Document:

Exhibit 10.3 Stock Purchase Agreement with DLJ MB Partners III

    
      

    

     

     

    

      STOCK
        PURCHASE AGREEMENT

       

      This
        STOCK
        PURCHASE AGREEMENT, dated September 21, 2006 (this “Agreement”),
        is by
        and among U.S. Energy Corporation, a Wyoming corporation (“USE”)
        and
        Crested Corp. a Colorado corporation (together with USE, “Sellers”),
        and
        DLJ MB Partners III GmbH & Co. KG, a limited company organized under the
        laws of Germany, DLJ Offshore Partners III, C.V., a partnership organized
        under
        the laws of the Netherland Antilles, DLJ Offshore Partners III-1, C.V., a
        partnership organized under the laws of the Netherland Antilles, DLJ Offshore
        Partners III-2, C.V., a partnership organized under the laws of the Netherland
        Antilles, Millennium Partners II, L.P., a Delaware limited partnership, DLJ
        Merchant Banking Partners III, L.P., a Delaware limited partnership, and
        MBP III
        Plan Investors, L.P., a Delaware limited partnership (collectively,
“Purchasers”).

       

      W
        I T
        N E S S E T H:

       

      WHEREAS,
        Sellers desire to sell to Purchasers shares of the common stock, par value
        $.01
        per share (“Common
        Stock”),
        of
        Pinnacle Gas Resources, Inc., a Delaware corporation (the “Company”),
        and
        Purchasers desire to purchase shares of Common Stock from Sellers, upon and
        subject to the terms of this Agreement;

       

      NOW,
        THEREFORE, in consideration of the mutual covenants and agreements set forth
        herein, and for other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the parties hereto agree as
        follows:

       

      ARTICLE
        I  

      PURCHASE
        AND SALE

       

      Section
        1.1  Purchase
        and Sale of Shares.
        Upon the
        terms and subject to the conditions set forth in this Agreement, and in reliance
        upon the representations and warranties herein made by each party to the
        other,
        Sellers agree jointly to sell, and Purchasers agree jointly to purchase from
        Sellers, at the Closing (as hereinafter defined), an aggregate of 2,459,102
        shares of Common Stock (the “Shares”);
        and
        each Purchaser severally agrees to purchaser that number of Shares of set
        forth
        opposite such Purchaser’s name on Schedule
        I.

       

      Section
        1.2  Purchase
        Price.
        As
        consideration for the purchase and sale of the Shares, Purchasers jointly
        will
        pay, or cause to be paid, to Sellers on the Closing Date, by wire transfer
        of
        immediately available funds to the account identified on Schedule
        II,
        the sum
        of $13,800,000, which amount shall be allocated between Sellers as set forth
        on
Schedule
        II.

       

      Section
        1.3  Closing.
        The
        closing of the purchase and sale of the Shares (the “Closing”)
        shall
        be at such date and time as shall be mutually agreed to by the parties hereto
        (such date, the Closing
        Date”).
        The
        Closing shall take place at the offices of Akin Gump Strauss Hauer & Feld,
        LLP, 1111 Louisiana Street, 44th
        Floor,
        Houston, Texas or such other place as shall be mutually agreed to by the
        parties
        hereto. Sellers will deliver to Purchasers at the Closing a certificate or
        certificates representing all of the Shares with duly executed stock powers
        attached thereto.

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      ARTICLE
        II  

      REPRESENTATIONS
        AND WARRANTIES

       

      Section
        2.1  Representations
        and Warranties of Sellers.
        Sellers
        hereby represent and warrant to each Purchaser as follows:

       

      (a)  Each
        Seller is a corporation duly organized, validly existing and in good standing
        under the laws of the jurisdiction of its incorporation.

       

      (b)  Each
        Seller has all requisite power and authority to execute and deliver into
        this
        Agreement and to consummate the transactions contemplated hereby. The execution
        and delivery of this Agreement by each Seller and the consummation by each
        Seller of the transactions contemplated hereby have been duly authorized
        by all
        necessary action on the part of Seller.

       

      (c)  This
        Agreement has been duly executed and delivered by each Seller and (assuming
        that
        this Agreement is a legal, valid, and binding obligation of each other parties
        hereto) constitutes a valid and binding obligation of each Seller, enforceable
        against each Seller in accordance with its terms, except as enforceability
        may
        be subject to the effects of bankruptcy, insolvency, reorganization, moratorium
        or other laws relating to or affecting the rights of creditors or general
        principles of equity.

       

      (d)  The
        execution and delivery of this Agreement by each Seller and the consummation
        by
        each Seller of the transactions contemplated hereby will not (A) violate
        any
        provision of any existing law, statute, rule, regulation or ordinance applicable
        to either Seller or (B) conflict with, result in any breach of or constitute
        a
        default under (1) the Certificate of Incorporation or By-laws of either Seller,
        (2) any order, writ, judgment, award or decree of any court, governmental
        authority, bureau or agency to which either Seller is a party or by which
        either
        Seller may be bound or (3) any contract or other agreement or undertaking
        to
        which either Seller is a party or by which either Seller may be
        bound.

       

      (e)  No
        consent, approval, order or authorization of, or registration, declaration
        or
        filing with, any court, administrative agency or commission or other
        governmental authority or instrumentality, is required by or with respect
        to
        either Seller in connection with the execution and delivery of this Agreement
        or
        the consummation by either Seller of the transactions contemplated hereby
        except
        for (i) such as have been obtained prior to the date hereof and (ii) consent
        of
        Friedman Billings Ramsey & Co., Inc. to the transfer of the Shares pursuant
        to that certain lock-up agreement dated March 31, 2006.

       

      (f)  Each
        Seller has, and upon transfer by Sellers of the Shares hereunder, Purchasers
        will have, good and marketable title to the Shares, free and clear of any
        claims, liens, encumbrances, security interests, restrictions and adverse
        claims
        of any kind or nature whatsoever. There are no outstanding subscriptions,
        options, warrants, rights, contracts, understandings or agreements to purchase
        or otherwise acquire the Shares.

       

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

       

      Section
        2.2  Representations
        and Warranties of Purchasers.
        Purchasers hereby represent and warrant to Sellers as follows:

       

      (a)  Each
        Purchasers is duly organized, validly existing and in good standing under
        the
        laws of the jurisdiction of its incorporation or organization. 

       

      (b)  Each
        Purchaser has all requisite power and authority to enter into this Agreement
        and
        to consummate the transactions contemplated hereby. The execution and delivery
        of this Agreement by each Purchaser and the consummation by each Purchaser
        of
        the transactions contemplated hereby have been duly authorized by all necessary
        action on the part of each Purchaser.

       

      (c)  This
        Agreement has been duly executed and delivered by each Purchaser and (assuming
        that this Agreement is a legal, valid, and binding obligation of each other
        parties hereto) constitutes a valid and binding obligation of each Purchaser,
        enforceable against each Purchaser in accordance with its terms, except as
        enforceability may be subject to the effects of bankruptcy, insolvency,
        reorganization, moratorium or other laws relating to or affecting the rights
        of
        creditors or general principles of equity.

       

      (d)  The
        execution and delivery of this Agreement by each Purchaser and the consummation
        by each Purchaser of the transactions contemplated hereby will not (A) violate
        any provision of any existing law, statute, rule, regulation or ordinance
        applicable to any
        Purchaser or
        (B)
        conflict with, result in any breach of or constitute a default under (1)
        the
        Certificate of Incorporation or By-laws of any Purchaser, (2) any order,
        writ,
        judgment, award or decree of any court, governmental authority, bureau or
        agency
        to which any Purchaser is a party or by which any Purchaser may be bound
        or (3)
        any contract or other agreement or undertaking to which any Purchaser is
        a party
        or by which any Purchaser may be bound.

       

      (e)  No
        consent, approval, order or authorization of, or registration, declaration
        or
        filing with, any court, administrative agency or commission or other
        governmental authority or instrumentality, is required by or with respect
        to any
        Purchaser in connection with the execution and delivery of this Agreement
        or the
        consummation by any Purchaser of the transactions contemplated hereby except
        for
        (i) such as have been obtained prior to the date hereof and (ii) consent
        of
        Friedman Billings Ramsey & Co., Inc. to the transfer of the Shares pursuant
        to that certain lock-up agreement dated March 31, 2006.

       

      ARTICLE
        III  

      CLOSING
        CONDITIONS.

       

      Section
        3.1  Conditions
        to Each Party’s Obligations.
        The
        obligation of Purchasers to purchase the Shares at the Closing, and the
        obligation of Sellers to sell the Shares at the Closing, are subject to the
        satisfaction or mutual waiver at or prior to the Closing of the following
        conditions:

       

      (a)  No
        preliminary or permanent injunction or other order shall have been issued
        by any
        court of competent jurisdiction or by any governmental or regulatory body,
        nor
        shall any statute, rule, regulation or executive order have been promulgated
        or

       

      
        
           

           

        

        
          3

          
            

          

        

        
           

        

      

      enacted
        by any governmental authority which prevents the consummation of the
        transactions contemplated by this Agreement.

       

      (b)  No
        action
        or proceeding before any court or any governmental or regulatory authority
        shall
        have been commenced by any governmental or regulatory body and shall be pending
        against any of the parties hereto or any of their respective affiliates,
        associates, officers or directors seeking to prevent or delay the transactions
        contemplated by this Agreement.

       

      (c)  (i)
        Friedman, Billings, Ramsey & Co., Inc. shall have provided a waiver of the
        applicable lock-up provisions under that certain letter agreement, dated
        March
        31, 2006, to the purchase and sale of the Shares hereunder (and Purchasers
        shall
        have received a true and correct copy of such waiver) or (ii) the lock-up
        period
        under such letter agreement shall have expired.

       

      (d)  The
        representations and warranties of each of the parties hereto contained in
        this
        Agreement shall have been true and complete when made and shall be true and
        complete at and as of the Closing Date with the same force and effect as
        though
        such representations and warranties were made at and as of the Closing
        Date.

       

      (e)  Each
        of
        the parties hereto shall have performed and complied with all agreements,
        obligations and conditions required by this Agreement to be performed or
        complied with by such party at or prior to the Closing.

       

      ARTICLE
        IV  

      MISCELLANEOUS

       

      Section
        4.1  Confidentiality;
        Non Disclosure.
        Each of
        the parties hereto shall, and shall cause their respective officers, directors,
        employees, affiliates and other agents and representatives (collectively,
        “Representatives”),
        to
        hold confidential all information with respect to this Agreement, including
        the
        identity of the parties hereto and the terms and provisions of the transactions
        contemplated hereunder. None of the parties hereto will, and each of the
        parties
        will direct their Representatives not to, directly or indirectly, make any
        public comment, statement or communication with respect to, or otherwise
        disclose or permit the disclosure of the existence of, this Agreement, any
        of
        the terms, conditions or other aspects of this Agreement or the transactions
        contemplated hereunder. The foregoing notwithstanding, any party hereto may
        disclosure any such information to the extent, and only to the extent, (a)
        required to be so disclosed pursuant to the terms of that certain
        Securityholders Agreement, dated June 23, 2003, as amended, and (b) upon
        the
        advice of counsel, such information is required to be disclosed by a party
        hereto or any of its Representatives as a result of any applicable law
        (including public reporting requirements under federal and state securities
        laws);
        provided,
        however,
        that
        only such information that is required to be disclosed may be disclosed and,
        in
        the event any information is required to be disclosed pursuant to this clause
        (b), the party proposing such disclosure shall provide the other parties
        hereto
        an opportunity, reasonably in advance of any such disclosure, to review and
        comment on the form and content of such proposed disclosure. 

       

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

       

      Section
        4.2  Exclusivity.
        In
        consideration of the covenants and agreements of Purchasers set forth herein,
        Sellers further agree that prior to December 31, 2006, Sellers will not ̧ and
        will not permit any of their respective Representatives to, enter into any
        agreement, discussion, or negotiation with (and shall terminate any existing
        discussions or negotiations with), or provide information to, or solicit,
        encourage, entertain or consider any inquiries or proposals from, any other
        person with respect to any purchase and sale of Common Stock held by Sellers
        and/or any of their respective affiliates. During such period Sellers will
        promptly notify Purchasers of any inquiries (including the identity of the
        party
        making such inquiry) regarding any such proposed purchase and sale of Common
        Stock.

       

      Section
        4.3  No
        Brokers.
        Sellers
        and Purchasers hereby represent to each other that neither it nor any of
        its
        respective affiliates have employed any broker or finder or incurred any
        liability for any brokerage or finder’s fees or commissions or expenses related
        thereto in connection with the negotiation, execution or consummation of
        this
        Agreement or any of the transactions contemplated hereby and respectively
        agree
        to indemnify and hold the other harmless from and against any and all claims,
        liabilities or obligations with respect to any such fees, commissions or
        expenses asserted by any person on the basis of any act or statement alleged
        to
        have been made by such party or any of its affiliates.

       

      Section
        4.4  Entire
        Agreement.
        This
        Agreement constitutes the entire agreement and understanding of the parties
        in
        respect of the subject matter hereof and supersedes all prior understandings,
        agreements or representations by or between the parties, written or oral,
        to the
        extent they relate in any way to the subject matter hereof.

       

      Section
        4.5  Binding
        Effect; Third Party Beneficiaries.
        All of
        the terms, agreements, covenants, representations, warranties and conditions
        of
        this Agreement are binding upon and inure to the benefit of and are enforceable
        by, the parties and their respective successors and permitted assigns. There
        are
        no third party beneficiaries having rights under or with respect to this
        Agreement.

       

      Section
        4.6  Further
        Assurances.
        If any
        further action is necessary or reasonably desirable to carry out this
        Agreement’s purposes, each party will take such further action (including
        executing and delivering any further instruments and documents and providing
        any
        reasonably requested information) as the other party reasonably may
        request.

       

      Section
        4.7  Survival
        of Representations, Warranties and Covenants.
        Each
        representation, warranty, covenant and obligation in this Agreement will
        survive
        the execution and delivery of this Agreement and the consummation of the
        transactions contemplated by this Agreement, and will not be affected by
        any
        investigation by or on behalf of the other party to this Agreement.

       

      Section
        4.8  Indemnification.
        Sellers
        will indemnify and hold harmless each Purchaser and Purchasers will indemnify
        and hold harmless Sellers, from and against any and all losses, claims, damages,
        liabilities and expenses (including, without limitation, legal fees and
        expenses) suffered or incurred by any such indemnified party to the extent
        arising from any breach of any representation or warranty of the indemnifying
        party contained in this Agreement or any breach 

       

      
        
           

           

        

        
          5

          
            

          

        

        
           

        

      

      by
        the
        indemnifying party, or failure by the indemnifying party to fulfill, any
        covenant or agreement contained herein. 

       

      Section
        4.9  Notices.
        All
        notices, requests and other communications provided for or permitted to be
        given
        under this Agreement must be in writing and given by personal delivery, by
        certified or registered United States mail (postage prepaid, return receipt
        requested), by a nationally recognized overnight delivery service for next
        day
        delivery, or by facsimile transmission, as follows (or to such other address
        as
        any party may give in a notice given in accordance with the provisions
        hereof):

       

      If
        to
        Sellers, to:

       

      U.S.
        Energy Corporation 

      877
        North
        8th West

      Riverton,
        WY 82501

      Attention:
        Mark J. Larsen, President 

      Facsimile:
        (307) 857-3050  

      

      and
        to:

      

      Crested
        Corp.

      877
        North
        8th West

      Riverton,
        WY 82501 

      Attention:
        Keith G. Larsen, Co-Chariman  

      Facsimile:
        (307) 857-3050 

      

      with
        a
        copy (which will not constitute notice) to:

       

      U.S.
        Energy Corporation

      877
        North
        8th West

      Riverton,
        WY 82501

      Attention:
        Steven R. Youngbauer, 

      Associate
        General Counsel

      Facsimile:
        (307) 857-3050 

      

      If
        to
        Purchasers, to: 

       

      c/o
        Credit Suisse

      Eleven
        Madison Avenue, 16th
        Floor

      New
        York,
        New York 10010

      Attention:
        Daniel Gewirtz

      Facsimile:
        (212) 325-2663

       

      

       

      
        
           

           

        

        
          6

          
            

          

        

        
           

        

      

      with
        a
        copy to (which does not constitute notice) to:

       

      

       

      Avista
        Capital Partners, LP

      1000
        Louisiana Street, Suite 1975

      Houston,
        Texas 77002

      Attention:
        Robert L. Cabes

      Facsimile:
        (713) 328-1097

       

      with
        a
        copy (which will not constitute notice) to:

       

      Akin
        Gump
        Strauss Hauer & Feld LLP

      1111
        Louisiana, 44th
        Floor

      Houston,
        Texas 77002

      Attention:
        J. Michael Chambers

      Facsimile:
        (713) 236-0822

       

      Section
        4.10  Specific
        Performance; Remedies.
        Each
        party acknowledges and agrees that the other party would be damaged irreparably
        if any provision of this Agreement were not performed in accordance with
        its
        specific terms or were otherwise breached. Accordingly, the parties will
        be
        entitled to an injunction or injunctions to prevent breaches of the provisions
        of this Agreement and to enforce specifically this Agreement and its provisions
        in addition to any other remedy to which they may be entitled, at law or
        in
        equity. Except as expressly provided herein, the rights, obligations and
        remedies created by this Agreement are cumulative and in addition to any
        other
        rights, obligations or remedies otherwise available at law or in equity.
        Except
        as expressly provided herein, nothing herein will be considered an election
        of
        remedies.

       

      Section
        4.11  Headings.
        The
        article and section headings contained in this Agreement are inserted for
        convenience only and will not affect in any way the meaning or interpretation
        of
        this Agreement.

       

      Section
        4.12  Governing
        Law.
        This
        Agreement will be governed by and construed in accordance with the laws of
        the
        State of Delaware, without giving effect to any choice of law
        principles.

       

      Section
        4.13  Amendment.
        This
        Agreement may not be amended or modified except by a writing signed by all
        of
        the parties hereto.

       

      Section
        4.14  Extensions;
        Waivers.
        Any
        party may, for itself only, (a) extend the time for the performance of any
        of
        the obligations of any other party under this Agreement, (b) waive any
        inaccuracies in the representations and warranties of any other party contained
        herein or in any document delivered pursuant hereto and (c) waive compliance
        with any of the agreements or conditions for the benefit of such party contained
        herein. Any such extension or waiver will be valid only if set forth in a
        writing signed by the party to be bound thereby. No waiver by any party of
        any
        default, misrepresentation or breach of warranty or covenant hereunder, whether
        intentional or not, may be deemed to extent to any prior or subsequent default,
        misrepresentation or breach of warranty or covenant hereunder or affect in
        any
        way any rights arising because of any prior or subsequent such occurrence.
        Neither the failure nor any delay on the party of any 

       

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

       

      Section
        4.15  party
        to
        exercise any right or remedy under this Agreement will operate as a waiver
        thereof, nor will any single or partial exercise of any right or remedy preclude
        any other or further exercise of the same or of any other right or
        remedy.

       

      Section
        4.16  Expenses.
        Sellers
        shall be responsible for, and shall promptly pay, costs and expenses incurred
        by
        Purchasers in connection with the preparation, execution and performance
        of this
        Agreement and the transactions contemplated hereby including, without
        limitation, the reasonable fees and expenses of Akin Gump Strauss Hauer &
Feld, LLP, counsel to Purchasers.

       

      Section
        4.17  Counterparts;
        Effectiveness.
        This
        Agreement may be executed in two or more counterparts, each of which will
        be
        deemed an original but all of which together will constitute one and the
        same
        instrument. This Agreement will become effective when one or more counterparts
        have been signed by each of the parties and delivered to the other party,
        which
        delivery may be made by exchange of copies of the signature page by facsimile
        transmission. 

       

      [Signature
        Page to Follow]

       

      
        
          
             

          

           

        

        
          8

          
            

          

        

        
           

          
          

        

      

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

       

      

       

      
        	
                DLJ
                  MERCHANT BANKING PARTNERS III, L.P.

              
	
                 

                By: DLJ
                  Merchant Banking III, Inc., 

                      
as
                  Managing General Partner

              
	 
	
                By:  
                  /s/ Kenneth J. Lohsen 

              
	
                Name:
                  Kenneth J. Lohsen

              
	
                Title:
                  Vice President

              
	 
	
                DLJ
                  MERCHANT BANKING III, INC.,
                  as Advisory General Partner on behalf of DLJ Offshore Partners
                  III,
                  C.V.

              
	 
	
                By:  
                  /s/ Kenneth J. Lohsen 

              
	
                Name:
                  Kenneth J. Lohsen

              
	
                Title:
                  Vice President

              
	 
	 
	
                DLJ
                  MERCHANT BANKING III, INC.,
                  as Advisory General Partner on behalf of DLJ Offshore Partners
                  III-1, C.V.
                  and as attorney-in-fact for DLJ Merchant Banking III, L.P., as
                  Associate
                  General Partner of DLJ Offshore Partners III-1, C.V.

              
	 
	
                By:  
                  /s/ Kenneth J. Lohsen 

              
	
                Name:
                  Kenneth J. Lohsen

              
	
                Title:
                  Vice President

              
	 
	 
	
                DLJ
                  MERCHANT BANKING III, INC.,
                  as Advisory General Partner on behalf of DLJ Offshore Partners
                  III-2, C.V.
                  and as attorney-in-fact for DLJ Merchant Banking III, L.P., as
                  Associate
                  General Partner of DLJ Offshore Partners III-2, C.V.

              
	 
	
                By:  
                  /s/ Kenneth J. Lohsen 

              
	
                Name:
                  Kenneth J. Lohsen

              
	
                Title:
                  Vice President

              
	 
	 

      

      
        
          Stock
            Purchase Agreement—Signature Page

           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	
                MILLENNIUM
                  PARTNERS II, L.P. 

              
	
                 

                By: DLJ
                  Merchant Banking III, Inc., 

                      
as
                  Managing General Partner

              
	 
	
                By:  
                  /s/ Kenneth J. Lohsen 

              
	
                Name:
                  Kenneth J. Lohsen

              
	
                Title:
                  Vice President

              
	 
	 
	
                DLJ
                  MB PARTNERS III GMBH & CO.
                  KG

              
	
                 

                By: DLJ
                  Merchant Banking III, L.P.,

                      
as
                  Managing Limited Partner

              
	
                 

                By: DLJ
                  Merchant Banking III, LLC,

                      
as
                  General Partner

              
	
                 

                By: DLJ
                  Merchant Banking III, Inc., as Managing Member

              
	 
	
                By:  
                  /s/ Kenneth J. Lohsen 

              
	
                Name:
                  Kenneth J. Lohsen

              
	
                Title:
                  Vice President

              
	 
	 
	
                MBP
                  III PLAN INVESTORS, L.P.

              
	
                 

                By: DLJ
                  Merchant Banking III, Inc., 

                      
as
                  Managing General Partner

              
	 
	
                By:  
                  /s/ Kenneth J. Lohsen 

              
	
                Name:
                  Kenneth J. Lohsen

              
	
                Title:
                  Vice President

              
	 
	
                 

                U.S.
                  ENERGY CORPORATION

              
	 
	
                By:  
                  /s/ Keith G. Larsen 

              
	
                Name:
                  Keith G. Larsen

              
	
                Title:
                  Chief Executive Officer

              
	 
	
                 

                CRESTED
                  CORP.

              
	 
	
                By:  
                  /s/ Harold F. Herron 

              
	
                Name:
                  Harold F. Herron

              
	
                Title:
                  President

              
	 

      

      

       

      

       

      

       

      
        
          
            Stock
              Purchase Agreement—Signature Page

          

           

        

        
           

          
            

          

        

        
           

          
          

        

      

      SCHEDULE
        I

       

      SHARE
        ALLOCATIONS

       

      

       

      
        	
                Purchaser:

              	
                Number
                  of Shares:

              
	 	 
	
                DLJ
                  Merchant Banking Partners III, L.P.

              	
                1,870,117

              
	 	 
	
                DLJ
                  Merchant Banking III, Inc., as Advisory General Partner on behalf
                  of DLJ
                  Offshore Partners III, C.V.

              	
                 

                100,615

              
	 	 
	
                DLJ
                  Merchant Banking III, Inc., as Advisory General Partner on behalf
                  of DLJ
                  Offshore Partners III-1, C.V. and as attorney-in-fact for DLJ Merchant
                  Banking III, L.P., as Associate General Partner of DLJ Offshore
                  Partners
                  III-1, C.V.

              	
                 

                 

                 

                33,374

              
	 	 
	
                DLJ
                  Merchant Banking III, Inc., as Advisory General Partner on behalf
                  of DLJ
                  Offshore Partners III-2, C.V. and as attorney-in-fact for DLJ Merchant
                  Banking III, L.P., as Associate General Partner of DLJ Offshore
                  Partners
                  III-2, C.V.

              	
                 

                 

                 

                23,772

              
	 	 
	
                Millennium
                  Partners II, L.P.

              	
                15,772

              
	 	 
	
                DLJ
                  MB Partners III GmbH & Co., KG

              	
                10,721

              
	 	 
	
                MBP
                  III Plan Investors, L.P.

              	
                404,731

              
	 	 
	
                Total:

              	
                2,459,102

              

      

      

       

      

       

      
        
          
            Schedule
              I

          

           

        

        
           

          
            

          

        

        
           

          
          

        

      

      SCHEDULE
        II

       

      WIRING
        INSTRUCTIONS AND PURCHASE PRICE ALLOCATION

       

      

       

      

       

      

       

      
        	
                For
                  the account of US Energy:

              	
                Purchase
                  Price Allocation:

              
	
                First
                  Interstate Bank of Commerce 

                Casper
                  Office

                104
                  South Wolcott

                P.O.
                  Box 40

                Casper,
                  WY 82602

                (307)
                  235-4207

                 

                ABA
                  Number 092901683

                Account
                  of : U.S. Energy Corp.

                Money
                  Market Account Number: 836888750

                 

                Federal
                  Identification Number 83-0205516

              	
                 

                $8,970,003.93

              
	 	 
	
                For
                  the account of Crested Corp.

              	
                Purchase
                  Price Allocation:

              
	 	 
	
                First
                  Interstate Bank of Commerce 

                Casper
                  Office

                104
                  South Wolcott

                P.O.
                  Box 40

                Casper,
                  WY 82602

                (307)
                  235-4207

                 

                ABA
                  Number 092901683

                Account
                  of : Crested Corp.

                Money
                  Market Account Number: 836888784

                 

                Federal
                  Identification Number 84-0608126

              	
                 

                $4,829,996.07

              
	 	 

      

      

      
        

         

        
          
            
              Schedule
                IIExhibit 4.1

CONTINENTAL AIRLINES, INC.,

AS ISSUER

TO

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

AS TRUSTEE

_________

SECOND SUPPLEMENTAL INDENTURE

DATED NOVEMBER 13, 2006

SUPPLEMENTING THE INDENTURE

DATED AS OF JULY 15, 1997

TABLE OF CONTENTS

ARTICLE 1 THE 2011 NOTES*
SECTION 1.1. Designation of 2011 Notes; Establishment of Form.*

SECTION 1.2. Amount.*

SECTION 1.3. Redemption and Repurchase.*

SECTION 1.4. Conversion.*

SECTION 1.5. Maturity.*

SECTION 1.6. Defeasance and Covenant Defeasance.*

SECTION 1.7. Denominations.*

SECTION 1.8. Other Terms of the 2011 Notes.*

ARTICLE 2 MISCELLANEOUS PROVISIONS*
SECTION 2.1. Integral Part.*

SECTION 2.2. Rules of Construction.*

SECTION 2.3. Adoption, Ratification and Confirmation.*

SECTION 2.4. Counterparts.*

SECTION 2.5. Benefits of Indenture.*

SECTION 2.6. Governing Law.*

SECTION 2.7. Supplemental Indenture Controls.*

SECTION 2.8. Trust Indenture Act Controls.*

SECTION 2.9. Concerning the Trustee.*

EXHIBIT A FORM OF 2011 NOTEA-1
SECOND SUPPLEMENTAL INDENTURE

THIS SECOND SUPPLEMENTAL INDENTURE, dated as of November 13, 2006 (this "Second Supplemental Indenture"), is between Continental Airlines, Inc., a Delaware corporation (hereinafter called the "Company"), and The Bank of New York Trust Company, N.A., a national banking association organized under the laws of the United States, as successor trustee under the indenture referred to below (the "Trustee").

W I T N E S S E T H:

WHEREAS, the Company and the Trustee are parties to an Indenture, dated as of July 15, 1997 (the "Original Indenture"), relating to th issuance from time to time by the Company of its Securities on terms to be specified at the time of issuance, as supplemented and amended by the First Supplemental Indenture, dated as of January 23, 2002 (the "First Supplemental Indenture"). The Original Indenture as supplemented and amended by the First Supplemental Indenture is hereinafter called the "Indenture";

 WHEREAS, the Company has duly authorized the creation of a series of its Securities denominated its "8.75% Notes due 2011" (such Securities being referred to herein as the "2011 Notes");

WHEREAS, the Company has duly authorized the execution and delivery of this Second Supplemental Indenture in order to provide for the issuance of the 2011 Notes;

WHEREAS, the Company has requested the Trustee and the Trustee has agreed to join with it in the execution and delivery of this Second Supplemental Indenture;

WHEREAS, Section 8.1(7) of the Indenture provides that the Company, acting pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into an indenture supplemental to the Indenture, without the consent of any Holders of Securities, to establish the form and terms of the Securities of any series as permitted by Sections 2.1 and 3.1 of the Indenture;

WHEREAS, on the basis of the foregoing, the Trustee has determined that this Second Supplemental Indenture is in form satisfactory to it;

WHEREAS, the Company has furnished the Trustee with an Officers' Certificate and an Opinion of Counsel complying with the requirements of Section 8.4 of the Indenture, stating that the execution of this Second Supplemental Indenture is authorized or permitted by the Indenture, and has delivered to the Trustee a Board Resolution authorizing the execution and delivery of this Second Supplemental Indenture, together with an additional Opinion of Counsel required by Section 3.3 of the Indenture;

WHEREAS, all things necessary to make this Second Supplemental Indenture a valid agreement of the Company and the Trustee and a valid amendment of and supplement to the Indenture have been done. The entry into this Second Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the Indenture;

WHEREAS, the Company has duly authorized the execution and delivery of this Second Supplemental Indenture, and all things necessary have been done to make the 2011 Notes, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligation of the Company, and to make this Second Supplemental Indenture a valid agreement of the Company, in accordance with their and its terms;

 NOW, THEREFORE:

It is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the 2011 Notes, as follows:

	

THE 2011 NOTES

	Designation of 2011 Notes; Establishment of Form.

There shall be a series of Securities designated "8.75% Notes due 2011" of the Company, and the form thereof shall be substantially as set forth in Exhibit A hereto, which is incorporated into and shall be deemed a part of this Second Supplemental Indenture, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, 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 as may, consistently with the Indenture, be determined by the officers of the Company executing such 2011 Notes, as evidenced by their execution of the 2011 Notes.

The 2011 Notes will be issued exclusively as Registered Securities, and they will initially be issued in permanent global form, substantially in the form set forth in Exhibit A hereto.

The Place of Payment for the 2011 Notes shall be the office of The Bank of New York Trust Company, N.A., at 101 Barclay Street, New York, New York 10286. The Company initially appoints (i) the Trustee to act as Paying Agent and Registrar with respect to the 2011 Notes and (ii) The Depository Trust Company to act as Depositary for the 2011 Notes.

	Amount.

The Trustee shall authenticate and deliver 2011 Notes for original issue in an aggregate principal amount of $200,000,000 upon Company Order for the authentication and delivery of the 2011 Notes, without any further action by the Company. The authorized aggregate principal amount of the 2011 Notes may be increased at any time hereafter and the series may be reopened for issuances of additional Securities as provided in the Section 3.1(c) of the Indenture, so long as such additional Securities are fungible with the 2011 Notes issued on the date hereof for U.S. Federal income tax purposes. The 2011 Notes issued on the date hereof and any such additional 2011 Notes that may be issued hereafter shall be part of the same series of Securities.

	Redemption and Repurchase.

	There shall be no sinking fund for the retirement of the 2011 Notes or other mandatory redemption or repurchase obligation.

	The Company, at its option, may redeem the 2011 Notes in accordance with the provisions of the 2011 Notes and the Indenture, including, without limitation, Article 10.

	Conversion.

The 2011 Notes shall not be convertible into any other securities.

	Maturity.

The Stated Maturity of the 2011 Notes shall be December 1, 2011.

	Defeasance and Covenant Defeasance.

The 2011 Notes shall be subject to both defeasance and covenant defeasance in accordance with Article 4 of the Indenture.

	Denominations.

The 2011 Notes shall be issuable in minimum denominations of $2,000 and $1,000 multiples thereof.

	Other Terms of the 2011 Notes.

Without limiting the foregoing provisions of this Article 1, the terms of the 2011 Notes shall be as provided in the form of the 2011 Notes set forth in Exhibit A hereto and as provided in the Indenture, including, without limitation, Article 7 thereof.

	

MISCELLANEOUS PROVISIONS

	Integral Part.

This Second Supplemental Indenture constitutes an integral part of the Indenture.

	Rules of Construction.

For all purposes of this Second Supplemental Indenture:

	capitalized terms used herein without definition shall have the meanings specified in the Indenture; and

	the terms "herein," "hereof," "hereunder" and other words of similar import refer to this Second Supplemental Indenture.

	Adoption, Ratification and Confirmation.

The Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed and, with respect to the 2011 Notes, the Indenture as supplemented by this Second Supplemental Indenture, shall be read, taken and construed as one and the same instrument.

	Counterparts.

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

	Benefits of Indenture.

Nothing in this Second Supplemental Indenture or in the 2011 Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Registrar and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under the Indenture.

	Governing Law.

THIS SECOND SUPPLEMENTAL INDENTURE AND THE 2011 NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

	Supplemental Indenture Controls.

In the event there is any conflict or inconsistency between the Indenture and this Second Supplemental Indenture, the provisions of this Second Supplemental Indenture shall control.

	Trust Indenture Act Controls. 

In the event there is any conflict, limitation, qualification or inconsistency between this Second Supplemental Indenture and the Trust Indenture Act, the provisions of the Trust Indenture Act shall control.

	Concerning the Trustee.

The Trustee assumes no duties, responsibilities or liabilities by reason of this Second Supplemental Indenture other than as set forth in the Indenture.

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

CONTINENTAL AIRLINES, INC.

 

 

By:/s/ Gerald Laderman

Name:Gerald Laderman

Title: Senior Vice President- 

Finance and Treasurer

Attest:

 

/s/ Gerald Clanton

Name: Gerald Clanton

Title: Assistant Secretary

 
THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee

 

By:s/s Alma Marcella Burgess

Name:Alma Marcella Burgess

Title:Assistant Treasurer

EXHIBIT A

[FORM OF FACE OF 2011 NOTE]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]

Continental Airlines, Inc.

8.75% Note due 2011

No.

CUSIP No. 210795 PT 1$_______________

Continental Airlines, Inc., a Delaware corporation (the "Company," which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to ___________________, or its registered assigns, the principal sum of ________________ Dollars ($_____________) [or such greater or lesser amount as is indicated on the Schedule of Exchanges attached hereto] on December 1, 2011.
Interest Payment Dates: June 1 and December 1, commencing June 1, 2007

 Regular Record Dates: May 15 and November 15

Reference is hereby made to the further provisions of this 2011 Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed under its corporate seal manually or by facsimile by its duly authorized officers.

CONTINENTAL AIRLINES, INC.

 

By:

Name:

Title:

Attest:

 

By:

Trustee's Certificate of Authentication

This is one of the Securities of a series issued under the within-named Indenture.

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

as Trustee

 

By:

 Authorized Signatory

Dated:

REVERSE OF NOTE

Continental Airlines, Inc.

8.75% Note due 2011

Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

1. Principal and Interest.

Continental Airlines, Inc., a Delaware corporation (the "Company"), promises to pay interest on the principal amount of this Note at a rate of 8.75% per annum from November 13, 2006, or the most recent Interest Payment Date to which interest has been duly paid or provided for until repayment at Stated Maturity or redemption. The Company will pay interest on this Note semiannually in arrears on June 1 and December 1 of each year, commencing June 1, 2007.

The Company shall pay interest (including post-petition interest in any proceeding under Title 11, U.S.C., or any similar federal or state law for the relief of debts) on overdue principal on this Note and premium, if any, from time to time on demand at the rate per annum specified in the next preceding paragraph, and it shall pay interest (including post-petition interest in any proceeding under Title 11, U.S.C., or any similar federal or state law for the relief of debts) on overdue installments of interest hereon (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful.

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

The Holder must surrender this Note to a Paying Agent to collect payment of principal.

2. Method of Payment.

Interest on any Note 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 Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.

Principal of, and premium, if any, and interest on, global Notes will be payable to the Depositary in immediately available funds.

Principal and premium, if any, on definitive Securities will be payable at the office or agency of the Company maintained for such purpose in the Borough of Manhattan, The City of New York, initially the offices of the Bank of New York Trust Company, N.A., 101 Barclay Street, New York, New York 10286. Interest on definitive Securities will be payable by (i) Dollar check drawn on a bank in The City of New York mailed to the address of the Person entitled thereto as such address shall appear in the Register, or (ii) upon application to the Registrar by a Holder of an aggregate principal amount in excess of $5,000,000, wire transfer in immediately available funds.

3. Paying Agent and Registrar.

Initially, The Bank of New York Trust Company, N.A., the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change the Paying Agent or Registrar without notice to any Holder.

4. Indenture.

This Note is one of a duly authorized issue of Securities of the Company designated as its 8.75% Notes due 2011 (the "Notes"), issued under an Indenture, dated as of July 15, 1997, as supplemented by the First Supplemental Indenture dated as of January 23, 2002 and the Second Supplemental Indenture dated as of November 13, 2006 (as so supplemented, the "Indenture"), between the Company and The Bank of New York Trust Company, N.A., as successor trustee (the "Trustee"). The terms of the Note include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. This Note is subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control.

The Notes are unsubordinated, unsecured obligations of the Company, initially limited to $200,000,000 aggregate principal amount. The Indenture does not limit other debt of the Company, secured or unsecured.

5. Optional Redemption.

The Notes are subject to redemption at the option of the Company, in whole or in part, at any time and from time to time, upon not less than 30 or more than 60 days' notice at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on such Notes (exclusive of interest accrued to the redemption date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 50 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to such Redemption Date. 

"Comparable Treasury Issue" means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes.

"Comparable Treasury Price" means with respect to any Redemption Date for Notes, the average of two Reference Treasury Dealer Quotations for such redemption date.

"Quotation Agent" means the Reference Treasury Dealer(s) appointed by us.

"Reference Treasury Dealer" means each of Morgan Stanley & Co. Incorporated and Credit Suisse Securities (USA) LLC, and their respective successors; provided, however, that if either of the foregoing shall cease to be a primary United States Government securities dealer in New York City (a "Primary Treasury Dealer"), we will substitute therefor another Primary Treasury Dealer.

"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

"Treasury Rate" means, with respect to any Redemption Date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated "H.l5 (519)" or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption "Treasury Constant Maturities," for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the maturity date of the notes to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined, and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated on the third Business Day preceding the redemption date.

If less than all of the outstanding Notes are to be redeemed, the Trustee will select the Notes to be redeemed in principal amounts of $1,000 or integral multiples thereof. In this case, the Trustee may select the Notes by lot, pro rata or by any other method the Trustee considers fair and appropriate.

On and after the Redemption Date, interest ceases to accrue on Notes or portions of Notes called for redemption, unless the Company defaults in the payment of the Redemption Price. If the Redemption Date is not a Business Day, the Redemption Price shall be paid on the next succeeding Business Day, without interest or other payment due to the delay.

Notice of redemption will be given by or on behalf of the Company to the Holders as provided in the Indenture.

6. Events of Default and Remedies.

If any Event of Default with respect to the Notes shall occur and be continuing, the principal amount of all the Notes may be declared due and payable immediately in the manner and with the effect provided in the Indenture.

7. Amendments and Waivers.

The Company and the Trustee may, subject to certain exceptions as therein provided, enter into an indenture or indentures supplemental to the Indenture to add any provisions to or to change or eliminate any provisions of the Indenture or of any other indenture supplemental thereto or to modify the rights of the Holders of Securities of any series with the written consent of the Holders of not less than a majority of the aggregate principal amount of the Outstanding Securities of each series adversely affected by such supplemental indenture.

The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

8. Denominations; Transfer; Exchange.

The Notes are issuable in registered form, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture.

In the event of a redemption in part, the Company will not be required (a) to register the transfer of, or exchange, Notes for a period beginning 15 days immediately preceding any selection of Notes for such redemption and ending on the earliest date on which the relevant notice of redemption is deemed to have been given to all Holders of Notes to be redeemed, or (b) to register the transfer of, or exchange, any such Notes, or portion thereof, called for redemption.

In the event of redemption of the Notes in part only, a new Note or Notes for the unredeemed portion thereof will be issued in the name of the Holder hereof.

9. Defeasance.

The Indenture contains provisions for defeasance and covenant defeasance as set forth therein, which provisions apply to the Notes.

10. Persons Deemed Owners.

The registered Holder of this Note shall be treated as its owner for all purposes.

11. Abbreviations.

Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COMMITTEE (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=Custodian) and U/G/M/A (=Uniform Gifts to Minors Act).

12. CUSIP Numbers.

Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Company has caused a CUSIP number to be printed on this Note and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on this Note or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

13. Governing Law.

The Indenture and this Note shall be governed by, and construed in accordance with, the law of the State of New York.

ASSIGNMENT FORM

To assign this Note, fill in the form below and have your signature guaranteed: (I) or (we) assign and transfer this Note to:

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

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

and irrevocably appoint ____________________________________________________ to transfer this Note on the books of the Company. The agent may substitute another to act for him.

Dated:Your Name:
(Print your name exactly as it appears on the face of this Note)

Your Signature:
   (Sign exactly as your name appears on

   the face of this Note)

Signature Guarantee:

 SCHEDULE OF EXCHANGES OF SECURITIES

The following exchanges and redemptions of a part of this Global Security for Definitive Notes have been made:

	
Date of Transaction
	
Amount of Decrease in

Principal Amount

of this Global Security
	
Amount of Increase in

Principal Amount

of this Global Security
	
Principal Amount of this Global Security

Following such decrease 

(or increase)
	
Signature of Authorized signatory of Trustee

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