer,
      an Assistant Treasurer, the Secretary or an Assistant Secretary of the General
      Partner, and delivered to the Trustee. 

     

    “Opinion
      of Counsel”
means
      a
      written opinion of counsel, who may be counsel for the Issuer or who may be
      an
      employee of or other counsel for the Issuer and who shall be satisfactory to
      the
      Trustee and delivered to the Trustee.

     

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

     

    (a) Notes
      theretofore canceled by the Trustee or delivered to the Trustee for
      cancellation; 

     

    (b) Notes,
      or
      portions thereof, for whose payment (including redemption or repurchase pursuant
      to Article 3) money in the necessary amount has been theretofore deposited
      with
      the Trustee or any Paying Agent (other than

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    the
      Issuer) in trust or set aside and segregated in trust by the Issuer (if the
      Issuer shall act as its own Paying Agent) for the Holders of such Notes;
provided
      however,
      that,
      if such Notes are to be redeemed, notice of such redemption has been duly given
      pursuant to this Indenture or provision therefor satisfactory to the Trustee
      has
      been made;

     

    (c) Notes,
      which shall have been discharged in accordance with Article 11; and

     

    (d) Notes
      which have been paid pursuant to Section 2.06 or in exchange for or in lieu
      of
      which other Notes have been authenticated and delivered pursuant to this
      Indenture, other than any such Notes in respect of which there shall have been
      presented to the Trustee proof satisfactory to it that such Notes are held by a
      bona fide purchaser in whose hands such Notes are valid obligations of the
      Issuer;

     

    provided,
      however,
      that in
      determining whether the Holders of the requisite principal amount of the
      outstanding Notes have given any request, demand, authorization, direction,
      notice, consent or waiver hereunder or are present at a meeting of Holders
      for
      quorum purposes, Notes owned by the Issuer or any other obligor upon the Notes
      or any Affiliate of the Issuer or of such other obligor shall be disregarded
      and
      deemed not to be outstanding, except that, in determining whether the Trustee
      shall be protected in making such calculation or in relying upon any such
      request, demand, authorization, direction, notice, consent or waiver, only
      Notes
      which the Trustee knows to be so owned shall be so disregarded. Notes owned
      which have been pledged in good faith may be regarded as outstanding if the
      pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to
      act with respect to such Notes and that the pledgee is not the Issuer or any
      other obligor upon the Notes or any Affiliate of the Issuer or of such other
      obligor. In case of a dispute as to such right, the advice of counsel shall
      be
      full protection in respect of any decision made by the Trustee in accordance
      with such advice. 

     

    “Paying
      Agent”
has
      the
      meaning specified in Section 2.08.

     

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

     

    “PORTAL
      Market”
means
      The PORTAL Market operated by the Nasdaq Stock Market or any successor
      thereto.

     

    “Predecessor
      Note”
of
      any
      particular Note means every previous Note evidencing all or a portion of the
      same debt as that evidenced by such particular Note, and, for the purposes
      of
      this definition, any Note authenticated and delivered under Section 2.06 lieu
      of
      a lost, destroyed or stolen Note shall be deemed to evidence the same debt
      as
      the lost, destroyed or stolen Note that it replaces.

     

    “Preferred
      Stock”
means,
      with respect to any Person, all capital stock issued by such Person that are
      entitled to a preference or priority over any other capital stock
      issued

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    by
      such
      Person with respect to any distribution of such Person’s assets, whether by
      dividend or upon any voluntary or involuntary liquidation, dissolution or
      winding up.

     

    “premium”
means
      any premium payable under the terms of the Notes.

     

    “Purchase
      Agreement”
means
      the Purchase Agreement, dated as of September 19, 2006, among the Issuer, the
      Guarantor and the Initial Purchasers. 

     

    “Record
      Date”
has
      the
      meaning specified in Section 2.03.

     

    “Redemption
      Date”
means,
      with respect to any Note or portion thereof to be redeemed in accordance with
      the provisions of Section 3.01 hereof, the date fixed for such redemption in
      accordance with the provisions of Section 3.01 hereof.

     

    “Redemption
      Price”
has
      the
      meaning provided in Section 3.01 hereof.

     

    “Registration
      Rights Agreement”
means
      the Registration Rights Agreement, dated as of September 25, 2006, among the
      Issuer, the Guarantor and the Initial Purchasers, as amended from time to time
      in accordance with its terms.

     

    “Responsible
      Officer”
when
      used with respect to the Trustee, means the chairman or vice-chairman of the
      board of directors, the chairman or vice-chairman of the executive committee
      of
      the board of directors, the president, any vice president (whether or not
      designated by a number or a word or words added before or after the title “vice
      president”), the secretary, any assistant secretary, the treasurer, any
      assistant treasurer, the cashier, any assistant cashier, any trust officer
      or
      assistant trust officer, the controller or any other officer of the Trustee
      customarily performing functions similar to those performed by any of the above
      designated officers and also means, with respect to a particular corporate
      trust
      matter, any other officer to whom such matter is referred because of such
      officer’s knowledge and familiarity with the particular subject.

     

    “Restricted
      Securities”
has
      the
      meaning specified in Section 2.05(c).

     

    “Rule
      144A”
means
      Rule 144A as promulgated under the Securities Act as it may be amended from
      time
      to time hereafter.

     

    “Scheduled
      Trading Day”
means
      a
      day that is scheduled to be a Trading Day.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder, as in effect from time to time.

     

    “Significant
      Subsidiary”
means
      any Subsidiary which is a “significant subsidiary” (as defined in Article I,
      Rule 1-02 of Regulation S-X, promulgated under the Securities Act) of the
      Issuer.

     

    “Stated
      Maturity,”
when
      used with respect to any Note or any installment of principal thereof or
      interest thereon, means the date specified in such Note as the
      fixed

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    date
      on
      which the principal of such Note or such installment of principal or interest
      is
      due and payable.

     

    “Stock
      Price”
has
      the
      meaning specified in Section 13.11(b).

     

    “Subsidiary”
means
      a
      Person (other than an individual), a majority of the outstanding voting stock,
      partnership interests, membership interests or other equity interest, as the
      case may be, of which is owned or controlled, directly or indirectly, by the
      Issuer or by one or more other Subsidiaries of the Issuer. For the purposes
      of
      this definition, “voting stock” means stock having voting power for the election
      of directors, trustees or managers, as the case may be, whether at all times
      or
      only so long as no senior class of stock has such voting power by reason of
      any
      contingency.

     

    “Trading
      Day”
      means
      a
      day on which (i) trading in securities generally occurs on the New York Stock
      Exchange or, if the Common Stock is not then listed on the New York Stock
      Exchange, on the principal other United States national or regional securities
      exchange on which the Common Stock is then listed or, if the Common Stock is
      not
      then listed on a United States national or regional securities exchange, on
      the
      principal other market on which the Common Stock is then traded and (ii) a
      last
      reported sale price for the Common Stock is available on such securities
      exchange or market; provided,
      however,
      that if
      the Common Stock (or other security for which a Closing Sale Price must be
      determined) in not so listed or quoted, “Trading Day” means a Business
      Day.

     

    “Trading
      Price”
has
      the
      meaning specified in Section 13.01(a)(ii).

     

    “transfer”
has
      the
      meaning specified in Section 2.05(c).

     

    “Trust
      Indenture Act”
means
      the Trust Indenture Act of 1939, as amended, as it was in force at the date
      of
      this Indenture; provided
      that,
      in
      the case of a supplemental indenture executed pursuant to this Indenture, “Trust
      Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in
      force at the date of such supplemental indenture.

     

    “Trustee”
means
      U.S. Bank National Association, and its successors and any corporation resulting
      from or surviving any consolidation or merger to which it or its successors
      may
      be a party and any successor trustee at the time serving as successor trustee
      hereunder.

     

    “Units”
means
      the limited partnership units of the Issuer.

     

     

    ARTICLE
      2

    ISSUE,
      DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

     

    Section
      2.01.
      Designation Amount and Issue of Notes. The
      Notes
      shall be designated as “4.625%
      Exchangeable Senior Notes due 2011.”
Upon
      the execution of this Indenture, and from time to time thereafter, Notes may
      be
      executed by the Issuer and

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    delivered
      to the Trustee for authentication, and the Trustee shall thereupon authenticate
      and deliver Notes upon a written order of the Issuer, such order signed by
      one
      Officer, without any further action by the Issuer hereunder.

     

    The
      aggregate principal amount of Notes which may be authenticated and delivered
      under this Indenture is unlimited; provided
      that
      upon initial issuance (including any issuance upon exercise of the Initial
      Purchasers’ option set forth in Section 1(b) of the Purchase Agreement), the
      aggregate principal amount of Notes outstanding shall not exceed $175,00,000
      (or
      $200,000,000 if the Initial Purchasers exercise their option to purchase
      additional Notes in full as set forth in the Purchase Agreement), except as
      provided in Section 2.06. The Issuer may, without the consent of the Holders
      of
      Notes, issue additional Notes (the “Additional
      Notes”)
      from
      time to time in the future with the same terms and the same CUSIP number as
      the
      Notes originally issued under this Indenture (the “Initial
      Notes”)
      in an
      unlimited principal amount, provided
      that
      such Additional Notes must be part of the same issue as and fungible with the
      Initial Notes for United States federal income tax purposes. The Initial Notes
      and any such Additional Notes will constitute a single series of debt
      securities, and in circumstances in which this Indenture provides for the
      Holders of Notes to vote or take any action, the Holders of Initial Notes and
      the Holders of any such Additional Notes will vote or take that action as a
      single class.

     

    Section
      2.02.
      Form of Notes. The
      Notes, the Guarantee and the Trustee’s certificate of authentication to be borne
      by such Notes shall be substantially in the form set forth in Exhibit A hereto.
      The terms and provisions contained in the form of Note attached as Exhibit
      A
      hereto shall constitute, and are hereby expressly made, a part of this Indenture
      and, to the extent applicable, the Issuer and the Trustee, by their execution
      and delivery of this Indenture, expressly agree to such terms and provisions
      and
      to be bound thereby.

     

    Any
      of
      the Notes may have such letters, numbers or other marks of identification and
      such notations, legends, endorsements or changes as the officers executing
      the
      same may approve (execution thereof to be conclusive evidence of such approval)
      and as are not inconsistent with the provisions of this Indenture, or as may
      be
      required by the Custodian, the Depositary or by the National Association of
      Securities Dealers, Inc. in order for the Notes to be tradable on The PORTAL
      Market or as may be required for the Notes to be tradable on any other market
      developed for trading of securities pursuant to Rule 144A or as may be required
      to comply with any applicable law or with any rule or regulation made pursuant
      thereto or with any rule or regulation of any securities exchange or automated
      quotation system on which the Notes may be listed, or to conform to usage,
      or to
      indicate any special limitations or restrictions to which any particular Notes
      are subject.

     

    So
      long
      as the Notes are eligible for book-entry settlement with the Depositary, or
      unless otherwise required by law, or otherwise contemplated by Section 2.05(b),
      all of the Notes will be represented by one or more Notes in global form
      registered in the name of the Depositary or the nominee of the Depositary (a
      “Global
      Note”).
      The
      transfer and exchange of beneficial interests in any such Global Note shall
      be
      effected through the

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    Depositary
      in accordance with this Indenture and the applicable procedures of the
      Depositary. Except as provided in Section 2.05(b), beneficial owners of a Global
      Note shall not be entitled to have certificates registered in their names,
      will
      not receive or be entitled to receive physical delivery of certificates in
      definitive form and will not be considered Holders of such Global
      Note.

     

    Any
      Global Note shall represent such of the outstanding Notes as shall be specified
      therein and shall provide that it shall represent the aggregate amount of
      outstanding Notes from time to time endorsed thereon and that the aggregate
      amount of outstanding Notes represented thereby may from time to time be
      increased or reduced to reflect redemptions, repurchases, exchanges, or
      transfers permitted hereby. Any endorsement of a Global Note to reflect the
      amount of any increase or decrease in the amount of outstanding Notes
      represented thereby shall be made by the Trustee or the Custodian, at the
      direction of the Trustee, in such manner and upon instructions given by the
      Holder of such Notes in accordance with this Indenture. Payment of principal
      of,
      interest on and premium, if any, on any Global Note shall be made to the Holder
      of such Note.

     

    Section
      2.03.
      Date and Denomination of Notes; Payments of Interest. The
      Notes
      shall be issuable in registered form without coupons in minimum denominations
      of
      $2,000 principal amount and in integral multiples of $1,000 in excess thereof.
      Each Note shall be dated the date of its authentication and shall bear interest
      from the date specified on the face of the form of Note attached as Exhibit
      A
      hereto. Interest on the Notes shall be computed on the basis of a 360-day year
      consisting of twelve 30-day months.

     

    The
      Person in whose name any Note (or its Predecessor Note) is registered on the
      Note Register at the close of business on any Record Date with respect to any
      interest payment date shall be entitled to receive the interest payable on
      such
      interest payment date. Notwithstanding the foregoing, any Note or portion
      thereof surrendered for exchange during the period from the close of business
      on
      the Record Date for any interest payment date to the close of business on the
      applicable interest payment date must be accompanied by payment, in immediately
      available funds or other funds acceptable to the Issuer, of an amount equal
      to
      the interest otherwise payable on such interest payment date on the principal
      amount being exchanged; provided,
      however, that
      no
      such payment need be made (1) if a Holder exchanges its Notes as permitted
      by
      Section 13.01(a)(iii) and the Issuer has specified a Redemption Date that is
      after a Record Date and on or prior to the Business Day immediately succeeding
      such interest payment date, (2) if a Holder exchanges its Notes in connection
      with a Designated Event and the Issuer has specified a Designated Event
      Repurchase Date that is after a Record Date and on or prior to such interest
      payment date, (3) with respect to any exchange on or following the Record Date
      immediately preceding the Maturity Date, or (4) to the extent of any overdue
      interest, if any overdue interest exists at the time of exchange with respect
      to
      such Note. Interest on any Global Note shall be paid by wire transfer of
      immediately available funds to the account of the Depositary or its nominee.
      Payment of the principal and interest on the Notes not represented by a Global
      Note will be made at the Corporate Trust Office maintained for that purpose
      in
      the Borough of Manhattan, The City of New York, New York, in such coin or
      currency of the United States of America as at the time of payment

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    is
      legal
      tender for payment of public and private debts; provided,
      however,
      that at
      the option of the Issuer, payments of interest on the Notes may be made (i)
      by
      check mailed to the address of the Person entitled thereto as such address
      shall
      appear in the Note Register or (ii) by wire transfer to an account maintained
      by
      the Person entitled thereto located within the United States.

     

    If
      a
      payment date is not a Business Day, payment shall be made on the next succeeding
      Business Day, and no additional interest shall accrue thereon. The term
“Record
      Date”
with
      respect to any interest payment date shall mean the March 1 or September 1
      preceding the applicable March 15 or September 15 interest payment date,
      respectively.

     

    Any
      interest on any Note which is payable, but is not punctually paid or duly
      provided for, on any March 15 or September 15 (herein called “Defaulted
      Interest”)
      shall
      forthwith cease to be payable to the Noteholder registered as such on the
      relevant Record Date, and such Defaulted Interest shall be paid by the Issuer,
      at its election in each case, as provided in clause (a) or (b)
      below:

     

    (a) The
      Issuer may elect to make payment of any Defaulted Interest to the Persons in
      whose names the Notes (or their respective Predecessor Notes) are registered
      at
      the close of business on a special record date for the payment of such Defaulted
      Interest, which shall be fixed in the following manner. The Issuer shall notify
      the Trustee in writing of the amount of Defaulted Interest proposed to be paid
      on each Note and the date of the proposed payment (which shall be not less
      than
      twenty (20) calendar days after the receipt by the Trustee of such notice,
      unless the Trustee shall consent to an earlier date), and at the same time
      the
      Issuer shall deposit with the Trustee an amount of money equal to the aggregate
      amount to be paid in respect of such Defaulted Interest or shall make
      arrangements satisfactory to the Trustee for such deposit on or prior to the
      date of the proposed payment, such money when deposited to be held in trust
      for
      the benefit of the Persons entitled to such Defaulted Interest as in this clause
      provided. Thereupon the Trustee shall fix a special record date for the payment
      of such Defaulted Interest which shall be not more than fifteen (15) calendar
      days and not less than ten (10) calendar days prior to the date of the proposed
      payment, and not less than ten (10) calendar days after the receipt by the
      Trustee of the notice of the proposed payment (unless, the Trustee shall consent
      to an earlier date). The Trustee shall promptly notify the Issuer of such
      special record date and, in the name and at the expense of the Issuer, shall
      cause notice of the proposed payment of such Defaulted Interest and the special
      record date therefor to be mailed, first-class postage prepaid, to each Holder
      at its address as it appears in the Note Register, not less than ten (10)
      calendar days prior to such special record date (unless, the Trustee shall
      consent to an earlier date). Notice of the proposed payment of such Defaulted
      Interest and the special record date therefor having been so mailed, such
      Defaulted Interest shall be paid to the Persons in whose names the Notes (or
      their respective Predecessor Notes) are registered at the close of business
      on
      such special record date and shall no longer be payable pursuant to the
      following clause (b) of this Section 2.03.

     

    
      
        
        

      

      
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    (b) The
      Issuer may make payment of any Defaulted Interest in any other lawful manner
      not
      inconsistent with the requirements of any securities exchange or automated
      quotation system on which the Notes may be listed or designated for issuance,
      and upon such notice as may be required by such exchange or automated quotation
      system, if, after notice given by the Issuer to the Trustee of the proposed
      payment pursuant to this clause, such manner of payment shall be deemed
      practicable by the Trustee.

     

    Section
      2.04.
      Execution of Notes. The
      Notes
      shall be signed in the name and on behalf of the Issuer by the manual or
      facsimile signature of an Officer. Only such Notes as shall bear thereon a
      certificate of authentication substantially in the form set forth on the form
      of
      Note attached as Exhibit A hereto, executed manually or by facsimile by the
      Trustee (or an authenticating agent appointed by the Trustee as provided
      by
      Section
      7.11),
      shall
      be entitled to the benefits of this Indenture or be valid or obligatory for
      any
      purpose. Such certificate by the Trustee (or such an authenticating agent)
      upon
      any Note executed by the Issuer shall be conclusive evidence that the Note
      so
      authenticated has been duly authenticated and delivered hereunder and that
      the
      Holder is entitled to the benefits of this Indenture.

     

    In
      case
      any Officer who shall have signed any of the Notes shall cease to be such
      Officer before the Notes so signed shall have been authenticated and delivered
      by the Trustee, or disposed of by the Issuer, such Notes nevertheless may be
      authenticated and delivered or disposed of as though the person who signed
      such
      Notes had not ceased to be such Officer, and any Note may be signed on behalf
      of
      the Issuer by such persons as, at the actual date of the execution of such
      Note,
      shall be the proper Officers, although at the date of the execution of this
      Indenture any such person was not such an Officer.

     

    Section
      2.05.
      Exchange and Registration of Transfer of Notes; Restrictions on Transfer.
(a)
      The
      Issuer shall cause to be kept at the Corporate Trust Office a register (the
      register maintained in such office and in any other office or agency of the
      Issuer designated pursuant to Section 4.02 being herein sometimes collectively
      referred to as the “Note
      Register”)
      in
      which, subject to such reasonable regulations as it may prescribe, the Issuer
      shall provide for the registration of Notes and of transfers of Notes. The
      Note
      Register shall be in written form or in any form capable of being exchanged
      into
      written form within a reasonably prompt period of time. The Trustee is hereby
      appointed “Note
      Registrar”
for
      the
      purpose of registering Notes and transfers of Notes as herein provided. The
      Issuer may appoint one or more co-registrars in accordance with Section
      4.02.

     

    Upon
      surrender for registration of transfer of any Note to the Note Registrar or
      any
      co-registrar, and satisfaction of the requirements for such transfer set forth
      in this Section 2.05, the Issuer shall execute, and the Trustee shall
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Notes of any authorized denominations and of a
      like
      aggregate principal amount and bearing such restrictive legends as may be
      required by this Indenture.

     

    Notes
      may
      be exchanged for other Notes of any authorized denominations and of a like
      aggregate principal amount, upon surrender of the Notes to be exchanged at
      any
      such office or agency maintained by the Issuer pursuant to Section 4.02.
      Whenever any

     

    
      
        
        

      

      
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    Notes
      are
      so surrendered for exchange, the Issuer shall execute, and the Trustee shall
      authenticate and deliver, the Notes which the Noteholder making the exchange
      is
      entitled to receive bearing registration numbers not contemporaneously
      outstanding.

     

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

     

    All
      Notes
      presented or surrendered for registration of transfer or for exchange,
      redemption, or repurchase shall (if so required by the Issuer or the Note
      Registrar) be duly endorsed, or be accompanied by a written instrument or
      instruments of transfer in form satisfactory to the Issuer, and the Notes shall
      be duly executed by the Noteholder thereof or its attorney duly authorized
      in
      writing.

     

    No
      service charge shall be made to any Holder for any registration of, transfer
      or
      exchange of Notes, but the Issuer may require payment by the Holder of a sum
      sufficient to cover any tax, assessment or other governmental charge that may
      be
      imposed in connection with any registration of transfer or exchange of
      Notes.

     

    In
      the
      event of any redemption in part, the Issuer shall not be required to: (i) issue
      or register the transfer or exchange of any Note during a period beginning
      at
      the opening of business 15 days before any selection of Notes for redemption
      and
      ending at the close of business on the earliest date on which the relevant
      notice of redemption is deemed to have been given to all Holders of Notes to
      be
      so redeemed, or (ii) register the transfer or exchange of any Note so selected
      for redemption, in whole or in part, except the unredeemed portion of any Note
      being redeemed in part.

     

    (b) The
      following provisions shall apply only to Global Notes:

     

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

     

    (ii) Notwithstanding
      any other provision in this Indenture, no Global Note may be exchanged in whole
      or in part for Notes registered, and no transfer of a Global Note in whole
      or in
      part may be registered, in the name of any Person other than the Depositary
      or a
      nominee thereof unless (1) the Depositary (x) has notified the Issuer that
      it is
      unwilling or unable to continue as Depositary for such Global Note or (y) has
      ceased to be a clearing agency registered under the Exchange Act, and a
      successor depositary has not been appointed by the Issuer within ninety (90)
      calendar days, (2) an Event of Default has occurred and is continuing or (3)
      the
      Issuer, in its sole discretion, notifies the Trustee in writing that it no
      longer wishes to have all the Notes represented by Global Notes. Any Global
      Note
      exchanged pursuant to clause (1) or (2) above shall be so exchanged in whole
      and
      not in part and any Global Note exchanged pursuant to clause (3)

     

    
      
        
        

      

      
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    above
      may
      be exchanged in whole or from time to time in part as directed by the Issuer.
      Any Note issued in exchange for a Global Note or any portion thereof shall
      be a
      Global Note; provided
      that any
      such Note so issued that is registered in the name of a Person other than the
      Depositary or a nominee thereof shall not be a Global Note.

     

    (iii) Notes
      issued in exchange for a Global Note or any portion thereof pursuant to clause
      (ii) above shall be issued in definitive, fully registered form, without
      interest coupons, shall have an aggregate principal amount equal to that of
      such
      Global Note or portion thereof to be so exchanged, shall be registered in such
      names and be in such authorized denominations as the Depositary shall designate
      and shall bear any legends required hereunder. Any Global Note to be exchanged
      in whole shall be surrendered by the Depositary to the Trustee, as Note
      Registrar. With regard to any Global Note to be exchanged in part, either such
      Global Note shall be so surrendered for exchange or, if the Trustee is acting
      as
      Custodian for the Depositary or its nominee with respect to such Global Note,
      the principal amount thereof shall be reduced, by an amount equal to the portion
      thereof to be so exchanged, by means of an appropriate adjustment made on the
      records of the Trustee. Upon any such surrender or adjustment, the Trustee
      shall
      authenticate and make available for delivery the Note issuable on such exchange
      to or upon the written order of the Depositary or an authorized representative
      thereof.

     

    (iv) In
      the
      event of the occurrence of any of the events specified in clause (ii) above,
      the
      Issuer will promptly make available to the Trustee a reasonable supply of
      certificated Notes in definitive, fully registered form, without interest
      coupons.

     

    (v) Neither
      any members of, or participants in, the Depositary (“Agent
      Members”)
      nor
      any other Persons on whose behalf Agent Members may act shall have any rights
      under this Indenture with respect to any Global Note registered in the name
      of
      the Depositary or any nominee thereof, and the Depositary or such nominee,
      as
      the case may be, may be treated by the Issuer, the Trustee and any agent of
      the
      Issuer or the Trustee as the absolute owner and Holder of such Global Note
      for
      all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall
      prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from
      giving effect to any written certification, proxy or other authorization
      furnished by the Depositary or such nominee, as the case may be, or impair,
      as
      between the Depositary, its Agent Members and any other Person on whose behalf
      an Agent Member may act, the operation of customary practices of such Persons
      governing the exercise of the rights of a Holder of any Note.

     

    (vi) At
      such
      time as all interests in a Global Note have been redeemed, repurchased,
      exchanged, or canceled for Notes in certificated form, such Global Note shall,
      upon receipt thereof, be canceled by the Trustee in accordance with standing
      procedures and instructions existing between the Depositary and the Custodian.
      At any time prior to such cancellation, if any interest in a Global
      Note

     

    
      
        
        

      

      
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    is
      redeemed, repurchased, exchanged, or canceled for Notes in certificated form,
      the principal amount of such Global Note shall, in accordance with the standing
      procedures and instructions existing between the Depositary and the Custodian,
      be appropriately reduced, and an endorsement shall be made on such Global Note,
      by the Trustee or the Custodian, at the direction of the Trustee, to reflect
      such reduction.

     

    (c) Every
      Note (and all securities issued in exchange therefor or in substitution thereof)
      that bears or is required under this Section 2.05(c) to bear the legend set
      forth in this Section 2.05(c) (the “Restricted
      Notes Legend”),
      and
      any Common Stock that bears or is required under this Section 2.05(c) to bear
      the Common Stock legend set forth in this Section 2.05(c) (the “Common
      Stock Legend”)
      (collectively, the “Restricted
      Securities”)
      shall
      be subject to the restrictions on transfer set forth in this Section 2.05(c)
      (including those set forth in the legends below) unless such restrictions on
      transfer shall be waived by written consent of the Issuer, and the Holder of
      each such Restricted Security, by such Holder’s acceptance thereof, agrees to be
      bound by all such restrictions on transfer. As used in this Section 2.05(c),
      the
      term “transfer”
means
      any sale, pledge, loan, transfer or other disposition whatsoever of any
      Restricted Security or any interest therein.

     

    Until
      the
      Maturity Date for the Notes any certificate evidencing a Restricted Security
      shall bear a legend in substantially the following form, or unless otherwise
      agreed by the Issuer in writing, with written notice thereof to the
      Trustee:

     

    THIS
      SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
      1933,
      AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
      EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE
      HOLDER AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITY
      EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER, FIRST INDUSTRIAL REALTY TRUST,
      INC.
      OR A SUBSIDIARY OF THE ISSUER; OR (B) TO A PERSON THE SELLER REASONABLY BELIEVES
      IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE
      SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
      ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE
      TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE
      144A (IF AVAILABLE).

     

    Until
      the
      expiration of the holding period applicable to sales thereof under Rule 144(k)
      under the Securities Act (or any successor provision), any certificate
      evidencing any stock certificate representing shares of Common Stock issued
      upon
      exchange of any Note, shall bear a Common Stock Legend unless such Common Stock
      has been sold pursuant to a registration statement that has been declared
      effective under the Securities Act (and which continues to be effective at
      the
      time of such transfer) or pursuant to Rule

     

    
      
        
        

      

      
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    144
      under
      the Securities Act or any similar provision then in force, or unless otherwise
      agreed by the Issuer in writing, with written notice thereof to the
      Trustee:

     

    THIS
      SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
      1933,
      AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
      EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE
      HOLDER AGREES (1) THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITY
      EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER OR A SUBSIDIARY OF THE ISSUER; (B)
      UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
      SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED
      INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT)
      THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED
      INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
      MADE
      IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE);
      OR
      (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
      OF
      THE SECURITIES ACT; AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS
      SECURITY, FURNISH TO THE TRANSFER AGENT AND THE ISSUER SUCH CERTIFICATIONS,
      LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED TO CONFIRM THAT SUCH
      TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
      SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
      ACT.

     

    Any
      such
      shares of Common Stock as to which such restrictions on transfer shall have
      expired in accordance with their terms or as to which the conditions for removal
      of the Common Stock Legend set forth therein have been satisfied may, upon
      surrender of the certificates representing such shares of Common Stock for
      exchange in accordance with the procedures of the transfer agent for the Common
      Stock, be exchanged for a new certificate or certificates for a like number
      of
      shares of Common Stock, which shall not bear the Common Stock Legend required
      by
      this Section 2.05(c).

     

    (d) By
      its
      acceptance of any Note bearing the Restricted Notes Legend, each Holder of
      such
      Note acknowledges the restrictions on transfer of such Note set forth in this
      Indenture and in the Restricted Notes Legend and agrees that it will transfer
      such Note only as provided in this Indenture and as permitted by applicable
      law.

     

    (e) Any
      Restricted Securities purchased or owned by the Issuer or any Affiliate thereof
      may not be resold by the Issuer or such Affiliate unless registered under the
      Securities Act or resold pursuant to an exemption from the registration
      requirements of the Securities Act in a transaction which results in such Notes
      or Common Stock, as the case may be, no longer being “restricted securities” (as
      defined under Rule 144).

     

    
      
        
        

      

      
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    (f) The
      Trustee shall have no responsibility or obligation to any Agent Members or
      any
      other Person with respect to the accuracy of the books or records, or the acts
      or omissions, of the Depositary or its nominee or of any participant or member
      thereof, with respect to any ownership interest in the Notes or with respect
      to
      the delivery to any Agent Member or other Person (other than the Depositary)
      of
      any notice (including any notice of redemption) or the payment of any amount,
      under or with respect to such Notes. All notices and communications to be given
      to the Noteholders and all payments to be made to Noteholders under the Notes
      shall be given or made only to or upon the order of the registered Noteholders
      (which shall be the Depositary or its nominee in the case of a Global Note).
      The
      rights of beneficial owners in any Global Note shall be exercised only through
      the Depositary subject to the customary procedures of the Depository. The
      Trustee may rely and shall be fully protected in relying upon information
      furnished by the Depositary with respect to its Agent Members.

     

    The
      Trustee shall have no obligation or duty to monitor, determine or inquire as
      to
      compliance with any restrictions on transfer imposed under this Indenture or
      under applicable law with respect to any transfer of any interest in any Note
      (including any transfers between or among Agent Members in any Global Indenture)
      other than to require delivery of such certificates and other documentation
      or
      evidence as are expressly required by, and to do so if and when expressly
      required by, the terms of this Indenture, and to examine the same to determine
      substantial compliance as to form with the express requirements
      hereof.

     

    Section
      2.06.
      Mutilated, Destroyed, Lost or Stolen Notes. In
      case
      any Note shall become mutilated or be destroyed, lost or stolen, the Issuer
      in
      its discretion may execute, and upon its written request the Trustee or an
      authenticating agent appointed by the Trustee shall authenticate and make
      available for delivery, a new Note, bearing a number not contemporaneously
      outstanding, in exchange and substitution for the mutilated Note, or in lieu
      of
      and in substitution for the Note so destroyed, lost or stolen. In every case,
      the applicant for a substituted Note shall furnish to the Issuer, to the Trustee
      and, if applicable, to such authenticating agent such security or indemnity
      as
      may be required by them to save each of them harmless for any loss, liability,
      cost or expense caused by or connected with such substitution, and, in every
      case of destruction, loss or theft, the applicant shall also furnish to the
      Issuer, to the Trustee and, if applicable, to such authenticating agent evidence
      to their satisfaction of the destruction, loss or theft of such Note and of
      the
      ownership thereof. 

     

    Following
      receipt by the Trustee or such authenticating agent, as the case may be, of
      satisfactory security or indemnity and evidence, as described in the preceding
      paragraph, the Trustee or such authenticating agent may authenticate any such
      substituted Note and make available for delivery such Note. Upon the issuance
      of
      any substituted Note, the Issuer may require the payment by the Holder of a
      sum
      sufficient to cover any tax, assessment or other governmental charge that may
      be
      imposed in relation thereto and any other expenses connected therewith. In
      case
      any Note which has matured or is about to mature or has been called for
      redemption or has been properly tendered for repurchase on a Designated Event
      Repurchase Date (and not withdrawn) or is to be exchanged pursuant to this
      Indenture, shall become mutilated or be destroyed, lost or stolen,
      the

     

    
      
        
        

      

      
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    Issuer
      may, instead of issuing a substitute Note, pay or authorize the payment of
      or
      exchange or authorize the exchange of the same (without surrender thereof except
      in the case of a mutilated Note), as the case may be, if the applicant for
      such
      payment or exchange shall furnish to the Issuer, to the Trustee and, if
      applicable, to such authenticating agent such security or indemnity as may
      be
      required by them to save each of them harmless for any loss, liability, cost
      or
      expense caused by or in connection with such substitution, and, in every case
      of
      destruction, loss or theft, the applicant shall also furnish to the Issuer,
      the
      Trustee and, if applicable, any Paying Agent or Exchange Agent evidence to
      their
      satisfaction of the destruction, loss or theft of such Note and of the ownership
      thereof.

     

    Every
      substitute Note issued pursuant to the provisions of this Section 2.06 by virtue
      of the fact that any Note is destroyed, lost or stolen shall constitute an
      additional contractual obligation of the Issuer, whether or not the destroyed,
      lost or stolen Note shall be found at any time, and shall be entitled to all
      the
      benefits of (but shall be subject to all the limitations set forth in) this
      Indenture equally and proportionately with any and all other Notes duly issued
      hereunder. To the extent permitted by law, all Notes shall be held and owned
      upon the express condition that the foregoing provisions are exclusive with
      respect to the replacement or payment or exchange or redemption or repurchase
      of
      mutilated, destroyed, lost or stolen Notes and shall preclude any and all other
      rights or remedies notwithstanding any law or statute existing or hereafter
      enacted to the contrary with respect to the replacement or payment or exchange
      or redemption or repurchase of negotiable instruments or other securities
      without their surrender.

     

    Section
      2.07.
      Temporary Notes. Pending
      the preparation of Notes in certificated form, the Issuer may execute and the
      Trustee or an authenticating agent appointed by the Trustee shall, upon the
      written request of the Issuer, authenticate and deliver temporary Notes (printed
      or lithographed). Temporary Notes shall be issuable in any authorized
      denomination, and substantially in the form of the Notes in certificated form,
      but with such omissions, insertions and variations as may be appropriate for
      temporary Notes, all as may be determined by the Issuer. Every such temporary
      Note shall be executed by the Issuer and authenticated by the Trustee or such
      authenticating agent upon the same conditions and in substantially the same
      manner, and with the same effect, as the Notes in certificated form. Without
      unreasonable delay, the Issuer will execute and deliver to the Trustee or such
      authenticating agent Notes in certificated form and thereupon any or all
      temporary Notes may be surrendered in exchange therefor, at each office or
      agency maintained by the Issuer pursuant to Section 4.02 and the Trustee or
      such
      authenticating agent shall authenticate and make available for delivery in
      exchange for such temporary Notes an equal aggregate principal amount of Notes
      in certificated form. Such exchange shall be made by the Issuer at its own
      expense and without any charge therefor. Until so exchanged, the temporary
      Notes
      shall in all respects be entitled to the same benefits and subject to the same
      limitations under this Indenture as Notes in certificated form authenticated
      and
      delivered hereunder.

     

    Section
      2.08.
      Cancellation of Notes. All
      Notes
      surrendered for the purpose of payment, redemption, repurchase, exchange or
      registration of transfer shall, if surrendered to the Issuer or any paying
      agent
      to whom Notes may be presented for

     

    
      
        
        

      

      
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    payment
      (the “Paying
      Agent”)
      or
      Exchange Agent, which shall initially be the Trustee, or any Note Registrar,
      be
      surrendered to the Trustee and promptly canceled by it or, if surrendered to
      the
      Trustee, shall be promptly canceled by it and no Notes shall be issued in lieu
      thereof except as expressly permitted by any of the provisions of this
      Indenture. The Trustee shall dispose of such canceled Notes in accordance with
      its customary procedures. If the Issuer shall acquire any of the Notes, such
      acquisition shall not operate as a redemption, repurchase or satisfaction of
      the
      indebtedness represented by such Notes unless and until the same are delivered
      to the Trustee for cancellation.

     

    Section
      2.09.
      CUSIP Numbers. The
      Issuer in issuing the Notes may use “CUSIP”
numbers
      (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers
      in notices of redemption as a convenience to Noteholders; provided
      that any
      such notice may state that no representation is made as to the correctness
      of
      such numbers either as printed on the Notes or as contained in any notice of
      a
      redemption and that reliance may be placed only on the other identification
      numbers printed on the Notes, and any such redemption shall not be affected
      by
      any defect in or omission of such numbers. The Issuer will promptly notify
      the
      Trustee of any change in the “CUSIP”
      numbers.

     

     

    ARTICLE
      3

    REDEMPTION
      AND REPURCHASE OF NOTES

     

    Section
      3.01.
      Redemption of Notes. (a)
      The
      Issuer shall have the right to redeem the Notes for cash, in whole or in part,
      if the Issuer determines it is necessary to redeem the Notes in order to
      preserve the Guarantor’s status as a real estate investment trust, upon the
      notice set forth in Section 3.02 at a redemption price (“Redemption
      Price”)
      equal
      to 100% of the principal amount of the Notes to be redeemed plus unpaid
      interest, if any, accrued thereon to, but excluding, the Redemption Date;
provided,
      however that
      if
      the Redemption Date falls after a Record Date and on or prior to the
      corresponding interest payment date, the Issuer will pay the full amount of
      accrued and unpaid interest, if any, on such interest payment date to the Holder
      of record at the close of business on the corresponding Record Date
      (instead
      of the Holder surrendering its Notes for redemption)
      and the
      Redemption Price shall be equal to 100%
      of
      the principal amount of the Notes to be redeemed. In connection with any
      redemption by the Issuer pursuant to this Section 3.01(a), the Issuer shall
      provide the Trustee with an Officers’ Certificate evidencing that the Board of
      Directors has, in good faith, made the determination that it is necessary to
      redeem the Notes in order to preserve the Guarantor’s status as a real estate
      investment trust.

     

    (b) The
      Issuer shall not redeem the Notes pursuant to Section 3.01(a) on any date if
      the
      principal amount of the Notes has been accelerated, and such an acceleration
      has
      not been rescinded or cured on or prior to such date (except
      in the case of an acceleration resulting from a default by the Issuer in the
      payment of the Redemption Price with respect to the Notes to be
      redeemed).

     

    
      
        
        

      

      
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    Section
      3.02.
      Notice of Optional Redemption; Selection of Notes. In
      case
      the Issuer shall desire to exercise the right to redeem all or, as the case
      may
      be, any part of the Notes pursuant to Section 3.01, it shall fix a date for
      redemption and it or, at its written request received by the Trustee not fewer
      than five (5) Business Days prior (or such shorter period of time as may be
      acceptable to the Trustee) to the date the notice of redemption is to be mailed,
      the Trustee in the name of and at the expense of the Issuer, shall mail or
      cause
      to be mailed a notice of such redemption not fewer than thirty (30) calendar
      days nor more than sixty (60) calendar days prior to the Redemption Date to
      each
      Holder of Notes so to be redeemed in whole or in part at its last address as
      the
      same appears on the Note Register; provided
      that if
      the Issuer makes such request of the Trustee, it shall, together with such
      request, also give written notice of the Redemption Date to the Trustee;
provided further
      that the
      text of the notice shall be prepared by the Issuer. 

     

    Each
      such
      notice of redemption shall specify: (i) the aggregate principal amount of Notes
      to be redeemed, (ii) the CUSIP number or numbers of the Notes being redeemed,
      (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption
      Price at which Notes are to be redeemed, (v) the place or places of payment
      and
      that payment will be made upon presentation and surrender of such Notes, (iv)
      that interest accrued and unpaid to, but excluding, the Redemption Date will
      be
      paid as specified in said notice, and that on and after said date interest
      thereon or on the portion thereof to be redeemed will cease to accrue, (vii)
      that the Holder has a right to exchange the Notes called for redemption, (viii)
      the Exchange Rate on the date of such notice and (ix) the time and date on
      which
      the right to exchange such Notes or portions thereof pursuant to this Indenture
      will expire. If fewer than all the Notes are to be redeemed, the notice of
      redemption shall identify the Notes to be redeemed (including CUSIP numbers,
      if
      any). In case any Note is to be redeemed in part only, the notice of redemption
      shall state the portion of the principal amount thereof to be redeemed and
      shall
      state that, on and after the Redemption Date, upon surrender of such Note,
      a new
      Note or Notes in principal amount equal to the unredeemed portion thereof will
      be issued.

     

    Whenever
      any Notes are to be redeemed, the Issuer will give the Trustee written notice
      of
      the Redemption Date, together with an Officers’ Certificate as to the aggregate
      principal amount of Notes to be redeemed not fewer than thirty (30) calendar
      days (or such shorter period of time as may be acceptable to the Trustee) prior
      to the Redemption Date.

     

    On
      or
      prior to the Redemption Date specified in the notice of redemption given as
      provided in this Section 3.02, the Issuer will deposit with the Paying Agent
      (or, if the Issuer is acting as its own Paying Agent, set aside, segregate
      and
      hold in trust as provided in Section 4.04) an amount of money in immediately
      available funds sufficient to redeem on the Redemption Date all the Notes (or
      portions thereof) so called for redemption (other than those theretofore
      surrendered for exchange) at the appropriate Redemption Price; provided
      that if
      such payment is made on the Redemption Date, it must be received by the Paying
      Agent, by 11:00 a.m., New York City time, on such date. The Issuer shall be
      entitled to retain any interest, yield or gain on amounts deposited with the
      Paying Agent pursuant to this Section 3.02 in excess of amounts required
      hereunder to pay the

     

    
      
        
        

      

      
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    Redemption
      Price. If any Note called for redemption is exchanged pursuant hereto prior
      to
      such Redemption Date, any money deposited with the Paying Agent or so segregated
      and held in trust for the redemption of such Note shall be paid to the Issuer
      or, if then held by the Issuer, shall be discharged from such
      trust.

     

    If
      less
      than all of the outstanding Notes are to be redeemed, the Trustee shall select
      the Notes or portions thereof of the Global Note or the Notes in certificated
      form to be redeemed (in principal amounts of $1,000 and integral multiples
      thereof) on a pro rata basis or by another method the Trustee deems fair and
      appropriate or is required by the Depositary. If any Note selected for
      redemption is submitted for exchange in part after such selection, the portion
      of such Note submitted for exchange shall be deemed (so far as may be possible)
      to be the portion to be selected for redemption. The Notes (or portions thereof)
      so selected for redemption shall be deemed duly selected for redemption for
      all
      purposes hereof, notwithstanding that any such Note is submitted for exchange
      in
      part before the mailing of the notice of redemption.

     

    Upon
      any
      redemption of less than all of the outstanding Notes, the Issuer and the Trustee
      may (but need not), solely for purposes of determining the pro rata allocation
      among such Notes that are unexchanged and outstanding at the time of redemption,
      treat as outstanding any Notes surrendered for exchange during the period of
      fifteen (15) calendar days preceding the mailing of a notice of redemption
      and
      may (but need not) treat as outstanding any Note authenticated and delivered
      during such period in exchange for the unexchanged portion of any Note exchanged
      in part during such period. 

     

    Section
      3.03.
      Payment of Notes Called for Redemption by the Issuer. If
      notice
      of redemption has been given as provided in Section 3.02, the Notes or portion
      of Notes with respect to which such notice has been given shall, unless
      exchanged pursuant to the terms hereof, become due and payable on the Redemption
      Date and at the place or places stated in such notice at the Redemption Price,
      and unless the Issuer shall default in the payment of such Notes at the
      Redemption Price, (a) such Notes will cease to be outstanding and (b) interest
      on the Notes or portion of Notes so called for redemption shall cease to accrue
      on and after the Redemption Date and, after the close of business on the second
      Business Day immediately preceding the Redemption Date (unless the Issuer shall
      default in the payment of the Redemption Price) such Notes shall cease to be
      exchangeable pursuant to this Indenture and, except as provided in Section
      11.02, to be entitled to any benefit or security under this Indenture, and
      the
      Holders thereof shall have no right in respect of such Notes except the right
      to
      receive the Redemption Price thereof or, if the Notes have been tendered for
      exchange, the cash and, if applicable, shares of Common Stock due upon such
      exchange. On presentation and surrender of such Notes at a place of payment
      in
      said notice specified, the said Notes or the specified portions thereof shall
      be
      paid and redeemed by the Issuer at the Redemption Price, together with interest
      accrued thereon to, but excluding, the Redemption Date.

     

    Upon
      presentation of any Note redeemed in part only, the Issuer shall execute and
      the
      Trustee shall authenticate and make available for delivery to the Holder
      thereof, at the expense of the Issuer, a new Note or Notes, of authorized
      denominations, in principal amount equal to the unredeemed portion of the Notes
      so presented.

     

    
      
        
        

      

      
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    Section
      3.04.
      Sinking Fund. There
      shall be no sinking fund provided for the Notes.

     

    Section
      3.05.
      Repurchase at Option of Holders Upon a Designated Event. (a)
      If
      there shall occur a Designated Event at any time prior to the Maturity Date,
      then each Noteholder shall have the right, at such Holder’s option, to require
      the Issuer to repurchase all of such Holder’s Notes, or any portion thereof that
      is a multiple of $1,000 principal amount, in cash, on a date (the “Designated
      Event Repurchase Date”)
      specified by the Issuer, which may be no earlier than fifteen (15) days and
      no
      later than thirty (30) days after the date of the Issuer Repurchase Notice
      related to such Designated Event, at a repurchase price equal to 100% of the
      principal amount of the Notes being repurchased, plus accrued and unpaid
      interest to, but excluding, the Designated Event Repurchase Date; provided,
      however,
      that
      if
      the Designated Event Repurchase Date falls after a Record Date and on or prior
      to the corresponding interest payment date, the Issuer shall pay the full amount
      of accrued and unpaid interest, if any, on such interest payment date to the
      Holder of record at the close of business on the corresponding Record Date,
      and
      the repurchase price will be 100% of the principal amount of the Notes to be
      repurchased.

     

    (b) On
      or
      before the tenth calendar day after the occurrence of a Designated Event, the
      Issuer shall give or cause to be given to all Holders of record on the date
      of
      the Designated Event (and to beneficial owners as required by applicable law)
      an
      Issuer Repurchase Notice as set forth in Section 3.07 with respect to such
      Designated Event. The Issuer shall also deliver a copy of the Issuer Repurchase
      Notice to the Trustee and the Paying Agent at such time as it is given to
      Noteholders. In addition to the giving of such Issuer Repurchase Notice, the
      Issuer shall disseminate a press release through Dow Jones & Company, Inc.
      or Bloomberg Business News announcing the occurrence of such Designated Event
      or
      publish such information in The Wall Street Journal or another newspaper of
      general circulation in The City of New York or on the Guarantor’s website, or
      through such other public medium as the Issuer shall deem appropriate at such
      time. 

     

    No
      failure of the Issuer to give the foregoing notices and no defect therein shall
      limit the Noteholders’ repurchase rights or affect the validity of the
      proceedings for the repurchase of the Notes pursuant to this Section
      3.05.

     

    (c) For
      a
      Note to be repurchased at the option of the Holder pursuant to this Section
      3.05(c), the Holder must deliver to the Paying Agent, prior to the close of
      business on the second Business Day immediately prior to the Designated Event
      Repurchase Date, (i) a written notice of repurchase (the “Designated
      Event Repurchase Notice”)
      in the
      form set forth on the reverse of the Note duly completed (if the Note is
      certificated) or stating the following (if the Note is represented by a Global
      Note): (A) the certificate number of the Note that the Holder will deliver
      to be
      repurchased (if the Note is certificated) or that the relevant Designated Event
      Repurchase Notice complies with the appropriate Depositary procedures (if the
      Note is represented by a Global Note), (B) the portion of the principal amount
      of the Note which the Holder will deliver to be repurchased, which portion
      must
      be in principal amounts of $1,000 or an integral multiple of $1,000
      (provided
      that the
      remaining principal amount of Notes not subject to

     

    
      
        
        

      

      
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    repurchase
      must be in an authorized denomination) and
      (C)
      that such Note shall be repurchased as of the Designated Event Repurchase Date
      pursuant to the terms and conditions specified in the Note and in this
      Indenture; together with (ii) such Notes duly endorsed for transfer (if the
      Note
      if certificated) or book-entry transfer of such Note (if such Note is
      represented by a Global Note). The delivery of such Note to the Paying Agent
      with, or at any time after delivery of, the Designated Event Repurchase Notice
      (together with all necessary endorsements) at the office of the Paying Agent
      shall be a condition to the receipt by the Holder of the repurchase price
      therefore; provided,
      however,
      that
      such repurchase price shall be so paid pursuant to this Section 3.05 only if
      the
      Notes so delivered to the Paying Agent shall conform in all respects to the
      description thereof in the Designated Event Repurchase Notice. All questions
      as
      to the validity, eligibility (including time of receipt) and acceptance of
      any
      Note for repurchase shall be determined by the Issuer, whose determination
      shall
      be final and binding absent manifest error.

     

    (d) The
      Issuer, if so requested, shall repurchase from the Holder thereof, pursuant
      to
      this Section 3.05, a portion of a Note, if the principal amount of such portion
      is $1,000 or a whole multiple of $1,000. Provisions of this Indenture that
      apply
      to the repurchase of all of a Note also apply to the repurchase of such portion
      of such Note.

     

    (e) Notwithstanding
      the foregoing, no Notes may be repurchased by the Issuer pursuant to this
      Section 3.05 if the principal amount of the Notes has been accelerated, and
      such
      acceleration has not been rescinded or cured, on or prior to the relevant
      Repurchase Date (except
      in the case of an acceleration resulting from a default by the Issuer in the
      payment of the repurchase price pursuant to this Section 3.05 with respect
      to
      the Notes to be repurchased).

     

    (f) The
      Paying Agent shall promptly notify the Issuer of the receipt by it of any
      Designated Event Repurchase Notice or written notice of withdrawal
      thereof.

     

    Any
      repurchase by the Issuer contemplated pursuant to the provisions of this Section
      3.05 shall be consummated by the delivery of the consideration to be received
      by
      the Holder (i) on the Designated Event Repurchase Date if the book-entry
      transfer or delivery of the Notes to the Paying Agent is effected prior to
      the
      close of business on the second Business Day prior to the Designated Event
      Repurchase Date, and (ii) if delivered later, within two (2) Business Days
      following the time of the book-entry transfer or delivery of the Note. Payment
      of the repurchase price for a Note for which a Designated Event Repurchase
      Notice has been delivered and not withdrawn is conditioned upon book-entry
      transfer or delivery of the Notes, together with necessary endorsements, to
      the
      Paying Agent.

     

    Section
      3.06. [Reserved]

     

    Section
      3.07.
      Issuer Repurchase Notice. (a)
      The
      Issuer Repurchase Notice, as provided in Section 3.07(b), shall be given to
      Holders in the event of a Designated Event, on or before the tenth calendar
      day
      after the occurrence of such a Designated Event as provided in Section 3.05(b)
      (the “Issuer
      Repurchase Notice Date”).

     

    
      
        
        

      

      
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    (b) In
      connection with any repurchase of Notes, the Issuer shall, on the applicable
      Issuer Repurchase Notice Date, give written notice to Holders (with a copy
      to
      the Trustee) setting forth information specified in this Section (in either
      case, the “Issuer
      Repurchase Notice”).

     

    Each
      Issuer Repurchase Notice shall:

     

    (i) state
      the
      repurchase price, and the Designated Event Repurchase Date to which the relevant
      Issuer Repurchase Notice relates;

     

    (ii) state,
      if
      applicable, the circumstances constituting the Designated Event;

     

    (iii) state
      that Holders must exercise their right to elect to repurchase prior to the
      close
      of business on the second Business Day immediately prior to the Repurchase
      Date
      or the second Business Day immediately prior to the Designated Event Repurchase
      Date, as the case may be;

     

    (iv) include
      a
      form of Designated Event Repurchase Notice;

     

    (v) state
      the
      name and address of the Trustee, the Paying Agent and, if applicable, the
      Exchange Agent;

     

    (vi) state
      that Notes must be surrendered to the Paying Agent to collect the repurchase
      price;

     

    (vii) state
      that a Holder may withdraw its Designated Event Repurchase Notice at any time
      prior to the close of business on the second Business Day immediately prior
      to
      the Designated Event Repurchase Date, as the case may be, by delivering a valid
      written notice of withdrawal in accordance with Section 3.08;

     

    (viii) if
      the
      Notes are then exchangeable, state that Notes as to which the Designated Event
      Repurchase Notice has been given may be exchanged only if the Designated Event
      Repurchase Notice is withdrawn in accordance with the terms of this
      Indenture;

     

    (ix) state
      the
      amount of interest accrued and unpaid per $1,000 principal amount of Notes
      to,
      but excluding, the Designated Event Repurchase Date;

     

    (x) state
      that, unless the Issuer defaults in making payment of the repurchase price,
      interest on Notes covered by any Designated Event Repurchase Notice shall cease
      to accrue on and after the Designated Event Repurchase Date;

     

    (xi) state
      the
      CUSIP number of the Notes, if CUSIP numbers are then in use; and

     

     

    
      
        
        

      

      
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    (xii) state
      the
      procedures for withdrawing a Designated Event Repurchase Notice, including
      a
      form of notice of withdrawal (as specified in Section 3.08).

     

    An
      Issuer
      Repurchase Notice may be given by the Issuer or, at the Issuer’s request, the
      Trustee shall give such Issuer Repurchase Notice in the Issuer’s name and at the
      Issuer’s expense; provided
      that
      the
      text of the Issuer Repurchase Notice shall be prepared by the
      Issuer.

     

    If
      any of
      the Notes is represented by a Global Note, then the Issuer will modify such
      Issuer Repurchase Notice to the extent necessary to accord with the applicable
      procedures of the Depositary that apply to the repurchase of Global
      Notes.

     

    (c) The
      Issuer will, to the extent applicable, comply with the provisions of Rule 13e-4
      and Rule 14e-1 (or any successor provision) under the Exchange Act that may
      be
      applicable at the time of the repurchase of the Notes, file the related Schedule
      TO (or any successor schedule, form or report) under the Exchange Act and comply
      with all other applicable federal and state securities laws in connection with
      the repurchase of the Notes.

     

    Section
      3.08.
      Effect of Designated Event Repurchase Notice; Withdrawal. Upon
      receipt by the Paying Agent of the Designated Event Repurchase Notice, the
      Holder of the Note in respect of which such Designated Event Repurchase Notice
      was given shall (unless such Repurchase Notice is validly withdrawn in
      accordance with this Section 3.08) thereafter be entitled to receive solely
      the
      repurchase price with respect to such Note.
      Such
      repurchase price shall be paid to such Holder, within two (2) Business Days
      following the later of (x) the Designated Event Repurchase Date with respect
      to
      such Note (provided the Holder has satisfied the conditions in Section 3.05)
      and
      (y) the time of book-entry transfer or delivery of such Note to the Paying
      Agent
      by the Holder thereof in the manner required by Section 3.05.

     

    Notes
      in
      respect of which a Designated Event Repurchase Notice has been given by the
      Holder thereof may not be exchanged pursuant to Article 13 hereof on or after
      the date of the delivery of such Repurchase Notice unless such Designated Event
      Repurchase Notice has first been validly withdrawn.

     

    A
      Designated Event Repurchase Notice may be withdrawn by means of a written notice
      of withdrawal delivered to the office of the Paying Agent at any time prior
      to
      the close of business on the second Business Day immediately prior to the
      Designated Event Repurchase Date specifying:

     

    (a) the
      name
      of the Holder;

     

    (b) the
      certificate number(s) of all withdrawn Notes in certificated form or that the
      notice of withdrawal complies with appropriate Depositary procedures with
      respect to all withdrawn Notes represented by a Global Note;

     

    (c) the
      principal amount of Notes with respect to which such notice of withdrawal is
      being submitted, which must be an integral multiple of $1,000; and

     

    
      
        
        

      

      
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    (d) the
      principal amount of Notes, if any, that remains subject to the original
      Designated Event Repurchase Notice and that has been or will be delivered for
      repurchase by the Issuer.

     

    If
      a
      Designated Event Repurchase Notice is properly withdrawn, the Issuer shall
      not
      be obligated to repurchase the Notes listed in such Repurchase
      Notice.

     

    Section
      3.09.
      Deposit of Repurchase Price. (a)
      Prior
      to 11:00 a.m., New York City time, on the Designated Event Repurchase Date,
      the
      Issuer shall deposit with the Paying Agent or, if the Issuer is acting as the
      Paying Agent, shall segregate and hold in trust as provided in Section 4.04
      an
      amount of cash (in immediately available funds if deposited on the Designated
      Event Repurchase Date), sufficient to pay the aggregate repurchase price of
      all
      the Notes or portions thereof that are to be repurchased as of the Designated
      Event Repurchase Date.

     

    (b) If
      on the
      Designated Event Repurchase Date the Paying Agent holds money sufficient to
      pay
      the repurchase price of the Notes that Holders have elected to require the
      Issuer to repurchase in accordance with Section 3.05, then, on the Designated
      Event Repurchase Date such Notes will cease to be outstanding, interest will
      cease to accrue and all other rights of the Holders of such Notes will
      terminate, other than the right to receive the repurchase price upon delivery
      or
      book-entry transfer of the Note or, if such Notes have been tendered for
      exchange, the cash and, if applicable, shares of Common Stock due upon such
      exchange. This will be the case whether or not book-entry transfer of the Note
      has been made or the Note has been delivered to the Paying Agent.

     

    Section
      3.10.
      Notes Repurchased in Part. Upon
      presentation of any Note repurchased only in part, the Issuer shall execute
      and
      the Trustee shall authenticate and make available for delivery to the Holder
      thereof, at the expense of the Issuer, a new Note or Notes in aggregate
      principal amount equal to the unrepurchased portion of the Notes presented
      (provided that the unrepurchased portion of the Notes must be in an integral
      multiple of $1,000).

     

    Section
      3.11.
      Repayment to the Issuer. Subject
      to Section 11.04, the Paying Agent shall return to the Issuer any cash that
      remains unclaimed, together with interest, if any, thereon, held by them for
      the
      payment of the repurchase price; provided
      that to
      the extent that the aggregate amount of cash deposited by the Issuer pursuant
      to
      Section 3.09 exceeds the aggregate repurchase price of the Notes or portions
      thereof which the Issuer is obligated to repurchase as of the Designated Event
      Repurchase Date then, unless otherwise agreed in writing with the Issuer,
      promptly after the second Business Day following the Designated Event Repurchase
      Date the Paying Agent shall return any such excess to the Issuer, together
      with
      interest, if any, thereon.

     

    
      
        
        

      

      
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    ARTICLE
      4

    PARTICULAR
      COVENANTS OF THE ISSUER

     

    Section
      4.01.
      Payment of Principal, Premium and Interest. The
      Issuer covenants and agrees that it will duly and punctually pay or cause to be
      paid when due the principal of (including the Redemption Price upon redemption
      or the repurchase price upon repurchase, in each case pursuant to Article 3),
      and premium, if any, and interest on each of the Notes at the places, at the
      respective times and in the manner provided herein and in the
      Notes.

     

    Section
      4.02.
      Maintenance of Office or Agency. The
      Issuer will maintain an office or agency in the Borough of Manhattan, where
      the
      Notes may be surrendered for registration of transfer or exchange or for
      presentation for payment or for exchange, redemption or repurchase and where
      notices and demands to or upon the Issuer in respect of the Notes and this
      Indenture may be served. As of the date of this Indenture, such office shall
      be
      the Corporate Trust Office and, at any other time, at such other address as
      the
      Trustee may designate from time to time by notice to the Issuer.  The
      Issuer will give prompt written notice to the Trustee of the location, and
      any
      change in the location, of such office or agency not designated or appointed
      by
      the Trustee. If at any time the Issuer shall fail to maintain any such required
      office or agency or shall fail to furnish the Trustee with the address thereof,
      such presentations, surrenders, notices and demands may be made or served at
      the
      Corporate Trust Office.

     

    The
      Issuer may also from time to time designate co-registrars and one or more
      offices or agencies where the Notes may be presented or surrendered for any
      or
      all such purposes and may from time to time rescind such designations.  The
      Issuer will give prompt written notice to the Trustee of any such designation
      or
      rescission and of any change in the location of any such other office or
      agency.

     

    The
      Issuer hereby initially designates the Trustee as Paying Agent, Note Registrar,
      Custodian and Exchange Agent and the Corporate Trust Office shall be considered
      as one such office or agency of the Issuer for each of the aforesaid
      purposes.

     

    So
      long
      as the Trustee is the Note Registrar, the Trustee agrees to mail, or cause
      to be
      mailed, the notices set forth in Section 7.08(f). If co-registrars have been
      appointed in accordance with this Section, the Trustee shall mail such notices
      only to the Issuer and the Holders of Notes it can identify from its
      records.

     

    Section
      4.03.
      Appointments to Fill Vacancies in Trustee’s Office. The
      Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee,
      will appoint, upon the terms and conditions and otherwise as provided in Section
      7.08, a Trustee, so that there shall at all times be a Trustee
      hereunder.

     

    Section
      4.04.
      Provisions as to Paying Agent. (a)
      If
      the Issuer shall appoint a Paying Agent other than the Trustee, or if the
      Trustee shall appoint such a Paying Agent, the Issuer will cause such Paying
      Agent to execute and deliver to the Trustee an

     

    
      
        
        

      

      
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    instrument
      in which such agent shall agree with the Trustee, subject to the provisions
      of
      this Section 4.04:

     

    (i) that
      it
      will hold all sums held by it as such agent for the payment of the principal
      of
      and premium, if any, or interest on the Notes (whether such sums have been
      paid
      to it by the Issuer or by any other obligor on the Notes) in trust for the
      benefit of the Holders of the Notes;

     

    (ii) that
      it
      will give the Trustee notice of any failure by the Issuer (or by any other
      obligor on the Notes) to make any payment of the principal of and premium,
      if
      any, or interest on the Notes when the same shall be due and payable;
      and

     

    (iii) that
      at
      any time during the continuance of an Event of Default, upon request of the
      Trustee, it will forthwith pay to the Trustee all sums so held in
      trust.

     

    The
      Issuer shall, on or before each due date of the principal of, premium, if any,
      or interest on the Notes, deposit with the Paying Agent a sum (in funds which
      are immediately available on the due date for such payment) sufficient to pay
      such principal, premium, if any, or interest and (unless such Paying Agent
      is
      the Trustee) the Issuer will promptly notify the Trustee of any failure to
      take
      such action; provided
      that if
      such deposit is made on the due date, such deposit shall be received by the
      Paying Agent by 11:00 a.m. New York City time, on such date.

     

    (b) If
      the
      Issuer shall act as its own Paying Agent, it will, on or before each due date
      of
      the principal of, premium, if any, or interest on the Notes, set aside,
      segregate and hold in trust for the benefit of the Holders of the Notes a sum
      sufficient to pay such principal, premium, if any, and interest so becoming
      due
      and will promptly notify the Trustee of any failure to take such action and
      of
      any failure by the Issuer (or any other obligor under the Notes) to make any
      payment of the principal of, premium, if any, or interest on the Notes when
      the
      same shall become due and payable.

     

    (c) Anything
      in this Section 4.04 to the contrary notwithstanding, the Issuer may, at any
      time, for the purpose of obtaining a satisfaction and discharge of this
      Indenture, or for any other reason, pay or cause to be paid to the Trustee
      all
      sums held in trust by the Issuer or any Paying Agent hereunder as required
      by
      this Section 4.04, such sums to be held by the Trustee upon the trusts herein
      contained and upon such payment by the Issuer or any Paying Agent to the
      Trustee, the Issuer or such Paying Agent shall be released from all further
      liability with respect to such sums.

     

    (d) Anything
      in this Section 4.04 to the contrary notwithstanding, the agreement to hold
      sums
      in trust as provided in this Section 4.04 is subject to Section 11.02 and
      Section 11.03.

     

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

     

    
      
        
        

      

      
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    Section
      4.05.
      Existence. Subject
      to Article 10, each of the Issuer and the Guarantor will do or cause to be
      done
      all things necessary to preserve and keep in full force and effect its existence
      all material rights and material franchises; provided,
      however,
      that
      neither the Issuer nor the Guarantor shall be required to preserve any such
      right or franchise if the Board of Directors of the Issuer or the Guarantor,
      as
      applicable, shall determine that the preservation thereof is no longer desirable
      in the conduct of the business of the Issuer or the Guarantor, as
      applicable.

     

    Section
      4.06.
      Rule 144A Information Requirement. If
      so
      required by Rule 144A the Guarantor and the Issuer will promptly furnish to
      the
      Holders, beneficial owners and prospective purchasers of the Notes and of any
      shares of Common Stock delivered upon exchange of the Notes, upon their request,
      the information required to be delivered pursuant to Rule 144A(d)(4) to
      facilitate the
      resale of the Notes and such shares pursuant to Rule 144A.

     

    Section
      4.07.
      Stay, Extension and Usury Laws. The
      Issuer and the Guarantor each covenants (to the extent that it may lawfully
      do
      so) that it will not at any time insist upon, or plead, or in any manner
      whatsoever claim or take the benefit or advantage of, any usury, stay or
      extension law wherever enacted, now or at any time hereafter in force, which
      may
      affect the covenants or the performance of this Indenture; and the Issuer and
      the Guarantor each (to the extent that it may lawfully do so) hereby expressly
      waives all benefit or advantage of any such law, and covenants that it will
      not
      hinder, delay or impede the execution of any power herein granted to the
      Trustee, but will suffer and permit the execution of every such power as though
      no such law had been enacted.

     

    Section
      4.08.
      Compliance Certificate. The
      Issuer and the Guarantor will deliver to the Trustee, within 120 days after
      the
      end of each fiscal year, a brief certificate from the principal executive
      officer, principal financial officer or principal accounting officer of the
      General Partner as to his or her knowledge of the Issuer’s and the Guarantor’s
      compliance with all conditions and covenants under this Indenture and, in the
      event of any noncompliance, specifying such noncompliance and the nature and
      status thereof. For purposes of this Section 4.08, such compliance shall be
      determined without regard to any period of grace or requirement of notice under
      this Indenture.

     

    The
      Issuer will deliver to the Trustee, promptly upon becoming aware of (i) any
      default in the performance or observance of any covenant, agreement or condition
      contained in this Indenture, or (ii) any Event of Default, an Officers’
Certificate specifying with particularity such default or Event of Default
      and
      further stating what action the Issuer has taken, is taking or proposes to
      take
      with respect thereto.

     

    Any
      notice required to be given under this Section 4.08 shall be delivered to a
      Responsible Officer of the Trustee at its Corporate Trust Office.

     

    Section
      4.09.
      Additional Interest Notice. In
      the
      event that the Issuer is required to pay Additional Interest to Holders of
      Notes
      pursuant to the Registration Rights Agreement, the Issuer will provide written
      notice (“Additional
      Interest Notice”)
      to the
      Trustee of its obligation to pay Additional Interest no later than fifteen
      (15)
      calendar days

     

    
      
        
        

      

      
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    prior
      to
      the proposed interest payment date for Additional Interest, and the Additional
      Interest Notice shall set forth the amount of Additional Interest to be paid
      by
      the Issuer on such interest payment date. The Trustee shall not at any time
      be
      under any duty or responsibility to any Holder of Notes to determine the
      Additional Interest, or with respect to the nature, extent or calculation of
      the
      amount of Additional Interest when made, or with respect to the method employed
      in such calculation of the Additional Interest.

     

     

    ARTICLE
      5

    
      NOTEHOLDERS’
        LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

    

     

    Section
      5.01.
      Noteholders’ Lists. The
      Issuer will furnish or cause to be furnished to the Trustee:

     

    (a) semiannually,
      not later than 15 days after the Record Date for interest for the Notes, a
      list,
      in such form as the Trustee may reasonably require, of the names and addresses
      of the Holders of Notes as of such Record Date, and

     

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

     

    provided,
      however,
      that,
      so long as the Trustee is the Note Registrar, no such list shall be required
      to
      be furnished.

     

    Section
      5.02.
      Preservation and Disclosure of Lists. Every
      Holder of Notes, by receiving and holding the same, agrees with the Issuer
      and
      the Trustee that neither the Issuer nor the Trustee nor any Authenticating
      Agent
      nor any Paying Agent nor any Note Registrar shall be held accountable by reason
      of the disclosure of any information as to the names and addresses of the
      Holders of Notes in accordance with TIA Section 312, regardless of the source
      from which such information was derived, and that the Trustee shall not be
      held
      accountable by reason of mailing any material pursuant to a request made under
      TIA Section 312(b).

     

    Section
      5.03.
      Reports by Trustee. The
      Trustee shall transmit to the Holders of Notes such reports concerning the
      Trustee and its actions under this Indenture as may be required by TIA Section
      313 at the times and in the manner provided by the TIA, which shall initially
      be
      not less than every twelve months commencing on May 15, 2007 and may be dated
      as
      of a date up to 75 days prior to such transmission. A copy of each such report
      shall, at the time of such transmission to Holders of Notes, be filed by the
      Trustee with each stock exchange, if any, upon which any Notes are listed,
      with
      the Commission and with the Issuer. The Issuer will notify the Trustee when
      any
      Notes are listed on any stock exchange.

     

    Section
      5.04.
      Reports by Issuer. The
      Issuer will:

     

    
      
        
        

      

      
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    (a) file
      with
      the Trustee, within 15 days after the Issuer is required to file the same with
      the Commission, 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
      Commission may from time to time by rules and regulations prescribe) which
      the
      Issuer may be required to file with the Commission pursuant to Section 13 or
      Section 15(d) of the Securities Exchange Act of 1934; or, if the Issuer is
      not
      required to file information, documents or reports pursuant to either of such
      Sections, then it will file with the Trustee and the Commission, in accordance
      with rules and regulations prescribed from time to time by the Commission,
      such
      of the supplementary and periodic information, documents and reports which
      may
      be required pursuant to Section 13 of the Securities Exchange Act of 1934 in
      respect of a security listed and registered on a national securities exchange
      as
      may be prescribed from time to time in such rules and regulations;

     

    (b) file
      with
      the Trustee and the Commission, in accordance with rules and regulations
      prescribed from time to time by the Commission, such additional information,
      documents and reports with respect to compliance by the Issuer with the
      conditions and covenants of this Indenture as may be required from time to
      time
      by such rules and regulations; and

     

    (c) transmit
      by mail to the Holders of Notes, within 30 days after the filing thereof with
      the Trustee, in the manner and to the extent provided in TIA Section 313(c),
      such summaries of any information, documents and reports required to be filed
      by
      the Issuer pursuant to paragraphs (a) and (b) of this Section as may be required
      by rules and regulations prescribed from time to time by the
      Commission.

     

     

    ARTICLE
      6

    Remedies
      of the Trustee and Noteholders on an Event of Default

     

    Section
      6.01.
      Events of Default. In
      case
      one or more of the following (“Events
      of Default”)
      (whatever the reason for such Event of Default and whether it shall be voluntary
      or involuntary or be effected by operation of law or pursuant to any judgment,
      decree or order of any court or any order, rule or regulation of any
      administrative or governmental body) shall have occurred and be
      continuing:

     

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

     

    (b) default
      in the payment of the principal of the Notes or any repurchase price or
      Redemption Price due with respect to the Notes, when due and payable;
      or

     

    (c) failure
      to deliver cash and, if applicable, Common Stock within five (5) days after
      the
      due date upon an exchange of Notes pursuant to Article 13, together with any
      cash due in lieu of fractional shares; or 

     

    (d) default
      in the performance, or breach, of any covenant or warranty in this Indenture
      with respect to the Notes, and continuance of such default or breach for
      a

     

    
      
        
        

      

      
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    period
      of
      60 days after there has been given, by registered or certified mail, to the
      Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at
      least 25% in aggregate principal amount of the Notes then outstanding 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) default
      under any bond, debenture, note, mortgage, indenture or instrument under which
      there may be issued or by which there may be secured or evidenced any
      indebtedness for money borrowed by the Issuer or the Guarantor or by any
      Subsidiary of the Issuer or of the Guarantor, the repayment of which the Issuer
      or the Guarantor has guaranteed or for which the Issuer or the Guarantor is
      directly responsible or liable as obligor or guarantor, having an aggregate
      principal amount outstanding of at least $10,000,000, whether such indebtedness
      now exists or shall hereafter be created, which default shall have resulted
      in
      such indebtedness becoming or being declared due and payable prior to the date
      on which it would otherwise have become due and payable, without such
      indebtedness having been discharged, or such acceleration having been rescinded
      or annulled, within a period of 10 days after there shall have been given,
      by
      registered or certified mail, to the Issuer by the Trustee or to the Issuer
      and
      the Trustee by the Holders of at least 10% in aggregate principal amount of
      the
      Notes then outstanding a written notice specifying such default and requiring
      the Issuer to cause such indebtedness to be discharged or cause such
      acceleration to be rescinded or annulled and stating that such notice is a
      “Notice of Default” hereunder;
      or

     

    (f) the
      Issuer fails to provide on a timely basis an Issuer Repurchase Notice after
      the
      occurrence of a Designated Event as provided in Section 3.05(b) and Section
      3.07(b); or

     

    (g) the
      Guarantor, the Issuer, or any of its Significant Subsidiaries pursuant to or
      under or within meaning of any Bankruptcy Law:

     

    (i) commences
      a voluntary case; or

     

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

     

    (iii) consents
      to the appointment of any receiver, trustee, assignee, liquidator or other
      similar official under any Bankruptcy Law of it or for all or substantially
      of
      its property; or

     

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

     

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

     

    (i) is
      for
      relief against the Guarantor, the Issuer or any of its Significant Subsidiaries
      in an involuntary case; or

     

    
      
        
        

      

      
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    (ii) appoints
      a trustee, receiver, liquidator, custodian or other similar official of the
      Guarantor, the Issuer or any of its Significant Subsidiaries or for all or
      substantially all of its property; or

     

    (iii) orders
      the liquidation of the Guarantor, the Issuer or a Significant Subsidiary;

     

    and,
      in
      each case in this clause (h), the order or decree remains unstayed and in effect
      for ninety (90) calendar days; 

     

    then,
      and
      in each and every such case (other than an Event of Default specified in Section
      6.01(g) and Section 6.01(h) with respect to the Issuer), unless the principal
      of
      all of the Notes shall have already become due and payable, either the Trustee
      or the Holders of at least twenty-five percent (25%) in aggregate principal
      amount of the Notes then outstanding, by notice in writing to the Issuer (and
      to
      the Trustee if given by Noteholders), may declare the principal amount of and
      premium, if any, and interest accrued and unpaid on all the Notes to be
      immediately due and payable, and upon any such declaration the same shall be
      immediately due and payable.

     

    If
      an
      Event of Default specified in Section 6.01(g) or Section 6.01(h) occurs and
      is
      continuing with respect to the Issuer, then the principal amount of and premium,
      if any, and interest accrued and unpaid on all the Notes shall
      be
      immediately due and payable without any declaration or other action on the
      part
      of the Trustee or any Holder of Notes.

     

    If,
      at
      any time after the principal amount of and premium, if any, and interest on
      the
      Notes shall have been so declared due and payable, and before any judgment
      or
      decree for the payment of the monies due shall have been obtained or entered
      as
      hereinafter provided, Holders of a majority in aggregate principal amount of
      the
      Notes then outstanding on behalf of the Holders of all of the Notes then
      outstanding, by written notice to the Issuer and to the Trustee, may waive
      all
      defaults or Events of Default and rescind and annul such declaration and its
      consequences, subject in all respects to Section 6.07, if: (a) all Events of
      Default, other than the nonpayment of the principal amount and any accrued
      and
      unpaid interest that have become due solely because of such acceleration, have
      been cured or waived; (b) interest on overdue installments of interest (to
      the
      extent that payment of such interest is lawful) and on overdue principal, which
      has become due otherwise than by such declaration of acceleration, has been
      paid; and (c) the Issuer has paid the Trustee its reasonable compensation and
      reimbursed the Trustee for its expenses, disbursements and advances pursuant
      to
      Section 7.06. No such rescission and annulment shall extend to or shall affect
      any subsequent default or Event of Default, or shall impair any right consequent
      thereon. 

     

    In
      case
      the Trustee shall have proceeded to enforce any right under this Indenture
      and
      such proceedings shall have been discontinued or abandoned because of such
      waiver or rescission and annulment or for any other reason or shall have been
      determined adversely to the Trustee, then and in every such case the Issuer,
      the
      Holders of Notes, and the Trustee shall be restored respectively to their
      several positions and rights hereunder,

     

    
      
        
        

      

      
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    and
      all
      rights, remedies and powers of the Issuer, the Holders of Notes, and the Trustee
      shall continue as though no such proceeding had been taken.

     

    Section
      6.02.
      Payments of Notes on Default; Suit Therefor. The
      Issuer covenants that in the case of an Event of Default pursuant to Section
      6.01(a) or 6.01(b), upon demand of the Trustee, the Issuer will pay to the
      Trustee, for the benefit of the Holders of the Notes, (i) the whole amount
      that
      then shall be due and payable on all such Notes for principal and premium,
      if
      any, or interest, as the case may be, with interest upon the overdue principal
      and premium, if any, and (to the extent that payment of such interest is
      enforceable under applicable law) upon the overdue installments of accrued
      and
      unpaid interest at the rate borne by the Notes from the required payment date
      and, (ii) in addition thereto, any amounts due the Trustee under Section 7.06.
      Until such demand by the Trustee, the Issuer may pay the principal of and
      premium, if any, and interest on the Notes to the registered Holders, whether
      or
      not the Notes are overdue.

     

    In
      case
      the Issuer shall fail forthwith to pay such amounts upon such demand, the
      Trustee, in its own name and as trustee of an express trust, shall be entitled
      and empowered to institute any actions or proceedings at law or in equity for
      the collection of the sums so due and unpaid, and may prosecute any such action
      or proceeding to judgment or final decree, and may enforce any such judgment
      or
      final decree against the Issuer or any other obligor on the Notes and collect
      in
      the manner provided by law out of the property of the Issuer or any other
      obligor on the Notes wherever situated the monies adjudged or decreed to be
      payable.

     

    In
      case
      of the pendency of any receivership, insolvency, liquidation, bankruptcy,
      reorganization, arrangement, adjustment, composition or other judicial
      proceeding relative to the Guarantor, the Issuer or any other obligor upon
      the
      Notes or the property of the Guarantor, the Issuer or of such other obligor
      or
      their creditors, the Trustee (irrespective of whether the principal of the
      Notes
      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 Issuer for the payment of overdue principal (including the Redemption Price
      or repurchase price upon redemption or repurchase pursuant to Article 3)) shall
      be entitled and empowered, by intervention in such proceeding or otherwise:
      (i)
      to file and prove a claim for the whole amount of principal (including the
      Redemption Price or repurchase price upon redemption or repurchase pursuant
      to
      Article 3) and interest owing and unpaid in respect of the Notes 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 of Notes allowed in such judicial proceeding, and (ii) to collect
      and receive any moneys or other property payable or deliverable on any such
      claims and to distribute the same; and any custodian, receiver, assignee,
      trustee, liquidator, sequestrator (or other similar official) in any such
      judicial proceeding is hereby authorized by each Holder of Notes 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 of Notes, to pay to the Trustee
      any amount due to it for the reasonable compensation, expenses, disbursements
      and advances of the Trustee and any predecessor Trustee, their agents and
      counsel, and any other

     

    
      
        
        

      

      
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    amounts
      due the Trustee or any predecessor Trustee under Section 7.06. Nothing herein
      contained shall be deemed to authorize the Trustee to authorize or consent
      to or
      accept or adopt on behalf of any Holder of a Note any plan of reorganization,
      arrangement, adjustment or composition affecting the Notes or the rights of
      any
      Holder thereof, or to authorize the Trustee to vote in respect of the claim
      of
      any Holder of Notes in any such proceeding; provided,
      however,
      that
      the Trustee may, on behalf of the Holders of Notes, vote for the election of
      a
      trustee in bankruptcy or similar official and may be a member of the creditors’
committee.

     

    All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Notes, may be enforced by the Trustee without the possession of any of
      the
      Notes, or the production thereof at any trial or other proceeding relative
      thereto, and any such suit or 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 Notes.

     

    In
      any
      proceedings brought by the Trustee (and in any proceedings involving the
      interpretation of any provision of this Indenture to which the Trustee shall
      be
      a party) the Trustee shall be held to represent all the Holders of the Notes,
      and it shall not be necessary to make any Holders of the Notes parties to any
      such proceedings.

     

    Section
      6.03.
      Application of Monies Collected by Trustee. Any
      monies collected by the Trustee pursuant to this Article 6, shall be applied,
      in
      the following order, at the date or dates fixed by the Trustee for the
      distribution of such monies, upon presentation of the several Notes, and
      stamping thereon the payment, if only partially paid, and upon surrender
      thereof, if fully paid:

     

    FIRST:
      To
      the payment of costs and expenses of collection, including all sums paid or
      advanced by the Trustee hereunder and the reasonable compensation, expenses
      and
      disbursements of the Trustee, its agents and counsel all other amounts due
      the
      Trustee and any predecessor Trustee under Section 7.06;

     

    SECOND:
      To the payment of the amounts then due and unpaid upon the Notes for principal
      (including the Redemption Price or repurchase price upon redemption or
      repurchase pursuant to Article 3) and interest, 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 aggregate amounts due and payable on
      the
      Notes for principal (including the Redemption Price or repurchase price upon
      redemption or repurchase pursuant to Article 3) and interest, respectively;
      and

     

    THIRD:
      To
      the payment of the remainder, if any, to the Issuer.

     

    Section
      6.04.
      Proceedings by Noteholders. No
      Holder
      of any Note shall have any right by virtue of or by reference to any provision
      of this Indenture to institute any suit, action or proceeding in equity or
      at
      law upon or under or with respect to this Indenture, or for the appointment
      of a
      receiver, trustee, liquidator, custodian or other

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    similar
      official, or for any other remedy hereunder, except in the case of a default
      in
      the payment of principal, premium, if any, or interest on the Notes, unless
      (a)
      such Holder previously shall have given to the Trustee written notice of an
      Event of Default and of the continuance thereof, as hereinbefore provided,
      (b)
      the Holders of at least twenty-five percent (25%) in aggregate principal amount
      of the Notes then outstanding shall have made written request upon the Trustee
      to institute such action, suit or proceeding in its own name as Trustee
      hereunder and shall have offered to the Trustee such reasonable indemnity as
      it
      may require against the costs, liabilities or expenses to be incurred therein
      or
      thereby, (c) the Trustee for sixty (60) calendar days after its receipt of
      such
      notice, request and offer of indemnity, shall have failed to institute any
      such
      action, suit or proceeding and (d) no direction inconsistent with such written
      request shall have been given to the Trustee by Holders of a majority in
      aggregate principal amount of Notes then outstanding; it being understood and
      intended, and being expressly covenanted by the taker and Holder of every Note
      with every other taker and Holder and the Trustee, that no one or more Holders
      of Notes shall have any right in any manner whatever by virtue of or by
      reference to any provision of this Indenture to affect, disturb or prejudice
      the
      rights of any other Holder of Notes, or to obtain or seek to obtain priority
      over or preference to any other such Holder, or to enforce any right under
      this
      Indenture, except in the manner herein provided and for the equal, ratable
      and
      common benefit of all Holders of Notes (except as otherwise provided
      herein).  For the protection and enforcement of this Section 6.04, each and
      every Noteholder and the Trustee shall be entitled to such relief as can be
      given either at law or in equity.

     

    Notwithstanding
      any other provision of this Indenture and any provision of any Note, the right
      of any Holder of any Note to receive payment of the principal of (including
      the
      Redemption Price or repurchase price upon redemption or repurchase pursuant
      to
      Article 3) and premium, if any, and accrued interest on such Note, on or after
      the respective due dates expressed in such Note or in the event of redemption
      or
      repurchase, or to institute suit for the enforcement of any such payment on
      or
      after such respective dates against the Issuer shall not be impaired or affected
      without the consent of such Holder.

     

    Anything
      contained in this Indenture or the Notes to the contrary notwithstanding, the
      Holder of any Note, without the consent of either the Trustee or the Holder
      of
      any other Note, in its own behalf and for its own benefit, may enforce, and
      may
      institute and maintain any proceeding suitable to enforce, its rights of
      exchange as provided herein.

     

    Section
      6.05.
      Proceedings by Trustee. If
      an
      Event of Default occurs and is continuing, the Trustee may in its discretion
      proceed to protect and enforce its rights and the rights of the Holders of
      Notes
      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
      6.06.
      Remedies Cumulative and Continuing. All
      powers and remedies given by this Article 6 to the Trustee or to the Noteholders
      shall, to the extent permitted by law, be deemed cumulative and not exclusive
      of
      any thereof or of any other powers

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    and
      remedies available to the Trustee or the Holders of the Notes, by judicial
      proceedings or otherwise, to enforce the performance or observance of the
      covenants and agreements contained in this Indenture, and no delay or omission
      of the Trustee or of any Holder of any of the Notes to exercise any right or
      power accruing upon any default or Event of Default occurring and continuing
      as
      aforesaid shall impair any such right or power, or shall be construed to be
      a
      waiver of any such default or any acquiescence therein, and, subject to the
      provisions of Section 6.04, every power and remedy given by this Article 6
      or by
      law to the Trustee or to the Noteholders may be exercised from time to time,
      and
      as often as shall be deemed expedient, by the Trustee or by the
      Noteholders.

     

    Section
      6.07.
      Direction of Proceedings and Waiver of Defaults by Majority of Noteholders.
      The
      Holders of not less than a majority in aggregate principal amount of the Notes
      at the time outstanding 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; 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) the Trustee
      need
      not take any action which might involve it in personal liability or be unduly
      prejudicial to the Holders of Notes not joining therein, it being understood
      that (subject to Section 7.02) the Trustee shall have no duty to ascertain
      whether or not such actions or forbearance are unduly prejudicial to such
      Holders.

     

    The
      Holders of a majority in aggregate principal amount of the Notes at the time
      outstanding may, on behalf of the Holders of all of the Notes, waive any past
      default or Event of Default hereunder and its consequences except
      (i) a
      default in the payment of the principal of (including the Redemption Price
      or
      repurchase price upon redemption or repurchase pursuant to Article 3), premium,
      if any, or interest on the Notes, (ii) a failure by the Issuer to exchange
      any
      Notes as required by this Indenture, (iii) a default in the payment of the
      Redemption Price on the Redemption Date pursuant to Article 3, (iv) a default
      in
      the payment of the repurchase price on the Designated Event Repurchase Date
      pursuant to Article 3 or (v) a default in respect of a covenant or provisions
      hereof which under Article 9 cannot be modified or amended without the consent
      of the Holders of all Notes then outstanding or each Note affected
      thereby.

     

    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
      Event of Default or impair any right consequent thereon.

     

    Section
      6.08.
      [Reserved]

     

    Section
      6.09.
      Undertaking to Pay Costs. All
      parties to this Indenture agree, and each Holder of any Note by its 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 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,

     

    
      
        
        

      

      
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    including
      reasonable attorneys’ fees and expenses, 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; provided
      that the
      provisions of this Section 6.09 (to the extent permitted by law) shall not
      apply
      to any suit instituted by the Trustee, to any suit instituted by any Noteholder,
      or group of Noteholders, holding in the aggregate more than ten percent in
      principal amount of the Notes at the time outstanding determined in accordance
      with Section 8.04, or to any suit instituted by any Noteholder for the
      enforcement of the payment of the principal of (including the Redemption Price
      or repurchase price upon redemption or repurchase pursuant to Article 3), or
      interest on any Note on or after the due date expressed in such Note or to
      any
      suit for the enforcement of the right to exchange any Note in accordance with
      the provisions of Article 13.

     

     

    ARTICLE
      7

    THE
      TRUSTEE

     

    Section
      7.01.
      Notice of Defaults. Within
      90
      days after the occurrence of any default hereunder, the Trustee shall transmit
      in the manner and to the extent provided in TIA Section 313(c), notice of such
      default hereunder known to the Trustee, unless such default shall have been
      cured or waived; provided,
      however,
      that,
      except in the case of a default in the payment of the principal of (including
      the Redemption Price or repurchase price upon redemption or repurchase pursuant
      to Article 3) or interest on any Note, the Trustee shall be protected in
      withholding such notice if and so long as Responsible Officers of the Trustee
      in
      good faith determine that the withholding of such notice is in the interests
      of
      the Holders of the Notes; and provided
      further
      that in
      the case of any default or breach of the character specified in Section 6.01(d),
      no such notice to Holders of Notes shall be given until at least 60 days after
      the occurrence thereof. 

     

    Section
      7.02. Certain
      Rights of Trustee.
      Subject
      to the provisions of TIA Section 315(a) through 315(d):

     

    (a) the
      Trustee may rely and shall be protected in acting or refraining from acting
      upon
      any resolution, Officers’ Certificate, certificate, statement, instrument,
      Opinion of Counsel, opinion, report, notice, request, direction, consent, order,
      bond, debenture, note, coupon or other paper or document believed by it to
      be
      genuine and to have been signed or presented by the proper party or parties;
      

     

    (b) any
      request or direction of the Issuer mentioned herein shall be sufficiently
      evidenced by an Issuer Request or Issuer Order (other than delivery of any
      Note
      to the Trustee for authentication and delivery pursuant to Sections 2.01 and
      2.04 which shall be sufficiently evidenced as provided therein) and any
      resolution of the Board of Directors may be sufficiently evidenced by a Board
      Resolution; 

     

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

     

    
      
        
        

      

      
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    (d) before
      the Trustee acts or refrains from acting, the Trustee may consult with counsel
      and the written advice of such counsel or any Opinion of Counsel shall be full
      and complete authorization and protection in respect of any action taken,
      suffered or omitted by it hereunder in good faith and in reliance
      thereon;

     

    (e) 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 Notes pursuant to this Indenture, unless such Holders shall have offered
      to
      the Trustee security or indemnity reasonably satisfactory to the Trustee against
      the costs, expenses and liabilities which might be incurred by it in compliance
      with such request or direction;

     

    (f) the
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, direction, consent, order, bond, debenture, note, coupon or
      other paper or document, unless requested in writing so to do by the Holders
      of
      not less than a majority in aggregate principal amount of the Outstanding Notes;
      provided
      that, if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee, not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Indenture, the Trustee may require
      reasonable indemnity against such expenses or liabilities as a condition to
      proceeding; the reasonable expenses of every such examination shall be paid
      by
      the Holders or, if paid by the Trustee, shall be repaid by the Holders upon
      demand.  The Trustee, in its discretion, may make such further inquiry or
      investigation into such facts or matters as it may see fit, and, if the Trustee
      shall determine to make such further inquiry or investigation, it shall be
      entitled to examine the books, records and premises of the Issuer, relevant
      to
      the facts or matters that are the subject of its inquiry, personally or by
      agent
      or attorney;

     

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

     

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

     

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

     

    (j) the
      Trustee shall not be required to give any bond or surety in respect of the
      performance of its powers and duties hereunder;

     

    (k) the
      permissive rights of the Trustee to do things enumerated in this Indenture
      shall
      not be construed as a duty and the Trustee shall not be answerable for other
      than its negligence or willful misconduct; and 

     

    
      
        
        

      

      
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    (l) except
      for (i) a default under Sections 6.01(a) or 6.01(b) hereof, or (ii) any other
      event of which the Trustee has “actual knowledge” and which event, with the
      giving of notice or the passage of time or both, would constitute an Event
      of
      Default under this Indenture, the Trustee shall not be deemed to have notice
      of
      any default or Event of Default unless specifically notified in writing of
      such
      event by the Issuer or the Holders of not less than 25% in aggregate principal
      amount of the Notes then outstanding; as used herein, the term “actual
      knowledge”
means
      the actual fact or statement of knowing, without any duty to make any
      investigation with regard thereto.

     

    The
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      any financial liability in the performance of any of its duties hereunder,
      or in
      the exercise of any of its rights or powers, if it shall have reasonable grounds
      for believing that repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it.  Except during the
      continuance of an Event of Default, the Trustee undertakes to perform only
      such
      duties as are specifically set forth in this Indenture, and no implied covenants
      or obligations shall be read into this Indenture against the
      Trustee.

     

    Section
      7.03.
      Not
      Responsible for Recitals or Issuance of Notes.
      The
      recitals contained herein and in the Notes, except the Trustee’s certificate of
      authentication shall be taken as the statements of the Issuer, and neither
      the
      Trustee nor any Authenticating Agent assumes any responsibility for their
      correctness.  The Trustee makes no representations as to the validity or
      sufficiency of this Indenture or of the Notes except that the Trustee represents
      that it is duly authorized to execute and deliver this Indenture, authenticate
      the Notes and perform its obligations hereunder. Neither the Trustee nor any
      Authenticating Agent shall be accountable for the use or application by the
      Issuer of Notes or the proceeds thereof.

     

    Section
      7.04. May
      Hold Notes and Common Stock.
      The
      Trustee, any Paying Agent, Exchange Agent, Security Registrar, Authenticating
      Agent or any other agent of the Issuer, in its individual or any other capacity,
      may become the owner or pledgee of Notes or Common Stock and, subject to TIA
      Sections 310(b) and 311, may otherwise deal with the Issuer and the Guarantor
      with the same rights it would have if it were not Trustee, Paying Agent,
      Exchange Agent, Security Registrar, Authenticating Agent or such other
      agent. 

     

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

     

    Section
      7.06. Compensation
      and Reimbursement.
      The
      Issuer agrees: 

     

    (a) to
      pay to
      the Trustee from time to time, and the Trustee shall be entitled to, reasonable
      compensation for all services rendered by it hereunder (which compensation
      shall
      not be limited by any provision of law in regard to the compensation of a
      trustee of an express trust); 

     

    
      
        
        

      

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

     

    (c) to
      indemnify each of the Trustee and any predecessor Trustee for, and to hold
      it
      harmless against, any loss, liability or expense incurred without negligence
      or
      willful misconduct on its part, arising out of or in connection with the
      acceptance or administration of the trust or trusts hereunder, including the
      costs and expenses of defending itself against or investigating any claim or
      liability in connection with the exercise or performance of any of its powers
      or
      duties hereunder. 

     

    When
      the
      Trustee incurs expenses or renders services in connection with an Event of
      Default specified in Sections 6.01(g) or 6.01(h), the expenses (including the
      reasonable charges and expenses of its counsel) and the compensation for the
      services are intended to constitute expenses of administration under any
      applicable Federal or state bankruptcy, insolvency or other similar law.

     

    As
      security for the performance of the obligations of the Issuer under this
      Section, the Trustee shall have a lien prior to the Notes upon all property
      and
      funds held or collected by the Trustee as such, except funds held in trust
      for
      the payment of principal of (including the Redemption Price or repurchase price
      upon redemption or repurchase pursuant to Article 3) or interest on any Notes.
      The provisions of this Section shall survive the termination of this Indenture.
      

     

    Section
      7.07.
      Corporate Trustee Required; Eligibility; Conflicting Interests.
      There
      shall at all times be a Trustee hereunder which shall be eligible to act as
      Trustee under TIA Section 310(a)(1) and shall have a combined capital and
      surplus of at least $50,000,000. If such corporation publishes reports of
      condition at least annually, pursuant to law or the requirements of Federal,
      state, territorial or District of Columbia supervising or examining authority,
      then for the purposes of this Section, the combined capital and surplus of
      such
      corporation shall be deemed to be its combined capital and surplus as set forth
      in its most recent report of condition so published. If at any time the Trustee
      shall cease to be eligible in accordance with the provisions of this Section,
      it
      shall resign immediately in the manner and with the effect hereinafter specified
      in this Article.  Neither the Issuer nor any Person directly or indirectly
      controlling, controlled by, or under common control with the Issuer shall serve
      as Trustee.

     

    Section
      7.08.
      Resignation and Removal; Appointment of Successor. 

     

    (a) No
      resignation or removal of the Trustee and no appointment of a successor Trustee
      pursuant to this Article shall become effective until the acceptance of
      appointment by the successor Trustee in accordance with the applicable
      requirements of Section 7.09.

     

    
      
        
        

      

      
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    (b) The
      Trustee may resign at any time by giving written notice thereof to the Issuer.
      If an instrument of acceptance by a successor Trustee shall not have been
      delivered to the Trustee within 30 days after the giving of such notice of
      resignation, the resigning Trustee may petition any court of competent
      jurisdiction for the appointment of a successor Trustee.

     

    (c) The
      Trustee may be removed at any time by Act of the Holders of a majority in
      principal amount of the Outstanding Notes delivered to the Trustee and to the
      Issuer. 

     

    (d) If
      at any
      time: 

     

    (i) the
      Trustee shall fail to comply with the provisions of TIA Section 310(b) after
      written request therefor by the Issuer or by any Holder of a Note who has been
      a
      bona fide Holder of a Note for at least six months, or 

     

    (ii) the
      Trustee shall cease to be eligible under Section 7.07 and shall fail to resign
      after written request therefor by the Issuer or by any Holder of a Note who
      has
      been a bona fide Holder of a Note for at least six months, or 

     

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

     

    then,
      in
      any such case, (A) the Issuer by or pursuant to a Board Resolution may remove
      the Trustee and appoint a successor Trustee, or (B) subject to TIA Section
      315(e), any Holder of a Note who has been a bona fide Holder of a Note for
      at
      least six months may, on behalf of himself and all others similarly situated,
      petition any court of competent jurisdiction for the removal of the Trustee
      and
      the appointment of a successor Trustee or Trustees.

     

    (e) If
      the
      Trustee shall resign, be removed or become incapable of acting, or if a vacancy
      shall occur in the office of Trustee for any cause, the Issuer, by or pursuant
      to a Board Resolution, shall promptly appoint a successor Trustee or
      Trustees.  If, within one year after such resignation, removal or
      incapability, or the occurrence of such vacancy, a successor Trustee shall
      be
      appointed by Act of the Holders of a majority in principal amount of the
      Outstanding Notes delivered to the Issuer and the retiring Trustee, the
      successor Trustee so appointed shall, forthwith upon its acceptance of such
      appointment, become the successor Trustee and to that extent supersede the
      successor Trustee appointed by the Issuer.  If no successor Trustee shall
      have been so appointed by the Issuer or the Holders of Notes and accepted
      appointment in the manner hereinafter provided, any Holder of a Note who has
      been a bona fide Holder of a Note for at least six months may, on behalf of
      himself and all others similarly situated, petition any court of competent
      jurisdiction for the appointment of a successor Trustee. 

     

    (f) The
      Issuer shall give notice of each resignation and each removal of the Trustee
      and
      each appointment of a successor Trustee by mailing or causing to be
      mailed

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    such
      notice to the Holders of Notes as they appear on the Note Register.  Each
      notice shall include the name of the successor Trustee and the address of its
      Corporate Trust Office. 

     

    Section
      7.09.
      Acceptance of Appointment By Successor. (a)
      In
      case of the appointment hereunder of a successor Trustee, every such successor
      Trustee so appointed shall execute, acknowledge and deliver to the Issuer and
      to
      the retiring Trustee an instrument accepting such appointment, and thereupon
      the
      resignation or removal of the retiring Trustee shall become effective and such
      successor Trustee, without any further act, deed or conveyance, shall become
      vested with all the rights, powers, trusts and duties of the retiring Trustee;
      but, on request of the Issuer or the successor Trustee, such retiring Trustee
      shall, upon payment of its charges, execute and deliver an instrument
      transferring to such successor Trustee all the rights, powers and trusts of
      the
      retiring Trustee, and shall duly assign, transfer and deliver to such successor
      Trustee all property and money held by such retiring Trustee hereunder, subject
      nevertheless to its claim, if any, provided for in Section 7.06.

     

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

     

    (c) Upon
      request of any such successor Trustee, the Issuer shall execute any and all
      instruments for more fully and certainly vesting in and confirming to such
      successor Trustee all such rights, powers and trusts referred to in paragraph
      (a) or (b) of this Section 7.09, as the case may be. 

     

    
      
        
        

      

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

     

    Section
      7.10.
      Merger, Conversion, Consolidation or Succession to Business.
      Any
      corporation into which the Trustee may be merged or converted or with which
      it
      may be consolidated, or any corporation resulting from any merger, conversion
      or
      consolidation to which the Trustee shall be a party, or any corporation
      succeeding to all or substantially all of the corporate trust business of the
      Trustee, shall be the successor of the Trustee hereunder, provided
      such
      corporation shall be otherwise qualified and eligible under this Article,
      without the execution or filing of any paper or any further act on the part
      of
      any of the parties hereto.  In case any Notes shall have been
      authenticated, but not delivered, by the Trustee then in office, any successor
      by merger, conversion or consolidation to such authenticating Trustee may adopt
      such authentication and deliver the Notes so authenticated with the same effect
      as if such successor Trustee had itself authenticated such Notes. In case any
      Notes shall not have been authenticated by such predecessor Trustee, any such
      successor Trustee may authenticate and deliver such Notes, in either its own
      name or that of its predecessor Trustee, with the full force and effect which
      this Indenture provides for the certificate of authentication of the
      Trustee. 

     

    Section
      7.11. Appointment
      of Authenticating Agent.
      At any
      time when any of the Notes remain Outstanding, the Trustee may appoint an
      Authenticating Agent or Agents which shall be authorized to act on behalf of
      the
      Trustee to authenticate Notes issued upon exchange, registration of transfer
      or
      partial redemption or repayment thereof, and Notes so authenticated shall be
      entitled to the benefits of this Indenture and shall be valid and obligatory
      for
      all purposes as if authenticated by the Trustee hereunder. Any such appointment
      shall be evidenced by an instrument in writing signed by a Responsible Officer
      of the Trustee, a copy of which instrument shall be promptly furnished to the
      Issuer.  Wherever reference is made in this Indenture to the authentication
      and delivery of Notes by the Trustee or the Trustee’s certificate of
      authentication, such reference shall be deemed to include authentication and
      delivery on behalf of the Trustee by an Authenticating Agent and a certificate
      of authentication executed on behalf of the Trustee by an Authenticating Agent.
      Each Authenticating Agent shall be acceptable to the Issuer and shall at all
      times be a bank or trust company or corporation organized and doing business
      and
      in good standing under the laws of the United States of America or of any state
      or the District of Columbia, authorized under such laws to act as Authenticating
      Agent, having a combined capital and surplus of not less than $50,000,000 and
      subject to supervision or examination by Federal or state authorities.  If
      such Authenticating Agent publishes reports of condition at least annually,
      pursuant to law or the requirements of the aforesaid supervising or examining
      authority, then for the purposes of this Section, the combined capital and
      surplus of such Authenticating Agent shall be deemed to be its combined capital
      and surplus asset forth in its most recent report of condition so
      published.  In case at any time an Authenticating Agent shall cease to be
      eligible in accordance with the provisions of this Section, such Authenticating
      Agent shall resign immediately in the manner and with the effect specified
      in
      this Section.

     

    Any
      corporation into which an Authenticating Agent may be merged or converted or
      with which it may be consolidated, or any corporation resulting from any
      merger,

     

    
      
        
        

      

      
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    conversion
      or consolidation to which such Authenticating Agent shall be a party, or any
      corporation succeeding to the corporate agency or corporate trust business
      of an
      Authenticating Agent, shall continue to be an Authenticating Agent, provided
      such
      corporation shall be otherwise eligible under this Section, without the
      execution or filing of any paper or further act on the part of the Trustee
      or
      the Authenticating Agent. 

     

    An
      Authenticating Agent may at any time resign by giving written notice of
      resignation to the Trustee and to the Issuer.  The Trustee may at any time
      terminate the agency of an Authenticating Agent by giving written notice of
      termination to such Authenticating Agent and to the Issuer.  Upon receiving
      such a notice of resignation or upon such a termination, or in case at any
      time
      such Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this Section, the Trustee may appoint a successor Authenticating
      Agent which shall be acceptable to the Issuer and shall give notice of such
      appointment to all Holders of Notes by mailing or causing to be mailed such
      notice to the Holders of Notes as they appear on the Note Register. Any
      successor Authenticating Agent upon acceptance of its appointment hereunder
      shall become vested with all the rights, powers and duties of its predecessor
      hereunder, with like effect as if originally named as an Authenticating Agent
      herein. No successor Authenticating Agent shall be appointed unless eligible
      under the provisions of this Section. 

     

    The
      Issuer agrees to pay to each Authenticating Agent from time to time reasonable
      compensation including reimbursement of its reasonable expenses for its services
      under this Section.

     

    If
      an
      appointment is made pursuant to this Section, the Notes may have endorsed
      thereon, in addition to or in lieu of the Trustee’s certificate of
      authentication, an alternate certificate of authentication substantially in
      the
      following form: 

    

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

       

      
        	 	
                U.S.
                  BANK NATIONAL ASSOCIATION as Trustee

                 

              
	
                Dated:______________________

              	
                By:__________________________________________

              
	 	
                as
                  Authenticating Agent

              

      

      

      
        	
                Dated:______________________

              	
                By:__________________________________________

              
	 	
                Authorized
                  Signatory

              

      

       

    

    Section
      7.12. Certain
      Duties and Responsibilities of the Trustee. 

     

    (a) With
      respect to the Notes, except during the continuance of an Event of Default
      with
      respect to the Notes: 

     

    
      
        
        

      

      
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    (i) the
      Trustee undertakes to perform such duties and only such duties as are
      specifically set forth in this Indenture, and no implied covenants or
      obligations shall be read into this Indenture against the Trustee; and

     

    (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 certificates or opinions furnished to the Trustee and conforming to the
      requirements of this Indenture; but in the case of any such certificates or
      opinions which by any provision hereof are specifically required to be furnished
      to the Trustee, the Trustee shall be under a duty to examine the same to
      determine whether or not they conform to the requirements of this Indenture,
      but
      shall not be under any duty to verify the contents or accuracy thereof.

     

    (b) In
      case
      an Event of Default has occurred and is continuing, the Trustee shall exercise
      such of 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.

     

    (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
      Subsection shall not be construed to limit the effect of Subsection (a) 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 shall be proved that the Trustee was negligent
      in
      ascertaining the pertinent facts;

     

    (iii) the
      Trustee shall not be liable with respect to any action taken or omitted to
      be
      taken by it in good faith in accordance with the direction of the Holders of
      a
      majority in principal amount of the Outstanding Notes 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; and 

     

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

     

    (d) Whether
      or not therein expressly so provided, every provision of this Indenture relating
      to the conduct or affecting the liability of or affording protection to the
      Trustee shall be subject to the provisions of this Section 7.12.

     

    
      
        
        

      

      
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    ARTICLE
      8

    THE
      NOTEHOLDERS

     

    Section
      8.01.
      Action by Noteholders. Whenever
      in this Indenture it is provided that the Holders of a specified percentage
      in
      aggregate principal amount of the Notes may take any action (including the
      making of any demand or request, the giving of any notice, consent or waiver
      or
      the taking of any other action), the fact that at the time of taking any such
      action, the Holders of such specified percentage have joined therein may be
      evidenced (a) by any instrument or any number of instruments of similar tenor
      executed by Noteholders in person or by agent or proxy appointed in writing,
      or
      (b) by the record of the Holders of Notes voting in favor thereof at any meeting
      of Noteholders, or (c) by a combination of such instrument or instruments and
      any such record of such a meeting of Noteholders. Whenever the Issuer or the
      Trustee solicits the taking of any action by the Holders of the Notes, the
      Issuer or the Trustee may fix in advance of such solicitation a date as the
      record date for determining Holders entitled to take such action. Notwithstanding
      Trust Indenture Act Section 316(c), such record date shall be the record date
      specified in or pursuant to such Board Resolution, which shall be a date not
      earlier than the date 30 days prior to the first solicitation of Noteholders
      generally in connection therewith and not later than the date such solicitation
      is completed. If such a record date is fixed, such request, demand,
      authorization, direction, notice, consent, waiver or other act may be given
      before or after such record date, but only the Noteholders of record at the
      close of business on such record date shall be deemed to be Noteholders for
      the
      purposes of determining whether Holders of the requisite proportion of
      outstanding Notes have authorized or agreed or consented to such request,
      demand, authorization, direction, notice, consent, waiver or other act, and
      for
      that purpose the outstanding notes shall be computed as of such record date;
      provided
      that no
      such authorization, agreement or consent by the Noteholders on such record
      date
      shall be deemed effective unless it shall become effective pursuant to the
      provisions of this Indenture not later than eleven months after the record
      date.

     

    Section
      8.02.
      Proof of Execution by Noteholders. Subject
      to the provisions of Sections 7.02 and 7.12, proof of the execution of any
      instrument by a Noteholder or its agent or proxy shall be sufficient if made
      in
      accordance with such reasonable rules and regulations as may be prescribed
      by
      the Trustee or in such manner as shall be satisfactory to the Trustee. The
      holding of Notes shall be proved by the registry of such Notes or by a
      certificate of the Note Registrar.

     

    Section
      8.03.
      Absolute Owners. The
      Issuer, the Trustee, any Paying Agent, any exchange agent and any Note Registrar
      may deem the Person in whose name such Note shall be registered upon the Note
      Register to be, and may treat it as, the absolute owner of such Note (whether
      or
      not such Note shall be overdue and notwithstanding any notation of ownership
      or
      other writing thereon made by any Person other than the Issuer or any Note
      Registrar) for the purpose of receiving payment of or on account of the
      principal of (including the Redemption Price or repurchase price upon redemption
      or repurchase pursuant to Article 3), premium, if any, and interest on such
      Note, for exchange of such Note and for all other purposes; and neither the
      Issuer nor the Trustee nor any Paying Agent nor any exchange agent nor any
      Note
      Registrar shall be affected by any notice to

     

    
      
        
        

      

      
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    the
      contrary. All such payments so made to any Holder for the time being, or upon
      its order, shall be valid, and, to the extent of the sum or sums so paid,
      effectual to satisfy and discharge the liability for monies payable upon any
      such Note.

     

    Section
      8.04.
      Issuer-owned Notes Disregarded. In
      determining whether the Holders of the requisite aggregate principal amount
      of
      Notes have given any request, demand, authorization, direction, notice, consent
      or waiver under this Indenture or whether a quorum is present a meeting of
      Noteholders, Notes which are owned by the Issuer or any other obligor upon
      the
      Notes or any Affiliate of the Issuer or any other obligor on the Notes shall
      be
      disregarded and deemed not to be outstanding for the purpose of any such
      determination; provided
      that for
      the purposes of determining whether the Trustee shall be protected in relying
      on
      any such direction, consent, waiver or other action, only Notes which a
      Responsible Officer knows are so owned shall be so disregarded. Notes so owned
      which have been pledged in good faith may be regarded as outstanding for the
      purposes of this Section 8.04 if the pledgee shall establish to the satisfaction
      of the Trustee the pledgee’s right to vote such Notes and that the pledgee is
      not the Issuer, any other obligor on the Notes or any Affiliate of the Issuer
      or
      any such other obligor. In the case of a dispute as to such right, any decision
      by the Trustee taken upon the advice of counsel shall be full protection to
      the
      Trustee. Upon request of the Trustee, the Issuer shall furnish to the Trustee
      promptly an Officers’ Certificate listing and identifying all Notes, if any,
      known by the Issuer to be owned or held by or for the account of any of the
      above described Persons, and, subject to Section 7.12, the Trustee shall be
      entitled to accept such Officers’ Certificate as conclusive evidence of the
      facts therein set forth and of the fact that all Notes not listed therein are
      outstanding for the purpose of any such determination.

     

    Section
      8.05.
      Revocation of Consents; Future Holders Bound. At
      any
      time prior to (but not after) the evidencing to the Trustee, as provided in
      Section 8.01, of the taking of any action by the Holders of the percentage
      in
      aggregate principal amount of the Notes specified in this Indenture in
      connection with such action, any Holder of a Note which is shown by the evidence
      to be included in the Notes the Holders of which have consented to such action
      may, by filing written notice with the Trustee at its Corporate Trust Office
      and
      upon proof of holding as provided in Section 8.02, revoke such action so far
      as
      concerns such Note. Except as aforesaid, any such action taken by the Holder
      of
      any Note shall be conclusive and binding upon such Holder and upon all future
      Holders and owners of such Note and of any Notes issued in exchange or
      substitution therefor, irrespective of whether any notation in regard thereto
      is
      made upon such Note or any Note issued in exchange or substitution
      therefor.

     

     

    ARTICLE
      9

    
      SUPPLEMENTAL
        INDENTURES

       

    

    Section
      9.01.
      Supplemental Indentures Without Consent of Noteholders. The
      Issuer, when authorized by the resolutions of the Board of Directors, the
      Guarantor and the Trustee may, from time to time, and at any time enter into
      an
      indenture or indentures

     

    
      
        
        

      

      
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    supplemental
      without the consent of any Holder of the Notes hereto for any of the following
      purposes:

     

    (a) to
      evidence a successor to the Issuer as obligor or to the Guarantor as guarantor
      under this Indenture;

     

    (b) to
      add to
      the covenants of the Issuer or the Guarantor for the benefit of the Holders
      of
      the Notes or to surrender any right or power conferred upon the Issuer or the
      Guarantor in this Indenture or in the Notes;

     

    (c) to
      add
      Events of Default for the benefit of the Holders of the Notes;

     

    (d) to
      amend
      or supplement any provisions of this Indenture; provided
      that no
      amendment or supplement shall materially adversely affect the interests of
      the
      Holders of any Notes then outstanding;

     

    (e) to
      secure
      the Notes;

     

    (f) to
      provide for the acceptance of appointment of a successor Trustee or facilitate
      the administration of the trusts under this Indenture by more than one
      Trustee;

     

    (g) to
      cure
      any ambiguity, defect or inconsistency in this Indenture; provided
      that
      this action shall not adversely affect the interests of the Holders of the
      Notes
      in any material respect;

     

    (h) to
      supplement any of the provisions of this Indenture to the extent necessary
      to
      permit or facilitate defeasance and discharge of any of the Notes; provided
      that the
      action shall not adversely affect the interests of the Holders of the Notes
      in
      any material respect;

     

    (i) to
      modify
      this Indenture and the Notes to increase the Exchange Rate or reduce the
      Exchange Price; provided
      that
      the
      increase or reduction, as the case may be, is in accordance with the terms
      of
      the Notes or will not adversely affect the interests of the Holders of the
      Notes; or

     

    (j) to
      conform the text of this Indenture, any Guarantee or the Notes to any provision
      of the description thereof set forth in the Offering Memorandum to the extent
      that such provision in the Offering Memorandum was intended to be a verbatim
      recitation of a provision in this Indenture, such Guarantee or the
      Notes.

     

    Upon
      the
      written request of the Issuer, accompanied by a copy of the resolutions of
      the
      Board of Directors certified by the General Partner’s Secretary or Assistant
      Secretary authorizing the execution of any supplemental indenture, the Trustee
      is hereby authorized to join with the Issuer and the Guarantor in the execution
      of any such supplemental indenture, to make any further appropriate agreements
      and stipulations that may be therein contained and to accept the conveyance,
      transfer and assignment of any property thereunder, but the Trustee shall not
      be
      obligated to, but may in its discretion,

     

    
      
        
        

      

      
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    enter
      into any supplemental indenture that affects the Trustee’s own rights, duties or
      immunities under this Indenture or otherwise.

     

    Any
      supplemental indenture authorized by the provisions of this Section 9.01 may
      be
      executed by the Issuer, the Guarantor and the Trustee without the consent of
      the
      Holders of any of the Notes at the time outstanding, notwithstanding any of
      the
      provisions of Section 9.02.

     

    Section
      9.02.
      Supplemental Indenture With Consent of Noteholders. With
      the
      consent (evidenced as provided in Article 8) of the Holders of not less than
      a
      majority in aggregate principal amount of the Notes at the time outstanding,
      the
      Issuer, when authorized by the resolutions of the Board of Directors, the
      Guarantor and the Trustee may, from time to time and at any time, enter into
      an
      indenture or indentures supplemental hereto for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Indenture or any supplemental indenture or modifying in any manner the
      rights of the Holders of the Notes; provided
      that no
      such supplemental indenture shall, without the consent of the Holder of each
      Note so affected:

     

    (a) change
      the Stated Maturity of the principal of or any installment of interest on the
      Notes, reduce the principal amount of, or the rate or amount of interest on,
      or
      any premium payable on redemption of, the Notes, or adversely affect any right
      of repayment of the Holder of the Notes, change the place of payment, or the
      coin or currency, for payment of principal of or interest on any Note or impair
      the right to institute suit for the enforcement of any payment on or with
      respect to the Notes;

     

    (b) reduce
      the percentage in principal amount of the outstanding Notes necessary to modify
      or amend this Indenture, to waive compliance with certain provisions of this
      Indenture or certain defaults and their consequences provided in this Indenture,
      or to reduce the quorum or change voting requirements set forth in this
      Indenture;

     

    (c) modify
      or
      affect in any manner adverse to the Holders of the Notes the terms and
      conditions of the obligations of the Guarantor in respect of the payments of
      principal and interest;

     

    (d) modify
      any of this Section 9.02 or any of the provisions relating to the waiver of
      certain past defaults or certain covenants, except to increase the required
      percentage to effect the action or to provide that certain other provisions
      may
      not be modified or waived without the consent of the Holders of the
      Notes;

     

    (e) modify
      the provisions of Section 3.05 in a manner adverse to the Holders of the Notes,
      including the Issuer’s obligation to repurchase the Notes following a Designated
      Event; or

     

    (f) adversely
      affect the rights of Holders of the Notes contained in Section 13.01 of this
      Indenture.

     

    
      
        
        

      

      
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    Upon
      the
      written request of the Issuer, accompanied by a copy of the resolutions of
      the
      Board of Directors certified by the General Partner’s Secretary or Assistant
      Secretary authorizing the execution of any supplemental indenture, and upon
      the
      filing with the Trustee of evidence of the consent of Noteholders as aforesaid,
      the Trustee shall join with the Issuer and the Guarantor in the execution of
      such supplemental indenture unless such supplemental indenture affects the
      Trustee’s own rights, duties or immunities under this Indenture or otherwise, in
      which case the Trustee may in its discretion, but shall not be obligated to,
      enter into such supplemental indenture.

     

    It
      shall
      not be necessary for the consent of the Noteholders under this Section 9.02
      to
      approve the particular form of any proposed supplemental indenture, but it
      shall
      be sufficient if such consent shall approve the substance thereof.

     

    Section
      9.03.
      Effect of Supplemental Indenture. Any
      supplemental indenture executed pursuant to the provisions of this Article
      9
      shall comply with the Trust Indenture Act, as then in effect, provided
      that
      this Section 9.03 shall not require such supplemental indenture or the Trustee
      to be qualified under the Trust Indenture Act prior to the time, if ever, such
      qualification is in fact required under the terms of the Trust Indenture Act
      or
      the Indenture has been qualified under the Trust Indenture Act, nor shall it
      constitute any admission or acknowledgment by any party to such supplemental
      indenture that any such qualification is required prior to the time, if ever,
      such qualification is in fact required under the terms of the Trust Indenture
      Act or the Indenture has been qualified under the Trust Indenture Act. Upon
      the
      execution of any supplemental indenture pursuant to the provisions of this
      Article 9, this Indenture shall be and be deemed to be modified and amended
      in
      accordance therewith and the respective rights, limitation of rights,
      obligations, duties and immunities under this Indenture of the Trustee, the
      Issuer and the Holders of Notes shall thereafter be determined, exercised and
      enforced hereunder, subject in all respects to such modifications and amendments
      and all the terms and conditions of any such supplemental indenture shall be
      and
      be deemed to be part of the terms and conditions of this Indenture for any
      and
      all purposes.

     

    Section
      9.04.
      Notation on Notes. Notes
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to the provisions of this Article 9 may bear a notation in form
      approved by the Trustee as to any matter provided for in such supplemental
      indenture. If the Issuer or the Trustee shall so determine, new Notes so
      modified as to conform, in the opinion of the Trustee and the Board of
      Directors, to any modification of this Indenture contained in any such
      supplemental indenture may, at the Issuer’s expense, be prepared and executed by
      the Issuer, authenticated by the Trustee (or an authenticating agent duly
      appointed by the Trustee pursuant to Section 7.11) and delivered in exchange
      for
      the Notes then outstanding, upon surrender of such Notes then
      outstanding.

     

    Section
      9.05.
      Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee.
      Prior
      to
      entering into any supplemental indenture pursuant to this Article 9, the Trustee
      shall be provided with an Officers’ Certificate and an Opinion of Counsel as
      conclusive evidence that any supplemental indenture executed pursuant
      hereto

     

    
      
        
        

      

      
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    complies
      with the requirements of this Article 9 and is otherwise authorized or permitted
      by this Indenture.

     

     

    ARTICLE
      10

    CONSOLIDATION,
      MERGER, SALE, CONVEYANCE AND LEASE

     

    Section
      10.01.
      Issuer May Consolidate on Certain Terms. Nothing
      contained in this Indenture or in the Notes shall prevent any consolidation
      or
      merger of the Issuer with or into any other Person or Persons (whether or not
      affiliated with the Issuer), or successive consolidations or mergers in which
      either the Issuer will be the continuing entity or the Issuer or its successor
      or successors shall be a party or parties, or shall prevent any sale,
      conveyance, transfer or lease of all or substantially all of the property of
      the
      Issuer, to any other Person (whether or not affiliated with the Issuer);
provided,
      however,
      that
      the following conditions are met:

     

    (a) the
      Issuer shall be the continuing entity, or the successor entity (if other than
      the Issuer) formed by or resulting from any consolidation or merger or which
      shall have received the transfer of assets shall expressly assume payment of
      the
      principal of and interest on all of the Notes and the due and punctual
      performance and observance of all of the covenants and conditions in this
      Indenture;

     

    (b) if
      as a
      result of such transaction the Notes become exchangeable into common stock
      or
      other securities issued by a third party, such third party fully and
      unconditionally guarantees all obligations under such Notes and this
      Indenture;

     

    (c) immediately
      after giving effect to such transaction, no Event of Default and no event which,
      after notice or lapse of time, or both, would become an Event of Default, shall
      have occurred and be continuing; and

     

    (d) either
      the Issuer or the successor Person, as the case may be, shall have delivered
      to
      the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
      that such consolidation, merger, sale, conveyance, transfer or lease and, if
      a
      supplemental indenture is required in connection with such transaction, such
      supplemental indenture comply with this Article 10 and that all conditions
      precedent herein provided for relating to such transaction have been complied
      with.

     

    No
      such
      consolidation, merger, sale, conveyance, transfer or lease shall be permitted
      by
      this Section 10.01 unless prior thereto the Guarantor shall have delivered
      to
      the Trustee a Guarantor’s Officers’ Certificate and an Opinion of Counsel, each
      stating that the Guarantor’s obligations hereunder shall remain in full force
      and effect thereafter.

     

    Section
      10.02.
      Issuer Successor to Be Substituted. Upon
      any
      consolidation by the Issuer with or merger of the Issuer into any other Person
      or any sale, conveyance, transfer or lease of all or substantially all of the
      properties and assets of the Issuer to any Person in accordance with Section
      10.01, the successor Person formed by such consolidation or into which the
      Issuer is merged or to which such sale, conveyance, transfer or lease
      is

     

    
      
        
        

      

      
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    made
      shall succeed to, and be substituted for, and may exercise every right and
      power
      of, the Issuer under this Indenture with the same effect as if such successor
      Person had been named as the Issuer herein, and thereafter, except in the case
      of a lease, the predecessor Person shall be released from all obligations and
      covenants under this Indenture and the Notes.

     

    In
      case
      of any such consolidation, merger, sale, conveyance, transfer or lease, such
      changes in phraseology and form (but not in substance) may be made in the Notes
      thereafter to be issued as may be appropriate.

     

    Section
      10.03.
      Guarantor May Consolidate on Certain Terms. Nothing
      contained in this Indenture or in the Notes shall prevent any consolidation
      or
      merger of the Guarantor with or into any other Person or Persons (whether or
      not
      affiliated with the Guarantor), or successive consolidations or mergers in
      which
      either the Guarantor will be the continuing entity or the Guarantor or its
      successor or successors shall be a party or parties, or shall prevent any sale,
      conveyance, transfer or lease of all or substantially all of the property of
      the
      Guarantor, to any other Person (whether or not affiliated with the Guarantor);
      provided,
      however,
      that:

     

    (a) the
      Guarantor shall be the continuing entity, or the successor entity (if other
      than
      the Guarantor) formed by or resulting from any consolidation or merger or which
      shall have received the transfer of assets shall expressly assume the
      obligations of the Guarantor under the Guarantee and the due and punctual
      performance and observance of all of the covenants and conditions in this
      Indenture;

     

    (b) if
      as a
      result of such transaction the Notes become exchangeable into common stock
      or
      other securities issued by a third party, such third party fully and
      unconditionally guarantees all obligations under the Notes and this
      Indenture;

     

    (c) immediately
      after giving effect to such transaction, no Event of Default and no event which,
      after notice or lapse of time or both, would become an Event of Default, shall
      have happened and be continuing; and

     

    (d) either
      the Guarantor or the successor Person, as the case may be, shall have delivered
      to the Trustee an Officers’ Certificate, as the case may be, and an Opinion of
      Counsel, each stating that such consolidation, sale, merger, conveyance,
      transfer or lease and such supplemental indenture comply with this Article
      10
      and that all conditions precedent herein provided for relating to such
      transaction have been complied with.

     

    Section
      10.04.
      Guarantor Successor to Be Substituted. Upon
      any
      consolidation by the Guarantor with or merger of the Guarantor into any other
      Person or any sale, conveyance, transfer or lease of all or substantially all
      of
      the properties and assets of the Guarantor to any Person in accordance with
      Section 10.03, the successor Person formed by such consolidation or into which
      the Guarantor is merged or to which such sale, conveyance, transfer or lease
      is
      made shall succeed to, and be substituted for, and may exercise every right
      and
      power of, the Guarantor under this Indenture with the same effect as if such
      successor Person had been named as the Guarantor herein, and
      thereafter,

     

    
      
        
        

      

      
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    except
      in
      the case of a lease, the predecessor Person shall be released from all
      obligations and covenants under this Indenture.

     

    In
      case
      of any such consolidation, merger, sale, conveyance, transfer or lease, such
      changes in phraseology and form (but not in substance) may be made in the
      Guarantee thereafter to be issued as may be appropriate.

     

    Section
      10.05.
      Assumption by Guarantor. The
      Guarantor, or a Subsidiary thereof, may directly assume, the due and punctual
      payment of the principal of, any premium and interest on all the Notes and
      the
      performance of every covenant of this Indenture on the part of the Issuer to
      be
      performed or observed. Upon any assumption, the Guarantor or the Subsidiary
      shall succeed to, and be substituted for and may exercise every right and power
      of, the Issuer under this Indenture with the same effect as if the Guarantor
      or
      the Subsidiary had been the issuer of the Notes and the Issuer shall be released
      from all obligations and covenants with respect to the Notes. No such assumption
      shall be permitted unless the Guarantor has delivered to the Trustee (i) an
      Officers’ Certificate of the Guarantor and an Opinion of Counsel, stating among
      other things, that the Guarantee and all other covenants of the Guarantor herein
      remain in full force and effect and (ii) an opinion of independent counsel
      that
      the Holders of Notes shall have no adverse United States federal tax
      consequences as a result of such assumption, and that, if any Notes are then
      listed on the New York Stock Exchange, that such Notes shall not be delisted
      as
      a result of such assumption.

     

     

    ARTICLE
      11

    SATISFACTION
      AND DISCHARGE OF INDENTURE

     

    Section
      11.01.
      Satisfaction and Discharge of Indenture.
      This
      Indenture shall cease to be of further effect (except as to any surviving rights
      of exchange or registration of transfer or exchange of the Notes herein
      expressly provided for and except as provided below), and the Trustee, upon
      demand of and at the expense of the Issuer, shall execute instruments in form
      and substance satisfactory to the Trustee and the Issuer acknowledging
      satisfaction and discharge of this Indenture when:

     

    (a) either

     

    (i) all
      Notes
      theretofore authenticated and delivered (other than (A) Notes which have been
      destroyed, lost or stolen and which have been replaced or paid as provided
      in
      Section 11.04, and (B) Notes for whose payment money has theretofore been
      deposited in trust or segregated and held in trust by the Issuer and thereafter
      repaid to the Issuer or discharged from such trust, as provided in Section
      11.04) have been delivered to the Trustee for cancellation; or

     

    (ii) all
      such
      Notes not theretofore delivered to the Trustee for cancellation have become
      due
      and payable,

     

    
      
        
        

      

      
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    and
      the
      Issuer has irrevocably (except as provided in the second proviso to Section
      11.05) deposited or caused to be deposited with the Trustee, a Paying Agent
      or
      the Exchange Agent (other than the Issuer or any of its Affiliates), as
      applicable, as trust funds in trust cash and/or shares of Common Stock (as
      applicable under the terms of this Indenture) in an amount sufficient to pay
      and
      discharge the entire indebtedness on such Notes not theretofore delivered to
      the
      Trustee for cancellation, for principal (and premium, if any) and interest
      to
      the date of such deposit (in the case of Notes which have become due and
      payable) or to the Stated Maturity or Redemption Date or Designated Redemption
      Date, as the case may be;

     

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

     

    (c) the
      Issuer 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 Issuer
      to the Trustee and any predecessor Trustee under Section 7.06 and, if money
      shall have been deposited with and held by the Trustee pursuant to subclause
      (ii) of clause (a) of this Section 11.01, the provisions of Sections 2.05,
      2.06,
      2.07 and 3.07 and Article 13 and this Article 11 shall survive until the Notes
      have been paid in full.

     

    Notwithstanding
      the reference to premium under subclause (ii) of clause (a) of this Section
      11.01, the Issuer shall not be required to deposit pursuant thereto any premium
      that would be payable on the Notes only upon acceleration of the maturity
      thereof pursuant to Section 6.01.

     

    Section
      11.02.
      Application of Trust Funds.
      All
      money deposited with the Trustee pursuant to Section 11.01 shall be held in
      trust and applied by it, in accordance with the provisions of the Notes and
      this
      Indenture, to the payment, either directly or through any Paying Agent
      (including the Issuer acting as its own Paying Agent) as the Trustee may
      determine, to the Persons entitled thereto, of the principal (and premium,
      if
      any), and any interest for whose payment such money has been deposited with
      or
      received by the Trustee, but such money need not be segregated from other funds
      except to the extent required by law. All moneys deposited with the Trustee
      (and
      held by it or any Paying Agent) for the payment of Notes subsequently exchanged
      shall be returned to the Issuer upon request.

     

    Section
      11.03.
      Paying Agent to Repay Monies Held.
      Subject
      to the provisions of Section 11.04 the Trustee or a Paying Agent shall hold
      in
      trust, for the benefit of the Noteholders, all money deposited with it pursuant
      to Section 11.01 and shall apply the deposited money in accordance with this
      Indenture and the Notes to the payment of the principal of (including the
      Redemption Price or repurchase price upon redemption or repurchase pursuant
      to
      Article 3) and interest on the Notes.

     

    
      
        
        

      

      
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    Section
      11.04.
      Return of Unclaimed Monies.
      The
      Trustee and each Paying Agent shall pay to the Issuer upon request any money
      held by them for the payment of principal or interest that remains unclaimed
      for
      two years after a right to such money has matured; provided,
      however,
      that
      the Trustee or such Paying Agent, before being required to make any such
      payment, may, at the expense of the Issuer, either publish in a newspaper of
      general circulation in The City of New York, or cause to be mailed to each
      Holder entitled to such money, notice that such money remains unclaimed and
      that
      after a date specified therein, which shall be at least thirty (30) calendar
      days from the date of such mailing or publication, any unclaimed balance of
      such
      money then remaining will be repaid to the Issuer. After payment to the Issuer,
      Holders entitled to money must look to the Issuer for payment as general
      creditors unless an applicable abandoned property law designates another person,
      and the Trustee and each Paying Agent shall be relieved of all liability with
      respect to such money.

     

    Section
      11.05.
      Reinstatement.
      If the
      Trustee or the Paying Agent is unable to apply any money in accordance with
      this
      Article 11 by reason of any order or judgment of any court or governmental
      authority enjoining, restraining or otherwise prohibiting such application,
      the
      Issuer’s obligations under this Indenture and the Notes shall be revived and
      reinstated as though no deposit had occurred pursuant to this Article 11 until
      such time as the Trustee or Paying Agent is permitted to apply all money held
      in
      trust with respect to the Notes; provided,
      however,
      that if
      the Issuer makes any payment of principal of or any premium or interest on
      any
      Notes following the reinstatement of its obligations, the Issuer shall be
      subrogated to the rights of the Holders of the Notes to receive such payment
      from the money so held by the Trustee or Paying Agent in trust; provided,
      further, that, if the Issuer’s obligations are revived and reinstated as herein
      provided, the Trustee or Paying Agent shall discharge from trust and pay to
      the
      Issuer all funds (together with the earnings thereon, if any) previously
      deposited therewith pursuant to Section 11.02 and thereupon the Issuer, the
      Trustee, any Paying Agent and the holders of the Notes shall be restored
      severally and respectively to their former positions hereunder as if no
      satisfaction and discharge had been effected.

     

     

    ARTICLE
      12

    IMMUNITY
      OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

     

    Section
      12.01.
      Indenture and Notes Solely Corporate Obligations. Except
      as
      otherwise expressly provided in Article 15, no recourse for the payment of
      the
      principal of (including the Redemption Price or repurchase price upon redemption
      or repurchase pursuant to Article 3) or, premium, if any, or interest on any
      Note, or for any claim based thereon or otherwise in respect thereof, and no
      recourse under or upon any obligation, covenant or agreement of the Issuer
      in
      this Indenture or in any supplemental indenture or in any Note, or because
      of
      the creation of any indebtedness represented thereby, shall be had against
      any
      incorporator, stockholder, partner, member, manager, employee, agent, officer,
      director or subsidiary, as such, past, present or future, of the Guarantor,
      the
      Issuer or any of the Guarantor’s subsidiaries or of any successor thereto,
      either directly or through the Guarantor, the Issuer or any of the Guarantor’s
      subsidiaries or of any

     

    
      
        
        

      

      
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    successor
      thereto, whether by virtue of any constitution, statute or rule of law, or
      by
      the enforcement of any assessment or penalty or otherwise; it being expressly
      understood that all such liability is hereby expressly waived and released
      as a
      condition of, and as a consideration for, the execution of this Indenture and
      the issue of the Notes.

     

     

    ARTICLE
      13

    EXCHANGE
      OF NOTES

     

    Section
      13.01.
      Right to Exchange. (a)
      Subject to the restrictions on ownership of shares of Common Stock as set forth
      in Section 13.12 and upon compliance with the provisions of this Indenture,
      on
      or prior to the close of business on the second Business Day immediately
      preceding the Maturity Date, the Holder of any Notes not previously redeemed
      or
      repurchased shall have the right, at such Holder’s option, to exchange its
      Notes, or any portion thereof which is a multiple of $1,000, into cash and,
      if
      applicable, Common Stock, as provided in the Section 13.10, by surrender of
      such
      Notes so to be exchanged in whole or in part, together with any required funds,
      under the circumstances and in the manner described in this Article
      13.
      Holders
      may exchange their Notes at any time on or after July 15, 2011 until the close
      of business on the second Business Day immediately preceding the Maturity Date.
      In addition, Holders may exchange their Notes at any time prior to July 15,
      2011
      only upon occurrence of one of the following events:

     

    (i) Exchange
      Upon Satisfaction of Market Price Condition.
      A Holder
      may surrender any of its Notes for exchange during any calendar quarter
      beginning after December 31, 2006 if the Closing Sale Price of the Common Stock
      for at least twenty (20) Trading Days in the period of thirty (30) consecutive
      Trading Days ending on the last Trading Day of the preceding calendar quarter
      is
      more than 130% of the Exchange Price per share of Common Stock in effect on
      the
      applicable Trading Day. The Board of Directors will make appropriate
      adjustments, in its good faith determination, to account for any adjustment
      to
      the Exchange Rate that becomes effective, or any event requiring an adjustment
      to the Exchange Rate where the ex-dividend date of the event occurs, during
      that
      thirty (30) consecutive Trading Day period.

     

    The
      Trustee (or other Exchange Agent appointed by the Issuer) shall, on behalf
      of
      the Issuer, determine on a daily basis during the time period specified in
      this
      Section 13.01(a)(i) whether the Notes shall be exchangeable as a result of
      the
      occurrence of an event specified in this clause (i) and, if the Notes shall
      be
      so exchangeable, the Trustee (or other Exchange Agent appointed by the Issuer)
      shall promptly deliver to the Issuer and the Trustee (if the Trustee is not
      the
      Exchange Agent) written notice thereof.

     

    (ii) Exchange
      Upon Satisfaction of Trading Price Condition.
      A Holder
      may surrender any of its Notes for exchange during the five (5) consecutive
      Trading Day period following any five (5) consecutive Trading Days in which
      the
      Trading Price per $1,000 principal amount of Notes (as determined following
      a
      reasonable request by a Holder of the Notes) was less than 98% of the product
      of

     

    
      
        
        

      

      
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    the
      Closing Sale Price of the Common Stock, multiplied
      by
      the
      Applicable Exchange Rate.

     

    “Trading
      Price”
per
      $1,000 principal amount of
      Notes
      on any date of determination means the average of the secondary market bid
      quotations per $1,000 principal amount of such Notes obtained by the Trustee
      for
      a $5,000,000 principal amount of Notes at approximately 3:30 p.m., New York
      City
      time, on such determination date from two independent nationally recognized
      securities dealers the Issuer selects, which may include the Initial Purchasers;
      provided
      that if
      at least two such bids cannot reasonably be obtained by the Trustee, but one
      such bid can reasonably be obtained by the Trustee, then one bid shall be used.
      If the Trustee cannot reasonably obtain at least one bid for a $5,000,000
      principal amount of such Notes from a nationally recognized securities dealer
      or, in the Issuer’s reasonable judgment, the bid quotations are not indicative
      of the secondary market value of such Notes, then the Trading Price per $1,000
      principal amount of such Notes will be deemed to be less than 98% of the product
      of the Closing Sale Price of Common Stock and the Exchange Rate on such
      determination date.

     

    The
      Trustee shall have no obligation to determine the Trading Price of the Notes
      unless the Issuer shall have requested such determination, and the Issuer shall
      have no obligation to make such request unless a Holder provides the Issuer
      with
      reasonable evidence that the Trading Price per $1,000 principal amount of Notes
      would be less than 98% of the product of the Closing Sale Price per share of
      Common Stock and the Exchange Rate, whereupon the Issuer shall instruct the
      Trustee to determine the Trading Price of the Notes beginning on the next
      Trading Day and on each successive Trading Day until the Trading Price is
      greater than or equal to 98% of the product of the Closing Sale Price per share
      of Common Stock and the Applicable Exchange Rate. If the Issuer does not
      instruct the trustee when required, the Trading Price of the notes will be
      deemed to be less than 98% if the Closing Sale Price mulitplied by the Exchange
      Rate on the day the Issuer fails to do so.

     

    (iii) Exchange
      Upon Notice of Redemption.
      A Holder
      may surrender for exchange any of the Notes called for redemption at any time
      prior to the close of business on the second Business Day prior to Redemption
      Date, even if the Notes are not otherwise exchangeable at such time. The right
      to exchange Notes pursuant to this clause (iii) shall expire after the close
      of
      business on the second Business Day immediately preceding the Redemption Date,
      unless the Issuer defaults in payment of the Redemption Price.

     

    (iv) Exchange
      Upon Specified Transactions.
      If the
      Guarantor elects to: (1) distribute to all holders of the Common Stock any
      rights, warrants or options entitling them for a period of forty five (45)
      days
      after the issuance thereof to subscribe for or purchase Common Stock at an
      exercise price per share of Common Stock less than the Closing Sale Price of
      Common Stock on the Business Day immediately preceding the declaration date
      of
      such distribution; or

     

    
      
        
        

      

      
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    (2)
      distribute to all holders of Common Stock assets, debt securities or certain
      rights to purchase securities of the Issuer or the Guarantor, which distribution
      (excluding
      for this purpose a distribution solely in the form of cash required to preserve
      the status of the Guarantor as a real
      estate investment trust)
      has
      a per
      share value exceeding 10% of the average of the Closing Sale Prices of the
      Common
      Stock
      for the
      five (5) consecutive Trading Days ending on the date immediately preceding
      the
      declaration date of such distribution,

     

    the
      Issuer must notify the Holders of Notes at least thirty-five (35) Scheduled
      Trading Days prior to the ex-dividend date for such distribution.

     

    Following
      the issuance of such notice, Holders may surrender their Notes for exchange
      at
      any time until the earlier of the close of business on the Business Day prior
      to
      the ex-dividend date or an announcement that such distribution will not take
      place; provided,
      however,
      that a
      Holder may not exercise this right to exchange its Notes pursuant to this
      Section 13.01(a)(iv) if such Holder may participate in the distribution (based
      on the Applicable Exchange Rate), without exchange of the Notes. The
“ex-dividend
      date”
means,
      with respect to any distribution on shares of Common Stock, the first date
      upon
      which a sale of the Common Stock does not automatically transfer the right
      to
      receive the relevant distribution from the seller of the Common Stock to its
      buyer.

     

    In
      addition, (1) if the Guarantor is a party to a share exchange or tender offer,
      liquidation, consolidation, recapitalization, reclassification, combination
      or
      merger, or a sale or lease or other transfer of all or substantially all of
      its
      respective properties and assets, or a series of related transactions or events,
      in each case pursuant to which all of the outstanding Common Stock would be
      exchanged for, converted into or constitute solely the right to receive cash,
      securities or other property, or (2) a Designated Event occurs, a Holder may
      surrender its Notes for exchange at any time from and including the date that
      is
      fifteen (15) Business Days prior to the anticipated effective time of the
      transaction or event up to and including five (5) Business Days after the actual
      date of such transaction or event, unless such transaction also constitutes
      a
      Designated Event, in which case the Notes may be surrendered for exchange until
      the related Designated Event Repurchase Date. The Issuer will notify Holders
      of
      Notes as promptly as reasonably practicable following the date such transaction
      or event is publicly announced (but in no event less than fifteen (15) Business
      Days prior to the effective time of such transaction or event).

     

    If
      the
      Guarantor is a party to a consolidation, merger, binding share exchange,
      reclassification or sale or conveyance of all or substantially all of its
      properties and assets, in each case pursuant to which all of the Common Stock
      is
      exchanged for cash, securities or other property, then at the effective time
      of
      the transaction any exchange of Notes and the Daily Settlements Amounts will
      be
      based on the kind and amount of cash, securities or other property that a Holder
      of Notes would have received if such Holder had, immediately prior to the
      effective time of such transaction, exchanged its Notes for a
      number
      of shares of Common

     

    
      
        
        

      

      
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    Stock
      equal to a fraction the numerator of which is the product of the Exchange Rate
      in effect immediately prior to the effective time of such transaction,
and
      the
      aggregate principal amount of Notes held by such Holder and the denominator
      of
      which is one thousand ($1,000); provided
      that, in
      the event holders of Common Stock have the opportunity to elect the form of
      consideration to be received in any such transaction or event, then from and
      after the effective date of such transaction or event, the
      amount of cash, securities or other property that a Holder of Notes would have
      received if such Holder had, immediately prior to the effective time of such
      transaction, exchanged its Notes for Common Stock will be deemed to be such
      number of shares of Common Stock, calculated as provided in the preceding
      clause, multiplied by the weighted average of the amount of cash, if any, and
      the types and amounts of securities or other property received for each share
      of
      Common Stock by holders of Common Stock that affirmatively made such
      election.

     

    (v) Exchange
      Upon Delisting of the Common Stock.
      A Holder
      may surrender for exchange any of its Notes at any time beginning on the first
      Business Day after the Common Stock has ceased to be listed on a U.S. national
      or regional securities exchange and is not quoted on the over-the-counter market
      as reported by Pink Sheets LLC or any similar organization, and in each case,
      for thirty (30) consecutive Trading Days.

     

    (b) Whenever
      the Notes shall become exchangeable pursuant to this Section 13.01, the Issuer
      or, at the Issuer’s request, the Trustee in the name and at the expense of the
      Issuer, shall notify the Holders of the event triggering such exchangeability
      in
      the manner provided in Section 16.03, and the Issuer shall also publicly
      announce such information and publish it on the Issuer’s website. Any notice so
      given shall be conclusively presumed to have been duly given, whether or not
      the
      Holder receives such notice.

     

    (c) A
      Note in
      respect of which a Holder has delivered a Designated Event Repurchase Notice
      or
      Repurchase Notice, as the case may be, exercising such Holder’s right to require
      the Issuer to repurchase such Note pursuant to Section 3.05 may be exchanged
      only if such Repurchase Notice is withdrawn in accordance with Section 3.07
      prior to the close of business on the second Business Day immediately prior
      to
      the Designated Event Repurchase Date, as applicable.

     

    (d) A
      Holder
      of Notes is not entitled to any rights of a Holder of Common Stock until such
      Holder has exchanged its Notes and received upon exchange thereof shares of
      Common Stock.

     

    Section
      13.02.
      Exercise of Exchange Right; No Adjustment for Interest or Dividends.
In
      order
      to exercise the exchange right with respect to any Note in certificated form,
      the Issuer must receive at the office or agency of the Issuer maintained for
      that purpose in the Borough of Manhattan or, at the option of such Holder,
      the
      Corporate Trust Office, such Note with the original or facsimile of the form
      entitled “Exchange
      Notice”
on
      the
      reverse thereof, duly completed and signed manually or by
      facsimile,

     

    
      
        
        

      

      
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    together
      with such Notes duly endorsed for transfer, accompanied by the funds, if any,
      required by this Section 13.02. Such notice shall also state the name or names
      (with address or addresses) in which the certificate or certificates for shares
      of Common Stock that shall be issuable on such exchange shall be issued, and
      shall be accompanied by transfer or similar taxes, if required pursuant to
      Section 13.06.

     

    To
      exchange the Notes, a Holder must (a) complete and manually sign the Exchange
      Notice on the reverse of the Note (or complete and manually sign a facsimile
      of
      such notice) and deliver such notice to the Exchange Agent at the office
      maintained by the Exchange Agent for such purpose, (b) with respect to Notes
      that are in certificated form, surrender the Notes to the Exchange Agent, (c)
      furnish appropriate endorsements and transfer documents if required by the
      Exchange Agent and (d) pay any transfer or similar tax, if required. The date
      on
      which the Holder satisfies all such requirements shall be deemed to be the
      date
      on which the applicable Notes shall have been tendered for
      exchange.

     

    Whether
      the Notes to be exchanged are held in book-entry or certificated form, the
      Exchange Notice will require the Holder to certify that it is a qualified
      institutional buyer within the meaning of Rule 144A under the Securities Act.
      

     

    Notes
      in
      respect of which a Holder has delivered a Repurchase Notice or a Designated
      Event Repurchase Notice may be exchanged only if such notice is withdrawn in
      accordance with the terms of Section 3.05.

     

    Upon
      surrender of a Note for exchange by a Holder, such Holder shall deliver to
      the
      Issuer cash equal to the amount that the Issuer is required to deduct and
      withhold under applicable law in connection with such exchange; provided,
      however,
      if the
      Holder does not deliver such cash, the Issuer may deduct and withhold from
      the
      consideration otherwise deliverable to such Holder the amount required to be
      deducted and withheld under applicable law.

     

    If
      the
      Issuer is required to deliver shares of Common Stock (upon settlement in
      accordance with Sections 13.10 and 13.11, if applicable, on the third Business
      Day immediately following the last day of the Applicable Observation Period),
      after satisfaction of the requirements for exchange set forth above, subject
      to
      compliance with any restrictions on transfer if shares issuable on exchange
      are
      to be issued in a name other than that of the Noteholder (as if such transfer
      were a transfer of the Note or Notes (or portion thereof) so exchanged), and
      in
      accordance with the time periods set forth in this Article 13, the Issuer shall
      issue and shall deliver to such Noteholder at the office or agency maintained
      by
      the Issuer for such purpose pursuant to Section 4.02, (i) a certificate or
      certificates for the number of full shares of Common Stock (if any) issuable
      upon the exchange of such Note or portion thereof as determined by the Issuer
      in
      accordance with the provisions of Sections 13.10 and 13.11 and (ii) a check
      or
      cash in respect of any fractional interest in respect of a share of Common
      Stock
      arising upon such exchange, calculated by the Issuer as provided in Section
      13.03. The cash, and, if applicable, a certificate or certificates for the
      number of full shares of Common Stock into which the Notes are exchanged (and
      cash in lieu of fractional shares) will be

     

    
      
        
        

      

      
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    delivered
      to an exchanging holder after satisfaction of the requirements for exchange
      set
      forth above, in accordance with this Section 13.02 and Sections 13.10 and,
      if
      applicable, 13.11.

     

    Each
      exchange shall be deemed to have been effected as to any such Note (or portion
      thereof) on the date on which the requirements set forth above in this Section
      13.02 have been satisfied as to such Note (or portion thereof) (the
“Exchange
      Date”),
      and
      the Person in whose name any certificate or certificates for shares of Common
      Stock shall be issuable upon such exchange shall be deemed to have become on
      said date the holder of record of the shares represented thereby; provided
      that any
      such surrender on any date when the stock transfer books of the Guarantor shall
      be closed shall constitute the Person in whose name the certificates are to
      be
      issued as the record holder thereof for all purposes on the next succeeding
      day
      on which such stock transfer books are open, but such exchange shall be at
      the
      Exchange Rate in effect on the Exchange Date.

     

    Any
      Note
      or portion thereof surrendered for exchange during the period from the close
      of
      business on the Record Date for any interest payment date to the close of
      business on the applicable interest payment date shall be accompanied by
      payment, in immediately available funds or other funds acceptable to the Issuer,
      of an amount equal to the interest otherwise payable on such interest payment
      date on the principal amount being exchanged; provided
      that no
      such payment need be made (1) if a Holder exchanges its Notes in connection
      with
      a redemption and the Issuer has specified a Redemption Date that is after a
      Record Date and on or prior to the Business Day immediately succeeding the
      next
      interest payment date, (2) if a Holder exchanges its Notes in connection with
      a
      Designated Event and the Issuer has specified a Designated Event Repurchase
      Date
      that is after a Record Date and on or prior to the corresponding interest
      payment date, (3) with respect to any exchange on or following the Record Date
      immediately preceding the Maturity Date, or (4) to the extent of any overdue
      interest, if any overdue interest exists at the time of exchange with respect
      to
      such Note. Except as otherwise provided above in this Article 13, no payment
      or
      other adjustment shall be made for interest accrued on any Note exchanged or
      for
      dividends on any shares issued upon the exchange of such Note as provided in
      this Article 13. Notwithstanding the foregoing, in the case of Notes submitted
      for exchange in connection with a Designated Event, such Notes shall continue
      to
      represent the right to receive the Additional Designated Event Shares, if any,
      payable pursuant to Section 13.11, until such Additional Designated Event Shares
      are so paid.

     

    Upon
      the
      exchange of an interest in a Global Note, the Trustee (or other Exchange Agent
      appointed by the Issuer), or the Custodian at the direction of the Trustee
      (or
      other Exchange Agent appointed by the Issuer), shall make a notation on such
      Global Note as to the reduction in the principal amount represented thereby.
      The
      Issuer shall notify the Trustee in writing of any exchanges of Notes effected
      through any Exchange Agent other than the Trustee.

     

    Upon
      the
      exchange of a Note, the accrued but unpaid interest attributable to the period
      from the issue date of the Note to the Exchange Date, with respect to the
      exchanged Note, shall not be deemed canceled, extinguished or forfeited, but
      rather shall be deemed to be paid in full to the Holder thereof through delivery
      of cash and, if

     

    
      
        
        

      

      
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    applicable,
      shares of Common Stock (together with the cash payment, if any in lieu of
      fractional shares) in exchange for the Note being exchanged pursuant to the
      provisions hereof.

     

    In
      case
      any Note of a denomination greater than $1,000 shall be surrendered for partial
      exchange, and subject to Section 2.04, the Issuer shall execute and the Trustee
      shall authenticate and deliver to the Holder of the Note so surrendered, without
      charge to the Holder, a new Note or Notes in authorized denominations in an
      aggregate principal amount equal to the unexchanged portion of the surrendered
      Note.

     

    Section
      13.03.
      Cash Payments in Lieu of Fractional Shares. No
      fractional shares of Common Stock or scrip certificates representing fractional
      shares shall be issued upon exchange of Notes. If more than one Note shall
      be
      surrendered for exchange at one time by the same Holder, the number of full
      shares that shall be issuable upon exchange shall be computed on the basis
      of
      the aggregate principal amount of the Notes (or specified portions thereof
      to
      the extent permitted hereby) so surrendered. If any fractional share of Common
      Stock would be issuable upon the exchange of any Note or Notes, the Issuer
      shall
      make an adjustment and payment therefor in cash to the Holder of Notes at a
      price equal to the Closing Sale Price of Common Stock on the last day of the
      Applicable Observation Period.

     

    Section
      13.04.
      Exchange Rate. The
      initial Exchange Rate for the Notes is 19.6356 shares of Common Stock per each
      $1,000 principal amount of the Notes, subject to adjustment as provided in
      Sections 13.05 and 13.11 (herein called the “Exchange
      Rate”).

     

    Section
      13.05.
      Adjustment of Exchange Rate. The
      Exchange Rate shall be adjusted from time to time as follows:

     

    (a) If
      the
      Guarantor issues the Common Stock as a dividend or distribution on the Common
      Stock to all holders of Common Stock, or if the Guarantor effects a share split
      or share combination, the Exchange Rate will be adjusted based on the following
      formula:

     

    ER1
      =
      ER0×
      OS1/OS0

     

    where

     

    ER0
      = the
      Exchange Rate in effect immediately prior to the ex-dividend date for such
      dividend or distribution, or the effective date of such share split or share
      combination;

     

    ER1
      = the
      new Exchange Rate in effect immediately after the ex-dividend date for such
      dividend or distribution, or the effective date of such share split or share
      combination;

     

    
      
        
        

      

      
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    OS0
      = the
      number of shares of Common Stock outstanding
      immediately prior to such dividend or distribution, or the effective date of
      such share split or share combination; and

     

    OS1
      = the
      number of shares of Common Stock outstanding immediately after such dividend
      or
      distribution, or the effective date of such share split or share
      combination.

     

    Any
      adjustment made pursuant to this paragraph (a) shall become effective on the
      date that is immediately after (x) the ex-dividend date for such dividend or
      other distribution or (y) the date on which such split or combination becomes
      effective, as applicable. If any dividend or distribution described in this
      paragraph (a) is declared but not so paid or made, the new Exchange Rate shall
      be readjusted to the Exchange Rate that would then be in effect if such dividend
      or distribution had not been declared.

     

    (b) If
      the
      Guarantor distributes to all holders of Common Stock any rights, warrants or
      options entitling them for a period of not more than 45 days after the date
      of
      issuance thereof to subscribe for or purchase Common Stock for a period of
      not
      more than 45 days after the date of issuance thereof, in either case at an
      exercise price per share of Common Stock less than the Closing Sale Price of
      the
      Common Stock on the Business Day immediately preceding the time of announcement
      of such issuance, the Exchange Rate will be adjusted based on the following
      formula:

     

    ER1
      =
      ER0×
      (OS0 +
      X)/(OS0 +
      Y)

     

    where

     

    ER0
      = the
      Exchange Rate in effect immediately prior to the ex-dividend date for such
      distribution;

     

    ER1
      = the
      new Exchange Rate in effect immediately after the ex-dividend date for such
      distribution;

     

    OS0
      = the
      number of shares of Common Stock outstanding immediately prior to the
      ex-dividend date for such distribution;

     

    X
      = the
      number of shares of Common Stock issuable pursuant to such rights, warrants
      or
      options; and

     

    Y
      = the
      number of shares of Common Stock equal to the quotient of (A) the aggregate
      price payable to exercise such rights, warrants or options and (B) the average
      of the Closing Sale Prices of the Common Stock for the 10 consecutive Trading
      Days ending on the Business Day immediately preceding the date of announcement
      for the issuance of such rights, warrants or options.

     

    For
      purposes of this paragraph (b), in determining whether any rights, warrants
      or
      options entitle the holders to subscribe for or purchase Common Stock at less
      than the applicable Closing Sale Price of the Common Stock, and in determining
      the aggregate exercise or conversion price payable for such Common Stock, there
      shall be taken into

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    account
      any consideration received by the Guarantor for such rights, warrants or options
      and any amount payable on exercise or conversion thereof, with the value of
      such
      consideration, if other than cash, to be determined by the Board of Directors.
      If any right, warrant or option described in this paragraph (b) is not exercised
      or converted prior to the expiration of the exercisability or convertibility
      thereof, the new Exchange Rate shall be readjusted to the Exchange Rate that
      would then be in effect if such right, warrant or option had not been so
      issued.

     

    (c) If
      the
      Guarantor distributes shares of capital stock, evidences of indebtedness or
      other assets or property of the Guarantor to all holders of Common Stock,
      excluding:

     

    
      	 	
              (A)

            	
              dividends,
                distributions, rights, warrants or options referred to in paragraph
                (a) or
                (b) above;

            

    

     

    
      	 	
              (B)

            	
              dividends
                or distributions paid exclusively in cash;
                and

            

    

     

    
      	 	
              (C)

            	
              Spin-Offs
                described below in this paragraph (c),

            

    

     

    then
      the
      Exchange Rate will be adjusted based on the following formula:

     

    ER1
      =
      ER0×
      SP0/(SP0
      −
      FMV)

     

    where

     

    ER0
      = the
      Exchange Rate in effect immediately prior to the ex-dividend date for such
      distribution;

     

    ER1
      = the
      new Exchange Rate in effect immediately after the ex-dividend date for such
      distribution;

     

    SP0
      = the
      Closing Sale Price of Common Stock on the Trading Day immediately preceding
      the
      earlier of the record date or the ex-dividend date for such distribution;
      and

     

    FMV
      = the
      fair market value (as determined in good faith by the Board of Directors) of
      the
      shares of capital stock, evidences of indebtedness, assets or property
      distributed with respect to each outstanding share of Common Stock on the
      earlier of the record date or the ex-dividend date for such
      distribution;

     

    provided
      that if
“FMV” with respect to any distribution of shares of capital stock, evidences of
      indebtedness or other assets or property of the Guarantor is equal to or greater
      than “SP0”
with
      respect to such distribution, then in lieu of the foregoing adjustment, adequate
      provision shall be made so that each holder of Notes shall have the right to
      receive on the date such shares of capital stock, evidences of indebtedness
      or
      other assets or property of the Guarantor are distributed to holders of Common
      Stock, for each Note, the amount of shares of capital stock, evidences of
      indebtedness or other assets or property of the Guarantor such holder of Notes
      would have received had such holder of Notes owned a number of shares of Common
      Stock equal to a fraction the

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

    numerator
      of which is the product of the Exchange Rate in effect on the ex-dividend date
      for such distribution, and
      the
      aggregate principal amount of Notes held by such Holder and the denominator
      of
      which is one thousand ($1,000).

     

    An
      adjustment to the Exchange Rate made pursuant to the immediately preceding
      paragraph shall become effective on the ex-dividend date for such
      distribution.

     

    If
      the
      Guarantor distributes to all holders of Common Stock capital stock of any class
      or series, or similar equity interest, of or relating to a subsidiary or other
      business unit of the Guarantor (a “Spin-Off”),
      the
      Exchange Rate in effect immediately before the 10th Trading Day from and
      including the effective date of the Spin-Off will be adjusted based on the
      following formula:

     

    ER1
      =
      ER0×
      (FMV0
      +
      MP0)/MP0

     

    where

     

    ER0
      = the
      Exchange Rate in effect immediately prior to the 10th Trading Day immediately
      following, and including, the effective date of the Spin-Off;

     

    ER1
      = the
      new Exchange Rate immediately after the 10th Trading Day immediately following,
      and including, the effective date of the Spin-Off;

     

    FMV0
      = the
      average of the Closing Sale Prices of the capital stock or similar equity
      interest distributed to holders of Common Stock applicable to one share of
      Common Stock over the first 10 consecutive Trading Days after the effective
      date
      of the Spin-Off; and

     

    MP0
      = the
      average of the Closing Sale Prices of the Common Stock over the first 10
      consecutive Trading Days after the effective date of the Spin-Off.

     

    An
      adjustment to the Exchange Rate made pursuant to the immediately preceding
      paragraph will occur on the 10th Trading Day from and including the effective
      date of the Spin-Off; provided
      that
      in
      respect of any exchange within the 10 Trading Days following the effective
      date
      of any Spin-Off, references within this paragraph (c) to 10 Trading Days shall
      be deemed replaced with such lesser number of Trading Days as have elapsed
      between the effective date of such Spin-Off and the Exchange Date in determining
      the Applicable Exchange Rate.

     

    If
      any
      such dividend or distribution described in this paragraph (c) is declared but
      not paid or made, the new Exchange Rate shall be readjusted to be the Exchange
      Rate that would then be in effect if such dividend or distribution had not
      been
      declared.

     

    (d) If
      the
      Guarantor makes any cash dividend or distribution to all holders of outstanding
      Common Stock (excluding
      any dividend or distribution in connection with the liquidation, dissolution
      or
      winding up)
      during
      any of its quarterly fiscal periods in an aggregate amount that, together with
      other cash dividends or distributions made during such quarterly fiscal period,
      exceeds the product of $0.7000 (the “Reference
      Dividend”)

     

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

    multiplied
      by the number of shares of Common Stock outstanding on the Record Date for
      such
      distribution, the Exchange Rate will be adjusted based on the following
      formula:

     

    ER1
      =
      ER0×
      SP0
      /(SP0
      −
      C)

     

    where

     

    ER0
      = the
      Exchange Rate in effect immediately prior to the ex-dividend date for such
      distribution;

     

    ER1
      = the
      new Exchange Rate immediately after the ex-dividend date for such
      distribution;

     

    SP0
      = the
      Closing Sale Price of Common Stock on the Trading Days immediately preceding
      the
      earlier of the record date or the day prior to the ex-dividend date for such
      distribution; and

     

    C
      = the
      amount in cash per share that the Guarantor distributes to holders of Common
      Stock that exceeds the Reference Dividend;

     

    provided
      that if
“C” with respect to any such cash dividend or distribution is equal to or
      greater than “SP0”
with
      respect to any such cash dividend or distribution, then in lieu of the foregoing
      adjustment, adequate provision shall be made so that each holder of Notes shall
      have the right to receive on the date such cash is distributed to holders of
      Common Stock, for each Note, the amount of cash such holder of Notes would
      have
      received had such holder of Notes owned a number of shares of Common Stock
      equal
      to a fraction the numerator of which is the product of the Exchange Rate in
      effect on the ex-dividend date for such dividend or distribution, and
      the
      aggregate principal amount of Notes held by such Holder and the denominator
      of
      which is one thousand ($1,000).

     

    An
      adjustment to the Exchange Rate made pursuant to this paragraph (d) shall become
      effective on the ex-dividend date for such dividend or distribution. If any
      dividend or distribution described in this paragraph (d) is declared but not
      so
      paid or made, the new Exchange Rate shall be readjusted to the Exchange Rate
      that would then be in effect if such dividend or distribution had not been
      declared.

     

    The
      Reference Dividend amount is subject to adjustment in a manner inversely
      proportional to adjustments to the Exchange Rate; provided
      that no
      adjustment will be made to the Reference Dividend amount for any adjustment
      made
      to the Exchange Rate under this paragraph (d).

     

    Notwithstanding
      the foregoing, if an adjustment is required to be made under this paragraph
      as a
      result of a distribution that is not a quarterly dividend, the Reference
      Dividend will be deemed to be zero.

     

    (e) If
      the
      Guarantor or any of its Subsidiaries makes a payment in respect of a tender
      offer or exchange offer for Common Stock to the extent that the cash and value
      of any other consideration included in the payment per share of Common Stock
      exceeds the

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

    Closing
      Sale Price of a share of Common Stock on the Trading Day next succeeding the
      last date on which tenders or exchanges may be made pursuant to such tender
      offer or exchange offer (the “Expiration
      Time”),
      the
      Exchange Rate will be adjusted based on the following formula:

     

    ER1
      =
      ER0×
(AC
      +
      (SPI×
      OS1))/(SP1×
      OS0)

     

    where

     

    ER0
      = the
      Exchange Rate in effect on the day immediately following the date such tender
      offer or exchange offer expires;

     

    ER1
      = the
      Exchange Rate in effect on the second day immediately following the date such
      tender offer or exchange offer expires;

     

    AC
      = the
      aggregate value of all cash and any other consideration (as determined by the
      Board of Directors) paid or payable for the Common Stock purchased in such
      tender or exchange offer;

     

    OS0
      = the
      number of shares of Common Stock outstanding immediately prior to the date
      such
      tender offer or exchange offer expires;

     

    OS1
      = the
      number of shares of Common Stock outstanding immediately after the date such
      tender or exchange offer expires (after giving effect to the purchase or
      exchange of shares pursuant to such tender offer or exchange offer);
      and

     

    SP1
      = the
      Closing Sale Price of the Common Stock for the Trading Day next succeeding
      the
      date such tender offer or exchange offer expires.

     

    If
      the
      application of the foregoing formula would result in a decrease in the Exchange
      Rate, no adjustment to the Exchange Rate will be made.

     

    Any
      adjustment to the Exchange Rate made pursuant to this paragraph (e) shall become
      effective on the second day immediately following the Expiration Time. If the
      Guarantor or one of its Subsidiaries is obligated to purchase Common Stock
      pursuant to any such tender offer or exchange offer but is permanently prevented
      by applicable law from effecting any such purchase or all such purchases are
      rescinded, the new Exchange Rate shall be readjusted to be the Exchange Rate
      that would be in effect if such tender offer or exchange offer had not been
      made.

     

    (f) [Reserved]

     

    (g) If
      the
      Guarantor has in effect a rights plan while any Notes remain outstanding,
      Holders of Notes will receive, upon an exchange of Notes, in addition to Common
      Stock, if any, rights under the Guarantor’s stockholder rights agreement unless,
      prior to exchange, the rights have expired, terminated or been redeemed or
      unless the rights have separated from the Common Stock. If the rights provided
      for in the rights plan adopted by the Guarantor have separated from the Common
      Stock in accordance with the

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

    provisions
      of the applicable stockholder rights agreement so that Holders of Notes would
      not be entitled to receive any rights in respect of any shares of Common Stock
      delivered upon an exchange of Notes, the Exchange Rate will be adjusted at
      the
      time of separation as if the Guarantor had distributed, to all holders of Common
      Stock, capital stock, evidences of indebtedness or other assets or property
      pursuant to paragraph (c) above, subject to readjustment upon the subsequent
      expiration, termination or redemption of the rights. 

     

    In
      addition to the adjustments pursuant to paragraphs (a) through (e) above, the
      Issuer may increase the Exchange Rate in order to avoid or diminish any income
      tax to holders of Common Stock resulting from any dividend or distribution
      of
      capital stock (or rights to acquire Common
      Stock)
      or from
      any event treated as such for income tax purposes. The Issuer may also, from
      time to time, to the extent permitted by applicable law, increase the Exchange
      Rate by any amount for any period if the Issuer has determined that such
      increase would be in the best interests of the Issuer or the Guarantor. If
      the
      Issuer makes such determination, it will be conclusive and the Issuer will
      mail
      to Holders of the Notes a notice of the increased Exchange Rate and the period
      during which it will be in effect at least fifteen (15) days prior to the date
      the increased Exchange Rate takes effect in accordance with applicable
      law.

     

    The
      Issuer shall not make any adjustment to the Exchange Rate if Holders of the
      Notes participate in the dividend, distribution or transaction that would
      otherwise result in an adjustment to the Exchange Rate at the same time as
      holders of the Common Stock and as if such Holders of Notes owned a number
      of
      shares of Common Stock equal to a fraction the numerator of which is the product
      of the Exchange Rate in effect on the ex-dividend date or effective date for
      the
      relevant dividend, distribution or transaction, and
      the
      aggregate principal amount of Notes held by such Holder and the denominator
      of
      which is one thousand ($1,000).

     

    Notwithstanding
      anything to the contrary contained herein, in addition to the other events
      set
      forth herein on account of which no adjustment to the Exchange Rate shall be
      made, the Applicable Exchange Rate shall not be adjusted for:

     

    (i) the
      issuance of any Common Stock pursuant to any present or future plan providing
      for the reinvestment of dividends or interest payable on securities of the
      Issuer or those of the Guarantor and the investment of additional optional
      amounts in the Common Stock under any plan;

     

    (ii) the
      issuance of any the Common Stock or options or rights to purchase those shares
      pursuant to any present or future employee, director, trustee or consultant
      benefit plan, employee agreement or arrangement or program of the Issuer or
      the
      Guarantor;

     

    (iii) the
      issuance of any the Common Stock pursuant to any option, warrant, right, or
      exercisable, exchangeable or convertible security outstanding as of the date
      the
      Notes were first issued;

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

    (iv) a
      change
      in the par value of the Common Stock;

     

    (v) accumulated
      and unpaid dividends or distributions; and

     

    (vi) the
      issuance of Units by the Issuer and the issuance of the Common Stock or the
      payment of cash upon redemption thereof.

     

    No
      adjustment in the Exchange Rate will be required unless the adjustment would
      require an increase or decrease of at least 1% of the Exchange Rate. If the
      adjustment is not made because the adjustment does not change the Exchange
      Rate
      by at least 1%, then the adjustment that is not made will be carried forward
      and
      taken into account in any future adjustment. All required calculations will
      be
      made to the nearest cent or 1/1000th of a share, as the case may be.
      Notwithstanding the foregoing, if the Notes are called for redemption, all
      adjustments not previously made will be made on the applicable Redemption Date.
      

     

    Whenever
      the Exchange Rate is adjusted as herein provided, the Guarantor or the Issuer
      shall as promptly as reasonably practicable file with the Trustee and any
      Exchange Agent other than the Trustee an Officers’ Certificate setting forth the
      Exchange Rate after such adjustment and setting forth a brief statement of
      the
      facts requiring such adjustment. Promptly after delivery of such certificate,
      the Guarantor or the Issuer shall prepare a notice of such adjustment of the
      Exchange Rate setting forth the adjusted Exchange Rate and the date on which
      each adjustment becomes effective and shall mail such notice of such adjustment
      of the Exchange Rate to the Holders of the Notes within 20 Business Days of
      the
      Effective Date of such adjustment. Failure to deliver such notice shall not
      affect the legality or validity of any such adjustment.

     

    For
      purposes of this Section 13.05, the number of shares of Common Stock at any
      time
      outstanding shall not include shares held in the treasury of the Guarantor
      but
      shall include shares issuable in respect of scrip certificates issued in lieu
      of
      fractions of shares of Common Stock.

     

    If
      any of
      the following events occur, namely (i) any reclassification or change of the
      outstanding Common Stock (other than a subdivision or combination to which
      Section 13.05(a) applies), (ii) any consolidation, merger or combination of
      the
      Guarantor with another Person, or a binding share exchange in respect of all
      of
      the outstanding Common Stock as a result of which holders of Common Stock shall
      be entitled to receive stock, other securities or other property or assets
      (including cash) with respect to or in exchange for such the Common Stock or
      (iii) any sale or conveyance of all or substantially all of the properties
      and
      assets of the Guarantor to any other Person as a result of which holders of
      Common Stock shall be entitled to receive stock, other securities or other
      property or assets (including cash) with respect to or in exchange for such
      the
      Common Stock, then the Guarantor or the successor or purchasing Person, as
      the
      case may be, shall execute with the Trustee a supplemental indenture (which
      shall comply with the Trust Indenture Act as in force at the date of execution
      of such supplemental indenture). Such supplemental indenture shall provide
      for
      adjustments which shall be as nearly equivalent as may be practicable to the
      adjustments provided for

     

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

    in
      this
      Section 13.05. The Guarantor shall cause notice of the execution of such
      supplemental indenture to be mailed to each Holder of Notes within 20 Business
      Days after execution thereof. Failure to deliver such notice shall not affect
      the legality or validity of such supplemental indenture. The provisions of
      this
      paragraph shall similarly apply to successive reclassifications, changes,
      consolidations, mergers, combinations, sales and conveyances. If the provisions
      of this paragraph applies to any event or occurrence, then the provisions of
      Sections Section 13.05(a) through (g) shall not apply.

     

    Section
      13.06.
      Taxes on Shares Issued. The
      issue
      of stock certificates, if any, on exchange of Notes shall be made without charge
      to the exchanging Noteholder for any documentary, stamp or similar issue or
      transfer tax in respect of the issue thereof. The Issuer shall not, however,
      be
      required to pay any such tax which may be payable in respect of any transfer
      involved in the issue and delivery of stock in any name other than that of
      the
      holder of any Note exchanged, and the Issuer shall not be required to issue
      or
      deliver any such stock certificate unless and until the Person or Persons
      requesting the issue thereof shall have paid to the Issuer the amount of such
      tax or shall have established to the satisfaction of the Issuer that such tax
      has been paid.

     

    Section
      13.07.
      Reservation of Shares, Shares to Be Fully Paid; Compliance with Governmental
      Requirements; Listing of Common Stock. The
      Guarantor shall provide, free from preemptive rights, out of its authorized
      but
      unissued shares or shares held in treasury, sufficient shares of Common Stock
      to
      provide for the exchange of the Notes as required by this Indenture from time
      to
      time as such Notes are presented for exchange.

     

    The
      Guarantor covenants that all shares of Common Stock which may be issued upon
      exchange of Notes will upon issue be fully paid and non-assessable by the
      Guarantor and free from all taxes, liens and charges with respect to the issue
      thereof.

     

    The
      Guarantor covenants that, if any shares of Common Stock to be provided for
      the
      purpose of exchange of Notes hereunder require registration with or approval
      of
      any governmental authority under any federal or state law before such shares
      may
      be validly issued upon exchange, the Guarantor shall, as expeditiously as
      possible secure such registration or approval, as the case may be.

     

    The
      Guarantor further covenants that, if at any time the Common Stock shall be
      listed on The New York Stock Exchange or any other national or regional
      securities exchange or automated quotation system, the Guarantor will, if
      permitted by the rules of such exchange or automated quotation system, list
      and
      keep listed, so long as the Common Stock shall be so listed on such exchange
      or
      automated quotation system, all the Common Stock issuable upon exchange of
      the
      Notes; provided
      that if
      the rules of such exchange or automated quotation system permit the Guarantor
      to
      defer the listing of such the Common Stock until the first exchange of the
      Notes
      in accordance with the provisions of this Indenture, the Guarantor covenants
      to
      list such the Common Stock issuable upon exchange of the Notes in accordance
      with the requirements of such exchange or automated quotation system at such
      time.

     

    
      
        
        

      

      
        73

        
          

        

      

      
        
        

      

    

    Section
      13.08.
      Responsibility of Trustee. The
      Trustee and any other Exchange Agent shall not at any time be under any duty
      or
      responsibility to any holder of Notes to determine the Exchange Rate or whether
      any facts exist which may require any adjustment of the Exchange Rate, or with
      respect to the nature or extent or calculation of any such adjustment when
      made,
      or with respect to the method employed, or herein or in any supplemental
      indenture provided to be employed, in making the same. The Trustee and any
      other
      Exchange Agent shall not be accountable with respect to the validity or value
      (or the kind or amount) of any shares of Common Stock, or of any capital stock,
      other securities or other assets or property, which may at any time be issued
      or
      delivered upon the exchange of any Note; and the Trustee and any other Exchange
      Agent make no representations with respect thereto. Neither the Trustee nor
      any
      Exchange Agent shall be responsible for any failure of the Issuer to issue,
      transfer or deliver any shares of Common Stock or stock certificates or other
      securities or property or cash upon the surrender of any Note for the purpose
      of
      exchange or to comply with any of the duties, responsibilities or covenants
      of
      the Issuer contained in this Article 13. Without limiting the generality of
      the
      foregoing, neither the Trustee nor any Exchange Agent shall be under any
      responsibility to determine the correctness of any provisions contained in
      any
      supplemental indenture entered into pursuant to Section 13.05 relating either
      to
      the kind or amount of shares of capital stock or other securities or other
      assets or property (including cash) receivable by Noteholders upon the exchange
      of their Notes after any event referred to in such Section 13.05 or to any
      adjustment to be made with respect thereto, but, subject to the provisions
      of
      Section 7.12, may accept as conclusive evidence of the correctness of any such
      provisions, and shall be protected in relying upon, the Officers’ Certificate
      (which the Issuer shall be obligated to file with the Trustee prior to the
      execution of any such supplemental indenture) with respect thereto. The Trustee
      shall not at any time be under any duty or responsibility to any holder of
      Notes
      to determine the accuracy of the method employed in calculating the Trading
      Price or whether any facts exist which may require any adjustment of the Trading
      Price.

     

    Section
      13.09.
      Notice to Holders Prior to Certain Actions. In
      case:

     

    (a) the
      Guarantor shall declare a dividend (or any other distribution) on the Common
      Stock that would require an adjustment in the Exchange Rate pursuant to Section
      13.05; or

     

    (b) the
      Guarantor shall authorize the granting to the holders of all or substantially
      all of the Common Stock of rights or warrants to subscribe for or purchase
      any
      share of any class or any other rights or warrants; or

     

    (c) of
      any
      reclassification or reorganization of the Common Stock (other than a subdivision
      or combination of its outstanding Common Stock, or a change in par value, or
      from par value to no par value, or from no par value to par value), or of any
      consolidation, combination, merger or share exchange to which the Issuer or
      the
      Guarantor is a party and for which approval of any stockholders of the Guarantor
      is required, or of the sale or transfer of all or substantially all of the
      assets of the Guarantor; or

     

    
      
        
        

      

      
        74

        
          

        

      

      
        
        

      

    

    (d) of
      the
      voluntary or involuntary dissolution, liquidation or winding up of the
      Guarantor;

     

    the
      Issuer shall cause to be filed with the Trustee and to be mailed to each holder
      of Notes at its address appearing on the Note Register provided for in Section
      2.05 of this Indenture, as promptly as possible but in any event at least ten
      (10) calendar days prior to the applicable date hereinafter specified, a notice
      stating (x) the date on which a record is to be taken for the purpose of such
      dividend, distribution or rights or warrants, or, if a record is not to be
      taken, the date as of which the holders of Common Stock of record to be entitled
      to such dividend, distribution or rights are to be determined, or (y) the date
      on which such reclassification, consolidation, merger, sale, transfer,
      dissolution, liquidation or winding up is expected to become effective or occur,
      and the date as of which it is expected that holders of Common Stock of record
      shall be entitled to exchange their Common Stock for securities or other
      property deliverable upon such reclassification, consolidation, merger, sale,
      transfer, dissolution, liquidation or winding up. Failure to give such notice,
      or any defect therein, shall not affect the legality or validity of such
      dividend, distribution, reclassification, consolidation, merger, sale, transfer,
      dissolution, liquidation or winding up.

     

    Section
      13.10.
      Settlement upon Exchange. (a)
      Upon
      exchange of any Notes, subject to Sections 13.01, 13.02 and this Section 13.10,
      the Issuer shall satisfy its obligation upon exchange (the “Exchange
      Obligation”)
      by
      payment and delivery of cash and, if applicable as provided herein, shares
      of
      Common Stock for each $1,000 aggregate principal amount of Notes tendered
      for exchange in accordance with their terms.

     

    (b) Upon
      exchange of Notes, the Issuer will deliver, in respect of each $1,000 principal
      amount of Notes tendered for exchange in accordance with their
      terms:

     

    (i) cash
      and
      Common Stock, if any, equal to the sum of the Daily Settlement Amounts for
      each
      of the 30 Exchange Settlement Trading Days during the Applicable Observation
      Period; and

     

    (ii) an
      amount
      in cash in lieu of any fractional shares of Common Stock as provided in Section
      13.03.

     

    (c) The
      Daily
      Settlement Amounts for each of the 30 Exchange Settlement Trading Days during
      the Applicable Observation Period and any amount in cash to be delivered in
      lieu
      of any fractional shares of Common Stock will be determined by the Issuer
      promptly after the end of the Applicable Observation Period. 

     

    (d) Payment
      of the cash and, if applicable, shares of Common Stock pursuant to Section
      3.10(b) shall be made by the Issuer on the third Business Day immediately
      following the last day of the Applicable Observation Period to the holder of
      a
      Note surrendered for exchange, or such holder’s nominee or nominees, and the
      Issuer shall deliver to the Exchange Agent or to such holder, or such holder’s
      nominee or nominees, certificates or a book-entry transfer through the
      Depositary for the number of full shares

     

    
      
        
        

      

      
        75

        
          

        

      

      
        
        

      

    

    of
      Common
      Stock, if any, to which such holder shall be entitled as part of such Exchange
      Obligation.

     

    Section
      13.11.
      Exchange Rate Adjustment After Certain Designated Events. (a)
      Subject to the provisions hereof, if a Noteholder elects to exchange its Notes
      following the occurrence of a transaction described in clause (1) of the
      definition of Designated Event, the Issuer will increase the Applicable Exchange
      Rate for the Notes so surrendered for exchange (the “Additional
      Designated Event Shares”)
      as
      specified below; provided
      that
      the
      Additional Designated Event Shares will only be payable as set forth below.
      An
      exchange of Notes will be deemed for these purposes to be “in connection with”
such a Designated Event if the Exchange Notice is received by the Exchange
      Agent
      from and after the Effective Date of the Designated Event until the
      corresponding Designated Event Repurchase Date.

     

    (b) The
      number of Additional Designated Event Shares will be determined by reference
      to
      the table in paragraph (e) below and is based on the date on which the
      Designated Event transaction becomes effective (the “Effective
      Date”)
      and
      the price (the “Stock
      Price”)
      paid
      per share of Common Stock in such transaction. If the holders of Common Stock
      receive only cash in the relevant Designated Event transaction, the Stock Price
      will equal the cash amount paid per share of Common Stock. In all other cases,
      the Stock Price will equal the average of the Closing Sale Prices of the Common
      Stock on the ten consecutive Trading Days up to but excluding the Effective
      Date.

     

    (c) The
      Stock
      Prices set forth in the first row of the table below shall be adjusted as of
      any
      date on which the Exchange Rate of the Notes is adjusted. The adjusted Stock
      Prices will equal the Stock Prices applicable immediately prior to such
      adjustment, multiplied by a fraction, (i) the numerator of which is the Exchange
      Rate immediately prior to the adjustment giving rise to the Stock Price
      adjustment and (ii) the denominator of which is the Exchange Rate as so
      adjusted.

     

    (d) The
      number of Additional Designated Event Shares will be adjusted in the same manner
      and for the same events as the Exchange Rate is adjusted pursuant to Section
      13.05.

     

    (e) The
      following table sets forth the Stock Price and number of Additional Designated
      Event Shares to be added to the Applicable Exchange Rate per $1,000 principal
      amount of Notes:

     

    

     

    
      	
              Effective
                Date

            	
              $42.44

            	
              $47.50

            	
              $50.00

            	
              $52.50

            	
              $55.00

            	
              $57.50

            	
              $60.00

            	
              $62.50

            	
              $65.00

            	
              $67.50

            	
              $70.00

            	
              $72.50

            	
              $75.00

            
	
              September
                25 2006

            	
              3.9271

            	
              2.7533

            	
              2.1500

            	
              1.6576

            	
              1.2580

            	
              0.9357

            	
              0.6778

            	
              0.4735

            	
              0.3132

            	
              0.1892

            	
              0.0964

            	
              0.0264

            	
              0.0000

            
	
              September
                15, 2007

            	
              3.9271

            	
              2.6710

            	
              2.0613

            	
              1.5696

            	
              1.1706

            	
              0.8557

            	
              0.6052

            	
              0.4093

            	
              0.2586

            	
              0.1438

            	
              0.0582

            	
              0.0000

            	
              0.0000

            
	
              September
                15, 2008

            	
              3.9271

            	
              2.5528

            	
              1.9354

            	
              1.4414

            	
              1.0504

            	
              0.7441

            	
              0.5071

            	
              0.3264

            	
              0.1909

            	
              0.0912

            	
              0.0207

            	
              0.0000

            	
              0.0000

            
	
              September
                15, 2009

            	
              3.9271

            	
              2.3329

            	
              1.7067

            	
              1.2174

            	
              0.8412

            	
              0.5574

            	
              0.3474

            	
              0.1953

            	
              0.0882

            	
              0.0163

            	
              0.0000

            	
              0.0000

            	
              0.0000

            
	
              September
                15, 2010

            	
              3.9271

            	
              1.9816

            	
              1.3266

            	
              0.8421

            	
              0.4982

            	
              0.2641

            	
              0.1119

            	
              0.0218

            	
              0.0000

            	
              0.0000

            	
              0.0000

            	
              0.0000

            	
              0.0000

            
	
              September
                15, 2011

            	
              3.9271

            	
              1.4132

            	
              0.3608

            	
              0.0000

            	
              0.0000

            	
              0.0000

            	
              0.0000

            	
              0.0000

            	
              0.0000

            	
              0.0000

            	
              0.0000

            	
              0.0000

            	
              0.0000

            

    

    

     

    
      
        
        

      

      
        76

        
          

        

      

      
        
        

      

    

    (f) If
      the
      exact Stock Price and Effective Date are not set forth on the table above,
      then:

     

    (i) if
      the
      Stock Price is between two Stock Prices in the table or the Effective Date
      is
      between two dates in the table, the Additional Designated Event Shares will
      be
      determined by a straight-line interpolation between the number of Additional
      Designated Event Shares set forth for the higher and lower Stock Prices and
      the
      two dates, as applicable, based on a 365-day year;

     

    (ii) if
      the
      Stock Price is equal to or in excess of $75.00 per share of Common Stock (the
      “Make
      Whole Cap”)
      (subject to adjustment) no additional Designated Event Shares will be added
      to
      the Applicable Exchange Rate; and

     

    (iii) if
      the
      Stock Price is less than $42.44 per share of Common Stock (the “Make
      Whole Floor”)
      (subject to adjustment) no additional Designated Event Shares will be added
      to
      the Applicable Exchange Rate.

     

    The
      Make
      Whole Cap and Make Whole Floor shall be adjusted as of any date on which the
      Exchange Rate of the Notes is adjusted pursuant to Section 13.05. The adjusted
      Make
      Whole Cap or Make Whole Floor, as the case may be,
      shall
      equal the Make Whole Cap or Make Whole Floor, as the case may be, applicable
      immediately prior to such adjustment, multiplied by a fraction, (i) the
      numerator of which is the Exchange Rate immediately prior to the adjustment
      giving rise to the adjustment and (ii) the denominator of which is the Exchange
      Rate as so adjusted.

     

    (g) Notwithstanding
      anything in this Section 13.11 to the contrary, in no event will the total
      number of shares of Common Stock issuable upon exchange of the Notes exceed
      23.5627 per $1,000 principal amount of Notes, subject to adjustment in the
      same
      manner as the Exchange Rate pursuant to Section 13.05. 

     

    Section
      13.12.
      Ownership Limit. (a)
      Notwithstanding any other provision of this Indenture or the Notes, no Holder
      of
      Notes shall be entitled to receive shares of Common Stock upon an exchange
      of
      Notes to the extent that receipt of such shares would cause such Holder
      (together with such Holder’s Affiliates) to exceed the ownership limit contained
      in Article IX of the Charter. 

     

    (b) At
      the
      Maturity Date or upon earlier redemption or repurchase of the Notes or
      otherwise, and as otherwise required by law, the Issuer may deduct and withhold
      from the amount of consideration otherwise deliverable to the Holder the amount
      required to be deducted and withheld under applicable law.

     

    Section
      13.13.
      Calculations in Respect of Notes. Except
      as
      otherwise specifically stated herein or in the Notes, all calculations to be
      made in respect of the Notes shall be the obligation of the Issuer. All
      calculations made by the Issuer or its agent as contemplated pursuant to the
      terms hereof and of the Notes shall be made in good faith and be final and
      binding on the Notes and the Holders of the Notes absent manifest error. The
      Issuer shall provide a schedule of calculations to the Trustee, and the Trustee
      shall be entitled to rely upon the accuracy of the calculations by the Issuer
      without independent

     

    
      
        
        

      

      
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    verification.
      The Trustee shall forward calculations made by the Issuer to any Holder of
      Notes
      upon request.

     

     

    ARTICLE
      14

     

     

    MEETINGS
      OF HOLDERS OF NOTES

     

    Section
      14.01.
      Purposes for Which Meetings May Be Called.
      A
      meeting of Holders of Notes may be called at any time and from time to time
      pursuant to this Article 14 to make, give or take any request, demand,
      authorization, direction, notice, consent, waiver or other action provided
      by
      this Indenture to be made, given or taken by Holders of Notes.

     

    Section
      14.02.
      Call, Notice and Place of Meetings.
      (a) The
      Trustee may at any time call a meeting of Holders of Notes for any purpose
      specified in Section 14.01, to be held at such time and at such place as the
      Trustee shall determine. Notice of every meeting of Holders of Notes, setting
      forth the time and the place of such meeting and in general terms the action
      proposed to be taken at such meeting, shall be given, in the manner provided
      in
      Section 16.03, not less than 20 nor more than 180 days prior to the date fixed
      for the meeting.

     

    (b) In
      case
      at any time the Issuer, pursuant to a Board Resolution, the Guarantor, or the
      Holders of at least 25% in principal amount of the outstanding Notes shall
      have
      requested the Trustee to call a meeting of the Holders of Notes for any purpose
      specified in Section 14.01, by written request setting forth in reasonable
      detail the action proposed to be taken at the meeting, and the Trustee shall
      not
      have made the first publication of the notice of such meeting within 20 days
      after receipt of such request or shall not thereafter proceed to cause the
      meeting to be held as provided herein, then the Issuer, the Guarantor or the
      Holders of Notes in the amount above specified, as the case may be, may
      determine the time and the place for such meeting and may call such meeting
      for
      such purposes by giving notice thereof as provided in subsection (a) of this
      Section 14.02.

     

    Section
      14.03.
      Persons Entitled to Vote at Meetings.
      To be
      entitled to vote at any meeting of Holders of Notes, a Person shall be (a)
      a
      Holder of one or more outstanding Notes, or (b) a Person appointed by an
      instrument in writing as proxy for a Holder or Holders of one or more
      outstanding Notes by such Holder or Holders. The only Persons who shall be
      entitled to be present or to speak at any meeting of Holders of Notes shall
      be
      the Persons entitled to vote at such meeting and their counsel, any
      representatives of the Trustee and its counsel and any representatives of the
      Issuer and the Guarantor and their respective counsel.

     

    Section
      14.04.
      Quorum; Action.
      The
      Persons entitled to vote a majority in principal amount of the outstanding
      Notes
      shall constitute a quorum for a meeting of Holders of Notes; provided,
      however,
      that if
      any action is to be taken at such meeting with respect to a consent or waiver
      which this Indenture expressly provides may be given by the Holders of not
      less
      than a specified percentage in principal amount of the outstanding Notes, the
      Persons entitled to vote such specified percentage in principal

     

    
      
        
        

      

      
        78

        
          

        

      

      
        
        

      

    

    amount
      of
      the outstanding Notes shall constitute a quorum. In the absence of a quorum
      within 30 minutes after the time appointed for any such meeting, the meeting
      shall, if convened at the request of Holders of Notes, be dissolved. In any
      other case the meeting may be adjourned for a period of not less than 10 days
      as
      determined by the chairman of the meeting prior to the adjournment of such
      meeting. In the absence of a quorum at the reconvening of any such adjourned
      meeting, such adjourned meeting may be further adjourned for a period of not
      less than 10 days; at the reconvening of any meeting adjourned or further
      adjourned for lack of a quorum, the persons entitled to vote 25% in aggregate
      principal amount of the then outstanding Notes shall constitute a quorum for
      the
      taking of any action set forth in the notice of the original meeting. Notice
      of
      the reconvening of any adjourned meeting shall be given as provided in Section
      14.02(a), except that such notice need be given only once not less than five
      days prior to the date on which the meeting is scheduled to be
      reconvened.

     

    Except
      as
      limited by the proviso to Section 9.02, any resolution presented to a meeting
      or
      adjourned meeting duly reconvened at which a quorum is present as aforesaid
      may
      be adopted by the affirmative vote of the persons entitled to vote a majority
      in
      aggregate principal amount of the outstanding Notes represented at such meeting;
      provided,
      however,
      that,
      except as limited by the proviso to Section 9.02, any resolution with respect
      to
      any request, demand, authorization, direction, notice, consent, waiver or other
      action which this Indenture expressly provides may be made, given or taken
      by
      the Holders of a specified percentage, which is less than a majority, in
      principal amount of the outstanding Notes may be adopted at a meeting or an
      adjourned meeting duly reconvened and at which a quorum is present as aforesaid
      by the affirmative vote of the Holders of such specified percentage in principal
      amount of the outstanding Notes.

     

    Any
      resolution passed or decision taken at any meeting of Holders of Notes duly
      held
      in accordance with this Section 14.04 shall be binding on all the Holders of
      Notes, whether or not present or represented at the meeting.

     

    Notwithstanding
      the foregoing provisions of this Section 14.04, if any action is to be taken
      at
      a meeting of Holders of Notes with respect to any request, demand,
      authorization, direction, notice, consent, waiver or other action that this
      Indenture expressly provides may be made, given or taken by the Holders of
      a
      specified percentage in principal amount of all outstanding Notes affected
      thereby:

     

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

     

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

     

    Section
      14.05.
      Determination of Voting Rights; Conduct and Adjournment of
      Meetings.
      (a)
      Notwithstanding any provisions of this Indenture, the Trustee may
      make

     

    
      
        
        

      

      
        79

        
          

        

      

      
        
        

      

    

    such
      reasonable regulations as it may deem advisable for any meeting of Holders
      of
      Notes in regard to proof of the holding of Notes and of the appointment of
      proxies and in regard to the appointment and duties of inspectors of votes,
      the
      submission and examination of proxies, certificates and other evidence of the
      right to vote, and such other matters concerning the conduct of the meeting
      as
      it shall deem appropriate. Except as otherwise permitted or required by any
      such
      regulations, the holding of Notes shall be proved in the manner specified in
      Section 8.01 and the appointment of any proxy shall be proved in the manner
      specified in Section 8.01 or by having the signature of the Person executing
      the
      proxy witnessed or guaranteed by any trust company, bank or banker authorized
      by
      Section 8.01 to certify to the holding of the Notes. Such regulations may
      provide that written instruments appointing proxies, regular on their face,
      may
      be presumed valid and genuine without the proof specified in Section 8.01 or
      other proof.

     

    (b) The
      Trustee shall, by an instrument in writing appoint a temporary chairman of
      the
      meeting, unless the meeting shall have been called by the Issuer, the Guarantor
      or by Holders of Notes as provided in Section 14.02(b), in which case the
      Issuer, the Guarantor or the Holders of Notes calling the meeting, as the case
      may be, shall in like manner appoint a temporary chairman. A permanent chairman
      and a permanent secretary of the meeting shall be elected by vote of the Persons
      entitled to vote a majority in principal amount of the outstanding Notes
      represented at the meeting.

     

    (c) At
      any
      meeting each Holder of such Notes or proxy shall be entitled to one vote for
      each $1,000 principal amount of the outstanding Notes held or represented by
      him; provided,
      however,
      that no
      vote shall be cast or counted at any meeting in respect of any Note challenged
      as not outstanding and ruled by the chairman of the meeting to be not
      outstanding. The chairman of the meeting shall have no right to vote, except
      as
      a Holder of Notes or proxy.

     

    (d) Any
      meeting of Holders of Notes duly called pursuant to Section 14.02 at which
      a
      quorum is present may be adjourned from time to time by Persons entitled to
      vote
      a majority in principal amount of the outstanding Notes represented at the
      meeting, and the meeting may be held as so adjourned without further
      notice.

     

    Section
      14.06.
      Counting Votes and Recording Action of Meetings.
      The vote
      upon any resolution submitted to any meeting of Holders of Notes shall be by
      written ballots on which shall be subscribed the signatures of the Holders
      of
      Notes or of their representatives by proxy and the principal amounts and serial
      numbers of the outstanding Notes held or represented by them. The permanent
      chairman of the meeting shall appoint two inspectors of votes who shall count
      all votes cast at the meeting for or against any resolution and who shall make
      and file with the secretary of the meeting their verified written reports in
      duplicate of all votes cast at the meeting. A record, at least in duplicate,
      of
      the proceedings of each meeting of Holders of Notes shall be prepared by the
      secretary of the meeting and there shall be attached to said record the original
      reports of the inspectors of votes on any vote by ballot taken thereat and
      affidavits by one or more persons having knowledge of the fact, setting forth
      a
      copy of the notice of the meeting and showing that said notice was given as
      provided in Section 14.02 and, if applicable, Section 14.04. Each copy shall
      be
      signed and verified by the affidavits of the permanent

     

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

    

    chairman
      and secretary of the meeting and one such copy shall be delivered to the Issuer
      and the Guarantor and another to the Trustee to be preserved by the Trustee,
      the
      latter to have attached thereto the ballots voted at the meeting. Any record
      so
      signed and verified shall be conclusive evidence of the matters therein
      stated.

     

     

    ARTICLE
      15

    GUARANTEE

     

    Section
      15.01.
      Guarantee. By
      its
      execution hereof, the Guarantor acknowledges and agrees that it receives
      substantial benefits from the Issuer and that the Guarantor is providing its
      Guarantee for good and valuable consideration, including, without limitation,
      such substantial benefits. Accordingly, subject to the provisions of this
      Article 15, the Guarantor hereby unconditionally guarantees to each Holder
      of a
      Note authenticated and delivered by the Trustee and its successors and assigns
      that: (i) the principal of (including the Redemption Price or repurchase price
      upon redemption or repurchase pursuant to Article 3), premium, if any, and
      interest and Additional Interest, if any, on the Notes shall be duly and
      punctually paid in full when due, whether at the Maturity Date, upon
      acceleration, upon redemption, upon a repurchase, upon repurchase due to a
      Designated Event or otherwise, and interest on overdue principal, premium,
      if
      any, Additional Interest, if any, and (to the extent permitted by law) interest
      on any interest, if any, on the Notes and all other obligations of the Issuer
      to
      the Holders or the Trustee hereunder or under the Notes (including fees,
      expenses or other) shall be promptly paid in full or performed, all in
      accordance with the terms hereof; and (ii) in case of any extension of time
      of
      payment or renewal of any Notes or any of such other obligations, the same
      shall
      be promptly paid in full when due or performed in accordance with the terms
      of
      the extension or renewal, whether at the Maturity Date, by acceleration, call
      for redemption, upon repurchase, upon repurchase due to a Designated Event
      or
      otherwise, subject, however, in the case of clauses (i) and (ii) above, to
      the
      limitations set forth in Section 15.03 hereof (collectively, the “Guarantee
      Obligations”).

     

    Subject
      to the provisions of this Article 15, the Guarantor hereby agrees that its
      Guarantee hereunder shall be unconditional, irrespective of the validity,
      regularity or enforceability of the Notes or this Indenture, the absence of
      any
      action to enforce the same, any waiver or consent by any Holder of the Notes
      with respect to any thereof, the entry of any judgment against the Issuer,
      any
      action to enforce the same or any other circumstance which might otherwise
      constitute a legal or equitable discharge or defense of the Guarantor. The
      Guarantor hereby waives and relinquishes: (a) any right to require the Trustee,
      the Holders or the Issuer (each, a “Benefited
      Party”)
      to
      proceed against the Issuer or any other Person or to proceed against or exhaust
      any security held by a Benefited Party at any time or to pursue any other remedy
      in any secured party’s power before proceeding against the Guarantor; (b) any
      defense that may arise by reason of the incapacity, lack of authority, death
      or
      disability of any other Person or Persons or the failure of a Benefited Party
      to
      file or enforce a claim against the estate (in administration, bankruptcy or
      any
      other proceeding) of any other Person or Persons; (c) demand, protest and notice
      of any kind (except as expressly required by this Indenture), including but
      not
      limited to notice of the existence, creation or incurring of any new or
      additional

     

    
      
        
        

      

      
        81

        
          

        

      

      
        
        

      

    

    indebtedness
      or obligation or of any action or non-action on the part of the Guarantor,
      the
      Issuer, any Benefited Party, any creditor of the Guarantor or the Issuer or
      on
      the part of any other Person whomsoever in connection with any obligations
      the
      performance of which are hereby guaranteed; (d) any defense based upon an
      election of remedies by a Benefited Party, including but not limited to an
      election to proceed against the Guarantor for reimbursement; (e) any defense
      based upon any statute or rule of law which provides that the obligation of
      a
      surety must be neither larger in amount nor in other respects more burdensome
      than that of the principal; (f) any defense arising because of a Benefited
      Party’s election, in any proceeding instituted under the Bankruptcy Law, of the
      application of Section 1111(b)(2) of the Bankruptcy Code; and (g) any defense
      based on any borrowing or grant of a security interest under Section 364 of
      the
      Bankruptcy Code. The Guarantor hereby covenant that, except as otherwise
      provided therein, the Guarantee shall not be discharged except by payment in
      full of all Guarantee Obligations, including the principal, premium, if any,
      and
      interest on the Notes and all other costs provided for under this Indenture
      or
      as provided in Article 7.

     

    If
      any
      Holder or the Trustee is required by any court or otherwise to return to either
      the Issuer or the Guarantor, or any trustee or similar official acting in
      relation to either the Issuer or the Guarantor, any amount paid by the Issuer
      or
      the Guarantor to the Trustee or such Holder, the Guarantee, to the extent
      theretofore discharged, shall be reinstated in full force and effect.  The
      Guarantor agrees that it shall not be entitled to any right of subrogation
      in
      relation to the Holders in respect of any Guarantee Obligations hereby until
      payment in full of all such obligations guaranteed hereby. The Guarantor agrees
      that, as between it, on the one hand, and the Holders of Notes and the Trustee,
      on the other hand, (x) the maturity of the obligations guaranteed hereby may
      be
      accelerated as provided in Article 6 hereof for the purposes hereof,
      notwithstanding any stay, injunction or other prohibition preventing such
      acceleration in respect of the Guarantee Obligations, and (y) in the event
      of
      any acceleration of such obligations as provided in Article 6 hereof, such
      Guarantee Obligations (whether or not due and payable) shall forthwith become
      due and payable by the Guarantor for the purpose of the Guarantee.

     

    Section
      15.02.
       Execution and Delivery of Guarantee. To
      evidence the Guarantee set forth in Section 15.01 hereof, the Guarantor agrees
      that a notation of the Guarantee substantially in the form included in Exhibit
      A
      hereto shall be endorsed on each Note authenticated and delivered by the Trustee
      and that this Indenture shall be executed on behalf of the Guarantor by an
      officer of the Guarantor.

     

    The
      Guarantor agrees that the Guarantee set forth in this Article 15 shall remain
      in
      full force and effect and apply to all the Notes notwithstanding any failure
      to
      endorse on each Note a notation of the Guarantee.

     

    If
      an
      officer whose facsimile signature is on a Note or a notation of Guarantee no
      longer holds that office at the time the Trustee authenticates the Note on
      which
      the Guarantee is endorsed, the Guarantee shall be valid
      nevertheless.

     

    
      
        
        

      

      
        82

        
          

        

      

      
        
        

      

    

    The
      delivery of any Note by the Trustee, after the authentication thereof hereunder,
      shall constitute due delivery of the Guarantee set forth in this Indenture
      on
      behalf of the Guarantor.

     

    Section
      15.03.
       Limitation of Guarantor’s Liability; Certain Bankruptcy Events.
(a)
      The
      Guarantor, and by its acceptance hereof each Holder, hereby confirms that it
      is
      the intention of all such parties that the Guarantee Obligations of the
      Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or
      conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance
      Act, the Uniform Fraudulent Transfer Act or any similar federal or state
      law.  To effectuate the foregoing intention, the Holders and the Guarantor
      hereby irrevocably agree that the Guarantee Obligations of the Guarantor under
      this Article 15 shall be limited to the maximum amount as shall, after giving
      effect to all other contingent and fixed liabilities of the Guarantor, result
      in
      the Guarantee Obligations of the Guarantor under the Guarantee not constituting
      a fraudulent transfer or conveyance.

     

    (b) The
      Guarantor hereby covenants and agrees, to the fullest extent that it may do
      so
      under applicable law, that in the event of the insolvency, bankruptcy,
      dissolution, liquidation or reorganization of the Issuer, the Guarantor shall
      not file (or join in any filing of), or otherwise seek to participate in the
      filing of, any motion or request seeking to stay or to prohibit (even
      temporarily) execution on the Guarantee and hereby waives and agrees not to
      take
      the benefit of any such stay of execution, whether under Section 362 or 105
      of
      the Bankruptcy Law or otherwise.

     

    Section
      15.04.
       Application of Certain Terms and Provisions to the Guarantor.
(a)
      For
      purposes of any provision of this Indenture which provides for the delivery
      by
      the Guarantor of an Officers’ Certificate and/or an Opinion of Counsel, the
      definitions of such terms in Section 1.01 hereof shall apply to the Guarantor
      as
      if references therein to the Issuer or the General Partner, as applicable,
      were
      references to the Guarantor.

     

    (b) Any
      request, direction, order or demand which by any provision of this Indenture
      is
      to be made by the Guarantor shall be sufficient if evidenced as described in
      Section 16.03 hereof as if references therein to the Issuer were references
      to
      the Guarantor.

     

    (c) Any
      notice or demand which by any provision of this Indenture is required or
      permitted to be given or served by the Trustee or by the Holders of Notes to
      or
      on the Guarantor may be given or served as described in Section 16.03 hereof
      as
      if references therein to the Issuer were references to the
      Guarantor.

     

    (d) Upon
      any
      demand, request or application by the Guarantor to the Trustee to take any
      action under this Indenture, the Guarantor shall furnish to the Trustee such
      certificates and opinions as are required in Section 16.05 hereof as if all
      references therein to the Issuer were references to the Guarantor.

     

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

    

    ARTICLE
      16

    MISCELLANEOUS
      PROVISIONS

     

    Section
      16.01.
       Provisions Binding on Issuer’s and Guarantor’s Successors.
All
      the
      covenants, stipulations, promises and agreements by the Issuer or Guarantor
      contained in this Indenture shall bind their respective successors and assigns
      whether so expressed or not.

     

    Section
      16.02. 
      Official Acts by Successor Corporation. Any
      act
      or proceeding by any provision of this Indenture authorized or required to
      be
      done or performed by any board, committee or officer of the Issuer shall and
      may
      be done and performed with like force and effect by the like board, committee
      or
      officer of any Person that shall at the time be the lawful sole successor of
      the
      Issuer or Guarantor.

     

    Section
      16.03. 
      Addresses for Notices, etc. Any
      notice or demand which by any provision of this Indenture is required or
      permitted to be given or served by the Trustee or by the Holders of Notes on
      the
      Issuer or Guarantor shall be in writing and shall be deemed to have been
      sufficiently given or made, for all purposes, if given or served by being
      deposited postage prepaid by registered or certified mail in a post office
      letter box, or sent by overnight courier, or sent by telecopier transmission
      addressed as follows:

     

    To
      Issuer: 

     

    First
      Industrial, L.P. 

    311
      South
      Wacker Drive, Suite 4000

    Chicago,
      Illinois 60606 

    Telecopier
      No.: (312) 895-9336

    Attention:
      General Counsel

     

    To
      Guarantor: 

     

    First
      Industrial Realty Trust, Inc. 

    311
      South
      Wacker Drive, Suite 4000

    Chicago,
      Illinois 60606

    Telecopier
      No.: (312) 895-9336

    Attention:
      General Counsel

     

    Any
      notice, direction, request or demand hereunder to or upon the Trustee shall
      be
      deemed to have been sufficiently given or made, for all purposes, if given
      or
      served by being deposited, postage prepaid, by registered or certified mail
      in a
      post office letter box, or sent by overnight courier, or sent by facsimile
      transmission addressed as follows: 

     

    U.S.
      Bank
      National Association

    60
      Livingston Avenue

    EP-MN-WS3C

    St.
      Paul,
      Minnesota 55107-2292

    Facsimile
      No.: (651) 495-8097

     

    
      
        
        

      

      
        84

        
          

        

      

      
        
        

      

    

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

     

    Any
      notice or communication mailed to a Noteholder shall be mailed by first class
      mail, postage prepaid, at such Noteholder’s address as it appears on the Note
      Register and shall be sufficiently given to such Noteholder if so mailed within
      the time prescribed; provided
      that
      notices given or communications made to a Noteholder holding Notes in book
      entry
      form may be given through the facilities of the Depositary.

     

    Failure
      to mail a notice or communication to a Noteholder or any defect in it shall
      not
      affect its sufficiency with respect to other Noteholders. If a notice or
      communication is mailed or given in the manner provided above, it is duly given,
      whether or not the addressee receives it.

     

    Section
      16.04.
      Governing Law. This
      Indenture and the Notes shall be governed by, and construed in accordance with,
      the laws of the State of New York.

     

    Section
      16.05.
      Evidence of Compliance with Conditions Precedent, Certificates to Trustee.
      Upon
      any
      application or demand by the Issuer to the Trustee to take any action under
      any
      of the provisions of this Indenture, the Issuer shall furnish to the Trustee
      an
      Officers’ Certificate stating that all conditions precedent, if any, provided
      for in this Indenture relating to the proposed action have been complied with,
      and, if requested by the Trustee, an Opinion of Counsel stating that, in the
      opinion of such counsel, all such conditions precedent have been complied with,
      except that in the case of any such application or request as to which the
      furnishing of such documents is specifically required by any provision of this
      Indenture relating to such particular application or request, no additional
      certificate or opinion need be furnished.

     

    Each
      certificate or opinion provided for in this Indenture and delivered to the
      Trustee with respect to compliance with a condition or covenant provided for
      in
      this Indenture shall include: (1) a statement that the person making such
      certificate or opinion has read such covenant or condition; (2) a brief
      statement as to the nature and scope of the examination or investigation upon
      which the statement or opinion contained in such certificate or opinion is
      based; (3) a statement that, in the opinion of such person, such person has
      made
      such examination or investigation as is necessary to enable such person to
      express an informed opinion as to whether or not such covenant or condition
      has
      been complied with; and (4) a statement as to whether or not, in the opinion
      of
      such person, such condition or covenant has been complied with; provided,
      however,
      that
      with respect to matters of fact an Opinion of Counsel may rely on an Officers’
Certificate or certificates of public officials.

     

    Section
      16.06.
      Legal Holidays.
      In any
      case where any interest payment date, Redemption Date, Designated Event
      Repurchase Date, Stated Maturity or maturity date of any Note, or the last
      date
      on which a Holder has the right to exchange a Note, shall not be a Business
      Day
      at any place of payment, then (notwithstanding any other provision of this
      Indenture or any Note other than a provision in such Note which specifically
      states that such provision shall apply in lieu hereof), payment of interest
      or
      principal (and

     

    
      
        
        

      

      
        85

        
          

        

      

      
        
        

      

    

    premium,
      if any) or exchange of such security need not be made at such place of payment
      on such date, but may be made on the next succeeding Business Day at such place
      of payment with the same force and effect as if made on the interest payment
      date, Redemption Date, Designated Event Repurchase Date, Stated Maturity or
      maturity date, or on such last day for exchange, provided
      that no
      interest shall accrue on the amount so payable for the period from and after
      such interest payment date, Redemption Date, Designated Event Repurchase Date,
      Stated Maturity or maturity date, as the case may be.

     

    Section
      16.07.
      Conflict with Trust Indenture Act. If
      any
      provision hereof limits, qualifies or conflicts with another provision hereof
      which is required or deemed to be included in this Indenture by any of the
      provisions of the Trust Indenture Act, such required provision shall control.
      If
      any provision of this Indenture modifies or excludes any provision of the Trust
      Indenture Act that may be so modified or excluded, the latter provision shall
      be
      deemed to apply to this Indenture as so modified or to be excluded, as the
      case
      may be.

     

    Section
      16.08.
      No
      Security Interest Created. Nothing
      in this Indenture or in the Notes, expressed or implied, shall be construed
      to
      constitute a security interest under the Uniform Commercial Code or similar
      legislation, as now or hereafter enacted and in effect, in any jurisdiction
      in
      which property of the Issuer or its subsidiaries is located.

     

    Section
      16.09.
      Benefits of Indenture. Nothing
      in this Indenture or in the Notes, express or implied, shall give to any Person,
      other than the parties hereto, any Paying Agent, any authenticating agent,
      any
      Note Registrar and their successors hereunder and the Holders of Notes any
      benefit or any legal or equitable right, remedy or claim under this
      Indenture.

     

    Section
      16.10.
      Table of Contents, Headings, etc. The
      table
      of contents and the titles 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
      16.11.
      [Reserved]

     

    Section
      16.12.
      Execution in Counterparts. This
      Indenture may be executed in any number of counterparts, each of which shall
      be
      an original, but such counterparts shall together constitute but one and the
      same instrument.

     

    Section
      16.13.
      Severability. In
      case
      any provision in this Indenture or in the Notes shall be invalid, illegal or
      unenforceable, then the validity, legality and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    U.S.
      Bank
      National Association, hereby accepts the trusts in this Indenture declared
      and
      provided, upon the terms and conditions herein above set forth.

     

    
      
        
        

      

      
        86

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
      executed.

     

    

      
        	 	
                FIRST
                  INDUSTRIAL, L.P.

                 

              
	 	
                By First
                  Industrial Realty Trust, Inc., as
                  its sole general partner

                 

              
	 	
                By: 
                  /s/
                  John H.
                  Clayton                        
                                                            
                    

                Name:
                  John H. Clayton 

                Title:
                  Vice President - Corporate Legal

                 

              

      

    

    
    

     

    
      
        
          	 	
                  
                    FIRST
                      INDUSTRIAL REALTY TRUST, INC., as
                      Guarantor

                     

                  

                
	 	
                  By: 
                    /s/
                    John H.
                    Clayton                        
                                                              
                      

                  Name:
                    John H. Clayton 

                  Title:
                    Vice President - Corporate Legal

                   

                

        

      

      
      

       

      
        
          
            
              	 	
                      
                        U.S.
                          BANK NATIONAL ASSOCIATION,
                          as
                          Trustee

                         

                      

                    
	 	
                      By: 
                        /s/
                        Richard
                        Prokosch                                                                      

                      Name:
                        Richard Prokosch 

                      Title: 
                        Vice President

                       

                    

            

          

          
          

           

        

      

      

        
          
            
            

          

          
            87

            
              

            

          

          
            
            

          

        

    

    EXHIBIT
      A

     

    [Include
      only for Global Notes]

     

    [UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE “DEPOSITARY,” WHICH
      TERM INCLUDES ANY SUCCESSOR DEPOSITARY FOR THE CERTIFICATES) TO THE ISSUER
      OR
      ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
      ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT
      HEREIN IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER
      USE
      HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
      REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

     

    [Include
      only for Notes that are Restricted Securities]

     

    THIS
      SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
      1933,
      AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
      EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE
      HOLDER AGREES (1) THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITY
      EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER, FIRST INDUSTRIAL REALTY TRUST,
      INC.
      OR A SUBSIDIARY OF THE ISSUER; OR (B) TO A PERSON THE SELLER REASONABLY BELIEVES
      IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE
      SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
      ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE
      TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE
      144A (IF AVAILABLE).

     

    [Include
      only for shares of Common Stock that are Restricted Securities]

     

    THIS
      SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
      1933,
      AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
      EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE
      HOLDER AGREES (1) THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITY
      EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER OR A SUBSIDIARY OF THE ISSUER; (B)
      UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
      SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED
      INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    SECURITIES
      ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
      QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
      IS
      BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF
      AVAILABLE); OR (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT; AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER
      OF THIS SECURITY, FURNISH TO THE TRANSFER AGENT AND THE ISSUER SUCH
      CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED TO
      CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR
      IN A
      TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
      ACT.

     

    THIS
      NOTE
      IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ.
      OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE RULES AND REGULATIONS
      THEREUNDER. FOR EACH $1,000 PRINCIPAL AMOUNT OF THIS NOTE, (1) THE ISSUE
      PRICE IS $990; (2) THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT IS $10;
      (3) THE ISSUE DATE IS SEPTEMBER 25, 2006; AND (4) THE YIELD TO
      MATURITY IS 4.854% (COMPOUNDED SEMI-ANNUALLY).

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    FIRST
      INDUSTRIAL, L.P.

    4.625%
      EXCHANGEABLE SENIOR NOTES DUE 2011

     

    CUSIP:

     

    

     

    $

     

    First
      Industrial, L.P., a Delaware limited partnership (herein called the
“Issuer,”
which
      term includes any successor corporation under the Indenture referred to on
      the
      reverse hereof), for value received hereby promises to pay to Cede & Co., or
      its registered assigns, the principal sum of      
DOLLARS ($    ), or such lesser amount as is set forth in
      the Schedule of Increases or Decreases in Note on the other side of this Note,
      on September 15, 2011 at the office or agency of the Issuer maintained for
      that
      purpose in accordance with the terms of the Indenture, in such coin or currency
      of the United States of America as at the time of payment shall be legal tender
      for the payment of public and private debts, and to pay interest, semi-annually
      on March 15 and September 15 of each year, commencing March 15, 2007, on said
      principal sum at said office or agency, in like coin or currency, at the rate
      per annum of 4.625%, from the March 15 or September 15, as the case may be,
      next
      preceding the date of this Note to which interest has been paid or duly provided
      for, unless no interest has been paid or duly provided for on the Notes, in
      which case from ______________ until payment of said principal sum has been
      made
      or duly provided for. Payment of the principal of and interest on the Notes
      not
      represented by a Global Note will be made at the Corporate Trust Office
      maintained for that purpose in the Borough of Manhattan, The City of New York,
      New York, in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts;
provided,
      however,
      that at
      the option of the Issuer, payments of interest on the Notes may be made (i)
      by
      check mailed to the address of the Person entitled thereto as such address
      shall
      appear in the Note Register or (ii) by wire transfer to an account maintained
      by
      the Person entitled thereto located within the United States.

     

    The
      Issuer promises to pay interest on overdue principal, premium, if any, and
      (to
      the extent that payment of such interest is enforceable under applicable law)
      interest at the rate borne by the Notes.

     

    Reference
      is made to the further provisions of this Note set forth on the reverse hereof,
      including, without limitation, provisions giving the Holder of this Note the
      right to exchange this Note into cash and, if applicable, shares of Common
      Stock, on the terms and subject to the limitations referred to on the reverse
      hereof and as more fully specified in the Indenture. Such further provisions
      shall for all purposes have the same effect as though fully set forth at this
      place.

     

    This
      Note
      shall not be valid or become obligatory for any purpose until the certificate
      of
      authentication hereon shall have been signed manually or by facsimile by the
      Trustee or a duly authorized authenticating agent under the
      Indenture.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

     

    Dated:

    
       

      

        
          	 	
                  FIRST
                    INDUSTRIAL, L.P.

                   

                
	 	
                  By First
                    Industrial Realty Trust, Inc., as
                    its sole general partner

                   

                
	 	
                  By:                                                                                                          

                  Name:
                    

                  Title: 

                   

                

        

      

      
      

       

    

     

    

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Notes described in the within-named Indenture.

     

    Dated:

    
       

      
        
          
            
              	 	
                      
                        U.S.
                          BANK NATIONAL ASSOCIATION,
                          as
                          Trustee

                         

                      

                    
	 	
                      By:                              
                                                                                             

                      Name:
                        Richard Prokosch 

                      Title: 
                        Vice President

                       

                    

            

          

          
          

           

        

      

    

     

    

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

    [FORM
      OF REVERSE SIDE OF NOTE]

     

    FIRST
      INDUSTRIAL, L.P.

    4.625%
      EXCHANGEABLE SENIOR NOTES DUE 2011

     

    This
      Note
      is one of a duly authorized issue of Notes of the Issuer, designated as its
      4.625% Exchangeable Senior Notes due 2011 (herein called the “Notes”),
      issued under and pursuant to an Indenture dated as of September 25, 2006 (herein
      called the “Indenture”),
      among
      the Issuer, the Guarantor and U.S. Bank National Association, as trustee (herein
      called the “Trustee”),
      to
      which Indenture and all indentures supplemental thereto reference is hereby
      made
      for a description of the rights, limitations of rights, obligations, duties
      and
      immunities thereunder of the Trustee, the Issuer and the Holders of the Notes.
      Defined terms used but not otherwise defined in this Note shall have the
      respective meanings ascribed thereto in the Indenture.

     

    If
      an
      Event of Default (other than an Event of Default specified in Section 6.01(g)
      or
      6.01(h) with respect to the Issuer) occurs and is continuing, the principal
      of,
      premium, if any, and accrued and unpaid interest on all Notes may be declared
      to
      be due and payable by either the Trustee or the Holders of at least 25% in
      aggregate principal amount of the Notes then outstanding, and, upon said
      declaration the same shall be immediately due and payable. If an Event of
      Default specified in Section 6.01(g) or 6.01(h) of the Indenture occurs and
      is
      continuing with respect to the Issuer, then the principal of and premium, if
      any, and interest accrued and unpaid on all the Notes shall
      be
      immediately due and payable without any declaration or other action on the
      part
      of the Trustee or any Holder of Notes.

     

    The
      Indenture contains provisions permitting the Issuer and the Trustee, with the
      consent of the Holders of not less than a majority in aggregate principal amount
      of the Notes at the time outstanding, to execute supplemental indentures adding
      any provisions to or changing in any manner or eliminating any of the provisions
      of the Indenture or of any supplemental indenture or modifying in any manner
      the
      rights of the Holders of the Notes, subject to exceptions set forth in Section
      9.02 of the Indenture. Subject to the provisions of the Indenture, the Holders
      of not less than a majority in aggregate principal amount of the Notes at the
      time outstanding may, on behalf of the Holders of all of the Notes, waive any
      past default or Event of Default.

     

    No
      reference herein to the Indenture and no provision of this Note or of the
      Indenture shall impair, as among the Issuer and the Holder of the Notes, the
      obligation of the Issuer, which is absolute and unconditional, to pay the
      principal of, premium, if any, on and interest on this Note at the place, at
      the
      respective times, at the rate and in the coin or currency herein and in the
      Indenture prescribed.

     

    Interest
      on the Notes shall be computed on the basis of a 360-day year of twelve 30-day
      months.

     

    The
      Notes
      are issuable in fully registered form, without coupons, in minimum denominations
      of $2,000 principal amount and in integral multiples of $1,000 in
      excess

     

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

    thereof.
      At the office or agency of the Issuer referred to on the face hereof, and in
      the
      manner and subject to the limitations provided in the Indenture, without payment
      of any service charge but with payment of a sum sufficient to cover any tax,
      assessment or other governmental charge that may be imposed in connection with
      any registration or exchange of Notes, Notes may be exchanged for a like
      aggregate principal amount of Notes of any other authorized
      denominations.

     

    The
      Issuer shall have the right to redeem the Notes under certain circumstances
      as
      set forth in Section 3.01, Section 3.02 and Section 3.03 of the
      Indenture.

     

    The
      Notes
      are not subject to redemption through the operation of any sinking
      fund.

     

    Upon
      the
      occurrence of a Designated Event, Holders of shall have the right to require
      the
      Issuer to repurchase all or a portion of their Notes pursuant to Section 3.05
      of
      the Indenture.

     

    Subject
      to and in compliance with the provisions of the Indenture, the Holder hereof
      shall have the right to exchange each $1,000 principal amount of this Note
      into
      cash and, if applicable, shares of Common Stock as provided in Section 13.10
      of
      the Indenture.

     

    In
      the
      event the Holder surrenders this Note for exchange in connection with certain
      Designated Events, the Issuer will increase the Applicable Exchange Rate by
      the
      Additional Designated Event Shares as and when provided in the
      Indenture.

     

    Except
      as
      expressly provided in Article 15 of the Indenture, no recourse for the payment
      of the principal of (including the Redemption Price or repurchase price upon
      redemption or repurchase pursuant to Article 3 of the Indenture) or any premium,
      if any, or interest on this Note, or for any claim based hereon or otherwise
      in
      respect hereof, and no recourse under or upon any obligation, covenant or
      agreement of the Issuer in the Indenture or any supplemental indenture or in
      this Note, or because of the creation of any indebtedness represented thereby,
      shall be had against any incorporator, stockholder, partner, member, manager,
      employee, agent, officer, director or subsidiary, as such, past, present or
      future, of the Guarantor, the Issuer or any of the Guarantor’s Subsidiaries or
      of any successor thereto, either directly or through the Guarantor, the Issuer
      or any of the Guarantor’s subsidiaries or of any successor thereto, whether by
      virtue of any constitution, statute or rule of law, or by the enforcement of
      any
      assessment or penalty or otherwise; it being expressly understood that all
      such
      liability is hereby expressly waived and released as a condition of, and as
      consideration for, the execution of the Indenture and the issue of this
      Note.

     

    In
      addition to the rights provided to Holders of Notes under the Indenture, Holders
      shall have all the rights set forth in the Registration Rights Agreement dated
      as of September 25, 2006, among the Issuer, the Guarantor and the Initial
      Purchasers named therein (the “Registration
      Rights Agreement”).

     

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription of the face of this Note,
      shall be construed as though they were written out in full according to
      applicable laws or regulations.

     

    
      	
              TEN−COM

               

            	
              as
                tenants in common

               

            	
              UNIF
                GIFT MIN ACT −___ 
Custodian ___

               

            
	
              TEN−ENT

               

            	
              as
                tenant by the entireties

               

            	
              (Cust)
                (Minor)

               

            
	
              JT−TEN

               

            	
              as
                joint tenants with right of survivorship and not under Uniform Gifts
                to
                Minors Act

               

            
	 	
              as
                tenants in common

            	 
	 	 	
              (State)

               

            

    

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        A-8

        
          

        

      

      
        
        

      

    

    GUARANTEE

     

    The
      Guarantor listed below (hereinafter referred to as the “Guarantor,”
which
      term includes any successors or assigns under the Indenture, dated the date
      hereof, among the Guarantor, the Issuer (defined below) and U.S. Bank National
      Association, as trustee (the “Indenture”),
      has
      irrevocably and unconditionally guaranteed on a senior basis the Guarantee
      Obligations (as defined in Section 15.01 of the Indenture), which include (i)
      the due and punctual payment of the principal of, premium, if any, and interest
      and Additional Interest, if any, on the 4.625% Exchangeable Senior Notes due
      2011 (the “Notes”)
      of
      First Industrial, L.P., a Delaware limited partnership (the “Issuer”),
      whether at maturity, by acceleration, call for redemption, upon a repurchase
      or
      otherwise, the due and punctual payment of interest on the overdue principal
      and
      premium, if any, and (to the extent permitted by law) interest on any interest
      on the Notes, and the due and punctual performance of all other obligations
      of
      the Issuer, to the Holders of the Notes or the Trustee all in accordance with
      the terms set forth in Article 15 of the Indenture, and (ii) in case of any
      extension of time of payment or renewal of any Notes or any such other
      obligations, that the same shall be promptly paid in full when due or performed
      in accordance with the terms of the extension or renewal, whether at maturity,
      by acceleration, call for redemption, upon a repurchase or
      otherwise.

     

    The
      obligations of the Guarantor to the Holders of the Notes and to the Trustee
      pursuant to this Guarantee and the Indenture are expressly set forth in Article
      15 of the Indenture and reference is hereby made to such Indenture for the
      precise terms of this Guarantee.

     

    The
      Guarantor hereby waives diligence, presentment, demand of payment, filing of
      claims with a court in the event of merger or bankruptcy of the Issuer, any
      right to require a proceeding first against the Issuer, the benefit of
      discussion, protest or notice with respect to the Notes and all demands
      whatsoever.

     

    This
      is a
      continuing Guarantee and shall remain in full force and effect and shall be
      binding upon the Guarantor and its successors and assigns until full and final
      payment of all of the Issuer’s obligations under the Notes and Indenture or
      until legally discharged in accordance with the Indenture and shall inure to
      the
      benefit of the successors and assigns of the Trustee and the Holders of the
      Notes, and, in the event of any transfer or assignment of rights by any Holder
      of the Notes or the Trustee, the rights and privileges herein conferred upon
      that party shall automatically extend to and be vested in such transferee or
      assignee, all subject to the terms and conditions hereof. This is a Guarantee
      of
      payment and performance and not of collectibility.

     

    This
      Guarantee shall not be valid or obligatory for any purpose until the certificate
      of authentication on the Note upon which this Guarantee is noted shall have
      been
      executed by the Trustee under the Indenture by the manual or facsimile signature
      of one of its authorized officers.

     

    The
      obligations of the Guarantor under this Guarantee shall be limited to the extent
      necessary to insure that it does not constitute a fraudulent conveyance under
      applicable law.

     

    
      
        
        

      

      
        A-9

        
          

        

      

      
        
        

      

    

    THE
      TERMS
      OF ARTICLE 15 OF THE INDENTURE ARE INCORPORATED HEREIN BY
      REFERENCE.

     

    Capitalized
      terms used herein have the same meanings given in the Indenture unless otherwise
      indicated.

     

    
      
        
        

      

      
        A-10

        
          

        

      

      
        
        

      

    

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

     

    Dated:
      

    
       

      
        
          
            	 	
                    
                      FIRST
                        INDUSTRIAL REALTY TRUST, INC., as
                        Guarantor

                       

                    

                  
	 	
                    By:                              
                                                                                            

                    Name:
                      

                    Title: 

                     

                  

          

        

        
        

         

      

    

     

    

    
      
        
        

      

      
        A-11

        
          

        

      

      
        
        

      

    

    EXCHANGE
      NOTICE

     

    
      	
              TO:

            	
              FIRST
                INDUSTRIAL, L.P.

              U.S.
                BANK NATIONAL ASSOCIATION,
                as Trustee

            

    

     

    The
      undersigned registered owner of this Note hereby irrevocably exercises the
      option to exchange this Note, or the portion thereof (which is $1,000 or a
      multiple thereof) below designated, into cash and, if applicable, shares of
      Common Stock, in accordance with the terms of the Indenture referred to in
      this
      Note, and directs that the shares of Common Stock, if any, issuable and
      deliverable upon such exchange, together with any check in payment for cash,
      if
      any, payable upon exchange or for fractional shares and any Notes representing
      any unexchanged principal amount hereof, be issued and delivered to the
      registered holder hereof unless a different name has been indicated below.
      Capitalized terms used herein but not defined shall have the meanings ascribed
      to such terms in the Indenture. If shares or any portion of this Note not
      exchanged are to be issued in the name of a person other than the undersigned,
      the undersigned will provide the appropriate information below and pay all
      transfer taxes payable with respect thereto. Any amount required to be paid
      by
      the undersigned on account of interest accompanies this Note.

     

    The
      undersigned registered owner of this Note hereby certifies that it or the Person
      on whose behalf the Notes are being exchanged is a qualified institutional
      buyer
      within the meaning of Rule 144A under the Securities Act of 1933, as
      amended.

     

    Dated:
      ______________________

    

    ______________________________

    

    ______________________________

    Signature(s)

     

    Signature(s)
      must be guaranteed by an “eligible
      guarantor institution”
meeting
      the requirements of the Note Registrar, which requirements include membership
      or
      participation in the Security Transfer Agent Medallion Program (“STAMP”)
      or
      such other “signature
      guarantee program”
as
      may
      be determined by the Note Registrar in addition to, or in substitution for,
      STAMP, all in accordance with the Securities Exchange Act of 1934, as
      amended.

    

    ______________________________

    Signature
      Guarantee

    
      
        
        

      

      
        A-12

        
          

        

      

      
        
        

      

    

    Fill
      in
      the registration of shares of Common Stock, if any, if to be issued, and Notes
      if to be delivered, and the person to whom cash and payment for fractional
      shares is to be made, if to be made, other than to and in the name of the
      registered holder:

     

    Please
      print name and address

     

    ______________________________

    (Name)

     

    ______________________________

    (Street
      Address)

     

    ______________________________

    (City,
      State and Zip Code)

     

    Principal
      amount to be exchanged

    (if
      less
      than all):

     

    $_____________________________

     

    Social
      Security or Other Taxpayer

    Identification
      Number:

     

    ______________________________

     

    NOTICE:
      The signature on this Exchange Notice must correspond with the name as written
      upon the face of the Note in every particular without alteration or enlargement
      or any change whatever.

     

    
      
        
        

      

      
        A-13

        
          

        

      

      
        
        

      

    

    REPURCHASE
      NOTICE

     

    
      	
              TO:

            	
              FIRST
                INDUSTRIAL, L.P.

              U.S.
                BANK NATIONAL
                ASSOCIATION

            

    

     

    The
      undersigned registered owner of this Note hereby irrevocably acknowledges
      receipt of a notice from First Industrial, L.P. (the “Issuer”)
      regarding the right of Holders to elect to require the Issuer to repurchase
      the
      Notes and requests and instructs the Issuer to repay the entire principal amount
      of this Note, or the portion thereof (which is $1,000 or an integral multiple
      thereof) below designated, in cash, in accordance with the terms of the
      Indenture at the price of 100% of such entire principal amount or portion
      thereof, together with accrued and unpaid interest to, but excluding, the
      Designated Event Repurchase Date, as the case may be, to the registered holder
      hereof. Capitalized terms used herein but not defined shall have the meanings
      ascribed to such terms in the Indenture. The Notes shall be repurchased by
      the
      Issuer as of the Designated Event Repurchase Date, as the case may be, pursuant
      to the terms and conditions specified in the Indenture.

     

    NOTICE:
      The above signatures of the holder(s) hereof must correspond with the name
      as
      written upon the face of the Note in every particular without alteration or
      enlargement or any change whatever. Note Certificate Number (if applicable):
      ____________________________

     

    Principal
      amount to be repurchased (if less than all, must be $1,000 or whole multiples
      thereof): ______________________

     

    Social
      Security or Other Taxpayer Identification Number: ________________

     

    Dated:
      ________________

     

    _________________________________________

     

    _________________________________________

    Signature(s)

     

    Signature(s)
      must be guaranteed by an “eligible
      guarantor institution”
meeting
      the requirements of the Note Registrar, which requirements include membership
      or
      participation in the Security Transfer Agent Medallion Program (“STAMP”)
      or
      such other “signature
      guarantee program”
as
      may
      be determined by the Note Registrar in addition to, or in substitution for,
      STAMP, all in accordance with the Securities Exchange Act of 1934, as
      amended.

     

    _________________________________________

    Signature
      Guarantee

    
      
        
        

      

      
        A-14

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    For
      value
      received ________________________________________ hereby sell(s) assign(s)
      and
      transfer(s) unto ___________________________________ (Please insert social
      security or other Taxpayer Identification Number of assignee) the within Note,
      and hereby irrevocably constitutes and appoints ____________________________
      attorney to transfer said Note on the books of the Issuer, with full power
      of
      substitution in the premises.

     

    In
      connection with any transfer of the Note, the undersigned confirms that such
      Note is being transferred:

     

    ⁭ To
      First
      Industrial, L.P., First Industrial Realty Trust, Inc. or a subsidiary
 of
      First
      Industrial, L.P.; or

     

    ⁭ To
      a
“qualified
      institutional buyer”
in
      compliance with Rule 144A under  the
      Securities Act of 1933, as amended.

     

    Unless
      one of the boxes is checked, the Trustee will refuse to register any of the
      Notes evidenced by this certificate in the name of any person other than the
      registered holder thereof.

     

    

     

    Dated:
      ______________________

     

    ___________________________________________

     

    ___________________________________________

    Signature(s)

     

    Signature(s)
      must be guaranteed by an “eligible
      guarantor institution”
meeting
      the requirements of the Note Registrar, which requirements include membership
      or
      participation in the Security Transfer Agent Medallion Program (“STAMP”)
      or
      such other “signature
      guarantee program”
as
      may
      be determined by the Note Registrar in addition to, or in substitution for,
      STAMP, all in accordance with the Securities Exchange Act of 1934, as
      amended.

     

    ___________________________________________

    Signature
      Guarantee

     

    NOTICE:
      The signature on this Assignment must correspond with the name as written upon
      the face of the Note in every particular without alteration or enlargement
      or
      any change whatever.

     

    
      
        
        

      

      
        A-15

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    For
      value
      received ________________________________________ hereby sell(s) assign(s)
      and
      transfer(s) unto ___________________________________ (Please insert social
      security or other Taxpayer Identification Number of assignee) ___________ shares
      of Common Stock, and hereby irrevocably constitutes and appoints
      ______________________________________ attorney to transfer said shares of
      Common Stock on the books of the Issuer, with full power of substitution in
      the
      premises.

     

    In
      connection with any transfer of the shares of Common Stock prior to the
      expiration of the holding period applicable to sales thereof under Rule 144(k)
      under the Securities Act (or any successor provision) (other than any transfer
      pursuant to a registration statement that has been declared effective under
      the
      Securities Act), the undersigned confirms that such shares of Common Stock
      are
      being transferred:

     

    
      	 	
              ⁭

            	
              To
                First Industrial, L.P., First Industrial Realty Trust, Inc. or a
                subsidiary of First Industrial, L.P.;
                or

            

    

     

    
      	 	
              ⁭

            	
              Pursuant
                to and in compliance with Rule 144 under the Securities Act of 1933,
                as
                amended; or

            

    

     

    
      	 	
              ⁭

            	
              To
                a person the undersigned reasonably believes is a qualified institutional
                buyer that is purchasing for its own account or for the account of
                another
                qualified institutional buyer and to whom notice is given that the
                transfer is being made in reliance on Rule 144A, all in compliance
                with
                Rule 144A (if available); or

            

    

     

    
      	 	
              ⁭

            	
              Pursuant
                to a Registration Statement which has been declared effective under
                the
                Securities Act of 1933, as amended, and which continues to be effective
                at
                the time of transfer.

            

    

     

    Unless
      one of the boxes is checked, the Transfer Agent will refuse to register any
      of
      the shares of Common Stock evidenced by this certificate in the name of any
      person other than the registered holder thereof.

     

    
      
        
        

      

      
        A-16

        
          

        

      

      
        
        

      

    

    [Include
      Schedule I only for a Global Note]

     

    SCHEDULE
      OF INCREASES OR DECREASES IN NOTE

     

    The
      initial principal amount of this Global Note is     Dollars
      ($    ). The following increases or decreases in part of
      this Note have been made: 

     

    

    
      	
              Date

            	
              Amount
                of Increase in Principal Amount of this Note

            	
              Amount
                of Decrease in Principal Amount of this Note

            	
              Principal
                Amount of this Note following such Increase or Decrease

            	
              Signature
                of Authorized Officer or Trustee 

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    
      
        
        

      

      
        A-17

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