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Unassociated Document

    INTELLECTUAL
      PROPERTY SECURITY AGREEMENT

     

    INTELLECTUAL
      PROPERTY SECURITY AGREEMENT (this
      “Agreement”
      dated as
      of June 15, 2007, by and among Grant Life Sciences, Inc., a Nevada corporation
      (the “Company”),
      and
      the secured parties signatory hereto and their respective endorsees, transferees
      and assigns (collectively, the “Secured
      Party”).

     

    WITNESSETH
      :

     

    WHEREAS,
      pursuant to a Securities Purchase Agreement, dated the date hereof, between
      Company and the Secured Party (the “Purchase
      Agreement”),
      Company has agreed to issue to the Secured Party and the Secured Party has
      agreed to purchase from Company certain of Company’s 8% Callable Secured
      Convertible Notes, due three years from the date of issue (the “Notes”),
      which
      are convertible into shares of Company’s Common Stock, par value $.001 per share
      (the “Common
      Stock”).
      In
      connection therewith, Company shall issue the Secured Party certain Common
      Stock
      purchase warrants (the “Warrants”);
      and

     

    WHEREAS,
      in order to induce the Secured Party to purchase the Notes, Company has agreed
      to execute and deliver to the Secured Party this Agreement for the benefit
      of
      the Secured Party and to grant to it a first priority security interest in
      certain Intellectual Property (defined below) of Company to secure the prompt
      payment, performance and discharge in full of all of Company’s obligations under
      the Notes and exercise and discharge in full of Company’s obligations under the
      Warrants; and

     

    NOW,
      THEREFORE, in consideration of the agreements herein contained and for other
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the parties hereto hereby agree as follows:

     

    1.  Defined
      Terms.
      Unless
      otherwise defined herein, terms which are defined in the Purchase Agreement
      and
      used herein are so used as so defined; and the following terms shall have the
      following meanings:

     

    “Software
      Intellectual Property”
shall
      mean:

     

    (a)  all
      software programs (including all source code, object code and all related
      applications and data files), whether now owned, upgraded, enhanced, licensed
      or
      leased or hereafter acquired by the Company, above;

     

    (b)  all
      computers and electronic data processing hardware and firmware associated
      therewith;

     

    (c)  all
      documentation (including flow charts, logic diagrams, manuals, guides and
      specifications) with respect to such software, hardware and firmware described
      in the preceding clauses (a) and (b); and

     

    (d)  all
      rights with respect to all of the foregoing, including, without limitation,
      any
      and all upgrades, modifications, copyrights, licenses, options, warranties,
      service contracts, program services, test rights, maintenance rights, support
      rights, improvement rights, renewal rights and indemnifications and
      substitutions, replacements, additions, or model conversions of any of the
      foregoing.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Copyrights”
shall
      mean (a) all copyrights, registrations and applications for registration,
issued
      or
      filed, including any reissues, extensions or renewals thereof, by or with the
      United States Copyright Office or any similar office or agency of the United
      States, any state thereof, or any other country or political subdivision
      thereof, or otherwise, including, all rights in and to the material constituting
      the subject matter thereof, including, without limitation, any referred to
      in
Schedule
      B
      hereto,
      and (b) any rights in any material which is copyrightable or which is protected
      by common law, United States copyright laws or similar laws or any law of any
      State, including, without limitation, any thereof referred to in Schedule
      B
      hereto.

     

    “Copyright
      License”
shall
      mean any agreement, written or oral, providing for a grant by the Company of
      any
      right in any Copyright, including, without limitation, any thereof referred
      to
      in Schedule
      B
      hereto.

     

    “Intellectual
      Property”
shall
      means, collectively, the Software Intellectual Property, Copyrights, Copyright
      Licenses, Patents, Patent Licenses, Trademarks, Trademark Licenses and Trade
      Secrets.

     

    “Obligations”
means
      all of the Company’s obligations under this Agreement and the Notes, in each
      case, whether now or hereafter existing, voluntary or involuntary, direct or
      indirect, absolute or contingent, liquidated or unliquidated, whether or not
      jointly owed with others, and whether or not from time to time decreased or
      extinguished and later decreased, created or incurred, and all or any portion
      of
      such obligations or liabilities that are paid, to the extent all or any part
      of
      such payment is avoided or recovered directly or indirectly from the Secured
      Party as a preference, fraudulent transfer or otherwise as such obligations
      may
      be amended, supplemented, converted, extended or modified from time to
      time.

     

    “Patents”
shall
      mean (a) all letters patent of the United States or any other country or any
      political subdivision thereof, and all reissues and extensions thereof,
      including, without limitation, any thereof referred to in Schedule
      B
      hereto,
      and (b) all applications for letters patent of the United States and all
      divisions, continuations and continuations-in-part thereof or any other country
      or any political subdivision, including, without limitation, any thereof
      referred to in Schedule
      B
      hereto.

     

    “Patent
      License”
shall
      mean all agreements, whether written or oral, providing for the grant by the
      Company of any right to manufacture, use or sell any invention covered by a
      Patent, including, without limitation, any thereof referred to in Schedule
      B
      hereto.

     

    “Security
      Agreement”
shall
      mean the Security Agreement, dated the date hereof between Company and the
      Secured Party.

     

    “Trademarks”
shall
      mean (a) all trademarks, trade names, corporate names, company names, business
      names, fictitious business names, trade styles, service marks, logos and other
      source or business identifiers, and the goodwill associated therewith, now
      existing or hereafter adopted or acquired, all registrations and recordings
      thereof, and all applications in connection therewith, whether in the United
      States Patent and Trademark Office or in any similar office or agency of the
      United States, any state thereof or any other country or any political
      subdivision thereof, or otherwise, including, without limitation, any thereof
      referred to in Schedule
      B
      hereto,
      and (b) all reissues, extensions or renewals thereof.

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    “Trademark
      License”
shall
      mean any agreement, written or oral, providing for the grant by the Company
      of
      any right to use any Trademark, including, without limitation, any thereof
      referred to in Schedule
      B
      hereto.

     

    “Trade
      Secrets”
shall
      mean common law and statutory trade secrets and all other confidential or
      proprietary or useful information and all know-how obtained by or used in or
      contemplated at any time for use in the business of the Company (all of the
      foregoing being collectively called a “Trade
      Secret”),
      whether or not such Trade Secret has been reduced to a writing or other tangible
      form, including all documents and things embodying, incorporating or referring
      in any way to such Trade Secret, all Trade Secret licenses, including each
      Trade
      Secret license referred to in Schedule
      B
      hereto,
      and including the right to sue for and to enjoin and to collect damages for
      the
      actual or threatened misappropriation of any Trade Secret and for the breach
      or
      enforcement of any such Trade Secret license.

     

    2.  Grant
      of Security Interest.
      In
      accordance with Section 3(m) of the Security Agreement, to secure the complete
      and timely payment, performance and discharge in full, as the case may be,
      of
      all of the Obligations, the Company hereby, unconditionally and irrevocably,
      pledges, grants and hypothecates to the Secured Party, a continuing security
      interest in, a continuing first lien upon, an unqualified right to possession
      and disposition of and a right of set-off against, in each case to the fullest
      extent permitted by law, all of the Company’s right, title and interest of
      whatsoever kind and nature in and to the Intellectual Property (the
“Security
      Interest”).

     

    3.  Representations
      and Warranties.
      The
      Company hereby represents and warrants, and covenants and agrees with, the
      Secured Party as follows:

     

    (a)  The
      Company has the requisite corporate power and authority to enter into this
      Agreement and otherwise to carry out its obligations thereunder. The execution,
      delivery and performance by the Company of this Agreement and the filings
      contemplated therein have been duly authorized by all necessary action on the
      part of the Company and no further action is required by the Company. This
      Agreement constitutes a legal, valid and binding obligation of the Company
      enforceable in accordance with its terms, except as enforceability may be
      limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
      affecting the enforcement of creditor’s rights generally.

     

    (b)  The
      Company represents and warrants that it has no place of business or offices
      where its respective books of account and records are kept (other than
      temporarily at the offices of its attorneys or accountants) or places where
      the
      Intellectual Property is stored or located, except as set forth on Schedule
      A
      attached
      hereto;

     

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

     

    (c)  The
      Company is the sole owner of the Intellectual Property (except for non-exclusive
      licenses granted by the Company in the ordinary course of business), free and
      clear of any liens, security interests, encumbrances, rights or claims, and
      is
      fully authorized to grant the Security Interest in and to pledge the
      Intellectual Property. There is not on file in any governmental or regulatory
      authority, agency or recording office an effective financing statement, security
      agreement, license or transfer or any notice of any of the foregoing (other
      than
      those that have been filed in favor of the Secured Party pursuant to this
      Agreement) covering or affecting any of the Intellectual Property. So long
      as
      this Agreement shall be in effect, the Company shall not execute and shall
      not
      knowingly permit to be on file in any such office or agency any such financing
      statement or other document or instrument (except to the extent filed or
      recorded in favor of the Secured Party pursuant to the terms of this Agreement),
      except for a financing statement covering assets acquired by the Company after
      the date hereof, provided that the value of the Intellectual Property covered
      by
      this Agreement along with the Collateral (as defined in the Security Agreement)
      is equal to at least 150% of the Obligations.

     

    (d)  The
      Company shall at all times maintain its books of account and records relating
      to
      the Intellectual Property at its principal place of business and its
      Intellectual Property at the locations set forth on Schedule
      A
      attached
      hereto and may not relocate such books of account and records unless it delivers
      to the Secured Party at least 30 days prior to such relocation (i) written
      notice of such relocation and the new location thereof (which must be within
      the
      United States) and (ii) evidence that the necessary documents have been
      filed and recorded and other steps have been taken to perfect the Security
      Interest to create in favor of the Secured Party valid, perfected and continuing
      first priority liens in the Intellectual Property to the extent they can be
      perfected through such filings.

     

    (e)  This
      Agreement creates in favor of the Secured Party a valid security interest in
      the
      Intellectual Property securing the payment and performance of the Obligations
      and, upon making the filings required hereunder, a perfected first priority
      security interest in such Intellectual Property to the extent that it can be
      perfected through such filings.

     

    (f)  
      Upon
      request of the Secured Party, the Company shall execute and deliver any and
      all
      agreements, instruments, documents, and papers as the Secured Party may request
      to evidence the Secured Party’s security interest in the Intellectual Property
      and the goodwill and general intangibles of the Company relating thereto or
      represented thereby, and the Company hereby appoints the Secured Party its
      attorney-in-fact to execute and file all such writings for the foregoing
      purposes, all acts of such attorney being hereby ratified and confirmed; such
      power being coupled with an interest is irrevocable until the Obligations have
      been fully satisfied and are paid in full.

     

    (g)  The
      execution, delivery and performance of this Agreement does not conflict with
      or
      cause a breach or default, or an event that with or without the passage of
      time
      or notice, shall constitute a breach or default, under any agreement to which
      the Company is a party or by which the Company is bound. No consent (including,
      without limitation, from stock holders or creditors of the Company) is required
      for the Company to enter into and perform its obligations
      hereunder.

     

    
      
        
        

      

      
        C-4

        
          

        

      

      
        
        

      

    

     

    (h)  The
      Company shall at all times maintain the liens and Security Interest provided
      for
      hereunder as valid and perfected first priority liens and security interests
      in
      the Intellectual Property to the extent they can be perfected by filing in
      favor
      of the Secured Party until this Agreement and the Security Interest hereunder
      shall terminate pursuant to Section 11. The Company hereby agrees to defend
      the
      same against any and all persons. The Company shall safeguard and protect all
      Intellectual Property for the account of the Secured Party. Without limiting
      the
      generality of the foregoing, the Company shall pay all fees, taxes and other
      amounts necessary to maintain the Intellectual Property and the Security
      Interest hereunder, and the Company shall obtain and furnish to the Secured
      Party from time to time, upon demand, such releases and/or subordinations of
      claims and liens which may be required to maintain the priority of the Security
      Interest hereunder. 

     

    (i)  The
      Company will not transfer, pledge, hypothecate, encumber, license (except for
      non-exclusive licenses granted by the Company in the ordinary course of
      business), sell or otherwise dispose of any of the Intellectual Property without
      the prior written consent of the Secured Party.

     

    (j)  The
      Company shall, within ten (10) days of obtaining knowledge thereof, advise
      the
      Secured Party promptly, in sufficient detail, of any substantial change in
      the
      Intellectual Property, and of the occurrence of any event which would have
      a
      material adverse effect on the value of the Intellectual Property or on the
      Secured Party’s security interest therein.

     

    (k)  The
      Company shall permit the Secured Party and its representatives and agents to
      inspect the Intellectual Property at any time, and to make copies of records
      pertaining to the Intellectual Property as may be requested by the Secured
      Party
      from time to time.

     

    (l)  The
      Company will take all steps reasonably necessary to diligently pursue and seek
      to preserve, enforce and collect any rights, claims, causes of action and
      accounts receivable in respect of the Intellectual Property.

     

    (m)  The
      Company shall promptly notify the Secured Party in sufficient detail upon
      becoming aware of any attachment, garnishment, execution or other legal process
      levied against any Intellectual Property and of any other information received
      by the Company that may materially affect the value of the Intellectual
      Property, the Security Interest or the rights and remedies of the Secured Party
      hereunder.

     

    (n)  All
      information heretofore, herein or hereafter supplied to the Secured Party by
      or
      on behalf of the Company with respect to the Intellectual Property is accurate
      and complete in all material respects as of the date furnished.

     

    (o)  Schedule
      A
      attached
      hereto contains a list of all of the subsidiaries of Company.

     

    (p)  Schedule
      B
      attached
      hereto includes all Licenses, and all Patents and Patent Licenses, if any,
      owned
      by the Company in its own name as of the date hereof. Schedule
      B
      hereto
      includes all Trademarks and Trademark Licenses, if any, owned by the Company
      in
      its own name as of the date hereof. Schedule
      B
      hereto
      includes all Copyrights and Copyright Licenses, if any, owned by the Company
      in
      its own name as of the date hereof. Schedule
      B
      hereto
      includes all Trade Secrets and Trade Secret Licenses, if any, owned by the
      Company as of the date hereof. To the best of the Company’s knowledge, each
      License, Patent, Trademark, Copyright and Trade Secret is valid, subsisting,
      unexpired, enforceable and has not been abandoned. Except as set forth in
Schedule
      B,
      none of
      such Licenses, Patents, Trademarks, Copyrights and Trade Secrets is the subject
      of any licensing or franchise agreement. To the best of the Company’s knowledge,
      no holding, decision or judgment has been rendered by any Governmental Body
      which would limit, cancel or question the validity of any License, Patent,
      Trademark, Copyright and Trade Secrets . No action or proceeding is pending
      (i)
      seeking to limit, cancel or question the validity of any License, Patent,
      Trademark, Copyright or Trade Secret, or (ii) which, if adversely determined,
      would have a material adverse effect on the value of any License, Patent,
      Trademark, Copyright or Trade Secret. The Company has used and will continue
      to
      use for the duration of this Agreement, proper statutory notice in connection
      with its use of the Patents, Trademarks and Copyrights and consistent standards
      of quality in products leased or sold under the Patents, Trademarks and
      Copyrights.

     

    
      
        
        

      

      
        C-5

        
          

        

      

      
        
        

      

    

     

    (q)  With
      respect to any Intellectual Property:

     

    
      	(i)  	
              such
                Intellectual Property is subsisting and has not been adjudged invalid
                or
                unenforceable, in whole or in part;

            

    

     

    
      	(ii)  	
              such
                Intellectual Property is valid and
                enforceable;

            

    

     

    
      	(iii)  	
              the
                Company has made all necessary filings and recordations to protect
                its
                interest in such Intellectual Property, including, without limitation,
                recordations of all of its interests in the Patents, Patent Licenses,
                Trademarks and Trademark Licenses in the United States Patent and
                Trademark Office and in corresponding offices throughout the world
                and its
                claims to the Copyrights and Copyright Licenses in the United States
                Copyright Office and in corresponding offices throughout the
                world;

            

    

     

    
      	(iv)  	
              other
                than as set forth in Schedule
                B,
                the Company is the exclusive owner of the entire and unencumbered
                right,
                title and interest in and to such Intellectual Property and no claim
                has
                been made that the use of such Intellectual Property infringes on
                the
                asserted rights of any third party;
                and

            

    

     

    
      	(v)  	
              the
                Company has performed and will continue to perform all acts and has
                paid
                all required fees and taxes to maintain each and every item of
                Intellectual Property in full force and effect throughout the world,
                as
                applicable.

            

    

     

     

    
      
        
        

      

      
        C-6

        
          

        

      

      
        
        

      

    

     

    (r)  Except
      with respect to any Trademark or Copyright that the Company shall reasonably
      determine is of negligible economic value to the Company, the Company
      shall:

     

    (i)  maintain
      each Trademark and Copyright in full force free from any claim of abandonment
      for non-use, maintain as in the past the quality of products and services
      offered under such Trademark or Copyright; employ such Trademark or Copyright
      with the appropriate notice of registration; not adopt or use any mark which
      is
      confusingly similar or a colorable imitation of such Trademark or Copyright
      unless the Secured Party shall obtain a perfected security interest in such
      mark
      pursuant to this Agreement; and not (and not permit any licensee or sublicensee
      thereof to) do any act or knowingly omit to do any act whereby any Trademark
      or
      Copyright may become invalidated;

     

    (ii)  not,
      except with respect to any Patent that it shall reasonably determine is of
      negligible economic value to it, do any act, or omit to do any act, whereby
      any
      Patent may become abandoned or dedicated; and

     

    (iii)  notify
      the Secured Party immediately if it knows, or has reason to know, that any
      application or registration relating to any Patent, Trademark or Copyright
      may
      become abandoned or dedicated, or of any adverse determination or development
      (including, without limitation, the institution of, or any such determination
      or
      development in, any proceeding in the United States Patent and Trademark Office,
      United States Copyright Office or any court or tribunal in any country)
      regarding its ownership of any Patent, Trademark or Copyright or its right
      to
      register the same or to keep and maintain the same.

     

    (s)  Whenever
      the Company, either by itself or through any agent, employee, licensee or
      designee, shall file an application for the registration of any Patent,
      Trademark or Copyright with the United States Patent and Trademark Office,
      United States Copyright Office or any similar office or agency in any other
      country or any political subdivision thereof or acquire rights to any new
      Patent, Trademark or Copyright whether or not registered, report such filing
      to
      the Secured Party within five business days after the last day of the fiscal
      quarter in which such filing occurs.

     

    (t)  The
      Company shall take all reasonable and necessary steps, including, without
      limitation, in any proceeding before the United States Patent and Trademark
      Office, United States Copyright Office or any similar office or agency in any
      other country or any political subdivision thereof, to maintain and pursue
      each
      application (and to obtain the relevant registration) and to maintain each
      registration of the Patents, Trademarks and Copyrights, including, without
      limitation, filing of applications for renewal, affidavits of use and affidavits
      of incontestability.

     

    (u)  In
      the
      event that any Patent, Trademark or Copyright included in the Intellectual
      Property is infringed, misappropriated or diluted by a third party, promptly
      notify the Secured Party after it learns thereof and shall, unless it shall
      reasonably determine that such Patent, Trademark or Copyright is of negligible
      economic value to it, which determination it shall promptly report to the
      Secured Party, promptly sue for infringement, misappropriation or dilution,
      to
      seek injunctive relief where appropriate and to recover any and all damages
      for
      such infringement, misappropriation or dilution, or take such other actions
      as
      it shall reasonably deem appropriate under the circumstances to protect such
      Patent, Trademark or Copyright. If the Company lacks the financial resources
      to
      comply with this Section 3(t), the Company shall so notify the Secured Party
      and
      shall cooperate fully with any enforcement action undertaken by the Secured
      Party on behalf of the Company.

     

    
      
        
        

      

      
        C-7

        
          

        

      

      
        
        

      

    

     

    4.  Defaults.
      The
      following events shall be “Events
      of Default”:

     

    (a)  The
      occurrence of an Event of Default (as defined in the Notes) under the
      Notes;

     

    (b)  Any
      representation or warranty of the Company in this Agreement or in the Security
      Agreement shall prove to have been incorrect in any material respect when made;
      

     

    (c)  The
      failure by the Company to observe or perform any of its obligations hereunder
      or
      in the Security Agreement for ten (10) days after receipt by the Company of
      notice of such failure from the Secured Party; and

     

    (d)  Any
      breach of, or default under, the Warrants.

     

    5.  Duty
      To Hold In Trust.
      Upon
      the occurrence of any Event of Default and at any time thereafter, the Company
      shall, upon receipt by it of any revenue, income or other sums subject to the
      Security Interest, whether payable pursuant to the Notes or otherwise, or of
      any
      check, draft, note, trade acceptance or other instrument evidencing an
      obligation to pay any such sum, hold the same in trust for the Secured Party
      and
      shall forthwith endorse and transfer any such sums or instruments, or both,
      to
      the Secured Party for application to the satisfaction of the
      Obligations.

     

    6.  Rights
      and Remedies Upon Default.
      Upon
      occurrence of any Event of Default and at any time thereafter, the Secured
      Party
      shall have the right to exercise all of the remedies conferred hereunder and
      under the Notes, and the Secured Party shall have all the rights and remedies
      of
      a secured party under the UCC and/or any other applicable law (including the
      Uniform Commercial Code of any jurisdiction in which any Intellectual Property
      is then located). Without limitation, the Secured Party shall have the following
      rights and powers:

     

    (a)  The
      Secured Party shall have the right to take possession of the Intellectual
      Property and, for that purpose, enter, with the aid and assistance of any
      person, any premises where the Intellectual Property, or any part thereof,
      is or
      may be placed and remove the same, and the Company shall assemble the
      Intellectual Property and make it available to the Secured Party at places
      which
      the Secured Party shall reasonably select, whether at the Company’s premises or
      elsewhere, and make available to the Secured Party, without rent, all of the
      Company’s respective premises and facilities for the purpose of the Secured
      Party taking possession of, removing or putting the Intellectual Property in
      saleable or disposable form.

     

    
      
        
        

      

      
        C-8

        
          

        

      

      
        
        

      

    

     

    (b)  The
      Secured Party shall have the right to operate the business of the Company using
      the Intellectual Property and shall have the right to assign, sell, lease or
      otherwise dispose of and deliver all or any part of the Intellectual Property,
      at public or private sale or otherwise, either with or without special
      conditions or stipulations, for cash or on credit or for future delivery, in
      such parcel or parcels and at such time or times and at such place or places,
      and upon such terms and conditions as the Secured Party may deem commercially
      reasonable, all without (except as shall be required by applicable statute
      and
      cannot be waived) advertisement or demand upon or notice to the Company or
      right
      of redemption of the Company, which are hereby expressly waived. Upon each
      such
      sale, lease, assignment or other transfer of Intellectual Property, the Secured
      Party may, unless prohibited by applicable law which cannot be waived, purchase
      all or any part of the Intellectual Property being sold, free from and
      discharged of all trusts, claims, right of redemption and equities of the
      Company, which are hereby waived and released.

     

    7.  Applications
      of Proceeds.
      The
      proceeds of any such sale, lease or other disposition of the Intellectual
      Property hereunder shall be applied first, to the expenses of retaking, holding,
      storing, processing and preparing for sale, selling, and the like (including,
      without limitation, any taxes, fees and other costs incurred in connection
      therewith) of the Intellectual Property, to the reasonable attorneys’ fees and
      expenses incurred by the Secured Party in enforcing its rights hereunder and
      in
      connection with collecting, storing and disposing of the Intellectual Property,
      and then to satisfaction of the Obligations, and to the payment of any other
      amounts required by applicable law, after which the Secured Party shall pay
      to
      the Company any surplus proceeds. If, upon the sale, license or other
      disposition of the Intellectual Property, the proceeds thereof are insufficient
      to pay all amounts to which the Secured Party is legally entitled, the Company
      will be liable for the deficiency, together with interest thereon, at the rate
      of 15% per annum (the “Default
      Rate”),
      and
      the reasonable fees of any attorneys employed by the Secured Party to collect
      such deficiency. To the extent permitted by applicable law, the Company waives
      all claims, damages and demands against the Secured Party arising out of the
      repossession, removal, retention or sale of the Intellectual Property, unless
      due to the gross negligence or willful misconduct of the Secured
      Party.

     

    8.  Costs
      and Expenses. The
      Company agrees to pay all out-of-pocket fees, costs and expenses incurred in
      connection with any filing required hereunder, including without limitation,
      any
      financing statements, continuation statements, partial releases and/or
      termination statements related thereto or any expenses of any searches
      reasonably required by the Secured Party. The Company shall also pay all other
      claims and charges which in the reasonable opinion of the Secured Party might
      prejudice, imperil or otherwise affect the Intellectual Property or the Security
      Interest therein. The Company will also, upon demand, pay to the Secured Party
      the amount of any and all reasonable expenses, including the reasonable fees
      and
      expenses of its counsel and of any experts and agents, which the Secured Party
      may incur in connection with (i) the enforcement of this Agreement, (ii) the
      custody or preservation of, or the sale of, collection from, or other
      realization upon, any of the Intellectual Property, or (iii) the exercise or
      enforcement of any of the rights of the Secured Party under the Notes. Until
      so
      paid, any fees payable hereunder shall be added to the principal amount of
      the
      Notes and shall bear interest at the Default Rate.

     

    
      
        
        

      

      
        C-9

        
          

        

      

      
        
        

      

    

     

    9.  Responsibility
      for Intellectual Property.
      The
      Company assumes all liabilities and responsibility in connection with all
      Intellectual Property, and the obligations of the Company hereunder or under
      the
      Notes and the Warrants shall in no way be affected or diminished by reason
      of
      the loss, destruction, damage or theft of any of the Intellectual Property
      or
      its unavailability for any reason. 

     

    10.  Security
      Interest Absolute.
      All
      rights of the Secured Party and all Obligations of the Company hereunder, shall
      be absolute and unconditional, irrespective of: (a) any lack of validity or
      enforceability of this Agreement, the Notes, the Warrants or any agreement
      entered into in connection with the foregoing, or any portion hereof or thereof;
      (b) any change in the time, manner or place of payment or performance of, or
      in
      any other term of, all or any of the Obligations, or any other amendment or
      waiver of or any consent to any departure from the Notes, the Warrants or any
      other agreement entered into in connection with the foregoing; (c) any exchange,
      release or nonperfection of any of the Intellectual Property, or any release
      or
      amendment or waiver of or consent to departure from any other Intellectual
      Property for, or any guaranty, or any other security, for all or any of the
      Obligations; (d) any action by the Secured Party to obtain, adjust, settle
      and
      cancel in its sole discretion any insurance claims or matters made or arising
      in
      connection with the Intellectual Property; or (e) any other circumstance which
      might otherwise constitute any legal or equitable defense available to the
      Company, or a discharge of all or any part of the Security Interest granted
      hereby. Until the Obligations shall have been paid and performed in full, the
      rights of the Secured Party shall continue even if the Obligations are barred
      for any reason, including, without limitation, the running of the statute of
      limitations or bankruptcy. The Company expressly waives presentment, protest,
      notice of protest, demand, notice of nonpayment and demand for performance.
      In
      the event that at any time any transfer of any Intellectual Property or any
      payment received by the Secured Party hereunder shall be deemed by final order
      of a court of competent jurisdiction to have been a voidable preference or
      fraudulent conveyance under the bankruptcy or insolvency laws of the United
      States, or shall be deemed to be otherwise due to any party other than the
      Secured Party, then, in any such event, the Company’s obligations hereunder
      shall survive cancellation of this Agreement, and shall not be discharged or
      satisfied by any prior payment thereof and/or cancellation of this Agreement,
      but shall remain a valid and binding obligation enforceable in accordance with
      the terms and provisions hereof. The Company waives all right to require the
      Secured Party to proceed against any other person or to apply any Intellectual
      Property which the Secured Party may hold at any time, or to marshal assets,
      or
      to pursue any other remedy. The Company waives any defense arising by reason
      of
      the application of the statute of limitations to any obligation secured
      hereby.

     

    11.  Term
      of Agreement.
      This
      Agreement and the Security Interest shall terminate on the date on which all
      payments under the Notes have been made in full and all other Obligations have
      been paid or discharged. Upon such termination, the Secured Party, at the
      request and at the expense of the Company, will join in executing any
      termination statement with respect to any financing statement executed and
      filed
      pursuant to this Agreement. 

     

    
      
        
        

      

      
        C-10

        
          

        

      

      
        
        

      

    

     

    12.  Power
      of Attorney; Further Assurances.

     

    (a)  The
      Company authorizes the Secured Party, and does hereby make, constitute and
      appoint it, and its respective officers, agents, successors or assigns with
      full
      power of substitution, as the Company’s true and lawful attorney-in-fact, with
      power, in its own name or in the name of the Company, to, after the occurrence
      and during the continuance of an Event of Default, (i) endorse any notes,
      checks, drafts, money orders, or other instruments of payment (including
      payments payable under or in respect of any policy of insurance) in respect
      of
      the Intellectual Property that may come into possession of the Secured Party;
      (ii) to sign and endorse any UCC financing statement or any invoice, freight
      or
      express bill, bill of lading, storage or warehouse receipts, drafts against
      debtors, assignments, verifications and notices in connection with accounts,
      and
      other documents relating to the Intellectual Property; (iii) to pay or discharge
      taxes, liens, security interests or other encumbrances at any time levied or
      placed on or threatened against the Intellectual Property; (iv) to demand,
      collect, receipt for, compromise, settle and sue for monies due in respect
      of
      the Intellectual Property; and (v) generally, to do, at the option of the
      Secured Party, and at the Company’s expense, at any time, or from time to time,
      all acts and things which the Secured Party deems necessary to protect, preserve
      and realize upon the Intellectual Property and the Security Interest granted
      therein in order to effect the intent of this Agreement, the Notes and the
      Warrants, all as fully and effectually as the Company might or could do; and
      the
      Company hereby ratifies all that said attorney shall lawfully do or cause to
      be
      done by virtue hereof. This power of attorney is coupled with an interest and
      shall be irrevocable for the term of this Agreement and thereafter as long
      as
      any of the Obligations shall be outstanding.

     

    (b)  On
      a
      continuing basis, the Company will make, execute, acknowledge, deliver, file
      and
      record, as the case may be, in the proper filing and recording places in any
      jurisdiction, including, without limitation, the jurisdictions indicated on
      Schedule
      C,
      attached hereto, all such instruments, and take all such action as may
      reasonably be deemed necessary or advisable, or as reasonably requested by
      the
      Secured Party, to perfect the Security Interest granted hereunder and otherwise
      to carry out the intent and purposes of this Agreement, or for assuring and
      confirming to the Secured Party the grant or perfection of a security interest
      in all the Intellectual Property.

     

    (c)  The
      Company hereby irrevocably appoints the Secured Party as the Company’s
      attorney-in-fact, with full authority in the place and stead of the Company
      and
      in the name of the Company, from time to time in the Secured Party’s discretion,
      to take any action and to execute any instrument which the Secured Party may
      deem necessary or advisable to accomplish the purposes of this Agreement,
      including the filing, in its sole discretion, of one or more financing or
      continuation statements and amendments thereto, relative to any of the
      Intellectual Property without the signature of the Company where permitted
      by
      law.

     

    13.  Notices.
      All
      notices, requests, demands and other communications hereunder shall be in
      writing, with copies to all the other parties hereto, and shall be deemed to
      have been duly given when (i) if delivered by hand, upon receipt, (ii) if sent
      by facsimile, upon receipt of proof of sending thereof, (iii) if sent by
      nationally recognized overnight delivery service (receipt requested), the next
      business day or (iv) if mailed by first-class registered or certified mail,
      return receipt requested, postage prepaid, four days after posting in the U.S.
      mails, in each case if delivered to the following addresses:

     

    
      
        
        

      

      
        C-11

        
          

        

      

      
        
        

      

    

     

    

      
        	
                If
                  to the Company: 

              	
                

                  Grant
                    Life Sciences, Inc.
1787
                    East Ft. Union Blvd
Suite
                    202
Salt
                    Lake City, UT 84121
Attention:
                    President
Telephone:
                     (801)
                    261-8736
Facsimile: 
                    (801)
                    261-3954

                

              

      

    

     

     

    
      
        
        

      

      
        C-12

        
          

        

      

      
        
        

      

    

     

    

      
        	
                With
                  copies to:

              	
                Sichenzia
                  Ross Friedman & Ference LLP

              
	 	
                1065
                  Avenue of the Americas

              
	 	
                New
                  York, NY 10018

              
	 	
                Attention:
                  Gregory Sichenzia, Esq.

              
	 	
                Telephone:
                  (212) 930-9700

              
	 	
                Facsimile:
                  (212) 930-9725

              
	 	 
	
                If
                  to the Secured Party:

              	
                
                  AJW
                    Partners, LLC
AJW
                    Master Fund, Ltd.
New
                    Millennium Capital Partners II, LLC
1044
                    Northern Boulevard
Suite
                    302
Roslyn,
                    New York 11576
Attention:
                    Corey Ribotsky
Facsimile:
                    516-739-7115

                

              
	 	 
	
                With
                  copies to:

              	
                Ballard
                  Spahr Andrews & Ingersoll, LLP

              
	 	
                1735
                  Market Street, 51st
                  Floor

              
	 	
                Philadelphia,
                  Pennsylvania 19103

              
	 	
                Attention:
                  Gerald J. Guarcini, Esquire

              
	 	
                Facsimile:
                  215-864-8999

              

      

    

     

    14.  Other
      Security.
      To the
      extent that the Obligations are now or hereafter secured by property other
      than
      the Intellectual Property or by the guarantee, endorsement or property of any
      other person, firm, corporation or other entity, then the Secured Party shall
      have the right, in its sole discretion, to pursue, relinquish, subordinate,
      modify or take any other action with respect thereto, without in any way
      modifying or affecting any of the Secured Party’s rights and remedies
      hereunder.

     

    15.  Miscellaneous.

     

    (a)  No
      course
      of dealing between the Company and the Secured Party, nor any failure to
      exercise, nor any delay in exercising, on the part of the Secured Party, any
      right, power or privilege hereunder or under the Notes shall operate as a waiver
      thereof; nor shall any single or partial exercise of any right, power or
      privilege hereunder or thereunder preclude any other or further exercise thereof
      or the exercise of any other right, power or privilege.

     

    (b)  All
      of
      the rights and remedies of the Secured Party with respect to the Intellectual
      Property, whether established hereby or by the Notes or by any other agreements,
      instruments or documents or by law shall be cumulative and may be exercised
      singly or concurrently.

     

    
      
        
        

      

      
        C-13

        
          

        

      

      
        
        

      

    

     

    (c)  This
      Agreement and the Security Agreement constitute the entire agreement of the
      parties with respect to the subject matter hereof and is intended to supersede
      all prior negotiations, understandings and agreements with respect thereto.
      Except as specifically set forth in this Agreement, no provision of this
      Agreement may be modified or amended except by a written agreement specifically
      referring to this Agreement and signed by the parties hereto.

     

    (d)  In
      the
      event that any provision of this Agreement is held to be invalid, prohibited
      or
      unenforceable in any jurisdiction for any reason, unless such provision is
      narrowed by judicial construction, this Agreement shall, as to such
      jurisdiction, be construed as if such invalid, prohibited or unenforceable
      provision had been more narrowly drawn so as not to be invalid, prohibited
      or
      unenforceable. If, notwithstanding the foregoing, any provision of this
      Agreement is held to be invalid, prohibited or unenforceable in any
      jurisdiction, such provision, as to such jurisdiction, shall be ineffective
      to
      the extent of such invalidity, prohibition or unenforceability without
      invalidating the remaining portion of such provision or the other provisions
      of
      this Agreement and without affecting the validity or enforceability of such
      provision or the other provisions of this Agreement in any other
      jurisdiction.

     

    (e)  No
      waiver
      of any breach or default or any right under this Agreement shall be considered
      valid unless in writing and signed by the party giving such waiver, and no
      such
      waiver shall be deemed a waiver of any subsequent breach or default or right,
      whether of the same or similar nature or otherwise.

     

    (f)  This
      Agreement shall be binding upon and inure to the benefit of each party hereto
      and its successors and assigns.

     

    (g)  Each
      party shall take such further action and execute and deliver such further
      documents as may be necessary or appropriate in order to carry out the
      provisions and purposes of this Agreement.

     

    (h)  This
      Agreement shall be construed in accordance with the laws of the State of New
      York, except to the extent the validity, perfection or enforcement of a security
      interest hereunder in respect of any particular Intellectual Property which
      are
      governed by a jurisdiction other than the State of New York in which case such
      law shall govern. Each of the parties hereto irrevocably submit to the exclusive
      jurisdiction of any New York State or United States Federal court sitting in
      Manhattan county over any action or proceeding arising out of or relating to
      this Agreement, and the parties hereto hereby irrevocably agree that all claims
      in respect of such action or proceeding may be heard and determined in such
      New
      York State or Federal court. The parties hereto agree that a final judgment
      in
      any such action or proceeding shall be conclusive and may be enforced in other
      jurisdictions by suit on the judgment or in any other manner provided by law.
      The parties hereto further waive any objection to venue in the State of New
      York
      and any objection to an action or proceeding in the State of New York on the
      basis of forum non conveniens.

     

    (i)  EACH
      PARTY HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF
      ANY
      CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. THE SCOPE
      OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY DISPUTES THAT MAY
      BE
      FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATER OF THIS AGREEMENT,
      INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS
      AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES
      THAT THIS WAIVER IS A MATERIAL INDUCEMENT FOR EACH PARTY TO ENTER INTO A
      BUSINESS RELATIONSHIP, THAT EACH PARTY HAS ALREADY RELIED ON THIS WAIVER IN
      ENTERING INTO THIS AGREEMENT AND THAT EACH PARTY WILL CONTINUE TO RELY ON THIS
      WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY FURTHER WARRANTS AND
      REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT
      SUCH PARTY HAS KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHTS TO A JURY TRIAL
      FOLLOWING SUCH CONSULTATION. THIS WAIVER IS IRREVOCABLE, MEANING THAT,
      NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, IT MAY NOT BE MODIFIED EITHER
      ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
      RENEWALS AND SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF
      A
      LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY
      THE
      COURT. 

     

    
      
        
        

      

      
        C-14

        
          

        

      

      
        
        

      

    

     

    (j)  This
      Agreement may be executed in any number of 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. In the event that any signature
      is
      delivered by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile signature
      were the original thereof.

     

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        C-15

        
          

        

      

      
        
        

      

    

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

    
      	 	 	 
	 	
              GRANT
                LIFE SCIENCES, INC.

            
	 
 	 
 	 
 
	
            	By:  	/s/ Hun-Chi Lin
	 	
              
                

              

              Hun-Chi Lin

              President

            

    

     

    
      	 	 	 
	 	
              AJW
                PARTNERS, LLC

              By:
                SMS Group, LLC

            
	 
 	 
 	 
 
	
            	By:  	/s/ Corey S. Ribotsky
	 	
              
Corey
              S. Ribotsky
	 	Manager

    

     

    
      	 	 	 
	 	
              AJW
                MASTER FUND, LTD.

              By:
                First Street Manager II, LLC

            
	 
 	 
 	 
 
	
            	By:  	/s/ Corey S. Ribotsky
	 	
              
Corey
              S. Ribotsky
	 	Manager

    

     

    
      	 	 	 
	 	
              NEW
                MILLENNIUM CAPITAL 

              PARTNERS
                II, LLC

              By:
                First Street Manager II, LLC

            
	 
 	 
 	 
 
	
            	By:  	/s/ Corey S. Ribotsky
	 	
              
Corey
              S. Ribotsky
	 	
              Manager

            

    

     

    

    
      
        
        

      

      
        C-16EXECUTION
      COPY

     

     

     

    NORTHSTAR
      REALTY FINANCE LIMITED PARTNERSHIP

    

    

    

    7.25%
      EXCHANGEABLE SENIOR NOTES DUE 2027

    

    

    

    INDENTURE

    

    

    

    DATED
      AS
      OF JUNE 18, 2007

    

    

    

    NORTHSTAR
      REALTY FINANCE CORPORATION, as Guarantor

    

    

    

    WILMINGTON
      TRUST COMPANY, as Trustee

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    

     

    

    
      	 	
               Page

            
	 	 
	
              ARTICLE
                1 DEFINITIONS
                AND INCORPORATION BY REFERENCE

            	
              1

            
	
              Section
                1.01. Definitions.

            	
              1

            
	
              Section
                1.02. Other
                Definitions

            	
              9

            
	
              Section
                1.03. Rules
                of Construction

            	
              10

            
	 	
               

            
	
              ARTICLE
                2 THE
                SECURITIES

            	
              10

            
	
              Section
                2.01. Title
                and Terms

            	
              10

            
	
              Section
                2.02. Denominations

            	
              12

            
	
              Section
                2.03. Form
                and Dating.

            	
              12

            
	
              Section
                2.04. Execution
                and Authentication.

            	
              14

            
	
              Section
                2.05. Registrar,
                Paying Agent and Exchange Agent.

            	
              15

            
	
              Section
                2.06. Intentionally
                Omitted.

            	
              15

            
	
              Section
                2.07. Lists
                of Holders of Securities

            	
              15

            
	
              Section
                2.08. Transfer
                and Exchange.

            	
              15

            
	
              Section
                2.09. Replacement
                Securities.

            	
              16

            
	
              Section
                2.10. Outstanding
                Securities.

            	
              17

            
	
              Section
                2.11. Treasury
                Securities

            	
              18

            
	
              Section
                2.12. Temporary
                Securities

            	
              18

            
	
              Section
                2.13. Cancellation

            	
              18

            
	
              Section
                2.14. Legend;
                Additional Transfer and Exchange Requirements.

            	
              19

            
	
              Section
                2.15. CUSIP
                Numbers

            	
              21

            
	
              Section
                2.16. Payment
                of Interest; Interest Rights Preserved.

            	
              21

            
	 	 
	
              ARTICLE
                3 REPURCHASE

            	
              22

            
	
              Section
                3.01. Repurchase
                at Option of Holders upon a Change in Control.

            	
              22

            
	
              Section
                3.02. Repurchase
                of Securities at the Option of Holders.

            	
              25

            
	
              Section
                3.03. Repayment
                to the Issuer

            	
              26

            
	
              Section
                3.04. Securities
                Purchased in Part

            	
              26

            
	
              Section
                3.05. Repurchase
                of Securities by Third Parties

            	
              26

            
	
              Section
                3.06. Purchase
                of Securities in Open Market

            	
              27

            

    

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                4 EXCHANGE

            	
              27

            
	
              Section
                4.01. Right
                to Exchange

            	
              27

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

            	
              29

            
	
              Section
                4.03. Exchange
                Rate Adjustment After Certain Change in Control.

            	
              32

            
	
              Section
                4.04. Adjustment
                of Exchange Rate

            	
              33

            
	
              Section
                4.05. Exchange
                Rate

            	
              40

            
	
              Section
                4.06. Cash
                Payments in Lieu of Fractional Shares

            	
              40

            
	
              Section
                4.07. Taxes
                on Shares Issued

            	
              40

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

            	
              41

            
	
              Section
                4.09. Responsibility
                of Trustee

            	
              41

            
	
              Section
                4.10. Notice
                to Holders Prior to Certain Actions

            	
              42

            
	
              Section
                4.11. Settlement
                upon Exchange

            	
              42

            
	
              Section
                4.12. Ownership
                Limit

            	
              43

            
	
              Section
                4.13. Calculation
                in Respect of Securities

            	
              44

            
	 	 
	
              ARTICLE
                5 COVENANTS

            	
              44

            
	
              Section
                5.01. Payment
                of Securities.

            	
              44

            
	
              Section
                5.02. Money
                for Securities Payments to be Held in Trust

            	
              45

            
	
              Section
                5.03. Reports.

            	
              46

            
	
              Section
                5.04. Compliance
                Certificates

            	
              46

            
	
              Section
                5.05. Further
                Instruments and Acts

            	
              46

            
	
              Section
                5.06. Maintenance
                of Existence as a Limited Partnership

            	
              46

            
	
              Section
                5.07. Stay,
                Extension and Usury Laws

            	
              47

            
	
              Section
                5.08. Calculation
                of Original Issue Discount

            	
              47

            
	
              Section
                5.09. Maintenance
                of Office or Agency

            	
              47

            
	
              Section
                5.10. Registration
                Rights.

            	
              47

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                6 CONSOLIDATION;
                MERGER; CONVEYANCE; TRANSFER OR LEASE

            	
              48

            
	
              Section
                6.01. Issuer
                and Guarantor May Consolidate, Etc., Only on Certain Terms

            	
              48

            
	
              Section
                6.02. Successor
                Substituted

            	
              49

            
	 	 
	
              ARTICLE
                7 DEFAULT
                AND REMEDIES

            	
              49

            
	
              Section
                7.01. Events
                of Default

            	
              49

            
	
              Section
                7.02. Acceleration

            	
              52

            
	
              Section
                7.03. Other
                Remedies.

            	
              53

            
	
              Section
                7.04. Waiver
                of Defaults and Events of Default

            	
              53

            
	
              Section
                7.05. Limitations
                on Suits.

            	
              54

            
	
              Section
                7.06. Rights
                of Holders to Receive Payment and to Exchange

            	
              54

            
	
              Section
                7.07. Collection
                Suit by Trustee

            	
              54

            
	
              Section
                7.08. Trustee
                May File Proofs of Claim

            	
              55

            
	
              Section
                7.09. Priorities.

            	
              55

            
	
              Section
                7.10. Undertaking
                for Costs

            	
              55

            
	 	 
	
              ARTICLE
                8 TRUSTEE

            	
              56

            
	
              Section
                8.01. Obligations
                of Trustee.

            	
              56

            
	
              Section
                8.02. Rights
                of Trustee.

            	
              57

            
	
              Section
                8.03. Individual
                Rights of Trustee

            	
              59

            
	
              Section
                8.04. Trustee’s
                Disclaimer

            	
              59

            
	
              Section
                8.05. Notice
                of Default or Events of Default

            	
              59

            
	
              Section
                8.06. Reports
                by Trustee to Holders.

            	
              59

            
	
              Section
                8.07. Compensation
                and Indemnity.

            	
              59

            
	
              Section
                8.08. Replacement
                of Trustee.

            	
              60

            
	
              Section
                8.09. Successor
                Trustee by Merger, Etc

            	
              61

            
	
              Section
                8.10. Eligibility
                of Trustee

            	
              61

            
	
              Section
                8.11. Conflicting
                Interests of Trustee

            	
              61

            
	
              Section
                8.12. Preferential
                Collection of Claims Against Company

            	
              62

            

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE
                9 SATISFACTION
                AND DISCHARGE OF INDENTURE

            	
              62

            
	
              Section
                9.01. Discharge
                of Indenture.

            	
              62

            
	
              Section
                9.02. Deposited
                Monies to Be Held in Trust by Trustee

            	
              63

            
	
              Section
                9.03. Paying
                Agent to Repay Monies Held.

            	
              63

            
	
              Section
                9.04. Return
                of Unclaimed Monies

            	
              63

            
	
              Section
                9.05. Reinstatement

            	
              63

            
	 	 
	
              ARTICLE
                10 AMENDMENTS;
                SUPPLEMENTS AND WAIVERS

            	
              64

            
	
              Section
                10.01. Without
                Consent of Holders

            	
              64

            
	
              Section
                10.02. With
                Consent of Holders.

            	
              65

            
	
              Section
                10.03. Revocation
                and Effect of Consents.

            	
              66

            
	
              Section
                10.04. Notation
                on or Exchange of Securities

            	
              66

            
	
              Section
                10.05. Trustee
                to Sign Amendments, Etc

            	
              66

            
	
              Section
                10.06. Effect
                of Supplemental Indentures

            	
              66

            
	 	 
	
              ARTICLE
                11 REDEMPTION

            	
              67

            
	
              Section
                11.01. Redemption.

            	
              67

            
	
              Section
                11.02. Sinking
                Fund

            	
              69

            
	 	 
	
              ARTICLE
                12 MISCELLANEOUS

            	
              69

            
	
              Section
                12.01. Notices

            	
              69

            
	
              Section
                12.02. Communications
                by Holders with Other Holder

            	
              70

            
	
              Section
                12.03. Certificate
                and Opinion as to Conditions Precedent.

            	
              70

            
	
              Section
                12.04. Record
                Date for Consent of Holders of Securities

            	
              71

            
	
              Section
                12.05. Rules
                by Trustee, Paying Agent, Registrar and Exchange Agent

            	
              71

            
	
              Section
                12.06. Legal
                Holidays

            	
              71

            
	
              Section
                12.07. Governing
                Law

            	
              71

            
	
              Section
                12.08. No
                Adverse Interpretation of Other Agreements

            	
              71

            
	
              Section
                12.09. No
                Recourse Against Others

            	
              71

            
	
              Section
                12.10. No
                Security Interest Created

            	
              71

            
	
              Section
                12.11. Successors

            	
              72

            
	
              Section
                12.12. Multiple
                Counterparts

            	
              72

            
	
              Section
                12.13. Separability

            	
              72

            
	
              Section
                12.14. Table
                of Contents, Headings, Etc

            	
              72

            
	 	 
	
              ARTICLE
                13 GUARANTEE

            	
              72

            
	
              Section
                13.01. Guarantee.

            	
              72

            
	 	 
	
              Exhibit

            	
              A-1

            
	 	 
	
              Exhibit

            	
              B-1

            

    

     

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    

    THIS
      INDENTURE dated as of June 18, 2007 is between NorthStar Realty Finance
      Limited Partnership, a Delaware limited partnership (the “Issuer”), NorthStar
      Realty Finance Corporation, a Maryland corporation, as Guarantor (the
“Guarantor”), and Wilmington Trust Company, a Delaware banking corporation, as
      Trustee (the “Trustee”). 

    

    RECITALS

    

    The
      Issuer has duly authorized the creation of an issue of its 7.25% Exchangeable
      Senior Notes due 2027 of substantially the tenor and amount hereinafter set
      forth, and to provide therefor the Issuer has duly authorized the execution
      and
      delivery of this Indenture.

    

    The
      Guarantor has duly authorized the creation of an irrevocable and unconditional
      guarantee of the Securities of substantially the tenor and amount hereinafter
      set forth, and to provide therefor the Guarantor has duly authorized the
      execution and delivery of this Indenture and of the Guarantee provided for
      herein.

    

    All
      things necessary to make the Securities, when duly executed by the Issuer and
      authenticated and delivered hereunder, and the Guarantee (as defined herein),
      when duly executed by the Guarantor, and delivered hereunder, and the Securities
      and the Guarantee duly issued by the Issuer and the Guarantor, the obligations
      of the Issuer and the Guarantor, and to make this Indenture a valid agreement
      of
      the Issuer and the Guarantor, in accordance with its terms, have been
      done.

    

    NOW,
      THEREFORE, THIS INDENTURE WITNESSETH:

    

    For
      and
      in consideration of the premises and the purchase of the Securities by the
      Holders thereof, it is mutually covenanted and agreed, for the equal and
      proportionate benefit of all Holders of the Securities, as follows:

    
 

    ARTICLE
      1

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

     

    Section
      1.01. Definitions.

    

    “Affiliate”
means,
      with respect to any specified person, 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 person means the power to direct the management and policies
      of such person, directly or indirectly, whether through the ownership of voting
      securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

    

    “Agent”
means
      any Registrar, Paying Agent or Exchange Agent.

    

    “Applicable
      Exchange Measurement Period”
means
      (i) for Securities that are exchanged on or after the 23rd Scheduled
      Trading Day prior to the Final Maturity Date, the 20 consecutive Trading
      Day period beginning on the third trading day following the 23rd Scheduled
      Trading Day prior to the Final Maturity Date, and (ii) in all other cases,
      the 20 consecutive Trading Day period commencing on the third Trading Day
      following the Exchange Date.

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Applicable
      Exchange Rate”
means,
      as of any Trading Day, the Exchange Rate in effect on such date, after giving
      effect to any adjustment provided under Sections 4.03 and 4.04
      hereof.

    

    “Applicable
      Procedures”
means,
      with respect to any transfer or exchange of beneficial ownership interests
      in a
      Global Security, the rules and procedures of the Depositary, to the extent
      applicable to such transfer or exchange.

    

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

    

    “Board
      of Directors”
means
      the board of directors of the Guarantor or a committee of such board duly
      authorized to act on its behalf hereunder; provided,
      that in
      the definition of the term “Change in Control”, Board of Directors means the
      Board of Directors of the Guarantor.

    

    “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, but excluding any debt securities convertible
      into such equity.

    

    “cash”
means
      such coin or currency of the United States as at any time of payment is legal
      tender for the payment of public and private debts.

    

    “CDO
      Subsidiary”
means
      any Subsidiary of the Issuer or the Guarantor which is an issuer of
      collateralized debt obligations.

    

    “Certificated
      Security”
means
      a
      Security that is in substantially the form attached as Exhibit A but that does
      not include the information or the schedule called for by footnote 1
      thereof.

    

    “Change
      in Control”
means
      the occurrence at any time any of any of the following events: 

    

    (1) consummation
      of any transaction or event (whether by means of a liquidation, share exchange,
      tender offer, consolidation, recapitalization, reclassification, combination,
      merger of the Issuer or any sale, lease or other transfer of all or
      substantially all of the consolidated assets of the Guarantor and its
      consolidated subsidiaries) or a series of related transactions or events
      pursuant to which the Common Stock is exchanged for, converted into or
      constitutes solely the right to receive cash, securities or other property
      more
      than 10% of which consists of cash, securities or other property that are not,
      or upon issuance will not be, traded on a national securities
      exchange;

    

    (2) any
      “person” or “group” (as such terms are used for purposes of Sections 13(d)
      and 14(d) of the Exchange Act, whether or not applicable), other than the
      Guarantor, the Issuer or any majority-owned subsidiary of the Issuer or of
      the
      Guarantor, is or becomes the beneficial owner (as such term is defined for
      purposes of Section 13(d)(3) under the Exchange Act), directly or
      indirectly, of more than 50% of the total voting power in the aggregate of
      all
      classes of the capital stock of the Guarantor then outstanding entitled to
      vote
      generally in elections of directors;

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (3) during
      any period of 12 consecutive months after the date of this Indenture persons
      who
      at the beginning of such 12-month period constituted the Board of Directors
      (together with any new persons whose election was approved by a vote of a
      majority of the persons then still comprising the Board of Directors who were
      either members of the Board of Directors at the beginning of such period or
      whose election, designation or nomination for election was previously so
      approved) cease for any reason to constitute a majority of the Board of
      Directors, then in office;

    

    (4) the
      Common Stock (or other Capital Stock or securities into which the Securities
      are
      then exchangeable) ceases to be listed on a U.S. national securities exchange
      for 30 consecutive days;

    

    (5) the
      Guarantor (or any successor thereto permitted pursuant to the terms of this
      Indenture) ceases to be the general partner of the Issuer or ceases to control
      the Issuer; or

    

    (6) the
      shareholders of the Guarantor approve any plan or proposal for the liquidation
      of the Guarantor or the Issuer.

    

    Notwithstanding
      the foregoing, even if any of the events specified in the preceding clauses
      (1)
      through (6) have occurred, a Change in Control will not be deemed to have
      occurred and the Issuer shall not be required to deliver a notice incidental
      thereto if either:

    

    (A) the
      Closing Sale Price per share of Common Stock for any five Trading Days within
      (i) the period of 10 consecutive Trading Days ending immediately after
      the later of the Change in Control or the public announcement of the Change
      in
      Control, in the case of a Change in Control relating to an acquisition of
      Capital Stock, or (ii) the period of 10 consecutive Trading Days
      ending immediately after the Change in Control, in the case of a Change in
      Control relating to a merger, consolidation or asset sale, equals or exceeds
      105% of the Exchange Price in effect on each of those Trading Days; provided,
      however,
      that
      the exception to the definition of “Change in Control” specified in this
      clause (A) shall not apply in the context of a Change in Control for
      purposes of Section 4.01(b)(v) or 4.03; or

    

    (B) at
      least
      90% of the consideration (excluding cash payments for fractional shares and
      cash
      payments made pursuant to dissenters’ appraisal rights) in a merger,
      consolidation or other transaction otherwise constituting a Change in Control
      consists of shares of common stock, depositary receipts or other certificates
      representing common equity interests traded on a U.S. national securities
      exchange or quoted on an established automated over-the-counter trading market
      in the United States (or will be so traded or quoted immediately following
      such
      merger, consolidation or other transaction) and as a result of the merger,
      consolidation or other transaction the Securities become exchangeable for such
      shares of common stock, depositary receipts or other certificates representing
      common equity interests. 

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

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

    

    “Change
      in Control Purchase Date”
has
      the
      meaning provided in Section 3.01(b) hereof.

    

    “Change
      in Control Purchase Notice”
has
      the
      meaning provided in Section 3.01(c) hereof.

    

    “Change
      in Control Purchase Price”
of
      any
      Security, means 100% of the principal amount of the Security to be purchased
      plus accrued and unpaid interest, if any, to, but excluding, the Change in
      Control Purchase Date.

    

    “Closing
      Sale Price”
of
      the
      Common Stock or other Capital Stock or similar equity interests or other
      publicly traded securities on any date means the closing sale price per share
      (or, if no closing sale price is reported, the average of the closing bid and
      ask prices or, if more than one in either case, the average of the average
      closing bid and the average closing ask prices) on such date as reported on
      the
      principal U.S. securities exchange on which the Common Stock or such other
      Capital Stock or similar equity interests or other publicly traded securities
      are listed or, if the Common Stock or such other Capital Stock or similar equity
      interests or other publicly traded securities are not listed on a U.S.
      securities exchange, by the National Quotation Bureau Incorporated or another
      established over-the-counter trading market in the United States. The Closing
      Sale Price shall be determined without regard to after-hours trading or extended
      market making. In the absence of the foregoing, the Issuer shall determine
      the
      Closing Sale Price on such basis as it considers appropriate.

    

    “Common
      Stock”
means,
      subject to Section 4.11, the common stock, par value $0.01 per share of the
      Guarantor, at the date of this Indenture and any shares of any class or classes
      of Capital Stock of the Guarantor resulting from any reclassification or
      reclassifications thereof, or, in the event of a merger, consolidation or other
      similar transaction involving the Guarantor that is otherwise permitted
      hereunder in which the Guarantor is not the surviving corporation, the common
      stock, common equity interests, ordinary shares or depositary shares or other
      certificates representing common equity interests of such surviving corporation
      or its direct or indirect parent corporation, and which have no preference
      in
      respect of dividends or of amounts payable in the event of any voluntary or
      involuntary liquidation, dissolution or winding-up of the Guarantor and which
      are not subject to redemption by the Guarantor; provided,
      however,
      that if
      at any time there shall be more than one such resulting class, the shares of
      each such class then so issuable on exchange of the Securities shall be
      substantially in the proportion which the total number of shares of such class
      resulting from all such reclassifications bears to the total number of shares
      of
      all such classes resulting from all such reclassifications.

    

    “Corporate
      Trust Office”
means
      the office of the Trustee at which at any particular time the trust created
      by
      this Indenture shall be administered, which initially will be the office of
      Wilmington Trust Company located at Rodney Square North, 1100 North Market
      Street, Wilmington, DE 19890, attention: W. Thomas Morris II - NorthStar Realty
      Finance Limited Partnership Notes due 2027.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    “Daily
      Exchange Value”
means,
      for each of the 20 consecutive Trading Days during the Applicable Exchange
      Measurement Period, one-twentieth (1/20) of the product of (1) the
      Applicable Exchange Rate and (2) the Daily VWAP of the Common Stock on such
      day.

    

    “Daily
      VWAP”
for
      the
      Common Stock means, for each of the 20 consecutive Trading Days during the
      Applicable Exchange Measurement Period, the per share volume-weighted average
      price as displayed under the heading “Bloomberg VWAP” on Bloomberg (or any
      successor service) page NRF.N<equity>AQR in respect of the period from
      9:30 a.m. to 4:00 p.m. (New York City time) on such trading day (or if
      such volume-weighted average price is unavailable, the market value of one
      share
      of the Common Stock on such Trading Day as determined by the Board of Directors
      in good faith using a volume-weighted method or by a nationally recognized
      independent investment banking firm retained for this purpose by the
      Guarantor).

    

    “Default”
means,
      when used with respect to the Securities, any event that is or, after notice
      or
      passage of time, or both, would be, an Event of Default.

    

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

    

    “Exchange
      Price”
per
      share of Common Stock as of any day means the result obtained by dividing
      (i) $1,000 by (ii) the then Applicable Exchange Rate, rounded to the
      nearest cent.

    

    “Ex-Dividend
      Date”
means
      the first date upon which a sale of shares of Common Stock does not
      automatically transfer the right to receive the relevant distribution from
      the
      seller of such shares of Common Stock to the buyer.

    

    “Final
      Maturity Date”
means
      June 15, 2027.

    

    “GAAP”
means
      generally accepted accounting principles in the United States of America as
      in
      effect from time to time.

    

    “Global
      Security”
means
      a
      Security in global form that is in substantially the form attached as Exhibit
      A
      and that includes the information and schedule called for in footnote 1 thereof
      and which is deposited with the Depositary or its custodian and registered
      in
      the name of the Depositary or its nominee.

    

    “Guarantee”
shall
      mean the unconditional guarantee of the payment of the principal of, or any
      premium or interest on, the Securities by the Guarantor, as more fully set
      forth
      in Article 13 hereof.

    

    “Guarantor”
shall
      means the Person named as the “Guarantor” in the first paragraph of this
      Indenture until a successor Person shall have become such pursuant to the
      applicable provisions of this Indenture, and thereafter “Guarantor” shall mean
      such successor Person.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    “Guarantor
      Request”
or
      “Guarantor Order” means a written request or order signed in the name of the
      Guarantor by an Officer of the Guarantor and delivered to the
      Trustee.

    

    “Holder”
means
      the person in whose name a Security is registered on the Registrar’s
      books.

    

    “Indenture”
means
      this Indenture, as amended or supplemented from time to time pursuant to the
      terms hereof.

    

    “Initial
      Purchasers”
means
      Wachovia Capital Markets, LLC and Banc of America Securities LLC.

    

    “Interest
      Payment Date”
means
      June 15 and December 15 of each year, commencing December 15,
      2007.

    

    “Issue
      Date”
of
      any
      Security means the date on which the Security was originally issued or deemed
      issued as set forth on the face of the Security.

    

    “Issuer
      Request”
or
      “Issuer
      Order”
means
      a
      written request or order signed in the name of the Issuer by an Officer of
      the
      Guarantor (in its capacity as general partner of the Issuer) and delivered
      to
      the Trustee.

    

    “Liquidated
      Damages”
has
      the
      meaning provided in the Form of Note attached as Exhibit A hereto.

    

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

    

    “Measurement
      Period”
is
      the
      period from and including the 11th
      Trading
      Day in a fiscal quarter up to but excluding the 11th
      Trading
      Day of the following fiscal quarter.

    

    “NYSE”
means
      the New York Stock Exchange.

    

    “Officer”
means
      any person holding any of the following positions: the Chairman of the Board,
      the Chief Executive Officer, the President, any Vice President, the Chief
      Financial Officer, the Chief Operating Officer, the Secretary or any Assistant
      Secretary.

    

    “Officer’s
      Certificate”,
      when
      used with respect to the Issuer or the Guarantor, as the case may be, means
      a
      certificate signed by an Officer of the Guarantor in its own capacity or in
      its
      capacity as general partner of the Issuer, as applicable, and delivered to
      the
      Trustee.

    

    “Opinion
      of Counsel”
means
      a
      written opinion from legal counsel reasonably acceptable to the Trustee. The
      counsel may be an employee of or counsel to the Issuer, the Guarantor or the
      Trustee.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    “Person”
or
      “person”
means
      any individual, corporation, partnership, limited liability company, joint
      venture, association, joint-stock company, trust, unincorporated organization,
      government or any agency or political subdivision thereof or any syndicate
      or
      group that would be deemed to be a “person” under Section 13(d)(3) of the
      Exchange Act or any other entity.

    

    “Redemption
      Date”
means,
      with respect to any Security or portion thereof to be redeemed in accordance
      with the provisions of Section 11.01 hereof, the date fixed for such
      redemption in accordance with the provisions of Section 11.01
      hereof.

    

    “Registration
      Rights Agreement”
means
      the Registration Rights Agreement, dated as of June 18, 2007, among the
      Issuer, the Guarantor and the Initial Purchasers, as amended from time to time
      in accordance with its terms.

    

    “Repurchase
      Price”
of
      any
      Security, means 100% of the principal amount of the Security to be purchased
      plus accrued and unpaid interest, if any, to, but excluding, the Repurchase
      Date.

    

    “Regular
      Record Date”
means,
      with respect to each Interest Payment Date, June 1 or December 1 as
      the case may be, next preceding such Interest Payment Date.

    

    “Responsible
      Officer”
means,
      when used with respect to the Trustee, any officer within the corporate client
      services division of the Trustee with direct responsibility for the
      administration of this Indenture and also means, with respect to a particular
      corporate trust matter, any other officer to whom such matter is referred
      because of such person’s knowledge of and familiarity with the particular
      subject.

    

    “Restricted
      Common Stock”
means
      Common Stock issued upon exchange of any Security that is required to bear
      a
      restrictive legend pursuant to Section 2.14(e) hereof.

    

    “Restricted
      Global Security”
means
      a
      Global Security that is a Restricted Security.

    

    “Restricted
      Security”
means
      a
      Security required to bear the restrictive legend set forth in the form of
      Security annexed as Exhibit A.

    

    “Rule 144”
means
      Rule 144 under the Securities Act or any successor to such
      Rule.

    

    “Rule 144A”
means
      Rule 144A under the Securities Act or any successor to such
      Rule.

    

    “Scheduled
      Trading Day”
means
      a
      day that is scheduled to be a Trading Day on the principal United States
      securities exchange or market on which the Common Stock is listed or admitted
      for trading or, if the Common Stock is not listed or admitted for trading on
      any
      exchange or market, a Business Day.

    

    “SEC”
means
      the Securities and Exchange Commission.

    

    “Securities”
means
      the $150,000,000 aggregate principal amount of 7.25% Exchangeable Senior Notes
      due 2027, or any of them (each a “Security”),
      as
      amended or supplemented from time to time, that are issued under this Indenture
      together with any Additional Securities.

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    “Securities
      Act”
means
      the Securities Act of 1933, as amended.

    

    “Securities
      Custodian”
means
      the Trustee, as custodian with respect to the Global Securities, or any
      successor thereto.

    

    “Significant
      Subsidiary”
means
      any Subsidiary of the Issuer or the Guarantor which is a significant subsidiary
      (as defined in Regulation S-X as promulgated under the Securities Act as in
      effect as of June 18, 2007).

    

    “Subsidiary”
means,
      in respect of any Person, any corporation, association, partnership or other
      business entity of which more than 50% of the total voting power of shares
      of
      Capital Stock entitled (without regard to the occurrence of any contingency
      within the control of such Person to satisfy) to vote in the election of
      directors, managers, general partners or trustees thereof is at the time 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.

    

    “Trading
      Day”
means
      a
      day during which (i) trading in securities generally occurs on the NYSE or,
      if
      the subject securities are not then listed on the NYSE, on the principal other
      national or regional securities exchange on which such securities are then
      listed or, if such securities are not then listed on a national or regional
      securities exchange, on the principal other market on which the subject
      securities are then traded, (ii) there is no Market Disruption Event and (iii)
      a
      Closing Sale Price for the Common Stock is available for such day.

    

    “Trading
      Price”
means,
      with respect to the Securities on any date of determination, the average of
      the
      secondary market bid quotations per $1,000 principal amount of Securities
      obtained by the Trustee for a $2,000,000 principal amount of Securities at
      approximately 3:30 p.m., New York City time, on such determination date
      from two independent nationally recognized securities dealers selected by the
      Issuer, which may include the Initial Purchasers; provided
      that if
      at least two such bids cannot reasonably be obtained by the Trustee, but one
      such bid can reasonably be obtained by the Trustee, the one bid shall be used.
      If the Trustee cannot reasonably obtain at least one bid for a $2,000,000
      principal amount of Securities from a nationally recognized securities dealer
      or, in the reasonable judgment of the Issuer, the bid quotations are not
      indicative of the secondary market value of the Securities, then the Trading
      Price per $1,000 principal amount of Securities shall be deemed to be less
      than
      98% of the Closing Sale Price of the Common Stock multiplied by the Applicable
      Exchange Rate on such determination date.

    

    “Trustee”
means
      the party named as such in the first paragraph of this Indenture until a
      successor replaces it in accordance with the provisions of this Indenture,
      and
      thereafter means the successor.

    

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

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

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

     

    Section
      1.02. Other
      Definitions.
      

     

    
      	
              Term

            	 	
              Defined
                in Section

            
	 	 	 
	
              Additional
                Securities

            	 	
              2.01

            
	
              Additional
                Shares Change in Control

            	 	
              4.03(a)

            
	
              Agent
                Members

            	 	
              2.01(d)

            
	
              Change
                in Control Event Shares

            	 	
              4.03(a)

            
	
              Consolidated
                Net Assets

            	 	
              7.01(10)

            
	
              Daily
                Partial Cash Amount

            	 	
              4.11(a)(3)

            
	
              Defaulted
                Interest

            	 	
              2.16

            
	
              Depositary

            	 	
              2.01(c)

            
	
              DTC

            	 	
              2.01(c)

            
	
              Effective
                Date

            	 	
              4.03(b)

            
	
              Event
                of Default

            	 	
              7.01

            
	
              Exchange
                Agent

            	 	
              2.03(a)

            
	
              Exchange
                Date

            	 	
              4.02

            
	
              Exchange
                Notice

            	 	
              4.02

            
	
              Exchange
                Obligation

            	 	
              4.11(a)

            
	
              Exchange
                Rate

            	 	
              4.05

            
	
              Expiration
                Time

            	 	
              4.04(e)

            
	
              Issuer
                Notice

            	 	
              3.01(b)

            
	
              Legal
                Holiday

            	 	
              12.06

            
	
              Make-Whole
                Cap

            	 	
              4.03(b)

            
	
              Make-Whole
                Floor

            	 	
              4.03(b)

            
	
              Outstanding

            	 	
              2.08(a)

            
	
              Partial
                Cash Amount

            	 	
              4.11(a)(3)

            
	
              Paying
                Agent

            	 	
              2.03(a)

            
	
              Primary
                Registrar

            	 	
              2.03(a)

            
	
              Purchase
                Agreement

            	 	
              2.01

            
	
              QIB

            	 	
              2.01(c)

            
	
              Redemption
                Notice

            	 	
              11.01(c)

            
	
              REIT

            	 	
              11.01(a)

            
	
              Reference
                Dividend

            	 	
              4.04(d)

            
	
              Reference
                Event

            	 	
              7.01(10)

            
	
              Reference
                Property

            	 	
              4.01

            
	
              Registrable
                Security

            	 	
              5.10

            
	
              Registrar

            	 	
              2.03(a)

            
	
              Repurchase
                Date

            	 	
              3.02(a)

            
	
              Repurchase
                Notice

            	 	
              3.02(b)

            
	
              Restrictive
                Legend

            	 	
              2.12(a)

            
	
              Special
                Record Date

            	 	
              2.16

            
	
              Spin-Off

            	 	
              4.04(c)

            
	
              Stock
                Price

            	 	
              4.03(b)

            
	
              TIA

            	 	
              8.06(a)

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Section
      1.03. Rules
      of Construction.
      Unless
      the context otherwise requires:

    

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

    

    (2) an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with GAAP; 

    

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

    

    (4) provisions
      apply to successive events and transactions;

    

    (5) the
      term
“merger” includes a statutory share exchange and the term “merged” has a
      correlative meaning; 

    

    (6) the
      masculine gender includes the feminine and the neuter;

    

    (7) references
      to agreements and other instruments include subsequent amendments thereto;
      and

    

    (8) all
      “Article”, “Exhibit” and “Section” references are to Articles, Exhibits and
      Sections, respectively, of or to this Indenture unless otherwise specified
      herein, and the terms “herein”, “hereof” and other words of similar import refer
      to this Indenture as a whole and not to any particular Article, Section or
      other subdivision.

    
 

    ARTICLE
      2

    THE
      SECURITIES

     

    Section
      2.01. Title
      and Terms.
      The
      aggregate principal amount of Securities which may be authenticated and
      delivered under this Indenture, except for Securities authenticated and
      delivered in exchange for, or in lieu of, other Securities pursuant to
      Section 2.08, 2.09, 2.12, 2.14, 3.04, 10.04 or 11.01, is limited to U.S.
      $150,000,000, as such amount may be increased, but not by an amount in excess
      of
      $22,500,000, solely as a result of the purchase of additional Securities (the
      “Additional
      Securities”)
      pursuant to the initial purchasers’ over-allotment option granted by the Issuer
      under the purchase agreement, dated June 12, 2007 (the “Purchase
      Agreement”),
      among
      the Issuer, the Guarantor, and the Initial Purchasers; provided,
      that
      the Issuer may, without the consent of the Holders, reopen the Securities and
      issue additional Securities under this Indenture with the same terms and with
      the same CUSIP number as the Securities issued under this Indenture on the
      initial Issue Date of the Securities of this series in an unlimited aggregate
      principal amount; provided,
      further,
      that no
      such additional Securities may be issued unless fungible with the Securities
      issued under this Indenture on the initial Issue Date for U.S. federal income
      tax purposes as evidenced by an Opinion of Counsel. Any additional Securities
      would rank equally and ratably in right of payment with the Securities issued
      under this Indenture on the initial Issue Date for the Securities of this series
      and would be treated as a single series of debt securities for all purposes
      under this Indenture. 

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    The
      Securities shall be known and designated as the “7.25% Exchangeable Senior Notes
      due 2027” of the Issuer. Their Final Maturity Date shall be June 15, 2027
      and they shall bear interest on their principal amount from June 18, 2007,
      or
      the most recent interest payment date to which interest has been paid or duly
      provided for, as the case may be, payable semi-annually in arrears on June
      15
      and December 15 of each year, commencing December 15, 2007, at 7.25% per
      annum until the principal thereof is due and at the rate of 7.25% per annum
      on
      any overdue principal and, to the extent permitted by applicable law, on any
      overdue interest.

    

    The
      Securities shall constitute direct, unsecured, irrevocable and unconditional
      obligations of the Issuer and will rank pari
      passu
      among
      themselves and with all other present and future unsecured and unsubordinated
      indebtedness of the Issuer.

    

    Interest
      on the Securities will be based on a 360-day year consisting of twelve 30-day
      months. If any Interest Payment Date (other than an Interest Payment Date
      coinciding with the Final Maturity Date or Redemption Date or Repurchase Date)
      of a Security falls on a day that is not a Business Day, such Interest Payment
      Date will be postponed until the next succeeding Business Day. If the Final
      Maturity Date, Redemption Date or Repurchase Date of a Security would fall
      on a
      day that is not a Business Day, the required payment of interest, if any, and
      principal will be made on the next succeeding Business Day and no interest
      on
      such payment will accrue for the period from and after the Final Maturity Date,
      Redemption Date or Repurchase Date to such next succeeding Business Day.

    

    Upon
      receipt by the Trustee of an Officers’ Certificate stating that the Initial
      Purchasers have elected to purchase from the Issuer a specified aggregate
      principal amount of Additional Securities not to exceed a total of $22,500,000
      in accordance with this paragraph pursuant to the Purchase Agreement, the
      Trustee shall authenticate and make available for delivery such specified
      aggregate principal amount of such Additional Securities upon receipt of an
      Issuer Request, and such specified aggregate principal amount of such Additional
      Securities shall be considered part of the original aggregate principal amount
      of the Securities.

    

    The
      principal of, premium, if any, and interest on the Securities shall be payable
      as provided in the form of Securities set forth in Section 2.03.

    

    The
      Securities shall be redeemable at the option of the Issuer, as provided in
      Article 11 and shall be issued in the form of Securities set forth in
      Section 2.03. 

    

    The
      Registrable Securities are entitled to the benefits of the Registration Rights
      Agreement as provided by Section 5.10 and in the form of Security set forth
      in Section 2.03. The Securities are entitled to the payment of Liquidated
      Damages as provided by Section 5.10. 

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    The
      Securities shall be guaranteed by the Guarantor as provided in Article 13
      and shall have endorsed thereon the Guarantee substantially in the form set
      forth in Section 2.03, executed by the Guarantor. 

    

    The
      Securities shall not have the benefit of any sinking fund
      obligations.

    

    The
      Securities shall be exchangeable as provided in Article 4.

    

    The
      Securities shall be subject to repurchase by the Issuer at the option of the
      Holders as provided in Article 3.

     

    Section
      2.02. Denominations.
      The
      Securities shall be issuable only in registered form, without coupons, in
      denominations of U.S.$1,000 and integral multiples thereof.

     

    Section
      2.03. Form
      and Dating. 

    

    (a) The
      Securities and the Trustee’s certificate of authentication shall be
      substantially in the respective forms set forth in Exhibit A, which Exhibit
      is incorporated in and made part of this Indenture. The Securities may have
      notations, legends or endorsements required by law, stock exchange or automated
      quotation system rule or regulation or usage, in each case as the Issuer shall
      determine as evidenced by the Issuer’s execution of Securities bearing the same.
      Each Security shall be dated the date of its authentication.

    

    (b) There
      shall be endorsed on the Securities a guarantee in substantially the form
      attached hereto as Exhibit B, or in such other form as shall be established
      by or pursuant to a resolution of the Board of Directors or in or more
      indentures supplemental hereto, in each case with such appropriate insertions,
      omissions, substitutions and other variations as are required or permitted
      by
      this Indenture.

    

    (c) Restricted
      Global Securities.
      All of
      the Securities are initially being offered and sold through the Initial
      Purchasers to qualified institutional buyers as defined in Rule 144A
      (collectively, “QIBs”
or
      individually, each a “QIB”)
      in
      reliance on Rule 144A under the Securities Act and shall be issued
      initially in the form of one or more Restricted Global Securities, which shall
      be deposited on behalf of the purchasers of the securities represented thereby
      with the Securities Custodian, as custodian for the depositary, The Depository
      Trust Company (“DTC”,
      and
      such depositary, or any successor thereto, being hereinafter referred to as
      the
“Depositary”),
      and
      registered in the name of its nominee, Cede & Co. (or any successor
      thereto), for the accounts of participants in the Depositary, duly executed
      by
      the Issuer and authenticated by the Trustee as hereinafter provided. Any
      adjustment of the aggregate principal amount of a Restricted Global Security
      to
      reflect the amount of any increase or decrease in the amount of outstanding
      Restricted Securities represented thereby shall be made by the Trustee in
      accordance with instructions given by the Holder thereof as required by
      Section 2.14 or otherwise in accordance with the customary procedures of
      the Depositary and shall be made on the records of the Trustee and the
      Depositary. 

    

    (d) Global
      Securities In General.
      The
      Securities issued in global form shall be substantially in the form of Exhibit
      A
      attached hereto (including the Global Security legend thereon and the “Schedule
      of Exchanges of Securities” attached thereto). The Securities issued in
      definitive form shall be substantially in the form of Exhibit A attached hereto
      (but without the Global Security legend thereon and without the “Schedule of
      Exchanges of Securities” attached thereto). Each Global Security shall represent
      such of the outstanding Securities as shall be specified therein and each shall
      provide that it shall represent the aggregate amount of outstanding Securities
      from time to time endorsed thereon and that the aggregate amount of outstanding
      Securities represented thereby may from time to time be reduced or increased,
      as
      appropriate, to reflect replacements, exchanges, purchases or redemptions of
      such Securities. Any adjustment of the aggregate principal amount of a Global
      Security to reflect the amount of any increase or decrease in the amount of
      outstanding Securities represented thereby shall be made by the Trustee in
      accordance with instructions given by the Holder thereof as required by
      Section 2.14 or otherwise in accordance with the customary procedures of
      the Depositary and shall be made on the records of the Trustee and the
      Depositary.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Members
      of, or participants in, the Depositary (“Agent
      Members”)
      shall
      have no rights under this Indenture with respect to any Global Security held
      on
      their behalf by the Depositary or under the Global Security, and the Depositary
      (including, for this purpose, its nominee) may be treated by the Issuer, the
      Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee
      as the absolute owner and Holder of such Global Security for all purposes
      whatsoever. Notwithstanding the foregoing, nothing herein shall (1) prevent
      the
      Issuer, the Guarantor, the Trustee or any agent of the Issuer, the Guarantor
      or
      the Trustee from giving effect to any written certification, proxy or other
      authorization furnished by the Depositary or (2) impair, as between the
      Depositary and its Agent Members, the operation of customary practices governing
      the exercise of the rights of a Holder of any Security. 

    

    (e) Book
      Entry Provisions.
      The
      Issuer shall execute and the Trustee shall, in accordance with this
      Section 2.01(e), authenticate and deliver initially one or more Global
      Securities that (1) shall be registered in the name of the Depositary or its
      nominee, (2) shall be held by the Trustee, as Securities Custodian for the
      Depositary or pursuant to the Depositary’s instructions and (3) shall bear
      legends substantially to the following effect:

    

    “UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE
      TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER
      USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
      REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS
      SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
      REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
      THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON
      OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
      DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
      IN
      PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED
      EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
      NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
      OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
      OF SUCH SUCCESSOR DEPOSITARY.”

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Section
      2.04. Execution
      and Authentication.

    

    (a) The
      aggregate principal amount of Securities which may be authenticated and
      delivered under this Indenture is limited as provided in
      Section 2.01.

    

    (b) An
      Officer of the Guarantor, in its capacity as general partner of the Issuer,
      and
      an Officer of the Guarantor on behalf of the Guarantor shall sign the Securities
      for the Issuer and the Guarantor, respectively, by manual or facsimile
      signature. Typographic and other minor errors or defects in any such facsimile
      signature shall not affect the validity or enforceability of any Security that
      has been authenticated and delivered by the Trustee.

    

    (c) If
      an
      Officer whose signature is on a Security or Guarantee no longer holds that
      office at the time the Trustee authenticates the Security, the Security and
      Guarantee shall be valid nevertheless. 

    

    (d) Each
      Security shall be dated the date of its authentication. No Security or Guarantee
      thereof shall be entitled to any benefit under this Indenture or be valid or
      obligatory for any purpose unless there appears on such Security a certificate
      of authentication substantially in the form provided for herein executed by
      the
      Trustee by manual signature of an authorized officer, and such certificate
      upon
      any Security shall be conclusive evidence, and the only evidence, that such
      Security has been duly authenticated and delivered hereunder and is entitled
      to
      the benefits of this Indenture. Notwithstanding the foregoing, if any Security
      shall have been authenticated and delivered hereunder but never issued and
      sold
      by the Issuer, and the Issuer shall deliver such Security to the Trustee for
      cancellation as provided in Section 2.13, for all purposes of this
      Indenture such Security shall be deemed never to have been authenticated and
      delivered thereunder and shall never be entitled to the benefits of this
      Indenture.

    

    (e) The
      Trustee shall authenticate and make available for delivery Securities for issue
      upon receipt of an Issuer Order with endorsed thereon the Guarantees executed
      by
      the Guarantor. The Issuer Order shall specify the amount of Securities to be
      authenticated and to whom such Securities shall be delivered, shall provide
      that
      all such Securities will be represented by a Restricted Global Security and
      the
      date on which each original issue of Securities is to be
      authenticated.

    

    (f) The
      Trustee shall act as the initial authenticating agent. Thereafter, the Trustee
      may appoint an authenticating agent acceptable to the Issuer to authenticate
      Securities. An authenticating agent may authenticate Securities whenever the
      Trustee may do so. Each reference in this Indenture to authentication by the
      Trustee includes authentication by such agent. An authenticating agent shall
      have the same rights as an Agent to deal with the Issuer or an Affiliate of
      the
      Issuer. 

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    Section
      2.05. Registrar,
      Paying Agent and Exchange Agent.

    

    (a) The
      Issuer shall maintain one or more offices or agencies where Securities may
      be
      presented for registration of transfer or for exchange (each, a “Registrar”),
      one
      or more offices or agencies where Securities may be presented for payment (each,
      a “Paying
      Agent”),
      one
      or more offices or agencies where Securities may be presented for exchange
      (each, an “Exchange
      Agent”)
      and
      one or more offices or agencies where notices and demands to or upon the Issuer
      in respect of the Securities and this Indenture may be served. The Issuer will
      at all times maintain a Paying Agent, Exchange Agent, Registrar and an office
      or
      agency where notices and demands to or upon the Issuer in respect of the
      Securities and this Indenture may be served in the United States. One of the
      Registrars (the “Primary
      Registrar”)
      shall
      keep a register of the Securities and of their transfer and
      exchange.

    

    (b) The
      Issuer shall enter into an appropriate agency agreement with any Agent not
      a
      party to this Indenture, provided that the Agent may be an Affiliate of the
      Trustee. The agreement shall implement the provisions of this Indenture that
      relate to such Agent. The Issuer shall notify the Trustee of the name and
      address of any Agent not a party to this Indenture. If the Issuer fails to
      maintain a Registrar, Paying Agent, Exchange Agent, or agent for service of
      notices and demands in any place required by this Indenture, or fails to give
      the foregoing notice, the Trustee shall act as such. The Issuer or any Affiliate
      of the Issuer may act as Paying Agent (except for the purposes of
      Section 5.01 and Article 9).

    

    (c) The
      Issuer hereby initially designates the Trustee as Paying Agent, Registrar,
      Securities Custodian and Exchange Agent, and initially designates the Corporate
      Trust Office of the Trustee as an office or agency where notices and demands
      to
      or upon the Issuer in respect of the Securities and this Indenture shall be
      served.

     

    Section
      2.06. Intentionally
      Omitted.

     

    Section
      2.07. Lists
      of Holders of Securities.
      The
      Trustee shall preserve in as current a form as is reasonably practicable the
      most recent list available to it of the names and addresses of Holders of
      Securities.
      If the
      Trustee is not the Registrar, the Issuer shall furnish to the Trustee, in
      writing at least seven Business Days before each Interest Payment Date and
      at
      such other times as the Trustee may reasonably request in writing within 15
      days, a list in such form and as of such date as the Trustee may reasonably
      require of the names and addresses of Holders. 

     

    Section
      2.08. Transfer
      and Exchange.

    

    (a) Subject
      to compliance with any applicable additional requirements contained in
      Section 2.14, when a Security is presented to a Registrar with a request to
      register a transfer thereof or to exchange such Security for an equal principal
      amount of Securities of other authorized denominations, the Registrar shall
      register the transfer or make the exchange as requested; provided,
      however,
      that
      every Security presented or surrendered for registration of transfer or exchange
      shall be duly endorsed or accompanied by an assignment form and, if applicable,
      a transfer certificate each in the form included in Exhibit A, and completed
      in
      a manner satisfactory to the Registrar and duly executed by the Holder thereof
      or its attorney duly authorized in writing. To permit registration of transfers
      and exchanges, upon surrender of any Security for registration of transfer
      or
      exchange at an office or agency maintained pursuant to Section 2.05, the
      Issuer shall execute and the Trustee shall authenticate Securities of a like
      aggregate principal amount at the Registrar’s request. Any exchange or transfer
      shall be without charge, except (i) as provided in Section 2.09(c) and (ii)
      that
      the Issuer or the Registrar may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in relation thereto;
provided
      that
      clause (ii) of this sentence shall not apply to any exchange pursuant to
      Section 2.12, 2.14(a), 3.04 or 4.04.

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    (b) In
      the
      event of any redemption in whole or any redemption in part, the Issuer shall
      not
      be required to: (i) issue or register the transfer or exchange of any Security
      for another Security during a period beginning at the opening of business
      15 days before any selection of Securities for redemption and ending at the
      close of business on the date of selection, or (ii) register the transfer
      or exchange of any Security so selected for redemption, in whole or in part,
      for
      another Security except the unredeemed portion of any Security being redeemed
      in
      part.

    

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

    

    (d) Any
      Registrar appointed pursuant to Section 2.05 shall provide to the Trustee
      such information as the Trustee may reasonably require in connection with the
      delivery by such Registrar of Securities upon transfer or exchange of
      Securities.

    

    (e) Each
      Holder of a Security, by its acceptance thereof, agrees to indemnify the Issuer,
      the Guarantor and the Trustee against any liability that may result from the
      transfer, exchange or assignment of such Holder’s Security in violation of any
      provision of this Indenture and/or applicable United States federal or state
      securities law. 

    

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

     

    Section
      2.09. Replacement
      Securities.

    

    (a) If
      any
      mutilated Security is surrendered to the Issuer, a Registrar or the Trustee,
      or
      the Issuer, the Guarantor, a Registrar and the Trustee receive evidence to
      their
      satisfaction of the destruction, loss or theft of any Security, and there is
      delivered to the Issuer, the Guarantor, the applicable Registrar and the Trustee
      such security or indemnity as will be required by them to save each of them
      harmless, then, in the absence of notice to the Issuer, the Guarantor, such
      Registrar or the Trustee that such Security has been acquired by a protected
      purchaser, the Issuer shall execute, and upon its written request the Trustee
      shall authenticate and deliver, in exchange for any such mutilated Security
      or
      in lieu of any such destroyed, lost or stolen Security, a new Security of like
      tenor and principal amount having a Guarantee endorsed thereon, and bearing
      a
      number not contemporaneously outstanding.

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    (b) If
      any
      such mutilated, destroyed, lost or stolen Security has become or is about to
      become due and payable, or is about to be purchased by the Issuer pursuant
      to
      Article 3, or exchanged pursuant to Article 4, the Issuer in its
      discretion may, instead of issuing a new Security, pay, purchase or exchange
      such Security, as the case may be. 

    

    (c) Upon
      the
      issuance of any new Securities under this Section 2.09, the Issuer may
      require the payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in relation thereto as a result of any Securities,
      at
      the request of any Holder, being issued to a Person other than such Holder
      and
      any other reasonable expenses (including the reasonable fees and expenses of
      the
      Trustee or the Registrar) in connection therewith. 

    

    (d) Every
      new
      Security issued pursuant to this Section 2.09 in lieu of any mutilated,
      destroyed, lost or stolen Security shall constitute an original additional
      contractual obligation of the Issuer and the Guarantor whether or not the
      mutilated, destroyed, lost or stolen Security shall be at any time enforceable
      by anyone, and shall be entitled to all benefits of this Indenture equally
      and
      proportionately with any and all other Securities duly issued
      hereunder.

    

    (e) The
      provisions of this Section 2.09 are (to the extent lawful) exclusive and
      shall preclude (to the extent lawful) all other rights and remedies with respect
      to the replacement or payment of mutilated, destroyed, lost or stolen
      Securities.

     

    Section
      2.10. Outstanding
      Securities.

    

    (a) Securities
      outstanding (“Outstanding”)
      at any
      time are all Securities authenticated by the Trustee, except for those canceled
      by it, those purchased pursuant to Article 3, those exchanged pursuant to
      Article 4, those redeemed by the Issuer pursuant to Article 11, those
      delivered to the Trustee for cancellation or surrendered for transfer or
      exchange and those described in this Section 2.10 as not outstanding.

    

    (b) If
      a
      Security is replaced pursuant to Section 2.09, it ceases to be Outstanding
      unless the Issuer receives proof satisfactory to it that the replaced Security
      is held by a protected purchaser. 

    

    (c) If
      a
      Paying Agent (other than the Issuer or an Affiliate of the Issuer) holds in
      respect of the outstanding Securities on a Change in Control Purchase Date,
      Redemption Date or the Final Maturity Date money sufficient to pay the principal
      of, accrued interest, if any, on Securities (or portions thereof) payable on
      that date, then on and after such Change in Control Purchase Date, Redemption
      Date or Final Maturity Date, as the case may be, such Securities (or portions
      thereof, as the case may be) shall cease to be Outstanding and interest on
      them
      shall cease to accrue.

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    (d) Subject
      to the restrictions contained in Section 2.11, a Security does not cease to
      be Outstanding because the Issuer, the Guarantor or an Affiliate of the Issuer
      or the Guarantor holds the Security.

     

    Section
      2.11. Treasury
      Securities.
      In
      determining whether the Holders of the required principal amount of Securities
      have concurred in any notice, direction, waiver or consent, securities owned
      by
      the Issuer or any other obligor on the Securities or by any Affiliate of the
      Issuer or of such other obligor shall be disregarded, except that, for purposes
      of determining whether the Trustee shall be protected in relying on any such
      notice, direction, waiver or consent, only Securities which a Responsible
      Officer of the Trustee actually knows are so owned shall be so disregarded.
      Securities so owned which have been pledged in good faith shall not be
      disregarded if the pledgee establishes to the satisfaction of the Trustee the
      pledgee’s right so to act with respect to the Securities and that the pledgee is
      not the Issuer or any other obligor on the Securities or any Affiliate of the
      Issuer or of such other obligor.

     

    Section
      2.12. Temporary
      Securities.
      Until
      definitive Securities are ready for delivery, the Issuer may prepare and
      execute, and, upon receipt of an Issuer Order, the Trustee shall authenticate
      and deliver, temporary Securities. Temporary Securities shall be substantially
      in the form of definitive securities and have endorsed thereon the Guarantees
      duly executed by the Guarantor, but may have variations that the Issuer
      considers appropriate for temporary Securities. Without unreasonable delay,
      the
      Issuer shall prepare and the Trustee shall authenticate and deliver definitive
      Securities in exchange for temporary Securities with Guarantees duly executed
      and endorsed thereon. 

    

    After
      the
      preparation of definitive Securities, the temporary Securities shall be
      exchangeable for definitive Securities of such series upon surrender of the
      temporary Securities to a Registrar, without charge to the Holder. Upon
      surrender for cancellation of any one or more temporary Securities, the Issuer
      shall execute and the Trustee shall authenticate and deliver in exchange
      therefor one or more definitive Securities with Guarantees duly executed and
      endorsed thereon, of any authorized denominations and of like tenor. Until
      so
      exchanged, Holders of temporary Securities shall be entitled to all of the
      benefits of this Indenture.

     

    Section
      2.13. Cancellation.
      The
      Issuer or the Guarantor at any time may deliver Securities to the Trustee for
      cancellation. The Registrar, the Paying Agent and the Exchange Agent shall
      forward to the Trustee or its agent any Securities surrendered to them for
      transfer, exchange, purchase or payment. The Trustee and no one else shall
      cancel, in accordance with its standard procedures, all Securities surrendered
      for transfer, exchange, purchase, payment or cancellation and shall dispose
      of
      the canceled Securities in accordance with its customary procedures or deliver
      the canceled Securities to the Issuer. All Securities which are purchased,
      redeemed or otherwise acquired by the Issuer or any of its Subsidiaries prior
      to
      the Final Maturity Date pursuant to Article 3 shall be delivered to the
      Trustee for cancellation, and the Issuer may not hold or resell such Securities
      or issue any new Securities to replace any such Securities or any Securities
      that any Holder has exchanged pursuant to Article 4.

     

    
      
        
        

      

      
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    Section
      2.14. Legend;
      Additional Transfer and Exchange Requirements.

    

    (a) If
      Securities are issued upon the transfer, exchange or replacement of Securities
      such Securities shall bear the legends set forth on the forms of Securities
      attached as Exhibit A relating to restrictions on transfer of the Securities
      (collectively, the “Restrictive
      Legend”).

    

    (b) A
      Global
      Security may not be transferred, in whole or in part, to any Person other than
      the Depositary or a nominee or any successor thereof, and no such transfer
      to
      any such other Person may be registered; provided
      that the
      foregoing shall not prohibit any transfer of a Security that is issued in
      exchange for a Global Security but is not itself a Global Security. No transfer
      of a Security to any Person shall be effective under this Indenture or the
      Securities unless and until such Security has been registered in the name of
      such Person. Notwithstanding any other provisions of this Indenture or the
      Securities, transfers of a Global Security, in whole or in part, shall be made
      only in accordance with this Section 2.14.

    

    (c) Subject
      to Section 2.14(b), every Security shall be subject to the restrictions on
      transfer provided in the Restrictive Legend. Whenever any Restricted Security
      other than a Restricted Global Security is presented or surrendered for
      registration of transfer or in exchange for a Security registered in a name
      other than that of the Holder, such Security must be accompanied by a
      certificate in substantially the form set forth in Exhibit A, dated the date
      of
      such surrender and signed by the Holder of such Security, as to compliance
      with
      such restrictions on transfer. The Registrar shall not be required to accept
      for
      such registration of transfer or exchange any Security not so accompanied by
      a
      properly completed certificate. 

    

    As
      used
      in this Section 2.14(c), the term “transfer” encompasses any sale, pledge,
      transfer, hypothecation or other disposition of any Security.

    

    (d) The
      provisions below shall apply only to Global Securities:

    

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

    

    (2) Notwithstanding
      any other provisions of this Indenture or the Securities, a Global Security
      shall not be exchanged in whole or in part for a Security registered, and no
      transfer of a Global Security in whole or in part shall be registered, in the
      name of any Person other than the Depositary or one or more nominees thereof;
      provided that a Global Security may be exchanged for securities registered
      in
      the names of any person designated by the Depositary in the event that
      (A) the Depositary has notified the Issuer that it is unwilling or unable
      to continue as Depositary for such Global Security or such Depositary has ceased
      to be a “clearing agency” registered under the Exchange Act, and a successor
      Depositary is not appointed by the Issuer within 90 days after receiving
      such notice or becoming aware that the Depositary has ceased to be a “clearing
      agency,” or (B) an Event of Default has occurred and is continuing with
      respect to the Securities. Any Global Security exchanged pursuant to
      subclause (A) above shall be so exchanged in whole and not in part, and any
      Global Security exchanged pursuant to subclause (B) above may be exchanged
      in whole or from time to time in part as directed by the Depositary. Any
      Security issued in exchange for a Global Security or any portion thereof shall
      be a Global Security; provided further that any such Security so issued that
      is
      registered in the name of a Person other than the Depositary or a nominee
      thereof shall not be a Global Security.

    

    
      
        
        

      

      
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    (3) Securities
      issued in exchange for a Global Security or any portion thereof shall be issued
      in definitive, fully registered form, shall have an aggregate principal amount
      equal to that of such Global Security or portion thereof to be so exchanged,
      shall be registered in such names and be in such authorized denominations as
      the
      Depositary shall designate and shall bear the applicable legends provided for
      herein. Any Global Security to be exchanged in whole shall be surrendered by
      the
      Depositary to the Trustee, as Registrar. With regard to any Global Security
      to
      be exchanged in part, either such Global Security shall be so surrendered for
      exchange or, if the Trustee is acting as custodian for the Depositary or its
      nominee with respect to such Global Security, the principal amount thereof
      shall
      be reduced, by an amount equal to the portion thereof to be so exchanged, by
      means of an appropriate adjustment made on the records of the Trustee. Upon
      any
      such surrender, the Trustee shall authenticate and deliver the Security issuable
      on such exchange to or upon the order of the Depositary or an authorized
      representative thereof. 

    

    (4) Subject
      to clause (6) of this Section 2.14 (d), the registered Holder may grant
      proxies and otherwise authorize any Person, including Agent Members and Persons
      that may hold interests through Agent Members, to take any action which a Holder
      is entitled to take under this Indenture or the Securities.

    

    (5) In
      the
      event of the occurrence of any of the events specified in clause (2) of
      this Section 2.14(d), the Issuer will promptly make available to the
      Trustee a reasonable supply of Certificated Securities in definitive, fully
      registered form, in the event that any such Security so issued is registered
      in
      the name of a Person other than the Depositary. 

    

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

    

    (7) At
      such
      time as all interests in a Global Security have been converted, canceled or
      exchanged for Securities in certificated form, such Global Security shall,
      upon
      receipt thereof, be canceled by the Trustee in accordance with standing
      procedures and instructions existing between the Depositary and the Securities
      Custodian, subject to Section 2.13 of this Indenture. At any time prior to
      such cancellation, if any interest in a Global Security is converted, canceled
      or exchanged for Securities in certificated form, the principal amount of such
      Global Security shall, in accordance with the standing procedures and
      instructions existing between the Depositary and the Securities Custodian,
      be
      appropriately reduced, and an endorsement shall be made on such Global Security,
      by the Trustee or the Securities Custodian, at the direction of the Trustee,
      to
      reflect such reduction. 

    

    
      
        
        

      

      
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    (e) Until
      the
      expiration of the holding period applicable to sales thereof under
      Rule 144(k) under the Securities Act (or any successor provision thereto),
      any stock certificate representing Common Stock issued upon exchange of any
      Security shall bear the restrictive legend required to be included with a
      Restricted Security, until such time as the Common Stock has been sold pursuant
      to a registration statement that has been declared effective under the
      Securities Act (and which continues to be effective at the time of such
      transfer) or transferred in compliance with Rule 144 (or any successor
      provision thereto), or unless otherwise agreed by the Issuer in writing with
      written notice thereof to the transfer agent.

    

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

     

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

     

    Section
      2.16. Payment
      of Interest; Interest Rights Preserved.

    

    Interest
      on any Security which is payable, and is punctually paid or duly provided for,
      on any Interest Payment Date shall be paid to the Person in whose name that
      Security (or one or more predecessor Securities) is registered at the close
      of
      business on the Regular Record Date for such interest.

    

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

    

    
      
        
        

      

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

    

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

    

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

     

     

    ARTICLE
      3

    REPURCHASE

    Section
      3.01. Repurchase
      at Option of Holders upon a Change in Control.

    

    (a) If
      a
      Change in Control occurs at any time prior to June 15, 2014, a Holder of
      Securities shall have the right, at its option, to require the Issuer to
      repurchase such Holder’s Securities not previously called for redemption, in
      whole or in part (in principal amounts of $1,000 or an integral multiple
      thereof) for cash equal to the Change in Control Purchase Price, subject to
      satisfaction by or on behalf of the Holder of the requirements set forth below.
      If a Change in Control occurs on or after June 15, 2014, no Holder will
      have the right to require the Issuer to purchase any Securities, except as
      provided in Section 3.02 hereof.

    

    
      
        
        

      

      
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    (b) Within
      15
      days after the occurrence of a Change in Control, the Issuer shall provide
      written notification to the Holders of the Change in Control and of the
      repurchase right arising as a result of the Change in Control (the “Issuer
      Notice”).
      The
      Issuer Notice shall also be delivered to the Trustee. The notice shall include
      a
      form of Change in Control Purchase Notice to be completed by the Holder
      containing the information contemplated by Section 3.01(c) and shall
      state:

    

    (1) the
      date
      of such Change in Control and the clause in the definition of “Change in
      Control” herein under which such Change in Control falls;

    

    (2) the
      date
      by which the Change in Control Purchase Notice must be delivered to the Paying
      Agent;

    

    (3) the
      date
      on which the Issuer will repurchase Securities in connection with a Change
      in
      Control, which must be not less than 30 days nor more than 40 days
      after the date of the Issuer Notice (such date, the “Change
      in Control Purchase Date”);

    

    (4) the
      Change in Control Purchase Price;

    

    (5) the
      name
      and address of the Trustee, the Paying Agent and the Exchange
      Agent;

    

    (6) that
      Securities in respect of which a Change in Control Purchase Notice is provided
      by a Holder shall not be exchangeable;

    

    (7) that
      Securities must be surrendered to the Paying Agent (which surrender may, if
      applicable, be effected through the facilities of the Depository) to collect
      payment of the Change in Control Purchase Price;

    

    (8) that
      the
      Change in Control Purchase Price for any Security as to which a Change in
      Control Purchase Notice has been duly given will be paid within five Business
      Days after the later of the Change in Control Purchase Date or the time at
      which
      such Securities are surrendered for repurchase;

    

    (9) that,
      unless the Issuer defaults in making payment of the Change in Control Purchase
      Price, such Securities shall cease to be Outstanding and interest on such
      Securities shall cease to accrue and all rights of the Holders of such
      Securities shall terminate on and after the Change in Control Purchase Date;
      and

    

    (10) the
      CUSIP
      number of the Securities.

    

    The
      Issuer shall also disseminate a press release through Dow Jones &
Company, Inc. or Bloomberg Business News announcing the occurrence of such
      Change in Control and publish on the Guarantor’s website, or through such other
      public medium as the Issuer shall deem appropriate at such time.

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    (c) A
      Holder
      may exercise its rights specified in this Section 3.01 upon delivery of a
      written notice of such Holder’s exercise of its repurchase right (a
“Change
      in Control Purchase Notice”)
      to the
      Trustee (or any Paying Agent) at any time prior to the close of business on
      the
      second Business Day prior to the Change in Control Purchase Date,
      stating:

    

    (1) if
      such
      Securities are in certificated form, the certificate number(s) of the Securities
      which the Holder will deliver to be repurchased (if such Securities are Global
      Securities, the Change in Control Purchase Notice shall comply with Applicable
      Procedures);

    

    (2) the
      portion of the principal amount of the Securities to be repurchased, in
      multiples of $1,000, provided that the remaining principal amount of Securities
      is in an authorized denomination; and

    

    (3) that
      such
      Security shall be repurchased pursuant to the applicable provisions hereof
      and
      of the Securities.

    

    The
      Trustee (or any Paying Agent) shall promptly notify the Issuer in writing of
      the
      receipt by it of any Change in Control Purchase Notice.

    

    Transfers
      of interests in a Global Security in compliance with the Applicable Procedures
      or delivery of Securities in certificated form (together with all necessary
      endorsements) to the Paying Agent at the offices of the Paying Agent and
      delivery of such Security shall be conditions to the receipt by the Holder
      of
      the Change in Control Purchase Price therefor. Holders electing to require
      the
      Issuer to repurchase Securities must effect such transfer or delivery to the
      Paying Agent prior to the Change in Control Purchase Date to receive payment
      of
      the Change in Control Purchase Price. 

    

    (d) A
      Change
      in Control Purchase Notice is irrevocable and may not be withdrawn.

    

    (e) On
      or
      before 11:59 a.m. (New York City time) on the Change in Control Purchase
      Date, the Issuer shall deposit with the Paying Agent money sufficient to pay
      the
      aggregate Change in Control Purchase Price of the Securities to be purchased
      pursuant to this Section 3.01. If the Paying Agent holds, in accordance
      with the terms of the Indenture, money sufficient to pay the Change in Control
      Purchase Price of such Securities on the Change in Control Purchase Date or
      the
      Business Day following the Change in Control Purchase Date, then, on and after
      such date, such Securities shall cease to be Outstanding and interest on such
      Securities shall cease to accrue and all rights of the Holders of such
      Securities shall terminate (other than the right to receive the Change in
      Control Purchase Price after delivery or transfer of the Securities). Such
      will
      be the case whether or not book entry transfer of the Securities in book entry
      form is made and whether or not Securities in certificated form, together with
      the necessary endorsements, are delivered to the Paying Agent.

    

    (f) Notwithstanding
      the foregoing, no Securities may be repurchased by the Issuer in accordance
      with
      the provisions of this Section 3.01 if there has occurred and is continuing
      an Event of Default with respect to the Securities and the principal amount
      of
      the Securities has been accelerated and such acceleration has not been rescinded
      on or prior to such dates.

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    (g) The
      Paying Agent will promptly return to the respective Holders thereof any
      Securities with respect to which a Change in Control Purchase Notice has been
      withdrawn in compliance with this Indenture.

     

    Section
      3.02. Repurchase
      of Securities at the Option of Holders. 

    

    (a) A
      Holder
      of Securities has the right, at such Holder’s option, to require the Issuer to
      repurchase such Holder’s Securities, in whole or in part (in principal amounts
      of $1,000 or an integral multiple thereof) for cash equal to the Repurchase
      Price on June 15, 2012, June 15, 2014, June 15, 2017 and
      June 15, 2022 (each, a “Repurchase
      Date”).

    

    (b) A
      Holder
      shall provide written notification to Paying Agent of its intent to require
      the
      Issuer to purchase such Holder’s Securities no earlier than the opening of
      business 60 Business Days prior to the relevant Repurchase Date and no later
      than the close of business on the third Business Day prior to the relevant
      Repurchase Date (the “Repurchase
      Notice”)
      in
      substantially the form included on the reverse side of such Security
      stating:

    

    (1) if
      such
      Securities are in certificated form, the certificate number(s) of the Securities
      which the Holder will deliver to be repurchased (if such Securities are Global
      Securities, the Repurchase Notice must comply with Applicable
      Procedures);

    

    (2) the
      portion of the principal amount of the Securities to be repurchased, in integral
      multiples of $1,000, provided that the remaining principal amount of Securities
      is in an authorized denomination; and

    

    (3) that
      such
      Security shall be repurchased pursuant to the applicable provisions hereof
      and
      of the Securities.

    

    If
      the
      Issuer receives a Repurchase Notice, then within five Business Days of the
      Repurchase Date relating to such Repurchase Notice, the Issuer shall also
      disseminate a press release through Dow Jones & Company, Inc. or
      Bloomberg Business News containing the information included on the Repurchase
      Notice, which may be aggregated with information contained in other Repurchase
      Notices relating to the Repurchase Date, or publish such information on the
      Guarantor’s website, or through such other public medium as the Issuer shall
      deem appropriate at such time.

    

    (c) A
      Repurchase Notice may be withdrawn in whole by a Holder by means of a written
      notice of withdrawal delivered to the office of the Paying Agent prior to
      5:00 p.m., New York City time, on the second Business Day prior to the
      Repurchase Date specifying:

    

    (1) the
      principal amount of Securities being withdrawn, in integral multiples of $1,000,
      

    

    (2) if
      such
      Securities are in certificated form, the certificate number(s) of the Securities
      being withdrawn; and

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    (3) the
      principal amount of Securities, if any, that remains subject to Repurchase
      Notice, which must be an integral multiple of $1,000.

    

    If
      the
      Securities subject to the notice of withdrawal are Global Securities, the above
      notices must also comply with the Applicable Procedures.

    

    (d) A
      Holder
      must effect a transfer of Global Securities in accordance with Applicable
      Procedures or, if such Holder’s Security is in certificated form and not global
      form, deliver the Securities, together with necessary endorsements, to the
      office of the Paying Agent after delivery of the Repurchase Notice to receive
      payment of the Repurchase Price. 

    

    (e) On
      or
      before 11:59 a.m. (New York City time) on the Repurchase Date, the Issuer
      shall deposit with the Paying Agent money sufficient to pay the aggregate
      Repurchase Price of the Securities to be purchased pursuant to this
      Section 3.02. If the Paying Agent holds, in accordance with the terms of
      the Indenture, money sufficient to pay the Repurchase Price of such Securities
      on the Repurchase Date or the Business Day following the Repurchase Date, then,
      on and after such date, such Securities shall cease to be Outstanding and
      interest on such Securities shall cease to accrue and all rights of the Holders
      of such Securities shall terminate (other than the right to receive the
      Repurchase Price after delivery or transfer of the Securities). Such will be
      the
      case whether or not book entry transfer of the Securities in book entry form
      is
      made and whether or not Securities in certificated form, together with the
      necessary endorsements, are delivered to the Paying Agent. 

     

    Section
      3.03. Repayment
      to the Issuer.
      To the
      extent that the aggregate amount of cash deposited by the Issuer pursuant to
      Section 3.01 or 3.02 exceeds the aggregate Change in Control Purchase Price
      or the Repurchase Price of the Securities or portions thereof that the Issuer
      is
      obligated to purchase, then promptly after the Change in Control Purchase Date
      or the Repurchase Date, as applicable, the Trustee or a Paying Agent, as the
      case may be, shall return any such excess cash to the Issuer.

     

    Section
      3.04. Securities
      Purchased in Part.
      Any
      Global Security that is to be purchased only in part shall be adjusted to
      reflect the amount of any decrease in the amount of outstanding Securities
      represented thereby by the Trustee in accordance with instructions given by
      an
      Issuer Order and shall be made on the records of the Trustee and the Depositary.
      Any Security issued that in certificated form that is to be purchased only
      in
      part shall be surrendered at the office of a Paying Agent, and promptly after
      the Change in Control Purchase Date or the Repurchase Date, as applicable,
      the
      Issuer shall execute and the Trustee shall authenticate and deliver to the
      Holder of such Security, without service charge, a new Security or Securities,
      of such authorized denomination or denominations as may be requested by such
      Holder (which must be equal to $1,000 principal amount or any integral thereof),
      in aggregate principal amount equal to, and in exchange for, the portion of
      the
      principal amount of the Security so surrendered that is not
      purchased.

     

    Section
      3.05. Repurchase
      of Securities by Third Parties.
      The
      Issuer may arrange for a third party to purchase any Securities for which the
      Issuer has received a valid Repurchase Notice that is not withdrawn, in the
      manner and otherwise in compliance with the requirements set forth herein.
      If a
      third party purchases any Securities under these circumstances, then interest
      will continue to accrue on those Securities and those Securities will continue
      to be Outstanding after the Repurchase Date. The third party subsequently may
      resell those purchased Securities to other Holders, and those Securities will
      be
      fungible with all other Securities then Outstanding.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    Section
      3.06. Purchase
      of Securities in Open Market.
      The
      Issuer may from time to time repurchase the Securities in open market purchases
      or negotiated transactions at varying prices without prior notice to Holders.
      Any Security that the Issuer purchases or a third party purchases may, to the
      extent permitted by applicable law and subject to restrictions contained in
      the
      purchase agreement with the Initial Purchasers, be reissued or resold or may,
      at
      the Issuer’s or such third party’s option, be surrendered to the Trustee for
      cancellation. Any Securities surrendered for cancellation may not be reissued
      or
      resold and will be canceled promptly in accordance with
      Section 2.13.

    

    

    ARTICLE
      4

    EXCHANGE

     

    Section
      4.01. Right
      to Exchange.
      Subject
      to the restrictions on ownership of Common Stock as set forth in
      Section 4.12 hereof and the conditions set forth in this Article 4, a
      Holder of any Securities not previously redeemed or repurchased shall have
      the
      right, at such Holder’s option, to exchange each $1,000 principal amount of
      Securities, into cash, shares of Common Stock or a combination of cash and
      shares of Common Stock, at the Issuer’s option, by surrender of such Securities
      so to be exchanged in whole or in part, together with any required funds, under
      the circumstances and in the manner described in this Article 4, (a) at any
      time on or after March 15, 2027 and prior to the close of business on the
      second Business Day immediately prior to the Final Maturity Date; and (b) upon
      occurrence of any of the following events:

    

    (i) Exchange
      Upon Satisfaction of Market Price Condition.
      During
      any Measurement Period (and only during such period) prior to the second
      Business Day prior to the Final Maturity Date, if the Closing Sale Price of
      a
      share of Common Stock for at least 20 Trading Days in the period of 30
      consecutive Trading Days beginning on the first day of such Measurement Period
      is more than 130% of the Exchange Price per share of Common Stock in effect
      on
      the first day of such Measurement Period.

    

    The
      Issuer, or the Trustee at the request of the Issuer, (or other Exchange Agent
      appointed by the Issuer) shall, on behalf of the Issuer, determine on a daily
      basis during the time period specified in this Section 4.01(b)(i) whether
      the Securities shall be exchangeable as a result of the occurrence of an event
      specified in this clause (i) and, if the Securities shall be so exchangeable,
      the Trustee (or other Exchange Agent appointed by the Issuer) shall promptly
      deliver to the Issuer and the Trustee (if the Trustee is not the Exchange Agent)
      written notice thereof.

    

    (ii) Exchange
      Upon Satisfaction of Trading Price Condition.
      During
      the five consecutive Trading Day period following any five consecutive Trading
      Days in which the average of the Trading Prices per $1,000 principal amount
      of
      Securities during such five consecutive Trading Day period was less than 98%
      of
      the product of the average of Closing Sale Prices of the Common Stock for such
      period, multiplied by the average of the Applicable Exchange Rates for each
      Trading Day in effect during such five consecutive Trading Day
      period.

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

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

    

    (iii) Exchange
      Upon Notice of Redemption.
      Such
      Securities have been called for redemption, in which event a Holder may
      surrender for exchange any of the Securities called for redemption at any time
      prior to the close of business on the third Business Day immediately prior
      to
      Redemption Date even if the Securities are not otherwise exchangeable at such
      time. 

    

    (iv) Exchange
      Upon Delisting of the Common Stock.
      At any
      time beginning on the first Business Day after the Common Stock shall have
      ceased to be listed on a U.S. national securities exchange for a period of
      30 consecutive Trading Days. The Issuer shall give notice to Holders within
      five Business Days following the completion of such 30 consecutive Trading
      Day period.

    

    (v) Exchange
      Upon Specified Transactions.
      The
      Guarantor elects to: 

    

    (1) distribute
      to all holders of Common Stock rights, warrants or options entitling them to
      purchase, for a period of up to 45 days after the issuance thereof, shares
      of
      Common Stock at a price per share that is less than the Closing Sale Price
      of
      per share of Common Stock on the Trading Day immediately preceding the
      declaration date of such distribution; or

    

    (2) distribute
      to all holders of Common Stock the Issuer’s assets, debt securities or rights to
      purchase securities of the Issuer, which distribution has a per share value
      exceeding 15% of the Closing Sale Price of the Common Stock on the Trading
      Day
      immediately preceding the declaration date of such distribution,

    

    in
      which
      event, the Issuer must notify the Holders at least 20 calendar days prior
      to the Ex-Dividend date for such distribution, giving Holders the right to
      surrender their Securities for exchange at any time until the earlier of the
      close of business on the Business Day immediately preceding the Ex-Dividend
      Date
      or an announcement by the Issuer that such distribution will not take place;
      provided,
      however,
      that a
      Holder may not exercise the right to exchange if the Holder may participate,
      on
      an as-exchanged basis, in the distribution without exchange of the
      Securities.

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    In
      addition, if the Guarantor is a party to a consolidation, merger or binding
      share exchange pursuant to which Common Stock would be converted into cash,
      securities or other property (the “Reference
      Property”),
      a
      Holder may surrender Securities for exchange at any time from and after the
      date
      that is 15 Business Days prior to the anticipated effective date of the
      transaction until 15 Business Days after the actual date of such
      transaction. The Issuer shall notify Holders as promptly as practicable
      following the date the Issuer publicly announces such transaction (but in no
      event less than 15 days prior to the anticipated effective date of the
      transaction). If the Issuer is a party to a consolidation, merger or binding
      share exchange pursuant to which Common Stock would be exchanged into Reference
      Property, then at the effective time of the transaction, the Holder’s right to
      exchange the Securities for Common Stock shall be changed into a right to
      exchange the Securities into the kind and amount of Reference Property that
      the
      Holder would have received if the Holder had exchanged its Securities
      immediately prior to the effective time of the transaction. For purposes of
      the
      foregoing, where a consolidation, merger or binding share exchange involves
      a
      transaction that causes Common Stock to be converted into the right to receive
      more than a single type of consideration based upon any form of stockholder
      election, such consideration will be deemed to be the weighted average of the
      types and amounts of consideration received by stockholders that affirmatively
      make such an election in such transaction.

    

    If
      a
      Holder exchanges its Securities pursuant to this Section 4.01(b)(v) and, if
      such Holder shall be entitled to an adjustment for additional Common Stock
      as
      provided by Section 4.03 hereof, the exchange of the Securities shall
      settle after the effective time of the transaction. If a Holder exchanges its
      Securities at any time following the effective time of the transaction, the
      amount will be paid based on the kind and amount of Reference
      Property.

    

    A
      Security in respect of which a Holder has delivered a Change in Control Purchase
      Notice or a Repurchase Notice, as the case may be, exercising such Holder’s
      right to require the Issuer to repurchase such Security pursuant to
      Section 3.01 or Section 3.02 hereof may be exchanged only if such
      Change in Control Purchase Notice or a Repurchase Notice, as the case may be,
      is
      withdrawn in accordance with the Section 3.01(d) or 3.02(c) prior to
      5:00 p.m., New York City time, on the second Business Day immediately prior
      to the Change in Control Purchase Date or the Repurchase Date, as
      applicable.

    

    A
      Holder
      of Securities is not entitled to any rights of a Holder of Common Stock until
      such Holder has exchanged its Securities and received upon exchange thereof
      Common Stock.

     

    Section
      4.02. Exercise
      of Exchange Right; No Adjustment for Interest or Dividends.
      In
      order to exercise the exchange right with respect to any Security in
      certificated form, the Issuer must receive at the office or agency of the Issuer
      maintained for that purpose in the City of New York or, at the option of such
      Holder, the Corporate Trust Office, such Security with the original or facsimile
      of the form entitled “Exchange Notice” on the reverse thereof (the “Exchange
      Notice”), duly completed and signed manually or by facsimile, together with such
      Securities duly endorsed for transfer, accompanied by the funds, if any,
      required by this Section 4.02. Such notice shall also state the name or
      names (with address or addresses) in which the certificate or certificates
      for
      Common Stock that shall be issuable on such exchange shall be issued, and shall
      be accompanied by transfer or similar taxes, if required pursuant to
      Section 4.07.

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

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

    

    Whether
      the Securities to be exchanged are Global Securities or held in certificated
      form, the Exchange Notice will require the Holder to certify that it or the
      Person on whose behalf the Securities are being exchanged is a qualified
      institutional buyer within the meaning of Rule 144A under the Securities
      Act.

    

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

    

    If
      the
      Issuer is required to deliver Common Stock upon settlement in accordance with
      Sections 4.03 and 4.11, if applicable, not later than the third Trading Day
      following the end of the Applicable Exchange Measurement Period, after
      satisfaction of the requirements for exchange set forth above, subject to
      compliance with any restrictions on transfer if shares of Common Stock issuable
      on exchange are to be issued in a name other than that of the Holder (as if
      such
      transfer were a transfer of the Security or Securities (or portion thereof)
      so
      exchanged), and in accordance with the time periods set forth in this
      Article 4, the Issuer shall deliver to such Holder at the office or agency
      maintained by the Issuer for such purpose pursuant to Section 2.03 hereof,
      (i) a certificate or certificates for the number of full shares of Common Stock
      issuable upon the exchange of such Security or portion thereof as determined
      by
      the Issuer in accordance with the provisions of Sections 4.03 and 4.11 and
      (ii)
      a check or cash in respect of any fractional interest in respect of a share
      of
      Common Stock arising upon such exchange, calculated by the Issuer as provided
      in
      Section 4.06. The cash, and, if applicable, a certificate or certificates
      for the number of full shares of Common Stock into which the Securities are
      exchanged (and cash in lieu of fractional shares) will be delivered to an
      exchanging holder after satisfaction of the requirements for exchange set forth
      above, in accordance with this Section 4.02 and Sections 4.03 (if
      applicable) and 4.11.

    

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    The
      Person in whose name any certificate or certificates for Common Stock shall
      be
      issuable upon such exchange shall be deemed to have become on said date the
      holder of record of the shares represented thereby, to the extent permitted
      by
      applicable law; provided
      that any
      such surrender on any date when the stock transfer books of the Guarantor shall
      be closed shall constitute the Person in whose name the certificates are to
      be
      issued as the record holder thereof for all purposes on the next succeeding
      day
      on which such stock transfer books are open, but such exchange shall be at
      the
      Exchange Rate in effect on the Exchange Date.

    

    Any
      Security or portion thereof surrendered for exchange during the period from
      5:00 p.m., New York City time, on the record date for any interest payment
      date to 5:00 p.m., New York City time, on the applicable Interest Payment
      Date shall be accompanied by payment, in immediately available funds or other
      funds acceptable to the Issuer, of an amount equal to the interest otherwise
      payable on such Interest Payment Date on the principal amount being exchanged;
      provided
      that no
      such payment need be made (1) if a Holder exchanges its Securities in connection
      with a redemption and the Issuer has specified a Redemption Date that is after
      a
      record date and on or prior to the Business Day immediately succeeding the
      next
      Interest Payment Date, (2) if a Holder exchanges its Securities in connection
      with a Change in Control and the Issuer has specified a Change in Control
      Purchase Date that is after a record date and on or prior to the corresponding
      Interest Payment Date, (3) on Securities that are exchanged after the last
      record date for the payment of interest on the Securities, or (4) with respect
      to overdue interest if any overdue interest exists at the time of exchange
      with
      respect to such Securities. Except as otherwise provided above in this
      paragraph, no payment or other adjustment shall be made for interest accrued
      on
      any Security exchanged or for dividends on any shares issued upon the exchange
      of such Security as provided in this Section 4.02.

    

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

    

    Upon
      the
      exchange of a Security, a Holder will not receive any cash payment of interest
      (unless such exchange occurs between a Regular Record Date and the Interest
      Payment Date to which it relates as described above) and the Issuer will not
      adjust the Exchange Rate to account for accrued and unpaid interest. The
      Issuer’s delivery to the Holder of cash or shares of Common Stock will be deemed
      to satisfy the Issuer’s obligation with respect to such Security. Accordingly,
      the accrued but unpaid interest attributable to the period from the Issue Date
      of the Security, or from the most recent date on which interest has been duly
      paid or provided for, if later, to the Exchange Date, with respect to the
      exchanged Security, shall not be deemed canceled, extinguished or forfeited,
      but
      rather shall be deemed to be paid in full to the Holder thereof through delivery
      of cash and, if applicable, Common Stock (together with the cash payment, if
      any
      in lieu of fractional shares) in exchange for the Security being exchanged
      pursuant to the provisions hereof.

    

    In
      case
      any Security of a denomination greater than $1,000 shall be surrendered for
      partial exchange, and subject to Section 2.02 hereof, the Issuer shall
      execute and the Trustee shall authenticate and deliver to the Holder of the
      Security so surrendered, without charge to the Holder, a new Security or
      Securities in authorized denominations in an aggregate principal amount equal
      to
      the unexchanged portion of the surrendered Security.

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    Section
      4.03. Exchange
      Rate Adjustment After Certain Change in Control.

    

    (a) Subject
      to the provisions hereof, if a Holder elects to exchange its Securities
      following the consummation of any transaction described in clause (1) or
      clause (2) of the definition of Change in Control on or prior to
      June 15, 2014 (the “Additional
      Shares Change in Control”)
      and a
      Holder elects to exchange Securities in connection with such transaction
      pursuant to Section 4.01(b)(v), the Issuer will increase the Applicable
      Exchange Rate for the Securities surrendered for exchange by a number of
      additional shares of Common Stock described below (the “Change
      in Control Event Shares”).
      An
      exchange of Securities will be deemed for these purposes to be “in connection
      with” such Additional Shares Change in Control if the notice of exchange of the
      Securities is received by the Exchange Agent on or after the date which is
      15
      days prior to the anticipated effective date of the Additional Shares Change
      in
      Control and, on or prior to the fifteenth Business Day following the effective
      date of the Additional Shares Change in Control (or if earlier and to the extent
      applicable, the close of business on the second Trading Day immediately
      preceding the day on which the Issuer is required to repurchase Securities
      pursuant to Section 3.01 hereof). 

    

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

    

    (c) Notwithstanding
      anything herein to the contrary, in no event shall the total number of shares
      of
      Common Stock issuable upon exchange exceed 75.4717 per $1,000 principal amount
      of Securities, subject to adjustment in the same manner as the Exchange Rate
      as
      set forth in Section 4.04 hereof.

    

    (d) The
      Stock
      Prices set forth in the first row of the table below shall be adjusted as of
      any
      date on which the Exchange Rate of the Securities is adjusted pursuant to
      Section 4.04. The adjusted Stock Prices will equal the Stock Prices
      applicable immediately prior to such adjustment, multiplied by a fraction,
      (i)
      the numerator of which is the Exchange Rate immediately prior to the adjustment
      giving rise to the Stock Price adjustment and (ii) the denominator of which
      is
      the Exchange Rate as so adjusted. In addition, the number of additional shares
      of Common Stock will be subject to adjustment in the same manner as the Exchange
      Rate set forth under Section 4.04 hereof.

    

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    (e) Subject
      to paragraph (c) of this Section 4.03, the following table sets forth
      the Stock Price and number of Change in Control Event Shares issuable per $1,000
      principal amount of Securities:

     

    
      	
              Additional
                Shares Issued For Make-Whole per Bond (Par of
                $1,000) 

            
	 
	
              
                Effective
Date 

              

            	
              $13.25 

            	
              $14.00 

            	
              $15.00 

            	
              $16.00 

            	
              $17.00 

            	
              $18.00 

            	
              $19.00 

            	
              $20.00 

            	
              $21.00 

            	
              $21.96 

            	
              $22.00 

            
	
              June
                12, 2007 

            	
              16.28

            	
              13.65

            	
              9.99

            	
              6.85

            	
              4.53

            	
              2.72

            	
              1.36

            	
              0.43

            	
              0.00

            	
              0.00

            	
              0.00

            
	
              June
                15, 2008 

            	
              16.28

            	
              13.62

            	
              9.93

            	
              6.81

            	
              4.49

            	
              2.68

            	
              1.33

            	
              0.41

            	
              0.00

            	
              0.00

            	
              0.00

            
	
              June
                15, 2009 

            	
              16.28

            	
              13.57

            	
              9.85

            	
              6.77

            	
              4.43

            	
              2.62

            	
              1.28

            	
              0.38

            	
              0.00

            	
              0.00

            	
              0.00

            
	
              June
                15, 2010 

            	
              16.28

            	
              13.50

            	
              9.73

            	
              6.72

            	
              4.35

            	
              2.54

            	
              1.21

            	
              0.34

            	
              0.00

            	
              0.00

            	
              0.00

            
	
              June
                15, 2011 

            	
              16.28

            	
              13.38

            	
              9.54

            	
              6.49

            	
              4.11

            	
              2.32

            	
              1.04

            	
              0.24

            	
              0.00

            	
              0.00

            	
              0.00

            
	
              June
                15, 2012 

            	
              16.28

            	
              12.98

            	
              9.17

            	
              6.15

            	
              3.80

            	
              2.04

            	
              0.80

            	
              0.10

            	
              0.00

            	
              0.00

            	
              0.00

            
	
              June
                15, 2013 

            	
              16.28

            	
              12.59

            	
              8.58

            	
              5.47

            	
              3.12

            	
              1.45

            	
              0.40

            	
              0.00

            	
              0.00

            	
              0.00

            	
              0.00

            
	
              June
                15, 2014 

            	
              16.28

            	
              12.24

            	
              7.47

            	
              3.31
                

            	
              0.00

            	
              0.00

            	
              0.00

            	
              0.00

            	
              0.00

            	
              0.00

            	
              0.00

            

    

    

    The
      exact
      Stock Price and Effective Dates may not be set forth in the table, in which
      case:

    

    (1) if
      the
      Stock Price is between two Stock Price amounts in the table or the Effective
      Date is between two Effective Dates in the table, the number of Change in
      Control Event Shares will be determined by a straight-line interpolation between
      the number of Change in Control Event Shares set forth for the higher and lower
      Stock Prices and the earlier and later Effective Dates, as applicable, based
      on
      a 365-day year;

    

    (2) if
      the
      Stock Price is in excess of $21.00 per share of Common Stock, subject to
      adjustment (the “Make
      Whole Cap”),
      no
      Change in Control Event Shares will be issued upon exchange; and

    

    (3) if
      the
      Stock Price is less than $13.25 per share of Common Stock, subject to adjustment
      (the “Make
      Whole Floor”),
      no
      Change in Control Event Shares will be issued upon exchange.

    

    The
      Make
      Whole Cap and Make Whole Floor shall be adjusted as of any date on which the
      Exchange Rate of the Securities is adjusted pursuant to Section 4.04
      hereof

     

    Section
      4.04. Adjustment
      of Exchange Rate.
      The
      Exchange Rate shall be adjusted from time to time by the Issuer as
      follows:

    

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

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

    

    ER1
      =
      ER0×
      OS1/OS0

    

    where

    

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

    

    ER1
      = the
      Exchange Rate in effect on and immediately after the Ex-Dividend Date for such
      dividend or distribution or the effective date of such share split or share
      combination, as applicable;

    

    OS0
      = the
      number of shares of Common Stock outstanding on the Ex-Dividend Date for such
      dividend or distribution, or the effective date of such share split or share
      combination, as applicable; and

    

    OS1
      = the
      number of shares of Common Stock outstanding on the Ex-Dividend Date for such
      dividend or distribution or the effective date of such share split or share
      combination, as applicable, as if such dividend, distribution, split or
      combination occurred at that time.

    

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

    

    (b) If
      the
      Guarantor issues to all holders of Common Stock any rights, warrants, options
      or
      other securities entitling them for a period of not more than 45 days after
      the
      date of issuance thereof to subscribe for or purchase Common Stock or securities
      convertible into Common Stock within 45 days after the issuance thereof, in
      either case at an exercise price per share of Common Stock or a conversion
      price
      per share less than the Closing Sale Price of Common Stock on the Business
      Day
      immediately preceding the time of announcement of such issuance, the Exchange
      Rate will be adjusted based on the following formula (provided that the Exchange
      Rate will be readjusted to the extent that such rights, warrants, options,
      or
      other securities or convertible securities are not exercised or converted prior
      to the expiration of the exercisability or convertibility thereof):

    

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

    

    where

    

    ER0
      = the
      Exchange Rate in effect immediately prior to the Ex-Dividend Date for such
      issuance;

    

    ER1
      = the
      Exchange Rate in effect on and immediately after the Ex-Dividend Date for such
      issuance;

    

    OS0
      = the
      number of shares of Common Stock outstanding immediately prior to the
      Ex-Dividend Date for such issuance;

    

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

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

    

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

    

    For
      purposes of this paragraph (b), in determining whether any rights, warrants,
      options, other securities or convertible securities entitle the Holders to
      subscribe for or purchase or exercise a conversion right for Common Stock at
      less than the average Closing Sale Price of the Common Stock, and in determining
      the aggregate exercise or conversion price payable for such Common Stock, there
      shall be taken into account any consideration received by the Guarantor for
      such
      rights, warrants, options, other securities or convertible securities and any
      amount payable on exercise or conversion thereof, with the value of such
      consideration, if other than cash, to be determined by the Board of Directors.
      

    

    If
      any
      right, warrant, option, other security or convertible security described in
      paragraph (b) is not exercised or converted prior to the expiration of the
      exercisability or convertibility thereof, the new Exchange Rate shall be
      readjusted to the exchange rate that would then be in effect if such right,
      warrant, option, other security or convertible security had not been so
      issued.

    

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

    

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

    

    (2) dividends
      or distributions paid exclusively in cash; and

    

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

    

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

    

    ER1
      =
      ER0×
      SP0/(SP0
      -
      FMV)

    

    where

    

    ER0
      =
      the
      Exchange Rate in effect immediately prior to the Ex-Dividend Date for such
      distribution;

    

    ER1
      = the
      Exchange Rate in effect on and immediately after the Ex-Dividend Date for such
      distribution;

    

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    SP0
      = the
      average of the Closing Sale Prices of the Common Stock for the ten consecutive
      Trading Days prior to the Business Day immediately preceding the Ex-Dividend
      Date for such distribution; and

    

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

    

    With
      respect to an adjustment pursuant to this paragraph (c), where there has been
      a
      payment of a dividend or other distribution on Common Stock or shares of capital
      stock of any class or series, or similar equity interest, of or relating to
      a
      subsidiary or other business unit of the Guarantor (a “Spin-Off”),
      the
      Exchange Rate will be adjusted based on the following formula:

    

    ER1
      =
      ER0×
      (FMV0
      +
      MP0)/MP0

    

    where

    

    ER0
      =
      the
      Exchange Rate in effect immediately prior to the effective date of the
      Spin-Off;

    

    ER1
      =
      the
      Exchange Rate in effect on and immediately after the effective date of the
      Spin-Off;

    

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

    

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

    

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

    

    (d) If
      following the date of original issuance of the Securities, the Guarantor makes
      any cash dividend or distribution to all holders of Common Stock in aggregate
      amount that, together with other cash dividends or distributions during such
      quarterly fiscal period, on a per share basis, exceeds $0.36 (the “Reference
      Dividend”)
      the
      Exchange Rate will be adjusted based on the following formula:

    

    ER1
      =
      ER0×
      SP0
      /(SP0
      -
      C)

    

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    where

    

    ER0
      = the
      Exchange Rate in effect immediately prior to the Ex-Dividend Date for such
      distribution;

    

    ER1
      = the
      Exchange Rate in effect on and immediately after the Ex-Dividend Date for such
      distribution;

    

    SP0
      = the
      average of the Closing Sale Prices of the Common Stock over the period of the
      ten consecutive Trading Days ending on the Business Day immediately preceding
      the Ex-Dividend Date for such distribution; and

    

    C
      = the
      amount in cash per share that the Guarantor distributes to holders of Common
      Stock during such quarterly fiscal period in excess of the Reference
      Dividend.

    

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

    

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

    

    (e) If
      the
      Guarantor or any of its subsidiaries makes a payment in respect of a tender
      offer or exchange offer for shares of Common Stock to the extent that the cash
      and value of any other consideration included in the payment per share of Common
      Stock exceeds the Closing Sale Price of a share of Common Stock on the Trading
      Day next succeeding the last date on which tenders or exchanges may be made
      pursuant to such tender offer or exchange offer (the “Expiration Time”), the
      Exchange Rate will be adjusted based on the following formula:

    

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

    

    where

    

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

    

    ER1
      = the
      Exchange Rate in effect on the day next succeeding the date such tender offer
      or
      exchange offer expires;

    

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

    

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

    

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

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

    

    SP1
      = the
      average of the Closing Sale Price of the Common Stock for the 10 consecutive
      Trading Days commencing on the Trading Day next succeeding the date such tender
      offer or exchange offer expires.

    

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

    

    If
      the
      Guarantor or one of its subsidiaries is obligated to purchase Common Stock
      pursuant to any such tender offer or exchange offer, but it or such subsidiary
      is permanently prevented by applicable law from effecting any such purchases
      or
      all such purchases are rescinded, the Exchange Rate shall be readjusted to
      be
      the Exchange Rate that would be in effect if such tender offer or exchange
      offer
      had not been made.

    

    (f) Notwithstanding
      the foregoing, in no event shall the adjustments arising under
      paragraph (d) or (e) of this Section 4.04 cause the Exchange Rate to
      exceed 75.4717 per $1,000 principal amount of Securities, subject to the
      adjustments in paragraphs (a), (b) and (c) of this
      Section 4.04.

    

    (g) If
      the
      Guarantor adopts a shareholder rights plan while any Securities remain
      outstanding, Holders of Securities will receive, upon an exchange of Securities
      for shares of Common Stock, in addition to Common Stock, rights under such
      shareholder rights plan unless, prior to exchange, the rights have expired,
      terminated or been redeemed or unless the rights have separated from the Common
      Stock. If the rights provided for in the rights plan adopted by the Guarantor
      have separated from the Common Stock in accordance with the provisions of the
      applicable shareholder rights agreement so that Holders of Securities would
      not
      be entitled to receive any rights in respect of Common Stock issuable upon
      exchange of the Securities, the Exchange Rate will be adjusted at the time
      of
      separation as if the Guarantor had distributed, to all holders of Common Stock,
      shares of capital stock, evidences of indebtedness or other assets or property
      pursuant to Section 4.04(c) hereof, subject to readjustment upon the
      subsequent expiration, termination or redemption of the rights. In lieu of
      any
      such adjustment, the Guarantor may amend such applicable shareholder rights
      agreement to provide that upon exchange of Securities, the Holders will receive,
      in addition to Common Stock issuable upon such exchange, the rights which would
      have attached to such Common Stock if the rights had not become separated from
      the Common Stock under such shareholders rights plan.

    

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

    

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    The
      Issuer shall not make any adjustment to the Exchange Rate if Holders are
      permitted to participate in the dividend, distribution or transaction, on an
      as-exchanged basis, in the transactions in this Section 4.04.

    

    (i) Notwithstanding
      anything to the contrary contained herein, the applicable Exchange Price and
      Exchange Rate will not be adjusted upon certain events, including but not
      limited to:

    

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

    

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

    

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

    

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

    

    (5) accumulated
      and unpaid dividends or distributions; and

    

    (6) as
      a
      result of a tender offer solely to holders of less than 100 shares of Common
      Stock; and

    

    (7) for
      the
      avoidance of doubt, the issuance of limited partnership units by the Issuer
      and
      the issuance of the Common Stock or the payment of cash upon redemption
      thereof.

    

    (j) No
      adjustment in the applicable Exchange Price will be required unless the
      adjustment would require an increase or decrease of at least 1% of the
      applicable Exchange Price. If the adjustment is not made because the adjustment
      does not change the Exchange Price by at least 1%, then the adjustment that
      is
      not made will be carried forward and taken into account in any future
      adjustment. All required calculations will be made to the nearest cent or
      1/1000th of a share, as the case may be. Notwithstanding the foregoing, upon
      exchange of the Securities, upon required repurchases of the Securities in
      connection with a Change in Control pursuant to Section 3.01, upon
      redemption of the Securities pursuant to Section 11.01 and five Business
      Days prior to the Final Maturity Date, all adjustments not previously made
      shall
      be made. Except as specifically described above, the applicable Exchange Price
      shall not be subject to adjustment in the case of the issuance of any shares
      of
      Common Stock or the Guarantor’s preferred shares, or securities exchangeable for
      or convertible into common stock or the Guarantor’s preferred
      shares.

    

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

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

    

    (l) For
      purposes of this Section 4.04, the number of Common Stock at any time
      outstanding shall not include shares held in the treasury of the Guarantor
      but
      shall include shares issuable in respect of scrip certificates issued in lieu
      of
      fractions of Common Stock.

    

    (m) For
      purposes of this Section 4.04, “record date” shall mean, with respect to
      any dividend, distribution or other transaction or event in which the Holders
      of
      Common Stock have the right to receive any cash, securities or other property
      or
      into which the Common Stock (or other applicable security) is exchanged or
      converted into any combination of cash, securities or other property, the date
      fixed for determination of shareholders entitled to receive such cash, security
      or other property (whether or not such date is fixed by the Board of Directors
      or by statute, contract or otherwise).

     

    Section
      4.05. Exchange
      Rate.
      The
      initial Exchange Rate for the Securities is 59.1935 shares of Common Stock
      per each $1,000 principal amount of the Securities, subject to adjustment as
      provided in Sections 4.03 and 4.04 (herein called the “Exchange
      Rate”). 

     

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

     

    Section
      4.07. Taxes
      on Shares Issued.
      If a
      Holder exchanges Securities, the Issuer will pay any documentary stamp or
      similar issue or transfer tax due on the delivery of Common Stock upon the
      exchange, if any, unless the tax is due because the Holder requests the shares
      to be delivered to a person other than the Holder, in which case the Holder
      will
      pay the tax. Shares of Common Stock shall not be issued or delivered unless
      all
      taxes and duties, if any, payable by the Holder have been paid.

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

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

    

    The
      Issuer covenants that all Common Stock issued upon exchange of Securities will
      upon issue be fully paid and non-assessable by the Guarantor and free from
      all
      taxes, liens and charges with respect to the issue thereof, provided
      that if
      certain of the possible adjustments to the exchange price are made, a Holder
      shall be deemed to have a received a distribution from the Issuer even though
      such Holder has not received any cash or property as a result of such
      adjustments, the Issuer intends to withhold Federal income tax (in the case
      of
      U.S. Alien Note Holders) on any deemed distribution from the Issuer from cash
      payments of interest otherwise payable on the Securities and payments upon
      a
      redemption or exchange of the Securities.

    

    The
      Issuer covenants that, if any Common Stock to be provided for the purpose of
      exchange of Securities hereunder require registration with or approval of any
      governmental authority under any federal or state law before such shares may
      be
      validly issued upon exchange, the Guarantor shall, as expeditiously as
      practicable, secure such registration or approval, as the case may be, provided,
      however, that Common Stock provided for exchange hereunder need not be
      registered under the U.S. Federal securities laws and each recipient of such
      Common Stock shall have the rights set forth in the Registration Rights
      Agreement.

     

    Section
      4.09. Responsibility
      of Trustee.
      The
      Trustee and any other Exchange Agent shall not at any time be under any duty
      or
      responsibility to any Holder to determine the Exchange Rate or Exchange Price
      or
      whether any facts exist which may require any adjustment of the Exchange Rate,
      or with respect to the nature or extent or calculation of any such adjustment
      when made, or with respect to the method employed, or herein or in any
      supplemental indenture provided to be employed, in making the same. The Trustee
      and any other Exchange Agent shall not be accountable with respect to the
      validity or value (or the kind or amount) of any Common Stock, or of any capital
      stock, other securities or other assets or property, which may at any time
      be
      issued or delivered upon the exchange of any Security; and the Trustee and
      any
      other Exchange Agent make no representations with respect thereto. Neither
      the
      Trustee nor any Exchange Agent shall be responsible for any failure of the
      Issuer to issue, transfer or deliver any Common Stock or stock certificates
      or
      other securities or property or cash upon the surrender of any Security for
      the
      purpose of exchange or to comply with any of the duties, responsibilities or
      covenants of the Issuer contained in this Article 4. Without limiting the
      generality of the foregoing, neither the Trustee nor any Exchange Agent shall
      be
      under any responsibility to determine the correctness of any provisions
      contained in any supplemental indenture entered into pursuant to
      Section 4.03 relating either to the kind or amount of shares of capital
      stock or other securities or other assets or property (including cash)
      receivable by Holders upon the exchange of their Securities after any event
      referred to in such Section 4.03 or to any adjustment to be made with
      respect thereto, but, subject to the provisions of Section 8.01(f), may
      accept as conclusive evidence of the correctness of any such provisions, and
      shall be protected in relying upon, the Officer’s Certificate (which the Issuer
      shall be obligated to file with the Trustee prior to the execution of any such
      supplemental indenture) with respect thereto. The Trustee shall not at any
      time
      be under any duty or responsibility to any holder of Securities to determine
      the
      accuracy of the method employed in calculating the Trading Price or whether
      any
      facts exist which may require any adjustment of the Trading Price.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

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

    

    (a) the
      Guarantor shall declare a dividend (or any other distribution) on the Common
      Stock that would require an adjustment in the Exchange Rate pursuant to
      Section 4.04; or

    

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

    

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

    

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

    

    the
      Issuer shall cause to be filed with the Trustee a notice stating (x) the date
      on
      which a record is to be taken for the purpose of such dividend, distribution
      or
      rights or warrants, or, if a record is not to be taken, the date as of which
      the
      holders of Common Stock of record to be entitled to such dividend, distribution
      or rights are to be determined, or (y) the date on which such reclassification,
      consolidation, merger, sale, transfer, dissolution, liquidation or winding
      up is
      expected to become effective or occur, and the date as of which it is expected
      that holders of Common Stock of record shall be entitled to exchange their
      Common Stock for securities or other property deliverable upon such
      reclassification, consolidation, merger, sale, transfer, dissolution,
      liquidation or winding up. Failure to give such notice, or any defect therein,
      shall not affect the legality or validity of such dividend, distribution,
      reclassification, consolidation, merger, sale, transfer, dissolution,
      liquidation or winding up.

     

    Section
      4.11. Settlement
      upon Exchange.
      a)  Upon
      exchange of any Securities, subject to Sections 4.01, 4.02 and this
      Section 4.11, the Issuer shall satisfy its obligation upon exchange (the
“Exchange Obligation”) by payment and delivery on or prior to the third Trading
      Day immediately following the last day of the Applicable Exchange Measurement
      Period, at the Issuer’s option, of cash, shares of Common Stock or a combination
      of cash and shares of Common Stock for each $1,000 aggregate principal amount
      of
      Securities tendered for exchange in accordance with their terms, as
      follows:

    

    (1) Share
      Settlement. If
      the
      Issuer elects to satisfy the entire Exchange Obligation in shares of Common
      Stock, then the Issuer shall deliver, for each Trading Day in the Applicable
      Exchange Measurement Period, a number of shares of Common Stock equal to the
      Applicable Exchange Rate divided by 20.

    

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    (2) Cash
      Settlement.
      If the
      Issuer elects to satisfy the entire Exchange Obligation in cash, then the Issuer
      shall deliver, for each Trading Day in the Applicable Exchange Measurement
      Period, cash in an amount equal to the Daily Exchange Value.

    

    (3) Combined
      Settlement.
      If the
      Issuer elects to satisfy a portion of the Exchange Obligation in cash (expressed
      either as a dollar amount or as a percentage of the Daily Exchange Value, each,
      the “Partial
      Cash Amount”)
      and a
      portion in shares of Common Stock, then the Issuer shall deliver, for each
      Trading Day in the Applicable Exchange Measurement Period, (A) the lesser
      of (x) such Partial Cash Amount divided by 20 or, if expressed as a
      percentage of the exchange obligation, such Partial Cash Amount will be
      calculated as a percentage of the Daily Exchange Value (the “Daily
      Partial Cash Amount”)
      and
      (y) the Daily Exchange Value, plus (B) a number of shares of Common
      Stock equal to (x) the excess, if any, of the Daily Exchange Value over
      such Daily Partial Cash Amount divided by (y) the Daily VWAP of the Common
      Stock for such day. 

    

    (b) The
      Issuer shall initially elect the Partial Cash Amount to be the principal amount
      of the Securities and shall deliver any amount of the aggregate Daily Exchange
      Value in excess of the principal amount of the Securities, if any, in Common
      Stock; provided
      that
      such
      election is revocable and the Issuer may make any future election revocably
      or
      irrecovably. Upon changing such election, the Issuer shall promptly
      (i) issue a press release and post such information on the Guarantor’s
      website or otherwise publicly disclose such information and (ii) provide
      written notice to the Trustee of the Securities in the manner contemplated
      herein. The Issuer may not make any change to such election subsequent to
      May 15, 2027. No change in election on or after the Exchange Date shall
      affect the exchanging Holder with respect to Securities submitted for exchange
      by such Holder. 

    

    (c) The
      Issuer will deliver cash in lieu of any fractional share of Common Stock
      issuable in connection with the payment of the shares of the Common Stock on
      the
      last day of the Applicable Exchange Measurement Period.

     

    Section
      4.12. Ownership
      Limit.
      Notwithstanding any other provision of the Securities, no Holders of Securities
      shall be entitled to receive shares of Common Stock upon an exchange of
      Securities to the extent that receipt of such shares of Common Stock would
      cause
      such Holder (together with such Holder’s Affiliates) to exceed the ownership
      limit contained the Guarantor’s charter. Any attempted exchange of Securities in
      excess of such ownership limit, in the absence of such a waiver, shall be void
      to the extent of such excess, and the related Securities or portions thereof
      shall be returned by the Issuer to the Holder as promptly as practicable. The
      Issuer shall have no further obligation to the Holder with respect to such
      voided exchange and such Securities will be treated as if they had not been
      submitted for exchange. A Holder of returned Securities may resubmit such
      Securities for exchange at a later date subject to compliance with the terms
      hereof and the ownership limitations described in this Section 4.12.
      Notwithstanding the foregoing provisions of this Section 4.12, in the event
      a Holder attempts to exchange Securities but is prevented from doing so as
      a
      result of the ownership limitation, the Issuer may, at its option, pay cash
      to
      such Holder upon such exchange as provided herein. 

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    Section
      4.13. Calculation
      in Respect of Securities.
      Except
      as otherwise specifically stated herein or in the Securities, all calculations
      to be made in respect of the Securities shall be the obligation of the Issuer.
      These calculations include, but are not limited to, determinations of the
      Closing Sale Price of the Common Stock, any accrued interest payable on the
      Securities and the Exchange Rate of the Securities. All calculations made by
      the
      Issuer or its agent as contemplated pursuant to the terms hereof and of the
      Securities shall be made in good faith and be final and binding on the
      Securities and the Holders absent manifest error. The Issuer shall provide
      a
      schedule of calculations to the Trustee, and the Trustee shall be entitled
      to
      rely upon the accuracy of the calculations by the Issuer without independent
      verification. The Trustee shall forward calculations made by the Issuer to
      any
      Holder of Securities upon request.

    

    

    

    ARTICLE
      5

    COVENANTS

    Section
      5.01. Payment
      of Securities.

    

    (a) The
      Issuer shall promptly make all payments in respect of the Securities on the
      dates and in the manner provided in the Securities and this Indenture. Any
      payment hereunder shall be considered paid on the applicable date due if on
      such
      date the Trustee or the Paying Agent holds, in accordance with this Indenture,
      money sufficient to pay all such amounts then due. Subject to Section 4.02,
      accrued and unpaid interest on any Security that is payable, and is punctually
      paid or duly provided for, on any Interest Payment Date shall be paid to the
      Person in whose name that Security is registered at the close of business on
      the
      Regular Record Date for such interest at the office or agency of the Issuer
      maintained for such purpose. The Issuer shall, to the fullest extent permitted
      by law, pay interest in immediately available funds on overdue principal amount
      and interest at the annual rate borne by the Securities compounded semiannually,
      which interest shall accrue from the date such overdue amount was originally
      due
      to the date payment of such amount, including interest thereon, has been made
      or
      duly provided for. All such overdue interest shall be payable on demand.

    

    (b) Payment
      of the principal of and interest, if any, on the Securities shall be made at
      the
      office or agency of the Issuer maintained for that purpose or at the Corporate
      Trust Office of the Trustee in such coin or currency of the United States of
      America as at the time of payment is legal tender for payment of public and
      private debts; provided,
      however,
      that at
      the option of the Issuer payment of interest may be made by check mailed to
      the
      address of the Person entitled thereto as such address appears in the Register;
      provided
      further
      that a Holder with an aggregate principal amount in excess of $5,000,000 will
      be
      paid by wire transfer in immediately available funds at the election of such
      Holder if such Holder has provided wire transfer instructions to the Trustee
      at
      least 10 Business Days prior to the payment date. Any wire transfer
      instructions received by the Trustee will remain in effect until revoked by
      the
      Holder.

    

    (c) The
      Issuer shall comply with any requirement to withhold any taxes with respect
      to
      (i) payments made pursuant to the terms of this Indenture (including
      without limitation, interest and original issue discount), (ii) redemption
      payments, (iii) any exchange of the Securities and (iv) any deemed
      payment or distribution made with respect to the Securities as a result of
      an
      adjustment to the Exchange Rate. To the extent the Issuer determines in its
      sole
      discretion that the Issuer is required to withhold any taxes with respect to
      a
      deemed payment or distribution with respect to a Security on account of an
      adjustment to the Exchange Rate, the Issuer shall withhold such amount from
      payments otherwise due hereunder to the holder of such Security and report
      such
      withholding to the Holders affected if and as required by law. Any amount
      withheld by the Issuer pursuant to this Section 5.01(c) with respect to a
      Security shall be treated for all purposes of this Indenture as if it had been
      paid directly to the holder of such Security.

     

    
      
        
        

      

      
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    Section
      5.02. Money
      for Securities Payments to be Held in Trust.
      If the
      Issuer or the Guarantor or either of their Affiliates shall at any time act
      as
      its own Paying Agent with respect to the Securities, the Issuer or the
      Guarantor, as the case may be, will, on or before each due date of the Persons
      entitled thereto a sum sufficient to pay the principal and any interest so
      becoming due until such sums shall be paid to such Persons or otherwise disposed
      of as herein provided and will promptly notify the Trustee of its action or
      failure to so act.

    

    (a) Whenever
      the Issuer or the Guarantor shall have one or more Paying Agents for any series
      of Securities, the Issuer or the Guarantor, as the case may be, will, prior
      to
      each due date of the principal of or any interest on any Securities of that
      series, deposit with a Paying Agent a sum sufficient to pay such amount and
      (unless such Paying Agent is the Trustee) the Issuer or the Guarantor, as the
      case may be, will promptly notify the Trustee of its action or failure to
      act.

    

    (b) The
      Issuer or the Guarantor will cause each Paying Agent for any series of
      Securities other than the Trustee to execute and deliver to the Trustee an
      instrument in which such Paying Agent shall agree with the Trustee, subject
      to
      the provision of this Section 5.02, that such Paying Agent will, during the
      continuance of any default by the Issuer or the Guarantor (or any other obligor
      upon the Securities of that series) in the making of any payment in respect
      of
      the Securities of that series, upon the written request of the Trustee,
      forthwith pay to the Trustee all sums held in trust by such Paying Agent for
      payment in respect of the Securities of that series.

    

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

    

    (d) Any
      money
      deposited with the Trustee or the Paying Agent, or then held by the Issuer
      or
      the Guarantor in trust for the payment of the principal of or any interest
      on
      any Security of any series and remaining unclaimed for two years after such
      principal or interest has become due or payable shall be paid to the Issuer
      or
      the Guarantor or (if then held by the Issuer or the Guarantor, as applicable)
      shall be discharged from such trust; and the Holder of such Security shall
      thereafter, as an unsecured general creditor, look only to the Issuer or the
      Guarantor for payment thereof, and all liability of the Trustee or such Paying
      Agent with respect to such trust money, and all liability of the Issuer and
      the
      Guarantor, as trustee thereof, shall thereupon cease; provided
      that the
      Trustee or such Paying Agent, before being required to make any such repayment,
      may at the expense of the Issuer cause to be published once, in a newspaper
      published in the English language, customarily published on each Business Day
      and of general circulation in New York, New York, notice that such money remains
      unclaimed and that, after a date specified therein, which shall not be less
      than
      30 days from the date of such publication, any unclaimed balance of such money
      then remaining will be repaid to the Issuer.

     

    
      
        
        

      

      
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    Section
      5.03. Reports. 

    

    (a) So
      long
      as the Issuer is not subject to the information requirements of Section 13
      or 15(d) of the Exchange Act, the Issuer shall furnish to Holders of Securities
      and beneficial owners and prospective purchasers thereof the information with
      respect to the Issuer required to be delivered pursuant to Rule 144A(d)(4)
      under
      the Securities Act in order to permit compliance with Rule 144A in
      connection with resales of such Securities.

    

    (b) The
      Issuer shall provide the Trustee, upon request, within 15 days after the
      Guarantor is required to file the same with the SEC, copies of the annual
      reports and information, documents and other reports (or copies of such portions
      any of the foregoing as the SEC may prescribe) which the Guarantor is required
      to file with the SEC pursuant to Section 13 or Section 15(d) of the
      Exchange Act. If the Guarantor is not required to file information, documents
      or
      reports pursuant to either of those sections, then the Issuer shall provide
      to
      the Trustee upon request and to the SEC such reports as may be prescribed to
      be
      filed by the Guarantor by the SEC at such time. To the extent that the Guarantor
      has filed such information with the SEC through the SEC’s EDGAR system, or any
      successor system employed by the SEC, the Issuer shall be deemed to have
      complied with the requirement of this Section 5.03(b).

     

    Section
      5.04. Compliance
      Certificates.
      The
      Issuer and the Guarantor shall deliver to the Trustee, within 120 days after
      the
      end of each fiscal year of the Issuer (beginning with the fiscal year ending
      on
      December 31, 2007), an Officer’s Certificate as to the signer’s knowledge of the
      Issuer’s compliance with all terms, conditions and covenants on its part
      contained in this Indenture and stating whether or not the signer knows of
      any
      Default or Event of Default. If such signer knows of such a Default or Event
      of
      Default, the Officer’s Certificate shall describe the Default or Event of
      Default and the efforts to remedy the same. For the purposes of this
      Section 5.04, compliance shall be determined without regard to any grace
      period or requirement of notice provided pursuant to the terms of this
      Indenture.

     

    Section
      5.05. Further
      Instruments and Acts.
      Upon
      request of the Trustee, the Issuer will execute and deliver such further
      instruments and do such further acts as may be reasonably necessary or proper
      to
      carry out more effectively the purposes of this Indenture.

     

    Section
      5.06. Maintenance
      of Existence as a Limited Partnership.
      Subject
      to Article 6, the Issuer and the Guarantor will do or cause to be done all
      things necessary to preserve and keep in full force and effect its existence
      as
      a limited partnership or corporation, respectively.

     

    
      
        
        

      

      
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    Section
      5.07. Stay,
      Extension and Usury Laws.
      Each of
      the Issuer and the Guarantor covenants (to the extent that it may lawfully
      do
      so) that it shall not at any time insist upon, plead, or in any manner
      whatsoever claim or take the benefit or advantage of, any stay, extension or
      usury law or other law which would prohibit or forgive the Issuer from paying
      all or any portion of the principal of or accrued but unpaid interest, if any,
      on the Securities as contemplated herein, wherever enacted, now or at any time
      hereafter in force, or which may affect the covenants or the performance of
      this
      Indenture, and the Issuer and the Guarantor (to the extent they may lawfully
      do
      so) hereby expressly waives all benefit or advantage of any such law and
      covenants that it will not, by resort to any such law, hinder, delay or impede
      the execution of any power herein granted to the Trustee, but will suffer and
      permit the execution of every such power as though no such law had been
      enacted.

     

    Section
      5.08. Calculation
      of Original Issue Discount.
      The
      Issuer shall file with the Trustee promptly at the end of each calendar year
      a
      written notice specifying the amount of original issue discount (including
      daily
      rates and accrual periods) accrued on the Securities as of the end of such
      year,
      but only if as of the end of such year Securities issued at an original issue
      discount are then outstanding.

     

    Section
      5.09. Maintenance
      of Office or Agency.
      The
      Issuer will maintain an office or agency of the Trustee, Registrar and Paying
      Agent where securities may be presented or surrendered for payment, where
      Securities may be surrendered for registration of transfer, purchase or
      redemption and where notices and demands to or upon the Issuer in respect of
      the
      Securities and this Indenture may be served. The Corporate Trust Office shall
      initially be one such office or agency for all of the aforesaid purposes. The
      Issuer shall give prompt written notice to the Trustee of the location, and
      of
      any change in the location, of any such office or agency (other than a change
      in
      the location of the office of the Trustee). If at any time the Issuer shall
      fail
      to maintain any such required office or agency or shall fail to furnish the
      Trustee with the address thereof, such presentations, surrenders, notices and
      demands may be made or served at the address of the Trustee set forth in
      Section 12.01. The Issuer may also from time to time designate one or more
      other offices or agencies where the Securities 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 Issuer of its obligation to maintain an office or
      agency.

     

    Section
      5.10. Registration
      Rights.

    

    The
      Issuer agrees that the Holders from time to time of Registrable Securities
      (as
      defined below) are entitled to the benefits of the Registration Rights
      Agreement.

    

    Whenever
      in this Indenture there is mentioned, in any context, the payment of the
      principal of, premium, if any, or interest on, or in respect of, any Security,
      such mention shall be deemed to include mention of the payment of Liquidated
      Damages provided for in the Securities to the extent that, in such context,
      Liquidated Damages are, were or would be payable in respect thereof pursuant
      to
      the provisions of the Securities and express mention of the payment of
      Liquidated Damages (if applicable) in any provisions hereof or thereof shall
      not
      be construed as excluding Liquidated Damages in those provisions hereof or
      thereof where such express mention is not made.

    

    
      
        
        

      

      
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    For
      the
      purposes of this Indenture and the Registration Rights Agreement, “Registrable
      Securities”
means
      all or any portion of the shares of Common Stock issued or issuable upon
      exchange of such Securities; provided,
      however,
      that a
      security ceases to be a Registrable Security when it is no longer Restricted
      Common Stock.

    

    If
      the
      shares of Common Stock issued or issuable upon exchange of a Security, are
      Registrable Securities, and if the Holder thereof elects to sell such
      Registrable Securities pursuant to a registration statement filed pursuant
      to
      the Registration Rights Agreement then, by its acceptance thereof, the Holder
      of
      such Registrable Securities will have agreed to be bound by the terms of the
      Registration Rights Agreement relating to the Registrable Securities which
      are
      the subject of such election.

    

    For
      the
      purposes of the Registration Rights Agreement, the term “Holder”
means
      any Person that is a Holder of Securities or a holder of record of Registrable
      Securities. 

    

    If
      Liquidated Damages are payable under the Registration Rights Agreement, the
      Issuer shall deliver to the Trustee a certificate to that effect stating
      (i) the amount of Liquidated Damages that is payable and (ii) the date
      on which Liquidated Damages are payable. Unless and until a Responsible Officer
      of the Trustee receives at the Corporate Trust Office such a certificate, the
      Trustee may assume without inquiry that no Liquidated Damages are payable.
      If
      Liquidated Damages have been paid by the Issuer directly to the persons entitled
      to them, the Issuer shall deliver to the Trustee a certificate setting forth
      the
      particulars of such payment.

    
 

    ARTICLE
      6

    CONSOLIDATION;
      MERGER; CONVEYANCE; TRANSFER OR LEASE

     

    Section
      6.01. Issuer
      and Guarantor May Consolidate, Etc., Only on Certain Terms.
      Each of
      the Issuer and the Guarantor shall not (a) consolidate with or merge with or
      into any other Person or sell, convey, lease or transfer the Issuer’s properties
      and assets substantially as an entirety to any other Person in any one
      transaction or series of related transactions, or (b) permit any Person to
      consolidate with or merge into the Issuer, unless: 

    

    (1) in
      the
      case of a merger or consolidation, the Guarantor or the Issuer, as applicable,
      is the surviving person or if the Guarantor or the Issuer, as applicable, is
      not
      the surviving person, the surviving person formed by such consolidation or
      into
      which the Guarantor or the Issuer, as applicable, is merged or the person to
      which the Guarantor’s or the Issuer’s, as applicable, properties and assets are
      so transferred shall be an entity organized and existing under the laws of
      the
      United States of America, any state thereof or the District of Columbia and
      shall execute and deliver to the Trustee a supplemental indenture expressly
      assuming, in the case of a transaction involving the Issuer, the payment when
      due of the principal of and interest on the Securities and the performance
      of
      the Issuer’s other covenants under this Indenture; or

    

    (2) if
      the
      successor person is the successor entity to the Guarantor, the successor person
      shall expressly shall expressly assume, by supplemental indenture executed
      by
      the successor person and delivered to the Trustee, the observance of all of
      the
      covenants and conditions contained in the Guarantee of the Securities and in
      this Indenture to be performed or observed by the Guarantor; and

    

    
      
        
        

      

      
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    (3) in
      either
      case, (a) immediately after giving effect to such transaction, no Default or
      Event of Default shall have occurred and be continuing, and (b) an Officer’s
      Certificate and legal opinion concerning the conditions precedent will be
      delivered to the Trustee.

    

    In
      the
      event that the Issuer or the Guarantor, as the case may be, is not the
      continuing entity, then, for purposes of above, the references to the Issuer
      or
      the Guarantor shall be deemed to refer to the successor entity.

     

    Section
      6.02. Successor
      Substituted.
      Upon
      any consolidation of the Issuer with, or merger of the Issuer or the Guarantor
      into, any other Person or any sale, conveyance, lease or transfer of the
      Issuer’s or the Guarantor’s properties and assets substantially as an entirety
      to any other Person, in each case in accordance with Section 6.01, the
      successor Person formed by such consolidation or into which the Issuer or the
      Guarantor is merged or to which such sale, conveyance, lease or transfer is
      made
      shall succeed to, and be substituted for, and may exercise every right and
      power
      of, the Issuer or the Guarantor under this Indenture with the same effect as
      if
      such successor Person had been named as the Issuer or the Guarantor herein,
      and
      thereafter, except for obligations the predecessor Person may have under a
      supplemental indenture, the predecessor Person shall be relieved of all
      obligations and covenants under this Indenture, the Securities and the
      Guarantees, as applicable.

    
 

    ARTICLE
      7

    DEFAULT
      AND REMEDIES

     

    Section
      7.01. Events
      of Default.
“Event
      of Default,” wherever used herein with respect to the Securities, 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,
      regulation of any administrative or governmental body):

    

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

    

    (2) default
      by the Issuer in the payment of principal of or any premium, if any, on any
      Securities on the Final Maturity Date; or

    

    (3) default
      by the Issuer or the Guarantor in the performance, or breach, of any other
      covenant in this Indenture for the benefit of the Securities 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 Issuer by the Trustee or to the Issuer
      and the Trustee by Holders of at least 25% in principal amount of the Securities
      a written notice specifying such default or breach and requiring it to be
      remedied and stating that such notice is a “Notice of Default” hereunder;
      or

    

    
      
        
        

      

      
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    (4) failure
      by the Issuer to deliver the amount due upon an exchange of Securities, which
      failure continues for 10 days; or

    

    (5) failure
      by the Issuer to provide notice of the occurrence of a Change in Control as
      required by Section 3.01 hereof; or

    

    (6) default
      by the Issuer or the Guarantor, as the case may be, under any bond, debenture,
      note or other evidence of indebtedness for money borrowed by the Issuer or
      the
      Guarantor, as the case may be, having an aggregate principal amount outstanding
      of at least $25,000,000, or under any mortgage, indenture or instrument
      (including this Indenture) under which there may be issued or by which there
      may
      be secured or evidenced any indebtedness for money borrowed by the Issuer having
      an aggregate principal amount outstanding of at least $25,000,000, whether
      such
      indebtedness now exists or shall hereafter be created, which default
      (A) shall constitute a failure to pay any portion of the principal of such
      indebtedness when due and payable after the expiration of any applicable grace
      period with respect thereto or (B) shall have resulted in such indebtedness
      becoming or being declared due and payable prior to the date on which it would
      otherwise have become due and payable, without, in the case of Clause (A),
      such indebtedness having been discharged or without, in the case of
      Clause (B), such indebtedness having been discharged or such acceleration
      having been rescinded or annulled, in each such case within a period of 10
      days
      after there shall have been given, by registered or certified mail, to the
      Issuer and the Guarantor by the Trustee or to the Issuer, the Guarantor and
      the
      Trustee by the Holders of at least 25% in principal amount of the Securities
      a
      written notice specifying such default and requiring the Issuer to cause such
      indebtedness to be discharged or cause such acceleration to be rescinded or
      annulled, as the case may be, and stating that such notice is a “Notice of
      Default” hereunder; provided,
      that,
      subject to the provisions of Sections 8.01 and 8.02 hereof, the Trustee shall
      not be deemed to have knowledge of such default unless either (A) a
      Responsible Officer of the Trustee shall have knowledge of such default or
      (B) the Trustee shall have received written notice thereof from the Issuer,
      from the Guarantor from any Holder, from the holder of any such indebtedness
      or
      from the trustee under any such mortgage, indenture or other instrument;
      or

    

    (7) the
      Issuer or the Guarantor, as the case may be, fails to pay a final,
      non-appealable judgment entered by a court of competent jurisdiction against
      the
      Issuer or the Guarantor, as the case may be, in excess of $25,000,000, which
      judgment is not paid, discharged or stayed within 30 days after such judgment
      becomes final and non-appealable;

    

    (8) the
      entry
      by a court having jurisdiction in the premises of (A) a decree or order for
      relief in respect of the Issuer or the Guarantor in an involuntary case or
      proceeding under any applicable Federal or State bankruptcy, insolvency,
      reorganization or other similar law or (B) a decree or order adjudging the
      Issuer or the Guarantor a bankrupt or insolvent, or approving as properly filed
      a petition seeking reorganization, arrangement, adjustment or composition of
      or
      in respect of the Issuer or the Guarantor under any applicable Federal or State
      law, or appointing a custodian, receiver, liquidator, assignee, trustee,
      sequestrator or other similar official of the Issuer or the Guarantor of any
      substantial part of its property, or ordering the winding up or liquidation
      of
      its affairs, and the continuance of any such decree or order for relief or
      any
      such other decree or order unstayed and in effect for a period of
      60 consecutive days; 

    

    
      
        
        

      

      
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    (9) the
      commencement by the Issuer or the Guarantor of a voluntary case or proceeding
      under any applicable Federal or State bankruptcy, insolvency, reorganization
      or
      other similar law or of any other case or proceeding to be adjudicated a
      bankrupt or insolvent, or the consent by it to the entry of a decree or order
      for relief in respect of the Issuer, the Guarantor, or any of the Issuer’s
      Significant Subsidiaries that are not CDO Subsidiaries in an involuntary case
      or
      proceeding under any applicable Federal or State bankruptcy, insolvency,
      reorganization or other similar law or to the commencement of any bankruptcy
      or
      insolvency case or proceeding against it, or the filing by it of a petition
      or
      answer or consent seeking reorganization or relief under any applicable Federal
      or State law, or the consent by it to the filing of such petition or to the
      appointment of or taking possession by a custodian, receiver, liquidator,
      assignee, trustee, sequestrator or other similar official of the Issuer, the
      Guarantor or any of such Significant Subsidiaries that are not CDO Subsidiaries
      or of any substantial part of its property, or the making by it of an assignment
      for the benefit of creditors, or the admission by it in writing of its inability
      to pay its debts generally as they become due, or the taking of corporate action
      by the Issuer or the Guarantor or any of such Significant Subsidiaries that
      are
      not CDO Subsidiaries in furtherance of any such action; or

    

    (10) either
      (A) the entry by a court having jurisdiction in the premises of (1) a
      decree or order for relief in respect of a CDO Subsidiary in an involuntary
      case
      or proceeding under any applicable Federal or State bankruptcy, insolvency,
      reorganization or other similar law or (2) a decree or order adjudging a
      CDO Subsidiary a bankrupt or insolvent, or approving as properly filed a
      petition seeking reorganization, arrangement, adjustment or composition of
      or in
      respect of a CDO Subsidiary under any applicable Federal or State law, or
      appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator
      or
      other similar official of a CDO Subsidiary of any substantial part of its
      property, or ordering the winding up or liquidation of its affairs, and the
      continuance of any such decree or order for relief or any such other decree
      or
      order unstayed and in effect for a period of 60 consecutive days, or (B)
      the commencement by a CDO Subsidiary of a voluntary case or proceeding under
      any
      applicable Federal or State bankruptcy, insolvency, reorganization or other
      similar law or of any other case or proceeding to be adjudicated a bankrupt
      or
      insolvent, or the consent by it to the entry of a decree or order for relief
      in
      respect of a CDO Subsidiary, in an involuntary case or proceeding under any
      applicable Federal or State bankruptcy, insolvency, reorganization or other
      similar law or to the commencement of any bankruptcy or insolvency case or
      proceeding against it, or the filing by it of a petition or answer or consent
      seeking reorganization or relief under any applicable Federal or State law,
      or
      the consent by it to the filing of such petition or to the appointment of or
      taking possession by a custodian, receiver, liquidator, assignee, trustee,
      sequestrator or other similar official of the CDO Subsidiary or of any
      substantial part of its property, or the making by it of an assignment for
      the
      benefit of creditors, or the admission by it in writing of its inability to
      pay
      its debts generally as they become due, or the taking of corporate action by
      the
      CDO Subsidiary in furtherance of any such action (any such filing or event
      described in the foregoing, a “Reference Event”); provided,
      however,
      in each
      case, that it shall be an Event of Default under this Section 7.01(10) only
      if the potential loss in the case of a complete loss of the Guarantor’s capital
      at risk in such CDO Subsidiary, together with such potential losses from any
      other CDO Subsidiaries that have filed for bankruptcy or commenced such other
      events described in this Section 7.01(10) within a period of 90 days prior
      to a Reference Event, exceeds 10% of the Consolidated Net Assets of the
      Guarantor as of the fiscal quarter immediately prior to the date of the
      Reference Event. For purposes of this Section 7.01(10), “Consolidated Net
      Assets” means the excess of consolidated assets over consolidated
      liabilities.

     

    
      
        
        

      

      
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    Section
      7.02. Acceleration.
      If an
      Event of Default (other than an Event of Default specified in clause (8), (9)
      or
      (10) of Section 7.01) occurs and is continuing, then in every such case the
      Trustee, upon receipt of a request made in accordance with Section 12.01,
      from the Holders of not less than 25% in principal amount of the Securities
      then
      outstanding, may, by written notice to the Issuer and the Guarantor (if any
      Guaranteed Securities are Outstanding) (and to the Trustee if given by the
      Holders), declare the outstanding principal amount as of the date of declaration
      on all the Securities to be immediately due and payable. Upon such a
      declaration, such principal amount and such accrued and unpaid interest thereon,
      if any, shall be due and payable immediately. If an Event of Default specified
      in clause (8), (9) or (10) of Section 7.01 occurs and is continuing, the
      principal amount of the Securities shall automatically, become immediately
      due
      and payable without any declaration or other act on the part of the Trustee
      or
      any Holders of Securities. At any time after such a declaration of acceleration
      with respect to the Securities 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 Securities, by written notice to the Issuer, the Guarantor and
      the
      Trustee, may rescind and annul such declaration and its consequences
      if:

    

    (1) the
      Issuer or the Guarantor has paid or deposited with the Trustee a sum sufficient
      to pay:

    

    (B) all
      overdue installments of interest on all outstanding Securities,

    

    (C) the
      principal of any outstanding Securities which have become due otherwise than
      by
      such declaration of acceleration and interest thereon at the rate or rates
      borne
      by or provided for in the Securities,

    

    (D) to
      the
      extent that payment of such interest is lawful, interest upon overdue
      installments of interest at the rate or rates borne by or provided for in the
      Securities, and

    

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

    

    
      
        
        

      

      
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    (2) all
      Events of Default with respect to the Securities, other than the nonpayment
      of
      the principal of (or specified portion thereof) or interest on the Securities
      which have become due solely by such declaration of acceleration, have been
      cured or waived as provided in Section 7.04.

    

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

    

    Notwithstanding
      anything herein to the contrary, to the extent elected by the Issuer, the sole
      remedy for an Event of Default relating to the failure by the Issuer to comply
      with the obligation set forth in Section 5.03(b), will for the first 60 days
      after the occurrence of such an Event of Default, consist exclusively of the
      right for Holders to receive additional interest on the Securities equal to
      0.25% per annum of the principal amount of the Securities. If the Issuer so
      elects, such additional interest will be payable in the same manner and on
      the
      same dates as the stated interest payable on the Securities. The additional
      interest will accrue on all outstanding Securities from and including the date
      on which such Event of Default first occurs to but not including the 60th day
      thereafter (or such earlier date on which such Event of Default shall have
      been
      cured or waived). On such 60th day after such Event of Default (if the Event
      of
      Default relating to such obligation is not cured or waived prior to such
      60th day),
      the Securities will be subject to acceleration as provided above. The provisions
      of this paragraph will not affect the rights of Holders in the event of the
      occurrence of any other Event of Default. In the event the Issuer does not
      elect
      to pay the additional interest upon such Event of Default in accordance with
      this paragraph, the Securities will be subject to acceleration as provided
      above.

    

    In
      order
      to elect to pay the additional interest as the sole remedy during the first
      60 days after the occurrence of an Event of Default relating to the failure
      by the Issuer to comply with the obligation set forth in Section 5.03(b) in
      accordance with the immediately preceding paragraph, the Issuer must notify
      all
      Holders, the Trustee and the Paying Agent of such election. Upon the Issuer’s
      failure to give timely such notice or pay the additional interest specified
      in
      the immediately preceding paragraph, the Securities will be subject immediately
      to acceleration as provided above.

     

    Section
      7.03. Other
      Remedies.

    

    (a) If
      an
      Event of Default occurs and is continuing, the Trustee may, but shall not be
      obligated to, pursue any available remedy by proceeding at law or in equity
      to
      collect payment of the principal amount and accrued and unpaid interest, if
      any,
      on the Securities or to enforce the performance of any provision of the
      Securities or this Indenture. 

    

    (b) The
      Trustee may maintain a proceeding even if it does not possess any of the
      Securities or does not produce any of them in the proceeding. A delay or
      omission by the Trustee or any Holder in exercising any right or remedy accruing
      upon an Event of Default shall not impair the right or remedy or constitute
      a
      waiver of or acquiescence in the Event of Default. No remedy is exclusive of
      any
      other remedy. All available remedies are cumulative to the extent permitted
      by
      applicable law.

     

    Section
      7.04. Waiver
      of Defaults and Events of Default.
      Subject
      to Sections 7.07 and 10.02, the Holders of no less than a majority in aggregate
      principal amount of the Securities then outstanding by written notice to the
      Trustee may waive any past Default or Event of Default and its consequences,
      except an uncured Default or Event of Default in the payment of the principal
      of
      or any accrued but unpaid interest on any Security, or any Default or Event
      of
      Default in respect of any provision of this Indenture which, under
      Section 10.02, cannot be modified or amended without the consent of the
      Holder of each outstanding Security affected. When a Default or Event of Default
      is waived, it is cured and ceases to exist.

     

    
      
        
        

      

      
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    Section
      7.05. Limitations
      on Suits.

    

    (a) A
      Holder
      may not pursue any remedy with respect to this Indenture or the Securities
      (except actions for payment of overdue principal or interest or for the exchange
      of the Securities pursuant to Article 4) unless:

    

    (1) the
      Holder gives to the Trustee written notice of a continuing Event of
      Default;

    

    (2) the
      Holders of at least 25% in aggregate principal amount of the then outstanding
      Securities make a written request to the Trustee to pursue the remedy;

    

    (3) such
      Holder or Holders offer to the Trustee reasonable security or indemnity to
      the
      Trustee against any loss, liability or expense;

    

    (4) the
      Trustee does not comply with the request within 60 days after receipt of the
      request and the offer of security or indemnity; 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 aggregate principal
      amount of the Securities then outstanding. 

    

    (b) No
      Holder
      of a Security shall have any right under any provision of this Indenture or
      the
      Securities to affect, disturb, or prejudice the rights of another Holder of
      a
      Security or to obtain a preference or priority over another Holder of a
      Security.

     

    Section
      7.06. Rights
      of Holders to Receive Payment and to Exchange.
      Notwithstanding any other provision of this Indenture, the right of any Holder
      of a Security to receive payment of the principal or interest in respect of
      the
      Securities held by such Holder, on or after the respective due dates expressed
      in the Securities and this Indenture (whether upon repurchase or otherwise),
      and
      to exchange such Security in accordance with Article 4, and to bring suit
      for the enforcement of any such payment on or after such respective due dates
      or
      for the right to exchange in accordance with Article 4, is absolute and
      unconditional and shall not be impaired or affected without the consent of
      the
      Holder.

     

    Section
      7.07. Collection
      Suit by Trustee.
      If an
      Event of Default described in clause (1) or (2) of Section 7.01 occurs and
      is continuing, the Trustee may recover judgment in its own name and as trustee
      of an express trust against the Issuer or another obligor on the Securities
      for
      the whole amount owing with respect to the Securities and such further amount
      as
      shall be sufficient to cover the costs and expenses of collection, including
      the
      reasonable compensation, expenses, disbursements and advances of the Trustee,
      its agents and counsel.

     

    
      
        
        

      

      
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    Section
      7.08. Trustee
      May File Proofs of Claim.
      The
      Trustee may file such proofs of claim and other papers or documents as may
      be
      necessary or advisable in order to have the claims of the Trustee (including
      any
      claim for the reasonable compensation, expenses, disbursements and advances
      of
      the Trustee, its agents and counsel) and the Holders allowed in any judicial
      proceedings relative to the Issuer or the Guarantor (or any other obligor on
      the
      Securities), its creditors or its property and shall be entitled and empowered
      to collect and receive any money or other property payable or deliverable on
      any
      such claims and to distribute the same, and any receiver in any such judicial
      proceeding is hereby authorized by each Holder to make such payments to the
      Trustee and, in the event that the Trustee shall consent to the making of such
      payments directly to the Holders, to pay to the Trustee any amount due 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 8.07, and to the extent that such payment of the reasonable
      compensation, expenses, disbursements and advances in any such proceedings
      shall
      be denied for any reason, payment of the same shall be secured by a lien on,
      and
      shall be paid out of, any and all distributions, dividends, money, securities
      and other property which the Holders may be entitled to receive in such
      proceedings, whether in liquidation or under any plan of reorganization or
      arrangement or otherwise. Nothing herein contained shall be deemed to authorize
      the Trustee to authorize or consent to, or, on behalf of any Holder, to
      authorize, accept or adopt any plan of reorganization, arrangement, adjustment
      or composition affecting the Securities or the rights of any Holder thereof,
      or
      to authorize the Trustee to vote in respect of the claim of any Holder in any
      such proceeding.

     

    Section
      7.09. Priorities.

    

    (a) If
      the
      Trustee collects any money pursuant to this Article 7, it shall pay out the
      money in the following order:

    

    (1) First,
      to
      the Trustee for amounts due under Section 8.07, including, without
      limitations, payment of all compensation, expenses and liabilities incurred,
      and
      all advances made, by the Trustee and the costs and expenses of collection;
      

    

    (2) Second,
      to Holders for amounts due and unpaid on the Securities for the principal and
      interest, as applicable, ratably, without preference or priority of any kind,
      according to such respective amounts due and payable on the Holders’ Securities;
      and 

    

    (3) Third,
      the balance, if any, to the Issuer. 

    

    (b) The
      Trustee may fix a record date and payment date for any payment to Holders
      pursuant to this Section 7.09.

     

    Section
      7.10. Undertaking
      for Costs.
      In any
      suit for the enforcement of any right or remedy under this Indenture or in
      any
      suit against the Trustee for any action taken or omitted by it as Trustee,
      a
      court in its discretion may require the filing by any party litigant in the
      suit
      of an undertaking to pay the costs of the suit, and the court in its discretion
      may assess reasonable costs, including reasonable attorneys’ fees and expenses,
      against any party litigant in the suit, having due regard to the merits and
      good
      faith of the claims or defenses made by the party litigant. This
      Section 7.10 does not apply to a suit made by the Trustee, a suit by a
      Holder pursuant to Section 7.07, or a suit by Holders of more than 25% in
      aggregate principal amount of the Securities then outstanding.

     

    
      
        
        

      

      
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    ARTICLE
      8

    TRUSTEE

     

    Section
      8.01. Obligations
      of Trustee.

    

    (a) If
      an
      Event of Default of which a Responsible Officer of the Trustee shall have actual
      knowledge has occurred and is continuing, the Trustee shall exercise such of
      the
      rights and powers vested in it by this Indenture and use the same degree of
      care
      and skill in its exercise as a prudent person would exercise or use under the
      circumstances in the conduct of his or her own affairs. 

    

    (b) Except
      during the continuance of an Event of Default of which a Responsible Officer
      of
      the Trustee shall have actual knowledge:

    

    (1) the
      Trustee need perform only those duties as are specifically set forth in this
      Indenture and no others and no implied covenants or obligations shall be read
      into this Indenture against the Trustee; and 

    

    (2) in
      the
      absence of bad faith on its part, the Trustee may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon certificates or opinions furnished to the Trustee. The Trustee, however,
      shall examine any certificates and opinions which by any provision hereof are
      specifically required to be delivered to the Trustee to determine whether or
      not
      they conform to the requirements of this Indenture, but need not confirm or
      investigate the accuracy of mathematical calculations or other facts stated
      therein. 

    

    (c) The
      Trustee may not be relieved from liability for its own grossly negligent action,
      its own grossly negligent failure to act, or its own willful misconduct, except
      that: 

    

    (1) this
      paragraph does not limit the effect of Section 8.01(b); 

    

    (2) the
      Trustee shall not be liable in its individual capacity for any error of judgment
      made in good faith by a Responsible Officer, unless it is proved that the
      Trustee was negligent in ascertaining the pertinent facts; and 

    

    (3) the
      Trustee shall not be liable in its individual capacity with respect to any
      action it takes or omits to take in good faith in accordance with a direction
      received by it pursuant to the last sentence of Section 8.01(d).

    

    (d) Subject
      to the provisions hereof relating to the Trustee’s duties in case of an Event of
      Default, the Trustee shall be under no obligation to exercise any of its rights
      or powers under the Indenture at the request or direction of any Holders then
      outstanding hereunder, unless the Holders shall have offered to the Trustee
      security or indemnity reasonably satisfactory to the Trustee against the costs,
      expenses (including reasonable attorneys’ fees and expenses) and liabilities
      that might be incurred by it in compliance with such request or direction.
      The
      Holder of not less than a majority in principal amount of the outstanding
      Securities (or of all Securities then outstanding, as the case may be) shall
      have the right to direct the time, method and place of conducting any proceeding
      for any remedy available to the Trustee, or of exercising any trust or power
      conferred upon the Trustee; provided
      that
      the
      Trustee may refuse to follow any direction which is in conflict with applicable
      law or this Indenture, or which may be unduly prejudicial to the Holders not
      joining therein.

    

    
      
        
        

      

      
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    (e) Every
      provision of this Indenture that in any way relates to the Trustee is subject
      to
      subsections (a), (b), (c), (d), (f), (g) and (h) of this Section 8.01.

    

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

    

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

    

    (h) The
      provisions of this Indenture, to the extent that they restrict the duties and
      liabilities of the Trustee otherwise existing at law or in equity, are agreed
      to
      by the Issuer and the Holders to replace such other duties and liabilities
      of
      the Trustee to the extent permitted by applicable law.

     

    Section
      8.02. Rights
      of Trustee.

    

    (a) Subject
      to Section 8.01:

    

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

    

    (2) any
      request or direction of the Issuer or the Guarantor mentioned herein shall
      be
      sufficiently evidenced by an Issuer Request or Issuer Order or Guarantor Request
      or Guarantor Order, as the case may be, and any action of the Board of Directors
      shall be sufficiently evidenced by a resolution or other evidence of action
      of
      the Guarantor. 

    

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

    

    
      
        
        

      

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

    

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

    

    (6) the
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, direction, consent, order, bond, debenture, note, other
      evidence of indebtedness or other paper or document, but the Trustee, in its
      discretion, may make such further inquiry or investigation into such facts
      or
      matters as it may see fit, and, if the Trustee shall determine to make such
      further inquiry or investigation, it shall be entitled to examine the books,
      records and premises of the Issuer and the Guarantor, personally or by agent
      or
      attorney. 

    

    (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, suffered, or omitted to be
      taken by it in good faith and reasonably believed by it to be authorized or
      within the discretion or rights or powers conferred upon it by this Indenture.
      

    

    (9) the
      Trustee shall not be deemed to have notice of any Default or Event of Default
      unless a Responsible Officer of the Trustee has actual knowledge thereof or
      unless written notice of any event which is in fact such a default is received
      by the Trustee at the Corporate Trust Office of the Trustee, and such notice
      references the Securities and this Indenture. 

    

    (10) the
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including, without limitation, its right to be indemnified, are extended to,
      and
      shall be enforceable by, the Trustee in each of its capacities hereunder,
      including, without limitation, as Paying Agent, Registrar, Securities Custodian
      and Exchange Agent.

    

    (11) the
      Trustee may request that the Issuer and/or the Guarantor deliver an Officer’s
      Certificate setting forth the names of individuals and or titles of officers
      authorized at such time to take specified actions pursuant to this Indenture,
      which Officer’s Certificate may be signed by any person authorized to sign an
      Officer’s Certificate, including any person specified as so authorized in any
      such certificate previously delivered and not superseded.

     

    
      
        
        

      

      
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    Section
      8.03. Individual
      Rights of Trustee.
      The
      Trustee in its individual or any other capacity may become the owner or pledgee
      of Securities and may otherwise deal with the Issuer or an Affiliate of the
      Issuer with the same rights it would have if it were not Trustee. Any Agent
      may
      do the same with like rights. However, the Trustee is subject to
      Sections 8.10 and 8.11.

     

    Section
      8.04. Trustee’s
      Disclaimer.
      The
      Trustee makes no representation as to the validity or adequacy of this Indenture
      or the Securities and the Trustee assumes no responsibility for their
      correctness. It shall not be accountable for the Issuer’s use of the proceeds
      from the Securities and it shall not be responsible for any statement in the
      Securities other than its certificate of authentication. 

     

    Section
      8.05. Notice
      of Default or Events of Default.
      If a
      Default or an Event of Default occurs and is continuing and if it is known
      to
      the Trustee in the manner described in Section 8.02(a)(9), the Trustee shall
      send to each Holder of a Security notice of all uncured Defaults or Events
      of
      Default known to it within 90 days after it occurs or, if later, within
      15 days after it becomes known to the Trustee. However, the Trustee may
      withhold the notice if and for so long as a committee of its Trust Officers
      in
      good faith determines that withholding notice is in the interests of Holders
      of
      Securities, except in the case of a Default or an Event of Default in payment
      of
      the principal of or interest on any Security when due or in the payment of
      any
      redemption or purchase obligation, or the Issuer’s failure to exchange
      Securities when obligated to exchange them.

     

    Section
      8.06. Reports
      by Trustee to Holders.

    

    (a) If
      a
      report would be required by Trust Indenture Act (“TIA”)
      Section 313, if this Indenture were qualified thereunder, within
      60 days after each July 15, beginning with July 15, 2008, the
      Trustee shall mail to each Holder of Securities a brief report dated as of
      such
      July 15 that complies with TIA Section 313(a). If required by TIA
      Section 313 were this Indenture qualified thereunder, the Trustee also
      shall comply with TIA Sections 313(b)(2) and (c). 

    

    (b) A
      copy of
      each report at the time of its mailing to Holders of Securities shall be mailed
      to the Issuer and the Guarantor and, to the extent required by the TIA, filed
      with the SEC, and each stock exchange, if any, on which the Securities are
      listed. The Issuer or the Guarantor shall notify the Trustee whenever the
      Securities become listed on any stock exchange or listed or admitted to trading
      on any quotation system and any changes in the stock exchanges or quotation
      systems on which the Securities are listed or admitted to trading and of any
      delisting thereof. 

     

    Section
      8.07. Compensation
      and Indemnity.

    

    (a) The
      Issuer shall pay to the Trustee from time to time pursuant to an agreement
      between the Issuer and the Trustee such compensation (as agreed to from time
      to
      time by the Issuer and the Trustee in writing) for its services (which
      compensation shall not be limited by any provision of law in regard to the
      compensation of a trustee of an express trust). The Issuer shall reimburse
      the
      Trustee upon request for all reasonable disbursements, expenses and advances
      incurred or made by it. Such expenses may include the reasonable compensation,
      disbursements and expenses of the Trustee’s agents and counsel. 

    

    
      
        
        

      

      
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    (b) The
      Issuer shall indemnify the Trustee or any predecessor Trustee (which for
      purposes of this Section 8.07 shall include its officers, directors,
      employees and agents) for, and hold it harmless against, any and all loss,
      liability or expense including taxes (other than franchise taxes and taxes
      based
      upon, measured by or determined by the income of the Trustee), incurred by
      it,
      arising out of or in connection with the acceptance or administration of its
      duties under this Indenture or any action or failure to act as authorized or
      within the discretion or rights or powers conferred upon the Trustee hereunder
      including the reasonable costs and expenses of the Trustee (including reasonable
      legal fees and expenses) in defending itself against any claim or liability
      in
      connection with the exercise or performance of any of its powers or duties
      hereunder. The Trustee shall notify the Issuer promptly of any claim asserted
      against the Trustee for which it may seek indemnity. The Issuer need not pay
      for
      any settlement effected without its prior written consent. Anything in this
      Indenture to the contrary notwithstanding, in no event shall the Trustee be
      liable for special, indirect or consequential loss or damage of any kind
      whatsoever (including but not limited to lost profits), even if the Trustee
      has
      been advised of the likelihood of such loss or damage and regardless of the
      form
      of action.

    

    (c) The
      Issuer need not reimburse the Trustee for any expense or indemnify it against
      any loss or liability incurred by it resulting from its gross negligence,
      willful misconduct or bad faith.

    

    (d) Without
      prejudice to any other rights available to the Trustee under applicable law,
      when the Trustee incurs expenses or renders services after an Event of Default
      specified in clause (8), (9) or (10) of Section 7.01 occurs, the expenses
      and the compensation for the services are intended to constitute expenses of
      administration under any bankruptcy law. The provisions of this
      Section shall survive the termination of this Indenture.

    

    (e) The
      provisions of this Section 8.07 shall survive the satisfaction and discharge
      of
      this Indenture or the resignation or removal of the Trustee.

    

    (f) To
      secure
      the Issuer’s payment obligations in this Section 8.07, the Issuer hereby grants
      to the Trustee a lien prior to the Securities on all money or property held
      or
      collected by the Trustee, other than money or property held in trust to pay
      principal and interest on particular Securities. Such lien shall survive the
      satisfaction and discharge of this Indenture or the resignation or removal
      of
      the Trustee. 

     

    Section
      8.08. Replacement
      of Trustee.

    

    (a) The
      Trustee may resign by so notifying the Issuer and the Guarantor. The Holders
      of
      a majority in aggregate principal amount of the Securities then outstanding
      may
      remove the Trustee by so notifying the Trustee, the Issuer, and the Guarantor
      and may, with the Issuer’s written consent, appoint a successor Trustee. The
      Issuer may remove the Trustee at any time, so long as no Default or Event of
      Default has occurred and is continuing, and appoint a Successor Trustee in
      accordance with this Section 8.08. 

    

    (b) If
      the
      Trustee resigns or is removed or if a vacancy exists in the office of Trustee
      for any reason, the Issuer shall promptly appoint a successor Trustee. If the
      Issuer fails to promptly appoint a successor Trustee, the Trustee shall have
      the
      right to choose a qualified Trustee as successor, and the Issuer shall appoint
      such successor as Trustee. The resignation or removal of a Trustee shall not
      be
      effective until a successor Trustee shall have delivered the written acceptance
      of its appointment as described below. 

    

    
      
        
        

      

      
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    (c) If
      a
      successor Trustee does not take office within 30 days after the retiring Trustee
      resigns or is removed, the retiring Trustee, the Issuer or the Holders of 10%
      in
      principal amount of the Securities then outstanding may petition any court
      of
      competent jurisdiction for the appointment of a successor Trustee at the expense
      of the Issuer. 

    

    (d) If
      the
      Trustee fails to comply with Section 8.10, any Holder may petition any
      court of competent jurisdiction for the removal of the Trustee and the
      appointment of a successor Trustee. 

    

    (e) A
      successor Trustee shall deliver a written acceptance of its appointment to
      the
      retiring Trustee, the Issuer, and the Guarantor. Immediately after that, the
      retiring Trustee shall transfer all property held by it as Trustee to the
      successor Trustee and be released from its obligations (exclusive of any
      liabilities that the retiring Trustee may have incurred while acting as Trustee)
      hereunder, the resignation or removal of the retiring Trustee shall become
      effective, and the successor Trustee shall have all the rights, powers and
      duties of the Trustee under this Indenture. A successor Trustee shall mail
      notice of its succession to each Holder. 

    

    (f) A
      retiring Trustee shall not be liable for the acts or omissions of any successor
      Trustee after its succession. 

    

    (g) Notwithstanding
      replacement of the Trustee pursuant to this Section 8.08, the Issuer’s
      obligations under Section 8.07 shall continue for the benefit of the
      retiring Trustee.

     

    Section
      8.09. Successor
      Trustee by Merger, Etc.
      If the
      Trustee consolidates with, merges or converts into, or transfers all or
      substantially all of its corporate trust business (including the administration
      of this Indenture) to, another corporation, the resulting, surviving or
      transferee corporation, without any further act, shall be the successor Trustee;
      provided such transferee corporation shall qualify and be eligible under
      Section 8.10. Such successor Trustee shall promptly mail notice of its
      succession to the Issuer and each Holder. 

     

    Section
      8.10. Eligibility
      of Trustee.
      There
      shall at all times be a Trustee hereunder which shall be a Person that is
      eligible pursuant to the Trust Indenture Act to act as such and has a combined
      capital and surplus of at least $50,000,000 (or if such Person is a member
      of a
      bank holding company system, its bank holding company shall have a combined
      capital and surplus of at least $50,000,000). If such Person publishes reports
      of condition at least annually, pursuant to law or to the requirements of any
      supervising or examining authority, then for the purposes of this
      Section the combined capital and surplus of such Person shall be deemed to
      be its combined capital and surplus as set forth in its most recent report
      of
      condition so published. If at any time the Trustee shall cease to be eligible
      in
      accordance with the provisions of this Section 8.10, it shall resign
      immediately in the manner and with the effect hereinafter specified in this
      Article. 

     

    Section
      8.11. Conflicting
      Interests of Trustee.
      If the
      Trustee has or shall acquire a conflicting interest within the meaning of the
      Trust Indenture Act, the Trustee shall either eliminate such interest or resign,
      to the extent and in manner provided by, and subject to the provisions of,
      the
      Trust Indenture Act and this Indenture.

     

    
      
        
        

      

      
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    Section
      8.12. Preferential
      Collection of Claims Against Issuer.
      If and
      when the Trustee shall be or become a creditor of the Issuer (or any other
      obligor upon the Securities), the Trustee shall be subject to the provisions
      of
      the Trust Indenture Act regarding the collection of the claims against the
      Issuer (or any such obligor).

    
 

    ARTICLE
      9

    SATISFACTION
      AND DISCHARGE OF INDENTURE

     

    Section
      9.01. Discharge
      of Indenture.

    

    This
      Indenture shall cease to be of further effect (except as to any surviving rights
      of exchange, registration of transfer or exchange of Securities herein expressly
      provided for and except as further provided below), and the Trustee, on demand
      of and at the expense of the Issuer, shall execute proper instruments
      acknowledging satisfaction and discharge of this Indenture, when (a) either:
      (1)
      all Securities theretofore authenticated and delivered (other than (i)
      Securities which have been destroyed, lost or stolen and which have been
      replaced or paid as provided in Section 2.07 and (ii) Securities for whose
      payment monies have theretofore been deposited in trust and thereafter repaid
      to
      the Issuer as provided in Section 9.04) have been delivered to the Trustee
      for cancellation; or (2) all such Securities not theretofore delivered to the
      Trustee for cancellation (i) have become due and payable, whether at the Final
      Maturity Date, the Change in Control Purchase Date or Repurchase Date or upon
      exchange or otherwise, or (ii) are to be called for redemption 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 Issuer, and the Issuer
      or
      the Guarantor, in the case of clause (1) or (2) above, has irrevocably deposited
      or caused to be irrevocably deposited with the Trustee a Paying Agent or the
      Exchange Agent (other than the Issuer or any of its Affiliates), as applicable,
      as trust funds in trust cash and/or shares of Common Stock (as applicable under
      the terms of the Indenture) in an amount sufficient to pay and discharge the
      entire indebtedness on such Securities not theretofore delivered to the Trustee
      for cancellation, for principal and interest to the date of such deposit (in
      the
      case of Securities which have become due and payable) or to the Final Maturity
      Date, Redemption Date, or Repurchase Date, as the case may be; provided,
      that
      there shall not exist, on the date of such deposit, an Event of Default;
provided,
      further,
      that
      such deposit 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 Issuer or the Guarantor is a party or to which the Issuer or the
      Guarantor, as the case may be, is bound; (b) the Issuer and the Guarantor
      (with respect to Guaranteed Securities) has paid or caused to be paid all other
      sums payable hereunder by the Issuer or the Guarantor, as the case may be;
      and
      (c) the Issuer has delivered to the Trustee an Officer’s Certificate
      stating that all conditions precedent herein provided for relating to the
      satisfaction and discharge of this Indenture have been complied
      with.

    

    Notwithstanding
      the satisfaction and discharge of this Indenture, the obligations of the Issuer
      to the Trustee under Section 8.07 shall survive and, if monies shall have
      been deposited with the Trustee pursuant to subclause (2) of clause (a) of
      this Section, the provisions of Sections 2.05, 2.08, 2.09, 3.05, 3.06,
      5.01, 5.02 and this Article 9 shall survive until the Securities have been
      paid in full.

     

    
      
        
        

      

      
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    Section
      9.02. Deposited
      Monies to Be Held in Trust by Trustee.
      Subject
      to Section 9.04, all monies deposited with the Trustee pursuant to
      Section 9.01 shall be held in trust for the sole benefit of the Holders,
      and such monies shall be applied by the Trustee to the payment, either directly
      or through any Paying Agent (including the Issuer or the Guarantor if acting
      as
      its own Paying Agent), to the Holders of the particular Securities for the
      payment or redemption of which such monies have been deposited with the Trustee,
      of all sums due and to become due thereon for principal and interest. All monies
      deposited with the Trustee pursuant to Section 9.01 (and held by it or any
      Paying Agent) for the payment of Securities subsequently exchanged shall be
      returned to the Issuer upon request. The Trustee is not responsible to anyone
      for interest on any deposited funds except as agreed in writing.

     

    Section
      9.03. Paying
      Agent to Repay Monies Held.

    

    Subject
      to the provisions of Section 9.04, the Trustee or a Paying Agent shall hold
      in trust, for the benefit of the holders, all monies deposited with it pursuant
      to Sections 3.01, 3.03 and 11.01 and shall apply the deposited monies in
      accordance with this Indenture and the Securities to the payment of the
      principal of and interest on the Securities.

     

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

     

    Section
      9.05. Reinstatement.
      If the
      Trustee or the Paying Agent is unable to apply any monies in accordance with
      Section 9.02 by reason of any order or judgment of any court or
      governmental authority enjoining, restraining or otherwise prohibiting such
      application, the Issuer’s obligations under this Indenture and the Securities
      shall be revived and reinstated as though no deposit had occurred pursuant
      to
      Section 9.01 until such time as the Trustee or the Paying Agent is
      permitted to apply all such monies in accordance with Section 9.02;
provided
      that if
      the Issuer makes any payment of principal of or interest on any Security
      following the reinstatement of its obligations, the Issuer shall be subrogated
      to the rights of the Holders of such Securities to receive such payment from
      the
      monies held by the Trustee or Paying Agent.

    

    
      
        
        

      

      
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    ARTICLE
      10

    AMENDMENTS;
      SUPPLEMENTS AND WAIVERS

     

    Section
      10.01. Without
      Consent of Holders.
      Without
      the consent of any Holders, the Issuer, the Guarantor and the Trustee may enter
      into an indenture to indentures supplemental hereto for any of the following
      purposes:

    

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

    

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

    

    (c) to
      add
      any additional Events of Default for the benefit of the Holders of all the
      Securities;

    

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

    

    (e) to
      permit
      or facilitate the issuance of the Securities in uncertificated form, provided
      that such action shall not adversely affect the interests of the Holders in
      any
      material respect.

    

    (f) to
      secure
      the Securities or the Guarantees;

    

    (g) to
      evidence and provide for the acceptance of appointment by a successor Trustee
      and to add to or change any of the provisions of this Indenture as is necessary
      to provide for or facilitate the administration of the trusts under this
      Indenture by more than one Trustee;

    

    (h) to
      provide for rights of Holders if any reclassification or change of Common Stock
      or any consolidation, merger or sale of all or substantially all of the property
      or assets of the Issuer or the Guarantor occurs;

    

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

    

    (j) to
      supplement any of the provisions of this Indenture to the extent necessary
      to
      defease and/or discharge the Securities under this Indenture, provided
      that the
      action shall not adversely affect the interests of the Holders in any material
      respect;

    

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

    

    
      
        
        

      

      
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    (l) to
      conform the text of this Indenture or the Securities to any provision of the
      “Description of Notes” section of the Offering Circular dated June 12, 2007
      pursuant to which the Securities were offered and sold to the extent that such
      provision in the “Description of Notes” section reflects a verbatim recitation
      of a provision of this Indenture or the Securities.

     

    Section
      10.02. With
      Consent of Holders. 

    

    (a) The
      Issuer and the Trustee may amend or supplement this Indenture or the Securities
      with the written consent of the Holders of not less than a majority in aggregate
      principal amount of the Securities then outstanding and affected by such
      amendment or supplement (voting together as a single class). However, subject
      to
      Section 10 hereof, without the written consent of each Holder affected, an
      amendment, supplement or waiver may not:

    

    (i) change
      the stated maturity of the principal of, or any installment of principal of,
      or
      interest on, the Securities;

    

    (ii) reduce
      the principal amount of, the rate of interest or the premium payable upon the
      redemption of the Securities;

    

    (iii) change
      the timing for, or reduce any amount (including accrued interest and premium,
      if
      any) payable upon, the repurchase or redemption of the Securities;

    

    (iv) change
      the currency of any payment of the Securities;

    

    (v) change
      the place of payment on the Securities;

    

    (vi) impair
      a
      holder’s right to sue for the enforcement of any payment on or with respect to
      the Securities or the delivery of the exchange value as required by this
      Indenture upon an exchange of Securities;

    

    (vii) reduce
      the percentage of principal amount of outstanding Securities necessary to modify
      or amend this Indenture, to waive compliance with certain provisions thereof
      or
      certain defaults and consequences thereunder;

    

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

    

    (ix) modify
      the provisions with respect to the rights of the Holders upon a Change in
      Control in a manner adverse to the Holders, including the Issuer’s obligation to
      repurchase the Securities following a Change in Control; or

    

    (x) adversely
      affect the rights of Holders to receive payment of shares of Common Stock or
      cash contained in Articles 3 and 4 hereof. 

    

    (b) After
      an
      amendment, supplement or waiver under this Section 10.02 becomes effective,
      the Issuer shall promptly send to the Holders affected thereby a notice briefly
      describing the amendment, supplement or waiver. Any failure of the Issuer to
      send such notice, or any defect therein, shall not, however, in any way impair
      or affect the validity of any such amendment, supplement or waiver.

    

    
      
        
        

      

      
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    (c) For
      purposes of this Indenture, Securities will be deemed outstanding if they have
      been authenticated and delivered under this Indenture unless, among other
      things, the Securities have matured or been cancelled, exchanged, redeemed
      or
      repurchased.

     

    Section
      10.03. Revocation
      and Effect of Consents. 

    

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

    

    (b) After
      an
      amendment, supplement or waiver becomes effective, it shall bind every Holder
      of
      a Security. 

     

    Section
      10.04. Notation
      on or Exchange of Securities.
      If an
      amendment, supplement or waiver changes the terms of a Security, the Trustee
      may
      require the Holder of the Security to deliver it to the Trustee. The Trustee
      may
      place an appropriate notation on the Security about the changed terms and return
      it to the Holder. Alternatively, if the Issuer or the Trustee so determines,
      the
      Issuer in exchange for the Security shall issue and the Trustee shall
      authenticate a new Security that reflects the changed terms. 

     

    Section
      10.05. Trustee
      to Sign Amendments, Etc.
      The
      Trustee shall sign any amendment or supplemental indenture authorized pursuant
      to this Article 10 if the amendment or supplemental indenture does not
      adversely affect the rights, duties, liabilities or immunities of the Trustee.
      If it does, the Trustee may, in its sole discretion, but need not sign it.
      In
      signing or refusing to sign such amendment or supplemental indenture, the
      Trustee shall be entitled to receive and, subject to Section 8.01, shall be
      fully protected in relying upon, an Opinion of Counsel stating that such
      amendment or supplemental indenture is authorized or permitted by this
      Indenture. The Issuer and the Guarantor may not sign an amendment or
      supplemental indenture until the Board of Directors approves it. 

     

    Section
      10.06. Effect
      of Supplemental Indentures.
      Upon
      the execution of any supplemental indenture under this Article 10, this
      Indenture shall be modified in accordance therewith, and such supplemental
      indenture shall form a part of this Indenture for all purposes; and every Holder
      of Securities theretofore or thereafter authenticated and delivered hereunder
      shall be bound thereby.

    

    
      
        
        

      

      
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    ARTICLE
      11

    REDEMPTION

     

    Section
      11.01. Redemption.

    

    (a) The
      Issuer shall not have the right to redeem any Securities prior to June 15,
      2014,
      except as provided in this Section 11.01(a) or Section 11.01(b). If,
      at any time, the Issuer determines it is necessary to redeem the Securities
      in
      order to preserve the Guarantor’s qualification as a real estate investment
      trust under the Internal Revenue Code of 1986, as amended (“REIT”),
      the
      Issuer, upon not less than 30 nor more than 60 days’ prior written notice
      delivered to the Holders, may redeem all of the Securities then outstanding
      at
      100% principal amount of the Securities, plus accrued and unpaid interest,
      if
      any, to the redemption date. In such case, the Issuer shall provide the Trustee
      with an Officer’s Certificate evidencing that the Board of Directors has, in
      good faith, made the determination that it is necessary to redeem the Securities
      in order to preserve the Guarantor’s qualification as a REIT for U.S. federal
      income tax purposes.

    

    (b) The
      Issuer shall have the right on or after June 15, 2012, but prior to
      June 15, 2014, upon not less than 30 nor more than 60 days’ prior written
      notice delivered to the Holders, if during any period of 30 consecutive
      Trading Days ending not later than June 15, 2014, the Closing Sale Price of
      the Common Stock is greater than or equal to 130% of the Exchange Price at
      the
      beginning of such period for at least 20 Trading Days within such period of
      30 consecutive Trading Days, to redeem all of the Securities then
      outstanding for 100% of the principal amount of the Securities to be redeemed
      plus any accrued but unpaid interest to but excluding the Redemption
      Date.

    

    (c) The
      Issuer shall have the right, at any time or from time to time, on or after
      June 15, 2014, upon not less than 30 nor more than 60 days’ prior
      written notice delivered to the Holders, to redeem the Securities in whole
      or in
      part, for 100% of the principal amount of the Securities to be redeemed plus
      any
      accrued but unpaid interest to but excluding the date of redemption set forth
      by
      the Issuer in such notice (the “Redemption
      Notice”);
      provided,
      that if
      the redemption date falls after a Regular Record Date and on or prior to the
      corresponding Interest Payment Date, the Issuer will pay the full amount of
      accrued and unpaid interest, if any (plus additional interest, if any), on
      such
      Interest Payment Date to the holder of record at the close of business on the
      corresponding Regular Record Date. 

    

    (d) In
      the
      event that the Issuer shall redeem fewer than all outstanding Securities, the
      Trustee will select the Securities redeemed on a pro rata basis, by lot, or
      by
      such other method the Trustee considers fair and appropriate or is required
      by
      the Depositary for the Securities. The Trustee shall make the selection at
      least
      30 days but not more than 60 days before the Redemption Date from Outstanding
      Securities not previously called for redemption. Securities and portions of
      the
      principal amount thereof selected for redemption shall be in integral multiples
      of $1,000. The Trustee shall notify the Issuer promptly of the Securities or
      portions of the principal amount thereof to be redeemed. If the Trustee selects
      a portion of a Security for partial redemption and a Holder exchanges a portion
      of the same Security in accordance with the provisions of Article 4 hereof
      before termination of the exchange right with respect to the portion of the
      Security so selected, the exchanged portion of such Security shall be deemed
      to
      be from the portion selected for redemption. Securities that have been exchanged
      during a selection of Securities to be redeemed shall be treated by the Trustee
      as Outstanding for the purpose of such selection.

    

    
      
        
        

      

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

    

    (f) A
      notice
      of redemption sent to the Holders of Securities to be redeemed in accordance
      with the provisions of the two preceding paragraphs shall state:

    

    (1) the
      name
      and address of the Paying Agent and Exchange Agent;

    

    (2) the
      then
      current Exchange Rate;

    

    (3) that
      Securities called for redemption may be exchanged at any time prior to the
      close
      of business on the third Business Day immediately preceding the Redemption
      Date;
      and 

    

    (4) that
      Holders who wish to exchange Securities must comply with the procedures relating
      thereto specified in Section 4.02 hereof.

    

    (g) If
      the
      Paying Agent holds funds sufficient to pay the redemption price of the
      Securities on the redemption date, then on and after such date:

    

    (i) such
      Securities will cease to be outstanding;

    

    (ii) interest
      on such Securities will cease to accrue; and

    

    (iii) all
      rights of Holders of such Securities will terminate except the right to receive
      the redemption price.

    

    (h) Any
      Security which is to be redeemed only in part shall be surrendered at an office
      or agency of the Issuer designated for that purpose pursuant to
      Section 5.01 (with, if the Issuer or the Trustee so requires, due
      endorsement by, or a written instrument of transfer in form satisfactory to
      the
      Trustee duly executed by, the Holder thereof or his attorney duly authorized
      in
      writing), and the Issuer shall execute, and the Trustee shall authenticate
      and
      make available for delivery to the Holder of such Security without service
      charge, a new Security or Securities, 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.
      Upon
      redemption, interests in Global Securities shall be reduced in accordance with
      the Applicable Procedures.

     

    
      
        
        

      

      
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    Section
      11.02. Sinking
      Fund.
      No
      sinking fund is provided for the Securities.

    
 

    ARTICLE
      12

    MISCELLANEOUS

     

    Section
      12.01. Notices.
      b)  Any
      demand, authorization notice, request, consent or communication shall be given
      in writing and delivered in person or mailed by first-class mail, postage
      prepaid, addressed as follows (confirmed by delivery in person or mail by
      first-class mail, postage prepaid, or by guaranteed overnight courier) or by
      electronic transmission to the following facsimile numbers or email
      addresses: 

    

    if
      to the
      Issuer or the Guarantor, to:

    

    399
      Park
      Avenue, 18th Floor

    New
      York,
      NY 10022

    Attention:
      Albert Tylis

    Fax:
      (212) 202-4103

    email:
      tylis@nrfc.com

    

    with
      copies to:

    

    399
      Park
      Avenue, 18th
      Floor

    New
      York,
      NY 10022

    Attention:
      Albert Tylis

    Fax:
      (212) 202-4103

    email:
      Tylis@nrfc.com

    

    Sullivan &
      Cromwell LLP

    Attention:
      William G. Farrar

    125
      Broad
      Street

    New
      York,
      NY 10004

    Fax:
      (212) 558-3588

    email:
      farrarw@sullcrom.com

    

    if
      to the
      Trustee, to:

    

    Wilmington
      Trust Company

    Rodney
      Square North

    1100
      North Market Street

    Wilmington,
      DE 19890

    Attention:
      Tom Morris

    Fax:
      302-636-4145

    email:
      tmorris@wilmingtontrust.com

    

    Such
      notices or communications shall be effective when received.

    

    (b) The
      Issuer, the Guarantor or the Trustee by notice to the other may designate
      additional or different addresses for subsequent notices or
      communications.

    

    
      
        
        

      

      
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    (c) Any
      notice or communication sent to a Holder of a Security shall be sent by
      electronic transmission or by first-class mail or delivered by an overnight
      delivery service to it at its address shown on the register kept by the Primary
      Registrar.

    

    (d) Failure
      to send a notice or communication to a Holder of a Security or any defect in
      it
      shall not affect its sufficiency with respect to other Holders of Securities.
      If
      a notice or communication to a Holder of a Security is sent in the manner
      provided above, it is duly given, whether or not the addressee receives
      it.

    

    (e) If
      the
      Issuer sends any notice to a Holder of a Security, it shall send a copy to
      the
      Trustee and each Registrar, Paying Agent and Exchange Agent.

     

    Section
      12.02. Communications
      by Holders with Other Holder.
      Holders
      of Securities may communicate with other Holders of Securities with respect
      to
      their rights under this Indenture or the Securities. The Issuer, the Trustee,
      the Registrar and any other person shall have the protection of TIA
      Section 312(c).

     

    Section
      12.03. Certificate
      and Opinion as to Conditions Precedent. 

    

    (a) Upon
      any
      request or application by the Issuer to the Trustee to take any action under
      this Indenture, the Trustee may request:

    

    (1) an
      Officer’s Certificate stating that, in the opinion of the signer, all conditions
      precedent (including any covenants, compliance with which constitutes a
      condition precedent), if any, provided for in this Indenture relating to the
      proposed action have been complied with; and

    

    (2) an
      Opinion of Counsel stating that, in the opinion of such counsel, all such
      conditions precedent (including any covenants, compliance with which constitutes
      a condition precedent) have been complied with. 

    

    (b) Each
      Officer’s Certificate with respect to compliance with a condition or covenant
      provided for in this Indenture shall include: 

    

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

    

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

    

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

    

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

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

    Section
      12.04. Record
      Date for Consent of Holders of Securities.
      The
      Issuer (or, in the event deposits have been made pursuant to Section 9.01,
      the Trustee) may set a record date for purposes of determining the identity
      of
      Holders entitled to consent to any action by consent authorized or permitted
      under this Indenture, which record date shall not be more than 30 days prior
      to
      the date of the commencement of solicitation of such action. Notwithstanding
      the
      provisions of Section 10.03, if a record date is fixed, those persons who
      were Holders of Securities at the close of business on such record date (or
      their duly designated proxies), and only those persons, shall be entitled to
      take such action by vote or consent or to revoke any vote or consent previously
      given, whether or not such persons continue to be Holders after such record
      date.

     

    Section
      12.05. Rules
      by Trustee, Paying Agent, Registrar and Exchange Agent.
      The
      Trustee may make reasonable rules (not inconsistent with the terms of this
      Indenture) for action by or at a meeting of Holders. Any Registrar, Paying
      Agent
      or Exchange Agent may make reasonable rules for its functions.

     

    Section
      12.06. Legal
      Holidays.
      A
“Legal Holiday” is a Saturday, Sunday or a day on which state or federally
      chartered banking institutions in The City of New York, New York or a place
      of
      payment are authorized or obligated to close. If a payment date is a Legal
      Holiday, payment shall be made on the next succeeding day that is not a Legal
      Holiday, and no interest shall accrue for the intervening period. If a Regular
      Record Date is a Legal Holiday, the record date shall not be
      affected. 

     

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

     

    Section
      12.08. No
      Adverse Interpretation of Other Agreements.
      This
      Indenture may not be used to interpret another indenture, loan or debt agreement
      of the Issuer or a Subsidiary of the Issuer. Any such indenture, loan or debt
      agreement may not be used to interpret this Indenture. 

     

    Section
      12.09. No
      Recourse Against Others.
      Neither
      any limited partner of the Issuer, nor any principal, stockholder, officer,
      director, or employee of any limited or general partner of the Issuer or of
      any
      successor of any limited or general partner of the Issuer has any obligation
      for
      payment of the Guarantor’s obligations under the guarantee or for any of the
      Guarantor’s obligations, covenants or agreements contained in the Guarantee or
      this Indenture. The Guarantor and its successors as general partner of the
      Issuer will only have obligations as specified under the Guarantee and this
      Indenture, and not by reason of its or their capacity as general partner of
      the
      Issuer. By accepting the Securities and the Guarantee, each Holder waives and
      releases all liability of this kind. The waiver and release are part of the
      consideration for the issuance of the Guarantee.

     

    Section
      12.10. No
      Security Interest Created.
      Nothing
      in this Indenture or in the Securities, express or implied, shall be construed
      to constitute a security interest under the Uniform Commercial Code or similar
      legislation, now in effect or hereafter enacted and made effective, in any
      jurisdiction. 

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

    Section
      12.11. Successors.
      All
      agreements of the Issuer and the Guarantor in this Indenture and the Securities
      shall bind its successor. All agreements of the Trustee in this Indenture shall
      bind its successor. 

     

    Section
      12.12. Multiple
      Counterparts.
      The
      parties may sign multiple counterparts of this Indenture. Each signed
      counterpart shall be deemed an original, but all of them together represent
      the
      same agreement. 

     

    Section
      12.13. Separability.
      If any
      provisions in this Indenture or in the Securities shall be invalid, illegal
      or
      unenforceable, the validity, legality and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby. 

     

    Section
      12.14. Table
      of Contents, Headings, Etc.
      The
      table of contents, cross-reference sheet and headings of the Articles and
      Sections of this Indenture have been inserted for convenience of reference
      only,
      are not to be considered a part hereof, and shall in no way modify or restrict
      any of the terms or provisions hereof. 

    

    

    

    ARTICLE
      13

    GUARANTEE

    Section
      13.01. Guarantee.

    

    (a) The
      Guarantor hereby unconditionally guarantees to each Holder of a Security
      authenticated and delivered by the Trustee the due and punctual payment of
      the
      principal of, any premium and interest on, such Security, whether at the Final
      Maturity Date, by acceleration, redemption, repayment or otherwise, in
      accordance with the terms of such Security and this Indenture. In case of the
      failure of the Issuer punctually to pay any such principal, premium, interest
      or
      any additional amounts, the Guarantor hereby agrees to cause any such payment
      to
      be made punctually when and as the same shall become due and payable, whether
      at
      Stated Maturity, upon acceleration, redemption, repayment or otherwise, and
      as
      if such payment were made by the Issuer. The Guarantee shall be unsecured and
      unsubordinated indebtedness of the Guarantor and rank equally with other
      unsecured and unsubordinated indebtedness of the Guarantor that is currently
      outstanding or that it may issue in the future. 

    

    (b) The
      Guarantor hereby agrees that its obligations hereunder shall be as principal
      and
      not merely as surety, and shall be absolute, irrevocable and unconditional,
      irrespective of, and shall be unaffected by, any invalidity, irregularity or
      unenforceability of any Security or this Indenture, any failure to enforce
      the
      provisions of any Guaranteed Security or this Indenture, or any waiver,
      modification, consent or indulgence granted with respect thereto by the Holder
      of such Security or the Trustee, the recovery of any judgment against the Issuer
      or any action to enforce the same, or any other circumstances which may
      otherwise constitute a legal or equitable discharge of a surety or guarantor;
      provided,
      however, that,
      notwithstanding the foregoing, no such waiver, modification or indulgence shall,
      without the consent of the Guarantor, increase the principal amount of such
      Security or the interest rate thereon or impose or increase any premium payable
      upon redemption thereof. The Guarantor hereby waives diligence, presentment,
      demand of payment, filing of claims with a court in the event of merger,
      insolvency or bankruptcy of the Issuer, any right to require a proceeding first
      against the Issuer, protest or notice with respect to any such Security or
      the
      indebtedness evidenced thereby and all demands whatsoever, and covenants that
      this Guarantee will not be discharged except by payment in full of the principal
      of, any premium and interest on, and any additional amounts required with
      respect to, the Securities and the complete performance of all other payment
      obligations contained in the Securities. 

    

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

    (c) This
      Guarantee shall continue to be effective or be reinstated, as the case may
      be,
      if at any time payment on any Security, in whole or in part, is rescinded or
      must otherwise be repaid to the Issuer or the Guarantor upon the bankruptcy,
      liquidation or reorganization of the Issuer, the Guarantor or otherwise.

    

    (d) The
      Guarantor shall be subrogated to all rights of the Holder of any Security
      against the Issuer in respect of any amounts paid to such Holder by the
      Guarantor pursuant to the provisions of this Guarantee; provided, however,
      that
      the Guarantor shall not be entitled to enforce, or to receive any payments
      arising out of or based upon, such right of subrogation until the principal
      of,
      any premium and interest on, and any additional amounts required with respect
      to, all Securities shall have been paid in full.

    

    [SIGNATURE
      PAGE FOLLOWS]

    

    
      
        
        

      

      
        73

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have hereunto set their hands as of the
      date
      and year first above written.

     

    
      	 	 	 
	 	
              NORTHSTAR
                REALTY
                FINANCE

              LIMITED
                PARTNERSHIP, as Issuer

            
	 
 	 
 	 
 
	
            	By:  	
              NorthStar
                Realty Finance Corp.,
in its capacity as general partner
                

            

       

      
        	 	 	 
	 	
                 

              
	 
 	 
 	 
 
	
              	By:  	/s/ Andrew Richardson
	 	
                
Name:
 Andrew
                Richardson
	 	Title:  
Executive
                Vice President and Chief
                Financial Officer

      

      
        	 	 	 
	 	 
	 	
                NORTHSTAR
                  REALTY
                  FINANCE CORP., as Guarantor

              
	 
 	 
 	 
 
	
              	By:  	
                /s/
                  Andrew Richardson

              
	 	
                
Name: 
Andrew
                Richardson
	 	Title:   Executive
                Vice President and Chief
                Financial Officer

      

      
        	 	 	 
	 	 	 
	 	WILMINGTON
                TRUST
                COMPANY, as Trustee
	 
 	 
 	 
 
	
              	By:  	/s/ W. Thomas Morris II
	 	
                

                Name: 
                  W. Thomas Morris II

              
	 	Title:   
                Assistant Vice - President

      

      
 

       

       

      Signature
        Page To Indenture

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT A

    

    

      [FORM
        OF
        FACE OF SECURITY]

       

      [UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
        OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
&
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE
        DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
        SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
        DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
        CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A GLOBAL SECURITY
        WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
        IN
        THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE
        FOR
        SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR
        ITS
        NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND,
        UNLESS
        AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED
        FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
        TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
        DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
        SUCH
        NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
        DEPOSITARY.]1 

       

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

       

      

       

      
        
          

        

        
          1
            Include
            this paragraph only if Security is a Global Security.

           

        

      

      
        
           

        

        
          A-1

          
            

          

        

        
           

        

      

      NORTHSTAR
        REALTY FINANCE LIMITED PARTNERSHIP

      

      7.25%
        EXCHANGEABLE SENIOR NOTES DUE 2027

      

      FULLY
        AND
        UNCONDITIONALLY GUARANTEED BY 

      NORTHSTAR
        REALTY FINANCE CORP.

       

      

        
          	
                  No. [1]

                	
                  CUSIP:
                    66705C AA0

                

        

      

       

      NORTHSTAR
        REALTY FINANCE LIMITED PARTNERSHIP, a Delaware limited partnership (the
“Issuer”,
        which
        term includes any successor Person under the Indenture referred to on the
        reverse hereof), for value received, promises to pay to ____________,
or
        registered assigns, the principal sum of ________ United States Dollars
        (U.S.$______ ) [if
        this Security is a Global Security, then insert
        - (which principal amount may from time to time be [if
        Initial Purchasers’ Option is not exercised in full on the Issue Date, then
        insert
        - increased or] decreased to such other principal amounts (which, taken together
        with the principal amounts of all other Outstanding Securities, shall not
        exceed
        [if
        Initial Purchasers’ Option is not exercised on the Issue Date, then
        insert
        - $150,000,000 as such amount may be increased but not in to an amount in
        excess
        of $172,500,000 solely as a result of the purchase of Additional Securities
        pursuant to the option granted by the Issuer in the Purchase Agreement to
        the
        Initial Purchasers] [if
        Initial Purchasers’ Option is exercised in full on the Issue Date, then
        insert
        - $172,500,000])) by adjustments made on the records of the Trustee hereinafter
        referred to in accordance with the Indenture)] on June 15, 2027 and to pay
        interest thereon, from June 18, 2007, or from the most recent Interest Payment
        Date (as defined below) to which interest has been paid or duly provided
        for,
        semi-annually in arrears on June 15 and December 15 in each year (each, an
        “Interest
        Payment Date”),
        commencing December 15, 2007, at the rate of 7.25% per annum, until the
        principal hereof is due, and at the rate of 7.25% per annum on any overdue
        principal and, to the extent permitted by law, on any overdue interest. The
        interest so payable, and punctually paid or duly provided for, on any Interest
        Payment Date will, as provided in the Indenture, be paid to the Person in
        whose
        name this Security (or one or more Predecessor Securities) is registered
        at the
        close of business on the Regular Record Date for such interest, which shall
        be
        the June 1 or December 1 (whether or not a Business Day), as the case may
        be,
        next preceding such Interest Payment Date. Except as otherwise provided in
        the
        Indenture, any such interest not so punctually paid or duly provided for
        will
        forthwith cease to be payable to the Holder on such Regular Record Date and
        may
        either be paid to the Person in whose name this Security (or one or more
        Predecessor Securities) is registered at the close of business on a Special
        Record Date for the payment of such Defaulted Interest to be fixed by the
        Issuer, notice whereof shall be given to Holders of Securities not less than
        10
        days prior to the Special Record Date, or be paid at any time in any other
        lawful manner not inconsistent with the requirements of any automated quotation
        system or securities exchange on which the Securities may be quoted or listed,
        and upon such notice as may be required by such exchange, all as more fully
        provided in the Indenture. Payment
        of the principal of and interest, if any, on the Securities shall be made
        at the
        office or agency of the Issuer maintained for that purpose or at the Corporate
        Trust Office of the Trustee in such coin or currency of the United States
        of
        America as at the time of payment is legal tender for payment of public and
        private debts; provided,
        however,
        that at
        the option of the Issuer payment of interest may be made by check mailed
        to the
        address of the Person entitled thereto as such address appears in the Register;
        provided
        further
        that a Holder with an aggregate principal amount in excess of $5,000,000
        will be
        paid by wire transfer in immediately available funds at the election of such
        Holder if such Holder has provided wire transfer instructions to the Trustee
        at
        least 10 Business Days prior to the payment date. Any wire transfer
        instructions received by the Trustee will remain in effect until revoked
        by the
        Holder.

      
        
           

        

        
          A-2

          
            

          

        

        
           

        

      

       

      Notwithstanding
        the foregoing, the aggregate principal amount of Securities that may be
        authenticated and delivered under the Indenture shall not be limited to
        $[150,000,000] [172,500,000] aggregate principal amount if the Issuer
        determines, without the consent of the Holders, to reopen the Securities
        and
        issue additional Securities with the same terms and with the same CUSIP number
        as this Security; provided
        that no
        such additional Securities may be issued unless fungible with this Security
        on
        June 18, 2007 for U.S. Federal income tax purposes. Any additional Securities
        would rank equally and ratably in right of payment with this Security on
        June
        18, 2007 and would be treated as a single series of debt securities for all
        purposes under the Indenture.

       

      Interest
        on this Security will be based on a 360-day year consisting of twelve 30-day
        months. If any Interest Payment Date (other than an Interest Payment Date
        coinciding with the Final Maturity Date or Redemption Date or Repurchase
        Date)
        of this Security falls on a day that is not a Business Day, such Interest
        Payment Date will be postponed until the next succeeding Business Day. If
        the
        Final Maturity Date, Redemption Date or Repurchase Date of this Security
        would
        fall on a day that is not a Business Day, the required payment of interest,
        if
        any, and principal will be made on the next succeeding Business Day and no
        interest on such payment will accrue for the period from and after the Final
        Maturity Date, Redemption Date or Repurchase Date to such next succeeding
        Business Day. 

       

      Unless
        the certificate of authentication hereon has been executed by the Trustee
        referred to on the reverse hereof by the manual signature of one of its
        authorized signatories, this Security shall not be entitled to any benefit
        under
        the Indenture or be valid or obligatory for any purpose.

       

      This
        Security is exchangeable as specified on the reverse hereof.

       

      As
        provided in the Indenture, the obligations of the Issuer under the Indenture
        and
        this Security are fully and unconditionally guaranteed pursuant to the
        Guarantees endorsed hereon as provided in the Indenture. Each Holder, by
        holding
        this Security, agrees to all of the terms and provisions of said Guarantees
        and
        the Indenture. 

       

      Reference
        is hereby made to the further provisions of this Security set forth on the
        reverse hereof, which further provisions shall for all purposes have the
        same
        effect as if set forth at this place. 

       

       

       

      SIGNATURE
        PAGE FOLLOWS

       

      
        
           

        

        
          A-3

          
            

          

        

        
           

        

      

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

      
        	 	 	 
	 	NORTHSTAR
                REALTY
                FINANCE
                LIMITED PARTNERSHIP
	 	 
	 	
                By:
                  NorthStar Realty Finance Corp.,

                its
                  General Partner 

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name:
                  Albert Tylis

                Title:
                  Executive Vice-President and General Counsel

              
	 	 

      

       

      

      
        Dated:
          June 18, 2007

      

       

      Trustee’s
        Certificate of Authentication: This is one of the Securities referred to
        in the
        within-mentioned Indenture.

       

      Wilmington
        Trust Company, as Trustee

       

      

       

      By:
        

      
        
          

        

      

      Authorized
        Signatory

       

      
        
           

        

        
          A-4

          
            

          

        

        
           

        

      

      [FORM
        OF
        REVERSE SIDE OF SECURITY]

       

      NORTHSTAR
        REALTY FINANCE LIMITED PARTNERSHIP

      

      7.25%
        EXCHANGEABLE SENIOR NOTES DUE 2027

      

      FULLY
        AND
        UNCONDITIONALLY GUARANTEED 

      BY
        NORTHSTAR REALTY FINANCE CORP.

      

       

      This
        Security is one of a duly authorized issue of securities of the Issuer
        designated as its “7.25% Exchangeable Senior Notes due June 15, 2027” (herein
        called the “Securities”),
        limited in aggregate principal amount not to exceed [if
        no Additional Securities are issued on the Issue Date
        -- U.S.
        $150,000,000, as such amount may be increased, but not to an amount in excess
        of
        $172,500,000, solely as a result of the purchase of Additional Securities
        pursuant to the option granted by the Issuer in the Purchase Agreement to
        the
        several Initial Purchasers, issued and to be issued] [if
        all Additional Securities are issued on the Issue Date
        - U.S.
        $172,500,000 issued] under an Indenture, dated as of June 18, 2007, (herein
        called the “Indenture”),
        between the Issuer, NorthStar Realty Finance Corp., as Guarantor (the
“Guarantor”),
        and
        Wilmington Trust Company, a Delaware banking corporation, as Trustee (herein
        called the “Trustee,”
which
        term includes any successor trustee under the Indenture), to which Indenture
        and
        all indentures supplemental thereto reference is hereby made for a statement
        of
        the respective rights, limitations of rights, duties and immunities thereunder
        of the Issuer, the Guarantor, the Trustee and the Holders of the Securities
        and
        of the terms upon which the Securities are, and are to be, authenticated
        and
        delivered. As provided in the Indenture and subject to certain limitations
        therein set forth, Securities are exchangeable for a like aggregate principal
        amount of Securities of any authorized denominations as requested by the
        Holder
        surrendering the same upon surrender of the Security or Securities to be
        exchanged, at the Corporate Trust Office of the Trustee. Upon such surrender
        by
        the Holder, the Issuer will issue and the Trustee will authenticate the new
        Securities in the requested denominations. Terms used herein without definition
        and which are defined in the Indenture have the meanings assigned to them
        in the
        Indenture.

       

      
        	
                1.

              	
                PAYING
                  AGENT, EXCHANGE AGENT AND
                  REGISTRAR

              

      

       

      Initially,
        the Trustee shall act as Paying Agent, Exchange Agent and Registrar of the
        Securities. The Issuer hereby initially designates the Corporate Trust Office
        of
        the Trustee in Wilmington, Delaware as the office to be maintained by it
        where
        this Security may be presented for payment, registration of transfer or
        exchange, where notices or demands to or upon the Issuer in respect of this
        Security or the Indenture may be served and where the Securities may be
        surrendered for exchange in accordance with the provisions of paragraph 6
        hereof
        and the Indenture.

       

      
        	
                2.

              	
                REDEMPTION
                  BY THE ISSUER

              

      

       

      The
        Issuer shall not have the right to redeem any Securities prior to June 15,
        2014,
        except as provided in this paragraph. If, (i) at any time, the Issuer determines
        it is necessary to redeem the Securities in order to preserve the qualification
        of the Guarantor as a real estate investment trust under the Internal Revenue
        Code of 1986, as amended, or (ii) on or after June 15, 2012 but prior to
        June
        15, 2014, during any period of 30 consecutive trading days ending not later
        than
        June 15, 2014, the closing sale price of a share of the Guarantor’s common stock
        is greater than or equal to 130% of the exchange price at the beginning of
        such
        period for at least 20 trading days within such period of 30 consecutive
        trading, the Issuer may redeem all of the Securities then outstanding at
        100% of
        the principal amount of the Securities, plus accrued and unpaid interest,
        if
        any, to but excluding the Redemption Date. On or after June 15, 2014, the
        Issuer
        will have the right, at any time or from time to time, to redeem the Securities,
        in whole or in part, at 100% of the principal amount of the Securities, plus
        accrued and unpaid interest to but excluding the Redemption Date. 

      
        
           

        

        
          A-5

          
            

          

        

        
           

        

      

       

      Notice
        of
        redemption at the option of the Issuer shall be mailed at least 30 days but
        not
        more than 60 days before the Redemption Date to each Holder of Securities
        to be
        redeemed at the Holder’s registered address. Securities in denominations larger
        than $1,000 principal amount may be redeemed in part but only in integral
        multiples of $1,000 principal amount.

       

      
        	
                3.

              	
                REPURCHASE
                  AT OPTION OF HOLDER

              

      

       

      (a) If
        a
        Change in Control occurs at any time prior to June 15, 2014, a Holder shall
        have
        the right, at such Holder’s option and subject to the terms and conditions of
        the Indenture, to require the Issuer to repurchase all or any of such Holder’s
        Securities having a principal amount equal to $1,000 or an integral multiple
        thereof on the date (the “Change
        in Control Purchase Date”)
        specified by the Issuer in the Issuer Notice (which date shall be no earlier
        than 30 days and no later than 40 days after the date of such Issuer Notice)
        for
        cash equal to the 100% of the principal amount of the Securities to be
        repurchased plus unpaid interest accrued thereon to but excluding the Change
        in
        Control Purchase Date (the “Change
        in Control Purchase Price”)
        by
        delivering a Change in Control Purchase Price Notice to the Trustee or any
        Paying Agent no later than the close of business on the second business day
        prior to the Change in Control Purchase Date.

       

      (b) On
        each
        of June 15, 2012, June 15, 2014, June 15, 2017 and June 15, 2022, Holders
        of the
        Notes shall have the right to require the Issuer to repurchase all or a portion
        of their Securities at 100% of the principal amount thereof plus accrued
        and
        unpaid interest, if any, to but excluding the Repurchase Date by delivering
        a
        Repurchase Notice to the Paying Agent no earlier than the opening of business
        on
        the date that is 60 Business Days prior to the relevant Repurchase Date and no
        later than the close of business on the third Business Day prior to the relevant
        Repurchase Date . 

       

      (c) Holders
        have the right to withdraw any Repurchase Notice by delivery to the Paying
        Agent
        of a written notice of withdrawal in accordance with the provisions of the
        Indenture. A Change in Control Purchase Price notice is irrevocable and may
        not
        be withdrawn.

       

      (d) If
        the
        Paying Agent holds, in accordance with the terms of the Indenture, money
        sufficient to pay the Change in Control Purchase Price or Repurchase Price
        of
        such Securities on the Change in Control Purchase Date, the Repurchase Date
        or
        the Business Day following any such date, then, on and after such date and
        set
        forth in the Indenture, such Securities shall cease to be Outstanding and
        interest on such Securities shall cease to accrue, and all other rights of
        the
        Holder shall terminate (other than the right to receive the Change in Control
        Purchase Price or Repurchase Price upon delivery or transfer of the
        Securities).

      
        
           

        

        
          A-6

          
            

          

        

        
           

        

      

       

      
        	
                4.

              	
                EXCHANGE
                  OF SECURITY FOR COMMON STOCK

              

      

       

      The
        Securities shall be exchangeable into the consideration specified in the
        Indenture at such times, upon compliance with such conditions and upon the
        terms
        set forth in the Indenture.

       

      The
        initial Exchange Rate shall be 59.1935 shares of Common Stock per $1,000
        principal amount of Securities, subject to adjustment in certain circumstances
        as specified in the Indenture. Securities tendered for exchange by a Holder
        after the close of business on any Regular Record Date for an interest payment
        and on or prior to the corresponding Interest Payment Date must be accompanied
        by payment of an amount equal to the interest that such Holder is to receive
        on
        such Securities on such Interest Payment Date; provided,
        however,
        that no
        such payment of interest shall be required (1) if such Securities have been
        called for redemption on a Redemption Date that is after such Regular Record
        Date and on or prior to such Interest Payment Date, (2) in connection with
        a Change in Control and the Issuer has specified a Change in Control Purchase
        Date that is after such Regular Record Date and prior to such Interest Payment
        Date, (3) if the Regular Record Date is the last Regular Record Date prior
        to Maturity of the Securities or (4) with respect to overdue interest if
        any overdue interest exists at the time of exchange with respect to such
        notes.

       

      To
        exchange the Securities, a Holder must (a) complete and manually sign the
        Exchange Notice on the reverse of the Security (or complete and manually
        sign a
        facsimile of such notice) and deliver such notice to the Exchange Agent at
        the
        office maintained by the Exchange Agent for such purpose, (b) with respect
        to Securities that are in certificated form, surrender the Securities to
        the
        Exchange Agent, (c) furnish appropriate endorsements and transfer documents
        if required by the Exchange Agent and (d) pay any transfer or similar tax,
        if required. The date on which the Holder satisfies all such requirements
        shall
        be deemed to be the date on which the applicable Securities shall have been
        tendered for exchange. [If
        this Security is a Global Security then include
        -- A
        holder of a beneficial interest in a Global Security must comply with the
        Applicable Procedures of the Depositary in connection with an
        exchange.]

       

      If
        the
        Holder has delivered a Repurchase Notice requiring the Issuer to repurchase
        all
        or a portion of this Security pursuant to paragraph 3 hereof, then this Security
        (or portion hereof subject to such Repurchase Notice) may be exchanged only
        if
        the Repurchase Notice is withdrawn in accordance with the terms of the
        Indenture. If a Holder has delivered a Change in Control Purchase notice
        requiring the Issuer to repurchase all or a portion of this Security pursuant
        to
        paragraph 3 hereof then this Security (or portion hereof subject to such
        Change
        in Control Purchase notice) may not be exchanged. 

       

      
        	
                5.

              	
                RANKING

              

      

       

      The
        Securities are senior unsecured obligations of the Issuer and shall rank
        equally
        in right of payment with all other senior unsecured indebtedness of the Issuer
        from time to time outstanding. 

      
        
           

        

        
          A-7

          
            

          

        

        
           

        

      

       

      
        	
                6.

              	
                DENOMINATIONS;
                  TRANSFER; EXCHANGE

              

      

       

      (a) This
        Security is issuable only in fully registered in denominations of $1,000
        and
        integral multiples thereof. This Security may be exchanged for a like aggregate
        principal amount of Securities of other authorized denominations at the
        Corporate Trust Office of the Trustee or in the manner and subject to the
        limitations provided herein and in the Indenture, but without the payment
        of any
        charge except for any tax or other governmental charge imposed in connection
        therewith. Upon due presentment for registration of transfer of this Security
        at
        the Corporate Trust Office of the Trustee, one or more new Securities of
        authorized denominations in an equal aggregate principal amount will be issued
        to the transferee in exchange therefor, and bearing such restrictive legends
        as
        may be required by the Indenture, but without payment of any charge except
        for
        any tax or other governmental charge imposed in connection therewith. In
        the
        event of any redemption in part, the Issuer shall not be required to: (i)
        issue
        or register the transfer or exchange of any Security during a period beginning
        at the opening of business 15 days before any selection of Securities for
        redemption and ending at the close of business on the earliest date on which
        the
        relevant notice of redemption is deemed to have been given to all Holders
        of
        Securities to be so redeemed, or (ii) register the transfer or exchange of
        any
        Security so selected for redemption, in whole or in part, except the unredeemed
        portion of any Security being redeemed in part.

       

      [The
        following paragraph shall appear in each Global Security:

       

      In
        the event of a deposit or withdrawal of an interest in this Security, including
        an exchange, transfer, redemption, or repurchase of this Security in part
        only,
        the Trustee, as custodian of the Depositary, shall make an adjustment on
        its
        records to reflect such deposit or withdrawal in accordance with the Applicable
        Procedures.]

       

      [The
        following paragraph shall appear in each Security that is not a Global
        Security:

       

      In
        the event of redemption, repurchase or exchange of this Security in part
        only, a
        new Security or Securities for the unredeemed, unrepurchased or unexchanged
        portion hereof will be issued in the name of the Holder hereof.]

       

      
        	
                7.

              	
                PERSONS
                  DEEMED OWNERS

              

      

       

      The
        Holder of this Security may be treated as the owner of this Security for
        all
        purposes, and none of the Issuer, the Guarantor or the Trustee nor any
        authorized agent of the Issuer, the Guarantor or the Trustee shall be affected
        by any notice to the contrary, except as required by law.

       

      
        	
                8.

              	
                ADDITIONAL
                  RIGHTS OF HOLDERS

              

      

       

      In
        addition to the rights provided to Holders of Securities under the Indenture
        and
        the Guarantee endorsed hereon, the Holder of this Security is entitled to
        the
        benefits of a Registration Rights Agreement, dated as of June 18, 2007 (the
        “Registration
        Rights Agreement”)
        among
        the Company, the Guarantor and the Initial Purchasers with respect to resales
        of
        the shares of Common Stock, if any, issuable upon exchange of the Securities.
        A
        copy of the Registration Rights Agreement is available to any Holder of
        Securities upon request to the Issuer.

      
        
           

        

        
          A-8

          
            

          

        

        
           

        

      

       

      If
        a
        Registration Default, as defined in the Registration Rights Agreement, occurs
        and is continuing during a period of time that the Securities are exchangeable
        for shares of Common Stock, liquidated damages consisting solely of additional
        interest (“Liquidated
        Damages”)
        will
        be paid to Holders entitled to interest payments on such dates semi-annually
        in
        arrears on each Interest Payment Date and will accrue from and including
        the day
        following such Registration Default to but excluding the day on which such
        Registration Default has been cured at a rate per annum equal to one-quarter
        of
        one percent (0.25%) of the outstanding principal amount of the Securities
        to and
        including the 90th day following such Registration Default and at a rate
        per
        annum equal to one-half of one percent (0.50%) of the outstanding principal
        amount thereof from and after the 91st day following such Registration Default.
        

       

      In
        no
        event will any additional interest on the Securities exceed the rate per
        annum
        of one-half of one percent (0.50%) of the outstanding principal amount thereof.
        The Issuer will not pay Liquidated Damages on any Security after it has been
        exchanged for the shares of Common Stock. If a Security ceases to be outstanding
        during any period for which additional interest is accruing, the Issuer will
        prorate the Liquidated Damages to be paid with respect to that Security.
        

       

      Whenever
        in this Security there is a reference, in any context, to the payment of
        the
        principal of, premium, if any, or interest on, or in respect of, any Security,
        such mention shall be deemed to include mention of the payment of Liquidated
        Damages payable as described in the preceding paragraph to the extent that,
        in
        such context, Liquidated Damages are, were or would be payable in respect
        of
        such Security and express mention of the payment of Liquidated Damages (if
        applicable) in any provisions of this Security shall not be construed as
        excluding Liquidated Damages in those provisions of this Security where such
        express mention is not made.

       

      
        	
                9.

              	
                MODIFICATION
                  AND AMENDMENT; WAIVER

              

      

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the rights and obligations of the Issuer
        and the
        Guarantor and the rights of the Holders of the Securities under the Indenture
        at
        any time by the Issuer, the Guarantor and the Trustee with the consent of
        the
        Holders of a majority in the aggregate principal amount of all Outstanding
        Securities affected thereby (voting together as a single class). The Indenture
        also provides that certain amendments or modifications may not be made without
        the consent of each Holder to be affected thereby. Furthermore, provisions
        in
        the Indenture permit the Holders of a majority in the aggregate principal
        amount
        of the Outstanding Securities of any series, in certain instances, to waive,
        on
        behalf of all of the Holders of Securities of such series, certain past defaults
        under the Indenture and their consequences. Any such waiver by the Holder
        of
        this Security shall be conclusive and binding upon such Holder and upon all
        future Holders of this Security and other Securities issued upon the
        registration of transfer hereof or in exchange hereof, or in lieu hereof,
        whether or not notation of such consent or waiver is made upon this
        Security.

      
        
           

        

        
          A-9

          
            

          

        

        
           

        

      

       

      
        	
                10.

              	
                DEFAULTS
                  AND REMEDIES

              

      

       

      (a) The
        Indenture sets forth events that constitute an Event of Default under the
        Indenture. If an Event of Default shall occur and be continuing, there may
        be
        declared due and payable the principal amount (together with accrued and
        unpaid
        interest) on the Securities in the manner and with the effect provided in
        the
        Indenture. If certain bankruptcy or insolvency events occur and continue
        with
        respect to the Issuer, the Guarantor, or certain Subsidiaries of the Issuer
        or
        the Guarantor, the Securities shall automatically become due and payable
        in
        accordance with the terms of the Indenture.

       

      (b) Notwithstanding
        anything in paragraph (a) of this section, to the extent elected by the Issuer,
        the sole remedy for an Event of Default relating to the failure by the Issuer
        to
        comply with the obligation to provide certain reports as set forth in Section
        5.03(b) of the Indenture, will for the first 60 days after the occurrence
        of
        such an Event of Default, consist exclusively of the right for Holders to
        receive additional interest on the Securities equal to 0.25% per annum of
        the
        outstanding principal amount of the Securities. If the Issuer so elects,
        such
        additional interest will be payable in the same manner and on the same dates
        as
        the stated interest payable on the Securities. The additional interest will
        accrue on all outstanding Securities from and including the date on which
        such
        Event of Default first occurs to but not including the 60th day thereafter
        (or
        such earlier date on which such Event of Default shall have been cured or
        waived). On such 60th day after such Event of Default (if the Event of Default
        relating to such obligation is not cured or waived prior to such 60th day),
        the
        Securities will be subject to acceleration as provided above. In the event
        the
        Issuer does not elect to pay the additional interest upon such Event of Default
        in accordance with this paragraph, the Securities will be subject to
        acceleration as provided above.

       

      (c) In
        order
        to elect to pay the additional interest in accordance with paragraph (b)
        of this
        section, the Issuer must notify all Holders, the Trustee and the Paying Agent
        of
        such election. Upon the failure of the Issuer to give timely such notice
        or pay
        the additional interest specified in paragraph (b) of this section, the
        Securities will be subject immediately to acceleration as provided in paragraph
        (a) of this section.

       

      
        	
                11.

              	
                WITHOLDING

              

      

       

      To
        the
        extent the Issuer determines in its sole discretion that the Issuer is required
        to withhold any taxes with respect to a deemed payment or distribution with
        respect to this Security on account of an adjustment to the Exchange Rate,
        the
        Issuer shall withhold such amount from payments otherwise due hereunder to
        the
        Holder of such Security and report such withholding to the Holder if and
        as
        required by law. Any amount withheld by the Issuer pursuant to
        Section 5.01(c) of the Indenture with respect to this Security shall be
        treated for all purposes of the Indenture and this Security as if it had
        been
        paid directly to the Holder hereof.

       

      
        	
                12.

              	
                TRUSTEE
                  DEALINGS WITH THE ISSUER AND THE
                  GUARANTOR

              

      

       

      The
        Trustee in its individual or any other capacity may become the owner or pledgee
        of Securities and may otherwise deal with the Issuer, the Guarantor or an
        Affiliate of the Issuer or the Guarantor with the same rights it would have
        if
        it were not Trustee. Any Agent may do the same with like rights.

      
        
           

        

        
          A-10

          
            

          

        

        
           

        

      

       

      
        	
                13.

              	
                CALCULATIONS
                  IN RESPECT OF THE SECURITIES

              

      

       

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

       

      
        	
                14.

              	
                GOVERNING
                  LAW

              

      

       

      The
        Indenture and this Security shall be governed by and construed in accordance
        with the internal laws of the State of New York.

       

      
        
           

        

        
          A-11

          
            

          

        

        
           

        

      

      ASSIGNMENT
        FORM

       

      To
        assign
        this Security, fill in the form below:

       

      I
        or we
        assign and transfer this Security to 

       

      
        
          

        

      

      (Insert
        assignee’s soc. sec. or tax I.D. no.)

       

      
        
          

        

        
          

        

        
          

        

      

      (Print
        or
        type assignee’s name, address and zip code)

       

      and
        irrevocably appoint

       

      
        
          

        

      

      

      agent
        to
        transfer this Security on the books of the Issuer. The agent may substitute
        another to act for him or her.

       

      
        	 	 	 	 
	 	 	 	Your
                Signature
	Date:	  	 	  
	 	 	 	(Sign
                exactly as your name appears on the other side of this
                Security) 

      

       

      *
        Signature guaranteed by:

       

      By:
        

      
        
          

        

      

       

      
        
          

        

      

      
        	
                *

              	
                The
                  signature must be guaranteed by an institution which is a member
                  of one of
                  the following recognized signature guaranty programs: (i) the Securities
                  Transfer Agent Medallion Program (STAMP); (ii) the New York Stock
                  Exchange
                  Medallion Program (MSP); (iii) the Stock Exchange Medallion Program
                  (SEMP); or (iv) such other guaranty program acceptable to the
                  Trustee.

              

      

       

      
        
           

        

        
          A-12

          
            

          

        

        
           

        

      

      ELECTION
        OF HOLDER TO REQUIRE REPURCHASE

       

      (1) Pursuant
        to Article 3 of the Indenture, the undersigned hereby elects to have this
        Security repurchased by the Issuer.

       

      (2) The
        undersigned hereby directs the Trustee or the Issuer to pay it or ______________
        an amount in cash equal to 100% of the principal amount to be repurchased
        (less
        any cash payments) (as set forth below) plus interest accrued to, but excluding,
        the Repurchase Date, as provided in the Indenture.

       

      Dated:

       

      
        
          

        

         

        
          

        

      

      Signature(s)

       

      Signature(s)
        must be guaranteed by an Eligible 

      Guarantor
        Institution with membership in an

      approved
        signature guarantee program pursuant

      to
        Rule 17Ad-15 under the Securities Exchange

      Act
        of 1934.

      

      
        
          

        

      

      Signature
        Guaranteed

       

      Principal
        amount to be repurchased (at least

      U.S.
        $1,000 or an integral multiple of $1,000

      in
        excess thereof): ____________________

      

      Remaining
        principal amount following such

      repurchase
        (not less than U.S. $1,000):

      ______________

       

      NOTICE:
        The signature to the foregoing Election must correspond to the Name as written
        upon the face of this Security in every particular, without alteration or
        any
        change whatsoever.

       

      
        
           

        

        
          A-13

          
            

          

        

        
           

        

      

      EXCHANGE
        NOTICE

       

      To
        exchange this Security for Common Stock of the Guarantor, check the
        box:

       

      To
        exchange only part of this Security for Common Stock of the Guarantor, state
        the
        principal amount to be exchanged (must be $1,000 or an integral multiple
        of
        $1,000):
        $              .

       

      The
        undersigned Holder of this Security hereby irrevocably exercises the option
        to
        exchange this Security, or any portion of the principal amount hereof (which
        is
        U.S. $1,000 or an integral multiple of U.S. $1,000 in excess thereof,
provided
        that the unconverted portion of such principal amount is U.S. $1,000 or any
        integral multiple of U.S. $1,000 in excess thereof) below designated, into
        shares of Common Stock in accordance with the terms of the Indenture referred
        to
        in this Security, and directs that such shares, together with a check in
        payment
        for any fractional share and any Securities representing any unconverted
        principal amount hereof, be delivered to and be registered in the name of
        the
        undersigned unless a different name has been indicated below. If shares of
        Common Stock or Securities are to be registered in the name of a Person other
        than the undersigned, the undersigned will pay all transfer taxes payable
        with
        respect thereto.

       

      If
        you
        want the stock certificate made out in another person’s name, fill in the form
        below:

       

      
        
          

        

      

      (Insert
        assignee’s soc. sec. or tax I.D. no.)

       

      
        

      

      
        

      

      
        
 (Print
        or
        type assignee’s name, address and zip code)

      
         

        
          	 	 	 	 
	 	 	 	Your
                  Signature
	Date:	  	 	  
	 	 	 	(Sign
                  exactly as your name appears on the other side of this
                  Security) 

        

         

        *
          Signature guaranteed by:

         

        By:
          

        
          
            

          

        

         

        
          
            

          

          
            	
                    *

                  	
                    The
                      signature must be guaranteed by an institution which is a member
                      of one of
                      the following recognized signature guaranty programs: (i) the
                      Securities
                      Transfer Agent Medallion Program (STAMP); (ii) the New York
                      Stock Exchange
                      Medallion Program (MSP); (iii) the Stock Exchange Medallion
                      Program
                      (SEMP); or (iv) such other guaranty program acceptable to the
                      Trustee.

                  

          

        

        
           

        

      

      
        
           

        

        
          A-14

          
            

          

        

        
           

        

      

      SCHEDULE
        OF EXCHANGES OF SECURITIES

       

      The
        following exchanges, redemptions or purchases of a part of this Global Security
        have been made:

       

      
        	
                Principal
                  Amount of this Global Security Following Such Decrease Date of
                  Exchange
                  (or Increase)

              	 	
                Authorized
                  Signatory of Securities Custodian

              	 	
                Amount
                  of Decrease in Principal Amount of this Global
                  Security

              	 	
                Amount
                  of Increase in Principal Amount of this Global
                  Security

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

      

      

      
        
           

        

        
          A-15

          
            

          

        

        
           

        

      

      CERTIFICATE
        TO BE DELIVERED UPON EXCHANGE OR REGISTRATION

      OF
        TRANSFER OF RESTRICTED SECURITIES

       

      Re:      7.25%
        Exchangeable Senior Notes due 2027 (the “Securities”) of NorthStar Realty
        Finance Limited Partnership.

       

      This
        certificate relates to $        
principal amount of Securities owned in (check applicable box) □
        book-entry or □
        definitive form by
                          
(the “Transferor”).

       

      The
        Transferor has requested a Registrar or the Trustee to exchange or register
        the
        transfer of such Securities.

       

      In
        connection with such request and in respect of each such Security, the
        Transferor does hereby certify that the Transferor is familiar with transfer
        restrictions relating to the Securities as provided in Section 2.14 of the
        Indenture dated as of June 18, 2007 among NorthStar Realty Finance Limited
        Partnership, as Issuer, NorthStar Realty Finance Corp., as Guarantor, and
        Wilmington Trust Company, as trustee (the “Indenture”), and the transfer of such
        Security is being made pursuant to (check applicable box): 

       

      
        	
                _______

              	
                Such
                  Security is being acquired for the Transferor’s own account, without
                  transfer.

              

      

       

      
        	
                _______

              	
                Such
                  Security is being transferred to the Issuer, the Guarantor or a
                  Subsidiary
                  (as defined in the Indenture) of the Issuer or the
                  Guarantor.

              

      

       

      
        	
                _______

              	
                Such
                  Security is being transferred to a person the Transferor reasonably
                  believes is a “qualified institutional buyer” (as defined in Rule 144A or
                  any successor provision thereto (“Rule 144A”) under the Securities Act)
                  that is purchasing for its own account or for the account of a
“qualified
                  institutional buyer”, in each case to whom notice has been given that the
                  transfer is being made in reliance on such Rule 144A, and in each
                  case in
                  reliance on Rule 144A.

              

      

       

      
        
           

        

        
          A-16

          
            

          

        

        
           

        

      

      The
        Transferor acknowledges and agrees that, if the transferee will hold any
        such
        Securities in the form of beneficial interests in a Global Security, then
        such
        transfer can only be made pursuant to Rule 144A under the Securities Act
        and
        such transferee must be a “qualified institutional buyer” (as defined in Rule
        144A).

       

      The
        Transferor hereby acknowledges and agrees that its obligation to indemnify
        the
        Issuer, the Guarantor and the Trustee under the Indenture against any liability
        that may result from the transfer described herein being in violation of
        the
        Indenture and/or applicable United States federal or state securities laws
        shall
        survive the transfer described herein.

       

       

        	 	 	 	 
	Date:
	 	 	 
                
	
                
                  

                

              	 	 	(Insert
                Name of Transferor)

      

       

       

      
 

    

    

    
      
        
        

      

      
        A-17

        
          

        

      

      
        
        

      

    

    EXHIBIT B

    
      
[FORM
      OF
      GUARANTEE]

    
       

      GUARANTEE

       

      For
        value
        received, NorthStar Realty Finance Corp. (the “Guarantor”) hereby fully and
        unconditionally guarantees the cash payments in United States dollars of
        principal of and interest on the Security on which this Guarantee is endorsed
        in
        the amounts and at the time when due and interest on the overdue principal
        and
        interest, if any, on this Security, if lawful, and the payment of all other
        obligations of the NorthStar Realty Finance Limited Partnership (the “Issuer”)
        under the Indenture or the Security, to the Holder of this Security and the
        Trustee, all in accordance with and subject to the terms and limitations
        of this
        Security, Article 13 of the Indenture and this Guarantee. This Guarantee
        will become effective in accordance with Article 13 of the Indenture and
        its terms shall be evidenced therein. Capitalized terms used but not defined
        herein shall have the meanings ascribed to them in the Indenture, dated as
        of
        June 18, 2007, by and among the Issuer, the undersigned, as Guarantor, and
        Wilmington Trust Company, as Trustee, as amended or supplemented (the
“Indenture”).

       

      The
        obligations of the undersigned to the Holder of this Security and to the
        Trustee
        pursuant to the Guarantee and the Indenture are expressly set forth in
        Article 13 of the Indenture and reference is hereby made to the Indenture
        for the precise terms and limitations of the Guarantee and all of the other
        provisions of the Indenture to which this Guarantee relates. Each Holder
        of the
        Security to which this Guarantee is endorsed, by accepting such Security,
        agrees
        to and shall be bound by such provisions.

       

      This
        Guarantee shall be an unsecured and unsubordinated obligation of the Guarantor
        and rank equally with other unsecured and unsubordinated indebtedness of
        the
        Guarantor that is currently outstanding or that it may issue in the
        future.

       

      This
        Guarantee shall not be valid or obligatory for any purpose until the certificate
        of authentication on the Security upon which this Guarantee is endorsed shall
        be
        been executed by the Trustee under the Indenture by manual
        signature.

       

      THIS
        GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
        THE
        STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
        LAW.

       

      This
        Guarantee is subject to release upon the terms set forth in the
        Indenture.

       

      [Signature
        Page Follows]

       

      

       

      
        
           

        

        
          B-1

          
            

          

        

        
           

        

      

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

      Dated:  June
        18, 2007

      
        	 	 	 
	 	NORTHSTAR
                REALTY
                FINANCE CORP.
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name: Albert
                Tylis
                
                Title:   Executive
                  Vice-President and General Counsel

              
	 	 

      

       

       

    

     

    
      
        
        

      

      
        B-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]