Document:

Exhibit 4.5

EXECUTION VERSION

 

 

REGISTRATION RIGHTS AGREEMENT

 

Dated as of March 2, 2005

 

Among

 

BUHRMANN US INC.

 

and

 

BUHRMANN N.V.

 

and

 

THE OTHER GUARANTORS NAMED
HEREIN

 

as Issuers,

 

and

 

DEUTSCHE BANK SECURITIES INC.,

BNP PARIBAS SECURITIES CORP.

 

and

 

ING BANK N.V., LONDON BRANCH

as Initial Purchasers

 

7 7/8% Senior Subordinated
Notes due 2015

 

 

 

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is dated as of March 2,
2005, among BUHRMANN US INC., a Delaware corporation (the “Company”),
BUHRMANN N.V., a public company with limited liability under the laws of the
Netherlands, and the other entities that are listed on Schedule I hereto (collectively
with any entity that in the future executes a supplemental indenture pursuant
to which such entity agrees to guarantee the Notes (as hereinafter defined),
the “Guarantors” and, together with the Company, the “Issuers”),
and DEUTSCHE BANK SECURITIES INC., BNP PARIBAS SECURITIES CORP. and ING BANK N.V.,
LONDON BRANCH as initial purchasers (the “Initial Purchasers”).

 

This Agreement
is entered into in connection with the Purchase Agreement by and among the Issuers
and the Initial Purchasers, dated as of February 23, 2005 (the “Purchase
Agreement”), which provides for, among other things, the sale by the
Company to the Initial Purchasers of $150,000,000 aggregate principal amount of
the Company’s 7 7/8% Senior Subordinated Notes due 2015 (the “Notes”),
guaranteed by the Guarantors (the “Guarantees”).  The Notes and the Guarantees are collectively
referenced to herein as the “Securities”.  In order to induce the Initial Purchasers to
enter into the Purchase Agreement, the Issuers have agreed to provide the
registration rights set forth in this Agreement for the benefit of the Initial
Purchasers and any subsequent holder or holders of the Securities.  The execution and delivery of this Agreement
is a condition to the Initial Purchasers’ obligation to purchase the Securities
under the Purchase Agreement.

 

The parties
hereby agree as follows:

 

1.                                       Definitions

 

As used in
this Agreement, the following terms shall have the following meanings:

 

Additional
Interest:  See Section 4
hereof.

 

Advice:  See the last paragraph of Section 5
hereof.

 

Agreement:  See the introductory paragraphs hereto.

 

Applicable
Period:  See Section 2(b) hereof.

 

Business Day:  Any day that is not a Saturday, Sunday or a
day on which banking institutions in New York are authorized or required by law
to be closed.

 

Closing Date:  The Closing Date as defined in the Purchase
Agreement.

 

Company:  See the introductory paragraphs hereto.

 

Effectiveness
Date:  The 180th
day after the Issue Date; provided, however, that with respect to
any Shelf Registration, the Effectiveness Date shall be the 60th day after the
Filing

 

 

Date with
respect thereto; provided  further, however, that if the Effectiveness
Date would otherwise fall on a day that is not a Business Day, then the
Effectiveness Date shall be the next succeeding Business Day.

 

Effectiveness
Period:  See Section 3
hereof.

 

Event Date:  See Section 4 hereof.

 

Exchange Act:  The Securities Exchange Act of 1934, and the rules and
regulations of the SEC promulgated thereunder.

 

Exchange Notes:  See Section 2(a) hereof.

 

Exchange Offer:  See Section 2(a) hereof.

 

Exchange Offer
Registration Statement:  See Section 2(a) hereof.

 

Filing Date:  (A)  If no Exchange Offer
Registration Statement has been filed by the Issuers pursuant to this
Agreement, the 120th day after the Issue Date; and (B) with respect to a
Shelf Registration Statement, the 60th day after the delivery of a Shelf Notice
as required pursuant to Section 2(c) hereof; provided  further,
however, that if the Effectiveness Date would otherwise fall on a day
that is not a Business Day, then the Effectiveness Date shall be the next succeeding
Business Day.

 

Guarantees:  See the introductory paragraphs hereto.

 

Guarantors:  See the introductory paragraphs hereto.

 

Holder:  Any holder of a Registrable Note or Registrable
Notes.

 

Indemnified
Person:  See Section 7(c) hereof.

 

Indemnifying
Persons:  See Section 7(c) hereof.

 

Indenture:  The Indenture, dated as of March 2, 2005,
by and among the Issuers and The Bank of New York, as Trustee, pursuant to
which the Notes are being issued, as amended or supplemented from time to time
in accordance with the terms thereof.

 

Information:  See Section 5(o) hereof.

 

Initial
Purchasers:  See
the introductory paragraphs hereto.

 

Inspectors:  See Section 5(o) hereof.

 

Issue Date:  March 2, 2005, the date of original
issuance of the Notes.

 

Issuers:  See the introductory paragraphs hereto.

 

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NASD:  See Section 5(s) hereof.

 

Notes:  See the introductory paragraphs hereto.

 

Participant:  See Section 7(a) hereof.

 

Participating
Broker-Dealer: 
See Section 2(b) hereof.

 

Person:  An individual, trustee, corporation,
partnership, limited liability company, joint stock company, trust, unincorporated
association, union, business association, firm or other legal entity.

 

Private
Exchange:  See Section 2(b) hereof.

 

Private
Exchange Notes: 
See Section 2(b) hereof.

 

Prospectus:  The prospectus included in any Registration
Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a
prospectus filed as part of an effective registration statement in reliance
upon Rule 430A under the Securities Act and any term sheet filed pursuant
to Rule 434 under the Securities Act), as amended or supplemented by any
prospectus supplement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

 

Purchase
Agreement:  See
the introductory paragraphs hereof.

 

Records:  See Section 5(o) hereof.

 

Registrable
Notes:  Each
Note upon its original issuance and at all times subsequent thereto, each
Exchange Note (and the related Guarantees) as to which Section 2(c)(iv) hereof
is applicable upon original issuance and at all times subsequent thereto and
each Private Exchange Note (and the related Guarantees) upon original issuance
thereof and at all times subsequent thereto, until the earliest to occur of (i) a
Registration Statement (other than, with respect to any Exchange Note as to
which Section 2(c)(iv) hereof is applicable, the Exchange Offer
Registration Statement) covering such Note, Exchange Note or Private Exchange
Note has been declared effective by the SEC and such Note, Exchange Note or
such Private Exchange Note (and the related Guarantees), as the case may be,
has been disposed of in accordance with such effective Registration Statement, (ii) such
Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or
Exchange Notes (and the related Guarantees) that may be resold (or, but for the
status of such Holder as an affiliate of the Issuers under Rule 405, could
be resold) without restriction under state and federal securities laws, (iii) such
Note, Exchange Note or Private Exchange Note (and the related Guarantees), as
the case may be, ceases to be outstanding for purposes of the Indenture, or (iv) such
Note, Exchange Note or Private Exchange Note (and the related Guarantees), as
the case may be, in the reasonable opinion of the Company, may be resold
without restriction pursuant to Rule 144(k) (as amended or replaced) under
the Securities Act.

 

3

 

Registration
Statement:  Any
registration statement of the Issuers that covers any of the Notes, the
Exchange Notes or the Private Exchange Notes (and the related Guarantees) filed
with the SEC under the Securities Act, including the Prospectus, amendments and
supplements to such registration statement, including post-effective amendments,
all exhibits, and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement.

 

Rule 144:  Rule 144 under the Securities Act.

 

Rule 144A:  Rule 144A under the Securities Act.

 

Rule 405:  Rule 405 under the Securities Act.

 

Rule 415:  Rule 415 under the Securities Act.

 

Rule 424:  Rule 424 under the Securities Act.

 

SEC:  The U.S. Securities and Exchange Commission.

 

Securities:  See the introductory paragraphs hereto.

 

Securities Act:  The Securities Act of 1933, and the rules and
regulations of the SEC promulgated thereunder.

 

Shelf Notice:  See Section 2(c) hereof.

 

Shelf
Registration: 
See Section 3(a) hereof.

 

TIA:  The Trust Indenture Act of 1939, as amended.

 

Trustee:  The trustee under the Indenture and the
trustee (if any) under any indenture governing the Exchange Notes and Private
Exchange Notes (and the related Guarantees).

 

Underwritten
registration or underwritten offering:  A registration in which securities of one or
more of the Issuers are sold to an underwriter for reoffering to the public.

 

Except as
otherwise specifically provided, all references in this Agreement to acts,
laws, statutes, rules, regulations, releases, forms, no-action letters and
other regulatory requirements (collectively, “Regulatory Requirements”)
shall be deemed to refer also to any amendments thereto and all subsequent
Regulatory Requirements adopted as a replacement thereto having substantially
the same effect therewith; provided that Rule 144 shall not be deemed
to amend or replace Rule 144A.

 

2.                                       Exchange
Offer

 

(a)                                  The
Issuers shall file with the SEC, no later than the Filing Date, a Registration
Statement (the “Exchange Offer Registration Statement”) on an
appropriate registration form with respect to a registered offer (the “Exchange
Offer”) to exchange any and all of the

 

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Registrable Notes for a like
aggregate principal amount of debt securities of the Company, guaranteed by the
Guarantors, that are identical in all material respects to the Securities,
except that (i) the Exchange Notes shall contain no restrictive legend
thereon (the “Exchange Notes”), (ii) no Additional Interest will
ever accrue or be paid with respect to the Exchange Notes; and (iii) interest
thereon shall accrue from the last date on which interest was paid on the Notes
or, if no such interest has been paid, from the Issue Date, and which are
entitled to the benefits of the Indenture or a trust indenture which is
identical in all material respects to the Indenture (other than such changes to
the Indenture or any such identical trust indenture as are necessary to comply
with the TIA) and which, in either case, has been qualified under the TIA.  The Exchange Offer shall comply with all
applicable tender offer rules and regulations under the Exchange Act and
other applicable laws.  The Issuers shall
use their reasonable best efforts to (x) cause the Exchange Offer
Registration Statement to be declared effective under the Securities Act on or
before the Effectiveness Date; (y) keep the Exchange Offer open for at
least 30 days (or longer if required by applicable law) after the date that
notice of the Exchange Offer is mailed to Holders; and (z) consummate the
Exchange Offer on or prior to the 210th day following the Issue Date.  If, after the Exchange Offer Registration
Statement is initially declared effective by the SEC, the Exchange Offer or the
issuance of the Exchange Notes thereunder is interfered with by any stop order,
injunction or other order or requirement of the SEC or any other governmental
agency or court, the Exchange Offer Registration Statement shall be deemed not
to have become effective for purposes of this Agreement, unless such
interference is cured within 30 Business Days.

 

Each Holder
(including, without limitation, each Participating Broker-Dealer) who
participates in the Exchange Offer will be required to represent to the Company
in writing (which may be contained in the applicable letter of transmittal)
that:  (i) any Exchange Notes acquired
in exchange for Registrable Notes tendered is being acquired in the ordinary
course of business of the Person receiving such Exchange Notes, whether or not
such recipient is such Holder itself; (ii) neither such Holder nor, to the
actual knowledge of such Holder, any other Person receiving Exchange Notes from
such Holder is engaging in or intends to engage in a distribution of the
Exchange Notes; (iii) at the time of the consummation of the Exchange
Offer neither such Holder nor, to the actual knowledge of such Holder, any
other Person receiving Exchange Notes from such Holder has an arrangement or
understanding with any Person to participate in the distribution of the
Exchange Notes in violation of the provisions of the Securities Act; (iv) neither
the Holder nor, to the actual knowledge of such Holder, any other Person is an “affiliate”
(as defined in Rule 405) of the Company or, if it is an affiliate of the
Company, it will comply with the registration and prospectus delivery requirements
of the Securities Act to the extent applicable; and (v) if such Holder is
a Participating Broker-Dealer, such Holder has acquired the Registrable Notes
as a result of market-making activities or other trading activities and that it
will comply with the applicable provisions of the Securities Act (including,
but not limited to, the prospectus delivery requirements thereunder).

 

Upon
consummation of the Exchange Offer in accordance with this Section 2, the
provisions of this Agreement shall continue to apply, mutatis  mutandis,
solely with respect to Registrable Notes that are Private Exchange Notes,
Exchange Notes as to which Section 2(c)(iv) is applicable and
Exchange Notes held by Participating Broker-Dealers, and the Issuers shall have
no further obligation to register Registrable Notes (other than Private Exchange
Notes and Exchange Notes as to which clause 2(c)(iv) hereof applies)
pursuant to Section 3 hereof.

 

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No securities
other than the Exchange Notes shall be included in the Exchange Offer
Registration Statement.

 

(b)                                 The
Issuers shall include within the Prospectus contained in the Exchange Offer
Registration Statement a section entitled “Plan of Distribution,”
reasonably acceptable to the Initial Purchasers, which shall contain a summary
statement of the positions taken or policies made by the staff of the SEC with
respect to the potential “underwriter” status of any broker-dealer that is the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes
received by such broker-dealer in the Exchange Offer (a “Participating
Broker-Dealer”), whether such positions or policies have been publicly disseminated
by the staff of the SEC or such positions or policies represent the prevailing
views of the staff of the SEC.  Such “Plan
of Distribution” section shall also expressly permit, to the extent
permitted by applicable policies and regulations of the SEC, the use of the
Prospectus by all Persons subject to the prospectus delivery requirements of
the Securities Act, including, to the extent permitted by applicable policies
and regulations of the SEC, all Participating Broker-Dealers, and include a
statement describing the means by which Participating Broker-Dealers may resell
the Exchange Notes in compliance with the Securities Act.

 

The Issuers
shall use their best efforts to keep the Exchange Offer Registration Statement
effective and to amend and supplement the Prospectus contained therein in order
to permit such Prospectus to be lawfully delivered by all Persons subject to
the prospectus delivery requirements of the Securities Act for such period of
time as is necessary to comply with applicable law in connection with any
resale of the Exchange Notes; provided, however, that such period
shall not be required to exceed 180 days or such longer period if extended
pursuant to the last paragraph of Section 5 hereof (the “Applicable Period”).

 

If, prior to
consummation of the Exchange Offer, the Initial Purchasers hold any Notes
acquired by them that have the status of an unsold allotment in the initial
distribution, the Issuers upon the request of the Initial Purchasers shall
simultaneously with the delivery of the Exchange Notes issue and deliver to the
Initial Purchasers, in exchange (the “Private Exchange”) for such Notes
held by any such Holder, a like principal amount of notes (the “Private
Exchange Notes”) of the Issuers, guaranteed by the Guarantors, that are
identical in all material respects to the Exchange Notes except for the placement
of a restrictive legend on such Private Exchange Notes.  The Private Exchange Notes shall be issued
pursuant to the same indenture as the Exchange Notes and bear the same CUSIP
number as the Exchange Notes.

 

In connection
with the Exchange Offer, the Issuers shall:

 

(1)                                  mail, or cause to be
mailed, to each Holder of record entitled to participate in the Exchange Offer
a copy of the Prospectus forming part of the Exchange Offer Registration
Statement, together with an appropriate letter of transmittal and related documents;

 

(2)                                  use their reasonable
best efforts to keep the Exchange Offer open for not less than 30 days after
the date that notice of the Exchange Offer is mailed to Holders (or longer if
required by applicable law);

 

6

 

(3)                                  utilize the services
of a depositary for the Exchange Offer with an address in the Borough of
Manhattan, The City of New York;

 

(4)                                  permit Holders to
withdraw tendered Securities at any time prior to the close of business, New
York time, on the last Business Day on which the Exchange Offer remains open;
and

 

(5)                                  otherwise comply in
all material respects with all applicable laws, rules and regulations.

 

As soon as
practicable after the close of the Exchange Offer and the Private Exchange, if
any, the Issuers shall:

 

(1)                                  accept for exchange
all Registrable Notes validly tendered and not validly withdrawn pursuant to
the Exchange Offer and the Private Exchange, if any;

 

(2)                                  deliver to the
Trustee for cancellation all Registrable Notes so accepted for exchange; and

 

(3)                                  cause the Trustee to
authenticate and deliver promptly to each Holder of Securities, Exchange Notes
or Private Exchange Notes, as the case may be, equal in principal amount to the
Securities of such Holder so accepted for exchange; provided that, in
the case of any Securities held in global form by a depositary, authentication
and delivery to such depositary of one or more replacement Securities in global
form in an equivalent principal amount thereto for the account of such Holders
in accordance with the Indenture shall satisfy such authentication and delivery
requirement.

 

The Exchange
Offer and the Private Exchange shall not be subject to any conditions, other
than that (i) the Exchange Offer or Private Exchange, as the case may be,
does not violate applicable law or any applicable interpretation of the staff
of the SEC; (ii) no action or proceeding shall have been instituted or
threatened in any court or by any governmental agency which might materially
impair the ability of the Issuers to proceed with the Exchange Offer or the
Private Exchange, and no material adverse development shall have occurred in
any existing action or proceeding with respect to the Issuers; (iii) all
governmental approvals shall have been obtained, which approvals the Issuers
deem necessary for the consummation of the Exchange Offer or Private Exchange;
and (iv) the conditions precedent to the Issuers’ obligations under this
Agreement shall have been fulfilled.

 

The Exchange
Notes and the Private Exchange Notes shall be issued under (i) the
Indenture or (ii) an indenture identical in all material respects to the
Indenture and which, in either case, has been qualified under the TIA or is
exempt from such qualification and shall provide that the Exchange Notes shall
not be subject to the transfer restrictions set forth in the Indenture.  The Indenture or such indenture shall provide
that the Exchange Notes, the Private Exchange Notes and the Securities shall
vote and consent together on all matters as one class and that none of the
Exchange Notes, the Private Exchange Notes or the Securities will have the
right to vote or consent as a separate class on any matter.

 

7

 

(c)                                  If,
(i) because of any change in law or in currently prevailing
interpretations of the staff of the SEC, the Issuers are not permitted to
effect the Exchange Offer, (ii) the Exchange Offer is not consummated on
or prior to the 210th day after the Issue Date, (iii) any holder of Private
Exchange Notes so requests to the Company in writing after the consummation of
the Private Exchange, or (iv) in the case of any Holder that participates
in the Exchange Offer, such Holder does not receive Exchange Notes on the date
of the exchange that may be sold without restriction under state and federal
securities laws (other than due solely to the status of such Holder as an
affiliate of the Issuers under Rule 405) and such Holder so requests, then
in the case of each of clauses (i) to and including (iv) of this
sentence, the Issuers shall promptly deliver to the Holders and the Trustee
written notice thereof (the “Shelf Notice”) and shall file a Shelf
Registration pursuant to Section 3 hereof.

 

3.                                       Shelf
Registration

 

If at any time
a Shelf Notice is delivered as contemplated by Section 2(c) hereof,
then:

 

(a)                                  Shelf Registration.  The Issuers shall as promptly as practicable
file with the SEC a Registration Statement for an offering to be made on a
continuous basis pursuant to Rule 415 covering all of the Registrable
Notes (the “Shelf Registration”). 
If the Issuers shall not have yet filed an Exchange Offer Registration
Statement, the Issuers shall use their best efforts to file with the SEC the
Shelf Registration on or prior to the Filing Date.  The Shelf Registration shall be on Form F-1
or another appropriate form permitting registration of such Registrable Notes
for resale by Holders in the manner or manners designated by them (including,
without limitation, one or more underwritten offerings).  The Issuers shall not permit any securities
other than the Registrable Notes and the Guarantees to be included in the Shelf
Registration.

 

The Issuers
shall use their reasonable best efforts to cause the Shelf Registration to be
declared effective under the Securities Act on or prior to the Effectiveness
Date and to keep the Shelf Registration continuously effective under the
Securities Act until the date that is two years from the Issue Date or such
shorter period ending when all Registrable Notes covered by the Shelf
Registration have been sold in the manner set forth and as contemplated in the
Shelf Registration (the “Effectiveness Period”); provided, however,
that the Effectiveness Period in respect of the Shelf Registration shall be
extended to the extent required to permit dealers to comply with the applicable
prospectus delivery requirements of Rule 174 under the Securities Act and
as otherwise provided therein.

 

(b)                                 Withdrawal of Stop
Orders.  If the Shelf Registration
ceases to be effective for any reason at any time during the Effectiveness
Period (other than because of the sale of all of the securities registered
thereunder), the Issuers shall use their best efforts to obtain the prompt
withdrawal of any order suspending the effectiveness thereof.

 

(c)                                  Supplements and
Amendments.  The Issuers shall
promptly supplement and amend the Shelf Registration if required by the rules,
regulations or instructions applicable to the registration form used for such
Shelf Registration, if required by the Securities Act, or if reasonably
requested by the Holders of a majority in aggregate principal

 

8

 

amount of the Registrable Notes (or their
counsel) covered by such Registration Statement with respect to the information
included thereon with respect to one or more of such Holders, or by any underwriter
of such Registrable Notes with respect to the information included thereon with
respect to such underwriter.

 

(d)                                 Notwithstanding the
foregoing, the Company, upon advising the Initial Purchasers, may suspend the
use of the prospectus included in any Shelf Registration in the event that and
for a period of time (the “Shelf Blackout Period”) not to exceed an
aggregate of ninety days in any twelve-month period if (1) the Supervisory
Board of Directors of Buhrmann N.V. determines that the premature disclosure of
a material event at such time would have a material adverse effect on the
business, operations or prospects of Buhrmann N.V. or the Issuer or (2) the
disclosure otherwise relates to a material business transaction which has not
been publicly disclosed and the Supervisory Board of Directors of Buhrmann N.V.
determines that any such disclosure would jeopardize the success of such
transaction; provided that, upon the termination of such Shelf Blackout
Period, the Company promptly shall advise the Initial Purchasers that such
Shelf Blackout Period has been terminated.

 

4.                                       Additional
Interest

 

(a)                                  The
Issuers and the Initial Purchasers agree that the Holders will suffer damages
if the Issuers fail to fulfill their obligations under Section 2 or Section 3
hereof and that it would not be feasible to ascertain the extent of such
damages with precision.  Accordingly, the
Issuers agree to pay, as liquidated damages, additional interest on the Notes (“Additional
Interest”) under the circumstances and to the extent set forth below (each
of which shall be given independent effect):

 

(i)                                     if (A) neither
the Exchange Offer Registration Statement nor the Shelf Registration has been
filed on or prior to the applicable Filing Date or (B) notwithstanding
that the Issuers have consummated or will consummate the Exchange Offer, the
Issuers are required to file a Shelf Registration and such Shelf Registration
is not filed on or prior to the Filing Date applicable thereto, then,
commencing on the day after any such Filing Date, Additional Interest shall
accrue on the principal amount of the Securities at a rate of 0.50% per annum
for the first 90 days immediately following each such Filing Date, and
such Additional Interest rate shall increase by an additional 0.50% per annum
at the beginning of each subsequent 90-day period; or

 

(ii)                                  if (A) neither
the Exchange Offer Registration Statement nor the Shelf Registration is
declared effective by the SEC on or prior to the relevant Effectiveness Date or
(B) notwithstanding that the Issuers have consummated or will consummate
the Exchange Offer, the Issuers are required to file a Shelf Registration and
such Shelf Registration is not declared effective by the SEC on or prior to the
Effectiveness Date in respect of such Shelf Registration, then, commencing on
the day after such Effectiveness Date, Additional Interest shall accrue on the
principal amount of the Securities at a rate of 0.50% per annum for the first
90 days immediately following the day after such Effectiveness Date, and such
Additional Interest rate shall increase by an additional 0.50% per annum at the
beginning of each subsequent 90-day period; or

 

9

 

(iii)                               if (A) the Issuers
have not exchanged Exchange Notes for all Securities validly tendered in
accordance with the terms of the Exchange Offer on or prior to the 210th day
after the Issue Date or (B) if applicable, a Shelf Registration has been declared
effective and such Shelf Registration ceases to be effective at any time during
the Effectiveness Period, except in the case of a Shelf Blackout Period, then
Additional Interest shall accrue on the principal amount of the Securities at a
rate of 0.50% per annum for the first 90 days commencing on (x) the 210th
day after the Issue Date, in the case of (A) above, or (y) the day
such Shelf Registration ceases to be effective in the case of (B) above,
and such Additional Interest rate shall increase by an additional 0.50% per annum
at the beginning of each such subsequent 90-day period;

 

provided,
however, that the Additional Interest rate on the Notes may not accrue
under more than one of the foregoing clauses (i)-(iii) at any one time and
may not exceed at any one time in the aggregate 1.00% per annum; provided,
further, that if the Shelf Registration Statement ceases to be effective
in the case of clause (iii)(B) above on account of a Shelf Blackout Period,
Additional Interest will cease to accrue during such Shelf Blackout Period; provided,
further, however, that (1) upon the filing of the applicable
Exchange Offer Registration Statement or the Shelf Registration as required
hereunder (in the case of clause (i) above of this Section 4(a)),
(2) upon the effectiveness of the Exchange Offer Registration Statement or
the Shelf Registration Statement as required hereunder (in the case of
clause (ii) of this Section 4), or (3) upon the exchange of
the applicable Exchange Notes for all Securities tendered (in the case of
clause (iii)(A) of this Section 4), or upon the effectiveness of
the Shelf Registration Statement which had ceased to remain effective (in the
case of clause (iii)(B) of this Section 4), Additional Interest
on the Notes in respect of which such events relate as a result of such clause
(or the relevant subclause thereof), as the case may be, shall cease to
accrue.  A confidential submission to the
SEC shall qualify as a filing for purposes of the filing deadlines above.

 

(b)                                 The
Issuers shall notify the Trustee within one Business Day after each and every
date on which an event occurs in respect of which Additional Interest is
required to be paid (an “Event Date”). 
Any amounts of Additional Interest due pursuant to (a)(i), (a)(ii) or
(a)(iii) of this Section 4 will be payable in cash semiannually on
each March 1 and September 1 (to the holders of record on the February 15
and August 15 immediately preceding such dates), commencing with the first
such date occurring after any such Additional Interest commences to
accrue.  The amount of Additional
Interest will be determined by multiplying the applicable Additional Interest
rate by the principal amount of the Registrable Notes, multiplied by a
fraction, the numerator of which is the number of days such Additional Interest
rate was applicable during such period (determined on the basis of a 360-day
year comprised of twelve 30-day months and, in the case of a partial month, the
actual number of days elapsed), and the denominator of which is 360.

 

5.                                       Registration
Procedures

 

In connection
with the filing of any Registration Statement pursuant to Section 2 or 3
hereof, the Issuers shall effect such registrations to permit the sale of the
securities covered thereby in accordance with the intended method or methods of
disposition thereof, and pursuant

 

10

 

thereto and in
connection with any Registration Statement filed by the Issuers hereunder each
of the Issuers shall:

 

(a)                                  Prepare and file with
the SEC prior to the Filing Date a Registration Statement or Registration
Statements as prescribed by Section 2 or 3 hereof, and use its reasonable
best efforts to cause each such Registration Statement to become effective and
remain effective as provided herein; provided, however, that if (1) such
filing is pursuant to Section 3 hereof, or (2) a Prospectus contained
in the Exchange Offer Registration Statement filed pursuant to Section 2
hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period relating thereto, before filing any Registration Statement or
Prospectus or any amendments or supplements thereto, the Issuers shall furnish
to and afford the Holders of the Registrable Notes included in such Registration
Statement (with respect to a Registration Statement filed pursuant to Section 3
hereof) or each such Participating Broker-Dealer (with respect to any such Registration
Statement), as the case may be, their counsel and the managing underwriters, if
any, a reasonable opportunity to review copies of all such documents (including
copies of any documents to be incorporated by reference therein and all
exhibits thereto) proposed to be filed (in each case at least five business
days prior to such filing, or such later date as is reasonable under the
circumstances).  The Issuers shall not
file any Registration Statement or Prospectus or any amendments or supplements
thereto if the Holders of a majority in aggregate principal amount of the
Registrable Notes included in such Registration Statement, their counsel, or
the managing underwriters, if any, shall reasonably object on a timely basis.

 

(b)                                 Prepare and file with
the SEC such amendments and post-effective amendments to each Shelf
Registration Statement or Exchange Offer Registration Statement, as the case
may be, as may be necessary to keep such Shelf Registration Statement or
Exchange Offer Registration Statement continuously effective for the
Effectiveness Period or the Applicable Period, respectively; cause the related
Prospectus to be supplemented by any Prospectus supplement required by
applicable law, and as so supplemented to be filed pursuant to Rule 424;
and comply with the provisions of the Securities Act and the Exchange Act
applicable to each of them with respect to the disposition of all securities
covered by such Registration Statement as so amended or in such Prospectus as
so supplemented and with respect to the subsequent resale of any securities
being sold by a Participating Broker-Dealer covered by any such Prospectus.  The Issuers shall be deemed not to have used
their reasonable best efforts to keep a Registration Statement effective during
the Effectiveness Period or the Applicable Period, as the case may be, relating
thereto if any Issuer voluntarily takes any action that would result in selling
Holders of the Registrable Notes covered thereby or Participating
Broker-Dealers seeking to sell Exchange Notes not being able to sell such
Registrable Notes or such Exchange Notes during that period unless such action
is required by applicable law or permitted by this Agreement.

 

(c)                                  If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating

 

11

 

Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period relating thereto from whom any Issuer has
received written notice that it will be a Participating Broker-Dealer in the
Exchange Offer, notify the selling Holders of Registrable Notes (with respect
to a Registration Statement filed pursuant to Section 3 hereof), or each
such Participating Broker-Dealer (with respect to any such Registration
Statement), as the case may be, their counsel and the managing underwriters, if
any, promptly (but in any event within three business days), and confirm such
notice in writing, (i) when a Prospectus or any Prospectus supplement or
post-effective amendment has been filed, and, with respect to a Registration
Statement or any post-effective amendment, when the same has become effective
under the Securities Act (including in such notice a written statement that any
Holder may, upon request, obtain, at the sole expense of the Issuers, one
conformed copy of such Registration Statement or post-effective amendment
including financial statements and schedules, documents incorporated or deemed to
be incorporated by reference and exhibits), (ii) of the issuance by the
SEC of any stop order suspending the effectiveness of a Registration Statement
or of any order preventing or suspending the use of any preliminary prospectus
or the initiation of any proceedings for that purpose, (iii) if at any
time when a prospectus is required by the Securities Act to be delivered in
connection with sales of the Registrable Notes or resales of Exchange Notes by
Participating Broker-Dealers the representations and warranties of the Issuers
contained in any agreement (including any underwriting agreement) contemplated
by Section 5(n) hereof cease to be true and correct in all material
respects, (iv) of the receipt by any Issuer of any notification with
respect to the suspension of the qualification or exemption from qualification
of a Registration Statement or any of the Registrable Notes or the Exchange
Notes to be sold by any Participating Broker-Dealer for offer or sale in any
jurisdiction, or the initiation or threatening of any proceeding for such
purpose, (v) of the happening of any event, the existence of any condition
or any information becoming known that makes any statement made in such
Registration Statement or related Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect
or that requires the making of any changes in or amendments or supplements to
such Registration Statement, Prospectus or documents so that, in the case of
the Registration Statement, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, and that in the
case of the Prospectus, it will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, and (vi) of the Issuers’ determination
that a post-effective amendment to a Registration Statement would be
appropriate.

 

(d)                                 Use its reasonable
best efforts to prevent the issuance of any order suspending the effectiveness
of a Registration Statement or of any order preventing or suspending the use of
a Prospectus or suspending the qualification (or exemption from qualification)
of any of the Registrable Notes or the Exchange Notes to be sold by any Participating
Broker-Dealer, for sale in any jurisdiction, and, if any such order is issued,
to use its reasonable best efforts to obtain the withdrawal of any such order
at the earliest practicable date.

 

12

 

(e)                                  If a Shelf
Registration is filed pursuant to Section 3 and if reasonably requested during
the Effectiveness Period by the managing underwriter or underwriters (if any),
the Holders of a majority in aggregate principal amount of the Registrable
Notes being sold in connection with an underwritten offering or any
Participating Broker-Dealer, (i) as promptly as practicable incorporate in
a prospectus supplement or post-effective amendment such information as the
managing underwriter or underwriters (if any), such Holders, any Participating
Broker-Dealer or counsel for any of them reasonably request to be included
therein, (ii) make all required filings of such prospectus supplement or
such post-effective amendment as soon as practicable after the Company has
received notification of the matters to be incorporated in such prospectus
supplement or post-effective amendment, and (iii) supplement or make
amendments to such Registration Statement.

 

(f)                                    If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed pursuant
to Section 2 hereof is required to be delivered under the Securities Act
by any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, furnish to each selling Holder of Registrable Notes (with
respect to a Registration Statement filed pursuant to Section 3 hereof)
and to each such Participating Broker-Dealer who so requests (with respect to
any such Registration Statement) and to their respective counsel and each
managing underwriter, if any, at the sole expense of the Issuers, one conformed
copy of the Registration Statement or Registration Statements and each
post-effective amendment thereto, including financial statements and schedules,
and, if requested, all documents incorporated or deemed to be incorporated therein
by reference and all exhibits.

 

(g)                                 If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the Securities
Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during
the Applicable Period, deliver to each selling Holder of Registrable Notes
(with respect to a Registration Statement filed pursuant to Section 3
hereof), or each such Participating Broker-Dealer (with respect to any such
Registration Statement), as the case may be, their respective counsel, and the
underwriters, if any, at the sole expense of the Issuers, as many copies of the
Prospectus or Prospectuses (including each form of preliminary prospectus) and
each amendment or supplement thereto and any documents incorporated by reference
therein as such Persons may reasonably request; and, subject to the last
paragraph of this Section 5, the Issuers hereby consent to the use of such
Prospectus and each amendment or supplement thereto by each of the selling
Holders of Registrable Notes or each such Participating Broker-Dealer, as the
case may be, and the underwriters or agents, if any, and dealers, if any, in
connection with the offering and sale of the Registrable Notes covered by, or
the sale by Participating Broker-Dealers of the Exchange Notes pursuant to,
such Prospectus and any amendment or supplement thereto.

 

(h)                                 Prior to any public
offering of Registrable Notes or Exchange Notes or any delivery of a Prospectus
contained in the Exchange Offer Registration Statement by

 

13

 

any Participating Broker-Dealer who seeks to
sell Exchange Notes during the Applicable Period, use its reasonable best
efforts to register or qualify, and to cooperate with the selling Holders of
Registrable Notes or each such Participating Broker-Dealer, as the case may be,
the managing underwriter or underwriters, if any, and their respective counsel
in connection with the registration or qualification (or exemption from such
registration or qualification) of such Registrable Notes for offer and sale
under the securities or Blue Sky laws of such jurisdictions within the United
States as any selling Holder, Participating Broker-Dealer, or the managing
underwriter or underwriters reasonably request in writing; provided, however,
that where Exchange Notes held by Participating Broker-Dealers or Registrable
Notes are offered other than through an underwritten offering, the Issuers
agree to cause their counsel to perform Blue Sky investigations and file
registrations and qualifications required to be filed pursuant to this Section 5(h),
keep each such registration or qualification (or exemption therefrom) effective
during the period such Registration Statement is required to be kept effective
and do any and all other acts or things reasonably necessary or advisable to
enable the disposition in such jurisdictions of the Exchange Notes held by
Participating Broker-Dealers or the Registrable Notes covered by the applicable
Registration Statement; provided, however, that no Issuer shall
be required to (A) qualify generally to do business in any jurisdiction
where it is not then so qualified, (B) take any action that would subject
it to general service of process in any such jurisdiction where it is not then
so subject, or (C) subject itself to taxation in excess of a nominal
dollar amount in any such jurisdiction where it is not then so subject.

 

(i)                                     If a Shelf Registration
is filed pursuant to Section 3 hereof, cooperate with the selling Holders
of Registrable Notes and the managing underwriter or underwriters, if any, to
facilitate the timely preparation and delivery of certificates representing
Registrable Notes to be sold, which certificates shall not bear any restrictive
legends and shall be in a form eligible for deposit with The Depository Trust
Company; and enable such Registrable Notes to be in such denominations (subject
to applicable requirements contained in the Indenture) and registered in such
names as the managing underwriter or underwriters, if any, or Holders may request.

 

(j)                                     Use their
reasonable best efforts to cause the Registrable Notes covered by the
Registration Statement to be registered with or approved by such other
governmental agencies or authorities as may be reasonably necessary to enable
the seller or sellers thereof or the underwriter or underwriters, if any, to
consummate the disposition of such Registrable Notes, except as may be required
solely as a consequence of the nature of such selling Holder’s business, in
which case the Issuers will cooperate in all reasonable respects with the
filing of such Registration Statement and the granting of such approvals.

 

(k)                                  If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, upon the occurrence of any event
contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly
as practicable (except, in the case of a Shelf Registration, during a Shelf
Blackout Period) prepare and (subject to Section 5(a) hereof) file
with the SEC, at the sole expense of the

 

14

 

Issuers, a supplement or post-effective
amendment to the Registration Statement or a supplement to the related
Prospectus or any document incorporated or deemed to be incorporated therein by
reference, or file any other required document so that, as thereafter delivered
to the purchasers of the Registrable Notes being sold thereunder (with respect
to a Registration Statement filed pursuant to Section 3 hereof) or to the
purchasers of the Exchange Notes to whom such Prospectus will be delivered by a
Participating Broker-Dealer (with respect to any such Registration Statement),
any such Prospectus will not contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they
were made, not misleading.

 

(l)                                     Use its reasonable
best efforts to cause the Registrable Notes covered by a Registration Statement
or the Exchange Notes, as the case may be, to be rated with the appropriate
rating agencies, if so requested by the Holders of a majority in aggregate
principal amount of Registrable Notes covered by such Registration Statement or
the Exchange Notes, as the case may be, or the managing underwriter or underwriters,
if any.

 

(m)                               Prior to the effective
date of the first Registration Statement relating to the Registrable Notes, (i) provide
the Trustee with certificates for the Registrable Notes in a form eligible for
deposit with The Depository Trust Company and (ii) provide a CUSIP number
for the Registrable Notes.

 

(n)                                 In connection with any
underwritten offering of Registrable Notes pursuant to a Shelf Registration,
enter into an underwriting agreement as is customary in underwritten offerings
of debt securities similar to the Securities in form and substance reasonably
satisfactory to the Issuers, and take all such other actions as are reasonably
requested by the managing underwriter or underwriters in order to expedite or
facilitate the registration or the disposition of such Registrable Notes and,
in such connection, (i) make such representations and warranties to, and
covenants with, the underwriters with respect to the business of the Issuers
(including any acquired business, properties or entity, if applicable), and the
Registration Statement, Prospectus and documents, if any, incorporated or
deemed to be incorporated by reference therein, in each case, as are customarily
made by issuers to underwriters in underwritten offerings of debt securities
similar to the Securities, and confirm the same in writing if and when
requested in form and substance reasonably satisfactory to the Issuers; (ii) obtain
the written opinions of counsel to the Issuers, and written updates thereof in
form, scope and substance reasonably satisfactory to the managing underwriter
or underwriters, addressed to the underwriters covering the matters customarily
covered in opinions reasonably requested in underwritten offerings and such
other matters as may be reasonably requested by the managing underwriter or
underwriters; (iii) use its reasonable best efforts to obtain “cold
comfort” letters and updates thereof in form, scope and substance reasonably
satisfactory to the managing underwriter or underwriters from the independent
certified public accountants of the Issuers (and, if necessary, any other
independent certified public accountants the Issuers, or of any business
acquired by the Issuers, for which financial statements and financial data are,
or are required to be, included or incorporated by reference in the
Registration Statement), addressed to each of the underwriters, such letters to
be in customary form

 

15

 

and covering matters of the type customarily
covered in “cold comfort” letters in connection with underwritten offerings of
debt securities similar to the Securities and such other matters as reasonably
requested by the managing underwriter or underwriters as permitted by the
Statement on Auditing Standards No. 72; and (iv) if an underwriting
agreement is entered into, the same shall contain indemnification provisions
and procedures no less favorable to the sellers and underwriters, if any, than
those set forth in Section 7 hereof (or such other provisions and
procedures acceptable to Holders of a majority in aggregate principal amount of
Registrable Notes covered by such Registration Statement and the managing
underwriter or underwriters or agents, if any). 
The above shall be done at each closing under such underwriting
agreement, or as and to the extent required thereunder.

 

(o)                                 If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, make available for inspection by any
selling Holder of such Registrable Notes being sold (with respect to a
Registration Statement filed pursuant to Section 3 hereof), or each such
Participating Broker-Dealer, as the case may be, any underwriter participating
in any such disposition of Registrable Notes, if any, one attorney representing
such persons, and any accountant or other agent retained by any such selling
Holder or each such Participating Broker-Dealer (with respect to any such
Registration Statement), as the case may be, or underwriter (collectively, the “Inspectors”),
upon written request, at the offices where normally kept, during reasonable
business hours, all pertinent financial and other records, pertinent corporate
documents and instruments of the Issuers and subsidiaries of the Issuers
(collectively, the “Records”), as shall be reasonably necessary to
enable them to exercise any applicable due diligence responsibilities, and
cause the officers, directors and employees of the Issuers and any of their
respective subsidiaries to supply all information (“Information”) reasonably
requested by any such Inspector in connection with such due diligence
responsibilities.  Each Inspector shall
agree in writing that it will keep the Records and Information confidential and
that it will not disclose any of the Records that any Issuer determines, in
good faith, to be confidential and notifies the Inspectors in writing are
confidential unless (i) the disclosure of such Records or Information is
necessary to avoid or correct a misstatement or omission in such Registration
Statement or Prospectus, (ii) the release of such Records or Information
is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, or (iii) the information in such Records or Information has
been made generally available to the public other than by an Inspector or an “affiliate”
(as defined in Rule 405) thereof; provided, however, that
prior notice shall be provided as soon as practicable to any Issuer of the
potential disclosure of any information by such Inspector pursuant to
clauses (i) or (ii) of this sentence to permit the Issuers to
obtain a protective order (or waive the provisions of this paragraph (o))
and that such Inspector shall take such actions as are reasonably necessary to
protect the confidentiality of such information (if practicable) to the extent
such action is otherwise not inconsistent with, an impairment of or in
derogation of the rights and interests of the Holder or any Inspector.

 

16

 

(p)                                 Provide an indenture
trustee for the Registrable Notes or the Exchange Notes, as the case may be,
and cause the Indenture or the trust indenture provided for in Section 2(a) hereof,
as the case may be, to be qualified under the TIA not later than the effective
date of the first Registration Statement relating to the Registrable Notes; and
in connection therewith, cooperate with the trustee under any such indenture
and the Holders of the Registrable Notes, to effect such changes (if any) to
such indenture as may be required for such indenture to be so qualified in
accordance with the terms of the TIA; and execute, and use their reasonable best
efforts to cause such trustee to execute, all documents as may be required to
effect such changes, and all other forms and documents required to be filed
with the SEC to enable such indenture to be so qualified in a timely manner.

 

(q)                                 Comply with all
applicable rules and regulations of the SEC and make generally available
to its securityholders with regard to any applicable Registration Statement, a
consolidated earnings statement satisfying the provisions of Section 11(a) of
the Securities Act and Rule 158 thereunder (or any similar rule promulgated
under the Securities Act) no later than 60 days after the end of any 12-month
period (or 120 days after the end of any 12-month period if such period is
a fiscal year) (i) commencing at the end of any fiscal quarter in which
Registrable Notes are sold to underwriters in a firm commitment or best efforts
underwritten offering and (ii) if not sold to underwriters in such an
offering, commencing on the first day of the first fiscal quarter of the
Company, after the effective date of a Registration Statement, which statements
shall cover said 12-month periods.

 

(r)                                    Upon consummation
of the Exchange Offer or a Private Exchange, if requested by the Trustee,
obtain an opinion of counsel to the Company, in a form customary for
underwritten transactions, addressed to the Trustee, that the Exchange Notes or
the Private Exchange Notes, as the case may be, and the related indenture
constitute legally valid and binding obligations of the Company, enforceable
against the Company in accordance with their respective terms, subject to
customary qualifications and exceptions.

 

(s)                                  If the Exchange Offer
or a Private Exchange is to be consummated, upon delivery of the Registrable
Notes by Holders to the Company (or to such other Person as directed by the
Issuers), in exchange for the Exchange Notes or the Private Exchange Notes, as
the case may be, the Issuers shall mark, or cause to be marked, on such Registrable
Notes that such Registrable Notes are being cancelled in exchange for the Exchange
Notes or the Private Exchange Notes, as the case may be; in no event shall such
Registrable Notes be marked as paid or otherwise satisfied.

 

(t)                                    Cooperate with each
seller of Registrable Notes covered by any Registration Statement and each
underwriter, if any, participating in the disposition of such Registrable Notes
and their respective counsel in connection with any filings required to be made
with the National Association of Securities Dealers, Inc. (the “NASD”).

 

17

 

(u)                                 Use its reasonable
best efforts to take all other steps reasonably necessary to effect the
registration of the Exchange Notes and/or Registrable Notes covered by a
Registration Statement contemplated hereby.

 

The Issuers
may require each seller of Registrable Notes as to which any registration is
being effected to furnish to the Issuers such information regarding such seller
and the distribution of such Registrable Notes as the Issuers may, from time to
time, reasonably request.  The Issuers
may exclude from such registration the Registrable Notes of any seller so long
as such seller fails to furnish such information within a reasonable time after
receiving such request.  Each seller as
to which any Shelf Registration is being effected agrees to furnish promptly to
the Issuers all information required to be disclosed in order to make the
information previously furnished to the Issuers by such seller not materially
misleading.

 

If any such
Registration Statement refers to any Holder by name or otherwise as the holder
of any securities of the Company, then such Holder shall have the right to
require (i) the insertion therein of language, in form and substance
reasonably satisfactory to such Holder, to the effect that the holding by such
Holder of such securities is not to be construed as a recommendation by such
Holder of the investment quality of the securities covered thereby and that
such holding does not imply that such Holder will assist in meeting any future
financial requirements of the Company, or (ii) in the event that such
reference to such Holder by name or otherwise is not required by the Securities
Act or any similar federal statute then in force, the deletion of the reference
to such Holder in any amendment or supplement to the Registration Statement
filed or prepared subsequent to the time that such reference ceases to be required.

 

Each Holder of
Registrable Notes and each Participating Broker-Dealer agrees by its
acquisition of such Registrable Notes or Exchange Notes to be sold by such
Participating Broker-Dealer, as the case may be, that, upon actual receipt of
any notice from the Company of the happening of any event of the kind described
in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof, such
Holder will forthwith discontinue disposition of such Registrable Notes covered
by such Registration Statement or Prospectus or Exchange Notes to be sold by
such Holder or Participating Broker-Dealer, as the case may be, until such
Holder’s or Participating Broker-Dealer’s receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 5(k) hereof, or
until it is advised in writing (the “Advice”) by the Issuers that the
use of the applicable Prospectus may be resumed, and has received copies of any
amendments or supplements thereto.  In
the event that the Issuers shall give any such notice, each of the Applicable Period
and the Effectiveness Period shall be extended by the number of days during
such periods from and including the date of the giving of such notice to and
including the date when each seller of Registrable Notes covered by such
Registration Statement or Exchange Notes to be sold by such Participating
Broker-Dealer, as the case may be, shall have received (x) the copies of
the supplemented or amended Prospectus contemplated by Section 5(k) hereof
or (y) the Advice.

 

6.                                       Registration
Expenses

 

All fees and
expenses incident to the performance of or compliance with this Agreement by
the Issuers (other than any underwriting discounts or commissions and transfer
taxes, if any, relating to the sale or disposition of any Holder’s Registrable
Notes pursuant to the Shelf Registration Statement, which shall be paid by such
Holder) shall be borne by the Issuers,

 

18

 

whether or not
the Exchange Offer Registration Statement or any Shelf Registration is filed or
becomes effective or the Exchange Offer is consummated, including, without
limitation, (i) all registration and filing fees (including, without
limitation, (A) fees with respect to filings required to be made with the
NASD in connection with an underwritten offering and (B) reasonable fees
and expenses of compliance with state securities or Blue Sky laws (including,
without limitation, fees and disbursements of counsel in connection with Blue
Sky qualifications of the Registrable Notes or Exchange Notes and determination
of the eligibility of the Registrable Notes or Exchange Notes for investment
under the laws of such jurisdictions (x) where the holders of Registrable
Notes are located, in the case of the Exchange Notes, or (y) as provided
in Section 5(h) hereof, in the case of Registrable Notes or Exchange
Notes to be sold by a Participating Broker-Dealer during the Applicable
Period)), (ii) printing expenses, including, without limitation, expenses
of printing certificates for Registrable Notes or Exchange Notes in a form
eligible for deposit with The Depository Trust Company and of printing
prospectuses if the printing of prospectuses is requested by the managing
underwriter or underwriters, if any, by the Holders of a majority in aggregate
principal amount of the Registrable Notes included in any Registration
Statement or in respect of Registrable Notes or Exchange Notes to be sold by
any Participating Broker-Dealer during the Applicable Period, as the case may
be, (iii) messenger, telephone and delivery expenses, (iv) fees and
disbursements of counsel for the Issuers and, in case of a Shelf Registration,
reasonable fees and disbursements of one special counsel for all of the sellers
of Registrable Notes (exclusive of any counsel retained pursuant to Section 7
hereof, and, in connection with the review of the Exchange Registration
Statement only, not to exceed $20,000), (v) fees and disbursements of all
independent certified public accountants referred to in Section 5(n)(iii) hereof
(including, without limitation, the expenses of any special audit and “cold
comfort” letters required by or incident to such performance), (vi) Securities
Act liability insurance, if the Issuers desire such insurance, (vii) fees
and expenses of all other Persons retained by the Issuers, (viii) internal
expenses of the Issuers (including, without limitation, all salaries and
expenses of officers and employees of the Issuers performing legal or accounting
duties), (ix) the expense of any annual audit, (x) any fees and
expenses incurred in connection with the listing of the securities to be
registered on any securities exchange, and the obtaining of a rating of the
securities, in each case, if applicable, and (xi) the expenses relating to
printing, word processing and distributing all Registration Statements,
underwriting agreements, indentures and any other documents necessary in order
to comply with this Agreement.

 

7.                                       Indemnification
and Contribution.

 

(a)                                  Each
of the Issuers agree, jointly and severally, to indemnify and hold harmless
each Holder of Registrable Notes and each Participating Broker-Dealer selling
Exchange Notes during the Applicable Period, and each Person, if any, who controls
such Person or its affiliates within the meaning of Section 15 of the Act
or Section 20 of the Exchange Act (each, a “Participant”) against
any losses, claims, damages or liabilities to which any Participant or such
controlling person may become subject under the Act, the Exchange Act or
otherwise, insofar as any such losses, claims, damages or liabilities (or in
respect thereof) arise out of or are based upon:

 

(i)                                     any untrue
statement or alleged untrue statement made by any Issuer contained in any
application or any other document or any amendment or supplement thereto

 

19

 

executed by any Issuer based upon written information furnished by or
on behalf of any Issuer filed in any jurisdiction in order to qualify the Notes
under the securities or “Blue Sky” laws thereof or filed with the SEC or any
securities association or securities exchange (each, an “Application”);

 

(ii)                                  any untrue statement
or alleged untrue statement of any material fact contained in any Registration
Statement (or any amendment thereto) or Prospectus (as amended or supplemented
if any of the Issuers shall have furnished any amendments or supplements
thereto) or any preliminary prospectus; or

 

(iii)                               the omission or alleged
omission to state, in any Registration Statement (or any amendment thereto) or
Prospectus (as amended or supplemented if any of the Issuers shall have
furnished any amendments or supplements thereto) or any preliminary prospectus
or any Application or any other document or any amendment or supplement
thereto, a material fact required to be stated therein or necessary to make the
statements therein not misleading;

 

and will
reimburse, as incurred, the Participant and each such controlling person for
any reasonable legal or other expenses incurred by the Participant or such
controlling person in connection with investigating, defending against or
appearing as a third-party witness in connection with any such loss, claim,
damage, liability or action; provided, however, (i) the
Issuers will not be liable in any such case to the extent that any such loss,
claim, damage, or liability arises out of or is based upon any untrue statement
or alleged untrue statement or omission or alleged omission made in any Registration
Statement (or any amendment thereto) or Prospectus (as amended or supplemented
if any of the Issuers shall have furnished any amendments or supplements
thereto) or any preliminary prospectus or Application or any amendment or
supplement thereto in reliance upon and in conformity with information relating
to any Participant furnished to the Issuers by such Participant specifically
for use therein, and (ii) the Issuers shall not be liable to any Participant
under the indemnity agreement in this subsection (a) with respect to
the preliminary prospectus to the extent that any such loss, claim, damage,
liability or expense of such Participant results from the fact that such
Participant sold Notes to a person as to whom it shall be established that
there was not sent or given, at or prior to the written confirmation of such
sale, a copy of the Prospectus (or the Prospectus as then amended or
supplemented if the Issuers shall have furnished such Participant with such
amendment or supplement thereto on a timely basis), and the loss, claim,
damage, liability or expense of such Participant results from an untrue statement
or omission of a material fact contained in the preliminary prospectus which
was corrected in the Prospectus (or in the Prospectus as then amended or
supplemented if the Issuers shall have furnished such Participant with such
amendment or supplement thereto on a timely basis).  The indemnity provided for in this Section 7
will be in addition to any liability that the Issuers may otherwise have to the
indemnified parties.  The Issuers shall
not be liable under this Section 7 for any settlement of any claim or
action effected without its prior written consent, which shall not be
unreasonably withheld.

 

(b)                                 Each
Participant, severally and not jointly, agrees to indemnify and hold harmless
the Issuers, their directors, their officers and each person, if any, who
controls the Issuers within the meaning of Section 15 of the Act or Section 20
of the Exchange Act against any

 

20

 

losses, claims, damages or
liabilities to which the Issuers or any such director, officer or controlling
person may become subject under the Act, the Exchange Act or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon (i) any untrue statement or alleged untrue
statement of any material fact contained in any Registration Statement or
Prospectus, any amendment or supplement thereto, or any preliminary prospectus,
or (ii) the omission or the alleged omission to state therein a material
fact necessary to make the statements therein not misleading, in each case to
the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in reliance upon and
in conformity with written information concerning such Participant, furnished
to the Issuers by the Participant, specifically for use therein; and subject to
the limitation set forth immediately preceding this clause, will reimburse, as
incurred, any legal or other expenses incurred by the Issuers or any such director,
officer or controlling person in connection with investigating or defending
against or appearing as a third party witness in connection with any such loss,
claim, damage, liability or action in respect thereof.  The indemnity provided for in this Section 7
will be in addition to any liability that the Participants may otherwise have
to the indemnified parties.  The
Participants shall not be liable under this Section 7 for any settlement
of any claim or action effected without their consent, which shall not be
unreasonably withheld.  The Issuers shall
not, without the prior written consent of such Participant, effect any
settlement or compromise of any pending or threatened proceeding in respect of
which any Participant is or could have been a party, or indemnity could have
been sought hereunder by any Participant, unless such settlement (A) includes
an unconditional written release of the Participants, in form and substance reasonably
satisfactory to the Participants, from all liability on claims that are the
subject matter of such proceeding and (B) does not include any statement
as to an admission of fault, culpability or failure to act by or on behalf of
any Participant.

 

(c)                                  Promptly
after receipt by an indemnified party under this Section 7 of notice of
the commencement of any action for which such indemnified party is entitled to
indemnification under this Section 7, such indemnified party will, if a
claim in respect thereof is to be made against the indemnifying party under
this Section 7, notify the indemnifying party of the commencement thereof
in writing; but the omission to so notify the indemnifying party (i) will
not relieve it from any liability under paragraph (a) or (b) above
unless and to the extent such failure results in the indemnifying party being
materially prejudiced and (ii) will not, in any event, relieve the
indemnifying party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraphs (a) and (b) above.  In case any such action is brought against
any indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate
therein and, to the extent that it may wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party; provided, however,
that if (i) the use of counsel chosen by the indemnifying party to
represent the indemnified party would present such counsel with a conflict of
interest, (ii) the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall
have been advised by counsel that there may be one or more legal defenses
available to it and/or other indemnified parties that are different from or
additional to those available to the indemnifying party, or (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to
the indemnified party to represent the indemnified party within a reasonable
time after receipt by the indemnifying party of notice of the institution of
such action, then, in each such case, the

 

21

 

indemnifying party shall not
have the right to direct the defense of such action on behalf of such
indemnified party or parties and such indemnified party or parties shall have
the right to select separate counsel to defend such action on behalf of such
indemnified party or parties.  After
notice from the indemnifying party to such indemnified party of its election so
to assume the defense thereof and approval by such indemnified party of counsel
appointed to defend such action, the indemnifying party will not be liable to
such indemnified party under this Section 7 for any legal or other
expenses, other than reasonable costs of investigation, subsequently incurred
by such indemnified party in connection with the defense thereof, unless (i) the
indemnified party shall have employed separate counsel in accordance with the
proviso to the immediately preceding sentence (it being understood, however,
that in connection with such action the indemnifying party shall not be liable
for the expenses of more than one separate counsel (in addition to local
counsel) in any one action or separate but substantially similar actions in the
same jurisdiction arising out of the same general allegations or circumstances,
designated by Participants who sold a majority in interest of the Registrable
Notes and Exchange Notes sold by all such Participants in the case of paragraph
(a) of this Section 7 or the Issuers in the case of paragraph (b) of
this Section 7, representing the indemnified parties under such
paragraph (a) or paragraph (b), as the case may be, who are
parties to such action or actions) or (ii) the indemnifying party has
authorized in writing the employment of counsel for the indemnified party at
the expense of the indemnifying party. 
All fees and expenses reimbursed pursuant to this paragraph (c) shall
be reimbursed as they are incurred. 
After such notice from the indemnifying party to such indemnified party,
the indemnifying party will not be liable for the costs and expenses of any
settlement of such action effected by such indemnified party without the prior
written consent of the indemnifying party (which consent shall not be
unreasonably withheld), unless such indemnified party waived in writing its
rights under this Section 7, in which case the indemnified party may
effect such a settlement without such consent.

 

(d)                                 In
circumstances in which the indemnity agreement provided for in the preceding
paragraphs of this Section 7 is unavailable to, or insufficient to hold
harmless, an indemnified party in respect of any losses, claims, damages or
liabilities (or actions in respect thereof), each indemnifying party, in order
to provide for just and equitable contribution, shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities (or actions in respect thereof) in such proportion as is
appropriate to reflect (i) the relative benefits received by the indemnifying
party or parties on the one hand and the indemnified party on the other from
the offering of the Notes or (ii) if the allocation provided by the foregoing
clause (i) is not permitted by applicable law, not only such relative benefits
but also the relative fault of the indemnifying party or parties on the one
hand and the indemnified party on the other in connection with the statements
or omissions or alleged statements or omissions that resulted in such losses,
claims, damages or liabilities (or actions in respect thereof).  The relative benefits received by the Issuers
on the one hand and such Participant on the other shall be deemed to be in the
same proportion as the total proceeds from the offering (before deducting
expenses) of the Notes received by the Issuers bear to the total net profit received
by such Participant in connection with the sale of the Notes.  The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Issuers on the one
hand, or the Participants on the other, the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such

 

22

 

statement or omission or
alleged statement or omission, and any other equitable considerations
appropriate in the circumstances.  The
parties agree that it would not be equitable if the amount of such contribution
were determined by pro rata or per capita allocation or by any other method of
allocation that does not take into account the equitable considerations
referred to in the first sentence of this paragraph (d).  Notwithstanding any other provision of this
paragraph (d), no Participant shall be obligated to make contributions
hereunder that in the aggregate exceed the total net profit received by such
Participant in connection with the sale of the Notes, less the aggregate amount
of any damages that such Participant has otherwise been required to pay by
reason of the untrue or alleged untrue statements or the omissions or alleged
omissions to state a material fact, and no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.  For purposes
of this paragraph (d), each person, if any, who controls a Participant within
the meaning of Section 15 of the Act or Section 20 of the Exchange
Act shall have the same rights to contribution as the Participants, and each
director of any Issuer, each officer of any Issuer and each person, if any, who
controls any Issuer within the meaning of Section 15 of the Act or Section 20
of the Exchange Act, shall have the same rights to contribution as the Issuers.

 

8.                                       Rules 144
and 144A

 

Each of the
Issuers covenants and agrees that it will file the reports required to be filed
by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the SEC thereunder in a timely manner in accordance with
the requirements of the Securities Act and the Exchange Act and, if at any time
such Issuer is not required to file such reports, such Issuer will, upon the
request of any Holder or beneficial owner of Registrable Notes, make available
such information necessary to permit sales pursuant to Rule 144A and
provide the information specified in Rule 144A (d)(4) under the Act,
unless (i) Buhrmann is then subject to Section 13 or 15(d) of
the Exchange Act and (ii) the other Issuers are filing reports thereunder
jointly with Buhrmann N.V.  Each of the
Issuers further covenants and agrees, for so long as any Registrable Notes
remain outstanding that it will take such further action (not inconsistent with
the preceding sentence) as any Holder of Registrable Notes may reasonably
request, all to the extent required from time to time to enable such holder to
sell Registrable Notes without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144(k) under the Securities
Act and Rule 144A.

 

9.                                       Underwritten
Registrations

 

If any of the
Registrable Notes covered by any Shelf Registration are to be sold in an
underwritten offering, the investment banker or investment bankers and manager
or managers that will manage the offering will be selected by the Holders of a
majority in aggregate principal amount of such Registrable Notes included in
such offering and shall be reasonably acceptable to the Issuers.

 

No Holder of
Registrable Notes may participate in any underwritten registration hereunder
unless such Holder (a) agrees to sell such Holder’s Registrable Notes on
the basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities,

 

23

 

underwriting
agreements and other documents required under the terms of such underwriting
arrangements.

 

10.                                 Miscellaneous

 

(a)                                  No
Inconsistent Agreements.  The Issuers
have not, as of the date hereof, and the Issuers shall not, after the date of
this Agreement, enter into any agreement with respect to any of its securities
that is inconsistent with the rights granted to the Holders of Registrable
Notes in this Agreement or otherwise conflicts with the provisions hereof.  The rights granted to the Holders hereunder
do not in any way conflict with and are not inconsistent with the rights
granted to the holders of the Issuers’ other issued and outstanding securities
under any such agreements.  Without the
written consent of the Holders of a majority in aggregate principal amount of
Registrable Notes outstanding, the Issuers will not enter into any agreement
with respect to any of their securities which will grant to any Person
piggy-back registration rights with respect to any Registration Statement.

 

(b)                                 Adjustments
Affecting Registrable Notes.  The
Issuers shall not, directly or indirectly, take any action with respect to the
Registrable Notes as a class that would adversely affect the ability of the
Holders of Registrable Notes to include such Registrable Notes in a
registration undertaken pursuant to this Agreement.

 

(c)                                  Amendments
and Waivers.  The provisions of this
Agreement may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, otherwise than with
the prior written consent of (I) the Company, and (II) (A) the
Holders of not less than a majority in aggregate principal amount of the then
outstanding Registrable Notes and (B) in circumstances that would
adversely affect the Participating Broker-Dealers, the Participating
Broker-Dealers holding not less than a majority in aggregate principal amount
of the Exchange Notes held by all Participating Broker-Dealers; provided,
however, that Section 7 and this Section 10(c) may not be
amended, modified or supplemented without the prior written consent of each
Holder and each Participating Broker-Dealer (including any person who was a
Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes,
as the case may be, disposed of pursuant to any Registration Statement)
affected by any such amendment, modification or supplement.  Notwithstanding the foregoing, a waiver or
consent to depart from the provisions hereof with respect to a matter that
relates exclusively to the rights of Holders of Registrable Notes whose
securities are being sold pursuant to a Registration Statement and that does
not directly or indirectly affect, impair, limit or compromise the rights of
other Holders of Registrable Notes may be given by Holders of at least a
majority in aggregate principal amount of the Registrable Notes being sold
pursuant to such Registration Statement.

 

(d)                                 Notices.  All notices and other communications
(including, without limitation, any notices or other communications to the
Trustee) provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, next-day air courier or facsimile:

 

(i)                                     if to a Holder of
the Registrable Notes or any Participating Broker-Dealer, at the most current
address of such Holder or Participating Broker-Dealer, as the case may be, set
forth on the records of the registrar under the Indenture.

 

24

 

(ii)                                  if to the Issuers, at
the address as follows:

 

c/o            Buhrmann N.V.

Hoogoorddreeff 62

1101 BE Amsterdam Z0

PO Box 23456

1100 DZ Amsterdam

The Netherlands

 

Attention:  General Counsel

 

with a copy
to:

 

Latham &
Watkins

99 Bishopsgate

London, England EC2M 3XF

 

Attention:  Alex Cohen

 

All such
notices and communications shall be deemed to have been duly given:  when delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; one Business Day after being timely delivered to a next-day
air courier; and when receipt is acknowledged by the addressee, if sent by
facsimile.

 

Copies of all
such notices, demands or other communications shall be concurrently delivered
by the Person giving the same to the Trustee at the address and in the manner
specified in such Indenture.

 

(e)                                  Successors
and Assigns.  This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each
of the parties hereto, the Holders and the Participating Broker-Dealers; provided,
however, that nothing herein shall be deemed to permit any assignment,
transfer or other disposition of Registrable Notes in violation of the terms of
the Purchase Agreement or the Indenture.

 

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

 

(g)                                 Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

 

(h)                                 Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

25

 

(i)                                     Severability.  If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and
the parties hereto shall use their best efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction.  It is hereby stipulated and declared to be
the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may
be hereafter declared invalid, illegal, void or unenforceable.

 

(j)                                     Securities
Held by the Issuers or Their Respective Affiliates.  Whenever the consent or approval of Holders
of a specified percentage of Registrable Notes is required hereunder,
Registrable Notes held by the Issuers or their respective affiliates (as such
term is defined in Rule 405 under the Securities Act) shall not be counted
in determining whether such consent or approval was given by the Holders of
such required percentage.

 

(k)                                  Third-Party
Beneficiaries.  Holders of
Registrable Notes and Participating Broker-Dealers are intended third-party
beneficiaries of this Agreement, and this Agreement may be enforced by such
Persons.

 

(l)                                     Entire
Agreement.  This Agreement, together
with the Purchase Agreement and the Indenture, is intended by the parties as a
final and exclusive statement of the agreement and understanding of the parties
hereto in respect of the subject matter contained herein and therein and any
and all prior oral or written agreements, representations, or warranties,
contracts, understandings, correspondence, conversations and memoranda between
the Holders on the one hand and the Issuers on the other, or between or among
any agents, representatives, parents, subsidiaries, affiliates, predecessors in
interest or successors in interest with respect to the subject matter hereof
and thereof are merged herein and replaced hereby.

 

(m)                               Agent
for Service; Submission to Jurisdiction; Waiver of Immunities.  By the execution and delivery of this
Agreement, each Issuer (i) acknowledges that it has, by separate written
instruments, designated and appointed CT Corporation, 111 Eighth Avenue, 13th
Floor, New York, New York 10011 (“CT Corporation”) (and any successor
entity), as its authorized agent upon which process may be served in any suit
or proceeding arising out of or relating to this Agreement or any Registration
Statement or Prospectus that may be instituted in any federal or state court in
the Borough of Manhattan, City of New York, State of New York or brought under
foreign, federal or state securities laws, and represents and warrants that CT
Corporation has accepted such designation, (ii) submits to the
jurisdiction of any such court in any such suit or proceeding and (iii) agrees
that service of process upon CT Corporation and written notice of said service
to such Issuer in accordance with Section 10(d) shall be deemed in
every respect effective service of process upon any Issuer in any such suit or
proceeding.  Each Issuer further agrees
to take any and all action, including the execution and filing of any and all
such documents and instruments, as may be necessary to continue such
designation and appointment of CT Corporation in full force and effect for as
long as any of the Securities remain outstanding (subject to the limitation set
forth in clause (i)); provided, however, that any Issuer
may, and to the extent CT Corporation ceases to be able to be served on the
basis contemplated herein shall,

 

26

 

by written notice to the
Holders and Trustee, designate such additional or alternative agent for service
of process under this Section 10(m) that (i) maintains an office
located in the Borough of Manhattan, City of New York, State of New York, and (ii) is
either (x) United States counsel for such Company or (y) a corporate
service company which acts as agent for service of process for other persons in
the ordinary course of its business. 
Such written notice shall identify the name of such agent for service of
process and the address of the office of such agent for service of process in
the Borough of Manhattan, City of New York, State of New York.

 

To the extent
that any Issuer has or hereafter may acquire any immunity from jurisdiction of
any court of (i) any jurisdiction in which such Issuer owns or leases
property or assets, (ii) the United States or the State of New York or (iii) the
Netherlands or from any legal process (whether through service of notice,
attachment prior to judgment, attachment in aid of execution, execution or
otherwise) with respect to itself or its property and assets or this Agreement
or any of the Securities or actions to enforce judgments in respect of any
thereof, each Issuer hereby irrevocably waives such immunity in respect of its
obligations under the above-referenced documents, to the extent permitted by
law.

 

(n)                                 Judgment
Currency.  Each Issuer hereby agrees
to indemnify each of the Participants, their directors, their officers and each
person, if any, who controls any Participant within the meaning of Section 15
of the Act or Section 20 of the Exchange Act against any loss incurred by
such person as a result of any judgment or order being given or made against
any Issuer for any U.S. dollar amount due under this Agreement and such
judgment or order being expressed and paid in a currency (the “Judgment Currency”)
other than United States dollars and as a result of any variation as between (i) the
rate of exchange at which the United States dollar amount is converted into the
Judgment Currency for the purpose of such judgment or order and (ii) the
spot rate of exchange in The City of New York at which such party on the date
of payment of such judgment or order is able to purchase United States dollars
with the amount of the Judgment Currency actually received by such party.  The foregoing indemnity shall continue in
full force and effect notwithstanding any such judgment or order as
aforesaid.  The term “spot rate of
exchange” shall include any premiums and costs of exchange payable in
connection with the purchase of, or conversion into, United States dollars.

 

27

 

IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first written
above.

 

	
   

  	
  BUHRMANN US
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BUHRMANN
  N.V.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FOR AND ON
  BEHALF OF EACH OF THE

  GUARANTORS IDENTIFIED ON SCHEDULE I

  HERETO, as Guarantors

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

S-1

 

	
  The foregoing Agreement is hereby confirmed

  and accepted as of the date first above written.

  
	
   

  
	
  DEUTSCHE BANK SECURITIES INC.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  
	
   

  
	
  BNP PARIBAS SECURITIES CORP.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  
	
   

  
	
  ING BANK N.V., LONDON BRANCH

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

S-2

 

SCHEDULE I

 

ADDITIONAL GUARANTORS

 

	
  U.S. Guarantors

  
	
   

  
	
  1.

  	
   

  	
  ASAP
  Software Express, Inc.

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  BTOP USA Corp.

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  BTOPI
  Holding (U.S.)

  
	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Buhrmann
  Swaps, Inc.

  
	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Corporate
  Express Document & Print Management, Inc.

  
	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Corporate
  Express Office Products, Inc.

  
	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  CE
  Philadelphia Real Estate, Inc.

  
	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Corporate
  Express Promotional Marketing, Inc.

  
	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Corporate
  Express of Texas, Inc.

  
	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Corporate
  Express, Inc.

  
	
   

  	
   

  	
   

  
	
  11.

  	
   

  	
  License
  Technologies Group, Inc.

  

 

	
  Dutch Guarantors

  
	
   

  
	
  1.

  	
   

  	
  Buhrmann
  Financieringen B.V.

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Buhrmann
  Fined B.V.

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Buhrmann II
  B.V.

  
	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Buhrmann
  International B.V.

  
	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Buhrmann
  Nederland B.V.

  
	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Buhrmann
  Nederland Holding B.V.

  
	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Tetterode-Nederland
  B.V.

  

 

SC-1

 

	
  8. 

  	
   

  	
  Veenman B.V.
  (formerly known as Corporate Express Document Automatisering B.V.) 

  
	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Buhrmann
  Office Products Nederland B.V.

  

 

Belgian Guarantors

 

Buhrmann Europcenter N.V.

 

Luxembourg
Guarantors

 

Buhrmann Luxembourg S.A.R.L.

 

SC-2Exhibit 4.2

 

ASSURED GUARANTY LTD,

Issuer

to

THE BANK OF NEW YORK,

Trustee

INDENTURE

Dated as of •, 2005

Senior Debt Securities

 

 

Reconciliation
and tie between

Trust Indenture Act of 1939

(the “Trust Indenture Act”)

and Indenture

 

	
  Trust Indenture

  	
   

  	
   

  
	
  Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  
	
  (S)310(a)(1)

  	
   

  	
  6.7

  
	
   

  	
   

  	
   

  
	
  (a)(2)

  	
   

  	
  6.7

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  6.8 (S)312(a).7.1

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  7.2

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  7.2 (S)313(a)7.3

  
	
   

  	
   

  	
   

  
	
  (b)(2)

  	
   

  	
  7.3

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  7.3

  
	
   

  	
   

  	
   

  
	
  (d)

  	
   

  	
  7.3 (S)314(a)7.4

  
	
   

  	
   

  	
   

  
	
  (c)(1)

  	
   

  	
  10.2

  
	
   

  	
   

  	
   

  
	
  (c)(2)

  	
   

  	
  10.2

  
	
   

  	
   

  	
   

  
	
  (e)

  	
   

  	
  10.2

  
	
   

  	
   

  	
   

  
	
  (f)

  	
   

  	
  4.4 10.2 (S)316(a) (last sentence)10.1

  
	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  (1)(A)5.2, 5.12

  
	
   

  	
   

  	
   

  
	
  (a)

  	
   

  	
  (1)(B)5.13

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  5.8 (S)317(a)(1)5.3 (a)(2)5.4

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  10.3 (S)318(a)10.8

  

 

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

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1

  	
   

  	
  DEFINITIONS AND OTHER
  PROVISIONS OF GENERAL APPLICATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.1.

  	
   

  	
  Definitions

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.2.

  	
   

  	
  Compliance Certificates and Opinions

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.3.

  	
   

  	
  Form of Documents Delivered to
  Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.4.

  	
   

  	
  Acts of Holders

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.5.

  	
   

  	
  Notices, etc. to Trustee and Company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.6.

  	
   

  	
  Notice to Holders of Securities;
  Waiver

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.7.

  	
   

  	
  Language of Notices

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.8.

  	
   

  	
  Conflict with Trust Indenture Act

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.9.

  	
   

  	
  Effect of Headings and Table of
  Contents

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.10.

  	
   

  	
  Successors and Assigns

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.11.

  	
   

  	
  Separability Clause

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.12.

  	
   

  	
  Benefits of Indenture

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.13.

  	
   

  	
  Governing Law

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.14.

  	
   

  	
  Legal Holidays

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.15.

  	
   

  	
  Counterparts

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.16.

  	
   

  	
  Judgment Currency

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.17.

  	
   

  	
  No Security Interest Created

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.18.

  	
   

  	
  Limitation on Individual Liability

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.19.

  	
   

  	
  Submission to Jurisdiction

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2

  	
   

  	
  SECURITIES FORMS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
   

  	
  Forms Generally

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.2.

  	
   

  	
  Form of Trustee’s Certificate of
  Authentication

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.3.

  	
   

  	
  Securities in Global Form

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
   

  	
  THE SECURITIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.1.

  	
   

  	
  Amount Unlimited; Issuable in Series

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.2.

  	
   

  	
  Currency; Denominations

  	
   

  	
   

  

 

i

 

	
  Section 3.3.

  	
   

  	
  Execution, Authentication, Delivery
  and Dating

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.4.

  	
   

  	
  an Opinion of Counsel to the effect
  that:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.5.

  	
   

  	
  Temporary Securities

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.6.

  	
   

  	
  Registration, Transfer and Exchange

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.7.

  	
   

  	
  Mutilated, Destroyed, Lost and Stolen
  Securities

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.8.

  	
   

  	
  Payment of Interest and Certain
  Additional Amounts;

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.9.

  	
   

  	
  Persons Deemed Owners

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.10.

  	
   

  	
  Cancellation

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.11.

  	
   

  	
  Computation of Interest

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4

  	
   

  	
  SATISFACTION
  AND DISCHARGE OF INDENTURE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
   

  	
  Satisfaction and Discharge

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.2.

  	
   

  	
  Defeasance and Covenant Defeasance

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.3.

  	
   

  	
  Application of Trust Money

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
   

  	
  REMEDIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
   

  	
  Events of Default

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.2.

  	
   

  	
  Acceleration of Maturity; Rescission
  and Annulment

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.3.

  	
   

  	
  Collection of Indebtedness and Suits
  for Enforcement by Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.4.

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.5.

  	
   

  	
  Trustee May Enforce Claims
  without Possession of Securities or Coupons

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.6.

  	
   

  	
  Application of Money Collected

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.7.

  	
   

  	
  Limitations on Suits

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.8.

  	
   

  	
  Unconditional Right of Holders to
  Receive Principal and any Premium, Interest and Additional Amounts

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.9.

  	
   

  	
  Restoration of Rights and Remedies

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.10.

  	
   

  	
  Rights and Remedies Cumulative

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.11.

  	
   

  	
  Delay or Omission Not Waiver

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.12.

  	
   

  	
  Control by Holders of Securities

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.13.

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.14.

  	
   

  	
  Waiver of Usury, Stay or Extension
  Laws

  	
   

  	
   

  

 

ii

 

	
  Section 5.15.

  	
   

  	
  Undertaking for Costs

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6

  	
   

  	
  THE TRUSTEE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
   

  	
  Certain Rights of Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.2.

  	
   

  	
  Notice of Defaults

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.3.

  	
   

  	
  Not Responsible for Recitals or
  Issuance of Securities

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.4.

  	
   

  	
  May Hold Securities

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.5.

  	
   

  	
  Money Held in Trust

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.6.

  	
   

  	
  Compensation and Reimbursement

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.7.

  	
   

  	
  Corporate Trustee Required;
  Eligibility

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.8.

  	
   

  	
  Resignation and Removal; Appointment
  of Successor

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.9.

  	
   

  	
  Acceptance of Appointment by
  Successor

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.10.

  	
   

  	
  Merger, Conversion, Consolidation or
  Succession to Business

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.11.

  	
   

  	
  Appointment of Authenticating Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 7

  	
   

  	
  HOLDERS
  LISTS AND REPORTS BY TRUSTEE AND COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.1.

  	
   

  	
  Company to Furnish Trustee Names and
  Addresses of Holders

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.2.

  	
   

  	
  Preservation of Information; Communications
  to Holders

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.3.

  	
   

  	
  Reports by Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.4.

  	
   

  	
  Reports by Company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8

  	
   

  	
  CONSOLIDATION,
  AMALGAMATIONS, MERGER AND SALES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.1.

  	
   

  	
  Company May Consolidate, Etc.,
  Only on Certain Terms

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.2.

  	
   

  	
  Successor Person Substituted for
  Company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 9

  	
   

  	
  SUPPLEMENTAL
  INDENTURES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.1.

  	
   

  	
  Supplemental Indentures without
  Consent of Holders

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.2.

  	
   

  	
  Supplemental Indentures with Consent
  of Holders

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.3.

  	
   

  	
  Execution of Supplemental Indentures

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.4.

  	
   

  	
  Effect of Supplemental Indentures

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.5.

  	
   

  	
  Reference in Securities to
  Supplemental Indentures

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.6.

  	
   

  	
  Conformity with Trust Indenture Act

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.7.

  	
   

  	
  Notice of Supplemental Indenture

  	
   

  	
   

  

 

iii

 

	
  ARTICLE 10

  	
   

  	
  COVENANTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.1.

  	
   

  	
  Payment of Principal, any Premium,
  Interest and Additional Amounts

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.2.

  	
   

  	
  Maintenance of Office or Agency

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.3.

  	
   

  	
  Money for Securities Payments to Be
  Held in Trust

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.4.

  	
   

  	
  Additional Amounts

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.5.

  	
   

  	
  Limitation on Liens on Stock of
  Designated Subsidiaries

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.6.

  	
   

  	
  Limitation on Disposition of Stock
  of Designated Subsidiaries

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.7.

  	
   

  	
  Corporate Existence

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.8.

  	
   

  	
  Waiver of Certain Covenants

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.9.

  	
   

  	
  Company Statement as to Compliance;
  Notice of Certain Defaults

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 11

  	
   

  	
  REDEMPTION
  OF SECURITIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.1.

  	
   

  	
  Applicability of Article

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.2.

  	
   

  	
  Election to Redeem; Notice to
  Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.3.

  	
   

  	
  Selection by Trustee of Securities
  to be Redeemed

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.4.

  	
   

  	
  Notice of Redemption

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.5.

  	
   

  	
  Deposit of Redemption Price

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.6.

  	
   

  	
  Securities Payable on Redemption
  Date

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.7.

  	
   

  	
  Securities Redeemed in Part

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 12

  	
   

  	
  SINKING
  FUNDS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.1.

  	
   

  	
  Applicability of Article

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.2.

  	
   

  	
  Satisfaction of Sinking Fund
  Payments with Securities

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.3.

  	
   

  	
  Redemption of Securities for Sinking
  Fund

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 13

  	
   

  	
  REPAYMENT
  AT THE OPTION OF HOLDERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 13.1.

  	
   

  	
  Applicability of Article

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 14

  	
   

  	
  SECURITIES
  IN FOREIGN CURRENCIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 14.1.

  	
   

  	
  Applicability of Article

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 15

  	
   

  	
  MEETINGS
  OF HOLDERS OF SECURITIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 15.1.

  	
   

  	
  Purposes for Which Meetings
  May Be Called

  	
   

  	
   

  

 

iv

 

	
  Section 15.2.

  	
   

  	
  Call, Notice and Place of Meetings

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 15.3.

  	
   

  	
  Persons Entitled to Vote at Meetings

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 15.4.

  	
   

  	
  Quorum; Action

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 15.5.

  	
   

  	
  Determination of Voting Rights;
  Conduct and Adjournment of Meetings

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 15.6.

  	
   

  	
  Counting Votes and Recording Action
  of Meetings

  	
   

  	
   

  

 

v

 

INDENTURE,
dated as of •,
2005 (the “Indenture”), between ASSURED GUARANTY LTD., a company duly organized
and existing under the laws of Bermuda (hereinafter called the “Company”),
having its principal executive office located at 17 Woodbourne Avenue, Hamilton
HM 08, Bermuda, and THE BANK OF NEW YORK, a bank duly organized and existing
under the laws of the State of New York (hereinafter called the “Trustee”),
having its Corporate Trust Office located at One Wall Street, New York, New
York 10286.

 

Recitals

 

The Company
has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its senior unsecured debentures, notes or
other evidences of indebtedness (hereinafter called the “Securities”),
unlimited as to principal amount, to bear such rates of interest, to mature at
such time or times, to be issued in one or more series and to have such other
provisions as shall be fixed as hereinafter provided.

 

The Company
has duly authorized the execution and delivery of this Indenture. All things
necessary to make this Indenture a valid agreement of the
Company, in accordance with its terms, have been done.

 

This Indenture
is subject to the provisions of the Trust Indenture Act of 1939, as amended,
and the rules and regulations of the Securities and Exchange Commission
promulgated thereunder that are required to be part of this Indenture and, to
the extent applicable, shall be governed by such provisions.

 

Now, Therefore,
This Indenture Witnesseth:

 

For and in
consideration of the premises and the purchase of the Securities by the Holders
(as herein defined) thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders of the Securities or of any
series thereof and any Coupons (as herein defined) as follows:

 

 

ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.1.            Definitions.

 

Except as
otherwise expressly provided in or pursuant to this Indenture or unless the
context otherwise requires, for all purposes of this Indenture:

 

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

 

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

 

(c)           all
accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles in the United
States of America and, except as otherwise herein expressly provided, the terms
“generally accepted accounting principles” or “GAAP” with respect to any
computation required or permitted hereunder shall mean such accounting principles
as are generally accepted in the United States of America at the date or time
of such computation;

 

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

 

(e)           the word “or” is always used inclusively (for example, the
phrase “A or B” means “A or B or both,” not “either A or B but not both”).

 

Certain terms used principally in certain
Articles hereof are defined in those Articles.

 

“Act,” when
used with respect to any Holders, has the meaning specified in Section 1.4.

 

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

 

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

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 6.11
to act on behalf of the Trustee to authenticate Securities of one or more
series.

 

 

“Authorized
Newspaper” means a newspaper, in an official language of the place of
publication or in the English language, customarily published on each day that
is a Business Day in the place of publication, whether or not published on days
that are Legal Holidays in the place of publication, and of general circulation
in each place in connection with which the term is used or in the financial
community of each such place.  Where
successive publications are required to be made in Authorized Newspapers, the
successive publications may be made in the same or in different newspapers in
the same city meeting the foregoing requirements and in each case on any day
that is a Business Day in the place of publication.

 

“Authorized
Officer” means, when used with respect to the Company, the Chairman of the
Board of Directors, a Vice Chairman, the President, the Chief Financial
Officer, the Chief Investment Officer, the Chief Accounting Officer, the
General Counsel or the Secretary, of the Company.

 

“Bearer
Security” means any Security in the form established pursuant to Section 2.1
which is payable to bearer.

 

“Board of
Directors” means the board of directors of the Company or any committee of that
board duly authorized to act generally or in any particular respect for the
Company hereunder.

 

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

 

“Business Day,”
with respect to any Place of Payment  or
other location, means, unless otherwise specified with respect to any
Securities pursuant to Section 3.1, any day other than a Saturday, Sunday
or other day on which banking institutions in such Place of Payment or other
location are authorized or obligated by law, regulation or executive order to
close.

 

“Capital Stock”
of any Person means any and all shares, interests, rights to purchase,
warrants, options, participations or other equivalents of or interests in
(however designated) equity of such Person, including Preferred Stock, but
excluding any debt securities convertible into such equity.

 

“Capitalized
Lease Obligation” means an obligation under a lease that is required to be
capitalized for financial reporting purposes in accordance with generally
accepted accounting principles, and the amount of Indebtedness represented by
such obligation shall be the capitalized amount of such obligation determined
in accordance with such principles.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted,
created under the Securities Exchange Act of 1934, as amended, 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”
in respect of any Corporation means Capital Stock of any class or classes
(however designated) which has no preference as to the payment of dividends, or
as to

 

2

 

the distribution of assets upon any
voluntary or involuntary liquidation or dissolution of such Corporation, and
which is not subject to redemption by such Corporation.

 

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

 

“Company
Request” and “Company Order” mean, respectively, a written request or order, as
the case may be, signed in the name of the Company by an Authorized Officer,
and delivered to the Trustee.

 

“Consolidated
Net Worth” in respect of any Person means the total of the amounts shown on the
balance sheet of such Person and its consolidated Subsidiaries, determined on a
consolidated basis in accordance with GAAP, as of the end of the most recent
fiscal quarter of such Person ending at least 45 days prior to the taking of
any action for the purpose of which the determination is being made, as (i) the
par or stated value of all outstanding Capital Stock of such Person plus (ii) paid-in
capital or capital surplus relating to such Capital Stock plus (iii) any
retained earnings or earned surplus, less any accumulated deficit.

 

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

 

“Corporate
Trust Office” means the principal corporate trust office of the Trustee at
which at any particular time its corporate trust business shall be
administered, which office at the date of original execution of this Indenture
is located at One Wall Street, New York, New York 10286.

 

“Corporation”
includes corporations and limited liability companies and, except for purposes
of Article 8, associations, companies and business  trusts.

 

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

 

“Currency,”
with respect to any payment, deposit or other transfer in respect of the principal
of or any premium or interest on or any Additional Amounts with respect to any
Security, means Dollars or the Foreign Currency, as the case may be, in which
such payment, deposit or other transfer is required to be made by or pursuant
to the terms hereof or such Security and, with respect to any other payment,
deposit or transfer pursuant to or contemplated by the terms hereof or such
Security, means Dollars.

 

“CUSIP number”
means the alphanumeric designation assigned to a Security by Standard &
Poor’s Ratings Service, CUSIP Service Bureau.

 

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

 

3

 

“Designated
Subsidiary” means any present or future consolidated Subsidiary of the Company,
the Consolidated Net Worth of which constitutes at least 5% of the Consolidated
Net Worth of the Company.

 

“Dollars” or “$”
means a dollar or other equivalent unit of legal tender for payment of public
or private debts in the United States of America.

 

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

 

“Foreign
Currency” means any currency, currency unit or composite currency, including,
without limitation, the euro, issued by the government of one or more countries
other than the United States of America or by any recognized confederation or
association of such governments.

 

“Government
Obligations” means securities which are (i) direct obligations of the
United States of America or the other government or governments which issued
the Foreign Currency in which the principal of or any premium or interest on
such Security or any Additional Amounts in respect thereof shall be payable, in
each case where the payment or payments thereunder are supported by the full
faith and credit of such government or governments or (ii) obligations of
a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America or such other government or governments, in
each case where the timely payment or payments thereunder are unconditionally
guaranteed as a full faith and credit obligation by the United States of
America or such other government or governments, and which, in the case of (i) or
(ii), are not callable or redeemable at the option of the issuer or issuers
hereof, and shall also include a depository receipt issued by a bank or trust
company as custodian with respect to any such Government Obligation or a
specific payment of interest on or principal of or other amount with respect to
any such Government Obligation held by such custodian for the account of the
holder of a depository receipt, provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to
the holder of such depository receipt from any amount received by the custodian
in respect of the Government Obligation or the specific payment of interest on
or principal of or other amount with respect to the Government Obligation
evidenced by such depository receipt.

 

“Holder,” in
the case of any Registered Security, means the Person in whose name such
Security is registered in the Security Register and, in the case of any Bearer
Security, means the bearer thereof and, in the case of any Coupon, means the
bearer thereof.

 

“Indebtedness”
means, with respect to any Person, (i) the principal of and any premium
and interest on (a) indebtedness of such Person for money borrowed and (b) indebtedness
evidenced by notes, debentures, bonds or other similar instruments for the
payment of which such Person is responsible or liable; (ii) all
Capitalized Lease Obligations of such Person; (iii) all obligations of
such Person issued or assumed as the deferred purchase price of property, all
conditional sale obligations and all obligations under any title retention
agreement (but excluding trade accounts payable arising in the ordinary course
of business); (iv) all obligations of such Person for the reimbursement of
any obligor on any letter of credit, banker’s acceptance or similar credit
transaction (other than obligations with respect to letters of credit securing
obligations (other than obligations described in (i) through (iii) above)
entered into in the

 

4

 

ordinary
course of business of such Person to the extent such letters of credit are not
drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no
later than the third Business Day following receipt by such Person of a
following payment on the letter of credit); (v) all obligations of the
type referred to in clauses (i) through (iv) of other and all
dividends of other Persons for the payment of which, in either case, such
Person is responsible or liable as obligor, guarantor or otherwise, (vi) all
obligations of the type referred by any Lien on any property or asset of such
Person (whether or not such obligation is assumed by such Person), the amount
of such obligation being deemed to be the lesser of the value of such property
or assets or the amount of the obligation so secured; and (vii) any
amendments, modifications, refundings, renewals or extensions of any
indebtedness or obligation described as Indebtedness in clauses (i) through
(vi) above.

 

“Indenture”
means this instrument as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and, with respect to any Security, by the terms
and provisions of such Security and any Coupon appertaining thereto established
pursuant to Section 3.1 (as such terms and provisions may be amended
pursuant to the applicable provisions hereof).

 

“Independent
Public Accountants” means accountants or a firm of accountants that, with
respect to the Company and any other obligor under the Securities or the
Coupons, are independent public accountants within the meaning of the
Securities Act of 1933, as amended, and the rules and regulations
promulgated by the Commission thereunder, who may be the independent public
accountants regularly retained by the Company or who may be other independent public
accountants.  Such accountants or firm
shall be entitled to rely upon any Opinion of Counsel as to the interpretation
of any legal matters relating to this Indenture or certificates required to be
provided hereunder.

 

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

 

“Interest,”
with respect to any Original Issue Discount Security which by its terms bears
interest only after Maturity, means interest payable after Maturity and, when
used with respect to a Security which provides for the payment of Additional
Amounts pursuant to Section 10.4, includes such Additional Amounts.

 

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

 

“Judgment
Currency” has the meaning specified in Section 1.16.

 

“Legal
Holidays” has the meaning specified in Section 1.14.

 

“Lien” has the
meaning specified in Section 10.5.

 

“Maturity,”
with respect to any Security, means the date on which the principal of such
Security or an i8nstallment of principal becomes due and payable as provided in
or pursuant to this Indenture, whether at the Stated Maturity or by declaration
of acceleration, notice of

 

5

 

redemption or repurchase, notice of option
to elect repayment or otherwise, and includes the Redemption Date. “New York
Banking Day” has the meaning specified in Section 1.16.

 

“Office” or “Agency,”
with respect to any Securities, means an office or agency of the Company
maintained or designated in a Place of Payment for such Securities pursuant to Section 10.2
or any other office or agency of the Company maintained or designated for such
Securities pursuant to Section he extent designated or required by Section 10.2
in lieu of such office or agency, the Corporate Trust Office of the Trustee.

 

“Officer’s
Certificate” means a certificate signed by  an Authorized Officer that complies
with the requirements of Section 314(e) of the Trust Indenture
Act and is delivered to the Trustee.

 

“Opinion of
Counsel” means a written opinion of counsel, who may be an employee of or
counsel for the Company or other counsel who shall be reasonably acceptable to
the Trustee, that, if required by the Trust Indenture
Act, complies with the requirements of Section 314(e) of the
Trust Indenture Act.

 

“Original
Issue Discount Security” means a Security issued pursuant to this Indenture which
provides for declaration of an amount less than the principal face amount
thereof to be due and payable upon acceleration pursuant to Section 5.2.

 

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

 

(1)           any such
Security theretofore cancelled by the Trustee or the Security Registrar or
delivered to the Trustee or the Security Registrar for cancellation;

 

(2)           any such Security for whose payment
at the Maturity thereof money in the necessary amount has been theretofore
deposited pursuant hereto (other than pursuant to Section 4.2) with
the Trustee or any Paying Agent (other than the Company) in trust or set aside
and segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the Holders of such Securities and any Coupons appertaining
thereto, provided that, if such Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made;

 

(3)           any such
Security with respect to which the Company has effected defeasance pursuant to
the terms hereof, except to the extent provided in Section 4.2;

 

(4)           (d) any
such Security which has been paid pursuant to Section 3.6 or in
exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, unless there shall have been presented to
the Trustee proof satisfactory to it that such Security is held by a bona fide
purchaser in whose hands such Security is a valid obligation of the Company;
and

 

6

 

(5)           any such
Security converted or exchanged as contemplated by this Indenture into Common
Stock of the Company or other securities, if the terms of such Security provide
for such conversion or exchange pursuant to Section 3.1;

 

provided, however, that in determining
whether the Holders of the requisite principal amount of Outstanding Securities
have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or are present at a meeting of Holders of Securities for
quorum purposes, (i) the principal amount of an Original Issue Discount
Security that may be counted in making such determination and that shall be
deemed to be Outstanding for such purposes shall be equal to the amount of the
principal thereof that pursuant to the terms of such Original Issue Discount
Security would be declared (or shall have been declared to be) due and payable
upon a declaration of acceleration thereof pursuant to Section 5.2 at the
time of such determination, and (ii) the principal amount of any Indexed
Security that may be counted in making such determination and that shall be
deemed Outstanding for such purposes shall be equal to the principal face
amount of such Indexed Security at original issuance, unless otherwise provided
in or pursuant to this Indenture, and (iii) the principal amount of a
Security denominated in a Foreign Currency shall be the Dollar equivalent,
determined on the date of original issuance of such Security, of the principal
amount (or, in the case of an Original Issue Discount Security, the Dollar
equivalent on the date of original issuance of such Security of the amount
determined as provided in (i) above) of such Security, and (iv) Securities
owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or such other obligor, shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in making any such determination or relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. Securities so owned which shall have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Trustee (A) the pledgee’s right so to act with respect to such
Securities and (B) that the pledgee is not the Company or any other
obligor upon the Securities or any Coupons appertaining thereto or an Affiliate
of the Company or such other obligor.

 

“Paying Agent”
means any Person authorized by the Company to pay the principal of, or any
premium or interest on, or any Additional Amounts with respect to, any Security
or any Coupon on behalf of the Company.

 

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

 

“Place of
Payment,” with respect to any Security, means the place or places where the
principal of, or any premium or interest on, or any Additional Amounts with
respect to such Security are payable as provided in or pursuant to this
Indenture or such Security.

 

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

 

7

 

evidence the same Indebtedness as the lost,
destroyed, mutilated or stolen Security or the Security to which a mutilated,
destroyed, lost or stolen Coupon appertains.

 

“Preferred
Stock” in respect of any Corporation means Capital Stock of any class or
classes (however designated) which is preferred as to the payment of dividends,
or as to the distribution of assets upon any voluntary or involuntary liquidation
or dissolution of such Corporation, over shares of Capital Stock of any other
class of such Corporation.

 

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

 

“Redemption
Price,” with respect to any Security or portion thereof to be redeemed, means
the price at which it is to be redeemed as determined by or pursuant to this
Indenture or such Security.

 

“Registered
Security” means any Security established pursuant to Section 2.1
which is registered in a Security Register.

 

“Regular
Record Date” for the interest payable on any Registered Security on any
Interest Payment Date therefor means the date, if any, specified in or pursuant
to this Indenture or such Security as the “Regular Record Date”.

 

“Required
Currency” has the meaning specified in Section 1.16.

 

“Responsible
Officer” means any officer assigned by the Trustee to administer corporate
trust matters and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his or her
knowledge of and familiarity with the particular subject.

 

“Security” or “Securities”
means any note or notes, bond or bonds, debenture or debentures, or any other
evidences of Indebtedness, as the case may be, authenticated and delivered
under this Indenture; provided, however, that, if at any time there is more
than one Person acting as Trustee under this Indenture, “Securities,” with respect
to any such Person, shall mean Securities authenticated and delivered under
this Indenture, exclusive, however, of Securities of any series as to which
such Person is not Trustee.

 

“Security
Register” and “Security Registrar” have the respective meanings specified in Section 3.5.

 

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

 

“Stated
Maturity,” with respect to any Security or any installment of principal thereof
or interest thereon or any Additional Amounts with respect thereto, means the
date established by or pursuant to this Indenture or such Security as the fixed
date on which the principal of such Security or such installment of principal
or interest is, or such Additional Amounts are, due and payable.

 

8

 

“Subsidiary”
means, in respect of any Person, any Corporation, limited or general
partnership or other business entity of which at the time of determination more
than 50% of the voting power of the shares of its Capital Stock or other
interests (including partnership interests) entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is owned or controlled, directly or indirectly, by (i) such
Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one
or more Subsidiaries of such Person.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, and any
reference herein to the Trust Indenture Act or a particular provision thereof  shall mean
such Act or provision, as the case may be, as amended or replaced from time to
time or as supplemented from time to time by rules or regulations adopted
by the Commission under or in furtherance of the purposes of such Act or
provision, as the case may be.

 

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

 

“Trustee”
shall mean each such Person and as used with respect to the Securities of any
series shall mean the Trustee with respect to the Securities of such series.

 

“United
States,” except as otherwise provided in or pursuant to this Indenture or any
Security, means the United States of America (including the states thereof and
the District of Columbia), its territories and possessions and other areas subject  to its
jurisdiction.

 

“U.S.
Depository” or “Depository” means, with respect to any Security issuable or
issued in the form of one or more global Securities, the Person designated as
U.S. Depository or Depository by the Company in or pursuant to this Indenture,
which Person must be, to the extent required by applicable law or regulation, a
clearing agency registered under the Securities Exchange Act of 1934, as
amended, and, if so provided with respect to any Security, any successor to
such Person.  If at any time there is
more than one such Person, “U.S. 
Depository” or “Depository” shall mean, with respect  to any Securities, the qualifying
entity which has been appointed with respect to such Securities.  “Vice President,” when used with respect to
the Trustee, means any vice president, whether or not designated by a number or
a word or words added before or after the title “Vice President”.

 

Section 1.2.            Compliance Certificates and Opinions.

 

Except as
otherwise expressly provided in this Indenture, upon any application or request
by the Company to the Trustee to take any action under any provision of this
Indenture, the Company shall furnish to the Trustee an Officer’s Certificate
stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with and an Opinion of
Counsel stating that, in the opinion of such counsel, all such conditions
precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents or any of
them is specifically

 

9

 

required by any provision of this Indenture
relating to such particular application or request, no additional certificate
or opinion need be furnished.

 

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

 

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

 

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

 

(3)           a statement that, in the opinion of
such individual, he has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such
condition or covenant has been complied with; and

 

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

 

Section 1.3.            Form of
Documents Delivered to Trustee.

 

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

 

Any
certificate or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon an Opinion of Counsel, provided that such
officer, after reasonable inquiry, has no reason to believe and does not
believe that the Opinion of Counsel with respect to the matters upon which his
certificate or opinion is based is erroneous. Any such Opinion of Counsel may
be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Company
stating that the information with respect to such factual matters is in the
possession of the Company, provided that such counsel, after reasonable
inquiry, has no reason to believe and does not believe that the certificate or
opinion or representations with respect to such matters are erroneous.

 

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

 

Section 1.4.            Acts of Holders.

 

Any request,
demand, authorization, direction, notice, consent, waiver or other action
provided by or pursuant to this Indenture to be given or taken by Holders may
be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by an agent duly appointed in
writing. If, but only if, Securities of a series are

 

10

 

issuable as
Bearer Securities, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in or pursuant to this Indenture to be
given or taken by Holders of Securities of such series may, alternatively, be
embodied in and evidenced by the record of Holders of Securities of such series
voting in favor thereof, either in person or by proxies duly appointed in
writing, at any meeting of Holders of Securities of such series duly called and
held in accordance with the provisions of Article 15, or a
combination of such instruments and any such record. Except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument or instruments and
any such record (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such
instrument or instruments or so voting at any such meeting.  Proof of execution of any such instrument or
of a writing appointing any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture and (subject to
Section 315 of the Trust Indenture Act) conclusive in favor of the
Trustee and the Company and any agent of the Trustee or the Company, if made in
the manner provided in this Section.  The
record of any meeting of Holders of Securities shall be proved in the manner
provided in Section 15.6.

 

Without
limiting the generality of this Section 1.4, unless otherwise provided in
or pursuant to this Indenture, a Holder, including a U.S. Depository that is a
Holder of a global Security, may make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other Act provided in or pursuant to this Indenture to be
made, given or taken by Holders, and a U.S. Depository that is a Holder of a
global Security may provide its proxy or proxies to the beneficial owners of
interests in any such global Security through such U.S. Depository’s standing
instructions and customary practices.

 

The Company
shall fix a record date for the purpose of determining the Persons who are
beneficial owners of interest in any permanent global Security held by a U.S.
Depository entitled under the procedures of such U.S. Depository to make, give
or take, by a proxy or proxies duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other Act provided in or
pursuant to this Indenture to be made, given or taken by Holders. If such a
record date is fixed, the Holders on such record date or their duly appointed
proxy or proxies, and only such Persons, shall be entitled to make, give or
take such request, demand, authorization, direction, notice, consent, waiver or
other Act, whether or not such Holders remain Holders after such record date.
No such request, demand, authorization, direction, notice, consent, waiver or
other Act shall be valid or effective if made, given or taken more than 90 days
after such record date.

 

(a)           The
fact and date of the execution by any Person of any such instrument or writing
referred to in this Section 1.4 may be proved in any reasonable
manner; and the Trustee may in any instance require further proof with respect
to any of the matters referred to in this Section.

 

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

 

11

 

(c)           The
ownership, principal amount and serial numbers of Bearer Securities held by any
Person, and the date of the commencement and the date of the termination of
holding the same, may be proved by the production of such Bearer Securities or
by a certificate executed, as depositary, by any trust company, bank, banker or
other depositary reasonably acceptable to the Company, wherever situated, if
such certificate shall be deemed by the Company and the Trustee to be
satisfactory, showing that at the date therein mentioned such Person had on
deposit with such depositary, or exhibited to it, the Bearer Securities therein
described; or such facts may be proved by the certificate or affidavit of the
Person holding such Bearer Securities, 
if such certificate or affidavit is deemed by the Trustee to be
satisfactory. The Trustee and the Company may assume that such ownership of any
Bearer Security continues until (i) another certificate or affidavit
bearing a later date issued in respect of the same Bearer Security is produced,
or (ii) such Bearer Security is produced to the Trustee by some other
Person, or (iii) such Bearer Security is surrendered in exchange for a
Registered Security, or (iv) such Bearer Security is no longer
Outstanding. The ownership, principal amount and serial numbers of Bearer
Securities held by the Person so executing such instrument or writing and the
date of the commencement and the date of the termination of holding the same
may also be proved in any other manner which the Company and the Trustee deem
sufficient.

 

(d)           If
the Company shall solicit from the Holders of any Registered Securities any
request, demand, authorization, direction, notice, consent, waiver or other
Act, the Company may at its option (but is not obligated to), by Board
Resolution, fix in advance a record date for the determination of Holders of
Registered Securities entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other Act.  If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of Registered
Securities of record at the close of business on such record date shall be
deemed to be Holders for the purpose of determining whether Holders of the
requisite proportion of Outstanding Securities have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent,
waiver or other Act, and for that purpose the Outstanding Securities shall be
computed as of such record date; provided that no such authorization, agreement
or consent by the Holders of Registered Securities shall be deemed effective
unless it shall become effective pursuant to the provisions  of this Indenture not later than six months
after the record date.

 

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

 

Section 1.5.            Notices, etc. to Trustee and Company.

 

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

 

12

 

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

 

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

 

Section 1.6.            Notice
to Holders of Securities; Waiver.

 

Except as
otherwise expressly provided in or pursuant to this Indenture, where this
Indenture provides for notice to Holders of Securities of any event,

 

(a)           such
notice shall be sufficiently given to Holders of Registered Securities if in
writing and mailed, first-class postage prepaid, to each Holder of a Registered
Security affected by such event, at his address as it appears in the Security
Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice; and

 

(b)           such
notice shall be sufficiently given to Holders of Bearer Securities, if any, if
published in an Authorized Newspaper in The City of New York and, if such
Securities are then listed on any stock exchange outside the United States, in
an Authorized Newspaper in such city as the Company shall advise the Trustee
that such stock exchange so requires, on a Business Day at least twice, the
first such publication to be not earlier than the earliest date and the second
such publication not later than the latest date prescribed for the giving of
such notice.

 

In any case
where notice to Holders of Registered Securities is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder of a Registered Security shall affect the sufficiency of such
notice with respect to other Holders of Registered Securities or the
sufficiency of any notice to Holders of Bearer Securities given as provided
herein. Any notice which is mailed in the manner herein provided shall be
conclusively presumed to have been duly given or provided. In the case by
reason of the suspension of regular mail service or by reason of any other
cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder.

 

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

 

13

 

shall affect the sufficiency of any notice
mailed to Holders of Registered Securities as provided above.

 

Where this
Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Holders of Securities shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver.

 

Section 1.7.            Language of Notices.

 

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

 

Section 1.8.            Conflict with Trust Indenture Act.

 

If any
provision hereof limits, qualifies or conflicts with any duties under any
required provision of the Trust Indenture Act imposed hereon by Section 318(c) thereof,
such required provision shall control.

 

Section 1.9.            Effect of Headings and Table of Contents.

 

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

 

Section 1.10.          Successors and Assigns.

 

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

 

Section 1.11.          Separability Clause.

 

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

 

Section 1.12.          Benefits of Indenture.

 

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

 

14

 

Section 1.13.          Governing Law.

 

This
Indenture, the Securities and any Coupons shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made
or instruments entered into and, in each case, performed in said state.

 

Section 1.14.          Legal Holidays.

 

Unless
otherwise specified in or pursuant to this Indenture or any Securities, in any
case where any Interest Payment Date, Stated Maturity or Maturity of any
Security, or the last date on which a Holder has the right to convert or
exchange Securities of a series that are convertible or exchangeable, shall be
a Legal Holiday at any Place of Payment, then (notwithstanding any other
provision of this Indenture, any Security or any Coupon other than a provision
in any Security or Coupon that specifically states that such provision shall
apply in lieu hereof) payment need not be made at such Place of Payment on such
date, and such Securities need not be converted or exchanged on such date but
such payment may be made, and such Securities may be converted or exchanged, on
the next succeeding day that is a Business Day at such Place of Payment with
the same force and effect as if made on the Interest Payment Date or at the
Stated Maturity or Maturity or on such last day for conversion or exchange, and
no interest shall accrue on the amount payable on such date or at such time for
the period from and after such Interest Payment Date, Stated Maturity, Maturity
or last day for conversion or exchange, as the case may be, to such next
succeeding Business Day.

 

Section 1.15.          Counterparts.

 

This Indenture
may be executed in several counterparts, each of which shall be an original and
all of which shall constitute but one and the same instrument.

 

Section 1.16.          Judgment Currency.

 

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

 

15

 

foregoing, “New
York Banking Day” means any day except a Saturday, Sunday or a legal holiday in
The City of New York or a day on which banking institutions in The City of New
York are authorized or obligated by law, regulation or executive order to be
closed.

 

Section 1.17.          No
Security Interest Created.

 

Subject to the
provisions of Section 10.5, nothing in this Indenture or in any
Securities, express 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
where property of the Company or its Subsidiaries is or may be located.

 

Section 1.18.          Limitation on Individual Liability.

 

No recourse
under or upon any obligation, covenant or agreement contained in this Indenture
or in any Security, or for any claim based thereon or otherwise in respect
thereof, shall be had against any incorporator, shareholder, officer or
director, as such, past, present or future, of the Company, either directly or
through the Company, 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 this Indenture and the obligations issued hereunder
are solely corporate obligations, and that no such personal liability whatever
shall attach to, or is or shall be incurred by, the incorporators,
shareholders, officers or directors, as such, of the Company, or any of them,
because of the creation of the indebtedness hereby authorized, or under or by
reason of the obligations, covenants or agreements contained in this Indenture
or in any Security or implied therefrom; and that any and all such personal
liability of every name and nature, either at common law or in equity or by constitution
or statute, of, and any and all such rights and claims against, every such
incorporator, shareholder, officer or director, as such, because of the
creation of the indebtedness hereby authorized, or under or by reason of the
obligations, covenants or agreements contained in this Indenture or in any
Security or implied therefrom, are herebyexpressly waived and released as a
condition of, and as a consideration for, the execution of this Indenture and
the issuance of such Security.

 

Section 1.19.          Submission to Jurisdiction.

 

The Company
agrees that any judicial proceedings instituted in relation to any matter
arising under this Indenture, the Securities or any Coupons appertaining
thereto may be brought in any United States Federal or New York State court
sitting in the Borough of Manhattan, The City of New York, New York to the
extent that such court has subject matter jurisdiction over the controversy,
and, by execution and delivery of this Indenture, the Company hereby
irrevocably accepts, generally and unconditionally, the jurisdiction of the
aforesaid courts, acknowledges their competence and irrevocably agrees to be
bound by any judgment rendered in such proceeding. The Company also irrevocably
and unconditionally waives for the benefit of the Trustee and the Holders of
the Securities and Coupons any immunity from jurisdiction and any immunity from
legal process (whether through service or notice, attachment prior to judgment,
attachment in the aid of execution, execution or otherwise) in respect of this
Indenture. The Company hereby irrevocably designates and appoints for the
benefit of the Trustee and the Holders of the Securities and Coupons for the
term of this Indenture Assured Guaranty Corp., 1325 Avenue of the Americas, New
York, New York 10019, as its agent to

 

16

 

receive on its
behalf service of all process (with a copy of all such service of process to be
delivered to James M. Michener, General Counsel and Secretary, Assured Guaranty
Ltd., 30 Woodbourne Avenue, Hamilton HM 08, Bermuda) brought against it with
respect to any such proceeding in any such court in The City of New York, such
service being hereby acknowledged by the Company to be effective and binding
service on it in every respect whether or not the Company shall then be doing
or shall have at any time done business in New York. Such appointment shall be
irrevocable so long as any of the Securities or Coupons or the obligations of
the Company hereunder remain outstanding until the appointment of a successor
by the Company and such successor’s acceptance of such appointment. Upon such
acceptance, the Company shall notify the Trustee of the name and address of
such successor. The Company further agrees for the benefit of the Trustee and the
Holders of the Securities and the Coupons to take any and all action, including
the execution and filing of any and all such documents and instruments, as may
be necessary to continue such designation and appointment of said Assured
Guaranty Corp. full force and effect so long as any of the Securities or
Coupons or the obligations of the Company hereunder shall be outstanding. The
Trustee shall not be obligated and shall have no responsibility with respect to
any failure by the Company to take any such action. Nothing herein shall affect
the right to serve process in any other manner permitted by any law or limit
the right of the Trustee or any Holder to institute proceedings against the
Company in the courts of any other jurisdiction or jurisdictions.

 

ARTICLE 2

SECURITIES FORMS

 

Section 2.1.            Forms Generally.

 

Each
Registered Security, Bearer Security, Coupon and temporary or permanent global
Security issued pursuant to this Indenture shall be in the form established by
or pursuant to a Board Resolution or in one or more indentures supplemental
hereto, shall have such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by or pursuant to this Indenture
or any indenture supplemental hereto and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon
as may, consistently herewith, be determined by the officers executing such
Security or Coupon as evidenced by their execution of such Security or Coupon.

 

Unless
otherwise provided in or pursuant to this Indenture or any Securities, the
Securities shall be issuable in registered form without Coupons and shall not
be issuable upon the exercise of warrants.

 

Definitive
Securities and definitive Coupons shall be printed, lithographed or engraved or
produced by any combination of these methods on a steel engraved border or
steel engraved borders or may be produced in any other manner, all as
determined by the officers of the Company executing such Securities or Coupons,
as evidenced by their execution of such Securities or Coupons.

 

17

 

Section 2.2.            Form of
Trustee’s Certificate of Authentication.

 

Subject to Section 6.11,
the Trustee’s certificate of authentication shall be in substantially the
following form:

 

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

 

	
  THE BANK OF
  NEW YORK,

  
	
  as Trustee

  
	
   

  
	
  By:

  	
   

  	
   

  

 

Section 2.3.            Securities in Global Form.

 

Unless
otherwise provided in or pursuant to this Indenture or any Securities, the
Securities shall not be issuable in temporary or permanent global form. If
Securities of a series shall be issuable in global form, any such Security may
provide that it or any number of such Securities shall represent the aggregate
amount of all Outstanding Securities of such series (or such lesser amount as
is permitted by the terms thereof) from time to time endorsed thereon and may
also provide that the aggregate amount of Outstanding Securities represented
thereby may from time to time be increased or reduced to reflect exchanges. Any
endorsement of any Security in global form to reflect the amount, or any
increase or decrease in the amount, or changes in the rights of Holders, of
Outstanding Securities represented thereby shall be made in such manner and by
such Person or Persons as shall be specified therein or in the Company Order to
be delivered pursuant to Section 3.3 or 3.4 with respect thereto. Subject
to the provisions of Section 3.3 and, if applicable, Section 3.4, the
Trustee shall deliver and redeliver, in each case at the Company’s expense, any
Security in permanent global form in the manner and upon instructions given by
the Person or Persons specified therein or in the applicable Company Order. If
a Company Order pursuant to Section 3.3 or 3.4 has been, or simultaneously
is, delivered, any instructions by the Company with respect to a Security in
global form shall be in writing but need not be accompanied by or contained in
an Officer’s Certificate and need not be accompanied by an Opinion of Counsel.

 

Notwithstanding
the provisions of Section 3.7, unless otherwise specified in or pursuant
to this Indenture or any Securities, payment of principal of, any premium and
interest on, and any Additional Amounts in respect of, any Security in
temporary or permanent global form shall be made to the Person or Persons
specified therein.

 

Notwithstanding
the provisions of Section 3.8 and except as provided in the preceding
paragraph, the Company, the Trustee and any agent of the Company or the Trustee
shall treat as the Holder of such principal amount of Outstanding Securities
represented by a global Security (i) in the case of a global Security in
registered form, the Holder of such global Security in registered form, or (ii) in
the case of a global Security in bearer form, the Person or Persons specified
pursuant to Section 3.1.

 

18

 

ARTICLE 3

THE SECURITIES

 

Section 3.1.                                   Amount
Unlimited; Issuable in Series.

 

The aggregate
principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited. The Securities may be issued in one or more
series.

 

With respect
to any Securities to be authenticated and delivered hereunder, there shall be
established in or pursuant to a Board Resolution and set forth in an Officer’s
Certificate, or established in one or more indentures supplemental hereto,

 

(a)                                  the
title of such Securities and the series in which such Securities shall be
included;

 

(b)                                 any
limit upon the aggregate principal amount of the Securities of such title or
the Securities of such series which may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other
Securities of such series pursuant to Section 3.4, 3.5, 3.6,
9.5 or 11.7, upon repayment in part of any Registered Security of
such series pursuant to Article 13, upon surrender in part of any
Registered Security for conversion into other securities of the Company or
exchange for other securities pursuant to its terms, or pursuant to or as
contemplated by the terms of such Securities);

 

(c)                                  if
such Securities are to be issuable as Registered Securities, as Bearer
Securities or alternatively as Bearer Securities and Registered Securities, and
whether the Bearer Securities are to be issuable with Coupons, without Coupons
or both, and any restrictions applicable to the offer, sale or delivery of the
Bearer Securities and the terms, if any, upon which Bearer Securities may be
exchanged for  Registered Securities and
vice versa;

 

(d)                                 if
any of such Securities are to be issuable in global form, when any of such
Securities are to be issuable in global form and (i) whether such
Securities are to be issued in temporary or permanent global form or both, (ii) whether
beneficial owners of interests in any such global Security may exchange such
interests for Securities of the same series and of like tenor and of any
authorized form and denomination, and the circumstances under which any such
exchanges may occur, if other than in the manner specified in Section 35,
and (iii) the name of the Depository or the U.S. Depository, as the case
may be, with respect to any such global Security;

 

(e)                                  If
any of such Securities are to be issuable as Bearer Securities or in global
form, the date as of which any such 
Bearer Security or global Security shall be dated (if other than the
date of original issuance of the first of such Securities to be

 

(f)                                    if
any of such Securities are to be issuable as Bearer Securities, whether
interest in respect of any portion of a temporary Bearer Security in global
form payable in respect of an Interest Payment Date therefor prior to the
exchange, if any, of such temporary Bearer Security for definitive Securities
shall be paid to any clearing

 

19

 

organization with respect to the portion of such
temporary  Bearer Security held for its
account and, in such event, the terms and 
conditions (including any certification requirements) upon which any
interest payment received by a clearing organization will be credited to the
Persons entitled to interest payable on such Interest Payment Date;

 

(g)                                 the
date or dates, or the method or methods, if any, by which such date or dates
shall be determined, on which the principal of such Securities is payable;

 

(h)                                 the
rate or rates at which such Securities shall bear interest, if any, or the
method or methods, if any, by which such rate or rates are to be determined,
the date or dates, if any, from which such interest shall accrue or the method
or methods, if any, by which such date or dates are to be determined, the
Interest Payment Dates, if any, on which such interest shall be payable and the
Regular Record Date, if any, for the interest payable on Registered Securities
on any Interest Payment Date, whether and under what circumstances Additional
Amounts on such Securities or any of them shall be payable, the notice, if any,
to Holders regarding the determination of interest on a floating rate Security
and the manner of giving such notice, and the basis upon which interest shall
be calculated if other than that of a 360-day year of twelve 30-day months;

 

(i)                                     if
in addition to or other than the Borough of Manhattan, The City of New York,
the place or places where the principal of, any premium and interest on or any
Additional Amounts with respect to such Securities shall be payable, any of
such securities that are Registered Securities may be surrendered for
registration of transfer or exchange, any of such Securities may be surrendered
for conversion or exchange and notices or demands to or upon the Company in
respect of such Securities and this Indenture may be served, the extent to
which, or the manner in which, any interest payment or Additional Amounts on a
global Security on an Interest Payment Date, will be paid and the manner in
which any principal of or  premium, if
any, on any global Security will be paid;

 

(j)                                     whether
any of such Securities are to be redeemable at the option of the Company and,
if so, the date or dates on which, the period or periods within which, the
price or prices at which and the other terms and conditions upon which such
Securities may be redeemed, in whole or in part, at the option of the Company;

 

(k)                                  whether
the Company is obligated to redeem or purchase any of such Securities pursuant
to any sinking fund or analogous provision or at the option of any Holder
thereof and, if so, the date or dates on which, the period or periods within
which, the price or prices at which and the other terms and conditions upon
which  such Securities shall be redeemed
or purchased, in whole or in part, pursuant to such obligation, and any
provisions for the remarketing of such Securities so redeemed or purchased;

 

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

 

20

 

(m)                               whether
the Securities of the series will be convertible into other securities of the
Company and/or exchangeable for other securities, whether or not issued by the
Company, and, if so, the terms and conditions upon which such Securities will
be so convertible or exchangeable, and any deletions from or modifications or
additions to this Indenture to permit or to facilitate the issuance of such
convertible or exchangeable Securities or the administration thereof;

 

(n)                                 if
other than the principal amount thereof, the portion of the principal amount of
any of such Securities that shall be payable upon declaration of acceleration
of the Maturity thereof pursuant to Section 5.2 or the method by
which such portion is to be determined;

 

(o)                                 if
other than Dollars, the Foreign Currency in which payment of the principal of,
any premium or interest on or any Additional Amounts with respect to any of
such Securities shall be payable;

 

(p)                                 if
the principal of, any premium or interest on or any Additional Amounts with
respect to any of such Securities are to be payable, at the election of the
Company or a Holder thereof or otherwise, in Dollars or in a Foreign Currency
other than that in which such Securities are stated to be payable, the date or
dates on which, the period or periods within which, and the other terms and
conditions upon which, such election may be made, and the time and manner of
determining the exchange rate between the Currency in which such Securities are
stated to be payable and the Currency in which such Securities or any of them
are to be paid pursuant to such election, and any deletions from or
modifications of or additions to the terms of this Indenture to provide for or
to facilitate the issuance of Securities denominated or payable, at the
election of the Company or a Holder thereof or otherwise, in a Foreign
Currency;

 

(q)                                 whether
the amount of payments of principal of, any premium or interest on or any
Additional Amounts with respect to such Securities may be determined with
reference to an index, formula or other method or methods (which index, formula
or method or methods may be based, without limitation, on one or more
Currencies, commodities, equity securities, equity indices or other indices),
and, if so, the terms and conditions upon which and the manner in which such
amounts shall be determined and paid or payable;

 

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

 

(s)                                  whether
either or both of Section 4.2(2) relating to defeasance or Section 4.2(3) relating
to covenant defeasance shall not be applicable to the Securities of such series,
or any covenants in addition to those specified in Section 4.2(3) relating
to the Securities of such series which shall be subject to covenant defeasance,
and any deletions from, or modifications or additions to, the provisions of Article 4
in respect of the Securities of such series;

 

21

 

(t)                                    whether
any of such Securities are to be issuable upon the exercise of warrants, and
the time, manner and place for such Securities to be authenticated and
delivered;

 

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

 

(v)                                 if
there is more than one Trustee, the identity of the Trustee and, if not the
Trustee, the identity of each Security Registrar, Paying Agent or Authenticating
Agent with respect to such Securities; and

 

(w)                               any
other terms of such Securities and any other deletions from or modifications or
additions to this Indenture in respect of such Securities.

 

All Securities
of any one series and all Coupons, if any, appertaining to Bearer Securities of
such series shall be substantially identical except as to Currency of payments
due thereunder, denomination and the rate of interest thereon, or method of
determining the rate of interest, if any, Maturity, and the date from which
interest, if any, shall accrue and except as may otherwise be provided by the
Company in or pursuant to the Board Resolution and set forth in the Officer’s
Certificate or in any indenture or indentures supplemental hereto pertaining to
such series of Securities. The terms of the Securities of any series may
provide, without limitation, that the Securities shall be authenticated and
delivered by the Trustee on original issue from time to time upon written order
of persons designated in the Officer’s Certificate or supplemental indenture
and that such persons are authorized to determine, consistent with such Officer’s
Certificate or any applicable supplemental indenture, such terms and conditions
of the Securities of such series as are specified in such Officer’s Certificate
or supplemental indenture. All Securities of any one series need not be issued
at the same time and, unless otherwise so provided, a series may be reopened
for issuances of additional Securities of such series or to establish additional
terms of such series of Securities.

 

If any of the
terms of the Securities of any series shall be established by action taken by
or pursuant to a Board Resolution, the Board Resolution shall be delivered to
the Trustee at or prior to the delivery of the Officer’s Certificate setting
forth the terms of such series.

 

Section 3.2.                                   Currency;
Denominations.

 

Unless
otherwise provided in or pursuant to this Indenture, the principal of, any
premium and interest on and any Additional Amounts with respect to the
Securities shall be payable in Dollars. Unless otherwise provided in or
pursuant to this Indenture, Registered Securities denominated in Dollars shall
be issuable in registered form without Coupons in denominations of $1,000 and
any integral multiple thereof, and the Bearer Securities denominated in Dollars
shall be issuable in the denomination of $5,000. Securities not denominated in
Dollars shall be issuable in such denominations as are established with respect
to such Securities in or pursuant to this Indenture.

 

22

 

Section 3.3.                                   Execution,
Authentication, Delivery and Dating.

 

Securities
shall be executed on behalf of the Company by its Chairman of the Board, a Vice
Chairman, its President, Chief Financial Officer, Chief Investment Officer or
Chief Accounting Officer under its corporate seal reproduced thereon and
attested by its Secretary or an Assistant Secretary. Coupons shall be executed
on behalf of the Company by the Chief Financial Officer or Chief Accounting
Officer of the Company. The signature of any of these officers on the
Securities or any Coupons appertaining thereto may be manual or facsimile.

 

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

 

At any time
and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities, together with any Coupons appertaining thereto,
executed by the Company, to the Trustee for authentication and, provided that
the Board Resolution and Officer’s Certificate or supplemental indenture or
indentures with respect to such Securities referred to in Section 3.1
and a Company Order for the authentication and delivery of such Securities have
been delivered to the Trustee, the Trustee in accordance with the Company Order
and subject to the provisions hereof and of such Securities shall authenticate
and deliver such Securities. In authenticating such Securities, and accepting
the additional responsibilities under this Indenture in relation to such
Securities and any Coupons appertaining thereto, the Trustee shall be entitled
to receive, and (subject to Sections 315(a) through 315(d) of
the Trust Indenture Act) shall be fully protected in relying upon,

 

Section 3.4.                                   an
Opinion of Counsel to the effect that:

 

(1)                                  the
form or forms and terms of such Securities and Coupons, if any, have been
established in conformity with the provisions of this Indenture;

 

(2)                                  all
conditions precedent to the authentication and delivery of such Securities and
Coupons, if any, appertaining thereto, have been complied with and that
appropriate insertions, executed under the Company’s corporate seal and
attested by duly authorized officers of the Company, delivered by duly
authorized officers of the Company to the Trustee for  authentication pursuant to this Indenture,
and authenticated and delivered by the Trustee and issued by the Company in the
manner and subject to any conditions specified in such Opinion of Counsel, will
constitute legally valid and binding obligations of the Company, enforceable
against the Company in  accordance with
their terms, except as enforcement thereof may be subject to or limited by
bankruptcy, insolvency, reorganization, moratorium, arrangement, fraudulent
conveyance, fraudulent transfer or other similar laws relating to or affecting
creditors’ rights generally, and subject to general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at
law) and will entitle the Holders thereof to the benefits of this Indenture;
such Opinion of Counsel need express no opinion as to the availability of
equitable remedies;

 

23

 

(3)                                  all
laws and requirements in respect of the execution and delivery by the Company
of such Securities and Coupons, if any, have been complied with; and

 

(4)                                  this
Indenture has been qualified under the Trust Indenture Act; and

 

(a)                                  an
Officer’s Certificate stating that all conditions precedent to the execution,
authentication and delivery of such Securities and Coupons, if any,
appertaining thereto, have been complied with and that, to the best knowledge
of the Persons executing such certificate, no event which is, or after notice
or lapse of time would become, an Event of Default with respect to any of the
Securities shall have occurred and be continuing.

 

If all the
Securities of any series are not to be issued at one time, it shall not be
necessary to deliver an Opinion of Counsel and an Officer’s Certificate at the
time of issuance of each Security, but such opinion and certificate, with
appropriate modifications, shall be delivered at or before the time of issuance
of the first Security of such series. After any such first delivery, any
separate written request by an Authorized Officer of the Company or any person
designated in writing by an Authorized Officer that the Trustee authenticate
and deliver Securities of such series for original issue will be deemed to be a
certification by the Company that all conditions precedent provided for in this
Indenture relating to authentication and delivery of such Securities continue
to have been complied with and that no Event of Default with respect to any of the
Securities has occurred or is continuing.

 

The Trustee
shall not be required to authenticate or to cause an Authenticating Agent to
authenticate any Securities if the issue of such Securities pursuant to this
Indenture will affect the Trustee’s own rights, duties or immunities under the
Securities and this Indenture or otherwise in a 
manner which is not reasonably acceptable to the Trustee or if the
Trustee, being advised by counsel, determines that such action may not lawfully
be taken.

 

Each
Registered Security shall be dated the date of its authentication. Each Bearer
Security and any Bearer Security in global form shall be dated as of the date
specified in or pursuant to this Indenture.

 

No Security or
Coupon appertaining thereto shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose, unless there appears on
such Security a certificate of authentication substantially in the form
provided for in Section 2.2 or 6.11 executed by or on behalf
of the Trustee or by the Authenticating Agent by the manual signature of one of
its authorized officers. Such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder. Except as permitted by Section 3.6 or 3.7,
the Trustee shall not authenticate and deliver any Bearer Security unless all
Coupons appertaining thereto then matured have been detached and cancelled.

 

Section 3.5.                                   Temporary
Securities.

 

Pending the
preparation of definitive Securities, the Company may execute and deliver to
the Trustee and, upon Company Order, the Trustee shall authenticate and
deliver, in the manner provided in Section 3.3, temporary Securities in
lieu thereof which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially

 

24

 

of the tenor of the definitive Securities in lieu of which they are
issued, in registered form or, if authorized in or pursuant to this Indenture,
in bearer form with one or more Coupons or without Coupons and with such
appropriate insertions, omissions, substitutions and other variations as the
officers of the Company executing such Securities may determine, as conclusively
evidenced by their execution of such Securities. Such temporary Securities may
be in global form.

 

Except in the
case of temporary Securities in global form, which shall be exchanged in
accordance with the provisions thereof, if temporary Securities are issued, the
Company shall cause definitive Securities to be prepared without unreasonable
delay. After the preparation of definitive Securities of the same series and
containing terms and provisions that are identical to those of any temporary
Securities, such temporary Securities shall be exchangeable for such definitive
Securities upon surrender of such temporary Securities at an Office or Agency
for such Securities, without charge to any Holder thereof. Upon surrender for
cancellation of any one or more temporary Securities (accompanied by any
unmatured Coupons appertaining thereto), the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a like principal
amount of definitive Securities of authorized denominations of the same series
and containing identical terms and provisions; provided, however, that no
definitive Bearer Security, except as provided in or pursuant to this
Indenture, shall be delivered in exchange for a temporary Registered Security;
and provided, further, that a definitive Bearer Security shall be delivered in
exchange for a temporary Bearer Security only in compliance with the conditions
set forth in or pursuant to this Indenture. Unless otherwise provided in or
pursuant to this Indenture with respect to a temporary global Security, until
so exchanged the temporary Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Securities of
such series.

 

Section 3.6.                                   Registration,
Transfer and Exchange.

 

With respect
to the Registered Securities of each series, if any, the Company shall cause to
be kept a register (each such register being herein sometimes referred to as
the “Security Register”) at an Office or Agency for such series in which,
subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of the Registered Securities of such series and of
transfers of the Registered Securities of such series. Such Office or Agency
shall be the “Security Registrar” for that series of Securities.  Unless otherwise specified in or pursuant to
this Indenture or the Securities, the Trustee shall be the initial Security
Registrar for each series of Securities. 
The Company shall have the right to remove and replace from time to time
the Security Registrar for any series of Securities; provided that no such
removal or replacement shall be effective until a successor Security Registrar
with respect to such series of Securities shall have been appointed by the
Company and shall have accepted such appointment by the Company.  In the event that the Trustee shall not be or
shall cease to be Security Registrar with respect to a series of Securities, it
shall have the right to examine the Security Register for such series at all
reasonable times.  There shall be only
one Security Register for each series of Securities.

 

Upon surrender
for registration of transfer of any Registered Security of any series at any
Office or Agency for such series, the Company shall execute, and the Trustee
shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Registered Securities of the same series
denominated as authorized in or pursuant to this Indenture, of a like

 

25

 

aggregate principal amount bearing a number not contemporaneously
outstanding and containing identical terms and provisions.

 

At the option
of the Holder, Registered Securities of any series may be exchanged for other
Registered Securities of the same series containing identical terms and
provisions, in any authorized denominations, and of a like aggregate principal
amount, upon surrender of the Securities to be exchanged at any Office or
Agency for such series. Whenever any Registered Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Registered Securities which the Holder making the exchange is
entitled to receive.

 

If provided in
or pursuant to this Indenture, with respect to Securities of any series, at the
option of the Holder, Bearer Securities of such series may be exchanged for
Registered Securities of such series containing identical terms, denominated as
authorized in or pursuant to this Indenture and in the same aggregate principal
amount, upon surrender of the Bearer Securities to be exchanged at any Office
or Agency for such series, with all unmatured Coupons and all matured Coupons
in default thereto appertaining. If the Holder of a Bearer Security is unable
to produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in
default, such exchange may be effected if the Bearer Securities are accompanied
by payment in funds acceptable to the Company and the Trustee in an amount
equal to the face amount of such missing Coupon or Coupons, or the surrender of
such missing Coupon or Coupons may be waived by the Company and the Trustee if
there is furnished to them such security or indemnity as they may require to
save each of them and any Paying Agent harmless. If thereafter the Holder of
such Bearer Security shall surrender to any Paying Agent any such missing
Coupon in respect of which such a payment shall have been made, such Holder
shall be entitled to receive the amount of such payment; provided, however,
that, except as otherwise provided in Section 10.2, interest
represented by Coupons shall be payable only upon presentation and surrender of
those Coupons at an Office or Agency for such series located outside the United
States. Notwithstanding the foregoing, in case a Bearer Security of any series
is surrendered at any such Office or Agency for such series in exchange for a
Registered Security of such series and like tenor after the close of business
at such Office or Agency on (i) any Regular Record Date and before the
opening of business at such Office or Agency on the next succeeding Interest
Payment Date, or (ii) any Special Record Date and before the opening of
business at such Office or Agency on the related date for payment of Defaulted
Interest, such Bearer Security shall be surrendered without the Coupon relating
to such Interest Payment Date or proposed date of payment, as the case may be
(or, if such Coupon is so surrendered with such Bearer Security, such Coupon
shall be returned to the Person so surrendering the Bearer Security), and
interest or Defaulted Interest, as the case may be, shall not be payable on
such Interest Payment Date or proposed date for payment, as the case may be, in
respect of the Registered Security issued in exchange for such Bearer Security,
but shall be payable only to the Holder of such Coupon when due in accordance
with the provisions of this Indenture.

 

If provided in
or pursuant to this Indenture with respect to Securities of any series, at the
option of the Holder, Registered Securities of such series may be exchanged for
Bearer Securities upon such terms and conditions as may be provided in or
pursuant to this Indenture with respect to such series.

 

26

 

Whenever any
Securities are surrendered for exchange as contemplated by the immediately
preceding two paragraphs, the Company shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange
is entitled to receive.

 

Notwithstanding
the foregoing, except as otherwise provided in or pursuant to this Indenture,
any global Security shall be exchangeable for definitive Securities only if (i) the
Depository is at any time unwilling, unable or ineligible to continue as depository
and a successor depository is not appointed by the Company within 90 days of
the date the Company is so informed in writing, (ii) the Company executes
and delivers to the Trustee a Company Order to the effect that such global
Security shall be so exchangeable, or (iii) an Event of Default has
occurred and is continuing with respect to the Securities. If the beneficial
owners of interests in a global Security are entitled to exchange such
interests for definitive Securities as the result of an event described in
clause (i), (ii) or (iii) of the preceding sentence, then without
unnecessary delay but in any event not later than the earliest date on which
such interests may be so exchanged, the Company shall deliver to the Trustee
definitive Securities in such form and denominations as are required by or
pursuant to this Indenture, and of the same series, containing identical terms
and in aggregate principal amount equal to the principal amount of such global
Security, executed by the Company. On or after the earliest date on which such
interests may be so exchanged, such global Security shall be surrendered from
time to time by the U.S. Depository or such other Depository as shall be
specified in the Company Order with respect thereto, and in accordance with
instructions given to the Trustee and the U.S. Depository or such other
Depository, as the case may be (which instructions shall be in writing but need
not be contained in or accompanied by an Officer’s Certificate or be
accompanied by an Opinion of Counsel), as shall be specified in the Company
Order with respect thereto to the Trustee, as the Company’s agent for such
purpose, to be exchanged, in whole or in part, for definitive Securities as
described above without charge. The Trustee shall authenticate and make
available for delivery, in exchange for each portion of such surrendered global
Security, a like aggregate principal amount of definitive Securities of the
same series of authorized denominations and of like tenor as the portion of
such global Security to be exchanged, which (unless such Securities are not
issuable both as Bearer Securities and as Registered Securities, in which case
the definitive Securities exchanged for the global Security shall be issuable
only in the form in which the Securities are issuable, as provided in or
pursuant to this Indenture) shall be in the form of Bearer Securities or
Registered Securities, or any combination thereof, as shall be specified by the
beneficial owner thereof, but subject to the satisfaction of any certification
or other requirements to the issuance of Bearer Securities; provided, however,
that no such exchanges may occur during a period beginning at the opening of
business 15 days before any selection of Securities of the same series to be
redeemed and ending on the relevant Redemption Date; and provided, further,
that (unless otherwise provided in or pursuant to this Indenture) no Bearer
Security delivered in exchange for a portion of a global Security shall be
mailed or otherwise delivered to any location in the United States. Promptly
following any such exchange in part, such global Security shall be returned by
the Trustee to such Depository or the U.S. Depository, as the case may be, or
such other Depository or U.S. Depository referred to above in accordance with
the instructions of the Company referred to above. If a Registered Security is
issued in exchange for any portion of a global Security after the close of
business at the Office or Agency for such Security where such exchange occurs
on or after (i) any Regular Record Date for such Security and before the
opening of business at such Office or Agency on the next succeeding Interest
Payment Date, or (ii) any Special Record Date

 

27

 

for such Security
and before the opening of business at such Office or Agency on the related
proposed date for payment of interest or Defaulted Interest, as the case may
be, interest shall not be payable on such Interest Payment Date or proposed
date for payment, as the case may be, in respect of such Registered Security,
but shall be payable on such Interest Payment Date or proposed date for
payment, as the case may be, only to the Person to whom interest in respect of
such portion of such global Security shall be payable in accordance with the
provisions of this Indenture.

 

All Securities
issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company evidencing the same debt and entitling the
Holders thereof to the same benefits under this Indenture as the Securities
surrendered upon such registration of transfer or exchange.

 

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

 

No service
charge shall be made for any registration of transfer or exchange, or
redemption of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge and any other expenses
(including fees and expenses of the Trustee) that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 3.4, 9.5 or 11.7 not involving any transfer.

 

Except as
otherwise provided in or pursuant to this Indenture, the Company shall not be
required (i) to issue, register the transfer of or exchange any Securities
during a period beginning at the opening of business 15 days before the day of
mailing of a notice of redemption of Securities of like tenor and the same
series under Section 11.3 and ending at the close of business on
the day of such mailing, or (ii) to register the transfer of or exchange
any Registered Security selected for redemption in whole or in part, except in
the case of any Security to be redeemed in part, the portion thereof not to be
redeemed, or (iii) to exchange any Bearer Security selected for redemption
except, to the extent provided with respect to such Bearer Security, that such
Bearer Security may be exchanged for a Registered Security of like tenor and
the same series, provided that such Registered Security shall be immediately
surrendered for redemption with written instruction for payment consistent with
the provisions of this Indenture or (iv) to issue, register the transfer
of or exchange any Security which, in accordance with its terms, has been
surrendered for repayment at the option of the Holder, except the portion, if
any, of such Security not to be so repaid.

 

Section 3.7.                                   Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any
mutilated Security or a Security with a mutilated Coupon appertaining to it is
surrendered to the Trustee, subject to the provisions of this Section 3.6,
the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a new Security of the same series containing identical terms
and of like principal amount and bearing a number not

 

28

 

contemporaneously outstanding, with Coupons appertaining thereto
corresponding to the Coupons, if any, appertaining to the surrendered Security.

 

If there be
delivered to the Company and to the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security or Coupon, and (ii) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security or Coupon has been acquired by a bona fide
purchaser, the Company shall execute and, upon the Company’s request the
Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Security or in exchange for the Security
to which a destroyed, lost or stolen Coupon appertains with all appurtenant
Coupons not destroyed, lost or stolen, a new Security of the same series
containing identical terms and of like principal amount and bearing a number
not contemporaneously outstanding, with Coupons appertaining thereto
corresponding to the Coupons, if any, appertaining to such destroyed, lost or
stolen Security or to the Security to which such destroyed, lost or stolen
Coupon appertains.

 

Notwithstanding
the foregoing provisions of this Section 3.6, in case any mutilated,
destroyed, lost or stolen Security or Coupon has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security or Coupon; provided, however, that payment of
principal of, any premium or interest on or any Additional Amounts with respect
to any Bearer Securities shall, except as otherwise provided in Section 10.2,
be payable only at an Office or Agency for such Securities located outside the
United States and, unless otherwise provided in or pursuant to this Indenture,
any interest on Bearer Securities and any Additional Amounts with respect to
such interest shall be payable only upon presentation and surrender of the
Coupons appertaining thereto.

 

Upon the
issuance of any new Security under this Section 3.6, the Company
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security,
with any Coupons appertaining thereto issued pursuant to this Section 3.6
in lieu of any destroyed, lost or stolen Security, or in exchange for a
Security to which a destroyed, lost or stolen Coupon appertains shall
constitute a separate obligation of the Company, whether or not the destroyed,
lost or stolen Security and Coupons appertaining thereto or the destroyed, lost
or stolen Coupon shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of such series and any Coupons, if any, duly
issued hereunder.

 

The provisions
of this Section 3.6, as amended or supplemented pursuant to this Indenture
with respect to particular Securities or generally, shall be exclusive and
shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities or Coupons.

 

Section 3.8.                                   Payment
of Interest and Certain Additional Amounts;

 

Rights to
Interest and Certain Additional Amounts Preserved.

 

29

 

Unless
otherwise provided in or pursuant to this Indenture, any interest on and any
Additional Amounts with respect to any Registered Security which shall be
payable, and are punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name such Security (or one or more
Predecessor Securities) is registered as of the close of business on the
Regular Record Date for such interest.

 

Unless
otherwise provided in or pursuant to this Indenture, any interest on and any
Additional Amounts with respect to any Registered Security which shall be
payable, but shall not be punctually paid or duly provided for, on any Interest
Payment Date for such Registered Security (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the Holder thereof on the relevant
Regular Record Date by virtue of having been such Holder; and such Defaulted Interest
may be paid by the Company, at its election in each case, as provided in Clause
(1) or (2) below:

 

The Company
may elect to make payment of any Defaulted Interest to the Person in whose name
such Registered Security (or a Predecessor Security thereof) shall be
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, which shall be fixed by the Company in the following
manner.  The Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on
such Registered Security, the Special Record Date therefor and the date of the
proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit on or prior to the date of the proposed payment,
such money when so deposited to be held in trust for the benefit of the Person
entitled to such Defaulted Interest as in this Clause provided. The Special
Record Date for the payment of such Defaulted Interest shall be not more than
15 days and not less than 10 days prior to the date of the proposed payment and
not less than 10 days after notification to the Trustee of the proposed
payment. The Trustee shall, in the name and at the expense of the Company,
cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be mailed, first-class postage prepaid, to the Holder
of such Registered Security (or a Predecessor Security thereof) at his address
as it appears in the Security Register not less than 10 days prior to such
Special Record Date. The Trustee may, in its discretion, in the name and at the
expense of the Company cause a similar notice to be published at least once in
an Authorized Newspaper of general circulation in the Borough of Manhattan, The
City of New York, but such publication shall not be a condition precedent to
the establishment of such Special Record Date. Notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor having been
mailed as aforesaid, such Defaulted Interest shall be paid to the Person in
whose name such Registered Security (or a Predecessor Security thereof) shall
be registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (2).

 

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

 

30

 

Company, interest on Registered Securities that bear
interest may be paid by mailing a check to the address of the Person entitled
thereto as such address shall appear in the Security Register or by transfer to
an account maintained by the payee with a bank located in the United States.

 

Subject to the
foregoing provisions of this Section and Section 3.5, each Security
delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Security.

 

In the case of
any Registered Security of any series that is convertible into shares of Common
Stock of the Company or exchangeable for other securities, which Registered
Security is converted or exchanged after any Regular Record Date and on or
prior to the next succeeding Interest Payment Date (other than any Registered
Security with respect to which the Stated Maturity is prior to such Interest
Payment Date), interest with respect to which the Stated Maturity is on such
Interest Payment Date shall be payable on such Interest Payment Date
notwithstanding such conversion or exchange, and such interest (whether or not
punctually paid or duly provided for) shall be paid to the Person in whose name
that Registered Security (or one or more predecessor Registered Securities) is
registered at the close of business on such Regular Record Date. Except as
otherwise expressly provided in the immediately preceding sentence, in the case
of any Registered Security which is converted or exchanged, interest with
respect to which the Stated Maturity is after the date of conversion or
exchange of such Registered Security shall not be payable.

 

Section 3.9.                                   Persons
Deemed Owners.

 

Prior to due
presentment of a Registered Security for registration of transfer, the Company,
the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name such Registered Security is registered in the Security Register as
the owner of such Registered Security for the purpose of receiving payment of
principal of, any premium and (subject to Sections 3.5 and 3.7) interest on and
any Additional Amounts with respect to such Registered Security and for all
other purposes whatsoever, whether or not any payment with respect to such
Registered Security shall be overdue, and none of the Company, the Trustee or
any agent of the Company or the Trustee shall be affected by notice to the
contrary.

 

The Company,
the Trustee and any agent of the Company or the Trustee may treat the bearer of
any Bearer Security or the bearer of any Coupon as the absolute owner of such
Security or Coupon for the purpose of receiving payment thereof or on account
thereof and for all other purposes whatsoever, whether or not any payment with
respect to such Security or Coupon shall be overdue, and none of the Company,
the Trustee or any agent of the Company or the Trustee shall be affected by
notice to the contrary.

 

No Holder of
any beneficial interest in any global Security held on its behalf by a
Depository shall have any rights under this Indenture with respect to such
global Security, and such Depository may be treated by the Company, the
Trustee, and any agent of the Company or the Trustee as the owner of such
global Security for all purposes whatsoever. None of the Company, the Trustee,
any Paying Agent or the Security Registrar will have any responsibility or

 

31

 

liability for any aspect of the records relating to or payments made on
account of beneficial ownership interests of a global Security or for
maintaining, supervising or reviewing any records relating to such beneficial
ownership interests.

 

Section 3.10.                             Cancellation.

 

All Securities
and Coupons surrendered for payment, redemption, registration of transfer,
exchange or conversion or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee,
and any such Securities and Coupons, as well as Securities and Coupons
surrendered directly to the Trustee for any such purpose, shall be cancelled
promptly by the Trustee. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and all
Securities so delivered shall be cancelled promptly by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by or
pursuant to this Indenture. All cancelled Securities and Coupons held by the
Trustee shall be destroyed by the Trustee, unless by a Company Order the
Company directs their return to it.

 

Section 3.11.                             Computation
of Interest.

 

Except as
otherwise provided in or pursuant to this Indenture or in any Security,
interest on the Securities shall be computed on the basis of a 360-day year of
twelve 30-day months.

 

ARTICLE 4

Satisfaction and Discharge of Indenture

 

Section 4.1.                                   Satisfaction
and Discharge.

 

Upon the
direction of the Company by a Company Order, this Indenture shall cease to be
of further effect with respect to any series of Securities specified in such
Company Order and any Coupons appertaining thereto, and the Trustee, on receipt
of a Company Order, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to
such series, when

 

(1)                                  either

 

(a)                                  all
Securities of such series theretofore authenticated and delivered and all
Coupons appertaining thereto (other than (i) Coupons appertaining to
Bearer Securities of such series surrendered in exchange for Registered
Securities of such series and maturing after such exchange whose surrender is
not required or has been waived as provided in Section 3.5, (ii) Securities
and Coupons of such series which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 3.6, (iii) Coupons
appertaining to Securities of such series called for redemption and maturing
after the relevant Redemption Date whose surrender has been waived as provided
in Section 11.7, and (iv) Securities and Coupons of such
series for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Company

 

32

 

and thereafter repaid to the Company or discharged
from such trust, as provided in Section 10.3) have been delivered to the
Trustee for cancellation; or

 

(b)                                 all
Securities of such series and, in the case of (i) or (ii) below, any
Coupons appertaining thereto not theretofore delivered to the Trustee for
cancellation

 

(i)                                     have
become due and payable, or

 

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

 

(iii)                               if
redeemable at the option of the Company, are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the
Company, and the Company, in the case of (i), (ii) or (iii) above,
has deposited or caused to be deposited with the Trustee as trust funds in
trust for such purpose, money in the Currency in which such Securities are
payable in an amount sufficient to pay and discharge the entire indebtedness on
such Securities and any Coupons appertaining thereto not theretofore delivered
to the Trustee for cancellation, including the principal of, any premium and
interest on, and any Additional Amounts with respect to such Securities and any
Coupons appertaining thereto, to the date of such deposit (in the case of
Securities which have become due and payable) or to the Maturity thereof, as
the case may be;

 

(2)                                  the
Company has paid or caused to be paid all other sums payable hereunder by the
Company with respect to the Outstanding Securities of such series and any
Coupons appertaining thereto; and

 

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

 

(a)                                  In
the event there are Securities of two or more series hereunder, the Trustee
shall be required to execute an instrument acknowledging satisfaction and
discharge of this Indenture only if requested to do so with respect to
Securities of such series as to which it is Trustee and if the other conditions
thereto are met.

 

Notwithstanding
the satisfaction and discharge of this Indenture with respect to any series of
Securities, the obligations of the Company to the Trustee under Section 6.6
and, if money shall have been deposited with the Trustee pursuant to subclause (b) of
clause (1) of this Section, the obligations of the Company and the Trustee
with respect to the Securities of such series under Sections 3.5, 3.6, 4.3,
10.2 and 10.3, with respect to the payment of Additional Amounts, if any, with
respect to such Securities as contemplated by Section 10.4 (but only to
the extent that the Additional Amounts payable with respect to such Securities
exceed the amount deposited in respect of such Additional Amounts pursuant to Section 4.1(1)(b)),
and with respect to any rights to convert or exchange such Securities into
Common Stock of the Company or other securities shall survive.

 

33

 

Section 4.2.                                   Defeasance
and Covenant Defeasance.

 

(1)                                  Unless
pursuant to Section 3.1, either or both of (i) defeasance of
the Securities of or within a series under clause (2) of this Section 4.2
shall not be applicable with respect to the Securities of such series or (ii) covenant
defeasance of the Securities of or within a series under clause (3) of
this Section 4.2 shall not be applicable with respect to the
Securities of such series, then such provisions, together with the other
provisions of this Section 4.2 with such modifications thereto as
may be specified pursuant to Section 3.1 with respect to any
Securities), shall be applicable to such Securities and any Coupons
appertaining thereto, and the Company way at its option by Board Resolution, at
any time, with respect to securities and any Coupons appertaining thereto,
elect to have Section 4.2(2) or Section 4.2(3) be
applied to such Outstanding Securities and any Coupons appertaining thereto
upon compliance with the conditions set forth below in this Section 4.2.

 

(2)                                  Upon
the Company’s exercise of the above option applicable to this Section 4.2(2) with
respect to any Securities of or within a series, the Company shall be deemed to
have been discharged from its obligations with respect to such Outstanding
Securities and any Coupons appertaining thereto on the date the conditions set
forth in clause (4) of this Section 4.2 are satisfied
(hereinafter, “defeasance”).  For this
purpose, such defeasance means that the Company shall be deemed to have paid
and discharged the entire Indebtedness represented by such Outstanding
Securities and any Coupons appertaining thereto, which shall thereafter be
deemed to be “Outstanding” only for the purposes of clause (5) of
this Section 4.2 and the other Sections  of this Indenture referred to in clauses (i) and
(ii) below, and to have satisfied all of its other obligations
under such Securities and any Coupons appertaining thereto and this Indenture
insofar as such Securities and any Coupons appertaining thereto are concerned
(and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following which shall
survive until otherwise terminated or discharged hereunder: (i) the rights
of Holders of such Outstanding Securities and any Coupons appertaining thereto
to receive, solely from the trust fund described in clause (4) of
this Section 4.2 and as more fully set forth in such clause,
payments in respect of the principal of (and premium, if any) and interest, if
any, on, and Additional Amounts, if any, with respect to, such Securities and
any Coupons appertaining thereto when such payments are due, and any rights of
such Holder to convert such Securities into Common Stock of the Company or
exchange such Securities for other securities, (ii) the obligations of the
Company and the Trustee with respect to such Securities under Sections 3.5,
3.6, 10.2 and 10.3 and with respect to the payment of
Additional Amounts, if any, on such Securities as contemplated by Section 10.4
(but only to the extent that the Additional Amounts payable with respect to
such Securities exceed the amount deposited in respect of such Additional
Amounts pursuant to Section 4.2(4)(a) below), and with respect
to any rights to convert such Securities into Common Stock of the Company or
exchange such Securities for other securities, (iii) the rights, powers,
trusts, duties and immunities of the Trustee hereunder and (iv) this Section 4.2.  The Company may exercise its option under
this Section 4.2(2) notwithstanding the prior exercise of its
option under clause (3) of this Section 4.2 with
respect to such Securities and any Coupons appertaining thereto.

 

(3)                                  Upon
the Company’s exercise of the option to have 
this Section 4.2(3) apply with respect to any
Securities of or within a series, the Company shall be released from its
obligations under Sections 10.5 and 10.6, and, to the extent
specified pursuant to Section 3.1(19), any other

 

34

 

covenant
applicable to such Securities, with respect to such Outstanding Securities and
any Coupons appertaining conditions set forth in clause (4) of this
Section 4.2 are satisfied (hereinafter, “covenant defeasance”), and
such Securities and any Coupons appertaining thereto shall thereafter be deemed
to be not “Outstanding” for the purposes of any Act of Holders (and the
consequences of any thereof) in connection with any such covenant, but shall
continue to be deemed “Outstanding” for all other purposes hereunder. For this
purpose, such covenant defeasance means that, with respect to such Outstanding
Securities and any Coupons appertaining thereto, the Company may omit to comply
with, and shall have no liability in respect of, any term, condition or
limitation set forth in any such Section or such other covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such
Section or such other covenant or by reason of reference in any such Section or
such other covenant to any other provision herein or in any other document and
such omission to comply shall not constitute a default or an Event of Default
under Section 5.1(4) or 5.1(9) or otherwise, as the case may be,
but, except as specified above, the remainder of this Indenture and such
Securities and Coupons appertaining thereto shall be unaffected thereby.

 

(4)                                  The
following shall be the conditions to application of clause (2) or (3) of
this Section 4.2 to any Outstanding Securities of or within a series and
any Coupons appertaining thereto:

 

(a)                                  The
Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of Section 6.7 who
shall agree to comply with the provisions of this Section 4.2 applicable
to it) as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such Securities and any Coupons appertaining thereto,
(1) an amount in Dollars or in such Foreign Currency in which such
Securities and any Coupons appertaining thereto are then specified as payable
at Stated Maturity, or (2) Government Obligations applicable to such
Securities and Coupons appertaining thereto (determined on the basis of the
Currency in which such Securities and Coupons appertaining thereto are then
specified as payable at Stated Maturity) which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment of principal
of (and premium, if any) and interest, if any, on such Securities and any
Coupons appertaining thereto, money in an amount, or (3) a combination
thereof, in any case, in an amount, sufficient, without consideration of any
reinvestment of such principal and interest, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which
shall be applied by the Trustee (or other qualifying trustee) to pay and
discharge, (y) the principal of (and premium, if any) and interest, if any, on
such Outstanding Securities and any Coupons appertaining thereto at the Stated
Maturity of such principal or installment of principal or premium or interest
and (z) any mandatory sinking fund payments or analogous payments applicable to
such Outstanding Securities and any Coupons appertaining thereto on the days on
which such payments are due and payable in accordance with the terms of this
Indenture and of such Securities and any Coupons appertaining thereto.

 

35

 

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

 

(c)                                  No
Event of Default or event which with notice or lapse of time or both would
become an Event of Default with respect to such Securities and any Coupons
appertaining thereto shall have occurred and be continuing on the date of such
deposit and, with respect to defeasance only, at any time during the period
ending on the 123rd day after the date of such deposit (it being understood
that this condition shall not be deemed satisfied until the expiration of such
period).

 

(d)                                 In
the case of an election under clause (2) of this Section 4.2, the
Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the
Company has received from the Internal Revenue Service a letter ruling, or
there has been published by the Internal Revenue Service a Revenue Ruling, or (ii) since
the date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Outstanding
Securities and any Coupons appertaining thereto will not recognize income, gain
or loss for Federal income tax purposes as a result of such defeasance and will
be subject to Federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such defeasance had not occurred.

 

(e)                                  In
the case of an election under clause (3) of this Section 4.2,
the Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that the Holders of such Outstanding Securities and any Coupons
appertaining thereto will not recognize income, gain or loss for Federal income
tax purposes as a result of such covenant defeasance and will be subject to
Federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such covenant defeasance had not occurred.

 

(f)                                    The
Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that, after the 123rd day after the date of deposit, all money and Government
Obligations (or other property as may be provided pursuant to Section 3.1)
(including the proceeds thereof) deposited or caused to be deposited with the
Trustee (or other qualifying trustee) pursuant to this clause (4) to be
held in trust will not be subject to any case or proceeding (whether voluntary
or involuntary) in respect of the Company under any Federal or State
bankruptcy, insolvency, reorganization or other similar law, or any decree or
order for relief in respect of the Company issued in connection therewith.

 

(g)                                 The
Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent to the
defeasance or covenant defeasance under clause (2) or (3) of this Section 4.2
(as the case may be) have been complied with.

 

(h)                                 Notwithstanding
any other provisions of this  Section 4.2(4),
such defeasance or covenant defeasance shall be effected in compliance with any
additional or

 

36

 

substitute terms, conditions or limitations which may
be imposed on the Company in connection therewith pursuant to Section 3.1.

 

(5)                                  Unless
otherwise specified in or pursuant to this Indenture or any Security, if, after
a deposit referred to in Section 4.2(4)(a) has been made, (a) the
Holder of a Security in respect of which such deposit was made is entitled to,
and does, elect pursuant to Section 3.1 or the terms of such Security to
receive payment in a Currency other than that in which the deposit pursuant to Section 4.2(4)(a) has
been made in respect of such Security, or (b) a Conversion Event occurs in
respect of the Foreign Currency in which the deposit pursuant to Section 4.2(4)(a) has
been made, the indebtedness represented by such Security and any Coupons
appertaining thereto shall be deemed to have been, and will be, fully
discharged and satisfied through the payment of the principal of (and premium,
if any), and interest, if any, on, and Additional Amounts, if any, with respect
to, such Security as the same becomes due out of the proceeds yielded by
converting (from time to time as specified below in the case of any such
election) the amount or other property deposited in respect of such Security
into the Currency in which such Security becomes payable as a result of such
election or Conversion Event based on (x) in the case of payments made pursuant
to clause (a) above, the applicable market exchange rate for such Currency
in effect on the second Business Day prior to each payment date, or (y) with
respect to a Conversion Event, the applicable market exchange rate for such
Foreign Currency in effect (as nearly as feasible) at the time of the
Conversion Event.

 

The Company
shall pay and indemnify the Trustee (or other qualifying trustee, collectively
for purposes of this Section 4.2(5) and Section 4.3,
the “Trustee”) against any tax, fee or other charge, imposed on or assessed
against the Government Obligations deposited pursuant to this Section 4.2
or the principal or interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of such
Outstanding Securities and any Coupons appertaining thereto.

 

Anything in
this Section 4.2 to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon Company Request any money
or Government Obligations (or other property and any proceeds therefrom) held
by it as provided in clause (4) of this Section 4.2 which, in
the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof which would then be required to be deposited to
effect a defeasance or covenant defeasance, as applicable, in accordance with
this Section 4.2.

 

Section 4.3.                                   Application
of Trust Money.

 

Subject to the
provisions of the last paragraph of Section 10.3, all money and
Government Obligations (or other property as may be provided pursuant to Section 3.1)
(including the proceeds thereof) deposited with the Trustee pursuant to Section 4.1
or 4.2 in respect of any Outstanding Securities of any series and any
Coupons appertaining thereto shall be held in trust and applied by the Trustee,
in accordance with the provisions of such Securities and any Coupons
appertaining thereto and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Holders of such Securities and any Coupons
appertaining thereto of all sums due and to become due thereon in respect of
principal (and premium, if any) and

 

37

 

interest and Additional Amounts, if any; but such money and Government
Obligations need not be segregated from other funds except to the extent
required by law.

 

ARTICLE 5

Remedies

 

Section 5.1.                                   Events
of Default.

 

“Event of
Default,” wherever used herein with respect to Securities of any series, means
any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or involuntary or be effected by operation of
law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body), unless such event is
specifically deleted or modified in or pursuant to the supplemental indenture,
Board Resolution or Officer’s Certificate establishing the terms of such Series pursuant
to this Indenture:

 

(1)                                  default
in the payment of any interest on any Security of such series, or any
Additional Amounts payable with respect thereto, when such interest becomes or
such Additional Amounts become due and payable, and continuance of such default
for a period of 30 days; or

 

(2)                                  default
in the payment of the principal of or any premium on any Security of such
series, or any Additional Amounts payable with respect thereto, when such
principal or premium becomes or such Additional Amounts become due and payable
at their Maturity; or

 

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

 

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

 

(5)                                  if
any event of default as defined in any mortgage, indenture or instrument under
which there may be issued, or by which there may be secured or evidenced, any
Indebtedness of the Company (including an Event of Default under any other
series of Securities), whether such Indebtedness now exists or shall hereafter
be created or incurred, shall happen and shall consist of default in the
payment of more than $50,000,000 in principal amount of such Indebtedness at
the maturity thereof (after giving effect to any applicable grace period) or
shall result in such Indebtedness in principal amount in excess of $50,000,000
becoming or being declared due and payable prior to the date on which it would
otherwise become due and payable, and such default shall not be cured or such
acceleration shall not be rescinded or annulled within a period of 30 days
after there shall have been given, by registered or certified mail, to the
Company by the

 

38

 

Trustee or to the
Company and the Trustee by the Holders of at least 25% in principal amount of
the Outstanding Securities of such series, a written notice specifying such
event of default and requiring the Company to cause such default to be cured or
to cause such acceleration to be rescinded or annulled or to cause such
Indebtedness to be discharged and stating that such notice is a “Notice of
Default” hereunder; or

 

(6)                                  the
Company shall fail within 60 days to pay, bond or otherwise discharge any
uninsured judgment or court order for the payment of money in excess of
$50,000,000, which is not stayed on appeal or is not otherwise being
appropriately contested in good faith; or

 

(7)                                  the
entry by a court having competent jurisdiction of:

 

(a)                                  a
decree or order for relief in respect of the Company in an involuntary
proceeding under any applicable bankruptcy, insolvency, reorganization (other
than a organization under a foreign law that does not relate to insolvency) or
other similar law and such decree or order shall remain unstayed and in effect
for a period of 60 consecutive days; or

 

(b)                                 a
decree or order adjudging the Company to be insolvent, or approving a petition
seeking reorganization (other than a reorganization under a foreign law that
does not relate to insolvency), arrangement, adjustment or composition of the
Company and such decree or order shall remain unstayed and in effect for a
period of 60 consecutive days; or

 

(c)                                  a
final and non-appealable order appointing a custodian, receiver, liquidator,
assignee, trustee or other similar official of the Company or of any
substantial part of the property of the Company, or ordering the winding up or
liquidation of the affairs of the Company; or

 

(8)                                  the
commencement by the Company of a voluntary proceeding under any applicable
bankruptcy, insolvency, reorganization (other than a reorganization under a
foreign law that does not relate to insolvency) or other similar law or of a
voluntary proceeding seeking to be adjudicated insolvent or the consent by the
Company to the entry of a decree or order for relief in an involuntary
proceeding under any applicable bankruptcy, insolvency, reorganization or other
similar law or to the commencement of any insolvency proceedings against it, or
the filing by the Company of a  petition
or answer or consent seeking reorganization, arrangement, adjustment or
composition of the Company or relief under any applicable law, or the consent
by the Company to the filing of such petition or to the appointment of or
taking possession by a custodian, receiver, liquidator, assignee, trustee or
similar official of the Company or any substantial part of the property of the
Company or the making by the Company of an assignment for the benefit of
creditors, or the taking of corporate action by the Company in furtherance of
any such action; or

 

(9)                                  any
other Event of Default provided in or pursuant to this Indenture with respect
to Securities of such series.

 

39

 

Section 5.2.                                   Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of
Default with respect to Securities of any series at the time Outstanding (other
than an Event of Default specified in clause (7) or (8) of Section 5.1)
occurs and is continuing, then the Trustee or the Holders of not less than 25%
in principal amount of the Outstanding Securities of such series may declare
the principal of all the Securities of such series, or such lesser amount as
may be provided for in the Securities of such series, to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders), and upon any such declaration such principal or such lesser
amount shall become immediately due and payable.

 

If an Event of
Default specified in clause (7) or (8) of Section 5.1 occurs,
all unpaid principal of and accrued interest on the Outstanding Securities of
that series (or such lesser amount as may be provided for in the Securities of
such series) shall ipso facto become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any Holder of any
Security of that series.

 

At any time
after a declaration of acceleration with respect to the Securities of any
series has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article provided,
the Holders of not less than a majority in principal amount of the Outstanding
Securities of such series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if

 

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

 

(a)                                  all
overdue installments of any interest on and Additional Amounts with respect to
all Securities of such series and any Coupon appertaining thereto,

 

(b)                                 the
principal of and any premium on any Securities of such series which have become
due otherwise than by such declaration of acceleration and interest thereon and
any Additional Amounts with respect thereto at the rate or rates borne by or
provided for in such Securities,

 

(c)                                  to
the extent that payment of such interest or Additional Amounts is lawful,
interest upon overdue installments of any interest and Additional Amounts at
the rate or rates borne by or provided for in such Securities, and sums paid or
advanced by the Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel and all other
amounts due the Trustee under Section  6.6; and

 

(2)                                  all
Events of Default with respect to Securities of such series, other than the
non-payment of the principal of, any premium and interest on, and any
Additional Amounts with respect to Securities of such series which shall have
become due solely by such declaration of acceleration, shall have been cured or
waived as provided in Section 5.13.

 

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

 

40

 

Section 5.3.                                   Collection
of Indebtedness and Suits for Enforcement 
by Trustee.

 

The Company
covenants that if

 

(1)                                  default
is made in the payment of any installment of interest on or any Additional
Amounts with respect to any Security or any Coupon appertaining thereto when
such interest or Additional Amounts shall have become due and payable and such
default continues for a period of 30 days, or

 

(2)                                  default
is made in the payment of the principal of or any premium on any Security or
any Additional Amounts with respect thereto at their Maturity,

 

the Company
shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the
Holders of such Securities and any Coupons appertaining thereto, the whole
amount of money then due and payable with respect to such Securities and any
Coupons appertaining thereto, with interest upon the overdue principal, any
premium and, to the extent that payment of such interest shall be legally
enforceable, upon any overdue installments of interest and Additional Amounts
at the rate or rates borne by or provided for in such Securities, and, in
addition thereto, such further amount of money as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel and
all other amounts due to the Trustee under Section 6.6.

 

If the Company
fails to pay the money it is required to pay the Trustee pursuant to the
preceding paragraph forthwith upon the demand of the Trustee, the Trustee, in
its own name and as trustee of an express
trust, may institute a judicial proceeding for the collection of the money so
due and unpaid, and may prosecute such proceeding to judgment or final decree,
and may enforce the same against the Company or any other obligor upon such
Securities and any Coupons appertaining thereto and collect the monies adjudged
or decreed to be payable in the manner provided by law out of the property of
the Company or any other obligor upon such Securities and any Coupons
appertaining thereto, wherever situated.

 

If an Event of
Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the
rights of the Holders of Securities of such series and any Coupons appertaining
thereto 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 such Securities
or in aid of the exercise of any power granted herein or therein, or to enforce
any other proper remedy.

 

Section 5.4.                                   Trustee
May File Proofs of Claim.

 

In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities of
any series or the property of the Company or such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on
the Company for the

 

41

 

payment of any overdue principal, premium, interest or Additional
Amounts) shall be entitled and empowered, by intervention in such proceeding or
otherwise,

 

(1)                                  to
file and prove a claim for the whole amount, or such lesser amount as may be
provided for in the Securities of any applicable series, of the principal and
any premium, interest and Additional Amounts owing and unpaid in respect of the
Securities and any Coupons appertaining thereto 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 or counsel) and of the
Holders of Securities or any Coupons appertaining thereto allowed in such
judicial proceeding, and

 

(2)                                  to
collect and receive r 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 Securities or any Coupons 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 Securities or
any Coupons, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel and any other amounts due the Trustee under Section 6.6.

 

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 Security or any Coupon any plan
of reorganization, arrangement, adjustment or composition affecting the
Securities or Coupons or the rights of any Holder thereof, or to authorize the
Trustee to vote in respect of the claim of any Holder of a Security or any
Coupon in any such proceeding.

 

Section 5.5.                                   Trustee
May Enforce Claims without Possession of Securities or Coupons.

 

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

 

Section 5.6.                                   Application
of Money Collected.

 

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

 

FIRST: 
To the payment of all amounts due the Trustee and any predecessor
Trustee under Section 6.6;

 

42

 

SECOND: 
To the payment of the amounts then due and unpaid upon the Securities
and any Coupons for principal and any premium, interest and Additional Amounts
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 such Securities and Coupons for principal and any
premium, interest and Additional Amounts, respectively;

 

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

 

Section 5.7.                                   Limitations
on Suits.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.8.                                   Unconditional
Right of Holders to Receive Principal and any Premium, Interest and Additional
Amounts.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security or Coupon
shall have the right, which is absolute and unconditional, to receive payment
of the principal of, any premium and (subject to Sections 3.5 and 3.7) interest
on, and any Additional Amounts with respect to such Security or payment of such
Coupon, as the case may be, on the respective Stated Maturity or Maturities
therefor specified in such Security or Coupon (or, in the case of redemption,
on the Redemption Date or, in the case of repayment at the option of such

 

43

 

Holder if provided in or pursuant to this Indenture, on the date such
repayment is due) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such
Holder.

 

Section 5.9.                                   Restoration
of Rights and Remedies.

 

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

 

Section 5.10.                             Rights
and Remedies Cumulative.

 

Except as
otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or Coupons in the last paragraph of Section 3.6,
no right or remedy herein conferred upon or reserved to the Trustee or to each
and every Holder of a Security or a Coupon is intended to be exclusive of any
other right or remedy, and every right and remedy, to the extent permitted by
law, shall be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not, to the extent permitted by law, prevent the concurrent assertion or
employment of any other appropriate right or remedy.

 

Section 5.11.                             Delay
or Omission Not Waiver.

 

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

 

Section 5.12.                             Control
by Holders of Securities.

 

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

 

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

 

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

 

44

 

(3)                                  such
direction is not unduly prejudicial to the rights of the other Holders of
Securities of such series not joining in such action.

 

Section 5.13.                             Waiver
of Past Defaults.

 

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

 

(1)                                  in
the payment of the principal of, any premium or interest on, or any Additional
Amounts with respect to, any Security of such series or any Coupons
appertaining thereto, or

 

(2)                                  in
respect of a covenant or provision hereof which under Article 9 cannot be
modified or amended without the consent of the Holder of each Outstanding
Security of such series affected.

 

Upon any such
waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default
or impair any right consequent thereon.

 

Section 5.14.                             Waiver
of Usury, Stay or Extension Laws.

 

The Company
covenants that (to the extent that it may lawfully do so) it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any usury, stay or extension law wherever enacted, now
or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Company expressly waives (to the extent that it may
lawfully do so) 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 5.15.                             Undertaking
for Costs

 

All parties to
this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Trustee for any action taken or omitted by it as
Trustee, the filing by any party litigant in such suit of any undertaking to
pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 5.15
shall not apply to any suit instituted by the Trustee, to any suit instituted
by any Holder, or group of Holders, holding in the aggregate more than 10% in
principal amount of Outstanding Securities of any series, or to any suit
instituted by any Holder for the enforcement of the payment of the principal of
(or premium, if any) or interest, if any, on or Additional Amounts, if any,
with respect to any Security on or after the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on or after the
Redemption Date, and, in the case of repayment, on or after the date for
repayment) or for the

 

45

 

enforcement of the right, if any, to convert or exchange any Security
into Common Stock or other securities in accordance with its terms.

 

ARTICLE 6

The Trustee

 

Section 6.1.                                   Certain
Rights of Trustee.

 

Subject to
Sections 315(a) through 315(d) of the Trust Indenture Act:

 

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

 

(2)                                  any
request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or a Company Order (in each case, other than
delivery of any Security, together with any Coupons appertaining thereto, to
the Trustee for authentication and delivery pursuant to Section 3.3 which
shall be sufficiently evidenced as provided therein) and any resolution of the
Board of Directors may be sufficiently evidenced by a Board Resolution;

 

(3)                                  whenever
in the administration of this Indenture the 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 shall be herein
specifically prescribed) may, in the absence of bad faith on its part, rely
upon an Officer’s Certificate;

 

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

 

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

 

(6)                                  the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, coupon or other
paper or document, but the Trustee, in its discretion, may but shall not be
obligated to 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, during
business hours and upon reasonable notice, the books, records and premises of
the Company, personally or by agent or attorney;

 

46

 

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

 

(8)                                  the
Trustee shall not be liable for any action taken or error of judgment made in
good faith by a Responsible Officer or Responsible Officers of the Trustee,
unless it shall be proved that the Trustee was negligent, acted in bad faith or
engaged in willful misconduct;

 

(9)                                  the
Authenticating Agent, Paying Agent, and Security Registrar shall have the same
protections as the Trustee set forth hereunder; and

 

(10)                            the
Trustee shall not be liable with respect to any action taken, suffered or
omitted to be taken by it in good faith in accordance with an Act of the
Holders hereunder, and, to the extent not so provided herein, with respect to
any act requiring the Trustee to exercise its own discretion, 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 or any Securities, unless it shall be proved that, in connection
with any such action taken, suffered or omitted or any such act, the Trustee
was negligent, acted in bad faith or engaged in willful misconduct.

 

Section 6.2.                                   Notice
of Defaults.

 

Within 90 days
after the occurrence of any default hereunder with respect to the Securities of
any series, the Trustee shall transmit by mail to all Holders of Securities of
such series entitled to receive reports pursuant to Section 7.3(3), notice
of such default hereunder actually known to a Responsible Officer of 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 (or premium, if any), or interest, if any, on, or Additional Amounts or any
sinking fund or purchase fund installment with respect to, any Security of such
series, the Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Trustee in good faith determine
that the withholding of such notice is in the best interest of the Holders of Securities
and Coupons of such series; and provided, further, that in the case of any
default of the character specified in Section 5.1(5) with respect to
Securities of such series, no such notice to Holders shall be given until at
least 30 days after the occurrence thereof. For the purpose of this Section,
the term “default” means any event which is, or after notice or lapse of time
or both would become, an Event of Default with respect to Securities of such
series.

 

Section 6.3.                                   Not
Responsible for Recitals or Issuance of Securities.

 

The recitals
contained herein and in the Securities, except the Trustee’s certificate of
authentication, and in any Coupons shall be taken as the statements of the
Company and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. The Trustee makes no representations as
to the validity or sufficiency of this Indenture or of the Securities or the
Coupons, except that the Trustee represents that it is duly authorized to
execute and deliver this Indenture, authenticate the Securities and perform its
obligations hereunder and

 

47

 

that the statements made by it in a Statement of Eligibility on Form T-1
supplied to the Company are true and accurate, subject to the qualifications
set forth therein. Neither the Trustee nor any Authenticating Agent shall be
accountable for the use or application by the Company of the Securities or the
proceeds thereof.

 

Section 6.4.                                   May Hold
Securities.

 

The Trustee,
any Authenticating Agent, any Paying Agent, any Security Registrar or any other
Person that may be an agent of the Trustee or the Company, in its individual or
any other capacity, may become the owner or pledgee of Securities or Coupons
and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may
otherwise deal with the Company with the same rights it would have if it were
not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such
other Person.

 

Section 6.5.                                   Money
Held in Trust.

 

Except as
provided in Section 4.3 and Section 10.3, money held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent
required by law and shall be held uninvested. The Trustee shall be under no
liability for interest on any money received by it hereunder except as
otherwise agreed to in writing with the Company.

 

Section 6.6.                                   Compensation
and Reimbursement.

 

The Company
agrees:

 

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

 

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

 

(3)                                  to
indemnify the Trustee and its agents, officers, directors and employees for,
and to hold them harmless against, any loss, liability or expense incurred
without negligence or bad faith on their 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 themselves against any claim or
liability in connection with the exercise or performance of any of their powers
or duties hereunder, except to the extent that any such loss, liability or
expense was due to the Trustee’s negligence or bad faith.

 

As security
for the performance of the obligations of the Company under this Section, the
Trustee shall have a lien prior to the Securities of any series upon all
property and funds held or collected by the Trustee as such, except funds held
in trust for the payment of principal of, and

 

48

 

premium or interest on or any Additional Amounts with respect to
Securities or any Coupons appertaining thereto.

 

To the extent
permitted by law, any compensation or expense incurred by the Trustee after a
default specified in or pursuant to Section 5.1 is intended to constitute
an expense of administration under any then applicable bankruptcy or insolvency
law. “Trustee” for purposes of this Section 6.6 shall include any
predecessor Trustee but the negligence or bad faith of any Trustee shall not
affect the rights of any other Trustee under this Section 6.6.

 

The provisions
of this Section 6.6 shall survive the satisfaction and discharge of this
Indenture or the earlier resignation or removal of the Trustee and shall apply
with equal force and effect to the Trustee in its capacity as Authenticating
Agent, Paying Agent or Security Registrar.

 

Section 6.7.                                   Corporate
Trustee Required; Eligibility.

 

There shall at
all times be a Trustee hereunder that is a Corporation organized and doing
business under the laws of the United States of America, any state thereof or
the District of Columbia, that is eligible under Section 310(a)(1) of
the Trust Indenture Act to act as trustee under an indenture qualified under
the Trust Indenture Act and that has a combined capital and surplus (computed
in accordance with Section 310(a)(2) of the Trust Indenture Act) of
at least $50,000,000, and that is subject to supervision or examination by
Federal or state authority. 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.

 

Section 6.8.                                   Resignation
and Removal; Appointment of Successor.

 

(1)                                  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 pursuant to Section 6.9.

 

(2)                                  The
Trustee may resign at any time with respect to the Securities of one or more
series by giving written notice thereof to the Company. If the instrument of
acceptance by a successor Trustee required by Section 6.9 shall not have
been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to such
series.

 

(3)                                  The
Trustee may be removed at any time with respect to the Securities of any series
by Act of the Holders of a majority in principal amount of the Outstanding
Securities of such series, delivered to the Trustee and the Company.

 

(4)                                  If
at any time:

 

(a)                                  the
Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of
the Trust Indenture Act with respect to Securities of any series after written
request therefor by the Company or any Holder of a Security of such series who
has been a bona fide Holder of a Security of such series for at least six
months, or

 

49

 

(b)                                 the
Trustee shall cease to be eligible under Section 6.7
and shall fail to resign after written request therefor by the Company or any
such Holder, or

 

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

 

(5)                                  If
the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause, with respect to the
Securities of one or more series, the Company, by or pursuant to a Board
Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of such series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all
of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series) and shall comply with the
applicable requirements of Section 6.9. 
If, within one year after such resignation, removal or incapacity, or the
occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the
applicable requirements of Section 6.9, become the successor Trustee with
respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the
Company or the Holders of Securities and accepted appointment in the manner
required by Section 6.9, any Holder of a Security who has been a bona fide
Holder of a Security of such series for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

 

(6)                                  The
Company shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series by mailing
written notice of such event by first-class mail, postage prepaid, to the
Holders of Registered Securities, if any, of such series as their names and
addresses appear in the Security Register and, if Securities of such series are
issued as Bearer Securities, by publishing notice of such event once in an
Authorized Newspaper in each Place of Payment located outside the United
States.  Each notice shall include the
name of the successor Trustee with respect to the Securities of such series and
the address of its Corporate Trust Office.

 

50

 

(7)                                  In
no event shall any retiring Trustee be liable for the acts or omissions of any
successor Trustee hereunder.

 

Section 6.9.                                   Acceptance
of Appointment by Successor.

 

(1)                                  Upon
the appointment hereunder of any successor Trustee with respect to all
Securities, such successor Trustee so appointed shall execute, acknowledge and
deliver to the Company and 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 hereunder of the retiring Trustee; but, on the request of the Company or
such successor Trustee, such retiring Trustee, upon payment of its charges,
shall execute and deliver an instrument transferring to such successor Trustee
all the rights, powers and trusts of the retiring Trustee and, subject to Section 10.3,
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 6.6.

 

(2)                                  Upon
the appointment hereunder of any successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and such successor Trustee shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such
appointment and which (1) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, such
successor Trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (3) shall
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust, 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 that no Trustee shall be responsible for any notice given to, or received
by, or any act or failure to act on the part of any other Trustee hereunder,
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, such retiring Trustee shall have no further
responsibility for the exercise of rights and powers or for the performance of
the duties and obligations vested in the Trustee under this Indenture with
respect to the Securities of that or those series to which the appointment of
such successor Trustee relates other than as hereinafter expressly set forth,
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 with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company
or such successor Trustee, such retiring Trustee, upon payment of its charges
with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates and subject to Section 10.3 shall duly
assign, transfer and deliver to such successor Trustee, to the extent
contemplated by such supplemental indenture, the property and

 

51

 

money held by such
retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates, subject to
its claim, if any, provided for in Section 6.6.

 

(3)                                  Upon
request of any Person appointed hereunder as a successor Trustee, the Company
shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor Trustee all such rights, powers and trusts
referred to in paragraph (1) or (2) of this Section, as the case may
be.

 

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

 

Section 6.10.                             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, shall be the successor
of the Trustee hereunder, without the execution or filing of any paper or any
further act on the part of any of the parties hereto. In case any Securities
shall have been authenticated but not delivered by the Trustee then in office,
any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Securities so
authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

 

Section 6.11.                             Appointment
of Authenticating Agent.

 

The Trustee
may appoint one or more Authenticating Agents acceptable to the Company with
respect to one or more series of Securities which shall be authorized to act on
behalf of the Trustee to authenticate Securities of that or those series issued
upon original issue, exchange, registration of transfer, partial redemption or
partial repayment or pursuant to Section 3.6, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent.

 

Each
Authenticating Agent must be acceptable to the Company and, except as provided
in or pursuant to this Indenture, shall at all times be a corporation that
would be permitted by the Trust Indenture Act to act as trustee under an
indenture qualified under the Trust Indenture Act, is authorized under
applicable law and by its charter to act as an Authenticating Agent and has a
combined capital and surplus (computed in accordance with Section 310(a)(2) of
the Trust Indenture Act) of at least $50,000,000. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with
the effect specified in this Section.

 

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

 

52

 

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

 

An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and the Company. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall (i) mail written
notice of such appointment by first-class mail, postage prepaid, to all Holders
of Registered Securities, if any, of the series with respect to which such
Authenticating Agent shall serve, as their names and addresses appear in the
Security Register, and (ii) if Securities of the series are issued as
Bearer Securities, publish notice of such appointment at least once in an
Authorized Newspaper in the place where such successor Authenticating Agent has
its principal office if such office is located outside the United States. Any
successor Authenticating Agent, upon acceptance of its appointment hereunder,
shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section.

 

The Company
agrees to pay each Authenticating Agent from time to time reasonable
compensation for its services under this Section. If the Trustee makes such
payments, it shall be entitled to be reimbursed for such payments, subject to
the provisions of Section 6.6.

 

The provisions
of Sections 3.8, 6.3 and 6.4 shall be applicable to each Authenticating Agent.

 

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

 

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

 

	
  THE BANK OF NEW YORK,

  
	
  as Trustee

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  as Authenticating Agent

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  as Authorized Officer

  

 

53

 

If all of the
Securities of any series may not be originally issued at one time, and if the
Trustee does not have an office capable of authenticating Securities upon
original issuance located in a Place of Payment where the Company wishes to
have Securities of such series authenticated upon original issuance, the
Trustee, if so requested in writing (which writing need not be accompanied by
or contained in an Officer’s Certificate by the Company), shall appoint in
accordance with this Section an Authenticating Agent having an office in a
Place of Payment designated by the Company with respect to such series of
Securities.

 

ARTICLE 7

Holders Lists and Reports by Trustee and Company

 

Section 7.1.                                   Company
to Furnish Trustee Names and Addresses of Holders.

 

In accordance
with Section 312(a) of the Trust Indenture Act, the Company
shall furnish or cause to be furnished to the Trustee

 

(1)                                  semi-annually
with respect to Securities of each series not later than May 1 and November 1
of the year or upon such other dates as are set forth in or pursuant to the
Board Resolution or indenture supplemental hereto authorizing such series, a
list, in each case in such form as the Trustee may reasonably require, of the names
and addresses of Holders as of the applicable date, and

 

(2)                                  at
such other times as the Trustee may request in writing, within 30 days after
the receipt by the Company of any such request, a list of similar form and
content as of a date not more than 15 days prior to the time such list is
furnished, provided, however, that so long as the Trustee is the Security
Registrar no such list shall be required to be furnished.

 

Section 7.2.                                   Preservation
of Information; Communications to Holders.

 

The Trustee shall
comply with the obligations imposed upon it pursuant to Section 312 of the
Trust Indenture Act.

 

Every Holder
of Securities or Coupons, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company, the Trustee, any Paying Agent
or any Security Registrar shall be held accountable by reason of the disclosure
of any such information as to the names and addresses of the Holders of
Securities in accordance with Section 312(c) of the Trust Indenture
Act, 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 Section 312(b) of the Trust
Indenture Act.

 

Section 7.3.                                   Reports
by Trustee.

 

(1)                                  Within
60 days after May 15 of each year commencing with the first May 15
following the first issuance of Securities pursuant to Section 3.1, if
required by Section 313(a) of the Trust Indenture Act, the Trustee
shall transmit, pursuant to Section 313(c) of the Trust Indenture
Act, a brief report dated as of such May 15 with respect to any of the
events specified in said Section 313(a) which may have occurred since
the later of the immediately preceding May 15 and the date of this
Indenture.

 

54

 

(2)                                  The
Trustee shall transmit the reports required by Section 313(a) of the Trust Indenture Act at the times
specified therein.

 

(3)                                  Reports
pursuant to this Section shall be transmitted in the manner and to the
Persons required by Sections 313(c) and 313(d) of
the Trust Indenture Act.

 

Section 7.4.                                   Reports
by Company.

 

The Company,
pursuant to Section 314(a) of the Trust Indenture Act, shall:

 

(1)                                  file
with the Trustee, within 15 days after the Company 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 Company may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of
the Securities Exchange Act of 1934, as amended; or, if the Company is not
required to file information, documents or reports pursuant to either of said
Sections, then it shall 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, as amended, 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;

 

(2)                                  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 Company,
with the conditions and covenants of this Indenture as may be required from time
to time by such rules and regulations; and

 

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

 

ARTICLE 8

CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES

 

Section 8.1.                                   Company
May Consolidate, Etc., Only on Certain Terms.

 

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

 

55

 

(1)                                  in
case the Company shall consolidate or amalgamate with or merge into another
Person or convey, transfer or lease its properties and assets as an entirety or
substantially as an entirety to any Person, the Person formed by such
consolidation or amalgamation or into which the Company is merged or the Person
which acquires by conveyance or transfer, or which leases, the properties and
assets of the Company as an entirety or substantially as an entirety shall be a
Corporation organized and existing under the laws of the United States of
America, any state thereof or the District of Columbia, or Bermuda, or any
other country which is on the date of this Indenture a member of the
Organization for Economic Cooperation and Development, and shall expressly
assume, by an indenture (or indentures, if at such time there is more than one
Trustee) supplemental hereto, executed by the successor Person and delivered to
the Trustee the due and punctual payment of the principal of, any premium and
interest on and any Additional Amounts with respect to all the Securities and
the performance of every obligation in this Indenture and the Outstanding
Securities on the part of the Company to be performed or observed and shall
provide for conversion or exchange 
rights in accordance with the provisions of the Securities of any series
that are convertible or exchangeable into Common Stock or other securities;

 

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

 

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

 

Section 8.2.                                   Successor
Person Substituted for Company.

 

Upon any
consolidation or amalgamation by the Company with or merger of the Company into
any other Person or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety to any Person in accordance
with Section 8.1, the successor Person formed by such consolidation or
amalgamation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the same
effect as if such successor Person had been named as the Company herein; and
thereafter, except in the case of a lease, the predecessor Person shall be
released from all obligations and covenants under this Indenture, the
Securities and the Coupons.

 

ARTICLE 9

Supplemental Indentures

 

Section 9.1.                                   Supplemental
Indentures without Consent of Holders.

 

Without the
consent of any Holders of Securities or Coupons, the Company (when authorized
by or pursuant to a Board Resolution) and the Trustee, at any time and from
time to

 

56

 

time, may enter into one or more indentures supplemental hereto, for
any of the following purposes:

 

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

 

(2)                                  to
add to the covenants of the Company for the benefit of the Holders of all or
any series of Securities (as shall be specified in such supplemental indenture
or indentures) or to surrender any right or power herein conferred upon the
Company; or

 

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

 

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

 

(5)                                  to
evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or
change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Section 6.9; or

 

(6)                                  to
cure any ambiguity or to correct or supplement any provision herein which may
be defective or inconsistent with any other provision herein, or to make any
other provisions with respect to matters or questions arising under this
Indenture which shall not adversely affect the interests of the Holders of
Securities of any series then Outstanding or any Coupons appertaining thereto
in any material respect; or

 

(7)                                  to
add to, delete from or revise the conditions, limitations and restrictions on
the authorized amount, terms or purposes of issue, authentication and delivery
of Securities, as herein set forth; or

 

(8)                                  to
add any additional Events of Default with respect to all or any series of
Securities (as shall be specified in such supplemental indenture); or

 

(9)                                  to
supplement any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any series of
Securities pursuant to Article 4, provided that
any such action shall not adversely affect the interests of any Holder of an
Outstanding Security of such series and any Coupons appertaining thereto or any
other Outstanding Security or Coupon in any material respect; or

 

(10)                            to
secure the Securities pursuant to Section 10.5 or otherwise; or

 

57

 

(11)                            to
make provisions with respect to conversion or exchange rights of Holders of
Securities of any series; or

 

(12)                            to
amend or supplement any provision contained herein or in any supplemental
indenture, provided that no such amendment or supplement shall materially
adversely affect the interests of the Holders of any Securities then
Outstanding.

 

Section 9.2.                                   Supplemental
Indentures with Consent of Holders.

 

With the
consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series affected by such supplemental indenture,
by Act of said Holders delivered to the Company and the Trustee, the Company
(when authorized by or pursuant to a Company’s Board Resolution) and the
Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the
rights of the Holders of Securities of such series under this Indenture or of
the Securities of such series; provided, however, that no such supplemental
indenture, without the consent of the Holder of each Outstanding Security
affected thereby, shall

 

(1)                                  change
the Stated Maturity of the principal of, or 
any premium or installment of interest on or any Additional Amounts  with respect to, any Security, or reduce the
principal amount thereof or the rate (or modify the calculation of such rate)
of interest thereon or any Additional Amounts with respect thereto, or any
premium payable upon the redemption thereof or otherwise, or change the
obligation of the Company to pay Additional Amounts pursuant to Section 10.4 (except as contemplated by Section 8.1(1) and
permitted by Section 9.1(1)), or reduce the
amount of the principal of an Original Issue Discount Security that would be
due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 5.2 or the amount thereof provable in bankruptcy
pursuant to Section 5.4, change the redemption provisions or adversely
affect the right of repayment at the option of any Holder as contemplated by Article 13,
or change the Place of Payment, Currency in which the principal of, any premium
or interest on, or any Additional Amounts with respect to any Security is
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption,
on or after the Redemption Date or, in the case of repayment at the option of
the Holder, on or after the date for repayment), or

 

(2)                                  reduce
the percentage in principal amount of the Outstanding Securities of any series,
the consent of whose Holders is required for any such supplemental indenture,
or the consent of whose Holders is required for any waiver (of compliance with
certain provisions of this Indenture or certain defaults hereunder and their
consequences) provided for in this Indenture, or reduce the requirements of Section 15.4
for quorum or voting, or

 

(3)                                  modify
any of the provisions of this Section, Section 5.13
or Section 10.8, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Security affected thereby, or

 

58

 

(4)                                  make
any change that adversely affects the right to convert or exchange any Security
into or for Common Stock of the Company or other securities (whether or not
issued by the Company), cash or property in accordance with its terms.

 

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

 

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

 

Section 9.3.                                   Execution
of Supplemental Indentures.

 

As a condition
to executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the
trust created by this Indenture, the Trustee shall be entitled to receive, and
(subject to Section 315 of the Trust Indenture Act) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture and an
Officer’s Certificate stating that all conditions precedent to the execution of
such supplemental indenture have been fulfilled. The Trustee may, but shall not
be obligated to, enter into any such supplemental indenture which affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.4.                                   Effect
of Supplemental Indentures.

 

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

 

Section 9.5.                                   Reference
in Securities to Supplemental Indentures.

 

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

 

Section 9.6.                                   Conformity
with Trust Indenture Act.

 

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

 

59

 

Section 9.7.                                   Notice
of Supplemental Indenture.

 

Promptly after
the execution by the Company and the Trustee of any supplemental indenture
pursuant to Section 9.2, the Company shall transmit to the Holders
of Outstanding Securities of any series affected thereby a notice setting forth
the substance of such supplemental indenture.

 

ARTICLE 10

Covenants

 

Section 10.1.                             Payment
of Principal, any Premium, Interest and Additional Amounts.

 

The Company
covenants and agrees for the benefit of the Holders of the Securities of each
series that it will duly and punctually pay the principal of, any premium and
interest on and any Additional Amounts with respect to the Securities of such
series in accordance with the terms thereof, any Coupons appertaining thereto
and this Indenture. Any interest due on any Bearer Security on or before the
Maturity thereof, and any Additional Amounts payable with respect to such
interest, shall be payable only upon presentation and surrender of the Coupons
appertaining thereto for such interest as they severally mature.

 

Section 10.2.                             Maintenance
of Office or Agency.

 

The Company
shall maintain in each Place of Payment for any series of Securities an Office
or Agency where Securities of such series (but not Bearer Securities, except as
otherwise provided below, unless such Place of Payment is located outside the
United States) may be presented or surrendered for payment, where Securities of
such series may be surrendered for registration of transfer or exchange, where
Securities of such series that are convertible or exchangeable may be surrendered
for conversion or exchange, and where notices and demands to or upon the
Company in respect of the Securities of such series relating thereto and this
Indenture may be served. If Securities of a series are issuable as Bearer
Securities, the Company shall maintain, subject to any laws or regulations
applicable thereto, an Office or Agency in a Place of Payment for such series
which is located outside the United States where Securities of such series and
any Coupons appertaining thereto may be presented and surrendered for payment;
provided, however, that if the Securities of such series are listed on The
Stock Exchange of the United Kingdom and the Republic of Ireland or the
Luxembourg Stock Exchange or any other stock exchange located outside the United
States and such stock exchange shall so require, the Company shall maintain a
Paying Agent in London, Luxembourg or any other required city located outside
the United States, as the case may be, so long as the Securities of such series
are listed on such exchange. The Company will give prompt written notice to the
Trustee of the location, and any change in the location, of such Office or
Agency. If at any time the Company shall fail to maintain any such required
Office or Agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, except that Bearer Securities of
such series and any Coupons appertaining thereto may be presented and
surrendered for payment at the place specified for the purpose with respect to
such Securities as provided in or pursuant to this Indenture, and the Company
hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.

 

60

 

Except as
otherwise provided in or pursuant to this Indenture, no payment of principal,
premium, interest or Additional Amounts with respect to Bearer Securities shall
be made at any Office or Agency in the United States or by check mailed to any
address in the United States or by transfer to an account maintained with a
bank located in the United States; provided, however, if amounts owing with
respect to any Bearer Securities shall be payable in Dollars, payment of
principal of, any premium or interest on and any Additional Amounts with
respect to any such Security may be made at the Corporate Trust Office of the
Trustee or any Office or Agency designated by the Company in the Borough of
Manhattan, The City of New York, if (but only if) payment of the full amount of
such principal, premium, interest or Additional Amounts at all offices outside
the United States maintained for such purpose by the Company in accordance with
this Indenture is illegal or effectively precluded by exchange controls or
other similar restrictions.

 

The Company
may also from time to time designate one or more other Offices or Agencies
where the Securities of one or more series may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain an Office or Agency in each
Place of Payment for Securities of any series for such purposes. The Company
shall 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. Unless otherwise provided in or pursuant to this Indenture, the Company
hereby designates as the Place of Payment for each series of Securities the
Borough of Manhattan, The City of New York, and initially appoints the
Corporate Trust Office of the Trustee as the Office or Agency of the Company in
the Borough of Manhattan, The City of New York for such purpose. The Company
may subsequently appoint a different Office or Agency in the Borough of
Manhattan, The City of New York for the Securities of any series.

 

Unless
otherwise specified with respect to any Securities pursuant to Section 3.1,
if and so long as the Securities of any series (i) are denominated in a
Foreign Currency or (ii) may be payable in a Foreign Currency, or so long
as it is required under any other provision of this Indenture, then the Company
will maintain with respect to each such series of Securities, or as so
required, at least one exchange rate agent.

 

Section 10.3.                             Money
for Securities Payments to Be Held in Trust.

 

If the Company
shall at any time act as its own Paying Agent with respect to any series of
Securities, it shall, on or before each due date of the principal of, any
premium or interest on or Additional Amounts with respect to any of the
Securities of such series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum in the currency or currencies, currency unit or
units or composite currency or currencies in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 3.1
for the Securities of such series) sufficient to pay the principal or any
premium, interest or Additional Amounts so becoming due until such sums shall
be paid to such Persons or otherwise disposed of as herein provided, and shall
promptly notify the Trustee of its action or failure so to act.

 

Whenever the
Company shall have one or more Paying Agents for any series of Securities, it
shall, on or prior to each due date of the principal of, any premium or
interest on or

 

61

 

any Additional Amounts with respect to any Securities of such series,
deposit with any Paying Agent a sum (in the currency or currencies, currency
unit or units or composite currency or currencies described in the preceding
paragraph) sufficient to pay the principal or any premium, interest or
Additional Amounts so becoming due, such sum to be held in trust for the
benefit of the Persons entitled thereto, and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.

 

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

 

(1)                                  hold
all sums held by it for the payment of the principal of, any premium or
interest on or any Additional Amounts with respect to Securities of such series
in trust for the benefit of the Persons entitled thereto until such sums shall
be paid to such Persons or otherwise disposed of as provided in or pursuant to
this Indenture;

 

(2)                                  give
the Trustee notice of any default by the Company (or any other obligor upon the
Securities of such series) in the making of any payment of principal, any
premium or interest on or any Additional Amounts with respect to the Securities
of such series; and

 

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

 

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

 

Except as
otherwise provided herein or pursuant hereto, any money deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of, any premium or interest on or any Additional
Amounts with respect to any Security of any series or any Coupon appertaining
thereto and remaining unclaimed for two years after such principal or any such
premium or interest or any such Additional Amounts shall have become due and
payable shall be paid to the Company on Company Request, or (if then held by
the Company) shall be discharged from such trust; and the Holder of such
Security or any Coupon appertaining thereto shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required
to make any such repayment, may at the expense of the Company cause to be
published once, in an Authorized Newspaper in each Place of Payment for such
series or to be mailed to Holders of Registered Securities of such series, or
both, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication
or mailing nor shall it be later than two years after such principal and any
premium

 

62

 

or interest or Additional Amounts shall have become due and payable,
any unclaimed balance of such money then remaining will be repaid to the
Company.

 

Section 10.4.                             Additional
Amounts.

 

All payments
of principal of and premium, if any, interest and any other amounts on, or in
respect of, the Securities of any series or any Coupon appertaining thereto
shall be made without withholding or deduction at source for, or on account of,
any present or future taxes, fees, duties, assessments or governmental charges
of whatever nature imposed or levied by or on behalf of Bermuda (a “taxing
jurisdiction”) or any political subdivision or taxing authority thereof or
therein, unless such taxes, fees, duties, assessments or governmental charges
are required to be withheld or deducted by (i) the laws (or any
regulations or ruling promulgated thereunder) of a taxing jurisdiction or any
political subdivision or taxing authority thereof or therein or (ii) an
official position regarding the application, administration, interpretation or
enforcement of any such laws, regulations or rulings (including, without
limitation, a holding by a court of competent jurisdiction or by a taxing
authority in a taxing jurisdiction or any political subdivision thereof). If a
withholding or deduction at source is required, the Company shall, subject to
certain limitations and exceptions set forth below, pay to the Holder of any
such Security or any Coupon appertaining thereto such Additional Amounts as may
be necessary so that every net payment of principal, premium, if any, interest
or any other amount made to such Holder, after such withholding or deduction,
shall not be less than the amount provided for in such Security, any Coupons
appertaining thereto and this Indenture to be then due and payable; provided,
however, that the Company shall not be required to make payment of such
Additional Amounts for or on account of:

 

(1)                                  any
tax, fee, duty, assessment or governmental charge of whatever nature which
would not have been imposed but for the fact that such Holder: (A) was a
resident, domiciliary or national of, or engaged in business or maintained a
permanent establishment or was physically present in, the relevant taxing
jurisdiction or any political subdivision thereof or otherwise had some
connection with the relevant taxing jurisdiction other than by reason of the
mere ownership of, or receipt of payment under, such Security; (B) presented
such Security for payment in the relevant taxing jurisdiction or any political
subdivision thereof, unless such Security could not have been presented for
payment elsewhere; or (C) presented such Security more than thirty (30)
days after the date on which the payment in respect of such Security first
became due and payable or provided for, whichever is later, except to the
extent that the Holder would have been entitled to such Additional Amounts if
it had presented such Security for payment on any day within such period of
thirty (30) days;

 

(2)                                  any
estate, inheritance, gift, sale, transfer, personal property or similar tax,
assessment or other governmental charge;

 

(3)                                  any
tax, assessment or other governmental charge that is imposed or withheld by
reason of the failure by the Holder or the beneficial owner of such Security to
comply with any reasonable request by the Company addressed to the Holder
within 90 days of such request (A) to provide information concerning the
nationality, residence or identity of the Holder or such beneficial owner or (B) to
make any declaration or other similar claim or satisfy any information or
reporting requirement, which, in the case of (A) or (B), is required or
imposed by statute,

 

63

 

treaty, regulation
or administrative practice of the relevant taxing jurisdiction or any political
subdivision thereof as a precondition to exemption from all or part of such
tax, assessment or other governmental charge; or

 

(4)                                  any
combination of items (1), (2) and (3);

 

nor shall
Additional Amounts be paid with respect to any payment of the principal of, or
premium, if any, interest or any other amounts on, any such Security to any
Holder who is a fiduciary or partnership or other than the sole beneficial
owner of such Security to the extent such payment would be required by the laws
of the relevant taxing jurisdiction (or any political subdivision or relevant
taxing authority thereof or therein) to be included in the income for tax
purposes of a beneficiary or partner or settlor with respect to such fiduciary
or a member of such partnership or a beneficial owner who would not have been
entitled to such Additional Amounts had it been the Holder of the Security.

 

Whenever in
this Indenture there is mentioned, in any context, the payment of the principal
of or any premium, interest or any other amounts on, or in respect of, any
Security of any series or any Coupon or the net proceeds received on the sale
or exchange of any Security of any series, such mention shall be deemed to
include mention of the payment of Additional Amounts provided by the terms of
such series established hereby or pursuant hereto to the extent that, in such
context, Additional Amounts are, were or would be payable in respect thereof
pursuant to such terms, and express mention of the payment of Additional
Amounts (if applicable) in any provision hereof shall not be construed as
excluding the payment of Additional Amounts in those provisions hereof where
such express mention is not made.

 

Except as
otherwise provided in or pursuant to this Indenture or the Securities of the
applicable series, at least 10 days prior to the first Interest Payment Date
with respect to a series of Securities (or if the Securities of such series
shall not bear interest prior to Maturity, the first day on which a payment of
principal is made), and at least 10 days prior to each date of payment of
principal or interest if there has been any change with respect to the matters
set forth in the below-mentioned Officer’s Certificate, the Company shall
furnish to the Trustee and the principal Paying Agent or Paying Agents, if
other than the Trustee, an Officer’s Certificate instructing the Trustee and
such Paying Agent or Paying Agents whether such payment of principal of and
premium, if any, interest or any other amounts on the Securities of such series
shall be made to Holders of Securities of such series or the Coupons
appertaining thereto without withholding for or on account of any tax, fee,
duty, assessment or other governmental charge described in this Section 10.4.
If any such withholding shall be required, then such Officer’s Certificate
shall specify by taxing jurisdiction the amount, if any, required to be
withheld on such payments to such Holders of Securities or Coupons, and the
Company agrees to pay to the Trustee or such Paying Agent the Additional
Amounts required by this Section 10.4. The Company covenants to indemnify
the Trustee and any Paying Agent for, and to hold them harmless against, any
loss, liability or expense reasonably incurred without negligence or bad faith
on their part arising out of or in connection with actions taken or omitted by
any of them in reliance on any Officer’s Certificate furnished pursuant to this
Section 10.4.

 

64

 

Section 10.5.                             Limitation
on Liens on Stock of Designated Subsidiaries.

 

So long as any
Securities are Outstanding, the Company will not, nor will it permit any
Subsidiary to, create, assume, incur, guarantee or otherwise permit to exist
any Indebtedness secured by any mortgage, pledge, lien, security interest or
other encumbrance (a “Lien”) upon any shares of Capital Stock of any Designated
Subsidiary (whether such shares of stock are now owned or hereafter acquired)
without effectively providing concurrently that the Securities (and, if the
Company so elects, any other Indebtedness of the Company that is not
subordinate to the Securities and with respect to which the governing
instruments require, or pursuant to which the Company is otherwise obligated,
to provide such security) shall be secured equally and ratably with such
Indebtedness for at least the time period such other Indebtedness is so
secured.

 

Section 10.6.                             Limitation
on Disposition of Stock of Designated Subsidiaries.

 

So long as any
Securities are outstanding and except in a transaction otherwise governed by
this Indenture, the Company will not issue, sell, assign, transfer or otherwise
dispose of any shares of, securities convertible into, or warrants, rights or
options to subscribe for or purchase shares of, Capital Stock (other than
Preferred Stock having no voting rights of any kind) of any Designated
Subsidiary, and will not permit any Designated Subsidiary to issue (other than
to the Company) any shares (other than the director’s qualifying shares) of, or
securities convertible into, or warrants, rights or options to subscribe for or
purchase shares of, Capital Stock (other than Preferred Stock having no voting
rights of any kind) of any Designated Subsidiary, if, after giving effect to
any such transaction and the issuance of the maximum number of shares issuable
upon the conversion or exercise of all such convertible securities, warrants,
rights or options, the Company would own, directly or indirectly, less than 80%
of the shares of Capital Stock of such Designated Subsidiary (other than
Preferred Stock having no voting rights of any kind); provided, however, that (i) any
issuance, sale, assignment, transfer or other disposition permitted by the
Company may only be made for at least a fair market value consideration as
determined by the Board of Directors pursuant to a Board Resolution adopted in
good faith and (ii) the foregoing shall not prohibit any such issuance or
disposition of securities if required by any law or any regulation or order of
any governmental or insurance regulatory authority. Notwithstanding the
foregoing, (i) the Company may merge or consolidate any Designated
Subsidiary into or with another direct or indirect Subsidiary of the Company
the shares of Capital Stock of which the Company owns at least 80% and (ii) the
Company may, subject to the provisions of Article 8, sell, assign,
transfer or otherwise dispose of the entire Capital Stock of any Designated
Subsidiary at one time for at least a fair market value consideration as
determined by the Board of Directors pursuant to a Board Resolution adopted in
good faith.

 

Section 10.7.                             Corporate
Existence.

 

Subject to Article 8,
the Company shall do or cause to be done all things necessary to preserve and
keep in full force and effect its corporate existence and that of each of its
Subsidiaries and their respective rights (charter and statutory) and
franchises; provided, however, that the foregoing shall not obligate the
Company or any of its Subsidiaries to preserve any such right or franchise if
the Company or any such Subsidiary shall determine that the preservation
thereof is no longer desirable in the conduct of its business or the business
of such Subsidiary and that the loss thereof is not disadvantageous in any material
respect to any Holder.

 

65

 

Section 10.8.                             Waiver
of Certain Covenants.

 

The Company
may omit in any particular instance to comply with any term, provision or
condition set forth in Sections 10.5, 10.6 or 10.7 with respect to the
Securities of any series if before the time for such compliance the Holders of
at least a majority in principal amount of the Outstanding Securities of such
series, by Act of such Holders, either shall waive such compliance in such
instance or generally shall have waived compliance with such term, provision or
condition, but no such waiver shall extend to or affect such term, provision or
condition except to the extent so expressly waived, and, until such waiver
shall become effective, the obligations of the Company and the duties of the
Trustee in respect of any such term, provision or condition shall remain in
full force and effect.

 

Section 10.9.                             Company
Statement as to Compliance; Notice of Certain Defaults.

 

(1)                                  The
Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year, a written statement (which need not be contained in or accompanied
by an Officer’s Certificate) signed by the principal executive officer, the
principal financial officer or the principal accounting officer of the Company,
stating that

 

(a)                                  a
review of the activities of the Company during such year and of its performance
under this Indenture has been made under his or her supervision, and

 

(b)                                 to
the best of his or her knowledge, based on such review, (a) the Company
has complied with all the conditions and covenants imposed on it under this
Indenture throughout such year, or, if there has been a default in the
fulfillment of any such condition or covenant, specifying each such default
known to him or her and the nature and status thereof, and (b) no event
has occurred and is continuing which is, or after notice or lapse of time or
both would become, an Event of Default, or, if such an event has occurred and
is continuing, specifying each such event known to him and the nature and
status thereof.

 

(2)                                  The
Company shall deliver to the Trustee, within five days after the occurrence
thereof, written notice of any Event of Default or any event which after notice
or lapse of time or both would become an Event of Default pursuant to clause (4) of
Section 5.1.

 

(3)                                  The
Trustee shall have no duty to monitor the Company’s compliance with the
covenants contained in this Article 10 other than as specifically set
forth in this Section 10.9.

 

ARTICLE 11

Redemption of Securities

 

Section 11.1.                             Applicability
of Article.

 

Redemption of
Securities of any series at the option of the Company as permitted or required
by the terms of such Securities shall be made in accordance with the terms of
such Securities and (except as otherwise provided herein or pursuant hereto)
this Article.

 

66

 

Section 11.2.                             Election
to Redeem; Notice to Trustee.

 

The election
of the Company to redeem any Securities shall be evidenced by or pursuant to a
Board Resolution. In case of any redemption at the election of the Company of (a) less
than all of the Securities of any series or (b) all of the Securities of
any series, with the same issue date, interest rate or formula, Stated Maturity
and other terms, the Company shall, at least 60 days prior to the Redemption
Date fixed by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee of such Redemption Date and of the principal
amount of Securities of such series to be redeemed.

 

Section 11.3.                             Selection
by Trustee of Securities to be Redeemed.

 

If less than
all of the Securities of any series with the same issue date, interest rate or
formula, Stated Maturity and other terms are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee from the Outstanding Securities of such series
not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate and which may provide for the selection for redemption of
portions of the principal amount of Registered Securities of such series;
provided, however, that no such partial redemption shall reduce the portion of
the principal amount of a Registered Security of such series not redeemed to
less than the minimum denomination for a Security of such series established
herein or pursuant hereto.

 

The Trustee
shall promptly notify the Company and the Security Registrar (if other than
itself) in writing of the Securities selected for redemption and, in the case
of any Securities selected for partial redemption, the principal amount thereof
to be redeemed.

 

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

 

Unless
otherwise specified in or pursuant to this Indenture or the Securities of any
series, if any Security selected for partial redemption is converted into
Common Stock of the Company or exchanged for other securities in part before
termination of the conversion or exchange right with respect to the portion of
the Security so selected, the converted portion of such Security shall be
deemed (so far as may be) to be the portion selected for redemption. Securities
which have been converted or exchanged during a selection of Securities to be
redeemed shall be treated by the Trustee as Outstanding for the purpose of such
selection.

 

Section 11.4.                             Notice
of Redemption.

 

Notice of
redemption shall be given in the manner provided in Section 1.6, not less
than 30 nor more than 60 days prior to the Redemption Date, unless a shorter
period is specified in the Securities to be redeemed, to the Holders of
Securities to be redeemed. Failure to give notice by mailing in the manner
herein provided to the Holder of any Registered Securities designated for
redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of
any other Securities or portion thereof.

 

67

 

Any notice
that is mailed to the Holder of any Registered Securities in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not
such Holder receives the notice.

 

All notices of
redemption shall state:

 

(1)                                  the
Redemption Date,

 

(2)                                  the
Redemption Price,

 

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

 

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

 

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

 

(6)                                  the
place or places where such Securities, together (in the case of Bearer
Securities) with all Coupons appertaining thereto, if any, maturing after the
Redemption Date, are to be surrendered for payment of the Redemption Price and
any accrued interest and Additional Amounts pertaining thereto,

 

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

 

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

 

(9)                                  if
Bearer Securities of any series are to be redeemed and no Registered Securities
of such series are to be redeemed, and if such Bearer Securities may be
exchanged for Registered Securities not subject to redemption on the Redemption
Date pursuant to Section 3.5 or otherwise, the
last date, as determined by the Company, on which such exchanges may be made,

 

(10)                            in the
case of Securities of any series that are convertible into Common Stock of the
Company or exchangeable for other securities, the conversion or exchange price
or rate, the date or dates on which the right to convert or exchange the
principal of the Securities of such series to be redeemed will commence or
terminate and the place or places where such Securities may be surrendered for
conversion or exchange, and

 

68

 

(11)                            the
CUSIP number or the Euroclear or the Cedel reference numbers of such
Securities, if any (or any other numbers used by a Depository to identify such
Securities).

 

A notice of
redemption published as contemplated by Section 1.6 need not identify
particular Registered Securities to be redeemed.

 

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

 

Section 11.5.                             Deposit
of Redemption Price.

 

On or prior to
any Redemption Date, the Company shall deposit, with respect to the Securities
of any series called for redemption pursuant to Section 11.4, with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 10.3) an amount
of money in the applicable Currency sufficient to pay the Redemption Price of,
and (except if the Redemption Date shall be an Interest Payment Date, unless
otherwise specified pursuant to Section 3.1 or in the Securities of such
series) any accrued interest on and Additional Amounts with respect thereto,
all such Securities or portions thereof which are to be redeemed on that date.

 

Section 11.6.                             Securities
Payable on Redemption Date.

 

Notice of
redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest and the Coupons for such interest
appertaining to any Bearer Securities so to be redeemed, except to the extent
provided below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all Coupons, if any,
appertaining thereto maturing after the Redemption Date, such Security shall be
paid by the Company at the Redemption Price, together with any accrued interest
and Additional Amounts to the Redemption Date; provided, however, that, except
as otherwise provided in or pursuant to this Indenture or the Bearer Securities
of such series, installments of interest on Bearer Securities whose Stated
Maturity is on or prior to the Redemption Date shall be payable only upon
presentation and surrender of Coupons for such interest (at an Office or Agency
located outside the United States except as otherwise provided in Section 10.2),
and provided, further, that, except as otherwise specified in or pursuant to
this Indenture or the Registered Securities of such series, installments of
interest on Registered Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable to the Holders of such Securities, or one or
more Predecessor Securities, registered as such at the close of business on the
Regular Record Dates therefor according to their terms and the provisions of Section 3.7.

 

If any Bearer
Security surrendered for redemption shall not be accompanied by all appurtenant
Coupons maturing after the Redemption Date, such Security may be paid after
deducting from the Redemption Price an amount equal to the face amount of all
such missing Coupons, or the surrender of such missing Coupon or Coupons may be
waived by the Company

 

69

 

and the Trustee if there be furnished to them such security or
indemnity as they may require to save each of them and any Paying Agent
harmless. If thereafter the Holder of such Security shall surrender to the
Trustee or any Paying Agent any such missing Coupon in respect of which a
deduction shall have been made from the Redemption Price, such Holder shall be
entitled to receive the amount so deducted; provided, however, that any
interest or Additional Amounts represented by Coupons shall be payable only
upon presentation and surrender of those Coupons at an Office or Agency for
such Security located outside of the United States except as otherwise provided
in Section 10.2.

 

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

 

Section 11.7.                             Securities
Redeemed in Part.

 

Any Registered
Security which is to be redeemed only in part shall be surrendered at any
Office or Agency for such Security (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge, a new Registered Security or Securities of the
same series, containing identical terms and provisions, of any authorized
denomination as requested by such Holder in aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the Security so
surrendered. If a Security in global form is so surrendered, the Company shall
execute, and the Trustee shall authenticate and deliver to the U.S. Depository
or other Depository for such Security in global form as shall be specified in
the Company Order with respect thereto to the Trustee, without service charge,
a new Security in global form in a denomination equal to and in exchange for
the unredeemed portion of the principal of the Security in global form so
surrendered.

 

ARTICLE 12

Sinking Funds

 

Section 12.1.                             Applicability
of Article.

 

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

 

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

 

70

 

Section 12.2.                             Satisfaction
of Sinking Fund Payments with Securities.

 

The Company
may, in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of any series to be made pursuant to the terms of
such Securities (1) deliver Outstanding Securities of such series (other
than any of such Securities previously called for redemption or any of such
Securities in respect of which cash shall have been released to the Company),
together in the case of any Bearer Securities of such series with all unmatured
Coupons appertaining thereto, and (2) apply as a credit Securities of such
series which have been redeemed either at the election of the Company pursuant
to the terms of such series of Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, provided that such series of Securities have not been previously so
credited. Such Securities shall be received and credited for such purpose by
the Trustee at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund
payment shall be reduced accordingly. If, as a result of the delivery or credit
of Securities of any series in lieu of cash payments pursuant to this Section 12.2,
the principal amount of Securities of such series to be redeemed in order to
satisfy the remaining sinking fund payment shall be less than $100,000, the
Trustee need not call Securities of such series for redemption, except upon
Company Request, and such cash payment shall be held by the Trustee or a Paying
Agent and applied to the next succeeding sinking fund payment, provided,
however, that the Trustee or such Paying Agent shall at the request of the
Company from time to time pay over and deliver to the Company any cash payment
so being held by the Trustee or such Paying Agent upon delivery by the Company
to the Trustee of Securities of that series purchased by the Company having an
unpaid principal amount equal to the cash payment requested to be released to
the Company.

 

Section 12.3.                             Redemption
of Securities for Sinking Fund.

 

Not less than
75 days prior to each sinking fund payment date for any series of Securities,
the Company shall deliver to the Trustee an Officer’s Certificate specifying
the amount of the next ensuing mandatory sinking fund payment for that series
pursuant to the terms of that series, the portion thereof, if any, which is to
be satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivering and crediting of Securities of that series pursuant to Section 12.2,
and the optional amount, if any, to be added in cash to the next ensuing
mandatory sinking fund payment, and will also deliver to the Trustee any
Securities to be so credited and not theretofore delivered. If such Officer’s
Certificate shall specify an optional amount to be added in cash to the next
ensuing mandatory sinking fund payment, the Company shall thereupon be
obligated to pay the amount therein specified. Not less than 60 days before
each such sinking fund payment date the Trustee shall select the Securities to
be redeemed upon such sinking fund payment date in the manner specified in Section 11.3
and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in Section 11.4. Such
notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Sections 11.6 and 11.7.

 

71

 

ARTICLE 13

Repayment at the Option of Holders

 

Section 13.1.                             Applicability
of Article.

 

Securities of
any series which are repayable at the option of the Holders thereof before
their Stated Maturity shall be repaid in accordance with the terms of the
Securities of such series. The repayment of any principal amount of Securities
pursuant to such option of the Holder to require repayment of Securities before
their Stated Maturity, for purposes of Section 3.9, shall not operate as a
payment, redemption or satisfaction of the Indebtedness represented by such Securities
unless and until the Company, at its option, shall deliver or surrender the
same to the Trustee with a directive that such Securities be cancelled.
Notwithstanding anything to the contrary contained in this Section 13.1,
in connection with any repayment of Securities, the Company may arrange for the
purchase of any Securities by an agreement with one or more investment bankers
or other purchasers to purchase such Securities by paying to the Holders of
such Securities on or before the close of business on the repayment date an
amount not less than the repayment price payable by the Company on repayment of
such Securities, and the obligation of the Company to pay the repayment price
of such Securities shall be satisfied and discharged to the extent such payment
is so paid by such purchasers.

 

ARTICLE 14

Securities in Foreign Currencies

 

Section 14.1.                             Applicability
of Article.

 

Whenever this
Indenture provides for (i) any action by, or the determination of any of
the rights of, Holders of Securities of any series in which not all of such
Securities are denominated in the same Currency, or (ii) any distribution
to Holders of Securities, in the absence of any provision to the contrary in
the form of Security of any particular series or pursuant to this Indenture or
the Securities, any amount in respect of any Security denominated in a Currency
other than Dollars shall be treated for any such action or distribution as that
amount of Dollars that could be obtained for such amount on such reasonable
basis of exchange and as of the record date with respect to Registered
Securities of such series (if any) for such action, determination of rights or
distribution (or, if there shall be no applicable record date, such other date
reasonably proximate to the date of such action, determination of rights or
distribution) as the Company may specify in a written notice to the Trustee.

 

ARTICLE 15

Meetings of Holders of Securities

 

Section 15.1.                             Purposes
for Which Meetings May Be Called.

 

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

 

72

 

Section 15.2.                             Call,
Notice and Place of Meetings.

 

(1)                                  The
Trustee may at any time call a meeting of Holders of Securities of any series
for any purpose specified in Section 15.1, to
be held at such time and at such place in the Borough of Manhattan, The City of
New York, or, if Securities of such series have been issued in whole or in part
as Bearer Securities, in London or in such place outside the United States as
the Trustee shall determine.  Notice of
every meeting of Holders of Securities of any series, setting forth the time
and the place of such meeting and in general terms the action proposed to be
taken at such meeting, shall be given, in the manner provided in Section 1.6,
not less than 21 nor more than 180 days prior to the date fixed for the
meeting.

 

(2)                                  In
case at any time the Company (by or pursuant to a Board Resolution) or the
Holders of at least 10% in principal amount of the Outstanding Securities of
any series shall have requested the Trustee to call a meeting of the Holders of
Securities of such series for any purpose specified in Section 15.1, by
written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have mailed notice of or made
the first publication of the notice of such meeting within 21 days after
receipt of such request (whichever shall be required pursuant to Section 1.6) or shall not thereafter proceed to cause the meeting
to be held as provided herein, then the Company or  the Holders of Securities of such series in
the amount above specified, as the case may be, may determine the time and the
place in the Borough of Manhattan, The City of New York, or, if Securities of
such series are to be issued as Bearer Securities, in London for such meeting
and may call such meeting for such purposes by giving notice thereof as
provided in clause (1) of this Section.

 

Section 15.3.                             Persons
Entitled to Vote at Meetings.

 

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

 

Section 15.4.                             Quorum;
Action.

 

The Persons
entitled to vote a majority in principal amount of the Outstanding Securities
of a series shall constitute a quorum for any meeting of Holders of Securities
of such series. 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 Securities of such series, be dissolved. In any other case the
meeting may be adjourned for a period of not less than 10 days as determined by
the chairman of the meeting prior to the adjournment of such meeting. In the
absence of a quorum at any reconvened meeting, such reconvened meeting may be further
adjourned for a period of not less than 10 days as determined by the chairman
of the meeting prior to the adjournment of such reconvened meeting. Notice of
the reconvening of any adjourned meeting shall be given as provided in Section 15.2(1),
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.

 

73

 

Notice of the reconvening of an adjourned meeting shall state expressly
the percentage, as provided above, of the principal amount of the Outstanding
Securities of such series which shall constitute a quorum.

 

Except as
limited by the proviso to Section 9.2, any resolution presented to a
meeting or adjourned meeting duly reconvened at which a quorum is present as
aforesaid may be adopted only by the affirmative vote of the Holders of a
majority in principal amount of the Outstanding Securities of that series;
provided, however, that, except as limited by the proviso to Section 9.2,
any resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other Act which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is
less than a majority, in principal amount of the Outstanding Securities of a
series may be adopted at a meeting or an adjourned meeting duly reconvened and
at which a quorum is present as aforesaid by the affirmative vote of the
Holders of such specified percentage in principal amount of the Outstanding
Securities of such series.

 

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

 

Section 15.5.                             Determination
of Voting Rights; Conduct and Adjournment of Meetings.

 

(1)                                  Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Holders of Securities
of such series in regard to proof of the holding of Securities of such series
and of the appointment of proxies and in regard to the appointment and duties
of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate.  Except as otherwise permitted or required by
any such regulations, the holding of Securities shall be proved in the manner
specified in Section 1.4 and the appointment of any proxy shall be proved
in the manner specified in Section 1.4 or by having the signature of the
person executing the proxy witnessed or guaranteed by any trust company, bank
or banker authorized by Section 1.4 to certify to the holding of Bearer
Securities. 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 1.4 or other proof.

 

(2)                                  The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Company or by Holders
of Securities as provided in Section 15.2(2), in which case the Company or
the Holders of Securities of the series calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and
a permanent secretary of the meeting shall be elected by vote of the Persons
entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting.

 

(3)                                  At
any meeting, each Holder of a Security of such series or proxy shall be
entitled to one vote for each $1,000 principal amount of Securities of such
series held or represented by him; provided, however, that no vote shall be
cast or counted at any meeting in respect of any

 

74

 

Security
challenged as not Outstanding and ruled by the chairman of the meeting to be
not Outstanding. The chairman of the meeting shall have no right to vote,
except as a Holder of a Security of such series or proxy.

 

(4)                                  Any
meeting of Holders of Securities of any series duly called pursuant to Section 15.2
at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting; and the meeting may be held as so
adjourned without further notice.

 

Section 15.6.                             Counting
Votes and Recording Action of Meetings.

 

The vote upon
any resolution submitted to any meeting of Holders of Securities of any series
shall be by written ballots on which shall be subscribed the signatures of the
Holders of Securities of such series or of their representatives by proxy and
the principal amounts and serial numbers of the Outstanding Securities of such
series held or represented by them. The permanent chairman of the meeting shall
appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and who shall make and file with the secretary of
the meeting their verified written reports in triplicate of all votes cast at
the meeting. A record, at least in triplicate, of the proceedings of each
meeting of Holders of Securities of any series shall be prepared by the
secretary of the meeting and there shall be attached to said record the
original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more persons having knowledge of the facts setting
forth a copy of the notice of the meeting and showing that said notice was
given as provided in Section 15.2 and, if applicable, Section 15.4.
Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to
the Company, and another to the 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.

 

* * * * *

 

75

 

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

 

	
  [SEAL]

  	
   

  	
  ASSURED GUARANTY LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [SEAL]

  	
   

  	
  THE BANK OF NEW YORK,

  
	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

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