Document:

exhibit10_1.htm

    Exhibit
10.1

    

    THE
READER’S DIGEST ASSOCIATION, INC.

    READER’S
DIGEST ROAD

    PLEASANTVILLE,
NY  10570-7000

    

    

    TODD C.
McCARTY                                                                                                                                                    TELEPHONE: (914)
244-5175

    Senior Vice
President                                                                                                                                                               FAX:  (914)
244-7944

    Global Human
Resources                                                                                                                                                                      todd_mccarty@rd.com

    

    

    

     

                    November 19,
2008

    

    

    Mr. Tom
Williams

    8 Hubert
Street

    Whippany,
NJ  07981

    

    

    Dear
Tom:

    

    I am
pleased to confirm the offer of employment extended to you for the position of
Senior Vice President, Chief Financial Officer of The Reader’s Digest
Association, Inc., reporting to Mary Berner, Chief Executive Officer of The
Reader’s Digest Association, Inc. (“Reader’s Digest” or the “Company”), the
details of which are outlined below.  This position is based in
Pleasantville, New York.  Your date of hire is still to be
determined.

    

    Compensation and
benefits

    

    
      	
              1.  

            	
              As
      previously discussed, your annual base salary will be $500,000 payable in
      biweekly installments in accordance with Reader’s Digest’s payroll
      practices and subject to periodic adjustments based upon performance
      reviews administered within timeframes consistent with other senior level
      executives.

            

    

    

    
      	
              2.  

            	
              You
      will receive a sign-on bonus in the gross amount of $362,250, less
      appropriate tax withholding, payable at the end of sixty days of your
      employment with Reader’s Digest.  This payment will only be made
      if, and to the extent, you do not receive your 2008 bonus from your last
      employer.  By accepting this offer, you agree that, in the event
      you receive this payment from Reader’s Digest and that you voluntarily
      leave Reader’s Digest, or if you are terminated by the company for “Cause”
      (as defined in the attached) within the twelve months following receipt of
      payment, you will repay the full amount of the payment prior to the last
      day of your employment. By accepting this offer, you further agree that
      Reader’s Digest may deduct this amount from any other amounts Reader’s
      Digest owes you should you be obligated to repay this
    amount.

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    
      	
              3.  

            	
              You
      will receive a one-time payment in the gross amount of $350,000, less
      appropriate tax withholding, payable in November, 2009.  By
      accepting this offer, you agree that, in the event you receive this
      payment from Reader’s Digest and that you voluntarily leave Reader’s
      Digest, or if you are terminated by the company for “Cause” (as defined in
      the attached) within the twelve months following receipt of payment, you
      will repay the full amount of the payment prior to the last day of your
      employment. By accepting this offer, you further agree that Reader’s
      Digest may deduct this amount from any other amounts Reader’s Digest owes
      you should you be obligated to repay this
  amount.

            

    

    

    
      	
              4.  

            	
              You will participate in our annual
      incentive plan, the Reader’s Digest Management Incentive
      Plan.  The bonus target for this position is $500,000,
      with a range of opportunity from 0% to up to 200% of target (or up to
      $1,000,000).  This target shall not be decreased without your
      written consent. For FY2009 (July 1, 2008 – June 30, 2009) only, your
      bonus target will be pro-rated based on your date of
      hire.  Awards are based on Company, unit and individual
      performance against pre-established goals.  Receipt of a bonus
      requires that you be on the active payroll at the time awards are paid,
      which is typically in the late
summer/fall.

            

    

    

    
      	
              5.  

            	
              In connection with your employment
      and contingent upon the approval of both the Compensation Committee of the
      Board of Directors of Reader’s Digest (received as of the date of this
      letter) and the Board
      of Directors of RDA Holding Co., you will receive an equity stake in the
      company of .7440% or 443,727 shares delivered in the form of 332,795 stock
      options with an exercise price equal to the fair market value of RDA
      Holding Co.’s common stock on the date of grant, 55,466 restricted shares of RDA Holding
      Co. common stock, and 55,466 restricted stock units, all granted under the
      RDA Holding Co. Omnibus Incentive Compensation
      Plan.  The
      stock options and restricted stock will be awarded and vest in accordance
      with the standard terms and conditions.  The restricted stock
      units will vest upon hire and will have a payment date of the earlier of
      (a) the date of the executive’s involuntary termination from the company
      other than for “Cause” (as defined in the attached) or termination
      by you for “Good Reason” (as defined in the attached), and (b) the date of a “Liquidity
      Event” (as defined in the attached). Additional information concerning
      the terms and conditions of these awards will be provided to you upon
      employment.  Once granted, changes to terms and
      conditions of outstanding equity grants that may have an adverse effect on
      you will require your written
consent.

            

    

    

    
      	
              6.  

            	
              You
      will participate in Reader’s Digest’s Senior Executive Long-Term Incentive
      Program (LTIP).  This plan measures and rewards performance over
      a multi-year period.  A new performance cycle begins each
      year.  The incentive target for this position is
      $500,000.  Your incentive target for the FY08-09 and FY08-10
      cycles will be pro-rated based upon your date of hire as indicated
      below.  The award earned can range from 0% to 250% of target
      depending on the extent to which the performance goals are
      achieved.  Performance cycles and incentive targets are outlined
      below.

            

    

    

    
      	
               

              Cycle

            	
               

              Target

            	
              Anticipated

              Payout
      Date

            
	
              2008-2009

            	
              $125,000

            	
              December
      2009

            
	
              2008-2010

            	
              $250,000

            	
              December
      2010

            
	
              2009-2011

            	
              $500,000

            	
              December
      2011

            

    

    

    Once granted, changes to terms and
conditions of outstanding performance cycles that may have an adverse effect on
you will require your written consent.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    

    
      	
              7.  

            	
              You
      will be eligible to participate in the benefit programs that are made
      generally available to Reader’s Digest employees in accordance with their
      terms, as from time to time in effect, including The Reader’s Digest
      Association, Inc. Retirement Plan (cash balance account), which currently
      provides an annual age-based contribution of 5% of eligible compensation,
      The 401(k) Partnership of The Reader’s Digest Association, Inc., a savings
      plan which currently provides a 50% match on the first 6% of pre-tax
      contributions, and medical, dental, life insurance, short- and long-term
      disability plans.  Details of these benefit plans are included
      in the attached information packet.

            

    

    

    
      	
              8.  

            	
              You
      will be eligible for four (4) weeks of vacation
  annually.

            

    

    

    
      	
              9.  

            	
              You
      will be eligible for the following executive level
      perquisites:  financial planning benefits provided through Ayco,
      the Company’s service provider and a calendar year flexible perquisite
      allowance (under the “Flexnet Program”) of
  $25,500.

            

    

    

    
      	
              10.  

            	
              You
      will be eligible for severance totaling 12 months of base salary and
      target bonus if your employment is terminated involuntarily by the Company
      for reasons other than “Cause” (as defined in the attached) or by you for
      “Good Reason” (as defined in the attached), provided you timely execute a
      release in a reasonable and customary form satisfactory to the Company and
      return all Company property.   The severance payments will
      be made over the 12-month period following your
    termination.

            

    

     

    
      	
              11.  

            	
              By
      virtue of accepting these terms of employment with Reader's Digest, you
      also agree that for the 24 month period following your termination for any
      reason at any time, you will not, directly or indirectly, solicit, recruit
      or hire (or have a third party solicit, recruit or hire on your behalf)
      any employees of or persons who have worked for Reader's Digest (or its
      affiliates or subsidiaries) during the 12 month period prior to the
      termination of your employment, or solicit or encourage (or have a third
      party solicit or encourage on your behalf) any such employee to cease
      employment with those entities or seek employment
    elsewhere.

            

    

     

    
      	
              12.  

            	
              Your
      employment is contingent upon verification of the accuracy of information
      obtained in the employment process through an independently conducted
      background investigation (already complete as of the date of this letter)
      and authorization to work pursuant to the Immigration Reform and Control
      Act of 1986 (“IRCA”).  Further, this offer is contingent in its
      entirety on approval by the Compensation Committee of the Board of
      Directors of Reader’s Digest (received as of the date of this letter).
      Your employment cannot commence until all of these conditions have been
      satisfied.

            

    

    

    In all
instances mentioned above, the specific terms of the applicable plans and awards
govern, and Reader’s Digest reserves the right to amend or terminate those plans
or policies in accordance with their terms, other than as explicitly set forth
in this letter.  Additionally, our policy is that “all employment by
the Company is at will and the Company reserves the right to terminate any
employee at any time with or without cause” and neither this letter nor any
conversation is intended to create an employment contract.  The terms
of this letter are binding on the Company, its successors and assigns, replaces
in its entirety the letter to you dated November 13, 2008, and any dispute will
be governed by the laws of New York.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    We look
forward to you joining the senior leadership team of Reader’s Digest, and are
confident that you will make a significant difference for our
Company.

    

                                Sincerely,

    

                            

    

                                Todd
McCarty,

                                Senior Vice
President

                                Global Human
Resources

    

    Please
sign below to indicate your acceptance:

    

    /s/ Tom
Williams

    _____________________________________

    Tom
Williams

    

    cc:  Mary
Berner

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    Definition
of “Cause” for purposes of
employment offer letter between Reader’s Digest and Mr. Tom
Williams

    

    “Cause” means:  (A) your
willful failure to substantially perform your duties (other than due to physical
or mental illness) that, to
the extent curable, is uncured by you promptly following receipt of written notice given by the Company of such failure, (B) your conviction of,
or plea of guilty or nolo contendere to a felony (or the equivalent of a felony
in a jurisdiction other than the United States) other than, in any case,
vicarious liability or traffic violations, (C)  your willful improper
communication of confidential information regarding the Company obtained in the
course of your employment, (D) your willful violation of the Company’s written
policies that has a detrimental impact on the Company and that, to the extent
curable, is uncured by you promptly following receipt of written notice given by
the Company of such breach; (E) your fraud or embezzlement with respect to the
Company; (F) your personal
misappropriation or misuse
of funds or property belonging to the Company; (F) your use of illegal drugs
that interferes with the performance of your duties hereunder; or (G) your gross
misconduct, whether or not done in connection with employment, other than an
action done in the good faith belief that it was in the best interests of the
Company, that materially adversely affects the business or reputation of the
Company, its subsidiaries or Affiliates.

    

    The determination of whether Cause has
occurred shall be made in the reasonable discretion of the Company’s Chief
Executive Officer, with the advice of the Company’s Senior Vice President,
Global Human Resources, and the Company’s General Counsel.

    

    

    Definition
of “Good Reason” for purposes of employment offer
letter between Reader’s Digest and Mr. Tom Williams

    

    “Good
Reason” shall mean the occurrence of any of the following without your express
written consent:

    

    (i) a
reduction by the Company in your annual base salary or your annual target bonus
opportunity under the Company’s Management Incentive Compensation
Plan;

    

    (ii) any
failure by the Company to permit you to participate in any new or additional
compensation, incentive, employee benefit or fringe benefit plan or program that
is made generally available to senior management of the Company or its
successor, if such plan or program would be material to your total compensation
and benefits; or

    

    (iii)   a
relocation to an office located anywhere other than within seventy-five (75)
miles of your current primary office.

    

    Any termination of your employment by
you for Good Reason shall be made by written notice to the Company within 60
days after your knowledge of the occurrence of the event constituting Good
Reason and the Company shall have 10 days to cure the event in which case, if
cured, the termination will not be effective.

    

    

    Definition
of “Liquidity Event” for purposes of restricted stock unit award
for Mr. Tom
Williams (capitalized terms defined in the RSU agreement)

    

    “Liquidity Event” means (a) the
disposition by the Equity Investors in one or more transactions of at least 50%
of the Shares originally acquired by the Equity Investors for all cash
consideration or for a combination of cash and non-cash consideration where the
cash portion of the consideration represents consideration for at least 50% of
the Shares originally acquired by the Equity Investors (other than a disposition
to an Affiliate of any Equity Investor or to any other Equity Investor), (b) a
distribution by Ripplewood Partners II, L.P. (or any Affiliate to which it
transfers Shares) of at least 50% of the Shares originally acquired by the
Affiliates of Ripplewood Holdings, L.L.C. to the limited partners of Ripplewood
Partners II, L.P (or any such Affiliate to which it transfers Shares); or (c)
the payment of an extraordinary cash dividend on the Shares by the Company in
connection with an IPO, but only if the value of such dividend per Share is
greater than 50% of the price per Share paid by the initial purchasers in the
IPO; provided that if the Board determines that any recapitalization, stock
split, reverse stock split, split-up or spin-off, reorganization, merger,
consolidation, combination, repurchase or exchange of Shares or other securities
of the Company, issuance of warrants or other rights to purchase Shares or other
securities of the Company or other similar corporate transaction or event
affects the Shares such that an adjustment is determined by the Board in its
discretion to be appropriate or desirable, then the Board may, in such manner as
it may deem equitable or desirable, amend or modify this
definition.

    

    

    

    

    
      
         

      

      
        5Exhibit 4.1

             

            

            

            

             

             

            NELNET, INC.

            to

            [NAME OF TRUSTEE],

            Trustee

            INDENTURE

            Dated as of [                      ]

             

            Senior Debt Securities

             

            

            

            

             

             

             

             

             

             

            
                

                

                
                    

                

                 

                Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of                    ,          .

                
                    	
                                Trust Indenture

                                Act Section

                            	
                                

                                Indenture Section

                            
	
                                 

                            	
                                 

                            
	
                                ss. 310    (a)

                            	
                                609

                            
	
                                (b)

                            	
                                608, 610

                            
	
                                (c)

                            	
                                Not Applicable

                            
	
                                ss. 311    (a)

                            	
                                613

                            
	
                                (b)

                            	
                                613

                            
	
                                (c)

                            	
                                Not Applicable

                            
	
                                ss. 312    (a)

                            	
                                701, 702(a)

                            
	
                                (b)

                            	
                                702(b)

                            
	
                                (c)

                            	
                                702(c)

                            
	
                                ss. 313    (a)

                            	
                                703(a)

                            
	
                                (b)

                            	
                                703(b)

                            
	
                                (c)

                            	
                                703(b)

                            
	
                                (d)

                            	
                                703(c)

                            
	
                                ss. 314    (a)

                            	
                                704

                            
	
                                (b)

                            	
                                Not Applicable

                            
	
                                (c)

                            	
                                102

                            
	
                                (d)

                            	
                                Not Applicable

                            
	
                                (e)

                            	
                                102

                            
	
                                (f)

                            	
                                Not Applicable

                            
	
                                ss. 315    (a)

                            	
                                601

                            
	
                                (b)

                            	
                                602, 703(b)

                            
	
                                (c)

                            	
                                601(b)

                            
	
                                (d)

                            	
                                601(c)

                            
	
                                (e)

                            	
                                514

                            
	
                                ss. 316    (a)(1)

                            	
                                512, 513

                            
	
                                (b)

                            	
                                508

                            
	
                                (c)

                            	
                                104(d)

                            
	
                                ss. 317   (a)(1)

                            	
                                503

                            
	
                                (a)(2)

                            	
                                504

                            
	
                                (b)

                            	
                                1003

                            
	
                                ss. 318    (a)

                            	
                                107

                            

                

                 

                
                    	
                                Note:

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

                            

                

                 

                 

                
                    

                    

                    
                        

                    

                     

                    Table of Contents

                    Page

                    ARTICLE I

                    DEFINITIONS AND OTHER PROVISIONS

                    OF GENERAL APPLICATION

                    
                        	
                                    SECTION 101.

                                	
                                    Definitions.

                                	
                                    1

                                

                    

                    
                        	
                                    SECTION 102.

                                	
                                    Compliance Certificates and Opinions.

                                	
                                    7

                                

                    

                    
                        	
                                    SECTION 103.

                                	
                                    Form of Documents Delivered to Trustee.

                                	
                                    7

                                

                    

                    
                        	
                                    SECTION 104.

                                	
                                    Acts of Holders.

                                	
                                    8

                                

                    

                    
                        	
                                    SECTION 105.

                                	
                                    Notices, Etc., to Trustee and Company.

                                	
                                    9

                                

                    

                    
                        	
                                    SECTION 106.

                                	
                                    Notice to Holders; Waiver.

                                	
                                    9

                                

                    

                    
                        	
                                    SECTION 107.

                                	
                                    Conflict with Trust Indenture Act.

                                	
                                    10

                                

                    

                    
                        	
                                    SECTION 108.

                                	
                                    Effect of Headings and Table of Contents.

                                	
                                    10

                                

                    

                    
                        	
                                    SECTION 109.

                                	
                                    Successors and Assigns.

                                	
                                    10

                                

                    

                    
                        	
                                    SECTION 110.

                                	
                                    Separability Clause.

                                	
                                    10

                                

                    

                    
                        	
                                    SECTION 111.

                                	
                                    Benefits of Indenture.

                                	
                                    10

                                

                    

                    
                        	
                                    SECTION 112.

                                	
                                    GOVERNING LAW.

                                	
                                    10

                                

                    

                    
                        	
                                    SECTION 113.

                                	
                                    Legal Holidays.

                                	
                                    10

                                

                    

                    ARTICLE II

                    SECURITY FORMS

                    
                        	
                                    SECTION 201.

                                	
                                    Forms Generally.

                                	
                                    11

                                

                    

                    
                        	
                                    SECTION 202.

                                	
                                    Form of Trustee’s Certificate of Authentication.

                                	
                                    11

                                

                    

                    
                        	
                                    SECTION 203.

                                	
                                    Securities Issuable in the Form of a Global Security.

                                	
                                    11

                                

                    

                    ARTICLE III

                    THE SECURITIES

                    
                        	
                                    SECTION 301.

                                	
                                    Amount Unlimited; Issuable in Series.

                                	
                                    14

                                

                    

                    
                        	
                                    SECTION 302.

                                	
                                    Denominations.

                                	
                                    16

                                

                    

                    
                        	
                                    SECTION 303.

                                	
                                    Execution, Authentication, Delivery and Dating.

                                	
                                    16

                                

                    

                    
                        	
                                    SECTION 304.

                                	
                                    Temporary Securities.

                                	
                                    18

                                

                    

                    
                        	
                                    SECTION 305.

                                	
                                    Registration; Registration of Transfer and Exchange.

                                	
                                    18

                                

                    

                    
                        	
                                    SECTION 306.

                                	
                                    Mutilated, Destroyed, Lost and Stolen Securities.

                                	
                                    19

                                

                    

                    
                        	
                                    SECTION 307.

                                	
                                    Payment of Interest; Interest Rights Preserved.

                                	
                                    20

                                

                    

                    
                        	
                                    SECTION 308.

                                	
                                    Persons Deemed Owners.

                                	
                                    21

                                

                    

                    
                        	
                                    SECTION 309.

                                	
                                    Cancellation.

                                	
                                    21

                                

                    

                    
                        	
                                    SECTION 310.

                                	
                                    Computation of Interest.

                                	
                                    21

                                

                    

                    
                        	
                                    SECTION 311.

                                	
                                    CUSIP and ISIN Numbers.

                                	
                                    21

                                

                    

                    ARTICLE IV

                    SATISFACTION AND DISCHARGE

                    
                        	
                                    SECTION 401.

                                	
                                    Satisfaction and Discharge of Indenture.

                                	
                                    22

                                

                    

                    
                        	
                                    SECTION 402.

                                	
                                    Application of Trust Funds; Indemnification.

                                	
                                    23

                                

                    

                    
                        	
                                    SECTION 403.

                                	
                                    Legal Defeasance and Discharge of Indenture.

                                	
                                    24

                                

                    

                    
                        	
                                    SECTION 404.

                                	
                                    Covenant Defeasance of Certain Obligations.

                                	
                                    25

                                

                    

                     

                    
                        

                         

                        
                            	
                                        

                                    	
                                        i

                                    

                        

                        
                            

                        

                         

                        

                    

                     

                    ARTICLE V

                    REMEDIES

                    
                        	
                                    SECTION 501.

                                	
                                    Events of Default.

                                	
                                    27

                                

                    

                    
                        	
                                    SECTION 502.

                                	
                                    Acceleration of Maturity; Rescission and Annulment.

                                	
                                    28

                                

                    

                    
                        	
                                    SECTION 503.

                                	
                                    Collection of Indebtedness and Suits for Enforcement by Trustee.

                                	
                                    29

                                

                    

                    
                        	
                                    SECTION 504.

                                	
                                    Trustee May File Proofs of Claim.

                                	
                                    30

                                

                    

                    
                        	
                                    SECTION 505.

                                	
                                    Trustee May Enforce Claims Without Possession of Securities.

                                	
                                    30

                                

                    

                    
                        	
                                    SECTION 506.

                                	
                                    Application of Money Collected.

                                	
                                    30

                                

                    

                    
                        	
                                    SECTION 507.

                                	
                                    Limitation on Suits.

                                	
                                    31

                                
	
                                    SECTION 508.

                                	Unconditional Right of Holders to Receive Principal, Premium and Interest. 	31

                    

                    
                        	
                                    SECTION 509.

                                	
                                    Restoration of Rights and Remedies.

                                	
                                    32

                                

                    

                    
                        	
                                    SECTION 510.

                                	
                                    Rights and Remedies Cumulative.

                                	
                                    32

                                

                    

                    
                        	
                                    SECTION 511.

                                	
                                    Delay or Omission Not Waiver.

                                	
                                    32

                                

                    

                    
                        	
                                    SECTION 512.

                                	
                                    Control by Holders.

                                	
                                    32

                                

                    

                    
                        	
                                    SECTION 513.

                                	
                                    Waiver of Past Defaults.

                                	
                                    33

                                

                    

                    
                        	
                                    SECTION 514.

                                	
                                    Undertaking for Costs.

                                	
                                    33

                                

                    

                    
                        	
                                    SECTION 515.

                                	
                                    Waiver of Stay or Extension Laws.

                                	
                                    33

                                

                    

                    ARTICLE VI

                    THE TRUSTEE

                    
                        	
                                    SECTION 601.

                                	
                                    Certain Duties and Responsibilities.

                                	
                                    34

                                

                    

                    
                        	
                                    SECTION 602.

                                	
                                    Notice of Defaults.

                                	
                                    35

                                

                    

                    
                        	
                                    SECTION 603.

                                	
                                    Certain Rights of Trustee.

                                	
                                    35

                                

                    

                    
                        	
                                    SECTION 604.

                                	
                                    Not Responsible for Recitals or Issuance of Securities.

                                	
                                    36

                                

                    

                    
                        	
                                    SECTION 605.

                                	
                                    May Hold Securities.

                                	
                                    36

                                

                    

                    
                        	
                                    SECTION 606.

                                	
                                    Money Held in Trust.

                                	
                                    37

                                

                    

                    
                        	
                                    SECTION 607.

                                	
                                    Compensation and Reimbursement.

                                	
                                    37

                                

                    

                    
                        	
                                    SECTION 608.

                                	
                                    Disqualification; Conflicting Interests.

                                	
                                    37

                                

                    

                    
                        	
                                    SECTION 609.

                                	
                                    Corporate Trustee Required; Eligibility.

                                	
                                    37

                                

                    

                    
                        	
                                    SECTION 610.

                                	
                                    Resignation and Removal; Appointment of Successor.

                                	
                                    38

                                

                    

                    
                        	
                                    SECTION 611.

                                	
                                    Acceptance of Appointment by Successor.

                                	
                                    39

                                

                    

                    
                        	
                                    SECTION 612.

                                	
                                    Merger, Conversion, Consolidation or Succession to Business.

                                	
                                    41

                                

                    

                    
                        	
                                    SECTION 613.

                                	
                                    Preferential Collection of Claims Against Company.

                                	
                                    41

                                

                    

                    ARTICLE VII

                    HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

                    
                        	
                                    SECTION 701.

                                	
                                    Company to Furnish Trustee Names and Addresses of Holders.

                                	
                                    41

                                

                    

                    
                        	
                                    SECTION 702.

                                	
                                    Preservation of Information; Communications to Holders.

                                	
                                    41

                                

                    

                    
                        	
                                    SECTION 703.

                                	
                                    Reports by Trustee.

                                	
                                    43

                                

                    

                    
                        	
                                    SECTION 704.

                                	
                                    Reports by Company.

                                	
                                    44

                                

                    

                    ARTICLE VIII

                    CERTAIN COVENANTS

                    
                        	
                                    SECTION 801.

                                	
                                    Restrictions on Liens on Capital Stock of National Education Loan Network.

                                    
                                                                                                                                                                

                                	 44

                    

                     

                    
                        

                         

                        
                            	
                                        

                                    	
                                        ii

                                    

                        

                        
                            

                        

                         

                        

                    

                     

                    
                        	
                                    SECTION 802.

                                	
                                    When Company May Merge or Transfer Assets.

                                	
                                    44

                                

                    

                    ARTICLE IX

                    AMENDMENTS AND SUPPLEMENTAL INDENTURES

                    
                        	
                                    SECTION 901.

                                	
                                    Amendments or Supplemental Indentures Without Consent of Holders.

                                	 45
	
                                    SECTION 902.

                                	
                                    Amendments or Supplemental Indentures with Consent of Holders.

                                	
                                    46

                                

                    

                    
                        	
                                    SECTION 903.

                                	
                                    Execution of Supplemental Indentures.

                                	
                                    47

                                

                    

                    
                        	
                                    SECTION 904.

                                	
                                    Effect of Supplemental Indentures.

                                	
                                    48

                                

                    

                    
                        	
                                    SECTION 905.

                                	
                                    Conformity with Trust Indenture Act.

                                	
                                    48

                                

                    

                    
                        	
                                    SECTION 906.

                                	
                                    Reference in Securities to Supplemental Indentures.

                                	
                                    48

                                

                    

                    ARTICLE X

                    COVENANTS

                    
                        	
                                    SECTION 1001.

                                	
                                    Payment of Principal, Premium and Interest.

                                	
                                    48

                                

                    

                    
                        	
                                    SECTION 1002.

                                	
                                    Maintenance of Office or Agency.

                                	
                                    48

                                

                    

                    
                        	
                                    SECTION 1003.

                                	
                                    Money for Securities; Payments to Be Held in Trust.

                                	
                                    49

                                

                    

                    
                        	
                                    SECTION 1004.

                                	
                                    Corporate Existence.

                                	
                                    50

                                

                    

                    
                        	
                                    SECTION 1005.

                                	
                                    Maintenance of Properties.

                                	
                                    50

                                

                    

                    
                        	
                                    SECTION 1006.

                                	
                                    Statement by Officers as to Default.

                                	
                                    50

                                

                    

                    
                        	
                                    SECTION 1007.

                                	
                                    Waiver of Certain Covenants.

                                	
                                    51

                                

                    

                    ARTICLE XI

                    REDEMPTION OF SECURITIES

                    
                        	
                                    SECTION 1101.

                                	
                                    Applicability of Article.

                                	
                                    51

                                

                    

                    
                        	
                                    SECTION 1102.

                                	
                                    Election to Redeem; Notice to Trustee.

                                	
                                    51

                                

                    

                    
                        	
                                    SECTION 1103.

                                	
                                    Selection by Trustee of Securities to Be Redeemed.

                                	
                                    51

                                

                    

                    
                        	
                                    SECTION 1104.

                                	
                                    Notice of Redemption.

                                	
                                    52

                                

                    

                    
                        	
                                    SECTION 1105.

                                	
                                    Deposit of Redemption Price.

                                	
                                    53

                                

                    

                    
                        	
                                    SECTION 1106.

                                	
                                    Securities Payable on Redemption Date.

                                	
                                    53

                                

                    

                    
                        	
                                    SECTION 1107.

                                	
                                    Securities Redeemed in Part.

                                	
                                    53

                                

                    

                    ARTICLE XII

                    SINKING FUNDS

                    
                        	
                                    SECTION 1201.

                                	
                                    Applicability of Article.

                                	
                                    54

                                

                    

                    
                        	
                                    SECTION 1202.

                                	
                                    Satisfaction of Sinking Fund Payments with Securities.

                                	
                                    54

                                

                    

                    
                        	
                                    SECTION 1203.

                                	
                                    Redemption of Securities for Sinking Fund.

                                	
                                    54

                                

                    

                     

                     

                    
                        

                         

                        
                            	
                                        

                                    	
                                        iii

                                    

                        

                        
                            

                        

                         

                        

                    

                     

                    INDENTURE, dated as of [                      ], between Nelnet, Inc., a Nebraska corporation (herein called the “Company”), having its principal office at 121 South 13th Street, Suite 201, Lincoln, Nebraska 68508, and [Name of Trustee], a
                    [                      ], as trustee hereunder (herein called the “Trustee”).

                    RECITALS OF THE COMPANY

                    The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as in this Indenture provided.

                    All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

                    NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                    ARTICLE I

                    DEFINITIONS AND OTHER PROVISIONS

                    OF GENERAL APPLICATION

                    
                        	
                                    SECTION 101.

                                	
                                    Definitions.

                                

                    

                    For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

                    
                        	
                                     

                                	
                                    (a)

                                	
                                    the terms defined in this article have the meanings assigned to them in this article and include the plural as well as the singular;

                                

                    

                    
                        	
                                     

                                	
                                    (b)

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

                                

                    

                    
                        	
                                     

                                	
                                    (c)

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

                                

                    

                    
                        	
                                     

                                	
                                    (d)

                                	
                                    the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular article, section or other subdivision; and

                                

                    

                    
                        	
                                     

                                	
                                    (e)

                                	
                                    all references used herein to the male gender shall include the female gender.

                                

                    

                     

                    
                        

                        

                        
                            

                        

                         

                        “Act,” when used with respect to any Holder, has the meaning specified in Section 104.

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

                        “Applicants” has the meaning specified in Section 702.

                        “Board of Directors” means either the board of directors of the Company or any duly authorized committee of that board duly authorized to act hereunder.

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

                        “Business Day” means, with respect to any Security, a day that in the City of New York or in any Place of Payment is not a day on which banking institutions are authorized by law or regulation to close.

                        “Capital Stock” for any entity means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) shares issued by that entity.

                        “Certificated Securities” means Securities that are in registered definitive form.

                        “Class A Common Stock” means the shares of Class A common stock, $0.01 par value per share, of the Company existing on the date of this Indenture or any shares of Capital Stock of the Company into which such shares of Class A Common Stock shall be reclassified or changed.

                        “Class B Common Stock” means the shares of Class B common stock, $0.01 par value per share, of the Company existing on the date of this Indenture or any other shares of Capital Stock of the Company into which such shares of Class B Common Stock shall be reclassified or changed.

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

                        “Common Stock” means the Class A Common Stock and the Class B Common Stock.

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

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            2

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        “Company Request” or “Company Order” means a written request or order signed in the name of the Company by its chairman of the Board of Directors, a co-chief executive officer, the vice chairman of the Board of Directors, its president or a vice president, and by its treasurer, an assistant treasurer, its secretary or an assistant secretary, and
                        delivered to the Trustee.

                        “Corporate Trust Office” means the office of the Trustee at which at any particular time the trust created by this Indenture shall be administered, which office, at the time of the execution of this Indenture, is located at o.

                        “Defaulted Interest” has the meaning specified in Section 307.

                        “Depositary” means, unless otherwise specified by the Company pursuant to either Section 203 or 301, with respect to Securities of any series issuable or issued as a Global Security, The Depository Trust Company, New York, New York, or any successor thereto registered under the Exchange Act or other applicable statute or regulation.

                        “Event of Default” has the meaning specified in Section 501.

                        “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and rules and regulations promulgated by the Commission thereunder.

                        “Global Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the Company and authenticated and delivered by the Trustee to the applicable Depositary or pursuant to the applicable Depositary’s instruction, all in accordance with this Indenture and pursuant to a Company Order, which shall be
                        registered in the name of the applicable Depositary or its nominee.

                        “Holder” means a Person in whose name a Security is registered in the Security Register.

                        “Holder Action” has the meaning specified in Section 702(d).

                        “Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more amendments or indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities established as contemplated by Section 301.

                        “Interest,” when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

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

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

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            3

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        “National Education Loan Network” means National Education Loan Network, Inc., a Nevada corporation and our wholly owned Subsidiary.

                        “Officers’ Certificate” means a certificate signed by the chairman of the Board of Directors, the vice-chairman of the Board of Directors, a co-chief executive officer, the president or a vice president, and by the treasurer, an assistant treasurer, the secretary or an assistant secretary, of the Company, and delivered to the Trustee.

                        “Opinion of Counsel” means written opinion of counsel, who may be counsel for the Company and who shall be acceptable to the Trustee.

                        “Original Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.

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

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona
                                        fide purchaser in whose hands such Securities are valid obligations of the Company;

                                    

                        

                        provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
                        Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities
                        and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. In case of a dispute as to such right, any decision by the Trustee shall be full protection to the Trustee.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            4

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of any of the above-described Persons; and, subject to Section 601, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the
                        facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purposes of any such determination.

                        “Paying Agent” means any Person authorized by the Company to pay the principal of (and premium, if any) or interest on any Securities on behalf of the Company.

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

                        “Place of Payment,” when used with respect to the Securities of any series, means the place or places where the principal of (and premium, if any) and interest on the Securities of that series are payable as specified as contemplated by Section 301.

                        “Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be
                        deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

                        “Preferred Stock” means the shares of preferred stock, par value $o per share, of the Company existing on the date of this Indenture or any shares of Capital Stock of the Company into which such shares of Preferred Stock shall be reclassified or changed.

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

                        “Redemption Price,” when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

                        “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301.

                        “Responsible Officer,” when used with respect to the Trustee, means any officer of the Trustee assigned by the Trustee to administer its corporate trust matters with respect to this Indenture (which, for the avoidance of doubt, includes without limitation, any supplemental indenture hereto).

                        “Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.

                        “Security Register” and “Security Registrar” have the respective meanings specified in Section 305.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            5

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307.

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

                        “Subsidiary” means, with respect to any Person:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        any corporation or company a majority of whose Capital Stock with voting power, under ordinary circumstances, to elect directors is, at the date of determination, directly or indirectly, owned by such Person (a “subsidiary”), by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such
                                        Person;

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        any partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership; or

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        any partnership, limited liability company or other Person in which such Person, a subsidiary of such Person or such Person and one or more subsidiaries of such Person, directly or indirectly, at the date of determination, have (x) at least a majority ownership interest or (y) the power to elect or appoint or direct the election or
                                        appointment of the managing partner or member of such Person or, if applicable, a majority of the directors or other governing body of such Person.

                                    

                        

                        “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and in force at the date as of which this instrument was executed, except as provided in Section 905.

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

                        “U.S. Government Obligations” means securities which are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as
                        to the timely payment of principal and interest as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company which is a member of the Federal Reserve System and having a combined capital and surplus of at least $50,000,000 as custodian with respect to any such obligation evidenced by such
                        depository receipt or a specific payment of interest on or principal of any such obligation held by such custodian for the account of the holder of a depository receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the obligation set forth in (i) or (ii) above or the specific
                        payment of interest on or principal of such obligation evidenced by such depository receipt.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            6

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                        SECTION 102.

                                    	
                                        Compliance Certificates and Opinions.

                                    

                        

                        Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and, where appropriate as to matters of law, an
                        Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

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

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        a statement that the Person signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

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

                                    

                        

                        
                            	
                                        SECTION 103.

                                    	
                                        Form of Documents Delivered to Trustee.

                                    

                        

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

                        Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters is erroneous. Any certificate of counsel
                        or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            7

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

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

                        
                            	
                                        SECTION 104.

                                    	
                                        Acts of Holders.

                                    

                        

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise
                                        expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
                                        agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 104.

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in any reasonable manner which the Trustee deems sufficient.

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        The ownership of Securities shall be proved by the Security Register.

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

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

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                        8

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (e)

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

                                    

                        

                        
                            	
                                        SECTION 105.

                                    	
                                        Notices, Etc., to Trustee and Company.

                                    

                        

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

                        
                            	
                                         

                                    	
                                        (a)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        
                            	
                                        SECTION 106.

                                    	
                                        Notice to Holders; Waiver.

                                    

                        

                        Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date,
                        prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be
                        the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

                        In case by reason of the suspension of regular mail service or by reason of any other case it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            9

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                        SECTION 107.

                                    	
                                        Conflict with Trust Indenture Act.

                                    

                        

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

                        
                            	
                                        SECTION 108.

                                    	
                                        Effect of Headings and Table of Contents.

                                    

                        

                        The article and section headings herein and the table of contents are for convenience only and shall not affect the construction hereof.

                        
                            	
                                        SECTION 109.

                                    	
                                        Successors and Assigns.

                                    

                        

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

                        
                            	
                                        SECTION 110.

                                    	
                                        Separability Clause.

                                    

                        

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

                        
                            	
                                        SECTION 111.

                                    	
                                        Benefits of Indenture.

                                    

                        

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

                        
                            	
                                        SECTION 112.

                                    	
                                        GOVERNING LAW.

                                    

                        

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

                        
                            	
                                        SECTION 113.

                                    	
                                        Legal Holidays.

                                    

                        

                        In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next
                        succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date or at the Stated Maturity; provided that no interest shall accrue on any amount payable on or at such date for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, to such next succeeding Business Day.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            10

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        ARTICLE II

                        SECURITY FORMS

                        
                            	
                                        SECTION 201.

                                    	
                                        Forms Generally.

                                    

                        

                        The Securities of each series shall be in substantially the forms established in one or more indentures supplemental hereto or approved from time to time by or pursuant to a Board Resolution in accordance with Section 301, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and any
                        indenture supplemental hereto, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or securities regulatory authority or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. If the form of Securities of any series is established by action taken pursuant
                        to a Board Resolution, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities.

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

                        
                            	
                                        SECTION 202.

                                    	
                                        Form of Trustee’s Certificate of Authentication.

                                    

                        

                        The Trustee’s certificate of authentication required by this article shall be in substantially the form set forth below.

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

                        [NAME OF TRUSTEE], as Trustee

                         

                        
                            	
                                         

                                    	
                                        By:

                                    	
                                    

                        

                        Authorized Signatory”

                         

                        
                            	
                                        SECTION 203.

                                    	
                                        Securities Issuable in the Form of a Global Security.

                                    

                        

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        If the Company shall establish pursuant to Sections 201 and 301 that the Securities of a particular series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in accordance with Section 303 and the Company Order delivered to the Trustee thereunder,
                                        authenticate and deliver, such Global Security or Securities, which:

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                             11

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Securities of such series to be represented by such Global Security or Securities;

                                    

                        

                        
                            	
                                         

                                    	
                                        (ii)

                                    	
                                        shall be registered in the name of the Depositary for such Global Security or Securities or its nominee;

                                    

                        

                        
                            	
                                         

                                    	
                                        (iii)

                                    	
                                        shall be delivered by the Trustee to the Depositary or its custodian or pursuant to the Depositary’s instruction; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (iv)

                                    	
                                        shall bear a legend substantially to the following effect:

                                    

                        

                        “UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
                        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) 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 SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., 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.”

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        Notwithstanding any other provision of this Section 203 or of Section 305, unless the terms of a Global Security expressly permit such Global Security to be exchanged in whole or in part for individual Securities, a Global Security may be transferred, in whole but not in part and in the manner provided in Section 305, only to another nominee
                                        of the Depositary for such Global Security, or to a successor Depositary for such Global Security selected or approved by the Company or to a nominee of such successor Depositary.

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        (i)            If at any time the Depositary for a Global Security notifies the Company that it is

                                                       unwilling or unable to continue as Depositary for such Global Security or if at any

                                                       time the Depositary for the Securities for such series shall no longer be eligible or in

                                                       good standing under the Exchange Act or other applicable statute or regulation, the

                                                       Company shall appoint a successor Depositary with respect to such Global Security.

                                                       If a successor Depositary for such Global Security is not appointed by the Company

                                                       within 90 days after the Company receives such notice or becomes aware

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            12

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        of such ineligibility, the Company will execute a Company Order for the authentication and delivery of Certificated Securities of such series in exchange for such Global Security, and the Trustee, upon receipt of such Company Order, will authenticate and deliver Certificated Securities of such series of like tenor and terms in definitive form in an aggregate principal
                        amount equal to the principal amount of the Global Security in exchange for such Global Security.

                        
                            	
                                         

                                    	
                                        (ii)

                                    	
                                        If an Event of Default shall have occurred and be continuing or an event shall have occurred which with the giving of notice or lapse of time or both, would constitute an Event of Default with respect to the Securities represented by such Global Security, the Trustee, upon receipt of a Company Order for the authentication and delivery of
                                        Certificated Securities of such series in exchange for such Global Security, will authenticate and deliver Certificated Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of the Global Security in exchange for such Global Security.

                                    

                        

                        
                            	
                                         

                                    	
                                        (iii)

                                    	
                                        The Company may at any time and in its sole discretion determine that the Securities of any series issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Order for the
                                        authentication and delivery of Certificated Securities of such series in exchange in whole or in part for such Global Security, will authenticate and deliver Certificated Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities representing such series to be so exchanged for such Global Security or Securities.

                                    

                        

                        
                            	
                                         

                                    	
                                        (iv)

                                    	
                                        If specified by the Company pursuant to Section 301 with respect to Securities issued or issuable in the form of a Global Security, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for Certificated Securities of such series of like tenor and terms in definitive form on such terms as
                                        are acceptable to the Company and such Depositary. Thereupon the Company shall execute, and the Trustee shall authenticate and deliver, without service charge, (1) to each Person specified by such Depositary a new Certificated Security or Securities of the same series of like tenor and terms and of any authorized denomination of $1,000 and any integral multiple thereof as requested by such Person in aggregate principal amount equal to and in exchange for
                                        such Person’s beneficial interest in the Global Security; and (2) to such Depositary a new Global Security of like tenor and terms and in a denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate principal amount of Certificated Securities delivered to Holders thereof.

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            13

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (v)

                                    	
                                        In any exchange provided for in any of the preceding four paragraphs, the Company will execute and the Trustee will authenticate and deliver Certificated Securities in definitive registered form in authorized denominations of $1,000 and any integral multiple thereof. Upon the exchange of a Global Security for Certificated Securities, such
                                        Global Security shall be cancelled by the Trustee. Certificated Securities issued in exchange for a Global Security pursuant to this Section 203 shall be registered in such names and in such authorized denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Certificated Securities to the Persons in whose names such
                                        Certificated Securities are so registered.

                                    

                        

                        ARTICLE III

                        THE SECURITIES

                        
                            	
                                        SECTION 301.

                                    	
                                        Amount Unlimited; Issuable in Series.

                                    

                        

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

                        The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 203, 304, 305, 306, 906 or
                                        1107);

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        the issue price, expressed as a percentage of the aggregate principal amount;

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

                                    	
                                        the rate or rates, which may be fixed or variable, at which such debt securities shall bear interest, if any, or the method by which the rate or rates will be determined;

                                    

                        

                        
                            	
                                         

                                    	
                                        (e)

                                    	
                                        the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable on the Interest Payment Date;

                                    

                        

                        
                            	
                                         

                                    	
                                        (f)

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

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            14

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (g)

                                    	
                                        the period or periods within which, the price or prices or ratios at which and the terms and conditions upon which Securities of the series may be redeemed, converted or exchanged, in whole or in part;

                                    

                        

                        
                            	
                                         

                                    	
                                        (h)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        if other than the full principal amount, the portion of the principal amount of Securities of the series which will be payable upon declaration of acceleration or provable in bankruptcy;

                                    

                        

                        
                            	
                                         

                                    	
                                        (j)

                                    	
                                        any events of default not set forth in this Indenture;

                                    

                        

                        
                            	
                                         

                                    	
                                        (k)

                                    	
                                        the currency or currencies, including composite currencies, in which payment of the principal of (and premium, if any) and interest, if any, on such Securities shall be payable (if other than the currency of the United States of America), which unless otherwise specified shall be the currency of the United States of America as at the time of
                                        payment is legal tender for payment of public or private debts;

                                    

                        

                        
                            	
                                         

                                    	
                                        (l)

                                    	
                                        if the principal of (and premium, if any) or interest, if any, on such Securities is to be payable, at the election of the Company or any Holder thereof, in a coin or currency other than that in which such Securities are stated to be payable, then the period or periods within which, and the terms and conditions upon which, such election may
                                        be made;

                                    

                        

                        
                            	
                                         

                                    	
                                        (m)

                                    	
                                        whether interest will be payable in cash or additional Securities at the Company’s or the Holders’ option and the terms and conditions upon which the election may be made;

                                    

                        

                        
                            	
                                         

                                    	
                                        (n)

                                    	
                                        if such Securities are to be denominated in a currency or currencies, including composite currencies, other than the currency of the United States of America, the equivalent price in the currency of the United States of America for purposes of determining the voting rights of Holders of such Securities as Outstanding Securities under this
                                        Indenture;

                                    

                        

                        
                            	
                                         

                                    	
                                        (o)

                                    	
                                        if the amount of payments of principal of (and premium, if any), or portions thereof, or interest, if any, on such Securities may be determined with reference to an index, formula or other method based on a coin or currency other than that in which such Securities are stated to be payable, the manner in which such amounts shall be
                                        determined;

                                    

                        

                        
                            	
                                         

                                    	
                                        (p)

                                    	
                                        any restrictive covenants or other material terms relating to such Securities of such series, which covenants and terms shall not be inconsistent with the provisions of this Indenture;

                                    

                        

                        
                            	
                                         

                                    	
                                        (q)

                                    	
                                        whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or
                                        Securities;

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            15

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (r)

                                    	
                                        any listing of such Securities on any securities exchange;

                                    

                        

                        
                            	
                                         

                                    	
                                        (s)

                                    	
                                        additional or alternative provisions, if any, related to defeasance and discharge of such Securities;

                                    

                        

                        
                            	
                                         

                                    	
                                        (t)

                                    	
                                        the applicability of any guarantees;

                                    

                        

                        
                            	
                                         

                                    	
                                        (u)

                                    	
                                        if convertible into shares of Common Stock or Preferred Stock, the terms on which such Securities are convertible, including the initial conversion price, the conversion period, any events requiring an adjustment of the applicable conversion price and any requirements relating to the reservation of such shares of Common Stock or Preferred
                                        Stock for purposes of conversion;

                                    

                        

                        
                            	
                                         

                                    	
                                        (v)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (w)

                                    	
                                        each initial Place of Payment; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (x)

                                    	
                                        any other terms of the Securities of the series, which terms shall not be inconsistent with the provisions of this Indenture.

                                    

                        

                        All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution and set forth in such Officers’ Certificate or in any such indenture supplemental hereto.

                        If any of the terms of the Securities of any series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the Securities
                        of any series.

                        
                            	
                                        SECTION 302.

                                    	
                                        Denominations.

                                    

                        

                        The Securities of each series shall be issuable in registered form without coupons in such denominations as shall be specified as contemplated by Section 301. In the absence of any such provisions with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof.

                        
                            	
                                        SECTION 303.

                                    	
                                        Execution, Authentication, Delivery and Dating.

                                    

                        

                        The Securities shall be executed on behalf of the Company by its chairman of the Board of Directors, the vice chairman of the Board of Directors, a co-chief executive officer, its president or one of its vice presidents, under its corporate seal reproduced thereon attested by its secretary or one of its assistant secretaries. The signature of any of these officers on the
                        Securities may be manual or facsimile.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                           16

                                        

                            

                            
                                

                            

                             

                            

                        

                         

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

                        At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such
                        Securities. If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301, or by one or more indentures supplemental hereto as provided by Section 901, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, if it so requests, and (subject to Section 601)
                        shall be fully protected in relying upon, an Opinion of Counsel stating:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        that such form has been established in conformity with the provisions of this Indenture;

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        that such terms have been established in conformity with the provisions of this Indenture;

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        that this Indenture and such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy,
                                        insolvency, fraudulent conveyance, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles;

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

                                    	
                                        that all laws and requirements in respect of the execution and delivery by the Company of the Securities have been complied with; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (e)

                                    	
                                        such other matters as the Trustee may reasonably request.

                                    

                        

                        If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

                        Each Security shall be dated the date of its authentication unless otherwise provided by the terms established and contemplated by Section 301.

                        No Security 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 or facsimile signature, 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.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            17

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                        SECTION 304.

                                    	
                                        Temporary Securities.

                                    

                        

                        Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are
                        issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.

                        If temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such
                        series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations. Until so exchanged the temporary Securities of any series shall in all respects be
                        entitled to the same benefits under this Indenture as definitive Securities of such series.

                        
                            	
                                        SECTION 305.

                                    	
                                        Registration; Registration of Transfer and Exchange.

                                    

                        

                        The Company shall cause to be kept at one of its offices or agencies maintained pursuant to Section 1002 or at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
                        subject to Section 203 and to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee initially is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. The Company may act as Security Registrar and may change or appoint a Security Registrar without prior notice to Holders or to the
                        Trustee.

                        Subject to Section 203, upon surrender for registration of transfer of any Security of any series at the office or agency in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations
                        and of a like aggregate principal amount and tenor.

                        Subject to Section 203, at the option of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall
                        execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            18

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        Subject to Section 203, all Securities issued upon any registration or transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

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

                        No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 203, 304, 906 or 1107 not involving any
                        transfer.

                        The Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that series selected for redemption (under Section 1103) and ending at the close of business on the day of such mailing, or (ii)
                        to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

                        
                            	
                                        SECTION 306.

                                    	
                                        Mutilated, Destroyed, Lost and Stolen Securities.

                                    

                        

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

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

                        Upon the issuance of any new Security under this Section 306, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

                        Every new Security of any series issued pursuant to this Section 306 in lieu of any destroyed, lost or stolen Security or in exchange for such mutilated Security, shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and
                        shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            19

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        The provisions of this Section 306 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

                        
                            	
                                        SECTION 307.

                                    	
                                        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 of any series 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 Company, at its
                        election in each case, as provided in clause (a) or (b) below:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a special record date (a “Special Record Date”) for the payment of such Defaulted Interest, which shall be fixed in the
                                        following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit 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 Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series 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 of such series (or their respective Predecessor Securities) are registered at the close of business on such

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            20

                                        

                            

                            
                                

                            

                             

                            

                        

                        Special Record Date and shall no longer be payable pursuant to the following clause (b).

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the 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 lawfully delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

                        
                            	
                                        SECTION 308.

                                    	
                                        Persons Deemed Owners.

                                    

                        

                        Subject to Section 203, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 307) interest on such Security and for all other purposes whatsoever, whether or not such
                        Security be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

                        
                            	
                                        SECTION 309.

                                    	
                                        Cancellation.

                                    

                        

                        All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and
                        delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this section, except as expressly permitted by this Indenture. The Trustee shall destroy cancelled Securities and deliver a certificate of such destruction to the Company.

                        
                            	
                                        SECTION 310.

                                    	
                                        Computation of Interest.

                                    

                        

                        Except as otherwise specified as contemplated by Section 301 for the Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

                        
                            	
                                        SECTION 311.

                                    	
                                        CUSIP and ISIN Numbers.

                                    

                        

                        The Company in issuing the Securities may use “CUSIP” and/or “ISIN” numbers (if then generally in use), and the Trustee shall use CUSIP or ISIN numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders and no representation shall be made as to the correctness of such numbers either as printed on
                        the Securities or as contained in any notice of redemption, exchange or conversion.

                        

                        
                            
                                	
                                            

                                        	
                                            21

                                        

                            

                            
                                

                            

                             

                             

                        

                        ARTICLE IV

                        SATISFACTION AND DISCHARGE

                        
                            	
                                        SECTION 401.

                                    	
                                        Satisfaction and Discharge of Indenture.

                                    

                        

                        This Indenture shall upon Company Request cease to be of further effect with respect to any series of Securities (except as to (i) any surviving rights of registration of transfer or exchange of Securities herein expressly provided for, (ii) rights hereunder of Holders to receive payments of principal of, and premium, if any, and interest on, Securities, and other rights,
                        duties and obligations of the Holders as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee, (iii) remaining obligations of the Company to make mandatory sinking fund payments and (iv) the rights, obligations and immunities of the Trustee hereunder), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to any series of Securities,
                        when:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        either:

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        all Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series which have been mutilated, destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Securities of such series for whose payment money has theretofore been deposited in trust or segregated
                                        and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

                                    

                        

                        
                            	
                                         

                                    	
                                        (ii)

                                    	
                                        all such Securities not theretofore delivered to the Trustee for cancellation:

                                    

                        

                        
                            	
                                         

                                    	
                                        (A)

                                    	
                                        have become due and payable,

                                    

                        

                        
                            	
                                         

                                    	
                                        (B)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (C)

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

                                    

                        

                        and the Company, in the case of (A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust

                        
                            	
                                         

                                    	
                                        (A)

                                    	
                                        money in U.S. dollars (or if the Securities are denominated in a currency other than U.S. dollars, an amount of the applicable currency) in an amount sufficient, or

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            22

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (B)

                                    	
                                        (a) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide not later than one day before the due date of any payment referred to in clause (ii) of this subparagraph money in an amount, or (b) a combination of such money and such U.S. Government
                                        Obligations, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,

                                    

                        

                        to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        if all series of Securities are being discharged, the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

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

                                    

                        

                        Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, and, if money or U.S. Government Obligations shall have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section 401, the obligations of the Trustee under Section 402 and the next to last paragraph of Section
                        1003, shall survive.

                        
                            	
                                        SECTION 402.

                                    	
                                        Application of Trust Funds; Indemnification.

                                    

                        

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        Subject to the provisions of the next to last paragraph of Section 1003, all money and U.S. Government Obligations deposited with the Trustee pursuant to Section 401, 403 or 404 and all money received by the Trustee in respect of U.S. Government Obligations deposited with the Trustee pursuant to Section 401, 403 or 404 shall be held in
                                        trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or
                                        analogous payments as contemplated by Section 403 or 404, but such money need not be segregated from other funds except to the extent required by law.

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations deposited pursuant to Section 401, 403 or 404, or the interest and principal received in respect of such obligations other than any payable by or on behalf of
                                        Holders.

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                           23

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or money held by it as provided in Section 401, 403 or 404 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, is
                                        then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such obligations or money was deposited or received.

                                    

                        

                        
                            	
                                        SECTION 403.

                                    	
                                        Legal Defeasance and Discharge of Indenture.

                                    

                        

                        The Company shall be deemed to have paid and discharged the entire indebtedness on all the Outstanding Securities on the first date that all of the conditions set forth in the proviso below are satisfied, and the provisions of this Indenture, as it relates to such Outstanding Securities, shall no longer be in effect (and the Trustee, at the expense of the Company, shall
                        at Company Request, execute proper instruments acknowledging the same), except as to:

                        
                            	
                                         

                                    	
                                        (a)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        the Company’s obligations with respect to such Securities under Sections 305, 306, 1002 and 1003; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        the obligations of the Company to the Trustee under Section 607, provided, however, that the following conditions shall have been satisfied:

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        the Company has, or caused to be, irrevocably deposited (except as provided in Section 402) with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities,

                                    

                        

                        
                            	
                                         

                                    	
                                        (A)

                                    	
                                        money in U.S. Dollars (or if the Securities are denominated in a currency other than U.S. dollars, an amount of the applicable currency) in an amount sufficient, or

                                    

                        

                        
                            	
                                         

                                    	
                                        (B)

                                    	
                                        (a) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide not later than one day before the due date of any payment referred to in Section 401(i) or (ii) money in an amount, or (b) a combination of such money and such U.S. Government Obligations,
                                        sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee,

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            24

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        to pay and discharge (A) the principal of (and premium, if any) and each installment of principal of (and premium, if any) and interest on the Outstanding Securities on the Stated Maturity of such principal or installment of principal or interest or on the applicable Redemption Date and (B) any mandatory sinking fund payments applicable to the Securities on the day on
                        which such payments are due and payable in accordance with the terms of this Indenture and of the Securities;

                        
                            	
                                         

                                    	
                                        (ii)

                                    	
                                        such deposit shall not cause the Trustee with respect to the Securities to have a conflicting interest for purposes of the Trust Indenture Act with respect to the Securities;

                                    

                        

                        
                            	
                                         

                                    	
                                        (iii)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (iv)

                                    	
                                        no Event of Default or event which with notice or lapse of time would become an Event of Default with respect to the Securities shall have occurred and be continuing on the date of such deposit; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (v)

                                    	
                                        if the deposit referred to in subparagraph (i) of this Section 403 is to be made on or prior to one year from the Stated Maturity for payment of principal of the Outstanding Securities, the Company has delivered to the Trustee an Opinion of Counsel with no material qualifications or a favorable ruling of the Internal Revenue Service, in
                                        either case to the effect that Holders of the Securities will not recognize income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred.

                                    

                        

                        
                            	
                                        SECTION 404.

                                    	
                                        Covenant Defeasance of Certain Obligations.

                                    

                        

                        If this Section 404 is specified to be applicable to Securities of any series, the Company may omit to comply with any term, provision or condition set forth in the sections of this Indenture or such Security with respect to the Securities of that series (“Covenant Defeasance”) if:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        the Company has deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of that series,

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        money in U.S. dollars (or if the Securities are denominated in a currency other than U.S. dollars, an amount of the applicable currency) in an amount sufficient, or

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            25

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (ii)

                                    	
                                        (a) U.S. Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide not later than one day before the due date of any payment referred to in Section 401(i) or (ii) money in an amount, or (b) a combination of such money and such U.S. Government Obligation,
                                        sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,

                                    

                        

                        to pay and discharge (A) the principal of (and premium, if any) and each installment of principal (and premium, if any) and interest on the Outstanding Securities of that series on the Stated Maturity of such principal or installment of principal or interest and (B) any mandatory sinking fund payments or analogous payments applicable to Securities of such series on the day
                        on which such payments are due and payable in accordance with the terms of the Indenture and of such Securities;

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        such deposit shall not cause the Trustee with respect to the Securities of that series to have a conflicting interest for purposes of the Trust Indenture Act with respect to the Securities of any series;

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

                                    	
                                        if the deposit referred to in subparagraph (a) of this Section 404 is to be made on or prior to one year from the Stated Maturity for payment of principal of the Outstanding Securities, the Company has delivered to the Trustee an Opinion of Counsel with no material qualifications or a favorable ruling of the Internal Revenue Service, in
                                        either case to the effect that Holders of the Securities will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance of certain obligations and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit and defeasance had not occurred; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (e)

                                    	
                                        the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the Covenant Defeasance contemplated by this Section 404 have been complied with.

                                    

                        

                        In the event the Company effects Covenant Defeasance with respect to any Securities and such Securities are declared due and payable because of the occurrence of any Event of Default, other than an Event of Default with respect to any covenant as to which there has been Covenant Defeasance, the U.S. Government Obligations on deposit with the Trustee will be sufficient to
                        pay amounts due on such Securities at the time of the Stated Maturity but may not be sufficient to pay amounts due on such Securities at the time of the acceleration resulting from such Event of Default.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            26

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        ARTICLE V

                        REMEDIES

                        
                            	
                                        SECTION 501.

                                    	
                                        Events of Default.

                                    

                        

                        “Event of Default” (except as otherwise specified or contemplated by Section 301 for Securities of any series) wherever used herein with respect to Securities of any series, means any one of the following events:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        default in the payment of any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days;

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series;

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

                                    	
                                        default in the performance, or breach, of any material covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of
                                        Securities other than that series) for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities 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;

                                    

                        

                        
                            	
                                         

                                    	
                                        (e)

                                    	
                                        the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a
                                        petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or 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;

                                    

                        

                        
                            	
                                         

                                    	
                                        (f)

                                    	
                                        the commencement by the Company of a voluntary case or proceeding under any applicable 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 Company in an involuntary case or
                                        proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                            27

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        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 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 similar official of the Company 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 and its willingness to have a case commenced against it or to seek an order for relief under any applicable bankruptcy, insolvency or other similar law or the taking of corporate action by the Company in furtherance of any such action; or

                        
                            	
                                         

                                    	
                                        (g)

                                    	
                                        any other Event of Default expressly provided with respect to Securities of that series.

                                    

                        

                        
                            	
                                        SECTION 502.

                                    	
                                        Acceleration of Maturity; Rescission and Annulment.

                                    

                        

                        If an Event of Default (other than an Event of Default under Section 501(e) or (f)) with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount (or, if the Securities of
                        that series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all of the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable.

                        In the case of an Event of Default resulting under Section 501(e) or (f), which occurs and is continuing with respect to Securities of any series at the time Outstanding, then all unpaid principal of and accrued interest on all such Outstanding Securities of that series shall become immediately due and payable without any notice or other action on the part of the Trustee
                        or the Holders of any Securities of such series.

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

                        
                            	
                                         

                                    	
                                        (a)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        all overdue interest on all Securities of that series,

                                    

                        

                        
                            	
                                         

                                    	
                                        (ii)

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

                                    

                        

                         

                        
                            

                             

                            
                                	
                                              

                                        	
                                                                        28

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (iii)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (iv)

                                    	
                                        all sums paid or advanced by the Trustee and any predecessor Trustee hereunder and all sums due the Trustee and any predecessor Trustee under Section 607; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.

                                    

                        

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

                        
                            	
                                        SECTION 503.

                                    	
                                        Collection of Indebtedness and Suits for Enforcement by Trustee.

                                    

                        

                        The Company covenants that if

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 60 days, or

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal (and premium, if any) and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue interest, at the rate or
                        rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including all amounts due the Trustee and any predecessor Trustee under Section 607.

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

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

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                           29

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                        SECTION 504.

                                    	
                                        Trustee May File Proofs of Claim.

                                    

                        

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

                        
                            	
                                         

                                    	
                                        (a)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

                                    

                        

                        and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
                        disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607.

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

                        
                            	
                                        SECTION 505.

                                    	
                                        Trustee May Enforce Claims Without Possession of Securities.

                                    

                        

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

                        
                            	
                                        SECTION 506.

                                    	
                                        Application of Money Collected.

                                    

                        

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

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                             30

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        FIRST: To the payment of all amounts due the Trustee and each predecessor Trustee under Section 607;

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

                        
                            	
                                         

                                    	
                                        THIRD: To the Company.

                                    

                        

                        
                            	
                                        SECTION 507.

                                    	
                                        Limitation on Suits.

                                    

                        

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

                        
                            	
                                         

                                    	
                                        (a)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (e)

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

                                    

                        

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

                        
                            	
                                        SECTION 508.

                                    	
                                        Unconditional Right of Holders to Receive Principal, Premium and Interest.

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                         31

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 307) interest on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption,
                        on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

                        
                            	
                                        SECTION 509.

                                    	
                                        Restoration of Rights and Remedies.

                                    

                        

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

                        
                            	
                                        SECTION 510.

                                    	
                                        Rights and Remedies Cumulative.

                                    

                        

                        Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
                        cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

                        
                            	
                                        SECTION 511.

                                    	
                                        Delay or Omission Not Waiver.

                                    

                        

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

                        
                            	
                                        SECTION 512.

                                    	
                                        Control by Holders.

                                    

                        

                        The Holders of a majority in principal amount of the Outstanding Securities of any series (or if more than one series is affected thereby, of all series so affected, voting as a single class) shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the
                        Trustee, with respect to the Securities of such series; provided, however, that:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        such direction shall not be in conflict with any rule of law or with this Indenture, expose the Trustee to personal liability or be unduly prejudicial to Holders not joining therein; and

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                         32

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

                                    

                        

                        Nothing in this Indenture shall impair the right of the Trustee to take any other action deemed proper by the Trustee which is not inconsistent with such direction.

                        
                            	
                                        SECTION 513.

                                    	
                                        Waiver of Past Defaults.

                                    

                        

                        The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series affected thereby (voting as a single class) waive any past default hereunder with respect to such series and its consequences, except that the consent of the Holders of all of the Securities of such
                        series affected thereby is required to waive a default:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        in the payment of the principal of (or premium, if any) or interest on any Security of such series; or

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        in respect of a covenant or provision hereof which under this article cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.

                                    

                        

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

                        
                            	
                                        SECTION 514.

                                    	
                                        Undertaking for Costs.

                                    

                        

                        All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party
                        litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 514 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit
                        instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Securities on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). This Section 514 shall be in lieu of
                        Section 315(e) of the Trust Indenture Act and such Section 315(e) is hereby expressly excluded from this Indenture, as permitted by the Trust Indenture Act.

                        
                            	
                                        SECTION 515.

                                    	
                                        Waiver of Stay or Extension Laws.

                                    

                        

                        The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                          33

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit
                        the execution of every such power as though no such law had been enacted.

                        ARTICLE VI

                        THE TRUSTEE

                        
                            	
                                        SECTION 601.

                                    	
                                        Certain Duties and Responsibilities.

                                    

                        

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        Except during the continuance of an Event of Default with respect to the Securities of any series:

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (ii)

                                    	
                                        in the absence of negligence or bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
                                        which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture.

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        In case an Event of Default has occurred with respect to Securities of any series and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture with respect to such series of Securities, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the
                                        circumstances in the conduct of his own affairs.

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        this Section 601(c) shall not be construed to limit the effect of Section 601(a);

                                    

                        

                        
                            	
                                         

                                    	
                                        (ii)

                                    	
                                        the Trustee shall not be liable for any error or judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

                                    

                        

                        
                            	
                                         

                                    	
                                        (iii)

                                    	
                                        the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                         34

                                        

                            

                            
                                

                            

                             

                            

                        

                        in principal amount of the Outstanding Securities of any series, determined as provided in Section 512, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and

                        
                            	
                                         

                                    	
                                        (iv)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

                                    	
                                        Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 601.

                                    

                        

                        
                            	
                                        SECTION 602.

                                    	
                                        Notice of Defaults.

                                    

                        

                        Within 60 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities of such series, as their names and addresses appear in the Security Register, notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived; provided,
                        however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security of such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determines that the
                        withholding of such notice is in the interest of the Holders of Securities of such series; and provided further, however, that in the case of any default of the character specified in Section 501(d) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section 602, the term “default” means any event which is, or after notice or lapse of time or both
                        would become, an Event of Default with respect to Securities of such series.

                        
                            	
                                        SECTION 603.

                                    	
                                        Certain Rights of Trustee.

                                    

                        

                        Subject to the provisions of Section 601:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        the Trustee may rely and shall be protected in acting or refraining from acting upon any Board Resolution, resolution, Officers’ Certificate, certificate, statement, instrument, Opinion of Counsel, 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;

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                           35

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (e)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (f)

                                    	
                                        the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, 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 Company, personally or by agent or attorney; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (g)

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

                                    

                        

                        
                            	
                                        SECTION 604.

                                    	
                                        Not Responsible for Recitals or Issuance of Securities.

                                    

                        

                        The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable
                        for the use or application by the Company of Securities or the proceeds thereof.

                        
                            	
                                        SECTION 605.

                                    	
                                        May Hold Securities.

                                    

                        

                        The Trustee, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 612, may otherwise deal with, and collect obligations owed to it  by, the Company with the same rights it would have if it were not Trustee,
                        Paying Agent, Security Registrar or such other agent.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                           36

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                        SECTION 606.

                                    	
                                        Money Held in Trust.

                                    

                        

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

                        
                            	
                                        SECTION 607.

                                    	
                                        Compensation and Reimbursement.

                                    

                        

                        The Company agrees:

                        
                            	
                                         

                                    	
                                        (a)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        to indemnify each of the Trustee and any predecessor Trustee for, and to hold it harmless against, any loss, liability or expense, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder and the performance of its duties hereunder, including the costs and expenses of defending itself against any
                                        claim or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense is due to its own negligence, bad faith or willful misconduct.

                                    

                        

                        To ensure the performance of the obligations of the Company under this section, the Trustee shall have a senior claim to which the Securities are hereby made subordinate upon all property and funds held or collected by the Trustee as such, except property and funds held in trust for the payment of principal of, premium, if any, or interest on particular
                        Securities.

                        
                            	
                                        SECTION 608.

                                    	
                                        Disqualification; Conflicting Interests.

                                    

                        

                        The Trustee shall comply with the terms of Section 310(b) of the Trust Indenture Act.

                        
                            	
                                        SECTION 609.

                                    	
                                        Corporate Trustee Required; Eligibility.

                                    

                        

                        There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers having (or, in the case of the subsidiary

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                              37

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        of a bank holding company that guarantees the obligations of the Trustee under this Indenture, such holding company’s parent shall have) a combined capital and surplus of at least $50,000,000 subject to supervision or examination by Federal or State authority. If such corporation or holding company parent publishes reports of condition at least annually, pursuant to law or the
                        requirements of said supervising or examining authority, then for the purposes of this section, the combined capital and surplus of such corporation or holding company parent 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 609, it shall resign immediately in the manner and with the effect
                        hereinafter specified in this Article VI.

                        
                            	
                                        SECTION 610.

                                    	
                                        Resignation and Removal; Appointment of Successor.

                                    

                        

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611.

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning
                                        Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the first sentence of this Subsection 610(b) may be combined with the instrument called for by Section 611.

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

                                    	
                                        If at any time:

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        the Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months;

                                    

                        

                        
                            	
                                         

                                    	
                                        (ii)

                                    	
                                        the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company or by any such Holder; or

                                    

                        

                        
                            	
                                         

                                    	
                                        (iii)

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

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                        38

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        case, (i) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all
                        Securities and the appointment of a successor Trustee or Trustees.

                        
                            	
                                         

                                    	
                                        (e)

                                    	
                                        If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it
                                        being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the
                                        Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the
                                        successor appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a
                                        successor Trustee with respect to the Securities of such series.

                                    

                        

                        
                            	
                                         

                                    	
                                        (f)

                                    	
                                        The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series as
                                        their names and addresses appear in the Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office.

                                    

                        

                        
                            	
                                        SECTION 611.

                                    	
                                        Acceptance of Appointment by Successor.

                                    

                        

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become
                                        effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                              39

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall
                                        accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as
                                        shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
                                        Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to
                                        the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee
                                        all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in Section 611(a) or (b), as the case may be.

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

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

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                            40

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                        SECTION 612.

                                    	
                                        Merger, Conversion, Consolidation or Succession to Business.

                                    

                        

                        Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee (including the administration of this Indenture), shall
                        be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the
                        Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

                        
                            	
                                        SECTION 613.

                                    	
                                        Preferential Collection of Claims Against Company.

                                    

                        

                        If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). A trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture
                        Act to the extent provided therein.

                        ARTICLE VII

                        HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

                        
                            	
                                        SECTION 701.

                                    	
                                        Company to Furnish Trustee Names and Addresses of Holders.

                                    

                        

                        The Company will furnish or cause to be furnished to the Trustee with respect to the Securities of each series:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        semi-annually, not more than fifteen days after each Regular Record Date, or, in the case of any series of Securities on which semi-annual interest is not payable, not more than fifteen days after such semi-annual dates as may be specified by the Trustee, a list, in such form as the Trustee may reasonably require, of the names and addresses
                                        of the Holders as of such Regular Record Date or such semi-annual date, as the case may be; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        provided, however, that so long as the Trustee is the Security Registrar, no such list need be furnished.

                        
                            	
                                        SECTION 702.

                                    	
                                        Preservation of Information; Communications to Holders.

                                    

                        

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            41

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished.

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        If three or more Holders (herein referred to as “applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate
                                        with other Holders with respect to their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either:

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        afford such applicants access to the information preserved at the time by the Trustee in accordance with Section 702(a), or

                                    

                        

                        
                            	
                                         

                                    	
                                        (ii)

                                    	
                                        inform such applicants as to the approximate number of Holders whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 702(a) and as to the approximate cost of mailing to such Holders the form of proxy or other communication, if any, specified in such application.

                                    

                        

                        If the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants, mail to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 702(a) a copy of the form of proxy or other communication which is specified in such request,
                        with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interest of the Holders
                        or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained
                        have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            42

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with Section 702(b),
                                        regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 702(b).

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

                                    	
                                        Subject to Sections 601 and 702(a), (b) and (c), if the Company or any other Person (other than the Trustee) shall desire to communicate with Holders of Securities to solicit or obtain from them any proxy, consent, authorization, waiver, approval of a plan of reorganization, arrangement or readjustment or other action (“Holder
                                        Action”), the Trustee shall have no duty to participate in such communication or solicitation or the processing of responses in any manner except (i) to furnish the rules and regulations and to perform the functions referred to in Section 104 and (ii) to receive (A) the instruments evidencing the Holder Action together with (B) the Officers’ Certificate and Opinion of Counsel referred to below. The Company hereby covenants that any and all
                                        communications and solicitations distributed by it in connection with any Holder Action will comply in all material respects with applicable law, including without limitation applicable law concerning adequacy of disclosure. The Trustee shall have no responsibility for the accuracy or completeness of any materials circulated to solicit any Holder Action nor for any related communications nor for the compliance thereof with applicable law. No Holder Action
                                        shall become effective until the Trustee shall have received from the Company or other person who solicited the Holder Action (1) the instruments evidencing such Holder Action and (2) (x) (in the case of Holder Action solicited by the Company or the representative of the Company’s estate if the Company is the debtor in any bankruptcy or other insolvency proceeding) an Officers’ Certificate and (y) (in all cases) an Opinion of Counsel, each
                                        specifying the Holder Action taken and stating that such Holder Action has been duly and validly taken in compliance with this Indenture in all material respects. Such Officers’ Certificate, if any, shall also certify that (after giving effect to such Holder Action) no Event of Default or event or condition which, with notice or lapse of time or both, would become an Event of Default has occurred and is continuing or has not been waived.

                                    

                        

                        
                            	
                                         

                                    	
                                        (e)

                                    	
                                        The Depositary may grant proxies and otherwise authorize its participants which own the Global Securities to give or take any Act which a Holder is entitled to take under this Indenture; provided, however, that the Depositary has delivered a list of such participants to the Trustee.

                                    

                        

                        
                            	
                                        SECTION 703.

                                    	
                                        Reports by Trustee.

                                    

                        

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        Within 60 days after o of each year commencing with the first o following the date of this Indenture, the Trustee shall transmit by mail to all Holders, as their names and addresses appear in the Security Register, a brief report dated as of such o, to
                                        the extent required by Section 313(a) of the Trust Indenture Act.

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                            43

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange.

                                    

                        

                        
                            	
                                        SECTION 704.

                                    	
                                        Reports by Company.

                                    

                        

                        The Company shall:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be
                                        required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of said sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required
                                        pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        ARTICLE VIII

                        CERTAIN COVENANTS

                        
                            	
                                        SECTION 801.

                                    	
                                        Restrictions on Liens on Capital Stock of National Education Loan Network.

                                    

                        

                        The Company shall not create or guarantee any indebtedness that is secured by a lien on the Capital Stock of National Education Loan Network, unless the Company also secures the Securities on a pro rata or priority basis with such other secured indebtedness; provided, however, that the Company may grant liens on such Capital Stock without also securing the Securities if
                        the Board of Directors determines that any such liens do not materially detract from or interfere with the fair market value, or with control, of such Capital Stock.

                        
                            	
                                        SECTION 802.

                                    	
                                        When Company May Merge or Transfer Assets.

                                    

                        

                        The Company shall not consolidate or merge with or into any other Person or convey, transfer, sell or lease all or substantially all of its properties and assets as an entirety to any Person or permit any Person to consolidate with or merge into the Company, unless:

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                                                          44

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        either (1) the Company shall be the surviving Person or (2) the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance, transfer, sale or lease of all or substantially all of the properties and assets of the Company shall be organized and existing under
                                        the laws of a domestic jurisdiction and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations of the Company under the Securities and this Indenture;

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that such consolidation, merger, conveyance, transfer, sale or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Section 801 and that all
                                        conditions precedent herein provided for relating to such transaction have been satisfied.

                                    

                        

                        The successor Person formed by such consolidation or into which the Company is merged or the successor Person to which such conveyance, transfer, sale or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor had been named as the Company herein; and
                        thereafter, the Company shall be discharged from all obligations and covenants under this Indenture and the Securities. Subject to Section 903, the Company, the Trustee and the successor Person shall enter into a supplemental indenture to evidence the succession and substitution of such successor Person and such discharge and release of the Company.

                        ARTICLE IX

                        AMENDMENTS AND SUPPLEMENTAL INDENTURES

                        
                            	
                                        SECTION 901.

                                    	
                                        Amendments or Supplemental Indentures Without Consent of Holders.

                                    

                        

                        The Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may amend or supplement this Indenture or the Securities without the consent of any Holder, so long as such changes, other than those in clause (b), do not materially and adversely affect the interests of the Holder:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        to cure any ambiguity, omission, defect or inconsistency;

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        to make any modifications or amendments that do not, in the good faith opinion of the Company’s Board of Directors and the Trustee, adversely affect the interests of the Holders in any material respect;

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        to provide for the assumption of the Company’s obligations under this Indenture by a successor upon any merger, consolidation or asset transfer as permitted by and in compliance with Article VIII of this Indenture;

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            45

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (d)

                                    	
                                        to provide any security for or guarantees of the Securities;

                                    

                        

                        
                            	
                                         

                                    	
                                        (e)

                                    	
                                        to add Events of Default with respect to the Securities;

                                    

                        

                        
                            	
                                         

                                    	
                                        (f)

                                    	
                                        to add to the Company’s covenants for the benefit of the Holders or to surrender any right or power conferred upon the Company by this Indenture;

                                    

                        

                        
                            	
                                         

                                    	
                                        (g)

                                    	
                                        to make any change necessary to comply with the Trust Indenture Act, or any amendment thereto, or to comply with any requirement of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act; provided, however, that such modification or amendment does not, in the good faith opinion of the
                                        Company’s Board of Directors and the Trustee, adversely affect the interests of the Holders of the Securities in any material respect;

                                    

                        

                        
                            	
                                         

                                    	
                                        (h)

                                    	
                                        to provide for uncertificated Securities in addition to or in place of Certificated Securities or to provide for bearer Securities;

                                    

                        

                        
                            	
                                         

                                    	
                                        (i)

                                    	
                                        to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons;

                                    

                        

                        
                            	
                                         

                                    	
                                        (j)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (k)

                                    	
                                        to establish the form or terms of Securities of any series as permitted by Sections 201 and 301;

                                    

                        

                        
                            	
                                         

                                    	
                                        (l)

                                    	
                                        to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the
                                        requirements of Section 611(b); or

                                    

                        

                        
                            	
                                         

                                    	
                                        (m)

                                    	
                                        to conform, as necessary, this Indenture and the Securities to the “Description of Notes” as set forth in any prospectus, prospectus supplement or other offering document relating to any issuance of the Securities.

                                    

                        

                        
                            	
                                        SECTION 902.

                                    	
                                        Amendments or Supplemental Indentures with Consent of Holders.

                                    

                        

                        With the written consent of the Holders of not less than a majority in aggregate principal amount of the Securities of such series affected by such amendment or supplement at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may amend or supplement this Indenture or such series of Securities.
                        However, without the consent of each Holder affected, an amendment to this Indenture or the Securities may not:

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            46

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        change the Stated Maturity of the principal of, or any premium on, or any installment of interest with respect to the Securities;

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        reduce the principal amount of, or the rate of interest on, the Securities;

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

                                    	
                                        change the currency of payment of principal of or interest on the Securities;

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

                                    	
                                        impair the right to institute suit for the enforcement of any payment on or with respect to the Securities;

                                    

                        

                        
                            	
                                         

                                    	
                                        (e)

                                    	
                                        reduce the above-stated percentage of Holders of the Securities of any series necessary to modify or amend this Indenture;

                                    

                        

                        
                            	
                                         

                                    	
                                        (f)

                                    	
                                        modify the foregoing requirements or reduce the percentage of Outstanding Securities necessary to waive any covenant or past default; or

                                    

                        

                        
                            	
                                         

                                    	
                                        (g)

                                    	
                                        if the Securities are convertible, adversely affect the right to convert the Securities into shares of Common Stock or Preferred Stock in accordance with the provisions of this Indenture.

                                    

                        

                        It shall not be necessary for any Act of the Holders under this Section 902 to approve the particular form of any proposed amendment or supplemental indenture, but it shall be sufficient if such Act approves the substance thereof.

                        After an amendment or supplemental indenture under this Section 902 becomes effective, the Company shall mail to each Holder a notice briefly describing the amendment or supplemental indenture.

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

                        
                            	
                                        SECTION 903.

                                    	
                                        Execution of Supplemental Indentures.

                                    

                        

                        The Trustee shall sign any supplemental indenture authorized pursuant to this article if the amendment contained therein does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign such supplemental indenture. In executing, or accepting the additional trusts created by, any supplemental indenture
                        permitted by this article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            47

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        
                            	
                                        SECTION 904.

                                    	
                                        Effect of Supplemental Indentures.

                                    

                        

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

                        
                            	
                                        SECTION 905.

                                    	
                                        Conformity with Trust Indenture Act.

                                    

                        

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

                        
                            	
                                        SECTION 906.

                                    	
                                        Reference in Securities to Supplemental Indentures.

                                    

                        

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

                        ARTICLE X

                        COVENANTS

                        
                            	
                                        SECTION 1001.

                                    	
                                        Payment of Principal, Premium and Interest.

                                    

                        

                        The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of (and premium, if any) and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. At the option of the Company, payment of principal (and premium, if any) and interest on the Securities may
                        be made either by wire transfer or (subject to collection) by check mailed to the address of the Person entitled thereto at such address as shall appear in the Security Register.

                        
                            	
                                        SECTION 1002.

                                    	
                                        Maintenance of Office or Agency.

                                    

                        

                        The Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company hereby initially appoints
                        the Trustee its office or agency for each of said purposes. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the
                        Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            48

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee
                        of any such designation or rescission and of any change in the location of any such other office or agency.

                        
                            	
                                        SECTION 1003.

                                    	
                                        Money for Securities; Payments to Be Held in Trust.

                                    

                        

                        If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium, if any) or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or
                        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 so to act.

                        Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the
                        benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

                        The Company 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 provisions of this section, that such Paying Agent will:

                        
                            	
                                         

                                    	
                                        (a)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

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

                                    

                        

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

                         

                        
                            

                             

                            
                                	
                                            

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

                        The Company shall have no obligation to make payment of principal of (or premium, if any) or interest on any Security in immediately available funds, except that if the Company shall have received original payment for Securities in immediately available funds it shall make available immediately available funds for payment of the principal of such Securities.

                        
                            	
                                        SECTION 1004.

                                    	
                                        Corporate Existence.

                                    

                        

                        Subject to Article VIII, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if the Board of Directors or senior management of the Company shall
                        determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the Holders.

                        
                            	
                                        SECTION 1005.

                                    	
                                        Maintenance of Properties.

                                    

                        

                        The Company will use its reasonable efforts to cause all material properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order (subject to wear and tear) and supplied with all necessary material equipment and will use its reasonable efforts to cause to be made all necessary material repairs, renewals,
                        replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 1005 shall prevent the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business
                        and not disadvantageous in any material respect to the Holders.

                        
                            	
                                        SECTION 1006.

                                    	
                                        Statement by Officers as to Default.

                                    

                        

                        The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, a certificate of the principal executive officer, principal financial

                         

                        
                            

                             

                            
                                	
                                            

                                        	
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                        officer or principal accounting officer of the Company stating whether or not to the best knowledge of the signer thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture, and if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have
                        knowledge.

                        
                            	
                                        SECTION 1007.

                                    	
                                        Waiver of Certain Covenants.

                                    

                        

                        In respect of any series of Securities, the Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 1006 if before or after the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in
                        such instance or generally waive compliance with such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

                        ARTICLE XI

                        REDEMPTION OF SECURITIES

                        
                            	
                                        SECTION 1101.

                                    	
                                        Applicability of Article.

                                    

                        

                        Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article XI. In addition, unless expressly prohibited in an indenture supplement hereto or in the authorizing resolutions with
                        respect to any series of Securities, the Company may purchase, acquire or otherwise hold Securities.

                        
                            	
                                        SECTION 1102.

                                    	
                                        Election to Redeem; Notice to Trustee.

                                    

                        

                        The election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of less than all the Securities of any series, the Company shall, at least 30 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of
                        such Redemption Date and of the principal amount of Securities of such series to be redeemed, such notice to be accompanied by a written statement signed by an authorized officer of the Company stating that no defaults in the payment of interest or Events of Default with respect to the Securities of that series have occurred (which have not been waived or cured). In the case of any redemption of Securities prior to the expiration of any restriction on such redemption
                        provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate evidencing compliance with such restriction.

                        
                            	
                                        SECTION 1103.

                                    	
                                        Selection by Trustee of Securities to Be Redeemed.

                                    

                        

                        If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee in its sole

                         

                        
                            

                             

                            
                                	
                                            

                                        	
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                        discretion shall deem fair and appropriate and which may provide for the selection or redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series.

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

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

                        
                            	
                                        SECTION 1104.

                                    	
                                        Notice of Redemption.

                                    

                        

                        Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not
                        such Holder receives the notice. Failure to give notice by mail, or any defect in the notice to any such Holder in respect of any Security, shall not affect the validity of the proceedings for the redemption of any other Security.

                        All notices of redemption shall state:

                        
                            	
                                         

                                    	
                                        (a)

                                    	
                                        the Redemption Date;

                                    

                        

                        
                            	
                                         

                                    	
                                        (b)

                                    	
                                        the Redemption Price and any accrued interest;

                                    

                        

                        
                            	
                                         

                                    	
                                        (c)

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

                                    

                        

                        
                            	
                                         

                                    	
                                        (d)

                                    	
                                        that on the Redemption Date the Redemption Price and any accrued interest will become due and payable upon each such Security to be redeemed together with accrued interest thereon and, if applicable, that interest thereon will cease to accrue on and after said date;

                                    

                        

                        
                            	
                                         

                                    	
                                        (e)

                                    	
                                        the place or places where such Securities are to be surrendered for payment of the Redemption Price and any accrued interest;

                                    

                        

                        
                            	
                                         

                                    	
                                        (f)

                                    	
                                        that the redemption is for a sinking fund, if such is the case; and

                                    

                        

                        
                            	
                                         

                                    	
                                        (g)

                                    	
                                        the CUSIP number and, if applicable, the ISIN number of the Securities being redeemed.

                                    

                        

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            52

                                        

                            

                            
                                

                            

                             

                            

                        

                         

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

                        
                            	
                                        SECTION 1105.

                                    	
                                        Deposit of Redemption Price.

                                    

                        

                        On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money, in funds immediately available on the due date, sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an
                        Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.

                        
                            	
                                        SECTION 1106.

                                    	
                                        Securities Payable on Redemption Date.

                                    

                        

                        Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified together with accrued interest thereon, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease
                        to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant
                        Record Dates according to their terms and the provisions of Section 307.

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

                        The Trustee shall not redeem any Securities of any series pursuant to this article (unless all Outstanding Securities of such series are to be redeemed) or mail or give any notice of redemption of Securities during the continuance of an Event of Default hereunder known to the Trustee with respect to such series, except that, where the mailing of notice of redemption of
                        any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided, however, that it shall have received from the Company a sum sufficient for such redemption. Except as aforesaid, any moneys theretofore or thereafter received by the Trustee shall, during the continuance of such Event of Default, be deemed to have been collected under Article V and held for the payment of all such Securities of such series. In case
                        such Event of Default shall have been waived as provided in Section 513 or the default cured on or before the 60th day preceding the Redemption Date, such moneys shall thereafter be applied in accordance with the provisions of this article.

                        
                            	
                                        SECTION 1107.

                                    	
                                        Securities Redeemed in Part.

                                    

                        

                        Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            53

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                         form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series, of any authorized denomination as requested by such Holder, in aggregate
                        principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

                        ARTICLE XII

                        SINKING FUNDS

                        
                            	
                                        SECTION 1201.

                                    	
                                        Applicability of Article.

                                    

                        

                        The provisions of this article shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 301 for Securities of such series.

                        The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” If provided for by the
                        terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

                        
                            	
                                        SECTION 1202.

                                    	
                                        Satisfaction of Sinking Fund Payments with Securities.

                                    

                        

                        The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such
                        Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series; provided, however, that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through
                        operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

                        
                            	
                                        SECTION 1203.

                                    	
                                        Redemption of Securities for Sinking Fund.

                                    

                        

                        Not less than 60 days prior to each sinking fund payment date for any series of Securities, the Company (1) will deliver to the Trustee an Officers’ Certificate (A) stating that no defaults in the payment of interest or Events of Default with respect to Securities of that series have occurred (which have not been waived or cured), (B) specifying the amount of the
                        next ensuing sinking fund payment for that series pursuant to the terms of Securities of that series, (C) stating whether or not the Company intends to exercise its right, if any, to make an optional sinking fund payment with respect to such series on the next ensuing sinking fund payment date and, if so, specifying the amount of such optional sinking fund payment and (D) specifying the portion of

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            54

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        such sinking fund payment, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 1202 and (2) will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the
                        Securities of such series to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1105, 1106 and 1107. Failure of the Company, on or before any such
                        60th day, to deliver such Officers’ Certificate and Securities specified in this section, if any, shall not constitute a default but shall constitute, on and as of such date, the irrevocable election of the Company (a) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the option to deliver or credit Securities of such series in respect thereof and (b) that
                        the Company will make no optional sinking fund payment with respect to Securities of such series as provided in this article.

                        The Trustee shall not redeem or cause to be redeemed any Security of a series with sinking fund moneys or mail any notice of redemption of Securities of such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default with respect to such series except that, where the mailing of notice of
                        redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of
                        Default, be deemed to have been collected under Article V and held for the payment of all such Securities of such series. In case such Event of Default shall have been waived as provided in Section 513 or the default cured on or before the 60th day preceding the sinking fund payment date, such moneys shall thereafter be applied on the next succeeding sinking fund payment date in accordance with this section to the redemption of such Securities.

                        This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

                        [Signature pages follow]

                         

                        
                            

                             

                            
                                	
                                            

                                        	
                                            55

                                        

                            

                            
                                

                            

                             

                            

                        

                         

                        IN WITNESS WHEREOF, the undersigned have caused this Indenture to be duly executed as a deed the day and year first before written.

                        NELNET, INC.

                         

                        
                            	
                                         

                                    	
                                        By:

                                    	
                                    
	
                                    	
                                        Name:

                                    	
                                    
	
                                    	
                                        Title:

                                    	
                                    

                        

                         

                         

                         

                        [NAME OF TRUSTEE], as Trustee

                         

                        
                            

                            	
                                         

                                    	
                                        By:

                                    	
                                    
	
                                    	
                                        Name:

                                    	
                                    
	
                                    	
                                        Title:

                                    

                             

                            
                                	
                                            

                                        	
                                            56

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