Document:

Exhibit
10.1

     

    [*]
designates portions of this document that have been omitted pursuant to a
request for confidential treatment filed separately with the Securities and
Exchange Commission.

     

    MEDICAL
SUPPLY MANUFACTURING AGREEMENT

     

    THIS
MEDICAL SUPPLY MANUFACTURING AGREEMENT (this “Agreement”) is made and
entered into as of 14 July 2010 between (i) MedPro Safety Products, Inc., a
Nevada corporation (“MedPro”), and Greiner Bio-One GmbH, an Austrian company
(“GBO”).

     

    WHEREAS, MedPro owns the following
intellectual property
rights:

     

    VACUETTE®
PREMIUM Safety Needle System (the “Tube-Activated Product” and the
“Skin-Activated Product”). The Tube-Activated Product and the Skin-Activated
Product are referred to hereinafter as the “Holder Product”, and

     

    VACUETTE®
PREMIUM Safety Blood Collection Set (PSBC) hereinafter referred to as the “Wing
Product”, and

     

    Collectively
the Holder Product and the Wing Product are herein referred to as the
“Products”.

     

    WHEREAS, MedPro wishes to grant, and GBO
wishes to accept, the right to manufacture and distribute the Products, all
in accordance with the terms and conditions of this
Agreement.

     

    WHEREAS,
MedPro and GBO are parties to two agreements, titled ‘Medical Supply
Manufacturing Agreement’ and dated as of July 15th,
2008 and wish to terminate such agreements and supersede and replace them with
this consolidated and single Agreement.

     

    NOW THEREFORE, in consideration of the
mutual covenants and agreements contained herein, MedPro and GBO agree as
follows:

     

    ARTICLE 1
-TERM AND
PROCEDURES

     

    1.1      
       Medical Supply Manufacturing
Agreement.  The two Medical Supply Manufacturing Agreements for
the products covered by this Agreement are hereby terminated effective as of the
date first set forth above, shall be of no further force or effect whatsoever,
and are replaced and superseded in their entirety by this
Agreement.

     

    1.2       
     Exclusive
Rights.  During the Term (as hereafter defined), GBO and its
affiliates will have the exclusive right to manufacture, market, and distribute
the Products.  Notwithstanding any other provision hereof, MedPro
shall remain the sole owner of all intellectual property rights related to the
Products, and GBO shall not be deemed to have been granted hereby any rights in
such intellectual property, except for the limited right to manufacture and sell
the Product during the Term as set forth herein.

     

    1.3     
        Term.

     

    (a)          The
term of this Agreement (the “Term”) shall be the period commencing on the date
of this Agreement and, unless sooner terminated in accordance herewith, ending
on the date that is six (6) years from the date of initial commercial
manufacturing of any of the Products by GBO in accordance with this Agreement
(the “Initial Production Date”).  The Term may be extended by GBO for
a seventh year in the circumstances set forth in section 2.2(e).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)          This
Term may be extended by mutual agreement of the parties, on such terms and
conditions (including duration, minimum production, royalties, etc.) as may be
agreed upon by the parties.  Discussions regarding any possible
extension of the Term shall begin on or prior to the [*]  anniversary
of the Initial Production Date.  If the parties are unable to agree
upon terms and conditions for extending the Term within one hundred eighty (180)
days after such [*] anniversary, then MedPro will offer GBO the option to extend
the Term for a period of [*]  years after the initial Term, at the
Production Royalty (as hereafter defined) in effect at the end of the initial
Term, with a maximum annual Minimum Annual Production (as hereafter defined) to
be increased [*]  in each year.  For purposes of
clarification, the maximum annual Minimum Annual Production would be increased
[*]  over that year in the first year of the extended Term, and an
additional [*] in each year of the extended Term thereafter.  If GBO
does not accept this offer within thirty (30) days after notice thereof by
MedPro, the Term will not be extended and will expire at the end of the original
Term.

     

    (c)          When
the Term expires or is terminated for any reason whatsoever, MedPro shall have
the option to purchase any or all Production equipment (as hereafter defined)
from GBO at the greater of GBO’s depreciated book value or fair market
value.  MedPro shall exercise such option by delivering written notice
thereof to GBO within thirty (30) days after expiration or termination of the
Term.

     

    1.4          
   Product
Development.  The parties hereto agree to abide in good faith
by the following development schedule:

     

    (a)          GBO
has paid MedPro an aggregate amount of USD1,350,000 for the initial product
design (the “Program Fee”) for the Holder Product.  The payment of
USD1,350,000 has been earned with delivery of the initial design plan, by 1
October 2008.  GBO has paid MedPro an aggregate amount of USD1,000,000
for the initial product design (the “Program Fee”) for the Wing
Product.  The payment of USD1,000,000 has been earned with delivery of
the initial design plan by 1 October 2008.

     

    (b)          The
[*] will be marketed first, and may be followed by the [*], which will be
marketed at the time designated solely by GBO.  For the purposes of
this Agreement, the Initial Production Date shall be defined as fourth quarter
of 2010 based upon the calendar year.

     

    (c)          MedPro
has provided the initial design of the Wing Product to GBO in accordance with
the terms of the prior agreement between the parties.  It is the
financial responsibility of MedPro to fully validate the initial device design
and to secure all regulatory approvals necessary to the marketing of the
product.  It is understood that GBO may want to modify the initial
device design prior to high volume production and
Commercialization.  MedPro will maintain design control as provided
for in the current regulatory protocols and in accordance with the quality
contracts attached as Exhibits to this Agreement, unless modified in the future
within the terms of the Agreement.  MedPro reserves the right to
request reimbursement for future validation expenses related to modifications
requested by GBO if MedPro estimates that these expenses are
significant.  MedPro will notify GBO of proposed expenditure in
advance of incurring those items, whenever possible.   GBO and
MedPro will endeavor to work under the principle of fairness in this
regard.

     

    
      
        
        

      

      
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    (d)           For
the Wing Product,   GBO will complete, install, and validate the
Production Line at a mutually acceptable date.  This Production Line
will include presses, molds, automation, packaging, and
engineering.  MedPro is financially responsible to fully validate the
physical venous access device, defined as from the distal end up to and
including the winged adapter.  MedPro will continue to assist GBO in
the development and validation of accessories for the device.

     

    (e)           The
Initial Production Date of the [*] will be 1 October 2010, and the target date
for the initial production of the Wing Product is [*].  All future
post commercialization Product modifications not related to Product design
failures will be requested by GBO and reviewed by MedPro.  It is
understood by both parties that future costs of design modifications not related
to design failures will be the primary responsibility of GBO.

     

    (f)           If
MedPro has not secured the regulatory approvals necessary to the marketing of
the Wing Product by [*], then MedPro will pay GBO liquidated damages in the
amount of USD[*] on [*], and on the first day of each succeeding calendar
quarter through [*] until regulatory approvals have been
secured.  Thereafter, should regulatory approvals still not be
secured, MedPro will pay GBO liquidated damages of $[*] per quarter during Year
2, $[*] per quarter for Year 3, $[*] per quarter for year 4 and $[*] per quarter
for Year 5, until the regulatory approvals have been secured.  MedPro
will retain the obligation to make any such payments of liquidated damages if
MedPro assigns its rights to receive production royalty payments to a separate
subsidiary for financing purposes.

     

    (g)           Any
future Product modifications requested by GBO after the Initial Production Date
will be submitted to MedPro for review in advance.  MedPro’s review shall
include compliance with MedPro design control protocol and any patentability
review as MedPro may deem appropriate, based upon the nature of each
modification contemplated.  All future Product modifications will be
completed within the terms of the quality system requirements as provided for in
this Agreement.

     

    1.5           Quality
Specifications.  Both parties agree that all requirements to
this Agreement shall be made in compliance with each party’s Quality System, and
all related procedures and policies.  This shall include all
stipulated requirements for compliance with the US Food and Drug Administration
(“FDA”), including QSR requirements, and CE registration, including the Medical
Device Directive (“MDD”).  The parties agree to cooperate with each
other’s Quality protocols as necessary, and to deal with Quality control matters
that arise in accordance with the following documents: 

     

    (a)    Quality
System Considerations.    

     

    (b)    CE
Contract. 

     

    (c)    Matrix of
Responsibilities.  

     

    (d)    Product
Description(s).  

     

    These
documents may be mutually modified from time to time, and in writing, by both
parties.

     

    ARTICLE 2 -PRODUCT MANUFACTURING AND
ROYALTY

     

    2.1           Product
Manufacturing.  During each calendar quarter of the Term,
commencing on the Initial Production Date, GBO agrees to manufacture the Holder
Product and Wing Product, in the following minimum amounts collectively (an
aggregate of [*] units of the Products over the Term) as indicated in each of
the following calendar quarters of the Term commencing on the Initial Production
Date (the “Minimum Quarterly Production”):

     

     

    
      
        
        

      

      
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                  Year  /   Quarter

                	
                  Minimum Quarterly
  Production

                
	
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    As used
in this Agreement, a “unit” means one single item of the either the Holder
Product or the Wing Product.

     

    2.2            
 Production
Royalty.

     

    (a)          The
Production Royalty to be paid to MedPro by GBO for all Products is USD[*] per
unit.

     

    (b)          The
amount of the quarterly Production Royalty payable each quarter shall be based
upon a number of Product units equal to the greater of the Minimum Quarterly
Volume for the quarter, or actual Product unit sales for the
quarter.  Until such time as GBO has paid the Production Royalty on
[*] Product units, the amount of the minimum quarterly Production Royalty owed
by GBO for any quarter shall be reduced by the amount that the total of the
quarterly Production Royalties actually paid by GBO for all preceding quarters
exceeds the amount of (i) the sum of the Minimum Quarterly Volume for all
preceding quarters (ii) multiplied by the Production Royalty per
unit.  After GBO has paid the Production Royalty on [*] Product units,
the amount of the quarterly Production Royalty payable by GBO shall be actual
Product unit sales for the quarter multiplied by the Production Royalty per
unit.

     

    (c)          Within
15 days after the end of each month, GBO will provide to MedPro a monthly
summary of total unit sales of each of the Tube-Activated Product, the
Skin-Activated Product and the Wing Product.

     

    
      
        
        

      

      
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    (d)          GBO
shall pay each quarterly Production Royalty payment to MedPro no later than 15
days following the end of the preceding calendar quarter.

     

    (e)          If
the sum of the Minimum Quarterly Volume amounts for Years 1 through 6 exceeds
the total number of Product units sold by GBO during Years 1 through 6 (the
“Sales Shortfall”), then during the 7th year
following the Initial Production Date, GBO shall have the right to manufacture a
number of units equal to the Sales Shortfall for which no Production Royalty
shall be payable under Section 2.2(a). This provision shall not affect GBO’s
obligation to pay the Production Royalty to MedPro during Years 1 through
6.

     

    2.3      
       Late
Payment.  In the event of late payment to MedPro by GBO, MedPro
shall be entitled to interest in the amount two percent (2%) of the Production
Royalties due, per month from the day after the date payment was first due
through the date when payment is received.

     

    2.4         
    Marketing.

     

    (a)          In
consideration of the substantial capital expenditures by Greiner to complete,
install, and validate production lines for the Holder and Wing Products, MedPro
agrees to contribute toward anticipated costs for marketing of the
Products.  MedPro shall make a quarterly contribution payment to
Greiner in an amount equal to USD[*].  
MedPro agrees to make its payment no later than the 30th day
following the end of each calendar quarter.  MedPro will direct its
payment to the appropriate Greiner subsidiary producing the Products, as
directed by Greiner.  MedPro will retain the obligation to make
payments for marketing expenses under this agreement (i) if MedPro assigns its
rights to receive production royalty payments to a separate subsidiary for
financing purposes, and (ii) for any month in which MedPro must pay liquidated
damages to GBO as provided in section 1.4(f).

     

    (b)          Following
the marketing and sales of the Products by Greiner, which will initiate on
October 1 2010, Greiner and/or MedPro shall have the right to request a
renegotiation of the marketing contribution if unforeseen market conditions have
had a material impact on the project.  This may include both lower
than expected market demand, significantly increased production costs, or
significantly higher market demand.  There is no obligation on the
part of either party to accept suggested modifications to the market
contribution.  Both parties agree to negotiate in good faith regarding
this issue.

     

    

    ARTICLE 3 -MEDPRO REPRESENTATIONS AND
WARRANTIES

     

    MedPro
hereby represents and warrants as follows:

    

    3.1         
    Corporate Power. Each
of MedPro is duly organized and validly existing under the laws of its
applicable jurisdiction in the United States and has full corporate or limited
liability company power and authority to enter into this Agreement and to carry
out the provisions hereof.

     

    3.2         
    Due Authorization.
MedPro is duly authorized to execute and deliver this Agreement and to perform
its obligations hereunder.

     

    3.3        
     Binding Agreement.
This Agreement is a legal and valid obligation binding upon MedPro and is
enforceable in accordance with its
terms.  The execution, delivery and performance of this Agreement by
MedPro does not conflict with any agreement, instrument or understanding, oral
and written, to which it is a party or by which it may be bound, nor violate any
applicable laws of any court, governmental body or administrative or their
agency having authority over it (“Applicable Laws”).

     

    
      
        
        

      

      
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    ARTICLE 4 -REPRESENTATIONS AND
WARRANTIES OF GBO

     

    GBO
hereby represents and warrants as follows:

     

    4.1          
   Corporate Power. GBO
is duly organized and validly existing under the laws of Austria has full
corporate power and authority to enter into the Agreement and to carry out the
provisions hereof.

     

    4.2       
      Due Authorization.
GBO is duly authorized to execute and deliver this Agreement and to perform its
obligations hereunder.

     

    4.3    
         Binding Agreement.
This Agreement is a legal and valid obligation binding upon GBO and is
enforceable in accordance with its terms.  The execution, delivery and
performance of this Agreement by GBO does not conflict with any agreement,
instrument or understanding, oral and written, to which it is a party or by
which it may be bound, nor violate any Applicable Laws of any court,
governmental body or administrative or their agency having authority over
it.

     

    ARTICLE 5
- DEFAULT

     

    5.1           
  Events of
Default.  Unless excused by the other party’s failure to
perform, the occurrence of one or more of the following events with respect to a
party (the “Defaulting Party”) shall constitute an “Event of
Default”:

     

    (a)          Any
default in payment due under this Agreement from such party, which default is
not remedied within ten (10) days after receipt of written notice thereof from
the other party;

     

    (b)          The
failure of such party to perform any of its material obligations under this
Agreement (other than a payment default), which failure is not remedied within
thirty (30) days after receipt of written notice thereof from the other party;
provided, however, that if such failure cannot reasonably and with due diligence
be remedied within thirty (30) days, it shall constitute an Event of Default
only if the responsible party has not remedied such failure within an additional
thirty (30) days after expiration of the initial thirty (30) day period, and the
responsible party is not attempting to remedy such failure reasonably, in good
faith, and with due diligence;

     

    (c)          Any
representation or warranty made by such party hereunder proves to have been
false or misleading in any material respect at the time made; or

     

    (d)          Such
party files a voluntary petition in bankruptcy or is adjudicated bankrupt or
insolvent, or files any petition or any answer seeking or acquiescing in any
reorganization, arrangement, composition, adjustment, liquidation, dissolution,
or similar relief for itself under any then current federal, state, foreign, or
other bankruptcy statute, law, or regulation for the relief of debtors, or
seeks, consents to, or acquiesces in the appointment of any trustee, receiver,
or liquidator of such party, or makes any general assignment for the benefit of
creditors, or admits in writing its inability to pay its debts generally as they
come due; provided, however, that with respect to MedPro, none of the events
listed in this section 5.1(d) shall be an Event of Default so long as MedPro
continues to perform all of its material obligations under this
Agreement.

     

    
      
        
        

      

      
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    5.2      
       Remedies in the Event of
Default.  Upon the occurrence, and during the continuance of an
Event of Default, the non-Defaulting Party may, by written notice to the
Defaulting Party, terminate this Agreement.

     

    ARTICLE 6
- NOTICES

     

    6.1      
       Notices.  All
notices required or permitted to be given hereunder shall be sent by facsimile
transmission or by certified mail, return receipt requested, postage pre-paid,
and addressed to:

     

    If to
MedPro:

    

    MedPro
Safety Products, Inc.

    Attention:  Walter
Weller, President and COO

    817
Winchester Road, Suite 200

    Lexington,
Kentucky 40505

    Facsimile:  859-225-5347

     

    If to
GBO:

     

    Greiner
Bio-One GmbH

    Attention:  Franz
Konrad, President and CEO

    Bad
Haller Straße 32

    A-4550
Kremsmünster   Austria

    Facsimile:  +43
(0) 7583 6318

    

    or to
such other person or address as such party may have specified in a notice duly
given as provided herein.  Such notice shall be deemed to have been
given as of the date of transmission or delivery, as the case may
be.

     

    ARTICLE 7 - RISK OF
LIABILITY

     

    7.1          
   Liability for
Products.  Upon installation and joint validation of the
Production Line at GBO, GBO shall be solely responsible for all Product defects
and other liabilities and claims arising from or in any way related to GBO’s
manufacturing or sale of the Products.  MedPro shall be solely
responsible for all Product defects associated with the design of the Products.
MedPro shall also be solely responsible for all Product defects and other
liabilities and claims arising from or in any way related to MedPro’s
manufacturing of the Products.  Product defects shall be addressed
in compliance with MedPro and GBO regulatory and quality requirements as
contemplated in this Agreement.  Product costs and resultant resolution
associated with defects shall be the responsibility of the appropriate party as
defined in this Agreement.  MEDPRO HEREBY DISCLAIMS ALL EXPRESS
AND IMPLIED WARRANTIES WITH RESPECT TO THE PRODUCT, INCLUDING ANY WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

     

    7.2          
   Indemnification by
MedPro.  MedPro shall indemnify and save harmless GBO, its
officers, directors, shareholders, employees, agents, affiliates, and
representatives, with respect to any damages they may incur, including
reasonable legal fees, as a result of any breach of this Agreement by MedPro,
except to the extent due to the negligence or willful misconduct of
GBO.

     

    
      
        
        

      

      
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    7.3         
   Indemnification by
GBO.  GBO shall indemnify and save harmless MedPro, its
officers, directors, shareholders, employees, agents, affiliates, and
representatives, with respect to any damages they may incur, including
reasonable legal fees, as a result of any breach of this Agreement by GBO or any
liabilities or claims described in Section 7.1 hereof, except to the extent due
to the negligence or willful misconduct of MedPro.

     

    7.4          
   Dispute
Resolution.

     

    (a)          In
the event of any controversy or claim arising out of or relating to this
contract, or the breach thereof, the parties hereto shall consult and negotiate
with each other and, recognizing their mutual interests, attempt to reach a
solution satisfactory to both parties.  Except with respect to the
provisions of Article 8 Confidentiality, if the parties do not reach settlement
within a period of 60 days, then, upon notice by any party to the other, any
unresolved controversy or claim shall be settled by arbitration administered by
the International Centre for Dispute Resolution in accordance with its
International Arbitration Rules.  Any controversy or claim submitted
to arbitration will be resolved by a three-person panel.  The place of
arbitration will be London, UK, or an alternate location mutually acceptable to
the parties.  The language of the arbitration will be
English.  The arbitrability of any controversy or claim arising out of
or relating to this contract shall likewise be determined in such
arbitration.  The arbitral award will be final and binding upon the
parties, and judgment on the award may be entered in any court of competent
jurisdiction.

     

    (b)          Within
30 days after the commencement of arbitration, each party shall appoint a person
to serve as an arbitrator. The parties shall then appoint the presiding
arbitrator within 20 days after selection of the party appointees. If any
arbitrators are not selected within these time periods, the International Centre
for Dispute Resolution shall, at the written request of any party, complete the
appointments that have not been made.

     

    (c)          Limits
on Time and Information Exchange.  It is the intent of the Parties
that, barring extraordinary circumstances, arbitration proceedings will be
concluded within 120 days from the date the arbitrator(s) are appointed. The
arbitral tribunal may extend this time limit in the interests of justice.
Failure to adhere to this time limit shall not constitute a basis for
challenging the award.  Consistent with the expedited nature of
arbitration, pre-hearing information exchange shall be limited to the reasonable
production of relevant, non-privileged documents explicitly referred to by a
party for the purpose of supporting relevant facts presented in its case,
carried out expeditiously.

     

    

    (d)          Confidentiality
of Dispute Resolution.  Except as may be required by law, neither a
party nor its representatives may disclose the existence, content, or results of
any negotiation or arbitration hereunder without the prior written consent of
both parties.

     

    

    ARTICLE 8 -CONFIDENTIALITY

     

    8.1      
       Confidential
Information.  MedPro and GBO acknowledge that in the course of
performing their duties hereunder, they will be necessarily gaining access to
each other’s secret and proprietary information, including, without limitation
the existence and terms of this Agreement (the “Confidential
Information”).

     

    
      
        
        

      

      
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    8.2         
    Disclosure.  Nothing
contained herein shall in any way restrict or impair any party’s right to use,
disclose or otherwise deal with any information or data which:

     

    (a)          At
the time of the disclosure is generally available to the public or thereafter
becomes generally available to the public, by publication or otherwise, through
no act of the disclosing party, its employees, consultants or advisors or of any
person or entity bound by an obligation of confidentiality to the non-disclosing
party;

     

    (b)          The
disclosing party can show was in its possession prior to the time of the
disclosure to it and was not acquired from the non-disclosing party or any other
source which is bound by an obligation of confidentiality to the non-disclosing
party;

     

    (c)          The
disclosing party can show was received by it as a matter of lawful right after
the time of disclosure from a third party who did not acquire it from the
non-disclosing party under an obligation of confidence and that without breach
of any obligation, the disclosing party is free to disclose it to others;
or

     

    (d)          Is
required to be disclosed pursuant to court order, federal, state, or foreign
government regulation or requirement of a federal, state, or foreign
governmental authority.

     

    8.3         
    Nondisclosure.  Both
MedPro and GBO shall maintain in confidence any Confidential Information which
is disclosed directly or indirectly to it by the other party, and shall not make any use of
such Confidential Information other than performing services hereunder or
disclose such information to any third party without the other party’s express
prior written consent.  MedPro will notify GBO and submit to GBO
articles any informational releases that it is aware of or responsible for that
reference the Products and GBO.  This notification shall be sent to
GBO three (3) days prior to public release for GBO comment.  MedPro
shall endeavor to eliminate any information that GBO believes will be
commercially or competitively have a negative market impact.  MedPro’s
and GBO’s obligations under this Article 8 shall survive for a period of
twenty-four (24) months following the end of the Term, whether by expiration or
termination.

     

    8.4       
     Disclosure to Governmental
Authorities.  Nothing contained herein shall in any way
restrict or impair any party’s ability to disclose Confidential Information to
any federal, state, or foreign governmental authority, if it is required to do
so; provided, however, that:  (a) the party that is required to
disclose the Confidential Information shall provide the other party with prior
written notice of any such required disclosure, sufficient to allow the other
party to petition the governmental authority, prior to such disclosure, for
confidential protection of the Confidential Information; and (b) the party
required to disclosure the Confidential Information shall cooperate with the
other party (as reasonably required) in obtaining such protection from the
governmental authority.

     

    8.5           Injunctive
Relief.  Each of MedPro and GBO acknowledges that the other
party has no adequate remedy at law and would be irreparably harmed if it
breaches or threatens to breach the provisions of this Article 8, and therefore,
both parties agree that the injured party shall be entitled to injunctive relief
to prevent any breach or threatened breach of those provisions and to specific
performance of the terms of each of such provisions in addition to any other
legal or equitable remedy it may have.

     

    
      
        
        

      

      
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    ARTICLE 9 - MISCELLANEOUS

     

    9.1             Waivers and
Remedies.  The failure of one of the parties hereto to insist
in any one or more instances upon strict performance of any of the obligations
of the other party pursuant to this Agreement or to take advantage of any of its
rights hereunder shall not be construed as a waiver of the performance of any
such obligation or the relinquishment of any such rights for the future, but the
same shall continue and remain in full force and effect.

     

    9.2        
     Construction of
Terms.

     

    (a)          The
terms of this Agreement have been arrived at after arms-length negotiation and,
therefore, it is the intention of the parties that its terms not be construed
against either of the parties by reason of the fact that it was the drafter
thereof.

     

    (b)          This
Agreement shall be considered made and shall be construed under the laws of the
state of Delaware.

     

    9.3          
   Assignment.

     

    (a)          The
terms, conditions and covenants of this Agreement shall be binding upon and
shall inure to
the benefit of each of the parties hereto, their heirs, personal
representatives, successors or permitted assigns.  This Agreement
shall not be assigned in whole or part by GBO without the prior written consent
of MedPro, which consent may be withheld in MedPro’s sole and absolute
discretion.

     

    (b)          This
Agreement shall not be assigned in whole or part by MedPro without the prior
written consent of GBO, which consent may be withheld in GBO’s sole and absolute
discretion; provided, however that GBO consents to the assignment of certain of
MedPro’s rights under this Agreement for financing purposes to a separate
subsidiary owned by MedPro and to the trustee under the indenture for any debt
securities issued by the subsidiary in such financing where all other terms and
conditions of this Agreement shall continue to be  binding upon
MedPro.  The assignable rights would include the rights to receive
royalty payments under Section 2.2, indemnification payments under Section 7.3,
reports under Section 2.2(c) and other amounts payable to MedPro under this
Agreement.

     

    9.4       
      Counterparts.  This
Agreement may be executed in any number of counterparts (including via facsimile
or e-mail signatures), each of which so executed shall be deemed to be an
original, and such counterparts together shall constitute but one and the same
instrument, which shall be sufficiently evidenced by any such original
counterpart.

     

    9.5          
   Captions and
Exhibits.

    
    

    (a)          The
headings in this Agreement are for convenience of reference only and shall not
define or limit any of the terms or provisions hereof.

     

    (b)          The
exhibits hereto are incorporated herein by reference, and shall in all respects
be deemed a part of this Agreement.

     

    9.6        
    Amendment and
Modification.  Any amendment, modification or waiver of any
provision of this Agreement, or any consent to any departure therefrom, shall
not be effective unless the same is in writing and signed by the parties hereto.
In such cases, the modification, waiver or consent is effective only on the
specific instance and for the specific purpose given.

     

    
      
        
        

      

      
        10 |
Page

        
          

        

      

      
        
        

      

    

     

    9.7          
   Entire
Agreement.  This Agreement represents the entire agreement of
the parties hereto with respect to the subject matter hereof and supersedes all
prior or contemporaneous written or oral agreements, negotiations,
correspondence, undertakings and communications between such parties
representing such subject matter.

     

    9.8        
     No Consequential
Damages.  Except as prohibited by law, each party hereto waives
any right it may have to claim or recover any special, exemplary, punitive or
consequential (including business interruption), or any damages other than, or
in addition to, actual damages.

     

    9.9          
   Survival of Certain
Provisions.  Notwithstanding the expiration or termination of
this Agreement for any reason, Section 3.4, and Articles 7, 8, and 9 hereof
shall survive.

     

    

     

    

     

     

    
      
        
        

      

      
        11 |
Page

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed by their duly
authorized officers effective as of the date
first above written.

     

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 
      	
                                        MEDPRO
      SAFETY PRODUCTS, INC.

                                      	 
	 	 	 
	 
      	
                                        By:

                                      	
                                        /s/
      Walter W. Weller

                                      	 
	 	 	 	 
	 
      	
                                        Name:

                                      	
                                        Walter
      W. Weller

                                      	 
	 	 	 	 
	 
      	
                                        Title:

                                      	
                                        President
      and COO

                                      	 
	 
      	 
      	 
      	 
	 	 	 	 
	 	 	 
	 
      	
                                        GREINER
      BIO-ONE GMBH

                                      	 
	 	 	 
	 
      	
                                        By:

                                      	
                                        /s/
      Franz Konrad

                                      	 
	 	 	 	 
	 
      	
                                        Name:

                                      	
                                        Franz
      Konrad

                                      	 
	 	 	 	 
	 
      	
                                        Title:

                                      	
                                        President
      and CEO

                                      	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

     

    

     

    

     

    

    
      
        
        

      

      
        12 |
PageUnassociated Document

    HIGHWAY
HOLDINGS LIMITED

     

    and

     

    __________________________,
as Trustee

     

    INDENTURE

     

    Dated as
of ,

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      TABLE OF
CONTENTS

       

    

    
      	 	 	

              Page

            
	
              ARTICLE
      1  DEFINITIONS AND INCORPORATION BY REFERENCE

            	 	
              1

            
	
              1.1

            	 	
              DEFINITIONS

            	 	
              1

            
	
              1.2

            	 	
              OTHER
      DEFINITIONS

            	 	
              5

            
	
              1.3

            	 	
              INCORPORATION
      BY REFERENCE OF TRUST INDENTURE ACT

            	 	
              6

            
	
              1.4

            	 	
              RULES
      OF CONSTRUCTION

            	 	
              6

            
	
              ARTICLE
      2  THE SECURITIES

            	 	
              7

            
	
              2.1

            	 	
              ISSUABLE
      SERIES

            	 	
              7

            
	
              2.2

            	 	
              ESTABLISHMENT
      OF TERMS OF SERIES OF SECURITIES

            	 	
              7

            
	
              2.3

            	 	
              EXECUTION
      AND AUTHENTICATION

            	 	
              9

            
	
              2.4

            	
               

            	
              REGISTRAR
      AND PAYING AGENT

            	 	
              10

            
	
              2.5

            	
               

            	
              PAYING
      AGENT TO HOLD ASSETS IN TRUST

            	
               

            	
              11

            
	
              2.6

            	 	
              SECURITYHOLDER
      LISTS

            	 	
              11

            
	
              2.7

            	 	
              TRANSFER
      AND EXCHANGE

            	 	
              12

            
	
              2.8

            	 	
              REPLACEMENT
      SECURITIES

            	 	
              12

            
	
              2.9

            	 	
              OUTSTANDING
      SECURITIES

            	 	
              13

            
	
              2.10

            	 	
              WHEN
      TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’
      ACTION

            	 	
              13

            
	
              2.11

            	 	
              TEMPORARY
      SECURITIES

            	 	
              13

            
	
              2.12

            	
               

            	
              CANCELLATION

            	 	
              14

            
	
              2.13

            	
               

            	
              PAYMENT
      OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST

            	 	
              14

            
	
              2.14

            	 	
              CUSIP
      NUMBER

            	 	
              14

            
	
              2.15

            	 	
              PROVISIONS
      FOR GLOBAL SECURITIES

            	 	
              15

            
	
              2.16

            	 	
              PERSONS
      DEEMED OWNERS

            	 	
              16

            
	ARTICLE
      3  REDEMPTION	 	
              16

            
	
              3.1

            	 	
              NOTICE
      TO TRUSTE

            	 	
              16

            
	
              3.2

            	 	
              SELECTION
      BY TRUSTEE OF SECURITIES TO BE REDEEMED

            	 	
              17

            
	
              3.3

            	 	
              NOTICE
      OF REDEMPTION

            	 	
              17

            
	
              3.4

            	 	
              EFFECT
      OF NOTICE OF REDEMPTION

            	 	
              18

            
	
              3.5

            	
               

            	
              DEPOSIT
      OF REDEMPTION PRICE

            	 	
              18

            
	
              3.6

            	 	
              SECURITIES
      REDEEMED IN PART

            	 	
              19

            
	ARTICLE
      4  COVENANTS	 	
              19

            
	
              4.1

            	 	
              PAYMENT
      OF SECURITIES

            	 	
              19

            
	
              4.2

            	 	
              SEC
      REPORTS

            	 	
              19

            
	
              4.3

            	
               

            	
              WAIVER
      OF STAY, EXTENSION OR USURY LAWS

            	 	
              19

            
	
              4.4

            	 	
              COMPLIANCE
      CERTIFICATE

            	 	
              20

            

    

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

     

    
      TABLE OF
CONTENTS

      (continued)

       

    

    
      	 	 	 	 	
              Page

            
	
              4.5

            	 	
              CORPORATE
      EXISTENCE

            	 	
              20

            
	ARTICLE
      5  SUCCESSOR CORPORATION	 	
              20

            
	
              5.1

            	 	
              LIMITATION
      ON CONSOLIDATION, MERGER AND SALE OF ASSETS

            	 	
              20

            
	
              5.2

            	 	
              SUCCESSOR
      PERSON SUBSTITUTED

            	 	
              21

            
	
              ARTICLE
      6  DEFAULTS AND REMEDIES

            	 	
              21

            
	
              6.1

            	 	
              EVENTS
      OF DEFAULT

            	 	
              21

            
	
              6.2

            	
               

            	
              ACCELERATION

            	 	
              23

            
	
              6.3

            	
               

            	
              REMEDIES

            	 	
              23

            
	
              6.4

            	
               

            	
              WAIVER
      OF PAST DEFAULTS AND EVENTS OF DEFAULT

            	 	
              23

            
	
              6.5

            	 	
              CONTROL
      BY MAJORITY

            	 	
              24

            
	
              6.6

            	 	
              LIMITATION
      ON SUITS

            	 	
              24

            
	
              6.7

            	 	
              RIGHTS
      OF HOLDERS TO RECEIVE PAYMENT

            	 	
              25

            
	
              6.8

            	 	
              COLLECTION
      SUIT BY TRUSTEE

            	 	
              25

            
	
              6.9

            	 	
              TRUSTEE
      MAY FILE PROOFS OF CLAIM

            	 	
              25

            
	
              6.10

            	 	
              PRIORITIES

            	 	
              26

            
	
              6.11

            	 	
              UNDERTAKING
      FOR COSTS

            	 	
              26

            
	ARTICLE
      7  TRUSTEE	 	
              26

            
	
              7.1

            	 	
              DUTIES
      OF TRUSTEE

            	 	
              26

            
	
              7.2

            	 	
              RIGHTS
      OF TRUSTEE

            	 	
              27

            
	
              7.3

            	 	
              INDIVIDUAL
      RIGHTS OF TRUSTEE

            	 	
              28

            
	
              7.4

            	
               

            	
              TRUSTEE’S
      DISCLAIMER

            	 	
              29

            
	
              7.5

            	 	
              NOTICE
      OF DEFAULT

            	 	
              29

            
	
              7.6

            	 	
              REPORTS
      BY TRUSTEE TO HOLDERS

            	 	
              29

            
	
              7.7

            	 	
              COMPENSATION
      AND INDEMNITY

            	 	
              29

            
	
              7.8

            	 	
              REPLACEMENT
      OF TRUSTEE

            	 	
              30

            
	
              7.9

            	 	
              SUCCESSOR
      TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION

            	 	
              31

            
	
              7.10

            	 	
              ELIGIBILITY;
      DISQUALIFICATION

            	 	
              31

            
	
              7.11

            	 	
              PREFERENTIAL
      COLLECTION OF CLAIMS AGAINST COMPANY

            	 	
              31

            
	
              7.12

            	 	
              PAYING
      AGENTS

            	 	
              31

            
	
              ARTICLE
      8  AMENDMENTS, SUPPLEMENTS AND WAIVERS

            	 	
              32

            
	
              8.1

            	 	
              WITHOUT
      CONSENT OF HOLDERS

            	 	
              32

            
	
              8.2

            	 	
              WITH
      CONSENT OF HOLDERS

            	 	
              33

            

    

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

     

    
      TABLE OF
CONTENTS

      (continued)

       

    

    
      	 	 	 	 	
              Page

            
	
              8.3

            	 	
              COMPLIANCE
      WITH TRUST INDENTURE ACT

            	 	
              34

            
	
              8.4

            	
               

            	
              REVOCATION
      AND EFFECT OF CONSENTS

            	 	
              34

            
	
              8.5

            	 	
              NOTATION
      ON OR EXCHANGE OF SECURITIES

            	 	
              35

            
	
              8.6

            	 	
              TRUSTEE
      TO SIGN AMENDMENTS, ETC

            	 	
              35

            
	ARTICLE
      9  DISCHARGE OF INDENTURE; DEFEASANCE	 	
              35

            
	
              9.1

            	 	
              DISCHARGE
      OF INDENTURE

            	 	
              35

            
	
              9.2

            	 	
              LEGAL
      DEFEASANCE

            	 	
              35

            
	
              9.3

            	 	
              COVENANT
      DEFEASANCE

            	 	
              36

            
	
              9.4

            	 	
              CONDITIONS
      TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE

            	 	
              36

            
	
              9.5

            	 	
              DEPOSITED
      MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST;
      OTHER MISCELLANEOUS PROVISIONS

            	 	
              38

            
	
              9.6

            	 	
              REINSTATEMENT

            	 	
              38

            
	
              9.7

            	 	
              MONEYS
      HELD BY PAYING AGENT

            	 	
              39

            
	
              9.8

            	 	
              MONEYS
      HELD BY TRUSTEE

            	 	
              39

            
	ARTICLE
      10  MISCELLANEOUS	 	
              39

            
	
              10.1

            	 	
              TRUST
      INDENTURE ACT CONTROLS

            	 	
              39

            
	
              10.2

            	 	
              NOTICES

            	 	
              39

            
	
              10.3

            	 	
              COMMUNICATIONS
      BY HOLDERS WITH OTHER HOLDERS

            	 	
              41

            
	
              10.4

            	
               

            	
              CERTIFICATE
      AND OPINION AS TO CONDITIONS PRECEDENT

            	 	
              41

            
	
              10.5

            	 	
              STATEMENT
      REQUIRED IN CERTIFICATE AND OPINION

            	 	
              41

            
	
              10.6

            	 	
              RULES
      BY TRUSTEE AND AGENTS

            	 	
              41

            
	
              10.7

            	 	
              BUSINESS
      DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT

            	 	
              42

            
	
              10.8

            	 	
              GOVERNING
      LAW

            	 	
              42

            
	
              10.9

            	 	
              NO
      ADVERSE INTERPRETATION OF OTHER AGREEMENTS

            	 	
              42 

            
	
              10.10

            	 	
              NO
      RECOURSE AGAINST OTHERS

            	 	
              42

            
	
              10.11

            	 	
              SUCCESSORS

            	 	
              42

            
	
              10.12

            	 	
              MULTIPLE
      COUNTERPARTS

            	 	
              42

            
	
              10.13

            	 	
              TABLE
      OF CONTENTS, HEADINGS, ETC

            	 	
              43

            
	
              10.14

            	 	
              SEVERABILITY

            	 	
              43

            

    

     

    
      
        
           

        

        
          -iii-

          
            

          

        

        
           

        

      

    

     

    INDENTURE,
dated as of __________________, ___________, by and between Highway Holdings
Limited , a limited liability International Business Company under the laws of
the British Virgin Islands, as Issuer (the “Company”) and
________________________, a _______________ organized under the laws of
___________________, as Trustee (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 debentures, notes or other
evidences of indebtedness to be issued in one or more series (the “Securities”),
as herein provided, up to such principal amount as may from time to time be
authorized in or pursuant to one or more resolutions of the Board of Directors
or by supplemental indenture.

     

    All
things necessary to make this Indenture a valid agreement of the Company in
accordance with its terms have been done, and the execution and delivery thereof
have been in all respects duly authorized by the parties hereto.

     

    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 agreed, for the equal and proportionate benefit
of all Holders of the Securities of a Series thereof, as follows:

     

    ARTICLE
1

     

    DEFINITIONS AND
INCORPORATION BY REFERENCE

     

    
      
        	
              	
                1.1 

              	
                DEFINITIONS.

              

      

    

     

    “Affiliate”
of any specified Person means any other Person which, directly or indirectly
through one or more intermediaries, controls, or is controlled by or is under
common control with, such specified Person. For the purposes of this definition,
“control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of such Person, whether
through the ownership of voting securities, by agreement or
otherwise.

     

    “Agent”
means any Registrar, Paying Agent, co-registrar or agent for service of notices
and demands.

     

    “Board of
Directors” means the Board of Directors of the Company or any committee duly
authorized to act therefor.

     

    “Board
Resolution” means a copy of a resolution certified pursuant to an Officers’
Certificate to have been duly adopted by the Board of Directors of the Company
and to be in full force and effect on the date of such certification which has
been delivered to the Trustee.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

     

    “Capital
Stock” means, with respect to any Person, any and all shares or other
equivalents (however designated) of capital stock, partnership interests or any
other participation, right or other interest in the nature of an equity interest
in such Person or any option, warrant or other security convertible into any of
the foregoing.

     

    “Company”
means the party named as such in the first paragraph of this Indenture until a
successor replaces such party pursuant to Article 5 of this Indenture, and
thereafter means the successor and any other primary obligor on the
Securities.

     

    “Company
Order” means a written order signed in the name of the Company by two Officers,
one of whom must be its Chief Executive Officer or its Chief Financial
Officer.

     

    “Company
Request” means any written request signed in the name of the Company by its
Chief Executive Officer, its President, any Vice President, its Chief Financial
Officer or its Treasurer and attested to by its Secretary or any Assistant
Secretary.

     

    “Corporate
Trust Office” means the office of the Trustee at which at any particular time
its corporate trust business shall be principally administered.

     

    “Default”
means any event that is, or that with the passing of time or giving of notice or
both would be, an Event of Default.

     

    “Depository”
means, with respect to the Securities of any Series issuable or issued in whole
or in part in the form of one or more Global Securities, the Person designated
as Depository for such Series by the Company, which Depository shall be a
clearing agency registered under the Exchange Act, until a successor Depository
shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Depository” shall mean each Person who is then a Depository
hereunder, and if at any time there is more than one such Person, such
Persons.

     

    “Dollars”
means the currency of the United States of America.

     

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

     

    “Foreign
Currency” means any currency or currency unit issued by a government other than
the government of the United States of America.

     

    “Foreign
Government Obligations” means, with respect to Securities that are denominated
in a Foreign Currency, (i) direct obligations of the government that issued
or caused to be issued such currency for the payment of which obligations its
full faith and credit is pledged or (ii) obligations of a Person controlled
or supervised by, or acting as an agency or instrumentality of, such government,
the timely payment of which is unconditionally guaranteed as a full faith and
credit obligation by such government, which, in either case under
clauses (i) and (ii), are not callable or redeemable at the option of the
issuer thereof.

     

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

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    “Global
Security” or “Global Securities” means a Security or Securities, as the case may
be, in the form established pursuant to Section 2.2, evidencing all or part
of a Series of Securities issued to the Depository for such Series or its
nominee, and registered in the name of such Depository or nominee, and bearing
the legend set forth in Section 2.15(c) (or such other legend(s) as may be
applied to such Securities in accordance with
Section 2.2(24)).

     

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

     

    “Indebtedness”
means (without duplication), with respect to any Person, any indebtedness at any
time outstanding, secured or unsecured, contingent or otherwise, which is for
borrowed money (whether or not the recourse of the lender is to the whole of the
assets of such Person or only to a portion thereof), or evidenced by bonds,
notes, debentures or similar instruments, or representing the balance deferred
and unpaid of the purchase price of any property (excluding any balances that
constitute accounts payable or trade payables, and other accrued liabilities
arising in the ordinary course of business), if and to the extent any of the
foregoing indebtedness would appear as a liability upon a balance sheet of such
Person prepared in accordance with GAAP.

     

    “Indenture”
means this Indenture as amended, restated or supplemented from time to
time.

     

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

     

    “Lien”
means, with respect to any property or assets of any Person, any mortgage or
deed of trust, pledge, hypothecation, assignment, deposit arrangement, security
interest, lien, charge, easement, encumbrance, preference, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever
on or with respect to such property or assets (including, without limitation,
any capitalized lease obligation, conditional sales or other title retention
agreement having substantially the same economic effect as any of the
foregoing).

     

    “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, notice of option to elect payment or
otherwise.

     

    “Officer”
means the Chief Executive Officer, the President, any Vice President, the Chief
Financial Officer, the Treasurer or the Secretary of the Company, or any other
officer designated by the Board of Directors, as the case may be.

     

    “Officers’
Certificate” means, with respect to any Person, a certificate signed by the
Chairman, Chief Executive Officer, President or any Senior or Executive Vice
President and the Chief Financial Officer or any Treasurer of such Person, that
shall comply with applicable provisions of this Indenture.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    “Responsible
Officer,” when used with respect to the Trustee, means any officer within the
corporate trust department or division of the Trustee (or any successor group of
the Trustee) or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers,
and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject.

     

    “SEC”
means the United States Securities and Exchange Commission as constituted from
time to time, or any successor performing substantially the same
functions.

     

    “Securities”
means the securities that are issued under this Indenture, as amended or
supplemented from time to time pursuant to this Indenture.

     

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

     

    “Series”
or “Series of Securities” means each series of debentures, notes or other debt
instruments of the Company created pursuant to Sections 2.1 and
2.2.

     

    “Significant
Subsidiary” means (i) any direct or indirect Subsidiary of the Company that
would be a “significant subsidiary” as defined in Article 1, Rule 1-02
of Regulation S-X, promulgated pursuant to the Securities Act, as such
regulation is in effect on the date hereof, or (ii) any group of direct or
indirect Subsidiaries of the Company that, taken together as a group, would be a
“significant subsidiary” as defined in Article 1, Rule 1-02 of
Regulation S-X, promulgated pursuant to the Securities Act, as such
regulation is in effect on the date hereof.

     

    “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, and when used with respect to any
other Indebtedness, means the date specified in the instrument governing such
Indebtedness as the fixed date on which the principal of such Indebtedness, or
any installment of interest thereon, is due and payable.

     

    “Subsidiary”
of any specified Person means any corporation, limited liability company,
partnership, joint venture, association or other business entity, whether now
existing or hereafter organized or acquired, (i) in the case of a
corporation, of which more than 50% of the total voting power of the Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in
the election of directors thereof is held, directly or indirectly, by such
Person or any of its Subsidiaries; or (ii) in the case of a partnership,
joint venture, association or other business entity, with respect to which such
Person or any of its Subsidiaries has the power to direct or cause the direction
of the management and policies of such entity by contract or otherwise, or if in
accordance with GAAP such entity is consolidated with such Person for financial
statement purposes.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    “TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code
Section 77aaa-77bbbb) as in effect on the date of this Indenture (except as
provided in Section 8.3).

     

    “Trustee”
means the party named as such in this Indenture until a successor replaces it
pursuant to this Indenture, and thereafter means the successor, 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 direct non-callable obligations of, or
non-callable obligations guaranteed by, the United States of America for the
payment of which obligation or guarantee the full faith and credit of the United
States of America is pledged.

     

    
      
        	
              	
                1.2 

              	
                 OTHER
      DEFINITIONS.

              

      

    

     

    The
definitions of the following terms may be found in the sections indicated as
follows:

     

    
      	
              TERM

            	 
      	
              DEFINED
      IN SECTION

            
	
              “Bankruptcy
      Law”

            	 
      	
              6.1

            
	 
      	 
      	 
      
	
              “Business
      Day”

            	 
      	
              10.7

            
	 
      	 
      	 
      
	
              “Covenant
      Defeasance”

            	 
      	
              9.3

            
	 
      	 
      	 
      
	
              “Custodian”

            	 
      	
              6.1

            
	 
      	 
      	 
      
	
              “Event
      of Default”

            	 
      	
              6.1

            
	 
      	 
      	 
      
	
              “Judgment
      Currency”

            	 
      	
              10.16

            
	 
      	 
      	 
      
	
              “Legal
      Defeasance”

            	 
      	
              9.2

            
	 
      	 
      	 
      
	
              “Legal
      Holiday”

            	 
      	
              10.7

            
	 
      	 
      	 
      
	
              “Paying
      Agent”

            	 
      	
              2.4

            
	 
      	 
      	 
      
	
              “Place
      of Payment”

            	 
      	
              10.7

            
	 
      	 
      	 
      
	
              “Registrar”

            	 
      	
              2.4

            
	 
      	 
      	 
      
	
              “Required
      Currency”

            	 
      	
              10.16

            
	 
      	 
      	 
      
	
              “Service
      Agent”

            	 
      	
              2.4

            
	 
      	 
      	 
      

    

    
       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

       

      
        	
              	
                1.3

              	
                INCORPORATION BY
      REFERENCE OF TRUST INDENTURE
ACT.

              

      

    

     

    Whenever
this Indenture refers to a provision of the TIA, the portion of such provision
required to be incorporated herein in order for this Indenture to be qualified
under the TIA is incorporated by reference in and made a part of this Indenture.
The following TIA terms used in this Indenture have the following
meanings:

     

    “Commission”
means the SEC.

     

    “indenture
securities” means the Securities.

     

    “indenture
securityholder” means a Holder or Securityholder.

     

    “indenture
to be qualified” means this Indenture.

     

    “indenture
trustee” or “institutional trustee” means the Trustee.

     

    “obligor
on the indenture securities” means the Company.

     

    All other
terms used in this Indenture that are defined by the TIA, defined in the TIA by
reference to another statute or defined by SEC rule have the meanings therein
assigned to them.

     

    
      
        	
              	
                1.4

              	
                RULES OF
      CONSTRUCTION.

              

      

    

     

    Unless
the context otherwise requires:

     

    (1) a term
has the meaning assigned to it herein, whether defined expressly or by
reference;

     

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

     

    (3) “or” is
not exclusive;

     

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

     

    (5) words
used herein implying any gender shall apply to each gender; and

     

    (6) 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.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
2

     

    THE
SECURITIES

     

    
      
        	
              	
                2.1

              	
                ISSUABLE
      SERIES.

              

      

    

     

    The
aggregate principal amount of Securities that may be authenticated and delivered
under this Indenture is $________. The Securities may be issued in one or more
Series. All Securities of a Series shall be identical except as may be set forth
in a Board Resolution, a supplemental indenture or an Officers’ Certificate
detailing the adoption of the terms thereof pursuant to the authority granted
under a Board Resolution. In the case of Securities of a Series to be issued
from time to time, the Board Resolution, Officers’ Certificate or supplemental
indenture may provide for the method by which specified terms (such as interest
rate, Stated Maturity, record date or date from which interest shall accrue) are
to be determined. Securities may differ between Series in respect of any
matters, PROVIDED, that all Series of Securities shall be equally and ratably
entitled to the benefits of the Indenture.

     

    
      
        	
              	
                2.2

              	
                ESTABLISHMENT OF TERMS
      OF SERIES OF
SECURITIES.

              

      

    

     

    At or
prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection 2.2(1)
and either as to such Securities within the Series or as to the Series generally
in the case of Subsections 2.2(2) through 2.2(24)) by a Board Resolution, a
supplemental indenture or an Officers’ Certificate, in each case, pursuant to
authority granted under a Board Resolution:

     

    (1) the title
of the Series (which shall distinguish the Securities of that particular Series
from the Securities of any other Series);

     

    (2) 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 2.7,
2.8, 2.11, 3.6 or 8.5);

     

    (3) the price
or prices (expressed as a percentage of the principal amount thereof) at which
the Securities of the Series will be issued;

     

    (4) the date
or dates on which the principal of the Securities of the Series is
payable;

     

    (5) the rate
or rates (which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not limited to, any
commodity, commodity index, stock exchange index or financial index) at which
the Securities of the Series shall bear interest, if any, the date or dates from
which such interest, if any, shall accrue, the date or dates on which such
interest, if any, shall commence and be payable and any regular record date for
the interest payable on any Interest Payment Date;

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    (6) the place
or places where the principal of, and interest and premium, if any, on, the
Securities of the Series shall be payable, or the method of such payment, if by
wire transfer, mail or other means;

     

    (7) if
applicable, the period or periods within which, the price or prices at which and
the terms and conditions upon which the Securities of the Series may be
redeemed, in whole or in part, at the option of the Company;

     

    (8) the
obligation, if any, of the Company to redeem or purchase the 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;

     

    (9) the
dates, if any, on which and the price or prices at which the Securities of the
Series will be repurchased by the Company at the option of the Holders thereof,
and other detailed terms and provisions of such repurchase
obligations;

     

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

     

    (11) the forms
of the Securities of the Series in bearer (if to be issued outside of the United
States of America) or fully registered form (and, if in fully registered form,
whether the Securities will be issuable as Global Securities);

     

    (12) if other
than the principal amount thereof, the portion of the principal amount of the
Securities of the Series that shall be payable upon declaration of acceleration
of the Maturity thereof pursuant to Section 6.2;

     

    (13) the
currency of denomination of the Securities of the Series, which may be Dollars
or any Foreign Currency, including, but not limited to, the Euro, and, if such
currency of denomination is a composite currency other than the Euro, the agency
or organization, if any, responsible for overseeing such composite
currency;

     

    (14) the
designation of the currency, currencies or currency units in which payment of
the principal of, and interest and premium, if any, on, the Securities of the
Series will be made;

     

    (15) if
payments of principal of, or interest or premium, if any, on, the Securities of
the Series are to be made in one or more currencies or currency units other than
that or those in which such Securities are denominated, the manner in which the
exchange rate with respect to such payments will be determined;

     

    (16) the
manner in which the amounts of payment of principal of, or interest and premium,
if any, on, the Securities of the Series will be determined, if such amounts may
be determined by reference to an index based on a currency or currencies or by
reference to a commodity, commodity index, stock exchange index or financial
index;

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    (17) the
provisions, if any, relating to any collateral provided for the Securities of
the Series;

     

    (18) any
addition to or change in the covenants set forth in Articles 4 or 5 that
applies to Securities of the Series;

     

    (19) any
addition to or change in the Events of Default which applies to any Securities
of the Series, and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 6.2;

     

    (20) the terms
and conditions, if any, for conversion of the Securities into or exchange of the
Securities for shares of common stock or preferred stock of the Company that
apply to Securities of the Series;

     

    (21) any
depositories, interest rate calculation agents, exchange rate calculation agents
or other agents with respect to Securities of such Series if other than those
appointed herein;

     

    (22) the terms
and conditions, if any, upon which the Securities shall be subordinated in right
of payment to other Indebtedness of the Company;

     

    (23) if
applicable, that the Securities of the Series, in whole or any specified part,
shall be defeasible pursuant to Article 9; and

     

    (24) any other
terms of the Securities of the Series (which terms shall not be inconsistent
with the provisions of this Indenture, except as permitted by Section 8.1,
but which may modify or delete any provision of this Indenture insofar as it
applies to such Series).

     

    All
Securities of any one Series need not be issued at the same time, and may be
issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Board Resolution, supplemental indenture or
Officers’ Certificate referred to above, however, the authorized principal
amount of any Series may not be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution,
supplemental indenture or Officers’ Certificate.

     

    
      
        	
              	
                2.3

              	
                EXECUTION AND
      AUTHENTICATION.

              

      

    

     

    The
Securities shall be executed on behalf of the Company by two Officers of the
Company or an Officer and an Assistant Secretary of the Company. Each such
signature may be either manual or facsimile. The Company’s seal may be
impressed, affixed, imprinted or reproduced on the Securities and may be in
facsimile form.

     

    If an
Officer whose signature is on a Security no longer holds that office at the time
the Security is authenticated, the Security shall nevertheless be
valid.

     

    A
Security shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent. The signature shall be conclusive evidence
that the Security has been authenticated under this Indenture. The Trustee shall
at any time, and from time to time, authenticate Securities for original issue
in the principal amount provided in the Board Resolution, supplemental indenture
hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order.
Such Company Order may authorize authentication and delivery pursuant to oral or
electronic instructions from the Company or its duly authorized agent or agents,
which oral instructions shall be promptly confirmed in writing. Each Security
shall be dated the date of its authentication.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    The
aggregate principal amount of Securities of any Series outstanding at any time
may not exceed any limit upon the maximum principal amount for such Series set
forth in the Board Resolution, supplemental indenture hereto or Officers’
Certificate delivered pursuant to Section 2.2, except as provided in
Section 2.8.

     

    Prior to
the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.1) shall be fully protected in relying
on:  (a) the Board Resolution, supplemental indenture hereto or
Officers’ Certificate establishing the form of the Securities of that Series or
of Securities within that Series and the terms of the Securities of that Series
or of Securities within that Series, (b) an Officers’ Certificate complying
with Section 10.4, and (c) an Opinion of Counsel complying with
Section 10.4.

     

    The
Trustee shall have the right to decline to authenticate and deliver any
Securities of any Series:  (a) if the Trustee, being advised in
writing by outside counsel, determines that such action may not lawfully be
taken; or (b) if the Trustee in good faith by its board of directors or
trustees, executive committee or a trust committee of directors and/or
vice-presidents shall reasonably determine that such action would expose the
Trustee to personal liability, or cause it to have a conflict of interest with
respect to Holders of any then outstanding Series of Securities.

     

    The
Trustee may appoint an authenticating agent acceptable to the Company to
authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Any appointment shall be evidenced by an
instrument signed by an authorized officer of the Trustee, a copy of which shall
be furnished to the Company. Each reference in this Indenture to authentication
by the Trustee includes authentication by such agent. An authenticating agent
has the same rights as an Agent to deal with the Company or an Affiliate of the
Company.

     

    
      
        	
              	
                2.4

              	
                REGISTRAR AND PAYING
      AGENT.

              

      

    

     

    The
Company shall maintain, with respect to each Series of Securities, an office or
agency where Securities of such Series may be presented or surrendered for
payment ("Paying Agent"), where Securities of such Series may be surrendered for
registration of transfer or exchange ("Registrar") and where notices and demands
to or upon the Company in respect of the Securities of such Series and this
Indenture may be served ("Service Agent"). The Registrar shall keep a register
with respect to each Series of Securities and to their transfer and
exchange.  The Corporate Trust Office of the Trustee shall be such
office or agency for all of the aforesaid purposes unless the Company shall
maintain some other office or agency for such purposes and the Company will give
prompt written notice to the Trustee of the name and address, and any change in
the name or address, of each Registrar, Paying Agent or Service Agent. If at any
time the Company shall fail to maintain any such required Registrar, Paying
Agent or Service Agent or shall fail to furnish the Trustee with the name and
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.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    The
Company may also from time to time designate one or more co-registrars,
additional paying agents or additional service agents 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 obligations to
maintain a Registrar, Paying Agent and Service Agent in each place so specified
pursuant to Section 2.2 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 name or address of any such co-registrar,
additional paying agent or additional service agent. The term "Registrar"
includes any co-registrar; the term "Paying Agent" includes any additional
paying agent; and the term "Service Agent" includes any additional service
agent.

     

    The
Company hereby appoints the Trustee the initial Registrar, Paying Agent and
Service Agent for each Series unless another Registrar, Paying Agent or Service
Agent, as the case may be, is appointed prior to the time Securities of that
Series are first issued.

     

    
      
        	
              	
                2.5

              	
                PAYING AGENT TO HOLD
      ASSETS IN TRUST.

              

      

    

     

    The
Trustee as Paying Agent shall, and the Company shall require each Paying Agent
other than the Trustee to agree in writing that each Paying Agent shall, hold in
trust for the benefit of the Holders of any Series of Securities or the Trustee
all assets held by the Paying Agent for the payment of principal of, or interest
or premium, if any, on, such Series of Securities (whether such assets have been
distributed to it by the Company or any other obligor on such Series of
Securities), and the Company and the Paying Agent shall notify the Trustee in
writing of any Default by the Company (or any other obligor on such Series of
Securities) in making any such payment. The Company at any time may require a
Paying Agent to distribute all assets held by it to the Trustee and account for
any assets disbursed, and the Trustee may, at any time during the continuance of
any payment default with respect to any Series of Securities, upon written
request to a Paying Agent, require such Paying Agent to distribute all assets
held by it to the Trustee and to account for any assets distributed. Upon
distribution to the Trustee of all assets that shall have been delivered by the
Company to the Paying Agent, the Paying Agent shall have no further liability
for such assets.

     

    
      
        	
              	
                2.6

              	
                SECURITYHOLDER
      LISTS.

              

      

    

     

    The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Securityholders
of each Series of Securities. If the Trustee is not the Registrar, the Company
shall furnish to the Trustee as of each regular record date for the payment of
interest on the Securities of a Series and before each related Interest Payment
Date, and at such other times as the Trustee may request in writing, a list in
such form and as of such date as the Trustee may reasonably require of the names
and addresses of Securityholders of each Series of Securities.

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                2.7

              	
                TRANSFER AND
      EXCHANGE.

              

      

    

     

    When
Securities of a Series are presented to the Registrar with a request to register
the transfer thereof, the Registrar shall register the transfer as requested if
the requirements of applicable law are met, and when such Securities of a Series
are presented to the Registrar with a request to exchange them for an equal
principal amount of other authorized denominations of Securities of the same
Series, the Registrar shall make the exchange as requested. To permit transfers
and exchanges, upon surrender of any Security for registration of transfer at
the office or agency maintained pursuant to Section 2.4, the Company shall
execute and the Trustee shall authenticate Securities at the Registrar’s
request.

     

    If
Securities are issued as Global Securities, the provisions of Section 2.15
shall apply.

     

    All
Securities issued upon any registration of transfer or exchange of Securities
shall be the valid obligations of the Company, evidencing the same debt, and
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 Registrar or a co-registrar) be duly
endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Registrar or a co-registrar, duly executed
by the Holder thereof or his attorney duly authorized in writing.

     

    Any
exchange or transfer shall be without charge, except that the Company may
require payment by the Holder of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation to a transfer or exchange,
but this provision shall not apply to any exchange pursuant to
Section 2.11, 3.6 or 8.5. The Trustee shall not be required to register
transfers of Securities of any Series, or to exchange Securities of any Series,
for a period of 15 days before the record date for selection for redemption of
such Securities. The Trustee shall not be required to exchange or register
transfers of Securities of any Series called or being called for redemption in
whole or in part, except the unredeemed portion of such Security being redeemed
in part.

     

    
      
        	
              	
                2.8

              	
                REPLACEMENT
      SECURITIES.

              

      

    

     

    If a
mutilated Security is surrendered to the Trustee, or if the Holder of a Security
presents evidence to the satisfaction of the Company and the Trustee that the
Security has been lost, destroyed or wrongfully taken, the Company shall issue
and the Trustee shall authenticate a replacement Security of the same Series and
of like tenor and principal amount and bearing a number not contemporaneously
outstanding. An indemnity bond may be required by the Company or the Trustee
that is sufficient in the reasonable judgment of the Company or the Trustee, as
the case may be, to protect the Company, the Trustee or any Agent from any loss
which any of them may suffer if a Security is replaced. The Company may charge
such Holder for the Company’s out-of-pocket expenses in replacing a Security,
including the fees and expenses of the Trustee. Every replacement Security shall
constitute an original additional obligation of the Company, whether or not the
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.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                2.9

              	
                OUTSTANDING
      SECURITIES.

              

      

    

     

    Securities
outstanding at any time are all Securities authenticated by the Trustee, except
for those canceled by it, those delivered to it for cancellation and those
described in this Section 2.9 as not outstanding.

     

    If a
Security is replaced pursuant to Section 2.8 (other than a mutilated
Security surrendered for replacement), it ceases to be outstanding until the
Company and the Trustee receive proof satisfactory to each of them that the
replaced Security is held by a bona fide purchaser. A mutilated Security ceases
to be outstanding upon surrender of such Security and replacement thereof
pursuant to Section 2.8.

     

    If a
Paying Agent holds on a Redemption Date or the Stated Maturity money sufficient
to pay the principal of, premium, if any, and accrued interest on, Securities
payable on that date, and is not prohibited from paying such money to the
Holders thereof pursuant to the terms of this Indenture (PROVIDED, that if such
Securities are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor satisfactory to the Trustee has
been made), then on and after that date such Securities cease to be outstanding
and interest on them ceases to accrue.

     

    A
Security does not cease to be outstanding solely because the Company or an
Affiliate holds the Security.

     

    
      
        	
              	
                2.10

              	
                WHEN TREASURY
      SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’
      ACTION.

              

      

    

     

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

     

    
      
        	
              	
                2.11

              	
                TEMPORARY
      SECURITIES.

              

      

    

     

    Until
definitive Securities are ready for delivery, the Company may prepare and
execute, and the Trustee shall authenticate, temporary Securities. Temporary
Securities shall be substantially in the form, and shall carry all rights, of
definitive Securities, but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company
shall prepare and execute, and the Trustee shall authenticate, definitive
Securities in exchange for temporary Securities without charge to the
Holder.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                2.12

              	
                CANCELLATION.

              

      

    

     

    All
Securities surrendered for payment, redemption or 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 for
cancellation. 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 may deliver to
the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company
has not issued and sold. The Registrar and the Paying Agent shall forward to the
Trustee any Securities surrendered to them for transfer, exchange or payment.
The Trustee or, at the direction of the Trustee, the Registrar or the Paying
Agent, and no one else, shall cancel, and at the written request of the Company
shall dispose of, all Securities surrendered for transfer, exchange, payment or
cancellation. If the Company shall acquire any of the Securities, such
acquisition shall not operate as a redemption or satisfaction of the
Indebtedness represented by such Securities unless and until the same are
surrendered to the Trustee for cancellation pursuant to this Section 2.12.
No Securities shall be authenticated in lieu of or in exchange for any
Securities cancelled as provided in this Section 2.12, except as expressly
permitted by this Indenture.

     

    
      
        	
              	
                2.13

              	
                PAYMENT OF INTEREST;
      DEFAULTED INTEREST; COMPUTATION OF
  INTEREST.

              

      

    

     

    Except as
otherwise provided as contemplated by Section 2.2 with respect to any
Series of Securities, 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 is registered at the close of business
on the regular record date for such interest, as provided in the Board
Resolution, supplemental indenture hereto or Officers’ Certificate establishing
the terms of such Series.

     

    If the
Company defaults in a payment of interest on the Securities, it shall pay the
defaulted amounts, plus any interest payable on defaulted amounts pursuant to
Section 4.1, to the Persons who are Securityholders on a subsequent special
record date, which date shall be the 15th day next preceding the date fixed by
the Company for the payment of defaulted interest, or the next succeeding
Business Day if such date is not a Business Day. At least 15 days before the
special record date, the Company shall mail or cause to be mailed to each
Securityholder, with a copy to the Trustee, a notice that states the special
record date, the payment date and the amount of defaulted interest, and interest
payable on such defaulted interest, if any, to be paid.

     

    Except as
otherwise specified as contemplated by Section 2.2 for 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.

     

    
      
        	
              	
                2.14

              	
                CUSIP
      NUMBER.

              

      

    

     

    The
Company in issuing the Securities may use one or more “CUSIP” numbers, and, if
the Company does so, the Trustee shall use the CUSIP number(s) in notices of
redemption or exchange as a convenience to Holders, PROVIDED, that any such
notice may state that no representation is made as to the correctness or
accuracy of the CUSIP number(s) printed in the notice or on the Securities, and
that reliance may be placed only on the other identification numbers printed on
the Securities, and that any such redemption or exchange shall not be affected
by any defect in or omission of any such numbers.

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                2.15

              	
                PROVISIONS FOR GLOBAL
      SECURITIES.

              

      

    

     

    (a) A Board
Resolution, a supplemental indenture hereto or an Officers’ Certificate shall
establish whether the Securities of a Series shall be issued in whole or in part
in the form of one or more Global Securities, and the Depository for such Global
Securities or Securities.

     

    (b) Notwithstanding
any provisions to the contrary contained in Section 2.7 and in addition
thereto, if, and only if the Depository (i) at any time is unwilling or
unable to continue as Depository for such Global Security or ceases to be a
clearing agency registered under the Exchange Act and (ii) a successor
Depository is not appointed by the Company within 90 days after the date the
Company is so informed in writing or becomes aware of the same, the Company
promptly will execute and deliver to the Trustee definitive Securities, and the
Trustee, upon receipt of a Company Request for the authentication and delivery
of such definitive Securities (which the Company will promptly execute and
deliver to the Trustee) and an Officers’ Certificate to the effect that such
Global Security shall be so exchangeable, will authenticate and deliver
definitive Securities, without charge, registered in such names and in such
authorized denominations as the Depository shall direct in writing (pursuant to
instructions from its direct and indirect participants or otherwise) in an
aggregate principal amount equal to the principal amount of the Global Security
with like tenor and terms. Upon the exchange of a Global Security for definitive
Securities, such Global Security shall be canceled by the Trustee. Unless and
until it is exchanged in whole or in part for definitive Securities, as provided
in this Section 2.15(b), a Global Security may not be transferred except as
a whole by the Depository with respect to such Global Security to a nominee of
such Depository, by a nominee of such Depository to such Depository or another
nominee of such Depository or by the Depository or any such nominee to a
successor Depository or a nominee of such a successor Depository.

     

    (c) Any
Global Security issued hereunder shall bear a legend in substantially the
following form:

     

    “This
Security is a Global Security within the meaning of the Indenture hereinafter
referred to, and is registered in the name of the Depository or a nominee of the
Depository. This Security is exchangeable for Securities registered in the name
of a Person other than the Depository or its nominee only in the limited
circumstances described in the Indenture, and may not be transferred except as a
whole by the Depository to a nominee of the Depository, by a nominee of the
Depository to the Depository or another nominee of the Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such a
successor Depository.”

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    (d) The
Depository, as a Holder, may appoint agents and otherwise authorize participants
to give or take any request, demand, authorization, direction, notice, consent,
waiver or other action which a Holder is entitled to give or take under the
Indenture.

     

    (e) Notwithstanding
the other provisions of this Indenture, unless otherwise specified as
contemplated by Section 2.2, payment of the principal of, and interest and
premium, if any, on, any Global Security shall be made to the Depository or its
nominee in its capacity as the Holder thereof.

     

    (f) Except as
provided in Section 2.15(e) above, the Company, the Trustee and any Agent
shall treat a Person as the Holder of such principal amount of outstanding
Securities of any Series represented by a Global Security as shall be specified
in a written statement of the Depository (which may be in the form of a
participants’ list for such Series) with respect to such Global Security, for
purposes of obtaining any consents, declarations, waivers or directions required
to be given by the Holders pursuant to this Indenture, PROVIDED, that until the
Trustee is so provided with a written statement, it may treat the Depository or
any other Person in whose name a Global Security is registered as the owner of
such Global Security for the purpose of receiving payment of the principal of,
and any premium and (subject to Section 2.13) any interest on, such Global
Security and for all other purposes whatsoever, and none of the Company, the
Trustee or any agent of the Company or the Trustee shall be affected by notice
to the contrary.

     

    
      
        
          	
                	
                  2.16

                	
                  PERSONS DEEMED
      OWNERS.

                

        

      

    

     

    Prior to
due presentment of a Security for registration of transfer, the Company, the
Trustee, the Registrar and any agent of the Company, the Registrar 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 the principal of,
and any premium and (subject to Section 2.13) any interest on, such
Security and for all other purposes whatsoever, and none of the Company, the
Trustee, the Registrar or any agent of the Company, the Trustee or the Registrar
shall be affected by notice to the contrary.

     

    ARTICLE
3

     

    REDEMPTION

     

    
      
        	
              	
                3.1

              	
                NOTICE TO
      TRUSTEE

              

      

    

     

    The
Company may, with respect to any Series of Securities, reserve the right to
redeem and pay the Series of Securities, or may covenant to redeem and pay the
Series of Securities or any part thereof, prior to the Stated Maturity thereof
at such time and on such terms as provided for in such Securities or the related
Board Resolution, supplemental indenture or Officers’ Certificate. If a Series
of Securities is redeemable and the Company elects to redeem all or part of such
Series of Securities, it shall notify the Trustee of the Redemption Date and the
principal amount of Securities to be redeemed at least 45 days (unless a shorter
notice shall be satisfactory to the Trustee) before the Redemption Date. Any
such notice may be canceled at any time prior to notice of such redemption being
mailed to any Holder, and shall thereby be void and of no effect.

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                3.2

              	
                SELECTION BY TRUSTEE
      OF SECURITIES TO BE
REDEEMED.

              

      

    

     

    Unless
otherwise indicated for a particular Series of Securities by a Board Resolution,
a supplemental indenture or an Officers’ Certificate, if fewer than all of the
Securities of a Series are to be redeemed, the Trustee shall select the
Securities of a Series to be redeemed pro rata, by lot or by any other method
that the Trustee considers fair and appropriate (unless the Company specifically
directs the Trustee otherwise) and, if such Securities are listed on any
securities exchange, by a method that complies with the requirements of such
exchange.

     

    The
Trustee shall make the selection from Securities of a Series outstanding and not
previously called for redemption, and shall promptly notify the Company in
writing of the Securities selected for redemption and, in the case of any
Security selected for partial redemption, the principal amount thereof to be
redeemed at least 35 but not more than 60 days before the Redemption Date.
Securities of a Series in denominations of $1,000 may be redeemed only in whole.
The Trustee may select for redemption portions of the principal of Securities of
a Series that have denominations larger than $1,000. Securities of a Series and
portions of them it selects shall be in amounts of $1,000 or, with respect to
Securities of any Series issuable in other denominations pursuant to
Section 2.2(10), the minimum principal denomination for each Series and
integral multiples thereof. Provisions of this Indenture that apply to
Securities called for redemption also apply to portions of Securities called for
redemption.

     

    
      
        	
              	
                3.3

              	
                NOTICE OF
      REDEMPTION.

              

      

    

     

    Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, at least 30 days, and no more than
60 days, before a Redemption Date, the Company shall mail, or cause to be
mailed, a notice of redemption by first-class mail to each Holder of Securities
to be redeemed at his or her last address as the same appears on the registry
books maintained by the Registrar. The notice shall identify the Securities to
be redeemed and shall state:

     

    (1) the
Redemption Date;

     

    (2) the
redemption price, and that such redemption price shall become due and payable on
the Redemption Date;

     

    (3) if any
Security of a Series is being redeemed in part, the portion of the principal
amount of such Security of a Series to be redeemed and that, after the
Redemption Date and upon surrender of such Security of a Series, a new Security
or Securities in principal amount equal to the unredeemed portion will be
issued;

     

    (4) the name
and address of the Paying Agent;

     

    (5) that
Securities of a Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price, and the place or places where each such
Security is to be surrendered for such payment;

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

     

    (6) that,
unless the Company defaults in making the redemption payment, interest on the
Securities of a Series called for redemption ceases to accrue on the Redemption
Date, and the only remaining right of the Holders of such Securities is to
receive payment of the redemption price upon surrender to the Paying Agent of
the Securities redeemed;

     

    (7) if fewer
than all of the Securities of a Series are to be redeemed, the identification of
the particular Securities of a Series (or portion thereof) to be redeemed, as
well as the aggregate principal amount of Securities of a Series to be redeemed
and the aggregate principal amount of Securities of a Series to be outstanding
after such partial redemption.

     

    (8) the CUSIP
number, if any, printed on the Securities being redeemed; and

     

    (9) that no
representation is made as to the correctness or accuracy of the CUSIP number, if
any, listed in such notice or printed on the Securities.

     

    At the
Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at the Company’s sole expense.

     

    
      
        	
              	
                3.4

              	
                EFFECT OF NOTICE OF
      REDEMPTION.

              

      

    

     

    Once the
notice of redemption described in Section 3.3 is mailed, Securities of a
Series called for redemption become due and payable on the Redemption Date and
at the redemption price, plus interest, if any, accrued to the Redemption Date.
Upon surrender to the Trustee or Paying Agent, such Securities of a Series shall
be paid at the redemption price, plus accrued interest, if any, to the
Redemption Date; PROVIDED, that if the Redemption Date is after a regular
interest payment record date and on or prior to the next Interest Payment Date,
the accrued interest shall be payable to the Holder of the redeemed Securities
registered on the relevant record date, as specified by the Company in the
notice to the Trustee pursuant to Section 3.1.

     

    
      
        	
              	
                3.5

              	
                DEPOSIT OF REDEMPTION
      PRICE.

              

      

    

     

    On or
prior to the Redemption Date, the Company shall deposit with the Paying Agent
money sufficient to pay the redemption price of and accrued interest, if any, on
all Securities to be redeemed on that date other than Securities or portions
thereof called for redemption on that date which have been delivered by the
Company to the Trustee for cancellation.

     

    On and
after any Redemption Date, if money sufficient to pay the redemption price of,
and accrued interest on, Securities called for redemption shall have been made
available in accordance with the preceding paragraph and the Company and the
Paying Agent are not prohibited from paying such moneys to Holders, the
Securities called for redemption will cease to accrue interest and the only
right of the Holders of such Securities will be to receive payment of the
redemption price of and, subject to the proviso in Section 3.4, accrued and
unpaid interest on such Securities to the Redemption Date. If any Security
called for redemption shall not be so paid, interest will be paid, from the
Redemption Date until such redemption payment is made, on the unpaid principal
of the Security and any interest or premium, if any, not paid on such unpaid
principal, in each case, at the rate and in the manner provided in the
Securities.

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                3.6

              	
                SECURITIES REDEEMED IN
      PART.

              

      

    

     

    Upon
surrender of a Security of a Series that is redeemed in part, the Company shall
execute, and the Trustee shall authenticate, for a Holder a new Security of the
same Series equal in principal amount to the unredeemed portion of the Security
surrendered.

     

    ARTICLE
4

     

    COVENANTS

     

    
      
        	
              	
                4.1

              	
                PAYMENT OF
      SECURITIES

              

      

    

     

    The
Company shall pay the principal of, and interest and premium, if any, on, each
Series of Securities on the dates and in the manner provided in such Securities
and this Indenture.

     

    An
installment of principal or interest shall be considered paid on the date it is
due if the Trustee or Paying Agent holds on that date money designated for and
sufficient to pay such installment and is not prohibited from paying such money
to the Holders pursuant to the terms of this Indenture or
otherwise.

     

    The
Company shall pay interest on overdue principal, and overdue interest, to the
extent lawful, at the rate specified in the Series of Securities.

     

    
      
        	
              	
                4.2

              	
                SEC
      REPORTS.

              

      

    

     

    The
Company will deliver to the Trustee within 15 days after the filing of the same
with the SEC, copies of the annual reports and of the information, documents and
other reports, if any, which the Company is required to file with the SEC
pursuant to Section 13 or 15(d) of the Exchange Act; PROVIDED, HOWEVER,
that each such report or document will be deemed to be so delivered to the
Trustee if the Company files such report or document with the SEC through the
SEC’s EDGAR database no later than the time such report or document is required
to be filed with the SEC pursuant to the Exchange Act. Notwithstanding that the
Company may not be subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, the Company will file with the SEC, to the extent
permitted, and provide the Trustee with, such annual reports and such
information, documents and other reports specified in Sections 13 and 15(d)
of the Exchange Act. The Company will also comply with the other provisions of
TIA Section 314(a).

     

    
      
        	
              	
                4.3

              	
                WAIVER OF STAY,
      EXTENSION OR USURY
LAWS.

              

      

    

     

    The
Company covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, or plead (as a defense or otherwise) or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension, usury
or other law which would prohibit or forgive the Company from paying all or any
portion of the principal of, and/or interest and premium, if any, on, the
Securities as contemplated herein, wherever enacted, now or at any time
hereafter in force, or which may affect the covenants or the performance of this
Indenture; and the Company hereby expressly waives (to the extent that they may
lawfully do so) all benefit or advantage of any such law, and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                4.4

              	
                COMPLIANCE
      CERTIFICATE.

              

      

    

     

    (a) The
Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, an Officers’ Certificate which complies with TIA
Section 314(a)(4) stating that a review of the activities of the Company
and its Subsidiaries during such fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Company has kept,
observed, performed and fulfilled its obligations under this Indenture, and
further stating, as to each such Officer signing such certificate, that to the
best of his or her knowledge the Company has kept, observed, performed and
fulfilled each and every covenant contained in this Indenture and that there is
no default in the performance or observance of any of the terms, provisions and
conditions hereof (or, if a Default or Event of Default shall have occurred,
describing all such Defaults or Events of Default of which he or she may have
knowledge and what action the Company is taking or proposes to take with respect
thereto) and that to the best of his or her knowledge no event has occurred and
remains in existence by reason of which payments on account of the principal of,
or interest or premium, if any, on, the Securities is prohibited, or if such
event has occurred, a description of the event and what action the Company is
taking or proposes to take with respect thereto.

     

    (b) (i) If
any Default or Event of Default has occurred and is continuing or (ii) if
any Holder seeks to exercise any remedy hereunder with respect to a claimed
Default under this Indenture or the Securities, within five Business Days after
the Company becoming aware of such occurrence the Company shall deliver to the
Trustee an Officers’ Certificate specifying such event, notice or other action
and what action the Company is taking or proposes to take with respect
thereto.

     

    
      
        	
              	
                4.5

              	
                CORPORATE
      EXISTENCE.

              

      

    

     

    Subject
to Article 5, the Company shall do or cause to be done all things necessary
to preserve and keep in full force and effect its corporate existence, in
accordance with the organizational documents (as the same may be amended from
time to time) of the Company and the rights (charter and statutory), licenses
and franchises of the Company; PROVIDED, HOWEVER, that the Company shall not be
required to preserve any such right, license or franchise, or its corporate
existence, if the Board of Directors 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 adverse in any material respect to the
Holders.

     

    ARTICLE
5

     

    SUCCESSOR
CORPORATION

     

    
      
        	
              	
                5.1

              	
                LIMITATION ON
      CONSOLIDATION, MERGER AND SALE OF
ASSETS.

              

      

    

     

    (a) The
Company will not, in any transaction or series of transactions, merge or
consolidate with or into, or sell, assign, convey, transfer, lease or otherwise
dispose of all or substantially all of its properties and assets (as an entirety
or substantially as an entirety in one transaction or a series of related
transactions), to any Person or Persons, unless at the time of and after giving
effect thereto (i) either (A) if the transaction or series of
transactions is a merger or consolidation, the Company shall be the surviving
Person of such merger or consolidation, or (B) the Person formed by such
consolidation or into which the Company is merged or to which the properties and
assets of the Company are transferred (any such surviving Person or transferee
Person being the “Surviving Entity”) shall be a corporation organized and
existing under the laws of the United States of America, any state thereof or
the District of Columbia, or a corporation or comparable legal entity organized
under the laws of a foreign jurisdiction and shall expressly assume by a
supplemental indenture executed and delivered to the Trustee, in form reasonably
satisfactory to the Trustee, all of the obligations of the Company (including,
without limitation, the obligation to pay the principal of, and premium and
interest, if any, on, the Securities and the performance of the other covenants)
under the Securities of each Series and this Indenture, and in each case, this
Indenture shall remain in full force and effect; and (ii) immediately
before and immediately after giving effect to such transaction or series of
transactions on a pro forma basis (including, without limitation, any
Indebtedness incurred or anticipated to be incurred in connection with or in
respect of such transaction or series of transactions), no Default or Event of
Default shall have occurred and be continuing.

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

    (b) In
connection with any consolidation, merger or transfer of assets contemplated by
this Section 5.1, the Company shall deliver, or cause to be delivered, to
the Trustee, in form and substance reasonably satisfactory to the Trustee, an
Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer, and the supplemental indenture in respect
thereto, comply with this Section 5.1, and that all conditions precedent
herein provided for relating to such transaction or transactions have been
complied with.

     

    
      
        	
              	
                5.2

              	
                SUCCESSOR PERSON
      SUBSTITUTED.

              

      

    

     

    Upon any
consolidation, merger or transfer of all or substantially all of the assets of
the Company in accordance with Section 5.1 above, the successor corporation
formed by such consolidation, or into which the Company is merged or to which
such transfer 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 corporation had been named as the Company
herein, and thereafter (except with respect to any such transfer which is a
lease) the predecessor corporation shall be relieved of all obligations and
covenants under this Indenture and the Securities.

     

    ARTICLE
6

     

    DEFAULTS AND
REMEDIES

     

    
      
        	
              	
                6.1

              	
                EVENTS OF
      DEFAULT.

              

      

    

     

    “Events
of Default,” wherever used herein with respect to Securities of any Series,
means any one of the following events, unless in the establishing Board
Resolution, supplemental indenture or Officers’ Certificate, it is provided that
such Series shall not have the benefit of said Event of Default:

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

     

    (1) there is
a default in the payment of any principal of, or premium, if any, on, the
Securities when the same becomes due and payable at Maturity, upon acceleration,
redemption or otherwise;

     

    (2) there is
a default in the payment of any interest on any Security of a Series when the
same becomes due and payable, and the Default continues for a period of 30
days;

     

    (3) the
Company defaults in the observance or performance of any other covenant in the
Securities of a Series or in this Indenture for 60 days after written notice
from the Trustee or the Holders of not less than 25% in the aggregate principal
amount of the Securities of such Series then outstanding, which notice must
specify the Default, demand that it be remedied and state that the notice is a
“Notice of Default”;

     

    (4) the
Company or any Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law:

     

    (A) commences
a voluntary case,

     

    (B) consents
to the entry of an order for relief against it in an involuntary
case,

     

    (C) consents
to the appointment of a Custodian of it or for all or substantially all of its
property,

     

    (D) makes a
general assignment for the benefit of its creditors, or

     

    (E) generally
is not paying its debts as they become due;

     

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

     

    (A) is for
relief against the Company or any Significant Subsidiary in an involuntary
case;

     

    (B) appoints
a Custodian of the Company or any Significant Subsidiary, or for all or
substantially all of the property of the Company or any Significant Subsidiary;
or

     

    (C) orders
the liquidation of the Company or any Significant Subsidiary, and the order or
decree remains unstayed and in effect for 90 consecutive days; or

     

    (6) any other
Event of Default provided with respect to Securities of that Series, which is
specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate, in accordance with Section 2.2(19).

     

    The term
“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law
for the relief of debtors. The term “Custodian” means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

     

    The
Trustee may withhold notice of any Default (except in the payment of the
principal of, or interest or premium, if any, on, the Securities) to the Holders
of the Securities of any Series in accordance with
Section 7.5.  When a Default is cured, it ceases to
exist.

     

    
      
        	
              	
                6.2

              	
                ACCELERATION.

              

      

    

     

    If an
Event of Default with respect to Securities of any Series at the time
outstanding (other than an Event of Default arising under Section 6.1(4) or
(5)) occurs and is continuing, the Trustee by written notice to the Company, or
the Holders of not less than 25% in aggregate principal amount of the Securities
of that Series then outstanding by written notice to the Company and the
Trustee, may declare that the entire principal amount of all the Securities of
that Series then outstanding plus accrued and unpaid interest to the date of
acceleration are immediately due and payable, in which case such amounts shall
become immediately due and payable; PROVIDED, HOWEVER, that after such
acceleration but before a judgment or decree based on such acceleration is
obtained by the Trustee, the Holders of a majority in aggregate principal amount
of the outstanding Securities of that Series may rescind and annul such
acceleration and its consequences if (i) all existing Events of Default,
other than the nonpayment of accelerated principal, interest or premium, if any,
that has become due solely because of the acceleration, have been cured or
waived, (ii) to the extent the payment of such interest is lawful, interest
on overdue installments of interest and overdue principal, which has become due
otherwise than by such declaration of acceleration, has been paid and
(iii) the rescission would not conflict with any judgment or decree. No
such rescission shall affect any subsequent Default or impair any right
consequent thereto. In case an Event of Default specified in Section 6.1(4)
or (5) with respect to the Company occurs, such principal, premium, if any, and
interest amount with respect to all of the Securities of that Series shall be
due and payable immediately without any declaration or other act on the part of
the Trustee or the Holders of the Securities of that Series.

     

    
      
        	
              	
                6.3

              	
                REMEDIES.

              

      

    

     

    If an
Event of Default with respect to Securities of any Series at the time
outstanding occurs and is continuing, the Trustee may pursue any available
remedy by proceeding at law or in equity to collect the payment of the principal
of, or interest and premium, if any, on, the Securities of that Series, or to
enforce the performance of any provision of the Securities of that Series or
this Indenture.

     

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

     

    
      
        	
              	
                6.4

              	
                WAIVER OF PAST
      DEFAULTS AND EVENTS OF
DEFAULT.

              

      

    

     

    Subject
to Sections 6.2, 6.7 and 8.2, the Holders of a majority in principal amount
of the Securities of any Series then outstanding have the right to waive any
existing Default or Event of Default with respect to such Series or compliance
with any provision of this Indenture (with respect to such Series) or the
Securities of such Series. Upon any such waiver, such Default with respect to
such Series shall cease to exist, and any Event of Default with respect to such
Series arising therefrom shall be deemed to have been cured for every purpose of
this Indenture; but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereto. This
Section 6.4 shall be in lieu of TIA Section 316(a)(1)(B), and TIA
Section 316(a)(1)(B) is hereby expressly excluded from this Indenture and
Section as permitted by the TIA.

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                6.5

              	
                CONTROL BY
      MAJORITY.

              

      

    

     

    Subject
to Sections 6.2, 6.7 and 8.2, the Holders of a majority in principal amount
of the Securities of any Series then outstanding may 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 by this Indenture with
respect to such Series. The Trustee, however, may refuse to follow any direction
that conflicts with law or this Indenture, or that the Trustee determines may be
unduly prejudicial to the rights of another Securityholder, or that may involve
the Trustee in personal liability; PROVIDED, that the Trustee may take any other
action deemed proper by the Trustee which is not inconsistent with such
direction. This Section 6.5 shall be in lieu of TIA
Section 316(a)(1)(A), and TIA Section 316(a)(1)(A) is hereby expressly
excluded from this Indenture and Section as permitted by the TIA.

     

    
      
        	
              	
                6.6

              	
                LIMITATION ON
      SUITS.

              

      

    

     

    Subject
to Section 6.7, a Securityholder may not institute any proceeding or pursue
any remedy with respect to this Indenture or the Securities of a Series
unless:

     

    (1) the
Holder gives to the Trustee written notice of a continuing Event of Default with
respect to the Securities of that Series;

     

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

     

    (3) such
Holder or Holders offer to the Trustee indemnity reasonably satisfactory to the
Trustee against any loss, liability or expense to be incurred in compliance with
such request;

     

    (4) the
Trustee does not comply with the request within 60 days after receipt of the
request and the offer of indemnity; and

     

    (5) no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in aggregate principal
amount of the Securities of such Series then outstanding.

     

    A
Securityholder may not use this Indenture to prejudice the rights of another
Securityholder, or to obtain a preference or priority over another
Securityholder.

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                6.7

              	
                RIGHTS OF HOLDERS TO
      RECEIVE PAYMENT.

              

      

    

     

    Notwithstanding
any other provision of this Indenture, the right of any Holder of a Security of
a Series to receive payment of the principal of, and interest and premium, if
any, on, the Security of such Series on or after the respective due dates
expressed in the Security of such Series, or to bring suit for the enforcement
of any such payment on or after such respective dates, is absolute and
unconditional, and shall not be impaired or affected without the consent of the
Holder.

     

    
      
        	
              	
                6.8

              	
                COLLECTION SUIT BY
      TRUSTEE.

              

      

    

     

    If an
Event of Default in payment of principal, interest or premium, if any, specified
in Section 6.1(1) or (2) with respect to Securities of any Series at the
time outstanding occurs and is continuing, the Trustee may recover judgment in
its own name and as trustee of an express trust against the Company (or any
other obligor on the Securities of that Series) for the whole amount of unpaid
principal and premium, if any, and accrued interest remaining unpaid, together
with interest on overdue principal and premium, if any, and, to the extent that
payment of such interest is lawful, interest on overdue installments of
interest, in each case at the rate then borne by the Securities of that Series,
and such further amounts as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, as set forth in
Section 7.7.

     

    
      
        	
              	
                6.9

              	
                TRUSTEE MAY FILE
      PROOFS OF CLAIM.

              

      

    

     

    The
Trustee may file such proofs of claim and other papers or documents, and take
other actions (including sitting on a committee of creditors), as may be
necessary or advisable in order to have the claims of the Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel) and the Securityholders allowed in any
judicial proceedings relative to the Company (or any other obligor on the
Securities), any of their respective creditors or any of their respective
property, and the Trustee shall be entitled and empowered to collect and receive
any monies or other property payable or deliverable on any such claims, and to
distribute the same after deduction of its charges and expenses to the extent
that any such charges and expenses are not paid out of the estate in any such
proceedings, and any custodian in any such judicial proceeding is hereby
authorized by each Securityholder 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 Securityholders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under
Section 7.7.

     

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

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                6.10

              	
                PRIORITIES.

              

      

    

     

    If the
Trustee collects any money pursuant to this Article 6, it shall pay out the
money in the following order:

     

    FIRST: to
the Trustee for amounts due under Section 7.7;

     

    SECOND:
to Securityholders for amounts then due and unpaid for the principal of, and
interest and premium, if any, 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 any premium and interest, respectively;
and

     

    THIRD: to
the Company.

     

    The
Trustee may fix a record date and payment date for any payment to
Securityholders pursuant to this Section 6.10. At least 15 days before such
record date, the Trustee shall mail to each Securityholder a notice that states
the record date, the payment date and amount to be paid.

     

    
      
        	
              	
                6.11

              	
                UNDERTAKING FOR
      COSTS.

              

      

    

     

    In any
suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken or omitted by it as Trustee, a
court in its discretion may require the filing by any party litigant in the suit
of an undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in the suit, having due regard to the merits and good faith of
the claims or defenses made by the party litigant. This Section 6.11 does
not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section 6.7 or a suit by Holders of more than 10% in principal amount of
the Securities of a Series then outstanding.

     

    ARTICLE
7

     

    TRUSTEE

     

    
      
        	
              	
                7.1

              	
                DUTIES OF
      TRUSTEE

              

      

    

     

    (a) If an
Event of Default has occurred and is continuing, the Trustee shall exercise such
of the rights and powers vested in it by this Indenture and use the same degree
of care and skill in their exercise as a prudent Person would exercise or use
under the same circumstances in the conduct of his own affairs.

     

    (b) Except
during the continuance of an Event of Default:

     

    (i) The
Trustee need perform only those duties that are specifically set forth in this
Indenture, and no covenants or obligations shall be implied in this Indenture
against the Trustee.

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    ·   This
paragraph does not limit the effect of paragraph (b) of this
Section 7.1.

     

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

     

    ·   The
Trustee shall not be liable with respect to any action it takes or omits to take
in good faith in accordance with a direction received by it pursuant to
Sections 6.2 and 6.5.

     

    (d) 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 rights or powers if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity satisfactory to it against such
risk or liability is not reasonably assured to it.

     

    (e) Whether
or not therein expressly so provided, paragraphs (a), (b), (c) and (d) of
this Section 7.1 shall govern every provision of this Indenture that in any
way relates to the Trustee.

     

    (f) The
Trustee and Paying Agent shall not be liable for interest on any money received
by either of them, except as the Trustee and Paying Agent may agree in writing
with the Company. Money held in trust by the Trustee need not be segregated from
other funds except to the extent required by the law.

     

    (g) The
Paying Agent, the Registrar and any authenticating agent shall be entitled to
the protections, immunities and standard of care set forth in
paragraphs (a), (b), (c), (d) and (f) of this Section 7.1 and in
Section 7.2 with respect to the Trustee.

     

    
      
        	
              	
                7.2

              	
                RIGHTS OF
      TRUSTEE.

              

      

    

     

    (a) Subject
to Section 7.1:

     

    (i) The
Trustee may rely on, and shall be protected in acting or refraining from acting
upon, any document reasonably believed by it to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate any
fact or matter stated in the document.

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

     

    (ii) Before
the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel, or both, which shall conform to the
provisions of Section 10.5. The Trustee shall be protected and shall not be
liable for any action it takes or omits to take in good faith in reliance on
such certificate or opinion.

     

    (iii) The
Trustee may act through agents and attorneys, and shall not be responsible for
the misconduct or negligence of any agent appointed by it with due
care.

     

    (iv) The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it reasonably believes to be authorized or within its rights or
powers.

     

    (v) The
Trustee may consult with counsel reasonably acceptable to the Trustee, which may
be counsel to the Company, and the advice or opinion of such counsel as to
matters of law shall be full and complete authorization and protection from
liability in respect of any action taken, omitted or suffered by it hereunder in
good faith and in accordance with the advice or opinion of such
counsel.

     

    (vi) The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any of the
Holders pursuant to the provisions of this Indenture, unless such Holders shall
have offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which may be incurred therein or thereby.

     

    (vii) The
Trustee shall not be deemed to have knowledge of any fact or matter (including,
without limitation, a Default or Event of Default) unless such fact or matter is
known to a Responsible Officer of the Trustee.

     

    (viii) Unless
otherwise expressly provided herein or in the Securities of a Series or the
related Board Resolution, supplemental indenture or Officers’ Certificate, the
Trustee shall not have any responsibility with respect to reports, notices,
certificates or other documents filed with it hereunder, except to make them
available for inspection, at reasonable times, by Securityholders, it being
understood that delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (except as set forth in
Section 4.4).

     

    
      
        	
              	
                7.3 

              	
                INDIVIDUAL RIGHTS OF
      TRUSTEE.

              

      

    

     

    The
Trustee in its individual or any other capacity may become the owner or pledgee
of Securities, and may make loans to, accept deposits from, perform services for
or otherwise deal with the Company, or any Affiliate thereof, with the same
rights it would have if it were not Trustee. Any Agent may do the same with like
rights. The Trustee, however, shall be subject to Sections 7.10 and
7.11.

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                7.4

              	
                TRUSTEE’S
      DISCLAIMER.

              

      

    

     

    The
Trustee makes no representation as to the validity or adequacy of this Indenture
or the Securities (except that the Trustee represents that it is duly authorized
to execute and deliver this Indenture and authenticate the Securities and
perform its obligations hereunder), and the Trustee shall not be accountable for
the Company’s use of the proceeds from the sale of Securities or any money paid
to the Company pursuant to the terms of this Indenture, and the Trustee shall
not be responsible for any statement in the Securities other than its
certificates of authentication.

     

    
      
        	
              	
                7.5

              	
                NOTICE OF
      DEFAULT.

              

      

    

     

    If a
Default or an Event of Default occurs and is continuing with respect to the
Securities of any Series, and if it is known to the Trustee, the Trustee shall
mail to each Securityholder of the Securities of that Series notice of the
Default or the Event of Default, as the case may be, within 90 days after it
occurs or, if later, after a Responsible Officer of the Trustee has knowledge of
such Default or Event of Default (except if such Default or Event of Default has
been validly cured or waived before the giving of such notice). Except in the
case of a Default or an Event of Default in payment of the principal of, or
interest or premium, if any, on, any Security of any Series, the Trustee may
withhold the notice if and so long as the Board of Directors of the Trustee, the
executive committee or any trust committee of such board and/or its Responsible
Officers in good faith determine(s) that withholding the notice is in the
interests of the Securityholders of that Series.

     

    
      
        	
              	
                7.6

              	
                REPORTS BY TRUSTEE TO
      HOLDERS.

              

      

    

     

    If and to
the extent required by the TIA, within 60 days after April 1 of each year,
commencing the April 1 following the date of this Indenture, the Trustee shall
mail to each Securityholder a brief report dated as of such April 1 that
complies with TIA Section 313(a). The Trustee also shall comply with TIA
Sections 313(b) and 313(c).

     

    A copy of
each report at the time of its mailing to Securityholders shall be filed with
the SEC and any stock exchange on which the Securities of that Series are
listed.  The Company shall promptly notify the Trustee when the
Securities of any Series are listed on any stock exchange or any delisting
thereof, and the Trustee shall comply with TIA Section 313(d).

     

    
      
        	
              	
                7.7

              	
                COMPENSATION AND
      INDEMNITY.

              

      

    

     

    The
Company shall pay to the Trustee from time to time reasonable compensation for
its services. The Trustee’s compensation shall not be limited by any provision
of law on compensation of a trustee of an express trust. The Company shall
reimburse the Trustee within 45 days after receipt of request for all reasonable
out-of-pocket disbursements and expenses incurred or made by it in connection
with its duties under this Indenture, including the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel.

     

    The
Company shall indemnify the Trustee for, and hold it harmless against, any and
all loss or liability incurred by it in connection with the acceptance or
performance of its duties under this Indenture including the reasonable 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. The
Trustee shall notify the Company promptly of any claim asserted against the
Trustee for which it may seek indemnity.

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

     

    The
failure by the Trustee to so notify the Company shall not however relieve the
Company of its obligations. Notwithstanding the foregoing, the Company need not
reimburse the Trustee for any expense or indemnify it against any loss or
liability incurred by the Trustee through its negligence or bad faith. To secure
the payment obligations of the Company in this Section 7.7, the Trustee
shall have a lien prior to the Securities of any Series on all money or property
held or collected by the Trustee except such money or property held in trust to
pay the principal of, interest and premium, if any, on particular Securities of
that Series.

     

    When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.1(4) or (5) occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any
Bankruptcy Law.

     

    For
purposes of this Section 7.7, the term “Trustee” shall include any trustee
appointed pursuant to this Article 7.

     

    
      
        	
              	
                7.8

              	
                REPLACEMENT OF
      TRUSTEE.

              

      

    

     

    The
Trustee may resign with respect to the Securities of one or more Series by so
notifying the Company in writing at least 90 days in advance of such
resignation.

     

    The
Holders of a majority in principal amount of the outstanding Securities of any
Series may remove the Trustee with respect to that Series by notifying the
removed Trustee in writing and may appoint a successor Trustee with respect to
that Series with the consent of the Company, which consent shall not be
unreasonably withheld. The Company may remove the Trustee with respect to that
Series at its election if:

     

    (1) the
Trustee fails to comply with, or ceases to be eligible under,
Section 7.10;

     

    (2) the
Trustee is adjudged a bankrupt or an insolvent, or an order for relief is
entered with respect to the Trustee, under any Bankruptcy Law;

     

    (3) a
Custodian or other public officer takes charge of the Trustee or its property;
or

     

    (4) the
Trustee otherwise becomes incapable of acting.

     

    If the
Trustee resigns or is removed, or if a vacancy exists in the office of Trustee,
with respect to any Series of Securities for any reason, the Company shall
promptly appoint, by Board Resolution, a successor Trustee.

     

    If a
successor Trustee with respect to the Securities of one or more Series does not
take office within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Company or the Holders of at least 10% in principal amount
of the outstanding Securities of the applicable Series may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

     

    If the
Trustee with respect to the Securities of one or more Series fails to comply
with Section 7.10, any Securityholder of the applicable Series may petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

     

    A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Immediately following such delivery,
(i) the retiring Trustee with respect to one or more Series shall, subject
to its rights under Section 7.7, transfer all property held by it as
Trustee with respect to such Series to the successor Trustee, (ii) the
resignation or removal of the retiring Trustee shall become effective and
(iii) the successor Trustee with respect to such Series shall have all the
rights, powers and duties of the Trustee under this Indenture. A successor
Trustee with respect to the Securities of one or more Series shall mail notice
of its succession to each Securityholder of such Series.

     

    
      
        	
              	
                7.9

              	
                SUCCESSOR TRUSTEE BY
      CONSOLIDATION, MERGER OR
CONVERSION.

              

      

    

     

    If the
Trustee, or any Agent, consolidates with, merges or converts into, or transfers
all or substantially all of its corporate trust assets to, another corporation,
subject to Section 7.10, the successor corporation without any further act
shall be the successor Trustee or Agent, as the case may be.

     

    
      
        	
              	
                7.10

              	
                ELIGIBILITY;
      DISQUALIFICATION.

              

      

    

     

    The
Indenture shall always have a Trustee who satisfies the requirements of TIA
Sections 310(a)(1), (2) and (5) in every respect. The Trustee (or in the
case of a Trustee that is a Person included in a bank holding company system,
the related bank holding company) shall have a combined capital and surplus of
at least $100,000,000 as set forth in its most recent published annual report of
condition. The Trustee shall comply with TIA Section 310(b), including the
provision in Section 310(b)(1). In addition, if the Trustee is a Person
included in a bank holding company system, the Trustee, independently of such
bank holding company, shall meet the capital requirements of TIA
Section 310(a)(2). If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 7.10, it shall resign
immediately in the manner and with the effect specified in this
Article 7.

     

    
      
        	
              	
                7.11

              	
                PREFERENTIAL
      COLLECTION OF CLAIMS AGAINST
COMPANY.

              

      

    

     

    The
Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or
been removed shall be subject to TIA Section 311(a) to the extent indicated
therein.

     

    
      
        	
              	
                7.12

              	
                PAYING
      AGENTS.

              

      

    

     

    The
Company shall cause each Paying Agent other than the Trustee to execute and
deliver to it and the Trustee an instrument in which such agent shall agree with
the Trustee, subject to the provisions of this Section 7.12:

     

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

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

     

    (2) that it
will at any time during the continuance of any Event of Default, upon written
request from the Trustee, deliver to the Trustee all sums so held in trust by it
together with a full accounting thereof; and

     

    (3) that it
will give the Trustee written notice within three Business Days after any
failure of the Company (or by any obligor on the Securities) in the payment of
any installment of the principal of, or interest or premium, if any, on, the
Securities when the same shall be due and payable.

     

    ARTICLE
8

     

    AMENDMENTS, SUPPLEMENTS AND
WAIVERS

     

    
      
        	
              	
                8.1

              	
                WITHOUT CONSENT OF
      HOLDERS.

              

      

    

     

    The
Company, when authorized by a Board Resolution, and the Trustee may amend or
supplement this Indenture or the Securities of one or more Series without notice
to or consent of any Securityholder:

     

    (1) to comply
with Section 5.1;

     

    (2) to
provide for certificated Securities in addition to uncertificated
Securities;

     

    (3) to comply
with any requirements of the SEC under the TIA;

     

    (4) to cure
any ambiguity, defect or inconsistency, or to make any other change herein or in
the Securities that does not materially and adversely affect the rights of any
Securityholder;

     

    (5) to
provide for the issuance of, and establish the form and terms and conditions of,
Securities of any Series as permitted by this Indenture; or

     

    (6) 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.

     

    The
Trustee is hereby authorized to join with the Company in the execution of any
supplemental indenture authorized or permitted by the terms of this Indenture,
and to make any further appropriate agreements and stipulations which may be
therein contained, but the Trustee shall not be obligated to enter into any such
supplemental indenture which adversely affects its own rights, duties or
immunities under this Indenture.

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                8.2

              	
                WITH CONSENT OF
      HOLDERS.

              

      

    

     

    (a) The
Company, when authorized by a Board Resolution, and the Trustee may amend or
supplement this Indenture or the Securities of one or more Series with the
written consent of the Holders of not less than a majority in aggregate
principal amount of the outstanding Securities of such Series affected by such
amendment or supplement without notice to any Securityholder. The Holders of not
less than a majority in aggregate principal amount of the outstanding Securities
of each such Series affected by such amendment or supplement may waive
compliance by the Company in a particular instance with any provision of this
Indenture or the Securities of such Series without notice to any Securityholder.
Subject to Section 8.4, without the consent of each Securityholder
affected, however, an amendment, supplement or waiver may not:

     

    (i) reduce
the amount of Securities whose Holders must consent to an amendment, supplement
or waiver to this Indenture or the Securities;

     

    (ii) reduce
the rate of, or change the time for payment of, interest on any
Security;

     

    (iii) reduce
the principal, or change the Stated Maturity, of any Security, or reduce the
amount of, or postpone the date fixed for, the payment of any sinking fund or
analogous obligation;

     

    (iv) make any
Security payable in money other than that stated in the Security;

     

    (v) change
the amount or time of any payment required by the Securities, or reduce the
premium payable upon any redemption of the Securities, or change the time before
which no such redemption may be made;

     

    (vi) waive a
Default or Event of Default in the payment of the principal of, or interest or
premium, if any, on, any Security (except a rescission of acceleration of the
Securities of any Series by the Holders of at least a majority in principal
amount of the outstanding Securities of such Series and a waiver of the payment
default that resulted from such acceleration);

     

    (vii) waive a
redemption payment with respect to any Security, or change any of the provisions
with respect to the redemption of any Securities;

     

    (viii) make any
changes in Section 6.6 or this Section 8.2, except to increase any
percentage of Securities the Holders of which must consent to any matter;
or

     

    (ix) take any
other action otherwise prohibited by this Indenture to be taken without the
consent of each Holder affected thereby.

     

    (b) Upon the
request of the Company, accompanied by a Board Resolution authorizing the
execution of any such supplemental indenture, and upon the receipt by the
Trustee of evidence reasonably satisfactory to the Trustee of the consent of the
Securityholders as aforesaid and of the documents described in Section 8.6,
the Trustee shall join with the Company in the execution of such supplemental
indenture, unless such supplemental indenture affects the Trustee’s own rights,
duties or immunities under this Indenture, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such supplemental
indenture.

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

     

    (c) It shall
not be necessary for the consent of the Holders under this section to approve
the particular form of any proposed amendment, supplement or waiver, but it
shall be sufficient if such consent approves the substance thereof.

     

    After an
amendment or supplement under this Section becomes effective, the Company shall
mail to Securityholders a notice briefly describing the amendment or supplement.
Any failure of the Company to mail any such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any supplemental
indenture.

     

    
      
        	
              	
                8.3

              	
                COMPLIANCE WITH TRUST
      INDENTURE ACT.

              

      

    

     

    Every
amendment to, or supplement of, this Indenture or the Securities shall comply
with the TIA as then in effect.

     

    
      
        	
              	
                8.4

              	
                REVOCATION AND EFFECT
      OF CONSENTS.

              

      

    

     

    Until an
amendment, supplement, waiver or other action becomes effective, a consent to it
by a Holder of a Security is a continuing consent conclusive and binding upon
such Holder and every subsequent Holder of the same Security or portion thereof,
and of any Security issued upon the transfer thereof or in exchange therefor or
in place thereof, even if notation of the consent is not made on any such
Security. Any such Holder or subsequent Holder, however, may revoke the consent
as to his Security or portion of a Security, if the Trustee receives the notice
of revocation before the date the amendment, supplement, waiver or other action
becomes effective.

     

    The
Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to consent to any amendment, supplement or
waiver, which record date shall be at least 30 days prior to the first
solicitation of such consent. If a record date is fixed, then, notwithstanding
the preceding paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only such Persons, shall be entitled to
consent to such amendment, supplement or waiver, or to revoke any consent
previously given, whether or not such Persons continue to be Holders after such
record date.

     

    After an
amendment, supplement, waiver or other action becomes effective, it shall bind
every Securityholder, unless it makes a change described in any of
clauses (1) through (9) of Section 8.2. In that case, the amendment,
supplement, waiver or other action shall bind each Holder of a Security who has
consented to it and every subsequent Holder of a Security or portion of a
Security that evidences the same debt as the consenting Holder’s Security;
PROVIDED, that any such waiver shall not impair or affect the right of any
Holder to receive payment of the principal of, and interest and premium, if any,
on, a Security, on or after the respective due dates expressed in such Security,
or to bring suit for the enforcement of any such payment on or after such
respective dates without the consent of such Holder.

     

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                8.5

              	
                NOTATION ON OR
      EXCHANGE OF
SECURITIES.

              

      

    

     

    If an
amendment, supplement or waiver changes the terms of a Security of any Series,
the Trustee may request the Holder of such Security to deliver it to the
Trustee. In such case, the Trustee shall place an appropriate notation on such
Security about the changed terms and return it to the Holder. Alternatively, the
Company, in exchange for such Security, may issue, and the Trustee shall
authenticate, a new security that reflects the changed terms. Failure to make
the appropriate notation or issue a new Security shall not affect the validity
and effect of such amendment, supplement or waiver.

     

    
      
        	
              	
                8.6

              	
                TRUSTEE TO SIGN
      AMENDMENTS, ETC.

              

      

    

     

    The
Trustee shall sign any amendment, supplement or waiver authorized pursuant to
this Article 8 if the amendment, supplement or waiver does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. If it does,
the Trustee may, but need not, sign it. In signing or refusing to sign such
amendment, supplement or waiver the Trustee shall be entitled to receive and,
subject to Section 7.1, shall be fully protected in relying upon an
Officers’ Certificate and an Opinion of Counsel stating that such amendment,
supplement or waiver is authorized or permitted by this Indenture. The Company
may not sign an amendment or supplement until the Board of Directors of the
Company approves it.

     

    ARTICLE
9

     

    DISCHARGE OF INDENTURE;
DEFEASANCE

     

    
      
        	
              	
                9.1

              	
                DISCHARGE OF
      INDENTURE.

              

      

    

     

    The
Company may terminate its obligations under the Securities of any Series and
this Indenture with respect to such Series, except the obligations referred to
in the last paragraph of this Section 9.1, if there shall have been
canceled by the Trustee, or delivered to the Trustee for cancellation, all
Securities of such Series theretofore authenticated and delivered (other than
any Securities of such Series that are asserted to have been destroyed, lost or
stolen and that shall have been replaced as provided in Section 2.8) and
the Company has paid all sums payable by it hereunder or deposited all required
sums with the Trustee.

     

    After
such delivery the Trustee upon request shall acknowledge in a writing prepared
by or on behalf of the Company the discharge of the Company’s obligations under
the Securities of such Series and this Indenture, except for those surviving
obligations specified below.

     

    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
in Sections 7.7, 9.5 and 9.6 shall survive.

     

    
      
        	
              	
                9.2

              	
                LEGAL
      DEFEASANCE.

              

      

    

     

    The
Company may at its option, by Board Resolution, be discharged from its
obligations with respect to the Securities of any Series on the date upon which
the conditions set forth in Section 9.4 below are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, such Legal Defeasance means that the
Company shall be deemed to have paid and discharged the entire indebtedness
represented by the Securities of such Series and to have satisfied all its other
obligations under such Securities and this Indenture insofar as such Securities
are concerned (and the Trustee, at the expense of the Company, shall, subject to
Section 9.6, execute proper instruments acknowledging the same, as are
delivered to it by the Company), except for the following, which shall survive
until otherwise terminated or discharged hereunder: (A) the rights of
Holders of outstanding Securities of such Series to receive solely from the
trust funds described in Section 9.4 and as more fully set forth in such
section, payments in respect of the principal of, and interest and premium, if
any, on, the Securities of such Series when such payments are due, (B) the
Company’s obligations with respect to the Securities of such Series under
Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9, (C) the rights, powers,
trusts, duties and immunities of the Trustee hereunder (including claims of, or
payments to, the Trustee under or pursuant to Section 7.7) and
(D) this Article 9. Subject to compliance with this Article 9,
the Company may exercise its option under this Section 9.2 with respect to
the Securities of any Series notwithstanding the prior exercise of its option
under Section 9.3 below with respect to the Securities of such
Series.

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                9.3

              	
                COVENANT
      DEFEASANCE.

              

      

    

     

    At the
option of the Company, pursuant to a Board Resolution, the Company shall be
released from its obligations with respect to the outstanding Securities of any
Series under Sections 4.2 through 4.5, inclusive, and Section 5.1,
with respect to the outstanding Securities of such Series, on and after the date
the conditions set forth in Section 9.4 are satisfied (hereinafter,
“Covenant Defeasance”). For this purpose, such Covenant Defeasance means that
the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such specified section or
portion thereof, whether directly or indirectly by reason of any reference
elsewhere herein to any such specified Section or portion thereof or by reason
of any reference in any such specified section or portion thereof to any other
provision herein or in any other document, but the remainder of this Indenture
and the Securities of any Series shall be unaffected thereby.

     

    
      
        	
              	
                9.4

              	
                CONDITIONS TO LEGAL
      DEFEASANCE OR COVENANT
DEFEASANCE.

              

      

    

     

    The
following shall be the conditions to application of Section 9.2 or
Section 9.3 to the outstanding Securities of a Series:

     

    (1) the
Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of Section 7.10 who
shall agree to comply with the provisions of this Article 9 applicable to
it) as funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of
the Holders of the Securities, (A) money in an amount, or (B) U.S.
Government Obligations or Foreign Government Obligations which through the
scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than the due date of any payment, money
in an amount, or (C) a combination thereof, 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,
and which shall be applied by the Trustee (or other qualifying trustee) to pay
and discharge, the principal of, and accrued interest and premium, if any, on,
the outstanding Securities of such Series at the Stated Maturity of such
principal, interest or premium, if any, or on dates for payment and redemption
of such principal, interest and premium, if any, selected in accordance with the
terms of this Indenture and of the Securities of such Series;

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

     

    (2) no Event
of Default or Default with respect to the Securities of such Series shall have
occurred and be continuing on the date of such deposit, or shall have occurred
and be continuing at any time during the period ending on the 91st day after the
date of such deposit or, if longer, ending on the day following the expiration
of the longest preference period under any Bankruptcy Law applicable to the
Company in respect of such deposit as specified in the Opinion of Counsel
identified in paragraph (8) below (it being understood that this condition
shall not be deemed satisfied until the expiration of such period);

     

    (3) such
Legal Defeasance or Covenant Defeasance shall not cause the Trustee to have a
conflicting interest for purposes of the TIA with respect to any securities of
the Company;

     

    (4) such
Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute default under, any other agreement or instrument to
which the Company is a party or by which it is bound;

     

    (5) the
Company shall have delivered to the Trustee an Opinion of Counsel stating that,
as a result of such Legal Defeasance or Covenant Defeasance, neither the trust
nor the Trustee will be required to register as an investment company under the
Investment Company Act of 1940, as amended;

     

    (6) in the
case of an election under Section 9.2, the Company shall have delivered to
the Trustee an Opinion of Counsel stating that (i) the Company has received
from, or there has been published by, the U.S. Internal Revenue Service a ruling
to the effect that or (ii) there has been a change in any applicable U.S.
Federal income tax law with the effect that, and such opinion shall confirm
that, the Holders of the outstanding Securities of such Series or Persons in
their positions will not recognize income, gain or loss for U.S. Federal income
tax purposes solely as a result of such Legal Defeasance and will be subject to
Federal income tax on the same amounts, in the same manner, including as a
result of prepayment, and at the same times as would have been the case if such
Legal Defeasance had not occurred;

     

    (7) in the
case of an election under Section 9.3, the Company shall have delivered to
the Trustee an Opinion of Counsel to the effect that the Holders of the
outstanding Securities of such Series will not recognize income, gain or loss
for U.S. Federal income tax purposes as a result of such Covenant Defeasance,
and will be subject to U.S. Federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;

     

    (8) the
Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for in
this Article 9 relating to either the Legal Defeasance under
Section 9.2 or the Covenant Defeasance under Section 9.3 (as the case
may be) have been complied with;

     

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

     

    (9) the
Company shall have delivered to the Trustee an Officers’ Certificate stating
that the deposit under clause (1) was not made by the Company with the
intent of defeating, hindering, delaying or defrauding any creditors of the
Company or others; and

     

    (10) the
Company shall have paid, or duly provided for payment under terms mutually
satisfactory to the Company and the Trustee, all amounts then due to the Trustee
pursuant to Section 7.7.

     

    
      
        	
              	
                9.5

              	
                DEPOSITED MONEY AND
      U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER
      MISCELLANEOUS
PROVISIONS.

              

      

    

     

    All
money, U.S. Government Obligations and Foreign Government Obligations (including
the proceeds thereof) deposited with the Trustee pursuant to Section 9.4 in
respect of the outstanding Securities shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any Paying Agent as the
Trustee may determine, to the Holders of such Securities, of all sums due and to
become due thereon in respect of principal, accrued interest and premium, if
any, but such money need not be segregated from other funds except to the extent
required by law.

     

    The
Company shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the U.S. Government Obligations and Foreign
Government Obligations deposited pursuant to Section 9.4 or the principal,
interest and premium, if any, received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of the
outstanding Securities.

     

    Anything
in this Article 9 to the contrary notwithstanding, but subject to payment
of any of its outstanding fees and expenses, the Trustee shall deliver or pay to
the Company from time to time upon Company Request any money, U.S. Government
Obligations or Foreign Government Obligations held by the Trustee as provided in
Section 9.4 which, in the opinion of a nationally-recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then
be required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance.

     

    
      
        	
              	
                9.6

              	
                REINSTATEMENT.

              

      

    

     

    If the
Trustee or Paying Agent is unable to apply any money, U.S. Government
Obligations or Foreign Government Obligations in accordance with
Section 9.1, 9.2, 9.3 or 9.4 by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Company’s obligations
under this Indenture and the Securities shall be revived and reinstated as
though no deposit had occurred pursuant to this Article 9 until such time
as the Trustee or Paying Agent is permitted to apply all such money, U.S.
Government Obligations or Foreign Government Obligations, as the case may be, in
accordance with Section 9.1, 9.2, 9.3 or 9.4; PROVIDED, HOWEVER, that if
the Company has made any payment of principal of, or accrued interest or
premium, if any, on, any Securities because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the money, U.S. Government
Obligations or Foreign Government Obligations held by the Trustee or Paying
Agent.

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                9.7

              	
                MONEYS HELD BY PAYING
      AGENT.

              

      

    

     

    In
connection with the satisfaction and discharge of this Indenture, all moneys
then held by any Paying Agent under the provisions of this Indenture shall, upon
demand of the Company, be paid to the Trustee, or, if sufficient moneys have
been deposited pursuant to Section 9.1, to the Company, and thereupon such
Paying Agent shall be released from all further liability with respect to such
moneys.

     

    
      
        	
              	
                9.8

              	
                MONEYS HELD BY
      TRUSTEE.

              

      

    

     

    The
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal and interest that remains unclaimed
for two years. After that, Securityholders entitled to the money must look to
the Company for payment as general creditors unless an applicable abandoned
property law designates another person.

     

    ARTICLE
10

     

    MISCELLANEOUS

     

    
      
        	
              	
                10.1

              	
                TRUST INDENTURE ACT
      CONTROLS.

              

      

    

     

    
      If any
provision of this Indenture limits, qualifies or conflicts with another
provision which is required to be included in this Indenture by the TIA, the
required provision shall control. If any provision of this Indenture modifies or
excludes any provision of the TIA which may be so modified or excluded, the
latter provision shall be deemed to apply to this Indenture as so modified or to
be excluded, as the case may be.

    

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                10.2

              	
                NOTICES.

              

      

    

     

    Any
notice or communication shall be given in writing and delivered in Person, sent
by facsimile (and receipt confirmed by telephone or electronic transmission
report), delivered by commercial courier service or mailed by first-class mail,
postage prepaid, addressed as follows:

     

    
      	 	
              If
      to the Company:

              Highway
      Holdings Limited

              Suite
      810, Level 8, Landmark North

              39
      Lung Sum Avenue

              Sheung
      Shui

              New
      Territories, Hong Kong

              Facsimile:  (85)
      2343-4976

              Attention:
      Chief Financial Officer

            	 
	 	 	 
	 	
              Copy
      to:

               

              TroyGould
      PC

              1801
      Century Park East, 16th
      Floor

              Los
      Angeles, California 90067

              Facsimile:
      (310) 201-4746

              Attention:
      Istvan Benko, Esq.

            	 
	 	 	 
	 	 	 
	 	
              If
      to the Trustee:

            	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

    

     

    The
Company or the Trustee by written notice to the other may designate additional
or different addresses for subsequent notices or communications. Any notice or
communication to the Company or the Trustee shall be deemed to have been given
or made as of the date so delivered if personally delivered; when receipt is
confirmed by telephone or electronic transmission report, if sent by facsimile;
and three Business Days after mailing if sent by registered or certified mail,
postage prepaid (except that a notice of change of address shall not be deemed
to have been given until actually received by the addressee).

     

    Any
notice or communication mailed to a Securityholder shall be mailed to such
Securityholder by first-class mail, postage prepaid, at such Securityholder’s
address shown on the register kept by the Registrar.

     

    Failure
to mail, or any defect in, a notice or communication to a Securityholder shall
not affect its sufficiency with respect to other Securityholders. If a notice or
communication to a Securityholder is mailed in the manner provided above, it
shall be deemed duly given, three Business Days after such mailing, whether or
not the addressee receives it.

     

    In case
by reason of the suspension of regular mail service, or by reason of any other
cause, it shall be impossible to mail any notice as required by this Indenture,
then such method of notification as shall be made with the approval of the
Trustee shall constitute a sufficient mailing of such notice.

     

    In the
case of Global Securities, notices or communications to be given to
Securityholders shall be given to the Depository, in accordance with its
applicable policies as in effect from time to time.

     

    In
addition to the manner provided for in the foregoing provisions, notices or
communications to Securityholders shall be given by the Company by release made
to Reuters Economic Services and Bloomberg Business News.

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                10.3

              	
                COMMUNICATIONS BY
      HOLDERS WITH OTHER
HOLDERS.

              

      

    

     

    Securityholders
of any Series may communicate pursuant to TIA Section 312(b) with other
Securityholders of that Series or any other Series with respect to their rights
under this Indenture or the Securities of that Series or any other Series. The
Company, the Trustee, the Registrar and any other Person shall have the
protection of TIA Section 312(c).

     

    
      
        	
              	
                10.4

              	
                CERTIFICATE AND
      OPINION AS TO CONDITIONS
PRECEDENT.

              

      

    

     

    Upon any
request or application by the Company to the Trustee to take any action under
this Indenture, the Company shall furnish to the Trustee:

     

    (1) an
Officers’ Certificate (which shall include the statements set forth in
Section 10.5 below) stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with; and

     

    (2) an
Opinion of Counsel (which shall include the statements set forth in
Section 10.5 below) stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

     

    
      
        	
              	
                10.5

              	
                STATEMENT REQUIRED IN
      CERTIFICATE AND
OPINION.

              

      

    

     

    Each
certificate and opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than pursuant to Section 4.4) shall
include:

     

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

     

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

     

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

     

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

     

    
      
        	
              	
                10.6

              	
                RULES BY TRUSTEE AND
      AGENTS.

              

      

    

     

    The
Trustee may make reasonable rules for action by or at meetings of
Securityholders. The Registrar and Paying Agent may make reasonable rules for
their functions.

     

    
      
        
        

      

      
        -41-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                10.7

              	
                BUSINESS DAYS; LEGAL
      HOLIDAYS; PLACE OF
PAYMENT.

              

      

    

     

    A
“Business Day” is a day that is not a Legal Holiday. A “Legal Holiday” is a
Saturday, Sunday or a legal holiday in the City of New York on which banking
institutions are authorized or required by law, regulation or executive order to
close.

     

    If a
payment date is a Legal Holiday at a Place of Payment, payment may be made at
that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period. “Place of Payment” means the
place or places where the principal of, and interest and premium, if any, on,
the Securities of a Series are payable as specified as contemplated by
Section 2.2. If the regular record date is a Legal Holiday, the record date
shall not be affected.

     

    
      
        	
              	
                10.8

              	
                GOVERNING
      LAW.

              

      

    

     

    THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND
PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAW.

     

    
      
        	
              	
                10.9

              	
                NO ADVERSE
      INTERPRETATION OF OTHER
AGREEMENTS.

              

      

    

     

    This
Indenture may not be used to interpret another indenture, loan, security or debt
agreement of the Company or any Subsidiary thereof. No such indenture, loan,
security or debt agreement may be used to interpret this Indenture.

     

    
      
        	
              	
                10.10

              	
                NO RECOURSE AGAINST
      OTHERS.

              

      

    

     

    A
director, officer, employee, stockholder or incorporator, as such, of the
Company shall not have any liability for any obligations of the Company under
the Securities or the Indenture. Each Securityholder by accepting a Security
waives and releases all such liability. Such waiver and release are part of the
consideration for the issuance of the Securities.

     

    
      
        	
              	
                10.11

              	
                SUCCESSORS.

              

      

    

     

    All
covenants and agreements of the Company in this Indenture and the Securities
shall bind the Company’s successors and assigns, whether so expressed or not.
All agreements of the Trustee, any additional trustee and any Paying Agents in
this Indenture shall bind their respective successors and assigns.

     

    
      
        	
              	
                10.12

              	
                MULTIPLE
      COUNTERPARTS.

              

      

    

     

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

     

    
      
        
        

      

      
        -42-

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	
                10.13

              	
                TABLE OF CONTENTS,
      HEADINGS, ETC.

              

      

    

     

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

     

    
      
        	
              	
                10.14

              	
                SEVERABILITY.

              

      

    

     

    Each
provision of this Indenture shall be considered separable, and if for any reason
any provision which is not essential to the effectuation of the basic purpose of
this Indenture or 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, and a Holder shall have no claim
therefor against any party hereto.

     

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

     

    
      
        	 	
                HIGHWAY
      HOLDINGS LIMITED

              	 
	 	 	 	 
	
                 

              	
                By:  
      

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

    

     

    
      
        	 	

                [NAME
      OF TRUSTEE]

              	 
	 	 	 	 
	
              	
                By:  
      

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

    

     

    
      
        	 	 	 	 
	
                 

              	
                By:  
      

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

    

     

    
      
        
        

      

      
        -43-

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