Document:

Exhibit
4.1

 

GENCO SHIPPING & TRADING LIMITED

 

 

INDENTURE

 

DATED
AS OF JULY 27, 2010

 

 

THE
BANK OF NEW YORK MELLON,

 

as
Trustee

 

 

 

CROSS-REFERENCE
TABLE*

 

	
  Trust Indenture

  Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  
	
  310(a)(1)

  	
   

  	
  7.10

  
	
   

  	
   

  	
   

  
	
  (a)(2)

  	
   

  	
  7.10

  
	
   

  	
   

  	
   

  
	
  (a)(3)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (a)(4)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (a)(5)

  	
   

  	
  7.10

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  7.10

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  311(a)

  	
   

  	
  7.11

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  7.11

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  312(a)

  	
   

  	
  2.06

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  11.03

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  11.03

  
	
   

  	
   

  	
   

  
	
  313(a)

  	
   

  	
  7.06

  
	
   

  	
   

  	
   

  
	
  (b)(2)

  	
   

  	
  7.06;
  7.07

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  7.06;
  11.02

  
	
   

  	
   

  	
   

  
	
  (d)

  	
   

  	
  7.06

  
	
   

  	
   

  	
   

  
	
  314(a)

  	
   

  	
  4.03;
  11.02

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (c)(1)

  	
   

  	
  11.04

  
	
   

  	
   

  	
   

  
	
  (c)(2)

  	
   

  	
  11.04

  
	
   

  	
   

  	
   

  
	
  (c)(3)

  	
   

  	
  N.A.

  

 

 

	
  Trust Indenture

  Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  
	
  (d)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (e)

  	
   

  	
  11.05

  
	
   

  	
   

  	
   

  
	
  (f)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  315(a)

  	
   

  	
  7.01

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  7.05;
  11.02

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  7.01

  
	
   

  	
   

  	
   

  
	
  (d)

  	
   

  	
  7.01

  
	
   

  	
   

  	
   

  
	
  (e)

  	
   

  	
  6.11

  
	
   

  	
   

  	
   

  
	
  316(a) (last sentence)

  	
   

  	
  2.10

  
	
   

  	
   

  	
   

  
	
  (a)(1)(A)

  	
   

  	
  6.05

  
	
   

  	
   

  	
   

  
	
  (a)(1)(B)

  	
   

  	
  6.04

  
	
   

  	
   

  	
   

  
	
  (a)(2)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  6.07

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  2.13

  
	
   

  	
   

  	
   

  
	
  317(a)(1)

  	
   

  	
  6.08

  
	
   

  	
   

  	
   

  
	
  (a)(2)

  	
   

  	
  6.09

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  2.05

  
	
   

  	
   

  	
   

  
	
  318(a)

  	
   

  	
  11.01

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  11.01

  

 

N.A.
means not applicable.

 

*                      This
Cross-Reference Table is not part of this Indenture.

 

 

TABLE
OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE 1. DEFINITIONS AND
  INCORPORATION BY REFERENCE

  	
  1

  
	
  Section 1.01

  	
  Definitions

  	
  1

  
	
  Section 1.02

  	
  Other Definitions

  	
  6

  
	
  Section 1.03

  	
  Incorporation by Reference of Trust Indenture Act

  	
  6

  
	
  Section 1.04

  	
  Rules of Construction

  	
  7

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2. THE NOTES

  	
  7

  
	
  Section 2.01

  	
  Issuable in Series

  	
  7

  
	
  Section 2.02

  	
  Establishment of Terms of Series of Notes

  	
  8

  
	
  Section 2.03

  	
  Execution and Authentication

  	
  10

  
	
  Section 2.04

  	
  Registrar and Paying Agent

  	
  10

  
	
  Section 2.05

  	
  Paying Agent to Hold Money in Trust

  	
  11

  
	
  Section 2.06

  	
  Holder Lists

  	
  11

  
	
  Section 2.07

  	
  Transfer and Exchange

  	
  11

  
	
  Section 2.08

  	
  Replacement Notes

  	
  12

  
	
  Section 2.09

  	
  Outstanding Notes

  	
  12

  
	
  Section 2.10

  	
  Treasury Notes

  	
  12

  
	
  Section 2.11

  	
  Temporary Notes

  	
  13

  
	
  Section 2.12

  	
  Cancellation

  	
  13

  
	
  Section 2.13

  	
  Defaulted Interest

  	
  13

  
	
  Section 2.14

  	
  Global Notes

  	
  13

  
	
  Section 2.15

  	
  CUSIP Number

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3. REDEMPTION AND
  PREPAYMENT

  	
  15

  
	
  Section 3.01

  	
  Notice to Trustee

  	
  15

  
	
  Section 3.02

  	
  Selection of Notes to Be Redeemed

  	
  16

  
	
  Section 3.03

  	
  Notice of Redemption

  	
  16

  
	
  Section 3.04

  	
  Effect of Notice of Redemption

  	
  17

  
	
  Section 3.05

  	
  Deposit of Redemption Price

  	
  17

  
	
  Section 3.06

  	
  Notes Redeemed in Part

  	
  17

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4. COVENANTS

  	
  18

  
	
  Section 4.01

  	
  Payment of Principal and Interest

  	
  18

  
	
  Section 4.02

  	
  Maintenance of Office or Agency

  	
  18

  
	
  Section 4.03

  	
  Reports

  	
  18

  
	
  Section 4.04

  	
  Compliance Certificate

  	
  19

  
	
  Section 4.05

  	
  Taxes

  	
  19

  
	
  Section 4.06

  	
  Stay, Extension and Usury Laws

  	
  20

  
	
  Section 4.07

  	
  Corporate Existence

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5. SUCCESSORS

  	
  20

  
	
  Section 5.01

  	
  Merger, Consolidation or Sale of Assets

  	
  20

  

 

i

 

	
  Section 5.02

  	
  Successor Person Substituted

  	
  21

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6. DEFAULTS AND
  REMEDIES

  	
  21

  
	
  Section 6.01

  	
  Events of Default

  	
  21

  
	
  Section 6.02

  	
  Acceleration

  	
  23

  
	
  Section 6.03

  	
  Other Remedies

  	
  23

  
	
  Section 6.04

  	
  Waiver of Past Defaults

  	
  23

  
	
  Section 6.05

  	
  Control by Majority

  	
  24

  
	
  Section 6.06

  	
  Limitation on Suits

  	
  24

  
	
  Section 6.07

  	
  Rights of Holders of Notes to Receive Payment

  	
  24

  
	
  Section 6.08

  	
  Collection Suit by Trustee

  	
  25

  
	
  Section 6.09

  	
  Trustee May File Proofs of Claim

  	
  25

  
	
  Section 6.10

  	
  Priorities

  	
  25

  
	
  Section 6.11

  	
  Undertaking for Costs

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7. TRUSTEE

  	
  26

  
	
  Section 7.01

  	
  Duties of Trustee

  	
  26

  
	
  Section 7.02

  	
  Rights of Trustee

  	
  27

  
	
  Section 7.03

  	
  Individual Rights of Trustee

  	
  29

  
	
  Section 7.04

  	
  Trustee’s Disclaimer

  	
  29

  
	
  Section 7.05

  	
  Notice of Defaults

  	
  29

  
	
  Section 7.06

  	
  Reports by Trustee to Holders of the Notes

  	
  29

  
	
  Section 7.07

  	
  Compensation and Indemnity

  	
  30

  
	
  Section 7.08

  	
  Replacement of Trustee

  	
  31

  
	
  Section 7.09

  	
  Successor Trustee by Merger, Etc.

  	
  32

  
	
  Section 7.10

  	
  Eligibility; Disqualification

  	
  32

  
	
  Section 7.11

  	
  Preferential Collection of Claims Against Company

  	
  32

  
	
  Section 7.12

  	
  Trustee’s Application for Instructions from the Company

  	
  32

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8. LEGAL DEFEASANCE
  AND COVENANT DEFEASANCE

  	
  33

  
	
  Section 8.01

  	
  Option to Effect Legal Defeasance or Covenant Defeasance

  	
  33

  
	
  Section 8.02

  	
  Legal Defeasance and Discharge

  	
  33

  
	
  Section 8.03

  	
  Covenant Defeasance

  	
  33

  
	
  Section 8.04

  	
  Conditions to Legal or Covenant Defeasance

  	
  34

  
	
  Section 8.05

  	
  Deposited Money and Government Securities to Be Held in
  Trust; Other Miscellaneous Provisions

  	
  35

  
	
  Section 8.06

  	
  Repayment to Company

  	
  35

  
	
  Section 8.07

  	
  Reinstatement

  	
  36

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9. AMENDMENT,
  SUPPLEMENT AND WAIVER

  	
  36

  
	
  Section 9.01

  	
  Without Consent of Holders of Notes

  	
  36

  
	
  Section 9.02

  	
  With Consent of Holders of Notes

  	
  37

  
	
  Section 9.03

  	
  Compliance with Trust Indenture Act

  	
  38

  
	
  Section 9.04

  	
  Revocation and Effect of Consents

  	
  38

  
	
  Section 9.05

  	
  Notation on or Exchange of Notes

  	
  38

  
	
  Section 9.06

  	
  Trustee Protected

  	
  39

  
	
  Section 9.07

  	
  Notice of Supplemental Indenture

  	
  39

  

 

ii

 

	
  ARTICLE 10. SATISFACTION AND
  DISCHARGE

  	
  39

  
	
  Section 10.01

  	
  Satisfaction and Discharge

  	
  39

  
	
  Section 10.02

  	
  Application of Trust Money

  	
  40

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11. MISCELLANEOUS

  	
  40

  
	
  Section 11.01

  	
  Trust Indenture Act Controls

  	
  40

  
	
  Section 11.02

  	
  Notices

  	
  40

  
	
  Section 11.03

  	
  Communication by Holders of Notes with Other Holders of
  Notes

  	
  41

  
	
  Section 11.04

  	
  Certificate and Opinion as to Conditions Precedent

  	
  42

  
	
  Section 11.05

  	
  Statements Required in Certificate

  	
  42

  
	
  Section 11.06

  	
  Rules by Trustee and Agents

  	
  42

  
	
  Section 11.07

  	
  Calculation of Foreign Currency Amounts

  	
  42

  
	
  Section 11.08

  	
  Legal Holidays

  	
  43

  
	
  Section 11.09

  	
  No Personal Liability of Directors, Officers, Employees and
  Stockholders

  	
  43

  
	
  Section 11.10

  	
  Governing Law

  	
  43

  
	
  Section 11.11

  	
  No Adverse Interpretation of Other Agreements

  	
  43

  
	
  Section 11.12

  	
  Successors

  	
  43

  
	
  Section 11.13

  	
  Severability

  	
  43

  
	
  Section 11.14

  	
  Counterpart Originals

  	
  44

  
	
  Section 11.15

  	
  Table of Contents, Headings, Etc.

  	
  44

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12. SINKING FUNDS

  	
  44

  
	
  Section 12.01

  	
  Applicability of Article

  	
  44

  
	
  Section 12.02

  	
  Satisfaction of Sinking Fund Payments with Notes

  	
  44

  
	
  Section 12.03

  	
  Redemption of Notes for Sinking Fund

  	
  45

  

 

iii

 

INDENTURE
dated as of July 27, 2010 between GENCO SHIPPING & TRADING
LIMITED, a Marshall Islands corporation (the “Company”),
and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee
(the “Trustee”).

 

The
Company and the Trustee agree as follows for the benefit of each other and for
the equal and ratable benefit of the Holders of the Notes issued under this
Indenture.

 

ARTICLE 1.

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section 1.01                                Definitions.

 

“Affiliate” of any specified Person means
any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of
this definition, “control,” 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; provided, that beneficial ownership of 10%
or more of the Voting Stock of a Person shall be deemed to be in control. For
purposes of this definition, the terms “controlling,” “controlled by” and “under
common control with” have correlative meanings.

 

“Agent” means any Registrar, Paying Agent
or co-registrar.

 

“Attributable Debt” in respect of a sale
and leaseback transaction means, at the time of determination, the present
value of the obligation of the lessee for net rental payments during the
remaining term of the lease included in such sale and leaseback transaction
including any period for which such lease has been extended or may, at the
option of the lessor, be extended. Such present value shall be calculated using
a discount rate equal to the rate of interest implicit in such transaction,
determined in accordance with GAAP.

 

“Bankruptcy Law” means Title 11, U.S. Code
or any similar federal or state law for the relief of debtors.

 

“Board of Directors” means:

 

(1)                                  with respect to
a corporation, the board of directors of the corporation or any committee
thereof duly authorized to act on behalf of such board;

 

(2)                                  with respect to
a partnership, the Board of Directors of the general partner of the
partnership;

 

(3)                                  with respect to
a limited liability company, the managing member or members or any controlling
committee of managing members or managers thereof; and

 

(4)                                  with respect to
any other Person, the board or committee of such Person serving a similar
function.

 

 

“Board Resolution” means a copy of a
resolution certified by the Secretary or an Assistant Secretary of the Company
to have been duly adopted by the Board of Directors or pursuant to
authorization by the Board of Directors and to be in full force and effect on
the date of the certificate and delivered to the Trustee.

 

“Business Day” means any day other than a
Legal Holiday.

 

“Capital Lease Obligation” means, at the
time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at that time be required to be
capitalized on a balance sheet in accordance with GAAP.

 

“Capital Stock” means:

 

(1)                                  in the case of
a corporation, corporate stock;

 

(2)                                  in the case of
an association or business entity, any and all shares, interests,
participations, rights or other equivalents, however designated, of corporate
stock;

 

(3)                                  in the case of
a partnership or limited liability company, partnership or membership
interests, whether general or limited; and

 

(4)                                  any other
interest or participation that confers on a Person the right to receive a share
of the profits and losses of, or distributions of assets of, the issuing
Person.

 

“Company” means Genco Shipping &
Trading Limited, a Marshall Islands
corporation and any and all successors thereto.

 

“Company Order” means a written order
signed in the name of the Company by the principal executive officer, the
principal financial officer, the treasurer or the principal accounting officer
of the Company.

 

“Corporate Trust Office of the Trustee” “
means the office of the Trustee at which at any particular time its corporate
trust business in Pittsburgh, Pennsylvania shall be principally administered,
which office as of the date of this instrument is located at 525 William Penn
Place, 38th Floor, Pittsburgh, PA 15259, except that with
respect to presentation of Notes for payment or for registration of transfer or
exchange, such term shall mean the office or agency of the Trustee at which at
any particular time its corporate agency business shall be conducted, which
office at the date of this instrument is located at 101 Barclay Street, New York,
New York 10286; Attention: Corporate Trust Division - Corporate Finance Unit,
or, in the case of any of such offices or agency, such other address as the
Trustee may designate from time to time by notice to the Holders and the
Company.

 

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

 

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

 

2

 

“Depositary” means, with respect to the
Notes of any Series issuable or issued in whole or in part in the form of
one or more Global Notes, the person designated as Depositary for such Series by
the Company, which Depositary shall be a clearing agency registered under the
Exchange Act; and if at any time there is more than one such person, “Depositary”
as used with respect to the Notes of any Series shall mean the Depositary
with respect to the Notes of such Series.

 

“Discount Note” means any Note that
provides for an amount less than the stated principal amount thereof to be due
and payable upon declaration of acceleration of the maturity thereof pursuant
to Section 6.02.

 

“Dollars” and “$” means the currency of The United States of America.

 

“ECU” means the European Currency Unit as
determined by the Commission of the European Union.

 

“Equity Interests” means Capital Stock and
all warrants, options or other rights to acquire Capital Stock, but excluding
any debt security that is convertible into, or exchangeable for, Capital Stock.

 

“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.

 

“GAAP” means generally accepted accounting
principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board and
such other statements by such other entity as have been approved by a
significant segment of the accounting profession, which are applicable as of
the date of this Indenture.

 

“Global Note” or “Global Notes” means a Note or Notes, as the
case may be, in the form established pursuant to Section 2.02 evidencing
all or part of a Series of Notes, issued to the Depositary for such Series or
its nominee, and registered in the name of such Depositary or nominee.

 

“Government Securities” means direct
obligations of, or obligations guaranteed by, the United States of America, and
the payment for which the United States pledges its full faith and credit.

 

“Hedging Obligations” means, with respect
to any specified Person, the obligations of such Person under:

 

(1)                                  interest rate
swap agreements, interest rate cap agreements and interest rate collar
agreements; and

 

3

 

(2)                                  other
agreements or arrangements in respect of such Person’s exposure to fluctuations
in commodity prices, currency exchange rates or interest rates and, in each
case, not entered into for speculative purposes.

 

“Holder” means a Person in whose name a
Note is registered.

 

“Indebtedness” means, with respect to any
specified Person, any indebtedness of such Person, whether or not contingent:

 

(1)                                  in respect of
borrowed money;

 

(2)                                  evidenced by
bonds, notes, debentures or similar instruments or letters of credit, or
reimbursement agreements in respect thereof;

 

(3)                                  in respect of
banker’s acceptances;

 

(4)                                  representing
Capital Lease Obligations;

 

(5)                                  representing
the balance deferred and unpaid of the purchase price of any property, except
any such balance that constitutes an accrued expense or trade payable; or

 

(6)                                  representing
any Hedging Obligations,

 

if
and to the extent any of the preceding items, other than letters of credit and
Hedging Obligations, would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness”
includes all Indebtedness of others secured by a Lien on any asset of the
specified Person, whether or not such Indebtedness is assumed by the specified
Person.

 

The
amount of any Indebtedness outstanding as of any date shall be:

 

(1)                                  the accreted value
of the Indebtedness, in the case of any Indebtedness that does not require the
current payment of interest; and

 

(2)                                  principal
amount of the Indebtedness, together with any interest on the Indebtedness that
is more than 30 days past due, in the case of any other Indebtedness.

 

“Indenture” means this Indenture, as
amended, supplemented or restated from time to time and shall include the form
and terms of particular Series of Notes established as contemplated by Section 2.02.

 

“Legal Holiday” means a Saturday, a Sunday
or a day on which banking institutions in The City of New York, the city in
which the principal office of the Trustee is located or at a place of payment
are required or authorized by law, regulation or executive order to remain
closed.

 

4

 

“Lien” means, with respect to any asset,
any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law, including any conditional sale or other title
retention agreement or any lease in the nature thereof; provided that in no event shall an
operating lease be deemed to constitute a Lien.

 

“Notes” means notes or other debt
instruments of the Company of any Series issued under this Indenture.

 

“Officer” means, with respect to any
Person, the Chairman of the Board, the Chief Executive Officer, the President,
the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any
Assistant Treasurer, the Controller, the Secretary or any Vice-President of
such Person.

 

“Officer’s Certificate” means a
certificate signed by an Officer of the
Company that meets the requirements of Section 11.05 hereof and delivered
to the Trustee.

 

“Opinion of Counsel” means a written
opinion from legal counsel, who may be an employee of or counsel to the
Company, any Subsidiary of the Company and who is acceptable to the Trustee,
that meets the requirements of Section 11.05 hereof.

 

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

 

“Responsible Officer” means, when used with
respect to the Trustee, any officer assigned to the Corporate Trust Division —
Corporate Finance Unit (or any successor division or unit of the Trustee or the
corporate trust department of any successor Trustee) of the Trustee located at
the Corporate Trust Office of the Trustee, who shall have direct responsibility
for the administration of this Indenture, and for purposes of Section 7.1(c)(2) and
the second sentence of Section 7.5 shall also include any officer of the
Trustee to whom any corporate trust matter is referred because of such person’s
knowledge of and familiarity with the particular subject.

 

“SEC” means the Securities and Exchange
Commission.

 

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

 

“Series” or “Series of Notes” means each series of debentures, notes
or other debt instruments of the Company created pursuant to Sections 2.01 and
2.02 hereof.

 

“Stated Maturity” means, with respect to
any installment of interest or principal on any series of Indebtedness, the
date on which the payment of interest or principal was scheduled to be paid in
the original documentation governing such Indebtedness, and shall not include
any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof.

 

“Subsidiary” means, with respect to any
specified Person:

 

5

 

(1)                                  any
corporation, association or other business entity of which more than 50% of the
total voting power of shares of Capital Stock entitled, without regard to the
occurrence of any contingency, to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly,
by such Person; and

 

(2)                                  partnership (a) the
sole general partner or the managing general partner of which is such Person or
an entity described in clause (1) and related to such Person or (b) the
only general partners of which are such Person or one or more entities
described in clause (1) and related to such Person, or any combination
thereof.

 

“TIA” means the Trust Indenture Act of 1939
(15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the
Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the
extent required by any such amendment, the Trust Indenture Act as so amended.

 

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

 

“Voting Stock” of any Person as of any date
means the Capital Stock of such Person that is at the time entitled to vote in
the election of the Board of Directors of such Person.

 

Section 1.02                                Other Definitions

 

	
  Term

  	
   

  	
  Defined in

  Section

  	
   

  
	
  “Authentication Order”

  	
   

  	
  2.03

  	
   

  
	
  “Covenant Defeasance”

  	
   

  	
  8.03

  	
   

  
	
  “Event of Default”

  	
   

  	
  6.01

  	
   

  
	
  “Legal Defeasance”

  	
   

  	
  8.02

  	
   

  
	
  “Mandatory Sinking Fund Payment”

  	
   

  	
  12.01

  	
   

  
	
  “Optional Sinking Fund Payment”

  	
   

  	
  12.01

  	
   

  
	
  “Paying Agent”

  	
   

  	
  2.04

  	
   

  
	
  “Registrar”

  	
   

  	
  2.04

  	
   

  

 

Section 1.03                                Incorporation by Reference of
Trust Indenture Act

 

Whenever
this Indenture refers to a provision of the TIA, the provision 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 Notes;

 

6

 

“indenture security holder” means a Holder
of a Note;

 

“indenture to be qualified” means this
Indenture;

 

“indenture trustee” or “institutional trustee” means the Trustee;
and

 

“obligor” on the indenture securities means
the Company, and any successor obligor upon the Notes.

 

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

 

Section 1.04                                Rules of Construction.

 

Unless
the context otherwise requires:

 

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

 

(2)                                  an accounting
term not otherwise defined herein 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)                                  the words “hereof,”
“herein,” “hereunder” and similar words refer to this Indenture as a whole and
not to any particular provisions of this Indenture; and any subsection,
Section, Article and Exhibit references are to this Indenture unless
otherwise specified;

 

(6)                                  “including”
means including without limitation;

 

(7)                                  provisions
apply to successive events and transactions; and

 

(8)                                  references to
sections of or rules under the Securities Act shall be deemed to include
substitute, replacement or successor sections or rules adopted by the SEC
from time to time.

 

ARTICLE 2.

THE NOTES

 

Section 2.01                                Issuable in Series.

 

The aggregate principal amount of Notes that may be
authenticated and delivered under this Indenture is unlimited. The Notes may be
issued in one or more Series. All Notes of a Series shall be identical
except as may be set forth in a Board Resolution, a supplemental indenture or
an Officer’s Certificate detailing the adoption of the terms thereof pursuant
to the authority granted under a Board Resolution. In the case of Notes of a Series to
be issued from time to time,

 

7

 

the
Board Resolution, Officer’s Certificate or supplemental indenture detailing the
adoption of the terms thereof pursuant to authority granted under a Board
Resolution may provide for the method by which specified terms (such as
interest rate, maturity date, record date or date from which interest shall
accrue) are to be determined. Notes may differ between Series in respect
of any matters, provided that all Series of Notes shall be equally
and ratably entitled to the benefits of the Indenture.

 

Section 2.02                                Establishment of Terms of Series of
Notes.

 

At
or prior to the issuance of any Notes within a Series, the following shall be
established (as to the Series generally, in the case of Subsection 2.02(a) and
either as to such Notes within the Series or as to the Series generally
in the case of Subsections 2.02(b) through 2.02(w)) by or pursuant to a Board Resolution, and set forth or determined in
the manner provided in a Board Resolution, supplemental indenture or an Officer’s
Certificate pursuant to authority granted under a Board Resolution:

 

(a)                                  the title of the Series (which
shall distinguish the Notes of that particular Series from the Notes of
any other Series);

 

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

 

(c)                                  any limit upon the aggregate
principal amount of the Notes of the Series which may be authenticated and
delivered under this Indenture (except for Notes authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other
Notes of the Series pursuant to Sections 2.07, 2.08, 2.11, 3.06 or 9.05);

 

(d)                                 the date or dates on which
the principal of the Notes of the Series is payable;

 

(e)                                  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 Notes 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;

 

(f)                                    the place or places where
the principal of and interest, if any, on the Notes of the Series shall be
payable, where the Notes of such Series may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Company in respect of the Notes of such Series and this Indenture may
be served, and the method of such payment, if by wire transfer, mail or other
means;

 

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

 

(h)                                 the obligation, if any, of
the Company to redeem or purchase the Notes of the Series pursuant to any
sinking fund or analogous provisions or at the option of a Holder thereof

 

8

 

and the period or periods within which, the price or
prices at which and the terms and conditions upon which Notes of the Series shall
be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(i)                                     the dates, if any, on which
and the price or prices at which the Notes 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;

 

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

 

(k)                                  the forms of the Notes of
the Series in bearer or fully registered form (and, if in fully registered
form, whether the Notes will be issuable as Global Notes);

 

(l)                                     if other than the principal
amount thereof, the portion of the principal amount of the Notes of the Series that
shall be payable upon declaration of acceleration of the maturity thereof
pursuant to Section 6.02;

 

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

 

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

 

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

 

(p)                                 the manner in which the
amounts of payment of principal of or interest, if any, on the Notes 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;

 

(q)                                 the provisions, if any,
relating to any security or guarantee provided for the Notes of the Series, and
any subordination in right of payment, if any, of the Notes of the Series;

 

(r)                                    the provisions, if any,
relating to any conversion or exchange right of the Notes of the Series;

 

(s)                                  any addition to or change in
the Events of Default which applies to any Notes of the Series and any
change in the right of the Trustee or the requisite Holders of such Notes to
declare the principal amount thereof due and payable pursuant to Section 6.02;

 

(t)                                    any addition to or change in
the covenants set forth in Articles 4 or 5 which applies to Notes of the
Series;

 

9

 

(u)                                 any other terms of the Notes
of the Series (which may modify or delete any provision of this Indenture
insofar as it applies to such Series);

 

(v)                                 any depositories, authenticating agents, paying agents, registrars, calculation
agents, exchange rate agents, conversion agents or other agents with respect to
Notes of such Series if other than those appointed herein; and

 

(w)                               the
conditions, if any, under which a default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any of its
Subsidiaries (or the payment of which is guaranteed by the Company or any of
its Subsidiaries) will constitute an Event of
Default with respect to Notes of the Series.

 

All
Notes 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 hereto
or Officer’s Certificate referred to above, and the authorized principal amount
of any Series may not be increased to provide for issuances of additional
Notes of such Series, unless otherwise provided in such Board Resolution,
supplemental indenture or Officer’s Certificate.

 

Section 2.03                                Execution and Authentication.

 

One
Officer shall sign the Notes for the Company by manual or facsimile signature.
If an Officer whose signature is on a Note no longer holds that office at the
time such Note is authenticated, such Note shall nevertheless be valid.

 

A
Note shall not be valid until authenticated by the manual signature of the
Trustee. The signature shall be conclusive evidence that the Note, as applicable,
has been authenticated under this Indenture.

 

The
Trustee shall, upon a written order of the Company signed by one Officer (an “Authentication Order”), authenticate Notes
for original issue in accordance with this Indenture.

 

The
Trustee may appoint an authenticating agent acceptable to the Company to
authenticate Notes. An authenticating agent may authenticate Notes whenever the
Trustee may do so. 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 Holders or an Affiliate of the Company.

 

Section 2.04                                Registrar and Paying Agent.

 

The
Company shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (“Registrar”)
and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a
register with respect to each Series of the Notes and of their transfer
and exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents; provided, however, that there shall be only one
registrar for each Series of Notes. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent.
The Company may change any

 

10

 

Paying
Agent or Registrar without notice to any Holder. The Company shall notify the
Trustee in writing of the name and address of any Agent not a party to this
Indenture. If the Company fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Company or any of
its Subsidiaries may act as Paying Agent or Registrar.

 

The
Company initially appoints the Trustee to act as the Registrar and Paying Agent
and to act as Custodian with respect to the Global Notes.

 

Section 2.05                                Paying Agent to Hold Money in
Trust.

 

The
Company shall require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent will hold in trust, for the benefit of Holders of
any Series of Notes, or the Trustee, all money held by the Paying Agent
for the payment of principal or interest on the Series of Notes, and shall
notify the Trustee of any default by the Company in making any such payment.
While any such default continues, the Trustee may require a Paying Agent to pay
all money held by it to the Trustee. The Company at any time may require a
Paying Agent to pay all money held by it to the Trustee. Upon payment over to
the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall
have no further liability for the money. If the Company or a Subsidiary acts as
Paying Agent, it shall segregate and hold in a separate trust fund for the
benefit of Holders of any Series of Notes all money held by it as Paying
Agent. Upon any bankruptcy or reorganization proceedings relating to the
Company, the Trustee shall serve as Paying Agent for the Notes.

 

Section 2.06                                Holder 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 Holders of each Series of
Notes and shall otherwise comply with TIA Section 312(a). If the Trustee
is not the Registrar, the Company shall furnish to the Trustee, at least by the record date for the interest payable on any 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 Holders of each Series of Notes and the Company shall
otherwise comply with TIA Section 312(a).

 

Section 2.07                                Transfer and Exchange.

 

Where
Notes of a Series are presented to the Registrar or a co-registrar with a
request to register a transfer or to exchange them for an equal principal
amount of Notes of the same Series, the Registrar shall register the transfer
or make the exchange if its requirements for such transactions are met. To
permit registrations of transfers and exchanges, the Trustee shall authenticate
Notes at the Registrar’s request. No service charge shall be made for any
registration of transfer or exchange (except as otherwise expressly permitted
herein), but the Company may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith
(other than any such transfer tax or similar governmental charge payable upon
exchanges pursuant to Sections 2.11, 3.06 or 9.05).

 

Neither
the Company nor the Registrar shall be required (a) to issue, register the
transfer of, or exchange Notes of any Series for the period beginning at
the opening of business fifteen days immediately preceding the mailing of a
notice of redemption of Notes of that Series

 

11

 

selected
for redemption and ending at the close of business on the day of such mailing,
or (b) to register the transfer of or exchange Notes of any Series selected,
called or being called for redemption as a whole or the portion being redeemed
of any such Notes selected, called or being called for redemption in part.

 

Section 2.08                                Replacement Notes.

 

If
any mutilated Note is surrendered to the Trustee or the Company and the Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, the Company shall issue and the Trustee, upon receipt of an
Authentication Order, shall authenticate a replacement Note of the same Series if
the Trustee’s requirements are met. If required by the Trustee or the Company,
an indemnity bond must be supplied by the Holder that is sufficient in the
judgment of the Trustee and the Company to protect the Company, the Trustee,
any Agent and any authenticating agent from any loss that any of them may
suffer if a Note is replaced. The Company may charge for its expenses in
replacing a Note.

 

Every
replacement Note of any Series is an additional obligation of the Company
and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes of that Series duly issued hereunder.

 

Section 2.09                                Outstanding Notes.

 

The
Notes outstanding at any time are all the Notes authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section as
not outstanding. Except as set forth in Section 2.10 hereof, a Note does
not cease to be outstanding because the Company or an Affiliate of the Company
holds the Note.

 

If
a Note is replaced pursuant to Section 2.08 hereof, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a bona fide purchaser.

 

If
the principal amount of any Note is considered paid under Section 4.01
hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If
the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any
thereof) holds, on a redemption date or maturity date, money sufficient to pay
Notes payable on that date, then on and after that date such Notes shall be
deemed to be no longer outstanding and shall cease to accrue interest.

 

Section 2.10                                Treasury Notes.

 

In
determining whether the Holders of the required principal amount of Notes of a Series have
concurred in any direction, waiver or consent, Notes owned by the Company, or
by any Person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Company, shall be considered as
though not outstanding, except that for the purposes of determining whether the
Trustee shall be protected in relying on any such direction,

 

12

 

waiver
or consent, only Notes of a Series that a Responsible Officer of the
Trustee actually knows are so owned shall be so disregarded.

 

Section 2.11                                Temporary Notes.

 

Until
certificates representing Notes are ready for delivery, the Company may prepare
and the Trustee, upon receipt of an Authentication Order, shall authenticate
temporary Notes. Temporary Notes shall be substantially in the form of
certificated Notes but may have variations that the Company considers
appropriate for temporary Notes and as shall be reasonably acceptable to the
Trustee. Without unreasonable delay, the Company shall prepare and the Trustee
shall authenticate definitive Notes in exchange for temporary Notes.

 

Holders
of temporary Notes shall be entitled to all of the benefits of this Indenture.

 

Section 2.12                                Cancellation.

 

The
Company at any time may deliver Notes to the Trustee for cancellation. The
Registrar and Paying Agent shall forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no
one else shall cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and shall dispose of canceled
Notes in accordance with the Trustee’s standard practices (subject to the
record retention requirement of the Exchange Act). The Company may not issue new
Notes to replace Notes that it has paid or that have been delivered to the
Trustee for cancellation.

 

Section 2.13                                Defaulted Interest.

 

If
the Company defaults in a payment of interest on a Series of Notes, it
shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders of the Series on
a subsequent special record date, in each case at the rate provided in the
Notes and in Section 4.01 hereof. The Company shall notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Note
and the date of the proposed payment. The Company shall fix or cause to be
fixed each such special record date and payment date, provided that no such special record date
shall be less than 10 days prior to the related payment date for such defaulted
interest. At least 15 days before the special record date, the Company (or,
upon the written request of the Company, the Trustee in the name and at the
expense of the Company) shall mail or cause to be mailed to Holders of the Series a notice that states the special record date, the
related payment date and the amount of such interest to be paid.

 

Section 2.14                                Global Notes.

 

(a)                                  Terms of Notes.  A Board Resolution, a supplemental indenture
hereto or an Officer’s Certificate shall establish whether the Notes of a Series shall
be issued in whole or in part in the form of one or more Global Notes and the
Depositary for such Global Note or Notes.

 

(b)                                 Transfer and Exchange.  Notwithstanding any provisions to the
contrary contained in Section 2.07 hereof and in
addition thereto, any Global Note shall be exchangeable pursuant to Section 2.07
of the Indenture for Notes registered in the names of Holders other than

 

13

 

the Depositary for such Note or its nominee only if (i) such
Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for such Global Note or if at any time such Depositary ceases to be
a clearing agency registered under the Exchange Act, and, in either case, the
Company fails to appoint a successor Depositary registered as a clearing agency
under the Exchange Act within 90 days of such event, (ii) the Company
executes and delivers to the Trustee an Officer’s Certificate to the effect
that such Global Note shall be so exchangeable or (iii) an Event of
Default with respect to the Notes represented by such Global Note shall have
happened and be continuing. Any Global Note that is exchangeable pursuant to
the preceding sentence shall be exchangeable for Notes registered in such names
as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Note with like tenor and terms.

 

Except
as provided in this Section 2.14(b), a Global Note may not be transferred
except as a whole by the Depositary with respect to such Global Note to a
nominee of such Depositary, by a nominee of such Depositary to such Depositary
or another nominee of such Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such a successor Depositary.

 

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

 

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

 

(d)                                 Acts of Holders.  The Depositary, 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)                                  Payments.  Notwithstanding the other provisions of this
Indenture, unless otherwise specified as contemplated by Section 2.02,
payment of the principal of and interest, if any, on any Global Note shall be
made to the Holder thereof.

 

(f)                                    Consents, Declaration and
Directions.  Except as
provided in Section 2.14(e), the Company, the Trustee and any Agent shall
treat a person as the Holder of such principal amount of outstanding Notes of
such Series represented by a Global Note as shall be specified in a
written statement of the Depositary with respect to such Global Note, for
purposes of obtaining any consents, declarations, waivers or directions
required to be given by the Holders pursuant to this Indenture.

 

None
of the Trustee, the Paying Agent or the Registrar shall have any responsibility
or obligation to any beneficial owner in a Global Note, an agent member or
other Person with respect to the accuracy of the records of the Depositary or
its nominee or of any agent member,

 

14

 

with
respect to any ownership interest in the Securities or with respect to the
delivery to any agent member, beneficial owner or other Person (other than the
Depositary) of any notice (including any notice of redemption) or the payment
of any amount, under or with respect to such Securities.  All notices and communications to be given to
the Holders and all payments to be made to Holders under the Securities and
this Indenture shall be given or made only to or upon the order of the
registered holders (which shall be the Depositary or its nominee in the case of
the Global Note).  The rights of
beneficial owners in the Global Note shall be exercised only through the
Depositary subject to its applicable procedures.  The Trustee, the Paying Agent and the
Registrar shall be entitled to rely and shall be fully protected in relying upon
information furnished by the Depositary with respect to its members,
participants and any beneficial owners. 
The Trustee, the Paying Agent and the Registrar shall be entitled to
deal with the Depositary, and any nominee thereof, that is the registered
holder of any Global Note for all purposes of this Indenture relating to such
Global Note (including the payment of principal, premium, if any, and interest
and additional amounts, if any, and the giving of instructions or directions by
or to the owner or holder of a beneficial ownership interest in such Global
Note) as the sole holder of such Global Note and shall have no obligations to
the beneficial owners thereof.  None of
the Trustee, the Paying Agent or the Registrar shall have any responsibility or
liability for any acts or omissions of the Depositary with respect to such
Global Note, for the records of any such depositary, including records in
respect of beneficial ownership interests in respect of any such Global Note,
for any transactions between the Depositary and any agent member or between or
among the Depositary, any such agent member and/or any holder or owner of a
beneficial interest in such Global Note, or for any transfers of beneficial
interests in any such Global Note.

 

Section 2.15                                CUSIP Number.

 

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

 

ARTICLE 3.

REDEMPTION AND PREPAYMENT

 

Section 3.01                                Notice to Trustee.

 

The
Company may, with respect to any Series of Notes, reserve the right to
redeem and pay the Series of Notes or may covenant to redeem and pay the Series of
Notes or any part thereof prior to the Stated Maturity thereof at such time and
on such terms as provided for in such Notes. If a Series of Notes is
redeemable and the Company wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Notes pursuant to the terms
of such Notes, it shall notify the Trustee of the redemption date and the
principal amount of Series of Notes to be redeemed. The Company shall give
the notice at least 45 days but not
more than 60 days before the redemption date (or such shorter notice as may be
acceptable to the Trustee).

 

15

 

Section 3.02                                Selection of Notes to Be
Redeemed.

 

If
less than all of the Notes of a Series are to be redeemed or purchased in
an offer to purchase at any time, the Trustee shall select the Notes of a Series to
be redeemed or purchased among the Holders of such Notes (a) in
compliance with the requirements of the principal national securities exchange,
if any, on which such Notes are
listed or, (b) if such Notes are not
so listed, on a pro rata basis,
by lot or in accordance with any other method the Trustee considers fair and
appropriate. In the event of partial redemption or purchase by lot, the
particular Notes to be redeemed shall be selected, unless otherwise provided
herein, not less than 30 nor more than 60 days prior to the redemption date by
the Trustee from the outstanding Notes of
such Series not previously called for redemption or purchase.
The Trustee may select for redemption or repurchase portions of the principal
of Notes of such Series that
are in integral multiples of authorized denominations in excess of the minimum
authorized denomination.

 

The
Trustee shall promptly notify the Company in writing of the Notes selected for
redemption and, in the case of any Note selected for partial redemption, the
principal amount thereof to be redeemed. Notes of a Series and portions of
them selected shall be in amounts of $1,000 or whole multiples of $1,000 or,
with respect to Notes of any Series issuable in other denominations
pursuant to Section 2.02(j) hereof, the minimum principal
denomination for each Series and integral multiples thereof. Except as
provided in the preceding sentence, provisions of this Indenture that apply to
Notes of a Series called for redemption or repurchase also apply to
portions of Notes of a Series called for redemption or repurchase.

 

Section 3.03                                Notice of Redemption.

 

Unless
otherwise indicated for a particular Series by Board Resolution, a
supplemental indenture hereto or an Officer’s Certificate, at least 30 days but
not more than 60 days before a redemption date, the Company shall mail or cause
to be mailed, by first class mail, a notice of redemption to each Holder whose
Notes are to be redeemed at its registered address.

 

The
notice shall identify the Notes of the Series to be redeemed and shall
state:

 

(1)                                  the redemption
date;

 

(2)                                  the redemption
price;

 

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

 

(4)                                  Notes of the Series called
for redemption must be surrendered to the Paying Agent to collect the
redemption price;

 

(5)                                  that, if applicable, interest on Notes of the Series called for
redemption ceases to accrue on and after the redemption date;

 

(6)                                  the “CUSIP”, “ISIN”
or other similar number, if any;

 

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

 

16

 

(8)                                  any other
information as may be required by the terms of the particular Series of
the Notes or the Notes of a Series being redeemed.

 

At
the Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at its expense, provided
that the Company shall have delivered to the Trustee, at least 45 days prior to
the redemption date (unless a shorter time period is acceptable to the
Trustee), an Officer’s Certificate requesting that the Trustee give such notice
and setting forth the information to be stated in such notice as provided in
the preceding paragraph.

 

Section 3.04                                Effect of Notice of Redemption.

 

Once
notice of redemption is mailed in accordance with Section 3.03 hereof,
Notes called for redemption become irrevocably due and payable on the
redemption date at the redemption price. A notice of redemption may not be
conditional.

 

Section 3.05                                Deposit of Redemption Price.

 

On or before the redemption date, the
Company shall deposit with the Trustee or with the Paying Agent money
sufficient to pay the redemption price of and accrued interest on all Notes to
be redeemed on that date. The Trustee or the Paying Agent shall promptly return
to the Company any money deposited with the Trustee or the Paying Agent by the
Company in excess of the amounts necessary to pay the redemption price of, and
accrued interest on, all Notes to be redeemed.

 

If
the Company complies with the provisions of the preceding paragraph, on and
after the redemption date, interest shall cease to accrue on the Notes or the
portions of Notes called for redemption. If a Note is redeemed on or after an
interest record date but on or prior to the related interest payment date, then
any accrued and unpaid interest shall be paid to the Person in whose name such
Note was registered at the close of business on such record date. If any Note
called for redemption shall not be so paid upon surrender for redemption
because of the failure of the Company to comply with the preceding paragraph,
interest shall be paid on the unpaid principal, from the redemption date until
such principal is paid, and to the extent lawful on any interest not paid on
such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01
hereof.

 

Section 3.06                                Notes Redeemed in Part.

 

Upon
surrender of a Note that is redeemed in part, the Company shall issue and, upon
the Company’s written request, the Trustee shall authenticate for the Holder,
at the expense of the Company, a new Note equal in principal amount to the unredeemed
portion of the Note surrendered.

 

No
Notes of $1,000 or less can be redeemed in part.

 

17

 

ARTICLE 4.

COVENANTS

 

Section 4.01                                Payment of Principal and
Interest.

 

The
Company covenants and agrees for the benefit of the Holders of each Series of
Notes that it will pay or cause to be paid the principal of, premium, if any,
and interest on the Notes on the dates and in the manner provided in such
Notes. Principal, premium, if any, and interest on any Series of Notes
will be considered paid on the date due if the Paying Agent, if other than the
Company or a Subsidiary thereof, holds on the due date money deposited by the
Company in immediately available funds and designated for and sufficient to pay
all principal, premium, if any, and interest then due.

 

Section 4.02                                Maintenance of Office or Agency.

 

The
Company will maintain an office or agency (which may be an office of the
Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes
may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served. The Company will give prompt written notice to the
Trustee of the location, and any change in the location, of such office or
agency. If at any time the Company fails to maintain any such required office
or agency or fails to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee.

 

The
Company may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission will in any manner relieve the Company of its
obligation to maintain an office or agency for such purposes. The Company will
give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency.

 

With
respect to each Series of Notes, the Company hereby designates the
Corporate Trust Office of the Trustee as one such office or agency of the
Company in accordance with Section 2.04 hereof.

 

Section 4.03                                Reports.

 

(a)                                  Whether or not the Company
is required by the SEC, so long as any Series of Notes are outstanding,
the Company shall furnish to the Holders of such Notes, within the time periods
(including any extensions thereof) specified in the SEC’s rules and
regulations:

 

(1)                                  all quarterly
and annual reports that would be required to be filed with the Commission on
Forms 10-Q and 10-K if the Company were required to file such reports; and

 

(2)                                  all current
reports that would be required to be filed with the SEC on Form 8-K if the
Company were required to file such reports.

 

18

 

In
addition, whether or not required by the rules and regulations of the SEC,
the Company shall file a copy of all such information and reports referred to
in clauses (1) and (2) above with the SEC for public availability
within the time periods specified in the SEC’s rules and regulations,
unless the SEC will not accept such a filing, and make such information
available to securities analysts and prospective investors upon request.  It is understood that the Company’s
compliance with the above filing requirement with the SEC will satisfy the
Company’s obligation to “furnish” the Holders of Notes with the information
described in clauses (1) and (2) of this Section 4.03(a). The
Company shall at all times comply with TIA Section 314(a). 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 (as to which the Trustee is entitled to rely
exclusively on Officer’s Certificates).

 

(b)                                 For so long as any Series of
Notes remain outstanding, if at any time they are not required to file with the
Commission the reports required by paragraphs (1) and (2) of this Section 4.03,
the Company will furnish to the Holders of such Notes and to securities
analysts and prospective investors, upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act.

 

Section 4.04                                Compliance Certificate.

 

The Company shall deliver to the Trustee with
respect to such Series, within 120 days after
the end of each fiscal year, an Officer’s Certificate stating that a review of
the activities of the Company and its Subsidiaries during the preceding 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 is not in default in the performance or observance of any
of the terms, provisions and conditions of this Indenture (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, if any, on the Notes 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.

 

Section 4.05                                Taxes.

 

The
Company shall pay, and shall cause each of its Subsidiaries to pay, prior to
delinquency, all material taxes, assessments, and governmental levies except
such as are contested in good faith and by appropriate proceedings or where the
failure to effect such payment is not adverse in any material respect to the
Holders of the Notes.

 

19

 

Section 4.06                                Stay, Extension and Usury Laws.

 

The
Company covenants (to the extent that it may lawfully do so) that it shall not,
at any time, insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay, extension or usury law wherever enacted, now
or at any time hereafter in force, that may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it shall not, by resort to any such law, hinder, delay
or impede the execution of any power herein granted to the Trustee for such
Notes, but shall suffer and permit the execution of every such power as though
no such law has been enacted.

 

Section 4.07                                Corporate Existence.

 

Subject
to Articles 5 and 10 hereof, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect (i) its
corporate existence, and the corporate, partnership or other existence of each
of its material Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Company and any
such Subsidiary and (ii) the rights (charter and statutory), licenses and
franchises of the Company and its material Subsidiaries; provided, however, that the Company shall
not be required to preserve any such right, license or franchise, or the
corporate, partnership or other existence of any of its Subsidiaries, 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 its Subsidiaries,
taken as a whole, and that the loss thereof is not adverse in any material
respect to the Holders of the Notes.

 

ARTICLE 5.

SUCCESSORS

 

Section 5.01                                Merger, Consolidation or Sale of
Assets.

 

The
Company shall not, directly or indirectly: 
(1) consolidate or merge with or into another Person, whether or
not the Company is the surviving Person, or (2) sell, assign, transfer,
convey or otherwise dispose of all or substantially all of the properties or
assets of the Company and its Subsidiaries, taken as a whole, in one or more
related transactions, to another Person unless:

 

(i)                                     either:  (a) the Company is the surviving Person;
or (b) the Person formed by or surviving any such consolidation or merger,
if other than the Company, or to which such sale, assignment, transfer,
conveyance or other disposition shall have been made is a corporation organized
or existing under the laws of the Republic of the Marshall Islands, the United
States, any state or territory of the United States or the District of
Columbia;

 

(ii)                                  the Person formed by or
surviving any such consolidation or merger, if other than the Company, or the
Person to which such sale, assignment, transfer, conveyance or other
disposition shall have been made assumes all the obligations of the Company
under the Notes and this Indenture pursuant to a supplemental indenture,
executed and delivered to the Trustee;

 

20

 

(iii)                               immediately after such
transaction no Default or Event of Default exists;
and

 

(iv)                              the Company has delivered to
the Trustee an Officer’s Certificate stating and an Opinion of Counsel stating in the opinion of such counsel that such transaction and, if applicable, the supplemental indenture
required in connection with such
transaction pursuant to Section 5.01(ii) complies with this Section 5.01 and that all
conditions precedent herein provided for relating to such transaction have been
complied with.

 

The
Company may not, directly or indirectly, lease all or substantially all of its
properties or assets, in one or more related transactions, to any other Person.
The provisions of this Section 5.01 shall not apply to (1) a merger
of the Company with an Affiliate thereof solely for the purpose of
reincorporating the Company in another jurisdiction or forming a direct holding
company of the Company or (2) to a sale, assignment, transfer, conveyance
or other disposition of assets between or among the Company and its
Subsidiaries.

 

Section 5.02                                Successor Person Substituted.

 

Upon
any consolidation or merger, or any sale, assignment, transfer, conveyance or
other disposition of all or substantially all of the assets of the Company in
accordance with Section 5.01 hereof, the successor Person formed by such
consolidation or into or with which the Company is merged or to which such
sale, assignment, transfer, conveyance or other disposition is made shall
succeed to, and be substituted for (so that from and after the date of such
consolidation, merger, sale, assignment, conveyance or other disposition, the
provisions of this Indenture referring to the “Company” shall refer instead to
the successor Person and not to the Company), and may exercise every right and
power of the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein; provided, however, that the predecessor
Company shall not be relieved from the obligation to pay the principal of and
interest on any Series of Notes except in the case of a sale of all of the
Company’s assets that meets the requirements of Section 5.01 hereof.

 

ARTICLE 6.

DEFAULTS AND REMEDIES

 

Section 6.01                                Events of Default.

 

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

 

(1)                                  default in the
payment of any interest on any Note of that Series when it becomes due and
payable, and continuance of such default for a period of 30 days; or

 

(2)                                  default in
payment when due of the principal of, or premium, if any, on any Note of that
Series; or

 

21

 

(3)                                  default in the
deposit of any sinking fund payment, when and as due in respect of any Note of
that Series; or

 

(4)                                  default in the
performance or breach of any covenant or warranty of the Company in this
Indenture (other than a covenant or warranty that has been included in this
Indenture solely for the benefit of Series of Notes other than that
Series), which default continues uncured for a period of 30 days after written
notice given by the Trustees for Notes of
that Series or Holders of not less than 25% in principal amount
of the outstanding Notes of that Series; or

 

(5)                                  default under a
mortgage, indenture or instrument under
such conditions as may be provided pursuant to Section 2.02(w) in respect
of Notes of that Series; or

 

(6)                                  one or more
judgments for the payment of money in an aggregate amount in excess of $10.0
million (excluding therefrom any amount reasonably expected to be covered by
insurance) shall be rendered against the Company any Subsidiary or any
combination thereof and the same shall not have been paid, discharged or stayed
for a period of 60 days after such judgment became final and nonappealable; or

 

(7)                                  the Company
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 unable to pay
its debts as the same become due; or

 

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

 

(a)                                  is for relief against the
Company in an involuntary case,

 

(b)                                 appoints a Custodian of the
Company or for all or substantially all of its property, or

 

(c)                                  orders the liquidation of
the Company, and the order or decree remains unstayed and in effect for 60
days; or

 

(9)                                  any other Event
of Default provided with respect to Notes of that Series, which is specified in
a Board Resolution, a supplemental indenture hereto or an Officer’s
Certificate, in accordance with Section 2.02.

 

22

 

Section 6.02                                Acceleration.

 

If
an Event of Default with respect to Notes of any Series at the time
outstanding occurs and is continuing (other than an Event of Default referred
to in Sections 6.01(7) or (8) hereof) then in every such case the
Trustee or the Holders of not less than 25% in principal amount of the
outstanding Notes of that Series may declare the principal amount (or, if
any Notes of that Series are Discount Notes, such portion of the principal
amount as may be specified in the terms of such Notes) of and accrued and
unpaid interest, if any, on all of the Notes of that Series to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee
if given by Holders), and upon any such declaration such principal amount (or
specified amount) and accrued and unpaid interest, if any, shall become
immediately due and payable. If an Event of Default specified in Sections 6.01(7) or
(8) hereof shall occur, the principal amount (or specified amount) of and
accrued and unpaid interest, if any, on all outstanding Notes shall ipso facto become and be immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holder.

 

At
any time after such a declaration of acceleration with respect to any Series has
been made, the Holders of a majority in principal amount of the outstanding
Notes of that Series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if the rescission would
not conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal, interest or premium that has become due solely
because of the acceleration) have been cured or waived.

 

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

 

Section 6.03                                Other Remedies.

 

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

 

The
Trustee may maintain a proceeding even if it does not possess any of the Notes
or does not produce any of them in the proceeding. A delay or omission by the
Trustee or any Holder of a Note 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. All remedies are cumulative to the
extent permitted by law.

 

Section 6.04                                Waiver of Past Defaults.

 

The
Holders of a majority in aggregate principal amount of the Notes of any Series then
outstanding by notice to the Trustee may on behalf of the Holders of all of the
Notes of such Series waive any existing Default
or Event of Default and its consequences under this Indenture except a
continuing Default or Event of Default in the payment of interest on, or the
principal of, such Notes
(including in connection with an offer to purchase); provided, however,
that the Holders of a majority in aggregate principal amount of the then
outstanding Notes of any Series may rescind an acceleration of such Notes
and its consequences, including any related payment

 

23

 

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

 

Section 6.05                                Control by Majority.

 

Holders
of a majority in principal amount of the then outstanding Notes of any Series may
direct the time, method and place of conducting any proceeding for exercising
any remedy available to the Trustee or exercising any trust or power conferred
on it. However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture that the Trustee determines may be unduly
prejudicial to the rights of other Holders of Notes or that may involve the
Trustee in personal liability.

 

Section 6.06                                Limitation on Suits.

 

A
Holder of any Series of Notes may pursue a remedy with respect to this
Indenture or the Notes only if:

 

(a)                                  such Holder has given to the Trustee written
notice of a continuing Event of Default;

 

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

 

(c)                                  such Holder of a Note of such Series or Holders of Notes of
such Series offer and, if requested, provide to the Trustee
indemnity satisfactory to the Trustee against any loss, liability or expense;

 

(d)                                 the Trustee does not comply
with the request within 60 days after receipt of the request and the offer and,
if requested, the provision of indemnity; and

 

(e)                                  during such 60-day period
the Holders of a majority in principal amount of the then outstanding Notes of such Series do not give the Trustee a direction
inconsistent with the request.

 

A
Holder of any Series of Notes may not use this Indenture to prejudice the
rights of another Holder of such Series of Notes or to obtain a preference
or priority over another Holder of Notes of such Series.

 

Section 6.07                                Rights of Holders of Notes to
Receive Payment.

 

Notwithstanding
any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal, premium, if any, and interest on the Note, on or
after the respective due dates expressed in the Note (including in connection
with an offer to purchase), or to bring suit for the enforcement of any such
payment on or after such respective dates, shall not be impaired or affected
without the consent of such Holder.

 

24

 

Section 6.08           Collection Suit by Trustee.

 

If
an Event of Default specified in Sections 6.01(a) or (b) hereof
occurs and is continuing, the Trustee is authorized to recover judgment in its
own name and as Trustee of an express trust against the Company for the whole
amount of principal of, premium, if any, and interest remaining unpaid on the
Notes and interest on overdue principal and, to the extent lawful, interest and
such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

 

Section 6.09           Trustee May File Proofs of Claim.

 

The
Trustee for each Series of Notes is authorized to file such proofs of
claim and other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders of the Notes allowed in any judicial proceedings
relative to the Company (or any other obligor upon the Notes), its creditors or
its property and shall be entitled and empowered to collect, receive and
distribute any money or other property payable or deliverable on any such
claims and any custodian in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee, and in the event that the
Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 7.07 hereof. To the
extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 hereof out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be secured
by a Lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties that the Holders may be entitled to
receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize
the Trustee to vote in respect of the claim of any Holder in any such
proceeding.

 

Section 6.10           Priorities.

 

Any
money collected and any money or other property distributable in respect of the
Company’s obligations under this Indenture after the occurrence of an Event of
Default shall be applied in the following order:

 

First:  to the Trustee (including any predecessor
trustee), its agents and attorneys for amounts due under Section 7.07
hereof, including payment of all compensation, expense and liabilities
incurred, and all advances made, by the Trustee and the costs and expenses of
collection;

 

25

 

Second:  to Holders of the Notes for amounts due and
unpaid on the Notes for principal, premium, if any, and interest, ratably,
without preference or priority of any kind, according to the amounts due and
payable on the Notes for principal, premium, if any and interest, respectively;
and

 

Third:  to the Company.

 

The
Trustee may fix a record date and payment date for any payment to Holders of
Notes pursuant to this Section 6.10.

 

Section 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 a
Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in
its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section does not apply to a suit by the Trustee, a suit by a Holder
of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more
than 10% in principal amount of the then outstanding Notes of any Series.

 

ARTICLE 7.

TRUSTEE

 

Section 7.01           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 circumstances in the conduct of his or her own affairs.

 

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

 

(i)            The
Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no others, and no implied
covenants or obligations shall be read into this Indenture against the Trustee;
and

 

(ii)           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.

 

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

 

26

 

(i)            this
paragraph does not limit the effect of paragraphs (b) or (e) of this
Section;

 

(ii)           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; and

 

(iii)          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 Section 6.05
hereof, or exercising any trust or power conferred upon the Trustee, under this
Indenture with respect to any Series of Notes.

 

(d)           Whether
or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b), (c), (e) and
(f) of this Section and Section 7.02.

 

(e)           No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any liability. The Trustee shall be under no
obligation to exercise any of its rights and powers under this Indenture at the
request of any Holders, unless such Holder shall have offered to the Trustee
security and indemnity satisfactory to it against any loss, liability or
expense.

 

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

 

Section 7.02           Rights of Trustee.

 

(a)           The
Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting upon any document 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.

 

(b)           Before
the Trustee acts or refrains from acting, it may require an Officer’s
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable
for any action it takes or omits to take in good faith in reliance on such
Officer’s Certificate or Opinion of Counsel. The Trustee may consult with
counsel of its selection and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection from liability
in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon.

 

(c)           The
Trustee may act through its attorneys and agents and shall not be responsible
for the misconduct or negligence of any attorney or agent appointed with due
care.

 

(d)           The
Trustee shall not be liable for any action it takes, suffers, or omits to take
in good faith that it believes to be authorized or within the discretion or
rights or powers conferred upon it by this Indenture.

 

27

 

(e)           Any
demand, request, direction or notice from the Company shall be sufficient if
signed by an Officer of the Company issuing such demand, request or notice.

 

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

 

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

 

(h)           The
Trustee shall not be deemed to have notice or be charged with knowledge of any
Default or Event of Default unless written notice of any event which is in fact
such a Default or Event of Default is received by a Responsible Officer of the
Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Notes and this Indenture.

 

(i)            The
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to,
and shall be enforceable by, the Trustee in each of its capacities hereunder,
and to each Agent or other agent, custodian and other Person employed to act
hereunder.

 

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

 

(k)           The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document.

 

(l)            Anything
in this Indenture notwithstanding, in no event shall the Trustee be liable for
special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including but not limited to loss of profit), even if the Trustee
has been advised as to the likelihood of such loss or damage and regardless of
the form of action.

 

(m)          The
Trustee shall not be responsible or liable for any failure or delay in the
performance of its obligations under this Indenture arising out of or caused,
directly or indirectly, by circumstances beyond its control, including, without
limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other
military disturbances; sabotage; epidemics; riots; interruptions; loss or
malfunctions of utilities, computer (hardware or software) or communication
services; accidents; labor disputes; acts of civil or military authority and
governmental action.

 

28

 

Section 7.03           Individual Rights of Trustee.

 

The
Trustee, Agent or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Notes and may otherwise deal
with the Company or any Affiliate of the Company with the same rights it would
have if it were not Trustee, Agent or such other agent. However, in the event
the Trustee acquires any conflicting interest it must eliminate such conflict
within 90 days, apply to the SEC for permission to continue as Trustee, or
resign. Any Agent may exercise the same rights, with the same duties, as the
Trustee under this Section 7.03. The Trustee is also subject to Sections
7.10 and 7.11 hereof.

 

Section 7.04           Trustee’s Disclaimer.

 

The
Trustee (i) shall not be responsible for and makes no representation as to
the validity or adequacy of this Indenture or the Notes, (ii) shall not be
accountable for the Company’s use of the proceeds from the Notes or any money
paid to the Company or upon the Company’s direction under any provision of this
Indenture, (iii) shall not be responsible for the use or application of
any money received by any Paying Agent other than the Trustee, and (iv) shall
not be responsible for any statement or recital herein or any statement in the
Notes or any other document in connection with the sale of the Notes or
pursuant to this Indenture other than its certificate of authentication.  Subject to Section 7.01(a) hereof,
the Trustee shall not be responsible to make any calculation with respect to
any matter under this Indenture and shall have no duty to monitor or
investigate the Issuers’ compliance with or the breach of, or cause to be
performed or observed, any representation, warranty or covenant made in this
Indenture.

 

Section 7.05           Notice of Defaults.

 

If
a Default or Event of Default occurs and is continuing and if it is actually
known to a Responsible Officer of the Trustee, the Trustee shall mail to
Holders of Notes a notice of the Default or Event of Default within 90 days
after it occurs. Except in the case of a Default or Event of Default relating
to the payment of principal of or interest on any Note or in the payment of any
sinking fund installment with respect to any Note, the Trustee may withhold the
notice from Holders of the Notes if and so long as a Responsible Officer(s) in
good faith determines that withholding the notice is in the interests of the
Holders of the Notes.

 

Section 7.06           Reports by Trustee to Holders of the Notes.

 

Within
60 days after each May 15 beginning with the May 15 following the first issuance of Notes
under this Indenture, and for so long as Notes remain outstanding, the
Trustee shall mail to the Holders of the Notes a brief report dated as of such
reporting date that complies with TIA Section 313(a) (but if no event
described in TIA Section 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The Trustee also
shall comply with TIA Section 313(b)(2). The Trustee shall also transmit
by mail all reports as required by TIA Section 313(c).

 

A
copy of each report at the time of its mailing to the Holders of Notes shall be
mailed to the Company and filed with the SEC and each stock exchange on which
the Notes are listed in accordance with TIA Section 313(d). The Company
shall promptly notify the Trustee when the Notes are listed on any stock
exchange or delisted therefrom.

 

29

 

Section 7.07           Compensation and Indemnity.

 

The
Company shall pay to the Trustee from time to time such compensation as agreed
upon in writing for its acceptance of this Indenture and services hereunder.
The Trustee’s compensation shall not be limited by any law on compensation of a
Trustee of an express trust. The Company shall reimburse the Trustee promptly
upon request for all reasonable disbursements, advances and expenses incurred
or made by the Trustee in addition to the compensation for its services, except to the extent any such expense, advance or disbursement may be
attributable to the Trustee’s negligence or willful misconduct. Such expenses
shall include the reasonable compensation, disbursements and expenses of the
Trustee’s agents and counsel and of all Persons not regularly in its employ.

 

The
Company shall indemnify the Trustee or any predecessor Trustee and their
officers, agents, directors and employees for, and to hold them harmless
against, any and all losses, liabilities, claims, damages or expenses
(including taxes other than taxes based upon the income of the Trustee)
incurred by it arising out of or in connection with the acceptance or
administration of the trust or trusts under this Indenture, including the costs
and expenses of enforcing this Indenture against the Company (including this Section 7.07)
and defending itself against any claim (whether asserted by the Company or any
Holder or any other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder, except to the extent any
such loss, liability or expense may be attributable to its negligence  or willful misconduct.  The Trustee
shall notify the Company promptly of any claim for which it may seek indemnity.
Failure by the Trustee to so notify the Company shall not relieve the Company
of its obligations hereunder. The Company shall defend the claim and the
Trustee shall cooperate in the defense. The Trustee may have separate counsel
and the Company shall pay the reasonable fees and expenses of such
counsel.  The Company need not pay for
any settlement made without its consent, which consent shall not be
unreasonably withheld.

 

The
obligations of the Company under this Section 7.07 shall survive the
satisfaction and discharge of the Notes, the termination for any reason of this
Indenture and the resignation or removal of the Trustee.

 

To
secure the Company’s payment obligations in this Section, the Trustee shall
have a Lien prior to the Notes on all money or property held or collected by
the Trustee, except that held in trust to pay principal and interest on
particular Notes. Such Lien shall survive the satisfaction and discharge of the
Notes, the termination for any reason of this Indenture and the resignation or
removal of the Trustee.

 

In
addition to and without prejudice to its other rights hereunder, when the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(7) or (8) hereof occurs, the expenses (including
the fees and expenses of its agents and counsel) and the compensation for the
services are intended to constitute expenses of administration under any
Bankruptcy Law.

 

“Trustee”
for purposes of this Section shall include any predecessor Trustee;
provided, however, that the negligence, willful misconduct or bad faith of any
Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

30

 

The
Trustee shall comply with the provisions of TIA Section 313(b)(2) to
the extent applicable.

 

Section 7.08           Replacement of Trustee.

 

A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section.

 

The
Trustee may resign in writing at any time and be discharged from the trust
hereby created by so notifying the Company. The Holders of Notes of a majority
in principal amount of the then outstanding Notes of a
given Series may remove the Trustee with
respect to the Notes of such Series by so notifying the Trustee
and the Company in writing. The Company may remove the Trustee if:

 

(a)           the
Trustee fails to comply with Section 7.10 hereof;

 

(b)           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;

 

(c)           a
custodian or public officer takes charge of the Trustee or its property; or

 

(d)           the
Trustee becomes incapable of acting.

 

If
the Trustee resigns or is removed or if a vacancy exists in the office of
Trustee for any reason, the Company shall promptly appoint a successor Trustee.
Within one year after the successor Trustee takes office, the Holders of a
majority in principal amount of the then outstanding Notes may appoint a
successor Trustee to replace the successor Trustee appointed by the Company.

 

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

 

If
the Trustee, after written request by any Holder of a Note of a given Series who has been a Holder of such Note for at least six months, fails to comply with Section 7.10,
such Holder of such Note may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee
with respect to the Notes of such Series.

 

A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Thereupon, the resignation or removal of
the retiring Trustee shall become effective, and the successor Trustee, without
any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the Trustee under this Indenture. The Company
shall mail a notice of its succession to Holders of the Notes. The retiring
Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee, provided all
sums owing to the Trustee (including its agents and/or counsel) hereunder have
been paid and 

 

31

 

subject to the Lien provided for in Section 7.07
hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08,
the Company’s obligations under Section 7.07 hereof shall continue for the
benefit of the retiring Trustee.

 

Section 7.09           Successor Trustee by Merger, Etc.

 

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

 

Section 7.10           Eligibility; Disqualification.

 

There
shall at all times be a Trustee hereunder that is a corporation organized and
doing business under the laws of the United States of America or of any state
or territory thereof that is authorized under such laws to exercise corporate
Trustee power, that is subject to supervision or examination by federal or
state authorities and that has a combined capital and surplus of at least $50
million as set forth in its most recent published annual report of condition.

 

This
Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1),
(2) and (5). The Trustee is subject to TIA Section 310(b).

 

Section 7.11           Preferential Collection of Claims Against Company.

 

The
Trustee is subject to 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.

 

Section 7.12           Trustee’s Application for Instructions from the Company.

 

Any
application by the Trustee for written instructions from the Company may, at
the option of the Trustee, set forth in writing any action proposed to be taken
or omitted by the Trustee under this Indenture and the date on and/or after
which such action shall be taken or such omission shall be effective. The
Trustee shall not be liable for any action taken by, or omission of, the
Trustee in accordance with a proposal included in such application on or after the
date specified in such application (which date shall not be less than three
Business Days after the date any officer of the Company actually receives such
application, unless any such officer shall have consented in writing to any
earlier date) unless prior to the taking of such action (or the effective date
in the case of an omission), the Trustee shall have received written
instructions in response to such application specifying the action to be taken
or omitted.

 

32

 

ARTICLE 8.

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01           Option to Effect Legal Defeasance or Covenant Defeasance.

 

The
Company may, at the option of its Board of Directors evidenced by a resolution
set forth in an Officer’s Certificate, at any time, elect to have either Section 8.02
or 8.03 hereof be applied to any Series of outstanding Notes upon
compliance with the conditions set forth below in this Article 8.

 

Section 8.02           Legal Defeasance and Discharge.

 

Upon
the Company’s exercise under Section 8.01 hereof of the option applicable
to this Section 8.02, the Company shall, subject to the satisfaction of
the conditions set forth in Section 8.04 hereof, be deemed to have been
discharged from its obligations with respect to all outstanding Notes of such Series (including
the related guarantees, if any) on the date the conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”).
For this purpose, Legal Defeasance means that the Company shall be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding
Notes of such Series (including the related guarantees, if any), which
shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05
hereof and the other Sections of this Indenture referred to in (a) and (b) below,
and to have satisfied all of their other obligations under such Notes, such
guarantees, if any, and this Indenture (and the Trustee, on demand of and at
the expense of the Company, shall execute proper instruments acknowledging the
same), except for the following provisions which shall survive until otherwise
terminated or discharged hereunder: (a) the rights of Holders of
outstanding Notes to receive solely from the trust fund described in Section 8.05
hereof, and as more fully set forth in such Section, payments in respect of the
principal of, interest and premium, if any, on such Notes when such payments
are due, (b) the Company’s obligations with respect to the Notes under Article 2
and Section 4.01 hereof, (c) the rights, powers, trusts, duties and
immunities of the Trustee hereunder and the Company’s obligations in connection
therewith and (d) this Article 8. Subject to compliance with this Article 8,
the Company may exercise its option under this Section 8.02
notwithstanding the prior exercise of its option under Section 8.03
hereof.

 

Section 8.03           Covenant Defeasance.

 

Upon
the Company’s exercise under Section 8.01 hereof of the option applicable
to this Section 8.03, the Company will, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be released from its
obligations under the covenants contained in Section 4.03, 4.04 and 4.05
with respect to the outstanding Notes of the applicable Series on and
after the date the conditions set forth in Section 8.04 are satisfied
(hereinafter, “Covenant Defeasance”),
and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall
continue to be deemed “outstanding” for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for accounting
purposes). For this purpose, Covenant Defeasance means that, with respect to
the outstanding Notes of such Series, the Company may omit to comply with and
shall have no liability in respect of any term, 

 

33

 

condition
or limitation set forth in any such covenant, whether directly or indirectly,
by reason of any reference elsewhere herein to any such covenant or by reason
of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default or an
Event of Default under Section 6.01 hereof, but, except as specified
above, the remainder of this Indenture and such Notes shall be unaffected
thereby. In addition, upon the Company’s exercise under Section 8.01
hereof of the option applicable to this Section 8.03, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Sections
6.01(4) through 6.01(6) hereof shall not constitute Events of
Default.

 

Section 8.04           Conditions to Legal or Covenant Defeasance.

 

The
following shall be the conditions to the application of either Sections 8.02 or
8.03 hereof to any outstanding Series of Notes:

 

In
order to exercise either Legal Defeasance or Covenant Defeasance:

 

(a)           the
Company must irrevocably deposit with the Trustee in trust, for the benefit of
the Holders, cash in Dollars, non-callable Government Securities, or a
combination of cash in Dollars and non-callable Government Securities in such
amounts as will be sufficient, in the opinion of a nationally recognized firm
of independent public accountants, to pay and discharge the principal of,
interest and premium, if any, on the outstanding Notes of such Series on
the stated maturity or on the applicable redemption date, as the case may be,
and the Company must specify whether the Notes are being defeased to maturity
or to a particular redemption date;

 

(b)           in
the case of an election under Section 8.02 hereof with respect to any Series of
Notes, the Company shall have delivered to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that (A) the Company has
received from, or there has been published by, the Internal Revenue Service a
ruling or (B) since the date of this Indenture, there has been a change in
the applicable U.S. federal income tax law, in either case to the effect that,
and based thereon such Opinion of Counsel shall confirm that, the Holders of
the outstanding Notes of such Series will not recognize income, gain or
loss for U.S. federal income tax purposes as a result of such Legal 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 Legal
Defeasance had not occurred;

 

(c)           in
the case of an election under Section 8.03 hereof with respect to any Series of
Notes, the Company shall have delivered to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that the Holders of the
outstanding Notes 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;

 

(d)           no
Default or Event of Default shall have occurred and be continuing on the date
of such deposit, other than a Default or Event of Default resulting from the
incurrence of Indebtedness all or a portion of the proceeds of which will be
used to defease the Notes of any Series pursuant to this Article 8
concurrently with such incurrence, or insofar as Sections 6.01(7)

 

34

 

or 6.01(8) hereof is concerned, at any time in
the period ending on the 91st day after the date of deposit;

 

(e)           such
Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under, any material agreement or
instrument, other than this Indenture, to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries is
bound;

 

(f)            the
Company shall have delivered to the Trustee an Officer’s Certificate stating
that the deposit was not made by the Company with the intent of preferring the
Holders of the Notes over the other creditors of the Company with the intent of
defeating, hindering, delaying or defrauding creditors of the Company or
others; and

 

(g)           the
Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent relating to the
Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.05           Deposited Money and Government Securities to Be Held in Trust; Other
Miscellaneous Provisions.

 

Subject
to Section 8.06 hereof, all money and non-callable Government Securities
(including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes of any Series shall be held in
trust and applied by the Trustee, in accordance with the provisions of such
Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal, premium, if any, and interest, 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 cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and
interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes
of the applicable Series.

 

Anything
in this Article 8 to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon the request of the Company
any money or non-callable Government Securities held by it as provided in Section 8.04
hereof which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to
the Trustee (which may be the opinion delivered under Section 8.04(a) hereof),
are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.06           Repayment to Company.

 

Any
money deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal of, premium, if any, or
interest on any Series

 

35

 

of
Notes and remaining unclaimed for two years after such principal, and premium,
if any, or interest has become due and payable shall be paid to the Company on
its request or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Note shall thereafter look only to the Company
for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the reasonable expense of the
Company cause to be published once, in The  New York Times and the Wall Street Journal
(national edition), notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such notification or publication, any unclaimed balance of such money then
remaining shall be repaid to the Company.

 

Section 8.07           Reinstatement.

 

If
the Trustee or Paying Agent is unable to apply any Dollars or non-callable
Government Securities in accordance with Section 8.02 or 8.03 hereof, as
the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company’s obligations under this Indenture and the
applicable Notes shall be revived and reinstated as though no deposit had
occurred pursuant to Section 8.02 or 8.03 hereof until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with
Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company
makes any payment of principal of, premium, if any, or interest on any Note
following the reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Notes to receive such payment from the
money held by the Trustee or Paying Agent.

 

ARTICLE 9.

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01           Without Consent of Holders of Notes.

 

Notwithstanding
Section 9.02 of this Indenture, the Company and the Trustee may amend or
supplement this Indenture or the Notes of one or more Series without the
consent of any Holder of a Note:

 

(1)                                  to cure any
ambiguity, defect or inconsistency;

 

(2)                                  to provide for
uncertificated Notes in addition to or in place of certificated Notes;

 

(3)                                  to provide for
the assumption of the Company’s obligations to the Holders of the Notes of a given Series by a successor to the Company pursuant to Article 5
hereof;

 

(4)                                  to make any
change that would provide any additional rights or benefits to the Holders of
Notes of a given Series or that does
not adversely affect the legal rights hereunder of any Holder of a Note of such Series;

 

36

 

(5)                                  to comply with
requirements of the SEC in order to effect or maintain the qualification of
this Indenture under the TIA;

 

(6)                                  to provide for
the issuance of and establish the form and terms and conditions of Notes of any
Series as permitted by this Indenture;

 

(7)                                  to evidence and
provide for the acceptance of appointment hereunder by a successor Trustee with
respect to the Notes 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; or

 

(8)                                  to comply with the rules of any securities exchange or automated quotation
system on which the Notes of such Series may be listed or traded.

 

Upon
the request of the Company accompanied by a Board Resolution authorizing the
execution of any such amended or supplemental indenture, and upon receipt by
the Trustee of the documents described in Sections 7.02 and 9.06 hereof, the
Trustee will join with the Company in the execution of any amended or
supplemental indenture authorized or permitted by the terms of this Indenture
and to make any further appropriate agreements and stipulations that may be
therein contained, but the Trustee will not be obligated to enter into such
amended or supplemental indenture that affects its own rights, duties or
immunities under this Indenture or otherwise.

 

Section 9.02           With Consent of Holders of Notes.

 

The
Company and the Trustee may enter into a supplemental indenture with the
written consent of the Holders of at least a majority in principal amount of
the outstanding Notes of each Series affected by such supplemental
indenture (including consents obtained in connection with a tender offer or
exchange offer for the Notes of such Series), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of any supplemental indenture or of modifying in any manner
the rights of the Holders of Notes of each such Series. Except as otherwise
provided herein, the Holders of at least a majority in principal amount of the
outstanding Notes of each Series by notice to the Trustee (including
consents obtained in connection with a tender offer or exchange offer for the
Notes of such Series) may waive compliance by the Company with any provision of
this Indenture or the Notes with respect to such Series.

 

However,
without the consent of each Holder affected, an amendment or waiver under this Section 9.02
may not:

 

(a)           reduce
the principal amount of Notes whose Holders must consent to an amendment or
waiver;

 

(b)           reduce
the principal of or change the fixed maturity of any Note or alter or waive any
of the provisions with respect to the redemption of the Notes;

 

37

 

(c)           reduce
the rate of or change the time for payment of interest, including default
interest, on any Note;

 

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

 

(e)           make
any Note payable in money other than that stated in the Notes;

 

(f)            make
any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Holders of the Notes to receive payments of principal
of or premium, interest, if any, on the Notes; or

 

(g)           make
any change in the foregoing amendment and waiver provisions.

 

It
shall not be necessary for the consent of the Holders of Notes under this Section 9.02
to approve the particular form of any proposed supplemental indenture or
waiver, but it shall be sufficient if such consent approves the substance
thereof. Upon the request of the Company accompanied by a Board Resolution
authorizing the execution of any such amended or supplemental indenture, and
upon the filing with the Trustee of evidence satisfactory to the Trustee of the
consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee
of the documents described in Sections 7.02 and 9.06 hereof, the Trustee will
join with the Company in the execution of such amended or supplemental
indenture unless such amended or supplemental indenture directly affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee may in its discretion, but will not be obligated to,
enter into such amended or supplemental Indenture.

 

Section 9.03           Compliance with Trust Indenture Act.

 

Every
amendment to this Indenture or the Notes of one or more Series shall be
set forth in a supplemental indenture hereto that complies with the TIA as then
in effect.

 

Section 9.04           Revocation and Effect of Consents.

 

Until
an amendment or waiver becomes effective, consent to it by a Holder of a Note
is a continuing consent by the Holder and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder’s Note,
even if notation of the consent is not made on any Note. However, any such
Holder or subsequent Holder may revoke the consent as to his Note or portion of
a Note if the Trustee receives the notice of revocation before the date the
amendment or waiver becomes effective. An amendment or waiver becomes effective
in accordance with its terms and thereafter binds every Holder.

 

Section 9.05           Notation on or Exchange of Notes.

 

The
Trustee may place an appropriate notation about an amendment or waiver on any
Note of any Series thereafter authenticated. The Company in exchange for
Notes of that Series

 

38

 

may
issue and the Trustee shall authenticate upon request new Notes of that Series that
reflect the amendment or waiver.

 

Section 9.06           Trustee Protected.

 

In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article 9 or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive, and
(subject to Section 7.01) shall be fully protected in relying upon, an
Officer’s Certificate and an Opinion of Counsel each stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture.
The Trustee shall sign all supplemental indentures, except that the Trustee
need not sign any supplemental indenture that adversely affects its rights.

 

Section 9.07           Notice of Supplemental Indenture.

 

After any supplemental indenture or waiver under
this Article becomes effective, the Company shall mail to the Holders of
Notes a notice briefly describing such supplemental indenture or waiver. Any
failure by the Company to mail such notice to all Holders of Notes, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture or waiver.

 

ARTICLE 10.

SATISFACTION AND DISCHARGE

 

Section 10.01         Satisfaction and Discharge.

 

This
Indenture will be discharged and will cease to be of further effect as to a Series of
Notes issued hereunder, when:

 

(1)                                  either:

 

(a)           all
such Notes that have been authenticated (except lost, stolen or destroyed Notes
that have been replaced or paid and Notes for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Company) have been
delivered to the Trustee for cancellation; or

 

(b)           all
such Notes that have not been delivered to the Trustee for cancellation have
become due and payable by reason of the mailing of a notice of redemption or
otherwise or will become due and payable within one year and the Company has
irrevocably deposited or caused to be deposited with the Trustee as trust funds
in trust solely for the benefit of the Holders of such Notes, cash in Dollars,
non-callable Government Securities, or a combination of cash in Dollars and
non-callable Government Securities, in such amounts as will be sufficient
without consideration of any reinvestment of interest, to pay and discharge the
entire indebtedness on the Notes not delivered to the Trustee for cancellation
for principal, premium, if any, and accrued interest to the date of maturity or
redemption;

 

(2)                                  no Default or
Event of Default has occurred and is continuing on the date of such deposit or
will occur as a result of such deposit and such deposit will not result in 

 

39

 

a breach or violation of, or constitute a default under, any other
instrument to which the Company is a party or by which the Company is bound;

 

(3)                                  the Company has
paid or caused to be paid all sums payable by it under this Indenture; and

 

(4)                                  the Company has
delivered irrevocable instructions to the Trustee under this Indenture to apply
the deposited money toward the payment of the Notes at maturity or the
redemption date, as the case may be.

 

In
addition, the Company must deliver an Officer’s Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent to satisfaction
and discharge have been satisfied.

 

Section 10.02         Application of Trust Money.

 

Subject
to the provisions of Section 8.06 hereof, all money deposited with a
Trustee pursuant to Section 10.1 hereof shall be held in trust and applied
by it, in accordance with the provisions of the Notes with respect to which
such deposit was made and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent)
as such Trustee may determine, to the persons entitled thereto, of the
principal (and premium, if any) and interest for whose payment such money has
been deposited with such Trustee; but such money need not be segregated from
other funds except to the extent required by law.

 

If
such Trustee or Paying Agent is unable to apply any money or Government
Securities in accordance with Section 10.01 hereof 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 applicable Notes shall be
revived and reinstated as though no deposit had occurred pursuant to Section 10.01
hereof; provided that if the
Company has made any payment of principal of, premium, if any, or interest on,
any Notes because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Notes to receive such payment
from the money or Government Securities held by the Trustee or Paying Agent.

 

ARTICLE 11.

MISCELLANEOUS

 

Section 11.01         Trust Indenture Act Controls.

 

If
any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by TIA Section 318(c), the imposed duties shall control.

 

Section 11.02         Notices.

 

Any
notice or communication by the Company or the Trustee to the others is duly
given if in writing and delivered in Person or mailed by first class mail
(registered or certified, return receipt requested), telecopier or overnight
air courier guaranteeing next day delivery, to the others’ address.

 

40

 

If
to the Company:

Genco Shipping & Trading Limited

299 Park Avenue, 20th Floor

New York, New York  10171

Facsimile: (646) 443-8551

Attention:  John C. Wobensmith

 

If
to the Trustee:

 

The
Bank of New York Mellon

c/o The Bank of New York Mellon Trust Company, N.A.

525 William Penn Place 38th Floor 

Pittsburgh PA 15259

Attention:  Corporate Trust Division —
Corporate Finance Unit

Facsimile:  (412) 234-1209

 

The
Company or the Trustee, by notice to the others may designate additional or
different addresses for subsequent notices or communications.

 

All
notices and communications (other than those sent to Holders or the Trustee)
shall be deemed to have been duly given: at the time delivered by hand, if
personally delivered; five Business Days after being deposited in the mail,
postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the
next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery.

 

Any
notice or communication given to the Trustee shall be effective only upon
actual receipt by the Trustee at the Corporate Trust Office of the Trustee

 

Any
notice or communication to a Holder shall be mailed by first class mail postage
prepaid, certified or registered mail, return receipt requested, or by
overnight air courier guaranteeing next day delivery to its address shown on
the register kept by the Registrar. Any notice or communication shall also be
so mailed to any Person described in TIA Section 313(c), to the extent
required by the TIA. Failure to mail a notice or communication to a Holder or
any defect in it shall not affect its sufficiency with respect to other
Holders.

 

If
a notice or communication is mailed to the Holders or the Company in the manner
provided above within the time prescribed, it is duly given, whether or not the
addressee receives it.

 

If
the Company mails a notice or communication to Holders, it shall mail a copy to
the Trustee and each Agent at the same time.

 

Section 11.03         Communication by Holders of Notes with Other Holders of Notes.

 

Holders
of any Series may communicate pursuant to TIA Section 312(b) with
other Holders of the Series or any other Series with respect to their
rights under this Indenture or the 

 

41

 

Notes
of that Series or all Series. The Company, the Trustee, the Registrar and
anyone else shall have the protection of TIA Section 312(c).

 

Section 11.04         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:

 

(a)           an
Officer’s Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with; and

 

(b)           an
Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been complied with.

 

Section 11.05         Statements Required in Certificate.

 

Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than a certificate provided pursuant to
TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and
shall include:

 

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

 

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

 

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

 

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

 

Section 11.06         Rules by Trustee and Agents.

 

The
Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions.

 

Section 11.07         Calculation of Foreign Currency Amounts.

 

The
calculation of the Dollar equivalent amount for any amount denominated in a
foreign currency shall be the noon buying rate in The City of New York as
certified by the Federal Reserve Bank of New York on the date on which such
determination is required to be made or, if such day is not a day on which such
rate is published, the rate most recently published prior to such day.

 

42

 

Section 11.08         Legal Holidays.

 

If
a payment date is a Legal Holiday, payment shall be made on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue on such payment
for the intervening period.  If a regular
record date is a Legal Holiday, the record date shall not be affected.

 

Section 11.09         No Personal Liability of Directors, Officers, Employees and
Stockholders.

 

No
past, present or future director, officer, employee, incorporator or
stockholder of the Company, as such, shall have any liability for any
obligations of the Company under the Notes, this Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes. The
waiver may not be effective to waive liabilities under the federal securities
laws.

 

Section 11.10         Governing Law.

 

THE
INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
THIS INDENTURE, THE NOTES AND THE GUARANTEES WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE.

 

Section 11.11         No Adverse Interpretation of Other Agreements.

 

This
Indenture may not be used to interpret any other indenture, loan or debt
agreement of the Company or its Subsidiaries or of any other Person. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section 11.12         Successors.

 

All
agreements of the Company in this Indenture and the Notes shall bind its
successors. All agreements of the Trustee in this Indenture shall bind its
successors.

 

Section 11.13         Severability.

 

In
case any provision in this Indenture or in the Notes 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.

 

43

 

Section 11.14         Counterpart Originals.

 

The
parties may sign any number of copies of this Indenture. Each signed copy shall
be an original, but all of them together represent the same agreement.

 

Section 11.15         Table of Contents, Headings, Etc.

 

The
Table of Contents, Cross-Reference Table 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 of this Indenture and shall in no way
modify or restrict any of the terms or provisions hereof.

 

ARTICLE 12.

SINKING FUNDS

 

Section 12.01         Applicability of Article.

 

The
provisions of this Article 12 shall be applicable to any sinking fund for
the retirement of the Notes of a Series, except as otherwise permitted or
required by any form of Notes of such Series issued pursuant to this
Indenture.

 

The
minimum amount of any sinking fund payment provided for by the terms of the
Notes of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount
provided for by the terms of Notes of such Series is herein referred to as
an “optional sinking fund payment.”
If provided for by the terms of Notes of any Series, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 12.02
hereof. Each sinking fund payment shall be applied to the redemption of Notes
of any Series as provided for by the terms of the Notes of such Series.

 

Section 12.02         Satisfaction of Sinking Fund Payments with Notes.

 

The
Company may, in satisfaction of all or any part of any sinking fund payment
with respect to the Notes of any Series to be made pursuant to the terms
of such Notes (1) deliver outstanding Notes of such Series to which
such sinking fund payment is applicable (other than any of such Notes
previously called for mandatory sinking fund redemption) and (2) apply as
credit Notes of such Series to which such sinking fund payment is
applicable and which have been repurchased by the Company or redeemed either at
the election of the Company pursuant to the terms of such Series of Notes
(except pursuant to any mandatory sinking fund) or through the application of
permitted optional sinking fund payments or other optional redemptions pursuant
to the terms of such Notes, provided
that such Notes have not been previously so credited. Such Notes shall be
received by the Trustee, together with an Officer’s Certificate with respect
thereto, not later than 15 days prior to the date on which the Trustee begins
the process of selecting Notes for redemption, and shall be credited for such
purpose by the Trustee at the price specified in such Notes for redemption
through operation of the sinking fund and the amount of such sinking fund
payment shall be reduced accordingly. If as a result of the delivery or credit
of Notes in lieu of cash payments pursuant to this Section 12.02, the
principal amount of Notes of such Series to be redeemed in order to
exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Notes of such Series for redemption, except upon receipt of
a Company Order that such action be taken, and such cash payment shall be held
by the Trustee or a Paying 

 

44

 

Agent and applied to the next succeeding
sinking fund payment, provided, however,
that the Trustee or such Paying Agent shall from time to time upon receipt of a
Company Order pay over and deliver to the Company any cash payment so being
held by the Trustee or such Paying Agent upon delivery by the Company to the
Trustee of Notes of that Series purchased by the Company having an unpaid
principal amount equal to the cash payment required to be released to the
Company.

 

Section 12.03         Redemption of Notes for Sinking Fund.

 

Not
less than 45 days (unless a shorter period is
satisfactory to the Trustee) prior to each sinking fund payment date for
any Series of Notes, the Company will deliver to the Trustee an Officer’s
Certificate specifying the amount of the next ensuing mandatory sinking fund
payment for that Series pursuant to the terms of that Series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of Notes
of that Series pursuant to Section 12.02 hereof, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund
payment, and the Company shall thereupon be obligated to pay the amount therein
specified. Not less than 15 days nor more than 45 days (unless otherwise indicated in the Board
Resolution, Officer’s Certificate or supplemental indenture in respect of a
particular Series of Notes) before each such sinking fund payment date the
Trustee shall select the Notes to be redeemed upon such sinking fund payment
date in the manner specified in Section 3.02 hereof and cause notice of
the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 3.03 hereof. Such notice having
been duly given, the redemption of such Notes shall be made upon the terms and
in the manner stated in Sections 3.04, 3.05 and 3.06 hereof.

 

[Signatures on following page]

 

45

 

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

 

 

	
   

  	
  GENCO
  SHIPPING & TRADING LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John C. Wobensmith

  
	
   

  	
   

  
	
   

  	
  Name:
  John C. Wobensmith

  
	
   

  	
   

  
	
   

  	
  Title:
  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK MELLON, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Justin Huff

  
	
   

  	
   

  
	
   

  	
  Name:
  Justin Huff

  
	
   

  	
   

  
	
   

  	
  Title: Senior Associate

  

 

46Exhibit 4.2

 

GENCO
SHIPPING & TRADING LIMITED

 

 

FIRST SUPPLEMENTAL INDENTURE

 

DATED AS OF JULY 27, 2010

 

to the Indenture dated as of July 27, 2010

 

 

Creating
the Series of Notes Designated

 

5.00% Convertible Senior Notes due August 15, 2015

 

 

THE BANK OF NEW YORK MELLON,

 

as Trustee

 

 

 

ARTICLE 1

DEFINITIONS

 

	
  Section 1.01

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.02

  	
   

  	
  Other
  Definitions

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2

  
	
  THE SECURITIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.01

  	
   

  	
  Issue
  of Notes

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.02

  	
   

  	
  Form and
  Dating

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.03

  	
   

  	
  Execution
  and Authorization; Add On Securities

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.04

  	
   

  	
  Registrar,
  Paying Agent and Conversion Agent

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.05

  	
   

  	
  Transfer
  and Exchange

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.06

  	
   

  	
  Outstanding
  Securities

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.07

  	
   

  	
  Cancellation

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3

  
	
  REDEMPTION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.01

  	
   

  	
  Not
  Subject to Redemption

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4

  
	
  PURCHASE OF SECURITIES
  UPON A FUNDAMENTAL CHANGE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.01

  	
   

  	
  Purchase
  of Securities at Option of the Holder Upon Fundamental Change

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.02

  	
   

  	
  Effect
  of Fundamental Change Purchase Notice

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.03

  	
   

  	
  Deposit
  of Fundamental Change Purchase Price

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.04

  	
   

  	
  Securities
  Purchased in Part

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.05

  	
   

  	
  Compliance
  with Securities Laws Upon Purchase of Securities

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5

  
	
  PAYMENT OF INTEREST AND
  MAKE WHOLE ADJUSTMENT EVENTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.01

  	
   

  	
  Interest
  and Principal Payments

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.02

  	
   

  	
  Increased
  Conversion Rate Applicable to Certain Securities Surrendered in Connection
  with Make Whole Adjustment Events

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.03

  	
   

  	
  Adjustments
  Relating to Make Whole Adjustment Event

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6

  
	
  CONVERSION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.01

  	
   

  	
  Conversion
  Privilege

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.02

  	
   

  	
  Conversion
  Procedure

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.03

  	
   

  	
  Fractional
  Shares

  	
   

  	
  21

  

 

i

 

	
  Section 6.04

  	
   

  	
  Taxes
  on Conversion

  	
   

  	
  21

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.05

  	
   

  	
  Settlement
  Upon Conversion

  	
   

  	
  22

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.06

  	
   

  	
  Adjustment
  of Conversion Price

  	
   

  	
  23

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.07

  	
   

  	
  No
  Adjustment

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.08

  	
   

  	
  Adjustment
  for Tax Purposes

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.09

  	
   

  	
  Notice
  of Conversion and Notice of Adjustment

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.10

  	
   

  	
  Notice
  of Certain Transactions

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.11

  	
   

  	
  Stockholder
  Rights Plans

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.12

  	
   

  	
  Effect
  of Reclassification, Consolidation, Merger or Sale on Conversion Privilege

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.13

  	
   

  	
  Trustee’s
  Disclaimer

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.14

  	
   

  	
  Voluntary
  Reduction

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.15

  	
   

  	
  Calculations
  in Respect of the Securities

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 7

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.01

  	
   

  	
  Reports

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.02

  	
   

  	
  Compliance
  Certificate

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.03

  	
   

  	
  Payment
  of Additional Tax Amounts

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8

  
	
  CONSOLIDATION, MERGER,
  SALE OR CONVEYANCE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.01

  	
   

  	
  Issuer
  May Consolidate, etc., on Certain Terms

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.02

  	
   

  	
  Successor
  Person Substituted

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 9

  
	
  DEFAULT AND REMEDIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.01

  	
   

  	
  Events
  of Default

  	
   

  	
  41

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.02

  	
   

  	
  Additional
  Interest Sole Remedy for Certain Events of Default

  	
   

  	
  42

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.03

  	
   

  	
  Waiver
  of Default and Events of Default

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.04

  	
   

  	
  Limitations
  on Suits

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.05

  	
   

  	
  Unconditional
  Right of Holders to Receive Conversion Obligation

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.06

  	
   

  	
  Duties
  of Trustee

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 10

  
	
  SATISFACTION AND
  DISCHARGE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.01

  	
   

  	
  Satisfaction
  and Discharge

  	
   

  	
  44

  

 

ii

 

	
  ARTICLE 11

  
	
  MISCELLANEOUS PROVISIONS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.01

  	
   

  	
  Scope
  of Supplemental Indenture

  	
   

  	
  45

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.02

  	
   

  	
  Adoption,
  Ratification and Confirmation

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.03

  	
   

  	
  New
  York Law to Govern

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.04

  	
   

  	
  Notices

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.05

  	
   

  	
  Counterparts

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.06

  	
   

  	
  Trustee’s
  Disclaimer

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 12

  
	
  SUPPLEMENTAL INDENTURES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.01

  	
   

  	
  Without
  Consent of Holders

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.02

  	
   

  	
  With
  Consent of Holders

  	
   

  	
  47

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 13

  
	
  SINKING FUND

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 13.01

  	
   

  	
  No
  Sinking Fund

  	
   

  	
  47

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A:

  	
   

  	
  Form of
  Security

  	
   

  	
  A-1

  

 

iii

 

FIRST
SUPPLEMENTAL INDENTURE, dated as of July 27, 2010, between GENCO SHIPPING &
TRADING LIMITED, a Marshall Islands corporation (the “Company”), and THE BANK OF NEW YORK
MELLON, a New York banking corporation, as trustee (the “Trustee”), Paying Agent, Registrar and
Conversion Agent.

 

W I T N E S S E T H:

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee an Indenture,
dated as of July 27, 2010 (the “Base
Indenture”), providing for the issuance from time to time of one or
more Series of Notes;

 

WHEREAS,
Sections 2.01 and 2.02 of the Base Indenture provide that the Company and the
Trustee may from time to time enter into one or more indentures supplemental
thereto to establish the form or terms of a new Series of Notes;

 

WHEREAS,
the Company, pursuant to the foregoing authority, proposes in and by this First
Supplemental Indenture (the “Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”) to supplement the Base
Indenture insofar as it will apply only to the 5.00% Convertible Senior Notes
due August 15, 2015 (the “Securities”,
each a “Security”) issued under
the Indenture (and not to any other Series of Notes); and

 

WHEREAS,
all things necessary have been done to make the Securities, when executed by
the Company and authenticated and delivered under the Indenture by the Trustee
and duly issued by the Company, the valid obligations of the Company, and to
make this Supplemental Indenture a valid agreement of the Company, in
accordance with their and its terms;

 

NOW,
THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

 

For
and in consideration of the premises and the purchases of the Securities by the
Holders thereof, the Company and the Trustee agree as follows for the benefit
of each other and for the equal and ratable benefit of the Holders of the
Securities:

 

ARTICLE 1

 

DEFINITIONS

 

Section 1.01        Definitions.

 

For
all purposes of the Indenture and the Securities:

 

(a)          each term that is used but
not defined in this Supplemental Indenture shall have the meaning provided in
the Base Indenture;

 

(b)         each term that is defined in
both this Supplemental Indenture and the Base Indenture shall have the meaning
provided in this Supplemental Indenture unless otherwise specified herein;

 

1

 

(c)          the below terms are defined
as follows:

 

“Add On Securities” means any Securities
originally issued after the date hereof pursuant to Section 2.03.

 

“Additional Tax Amounts” has the meaning
specified in Section 7.03.

 

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

 

“Base Indenture” has the meaning provided
in the first recital.

 

“Business Day” means any day other than (x) a
Saturday, (y) a Sunday or (z) a day on which state or federally
chartered banking institutions in New York, New York are not required to be
open.

 

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

 

“Closing Sale Price” of the Common Stock
means, as of any date of determination, the closing per share sale price (or,
if no closing sale price is reported, the average of the bid and ask prices or,
if more than one in either case, the average of the average bid and the average
ask prices) as reported in composite transactions for the principal U.S.
securities exchange on which the Common Stock is traded (or, if the Common
Stock is not listed on a U.S. National Securities Exchange or U.S. regional
securities exchange, as reported by Pink OTC Markets Inc.) at 4:00 p.m.
(New York City time) or the then standard closing time for regular trading on
the relevant exchange or trading system on such date.

 

“Common Stock” means the common stock of
the Company, $0.01 par value, as it exists on the date of this Supplemental
Indenture and any shares of any class or classes of Capital Stock of the
Company resulting from any reclassification or reclassifications thereof and
which have no preference in respect of dividends or of amounts payable in the event
of any voluntary or involuntary liquidation, dissolution or winding-up of the
Company and which are not subject to redemption by the Company; provided, however, that, if at any time
there shall be more than one such resulting class, the shares of each such
class then so issuable on conversion of Securities shall be substantially in
the proportion which the total number of shares of such class resulting from
all such reclassifications bears to the total number of shares of all such
classes resulting from all such reclassifications.

 

“Company” has the meaning provided in the
preamble, subject to the provisions of Section 8.02.

 

“Continuing Director” means, as of any date
of determination, any member of the board of directors of the Company who (i) was
a member of such board of directors on the Original Issue Date of the
Securities, or (ii) was nominated for election or elected to such board of
directors with the approval of a majority of the Continuing Directors who were
members of such board of directors at the time of such nomination or election.

 

2

 

“Conversion Period”, with respect to any
Security, means the 25 consecutive Trading Day period beginning on and
including the third Trading Day immediately following the related Conversion
Date, except that if a Holder surrenders a Security for conversion at any time
after the 60th Scheduled Trading Day prior to the Final Maturity Date and until
the close of business on the second Scheduled Trading Day immediately preceding
the Final Maturity Date, then (i) the Holder will be deemed to have
surrendered such Security as of the 30th Trading Day immediately preceding the
Final Maturity Date, (ii) the Conversion Period for such Security will
commence on the 27th Trading Day immediately preceding the Final Maturity Date,
and (iii) the Settlement Date for the conversion of such Security will be
the Final Maturity Date (assuming no delay in settlement due to Market
Disruption Events).

 

“Conversion Rate” means, as of any date, an
amount equal to $1,000 divided by the then applicable Conversion Price on such
date.

 

“Daily Conversion Value” means, in respect
of each of the 25 consecutive Trading Days during any Conversion Period, for
each $1,000 in aggregate principal amount of Securities, one-twenty-fifth
(1/25th) of the product of (i) the applicable Conversion Rate and
(ii) the Daily VWAP of the Common Stock (or other Reference Property, if
applicable) on such Trading Day.

 

“Daily Measurement Value”
means the Specified Dollar Amount, if any, divided by 25.

 

“Daily Net Share Settlement Value” means,
in respect of any Trading Day, the number of shares of Common Stock equal to (1) the
difference between the Daily Conversion Value and the Daily Measurement Value,
divided by (2) the Daily VWAP of the Common Stock for such Trading Day.

 

“Daily Settlement Amount” means, in respect
of each of the 25 consecutive Trading Days during any Conversion Period, for
each $1,000 aggregate principal amount of Securities validly surrendered for
conversion:

 

(i)                                     if the Daily
Conversion Value for such Trading Day for each $1,000 aggregate principal
amount of Securities exceeds the Daily Measurement Value, the sum of:

 

(a)                                  a cash payment
of the Daily Measurement Value; and

 

(b)                                 the Daily Net
Share Settlement Value; or

 

(ii)                                  if the Daily
Conversion Value for such Trading Day for each $1,000 aggregate principal
amount of Securities is less than or equal to the Daily Measurement Value, a
cash payment equal to the Daily Conversion Value.

 

“Daily VWAP” for the Common Stock (or any
security that is part of the Reference Property into which the Common Stock has
been converted, if applicable), in respect of any Trading Day, means the per
share volume-weighted average price of the Common Stock 

 

3

 

(or
other security) on the New York Stock Exchange (or other principal exchange on
which such security is then listed) as displayed under the heading “Bloomberg
VWAP” on Bloomberg page “GNK.N Equity AQR” (or its equivalent successor if
such page is not available, or the Bloomberg page for any security
that is part of the Reference Property into which the Common Stock has been
converted, if applicable) in respect of the period from the scheduled opening
of trading until the scheduled close of trading of the primary trading session
on such Trading Day, or, if such volume-weighted average price is unavailable
(or the Reference Property is not a security), the market value of one share of
the Common Stock (or other Reference Property) on such Trading Day as
determined in good faith by the Board of Directors in a commercially reasonable
manner, using a volume-weighted average price method (unless the Reference
Property is not a security), provided that
in making a volume-weighted average pricing determination, the Board of
Directors may rely conclusively on the determination of Daily VWAP for such
Trading Day made by an independent nationally recognized securities dealer
selected by the Board of Directors), and will be determined without regard to
after-hours trading or any other trading outside of the regular trading
session.

 

“Ex-Dividend Date” means, with respect to
any dividend or distribution, the first date on which the shares of Common
Stock trade, regular way, on the relevant exchange or in the relevant market
from which the sale price was obtained without the right to receive such
dividend or distribution.

 

“Exchange Act” means the Securities and
Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder, as in effect from time to time.

 

“Final Maturity Date” means August 15,
2015.

 

“Global Security” means any Global Note
representing Securities.

 

“Indenture” has the meaning provided in the
third recital.

 

“Market Disruption Event” means (1) a
failure by the primary exchange or quotation system on which the Common Stock
trades or is quoted to open for trading during its regular trading session or
(2) the occurrence or existence for more than one half hour period in the
aggregate on any Scheduled Trading Day for the Common Stock of any suspension
or limitation imposed on trading (by reason of movements in price exceeding
limits permitted by the New York Stock Exchange or otherwise) in the Common
Stock or in any options, contracts or future contracts relating to the Common
Stock, and such suspension or limitation occurs or exists at any time before
1:00 p.m., New York City time, on such day.

 

“Original Issue Date” means July 27,
2010.

 

“Prospectus” means the prospectus dated February 27,
2009, as supplemented by the prospectus supplement dated July 21, 2010,
with respect to the Securities, filed by the Company with the SEC on July 22,
2010.

 

“Scheduled Trading Day” means any day that
is scheduled to be a Trading Day.

 

4

 

“Securities” has the meaning provided in
the third recital.

 

“Settlement Date” means the third Business
Day immediately following the last Trading Day in the relevant Conversion
Period, unless otherwise specified herein.

 

“Settlement Method” means, with respect to
any conversion of Securities, the relative proportions of cash and/or shares of
Common Stock with which such conversion is to be settled under the Indenture,
as elected by the Company under Section 6.05(a).

 

“Significant Subsidiary” means a Subsidiary
of the Company that is a “significant subsidiary” (or any group of Subsidiaries
that, taken together, would constitute a “significant subsidiary”) as defined
in Regulation S-X under the Securities Act.

 

“Specified Dollar Amount” means the dollar
amount in cash elected, or deemed elected, by the Company in respect of given
Securities pursuant to Section 6.05(a).

 

“Trading Day” means any day during which
(i) there is no Market Disruption Event and (ii) the New York Stock
Exchange, or if the Common Stock is not listed on the New York Stock Exchange,
the principal other U.S. national or regional securities exchange on which the
Common Stock is then listed is open for trading or, if the Common Stock is not
so listed, any Business Day.  A “Trading Day” only includes those days
that have a scheduled closing time of 4:00 p.m., New York City time, or
the then standard closing time for regular trading on the relevant exchange or
trading system.

 

“Trading Price” means, on any date of
determination with respect to any Security, the average of the secondary bid
quotations per Security obtained by the Company or its agent for $5,000,000
principal amount of Securities at approximately 3:30 p.m., New York City
time, on such determination date from three independent nationally recognized
securities dealers selected by the Company; provided
that, if at least three such bids cannot reasonably be obtained, but two such
bids can reasonably be obtained, then the average of these two bids shall be
used; provided, further, that, if
at least two such bids cannot reasonably be obtained, but one such bid can
reasonably be obtained, this one bid shall be used.  If, on any date of
determination, the Company or its agent cannot reasonably obtain at least one
bid for $5,000,000 principal amount of the Securities from an independent
nationally recognized securities dealer, then the Trading Price of such
Securities on such determination date will be deemed to be less than 98% of the
Closing Sale Price of the Common Stock on such date multiplied by the then
current Conversion Rate.

 

“U.S. National Securities Exchange” means
the New York Stock Exchange, the Nasdaq Global Select Market, any of their
respective successors or any other U.S. national securities exchange.

 

“Voting Stock” of a Person means any class
or classes of Capital Stock or other interests (including partnership
interests) of such Person then outstanding and normally entitled (without
regard to the occurrence of any contingency) to vote in the election of the board
of directors, managers or trustees thereof.

 

5

 

Section 1.02        Other Definitions.

 

	
  Term

  	
   

  	
  Defined
  in Section

  
	
  “Additional Shares”

  	
   

  	
  5.02(a)

  
	
  “Change of Control”

  	
   

  	
  4.01(a)

  
	
  “Closing Sale Price Condition”

  	
   

  	
  6.01(a)

  
	
  “Conversion Agent”

  	
   

  	
  2.04

  
	
  “Conversion Date”

  	
   

  	
  6.02

  
	
  “Conversion Notice”

  	
   

  	
  6.02

  
	
  “Conversion Obligation”

  	
   

  	
  6.02

  
	
  “Conversion Price”

  	
   

  	
  6.06

  
	
  “Effective Date”

  	
   

  	
  5.02(a)

  
	
  “Event of Default”

  	
   

  	
  9.01

  
	
  “Expiration Date”

  	
   

  	
  6.06(e)

  
	
  “Expiration Time”

  	
   

  	
  6.06(e)

  
	
  “Fundamental Change”

  	
   

  	
  4.01(a)

  
	
  “Fundamental Change Purchase
  Date”

  	
   

  	
  4.01(a)

  
	
  “Fundamental Change Purchase
  Notice”

  	
   

  	
  4.01(c)

  
	
  “Fundamental Change Purchase
  Price”

  	
   

  	
  4.01(a)

  
	
  “Interest Payment Date”

  	
   

  	
  5.01(a)

  
	
  “Make Whole Adjustment Event”

  	
   

  	
  5.02(a)

  
	
  “Make Whole Adjustment Event
  Period”

  	
   

  	
  5.02(a)

  
	
  “Merger Event”

  	
   

  	
  6.12

  
	
  “Reference Property”

  	
   

  	
  6.12(a)

  
	
  “Record Date”

  	
   

  	
  5.01(a)

  
	
  “Relevant Jurisdiction”

  	
   

  	
  7.03

  
	
  “Spin-Off”

  	
   

  	
  6.06(c)

  
	
  “Stock Price”

  	
   

  	
  5.02(a)

  
	
  “Successor Person”

  	
   

  	
  8.01(a)

  
	
  “Termination of Trading”

  	
   

  	
  4.01(a)

  
	
  “Unissued Shares”

  	
   

  	
  4.01(a)

  
	
  “Valuation Period”

  	
   

  	
  6.06(c)

  
	
  “Weighted Average Consideration”

  	
   

  	
  6.12(c)

  

 

ARTICLE 2

 

THE SECURITIES

 

Section 2.01        Issue of Notes.  A
Series of Notes which shall be designated the “5.00% Convertible Senior
Notes due August 15, 2015” shall be executed, authenticated and delivered
in accordance with the provisions of, and shall in all respects be subject to,
the terms, conditions and covenants of the Indenture, including without
limitation the terms set forth in this Supplemental Indenture.

 

6

 

Section 2.02   Form and Dating.  The
Securities and the corresponding Trustee’s certificate of authentication shall
be substantially in the respective forms set forth in Exhibit A,
which Exhibit is incorporated in and made part of this Indenture. 
The Securities may have notations, legends or endorsements required by law,
stock exchange rule or usage.  The Company shall provide any such
notations, legends or endorsements to the Trustee in writing.  The
Securities shall be dated the date of their authentication.

 

Section 2.03   Execution and Authorization; Add
On Securities.  The Trustee shall authenticate and make available for delivery
Securities for original issue in the aggregate principal amount of up to
$125,000,000 upon receipt of an Authentication Order; provided that Add On Securities may be issued in an unlimited aggregate
principal amount without the consent of any Holders so long as such Securities
are part of the same issue, within the meaning of Treasury Regulations Sections
1.1275-1(f) and 1.1275-2(k)(2), with the same terms (other than date of
issuance and, if applicable, date from which interest will initially accrue)
and with the same CUSIP number, as the Securities initially issued hereunder,
and would be fungible with the Securities issued on the Original Issue Date for
purposes of the Securities Act, the Exchange Act, other applicable U.S.
securities laws and U.S. federal income tax laws.  If any Add On
Securities are issued, the Securities issued on the Original Issue Date and
such Add On Securities shall be treated as a single class for all purposes
under this Indenture and shall vote together as one class on all matters with
respect to the Securities.  Each Company Order shall specify the amount of
Securities to be authenticated and the date on which each original issue of
Securities is to be authenticated.

 

Section 2.04   Registrar, Paying Agent and
Conversion Agent.

 

The
Company will at all times maintain a Registrar, Paying Agent and agency where
Securities may be presented for conversion (a “Conversion
Agent”) in the Borough of Manhattan, The City of New York.

 

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 Conversion Agent.  If at any time the Company shall fail to
maintain any such required Conversion Agent or shall fail to furnish the
Trustee with the name and address thereof, such presentations and surrenders
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 and surrenders.  The
Company hereby appoints the Trustee as the initial Conversion Agent for the
Securities.

 

The
Company may also from time to time designate one or more additional conversion
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 Conversion Agent.  The Company shall give prompt written notice
to the Trustee of any such designation or rescission and of any change in the
name or address of any Conversion Agent. 
The term “Conversion Agent” includes any additional conversion agent.

 

Section 2.05   Transfer and Exchange.  Every
Security presented or surrendered for registration of transfer or exchange
shall be duly endorsed or accompanied by an assignment 

 

7

 

form in the form included
in Exhibit A and in form satisfactory to the Registrar and the Trustee
duly executed by the Holder thereof or its attorney duly authorized in writing.

 

The
last sentence of the first paragraph of Section 2.07 of the Base Indenture
shall also not apply to any exchange pursuant to Sections 4.04 or 6.05.

 

None
of the Company, any Registrar or the Trustee shall be required to exchange or
register a transfer of any Securities or portions thereof in respect of which a
Fundamental Change Purchase Notice has been delivered and not withdrawn by the
Holder thereof or has been surrendered for conversion (except, in the case of
the purchase or conversion of a Security in part, the portion thereof not to be
purchased or converted).

 

Section 2.06   Outstanding Securities.

 

Securities
converted pursuant to Article 6 are not outstanding Securities.

 

If
a Paying Agent (other than the Company or an Affiliate of the Company) holds,
in accordance with the terms hereof, money sufficient to pay the principal of,
and any accrued interest on, any unconverted Security on the Final Maturity
Date, then on and after such Final Maturity Date, (i) such Security will
cease to be outstanding and interest thereon will cease to accrue and
(ii) all other rights of the Holder in respect thereof shall terminate
(other than the right to receive the principal of, and any accrued interest on,
such Security).

 

If
a Paying Agent (other than the Company or an Affiliate of the Company) holds,
in accordance with the terms hereof, money sufficient to pay the Fundamental
Change Purchase Price of any Security for which a Fundamental Change Purchase
Notice has been tendered and not withdrawn in accordance with this Indenture,
then, on the Fundamental Change Purchase Date, (i) such Security will
cease to be outstanding and interest will cease to accrue thereon (whether or
not book-entry transfer of such Security is made or whether or not such
Security is delivered to the Paying Agent) and (ii) all other rights of
the Holder in respect thereof shall terminate (other than the right to receive
the Fundamental Change Purchase Price and any previously accrued and unpaid
interest payable under the Indenture upon book-entry transfer or delivery of
such Security).

 

Section 2.07   Cancellation.

 

The
Conversion Agent shall forward to the Trustee or its agent any Securities
surrendered to them for conversion.  The
Company may not hold or resell Securities converted pursuant to Article 6
that are delivered for cancellation or issue any new Securities to replace any
such Securities.

 

8

 

ARTICLE 3

 

REDEMPTION

 

Section 3.01   Not Subject to Redemption

 

The
Securities are not subject to redemption by the Company at any time.  Article 3 of the Base Indenture shall
not apply to the Securities.

 

ARTICLE 4

 

PURCHASE OF SECURITIES UPON A
FUNDAMENTAL CHANGE

 

Section 4.01   Purchase of Securities at Option
of the Holder Upon Fundamental Change.

 

(a)   If at any time that
Securities remain outstanding there shall occur a Fundamental Change,
Securities shall be purchased by the Company at the option of the Holders, as
of a date, determined by the Company in its sole discretion, that is not less
than 20 Business Days and not more than 30 Business Days after the occurrence
of the Fundamental Change (the “Fundamental
Change Purchase Date”) at a purchase price equal to 100% of the
principal amount of the Securities to be purchased, together with any accrued
and unpaid interest to, but excluding, the Fundamental Change Purchase Date
(the “Fundamental Change Purchase Price”),
unless the Fundamental Change Purchase Date is after a Record Date and on or
prior to the related Interest Payment Date, in which case interest accrued to
the Interest Payment Date will be paid to Holders of the Securities as of the
preceding Record Date and the Fundamental Change Purchase Price payable to any
Holder surrendering such Holder’s Security for repurchase pursuant to this
Article 4 shall be equal to the principal amount of Securities subject to
repurchase and will not include any accrued and unpaid interest.  The
Fundamental Change Purchase Price shall be payable in cash, subject to
satisfaction by or on behalf of any Holder of the requirements set forth in
subsection (c) of this Section 4.01.  Notwithstanding the
foregoing, the Company may not repurchase any Securities upon the occurrence of
a Fundamental Change if the principal amount of the Securities has been
accelerated and such acceleration has not been rescinded on or prior to the
Fundamental Change Purchase Date.

 

A
“Fundamental Change” shall mean
the occurrence of a Change in Control or a Termination of Trading.

 

A
“Change in Control” shall be
deemed to have occurred if any of the following occurs after the date hereof:

 

(i)            any “person” or “group” (as
such terms are defined below) is or becomes the “beneficial owner” (as defined
below), directly or indirectly, of shares of Voting Stock of the Company
representing 50% or more of the total voting power of all outstanding classes
of Voting Stock of the Company or has the power, directly or indirectly, to
elect a majority of the members of the Company’s board of directors;

 

(ii)           the Company consolidates
with, enters into a binding share exchange with, or merges with or into,
another Person or the Company sells, assigns, conveys, transfers, leases or
otherwise disposes of all or substantially all of the assets of the Company, or
any Person consolidates with, or merges with or into, the Company, in any such
event other than any transaction 

 

9

 

(A) in which the
Persons that “beneficially owned” (as defined below), directly or indirectly,
shares of Voting Stock of the Company immediately prior to such transaction “beneficially
own” (as defined below), directly or indirectly, shares of Voting Stock of the
Company representing at least a majority of the total voting power of all
outstanding classes of Voting Stock of the surviving or transferee Person, with
such Holders’ proportional voting power immediately after such transaction
vis-à-vis each other with respect to the securities they receive in such transaction
being in substantially the same proportions as their respective voting power
vis-à-vis each other immediately prior to such transaction, or (B) which (x) is
effected solely to change the jurisdiction of incorporation of the Company and (y) results
in a reclassification, conversion or exchange of outstanding shares of Common
Stock solely into shares of common stock of the surviving Person;

 

(iii)          the first day on which a
majority of the members of the board of directors of the Company are not
Continuing Directors; or

 

(iv)          the holders of Capital Stock
of the Company approve any plan or proposal for the liquidation or dissolution
of the Company (whether or not otherwise in compliance with the terms of this
Indenture).

 

For the purpose of the definition of “Change in Control”, (i) “person” and “group”
have the meanings given such terms under Section 13(d) and
14(d) of the Exchange Act or any successor provision to either of the
foregoing, and the term “group” includes any group acting for the purpose of acquiring,
holding, voting or disposing of securities within the meaning of
Rule 13d-5(b)(1) under the Exchange Act (or any successor provision
thereto), (ii) a “beneficial owner” shall be determined in accordance with
Rule 13d-3 under the Exchange Act, as in effect on the date of this
Indenture, except that the number of shares of Voting Stock of the Company
shall be deemed to include, in addition to all outstanding shares of Voting
Stock of the Company and Unissued Shares deemed to be held by the “person” or “group”
(as such terms are defined above) or other Person with respect to which the
Change in Control determination is being made, all Unissued Shares deemed to be
held by all other Persons, and (iii) the terms “beneficially own” and “beneficially
owned” shall have meanings correlative to that of “beneficial owner.”  The
term “Unissued Shares” means
shares of Voting Stock not outstanding that are subject to options, warrants,
rights to purchase or conversion privileges exercisable within 60 days of the date
of determination of a Change in Control.

 

Notwithstanding
anything to the contrary set forth in this Section 4.01, Holders shall not
have the right to require the Company to purchase any Securities under clauses
(i) or (ii) above, and the Company shall not be required to deliver a
written notice of a Fundamental Change incidental thereto as a result of any
acquisition, consolidation, merger or binding share exchange or a sale,
assignment, conveyance, transfer, lease or other disposition in which at least 

 

10

 

90%
of the consideration (excluding cash payments for fractional shares and cash
payments pursuant to dissenters’ appraisal rights) paid for the Common Stock in
such transaction or transactions consists of shares of common stock traded on
any U.S. National Securities Exchange, or which will be so traded immediately
following the transaction or transactions, and, as a result of such transaction
or transactions the Securities become convertible into such shares of such
common stock.

 

A
“Termination of Trading” means
that the Common Stock or other securities into which the Securities are
convertible are not approved for listing on any U.S. National Securities
Exchange.

 

If
any transaction in which the Common Stock is replaced by the securities of
another entity occurs, following completion of any related Make Whole
Adjustment Event Period and any related Fundamental Change Purchase Date,
references to the Company in the definitions of “Fundamental Change,” “Change
of Control” and “Termination of Trading” above shall apply to such other entity
instead.

 

(b)   Within 10 Business Days
after the occurrence of a Fundamental Change, the Company shall mail a written
notice of the Fundamental Change to the Trustee, Conversion Agent, Registrar
and Paying Agent and to each Holder (and to beneficial owners as required by
applicable law).  The Company shall also issue a press release announcing
the occurrence of such Fundamental Change (and make such press release available
on the Company’s website).  The notice shall include the form of a
Fundamental Change Purchase Notice to be completed by the Holder and shall
state:

 

(i)            briefly, the events causing
such Fundamental Change;

 

(ii)           the effective date of such
Fundamental Change;

 

(iii)          whether the Fundamental
Change constitutes a Make Whole Adjustment Event and, if so, the Effective Date
of such Make Whole Adjustment Event;

 

(iv)          briefly, the conversion
rights of the Securities, the Conversion Price and any adjustments thereto;

 

(v)           the Holder’s right to
require the Company to purchase the Securities;

 

(vi)          the Fundamental Change
Purchase Date;

 

(vii)         the Fundamental Change
Purchase Price;

 

(viii)        the date by which the
Fundamental Change Purchase Notice pursuant to this Section 4.01 must be
given;

 

(ix)           that Securities as to which
a Fundamental Change Purchase Notice has been given may be converted into Cash
and Common Stock (if any) 

 

11

 

pursuant to Article 6
only to the extent that the Fundamental Change Purchase Notice has been
withdrawn in accordance with the terms of this Indenture;

 

(x)            the procedures that the
Holder must follow to exercise rights under this Section 4.01;

 

(xi)           the procedures for
withdrawing a Fundamental Change Purchase Notice, including a form of notice of
withdrawal;

 

(xii)          that the Holder must satisfy
the requirements set forth in the Securities in order to convert the
Securities; and

 

(xiii)         the name and address of each
Paying Agent and Conversion Agent.

 

If
any of the Securities is in the form of a Global Security, then the Company
shall modify such notice to the extent necessary to accord with the procedures
of the Depositary applicable to the repurchase of Global Securities.

 

(c)   A Holder may exercise its
rights specified in subsection (a) of this Section 4.01 upon delivery
of a written notice (which shall be in substantially the form included in
Exhibit A hereto and which may be delivered by letter, overnight courier,
hand delivery, facsimile transmission or in any other written form and, in the
case of Global Securities, may (or, if definitive certificated Securities have
not been issued, shall) be delivered electronically or by other means in
accordance with the Depositary’s customary procedures) of the exercise of such
rights (a “Fundamental Change Purchase
Notice”) to any Paying Agent at any time during the period between
the date on which notice is given of the Fundamental Change and the close of
business on the second Scheduled Trading Day immediately preceding the
Fundamental Change Purchase Date.  The Fundamental Change Purchase Notice
must specify the Securities for which the purchase right is being exercised.

 

The
delivery of such Security to any Paying Agent (together with all necessary
endorsements) at the office of such Paying Agent shall be a condition to the
receipt by the Holder of the Fundamental Change Purchase Price therefor.

 

The
Company shall purchase from the Holder thereof, pursuant to this
Section 4.01, a portion of a Security if the principal amount of such
portion is $1,000 or an integral multiple of $1,000.  Provisions of this
Indenture that apply to the purchase of all of a Security pursuant to
Section 4.01 through Section 4.04 also apply to the purchase of such
portion of such Security.

 

Notwithstanding
anything herein to the contrary, any Holder delivering to a Paying Agent the
Fundamental Change Purchase Notice contemplated by this subsection
(c) shall have the right to withdraw such Fundamental Change Purchase
Notice in whole or in a portion thereof that is a principal amount of $1,000 or
in an integral multiple thereof at any time prior to 5:00 p.m., New York
City time, on the second Scheduled Trading Day immediately 

 

12

 

preceding
the Fundamental Change Purchase Date by delivery of a written notice of
withdrawal to the Paying Agent in accordance with Section 4.02.

 

A
Paying Agent shall promptly notify the Company of the receipt by it of any
Fundamental Change Purchase Notice or written withdrawal thereof.

 

Anything
herein to the contrary notwithstanding, in the case of Global Securities, any
Fundamental Change Purchase Notice may be delivered or withdrawn and such
Securities may be surrendered or delivered for purchase in accordance with the
Applicable Procedures as in effect from time to time.

 

Section 4.02   Effect of Fundamental Change
Purchase Notice.

 

Upon
receipt by any Paying Agent of the Fundamental Change Purchase Notice specified
in Section 4.01(c), the Holder of the Security in respect of which such
Fundamental Change Purchase Notice was given shall (unless such Fundamental
Change Purchase Notice is withdrawn as specified below) thereafter be entitled
to receive the Fundamental Change Purchase Price with respect to such Security. 
Such Fundamental Change Purchase Price shall be paid to such Holder promptly
following the later of (a) the Fundamental Change Purchase Date with
respect to such Security (provided
the conditions in Section 4.01(c) have been satisfied) and
(b) the time of delivery of such Security to a Paying Agent by the Holder
thereof in the manner required by Section 4.01(c).  Securities in
respect of which a Fundamental Change Purchase Notice has been given by the
Holder thereof may not be converted into shares of Common Stock pursuant to
Article 6 on or after the date of the delivery of such Fundamental Change
Purchase Notice unless such Fundamental Change Purchase Notice has first been
validly withdrawn.

 

A
Fundamental Change Purchase Notice may be withdrawn by means of a written
notice (which may be delivered by mail, overnight courier, hand delivery,
facsimile transmission or in any other written form and, in the case of Global
Securities, may be delivered electronically or by other means in accordance with
the Depositary’s customary procedures) of withdrawal delivered by the Holder to
a Paying Agent at any time prior to 5:00 p.m., New York City time, on the
second Scheduled Trading Day immediately preceding the Fundamental Change
Purchase Date, specifying the principal amount of the Security or portion
thereof (which must be a principal amount of $1,000 or an integral multiple of
$1,000 in excess thereof) with respect to which such notice of withdrawal is
being submitted.

 

Section 4.03   Deposit of Fundamental Change
Purchase Price.

 

On
or before 11:00 a.m., New York City time, on the Fundamental Change
Purchase Date, the Company shall deposit with the Paying Agent (other than the
Company or an Affiliate of the Company) an amount of money (in immediately
available funds if deposited on such Fundamental Change Purchase Date)
sufficient to pay the aggregate Fundamental Change Purchase Price of all the
Securities or portions thereof that are to be purchased as of such Fundamental
Change Purchase Date.  The manner in which the deposit required by this
Section 4.03 is made by the Company shall be at the option of the Company;
provided that such deposit shall
be made in a manner such that the Paying Agent shall have immediately available
funds on the Fundamental Change Purchase Date.

 

13

 

The
Company shall publicly announce the principal amount of Securities purchased as
a result of such Fundamental Change on or as soon as practicable after the
Fundamental Change Purchase Date.

 

To
the extent that the aggregate amount of cash deposited by the Company pursuant
to this Section 4.03 exceeds the aggregate Fundamental Change Purchase
Price of the Securities or portions thereof that the Company is obligated to
purchase, then promptly after the Fundamental Change Purchase Date the Paying
Agent shall return any such excess cash to the Company.

 

Section 4.04   Securities Purchased in Part.

 

Any
Security that is to be purchased only in part shall be surrendered at the
office of a Paying Agent, and promptly after the Fundamental Change Purchase
Date the Company shall execute and the Trustee shall authenticate and deliver
to the Holder of such Security, without service charge, a new Security or
Securities, of such authorized denomination or denominations as may be
requested by such Holder, in aggregate principal amount equal to, and in
exchange for, the portion of the principal amount of the Security so
surrendered that is not purchased.

 

Section 4.05   Compliance with Securities Laws
Upon Purchase of Securities.

 

In
connection with any offer to purchase or repurchase Securities under
Section 4.01, the Company shall (a) comply with Rule 13e-4,
Rule 14e-1 and any other tender offer rules under the Exchange Act,
to the extent any such rules are applicable, (b) file a Schedule TO
(or any successor or similar schedule, form or report), if required, under the
Exchange Act and (c) otherwise comply with all federal and state
securities laws in connection with such offer to purchase or repurchase Securities,
all so as to permit the rights of the Holders and obligations of the Company
under Section 4.01 through Section 4.04 to be exercised in the time
and in the manner specified therein.

 

ARTICLE 5

 

PAYMENT OF INTEREST AND MAKE
WHOLE ADJUSTMENT EVENTS

 

Section 5.01   Interest and Principal Payments.

 

(a)   The Company shall pay
interest on the Securities at a rate of 5.00% per annum, payable semi-annually
in arrears on February 15 and August 15 of each year (each, an “Interest Payment Date”), or if any such day
is not a Business Day, the immediately following Business Day, commencing
February 15, 2011.  Interest on a Security shall be paid to the
Holder of such Security at the close of business on February 1 or
August 1 (each, a “Record Date”),
as the case may be, next preceding the related Interest Payment Date, and shall
be computed on the basis of a 360-day year comprised of twelve 30-day
months.  In the event of a Security’s maturity, conversion, or purchase by
the Company at the option of the Holder thereof, interest shall cease to accrue
on such Security.  The Company shall pay interest on each Interest Payment
Date (including the Final Maturity Date) to Holders of record of a Security on
the Record Date 

 

14

 

immediately preceding such Interest Payment Date
regardless of whether such Holders convert their Securities after such Record
Date.

 

The
Company shall make all payments in respect of a Global Security registered in
the name of the Depositary or its nominee to the Depositary or its nominee, as
the case may be, in its capacity as the Holder under the Indenture, by wire
transfer of immediately available funds to the account of the Depositary or its
nominee.  The Company shall make all
payments in respect of a certificated Security (including principal and
interest) in U.S. dollars at the office of the Trustee.  At the Company’s option, the Company may make
such payments by mailing a check to the registered address of each Holder
thereof as such address shall appear on the register or, if requested by a
Holder of more than $5,000,000 in aggregate principal amount of Securities, by
wire transfer of immediately available funds to the account in the United
States specified by such Holder.

 

(b)   Upon conversion of a
Security, (i) a Holder shall not receive any additional cash payment of
interest (unless such conversion occurs between a Record Date and the Interest
Payment Date to which it relates, in which case a Holder that was the Holder on
the Record Date will receive on the Interest Payment Date accrued and unpaid
interest) and the Conversion Price shall not be adjusted to account for accrued
and unpaid interest and (ii) except as set forth in clause (c) below,
the Company’s delivery to a Holder of cash and shares, if any, of Common Stock
into which the Security is convertible shall be deemed to satisfy its
obligation to pay the principal amount of such Security and accrued and unpaid
interest, if any, to, but not including, the Conversion Date with respect to such
Security.  Any accrued but unpaid interest to, but not including, the
Conversion Date with respect to such Security, shall be deemed to be paid in
full upon conversion, rather than cancelled, extinguished or forfeited.

 

(c)   Securities surrendered for
conversion by a Holder after the close of business on any Record Date but prior
to the next Interest Payment Date must be accompanied by payment of an amount
equal to the interest that will be payable on the Securities so converted on
such Record Date; provided,
however, that no such payment need be made (1) if the Company has
specified a Fundamental Change Purchase Date that is after a Record Date and on
or prior to the corresponding Interest Payment Date, (2) with respect to
any Securities surrendered for conversion following the Record Date for the
payment of interest immediately preceding the Final Maturity Date or
(3) only to the extent of overdue interest, if any overdue interest exists
at the time of conversion with respect to such Securities.

 

Section 5.02   Increased Conversion Rate
Applicable to Certain Securities Surrendered in Connection with Make Whole
Adjustment Events.

 

(a)   Notwithstanding anything
herein to the contrary, in the event a Holder elects to surrender its
Securities for conversion in accordance with Article 6, at any time from,
and including, the Effective Date of a Make Whole Adjustment Event to, and
including, the close of business on the second Scheduled Trading Day
immediately preceding the related purchase date, or (in the case of a Make
Whole Adjustment Event that does not also constitute a Fundamental Change) the
40th Scheduled Trading Day immediately following the Effective Date of such
Make Whole Adjustment Event (such period, the “Make
Whole Adjustment Event Period”), the 

 

15

 

Company shall increase the Conversion Rate for the
Securities surrendered for conversion by a number of additional shares of
Common Stock (the “Additional Shares”),
as set forth in this Section 5.02.

 

As
used herein, a “Make Whole Adjustment Event”
means (i) any Change in Control under clauses (i), (ii) and (iv) of
the definition of that term herein and (ii) any Termination of Trading; provided, however,
that an acquisition, consolidation, merger or binding share exchange or a sale,
assignment, conveyance, transfer, lease or other disposition otherwise
constituting a Change in Control will not constitute a Make Whole Adjustment
Event if at least 90% of the consideration (excluding cash payments for
fractional shares and cash payments pursuant to dissenters’ appraisal rights)
paid for the Common Stock in such transaction or transactions consists of
shares of common stock traded on any U.S. National Securities Exchange, or
which will be so traded immediately following the transaction or transactions,
and, as a result of such transaction or transactions, the Securities become
convertible into such shares of such common stock.

 

The
number of Additional Shares by which the Conversion Rate shall be increased for
conversions in connection with a Make Whole Adjustment Event shall be
determined by reference to the table below and is based on the date on which
the Make Whole Adjustment Event occurs or becomes effective (the “Effective Date”) and (1) the price
paid or deemed paid per share of Common Stock in the Change in Control in the
case of a Make Whole Adjustment Event that is the subject of clause
(ii) of the definition of Change in Control in Section 4.01, in the
event that the Common Stock is acquired for cash, or (2) the average of
the Closing Sale Price of the Common Stock over the five Trading Day period
ending on the Trading Day immediately preceding the Effective Date of such
other Make Whole Adjustment Event, in the case of any other Make Whole
Adjustment Event (such amount determined under the first and second clause of
this sentence, as applicable, the “Stock
Price”).

 

	
   

  	
   

  	
  Stock Price

  	
   

  
	
  Effective Date

  	
   

  	
  $16.00

  	
   

  	
  $17.00

  	
   

  	
  $18.00

  	
   

  	
  $20.00

  	
   

  	
  $22.00

  	
   

  	
  $24.00

  	
   

  	
  $26.00

  	
   

  	
  $28.00

  	
   

  	
  $30.00

  	
   

  	
  $32.50

  	
   

  	
  $35.00

  	
   

  	
  $37.50

  	
   

  	
  $40.00

  	
   

  	
  $42.50

  	
   

  	
  $45.00

  	
   

  
	
  July 27,
  2010

  	
   

  	
  11.47

  	
   

  	
  9.94

  	
   

  	
  8.64

  	
   

  	
  6.56

  	
   

  	
  5.00

  	
   

  	
  3.82

  	
   

  	
  2.92

  	
   

  	
  2.21

  	
   

  	
  1.66

  	
   

  	
  1.13

  	
   

  	
  0.74

  	
   

  	
  0.45

  	
   

  	
  0.24

  	
   

  	
  0.09

  	
   

  	
  0.00

  	
   

  
	
  August 15,
  2011

  	
   

  	
  11.47

  	
   

  	
  10.38

  	
   

  	
  8.96

  	
   

  	
  6.72

  	
   

  	
  5.07

  	
   

  	
  3.84

  	
   

  	
  2.90

  	
   

  	
  2.17

  	
   

  	
  1.62

  	
   

  	
  1.09

  	
   

  	
  0.70

  	
   

  	
  0.42

  	
   

  	
  0.22

  	
   

  	
  0.08

  	
   

  	
  0.00

  	
   

  
	
  August 15,
  2012

  	
   

  	
  11.47

  	
   

  	
  10.60

  	
   

  	
  9.06

  	
   

  	
  6.66

  	
   

  	
  4.93

  	
   

  	
  3.65

  	
   

  	
  2.70

  	
   

  	
  1.98

  	
   

  	
  1.44

  	
   

  	
  0.94

  	
   

  	
  0.58

  	
   

  	
  0.32

  	
   

  	
  0.15

  	
   

  	
  0.04

  	
   

  	
  0.00

  	
   

  
	
  August 15,
  2013

  	
   

  	
  11.47

  	
   

  	
  10.43

  	
   

  	
  8.74

  	
   

  	
  6.17

  	
   

  	
  4.37

  	
   

  	
  3.10

  	
   

  	
  2.19

  	
   

  	
  1.53

  	
   

  	
  1.05

  	
   

  	
  0.63

  	
   

  	
  0.34

  	
   

  	
  0.15

  	
   

  	
  0.03

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  
	
  August 15,
  2014

  	
   

  	
  11.47

  	
   

  	
  9.32

  	
   

  	
  7.43

  	
   

  	
  4.69

  	
   

  	
  2.92

  	
   

  	
  1.80

  	
   

  	
  1.09

  	
   

  	
  0.64

  	
   

  	
  0.35

  	
   

  	
  0.13

  	
   

  	
  0.01

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  
	
  August 15,
  2015

  	
   

  	
  11.47

  	
   

  	
  7.78

  	
   

  	
  4.52

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  	
  0.00

  	
   

  

 

If
the exact Stock Prices and Effective Dates are not set forth in the table,
then:  (i) if the Stock Price is between two Stock Price amounts in
the table or the Effective Date is between two Effective Dates in the table,
the number of Additional Shares by which the Conversion Rate is increased shall
be determined by a straight-line interpolation between the number of Additional
Shares set forth for the higher and lower Stock Price amounts and the earlier
and later Effective Dates in the table, based on a 365-day year; (ii) if
the Stock Price exceeds $45.00 per share, subject to adjustment as set forth
herein, no Additional Shares shall be added to the Conversion Rate; and
(iii) if the Stock Price is less than $16.00 per share, subject to
adjustment as set forth herein, no Additional Shares shall be added to the
Conversion Rate.

 

16

 

Notwithstanding
the foregoing, in no event shall the total number of shares of Common Stock
issuable upon conversion as a result of the adjustment described in this
Section 5.02 exceed 62.5 shares per $1,000 principal amount of Securities,
provided that such number of shares of Common Stock shall be adjusted for the
same events for which the Conversion Price is adjusted, by the inverse of the
adjustment factor applied in such Conversion Price adjustment, pursuant to
Section 6.06.

 

As
soon as practicable after the Company determines the anticipated Effective Date
of any proposed Make Whole Adjustment Event, the Company shall mail to each
Holder, the Trustee and the Conversion Agent written notice of, and shall use
commercially reasonable efforts to give such notice not more than 70 Scheduled
Trading Days nor less than 40 Scheduled Trading Days in advance of such
anticipated Effective Date.  The Company shall also issue a press release
announcing the anticipated Effective Date (and make such press release available
on the Company’s website).  Each such notice and press release shall also
state that in connection with such Make Whole Adjustment Event, the Company
shall increase, in accordance herewith, the Conversion Rate applicable to
Securities entitled to such increase as provided herein (along with a
description of how such increase shall be calculated and the time periods
during which Securities must be surrendered in order to be entitled to such
increase).

 

Section 5.03        Adjustments Relating to Make
Whole Adjustment Event.

 

Whenever
the Conversion Price of the Securities shall be adjusted from time to time by
the Company pursuant to Section 6.06, each Stock Price set forth in the
table under the row titled “Stock Price” in the table in
Section 5.02(a) shall be adjusted in the same manner in which, at the
same time and for the same events for which, the Conversion Price is to be so
adjusted.  The Stock Prices in the table in
Section 5.02(a) shall be adjusted by the same adjustment factor
applied to the Conversion Price pursuant to Section 6.06 and the number of
additional shares by which the Conversion Rate will be increased shall be
adjusted by the inverse of that adjustment factor.

 

ARTICLE 6

 

CONVERSION

 

Section 6.01        Conversion Privilege.

 

(a)          Subject to the further
provisions of this Article 6 and paragraph 6 of the Securities, a Holder
of a Security may convert the principal amount of such Security (or any portion
thereof equal to $1,000 or any integral multiple of $1,000 in excess thereof)
into cash, shares of Common Stock or a combination thereof, determined at the
Company’s election, at any time until the close of business on February 15,
2015, at the Conversion Price then in effect, if, during any calendar quarter
commencing after the date of original issuance of the Securities, the Closing
Sale Price of the Common Stock, for at least 20 Trading Days in the period of
30 consecutive Trading Days ending on the last Trading Day of the calendar
quarter immediately preceding the calendar quarter in which the conversion
occurs, is more than 130% of the Conversion Price in effect on such last
Trading Day (the “Closing Sale Price
Condition”), subject to the additional exceptions provided in
Section 6.01(b).

 

17

 

Provisions
of this Indenture that apply to conversion of all of a Security also apply to
conversion of a portion of a Security.

 

A
Security in respect of which a Holder has delivered a Fundamental Change
Purchase Notice pursuant to Section 4.01(c) exercising the option of
such Holder to require the Company to purchase such Security may be converted
only if such Fundamental Change Purchase Notice is withdrawn by a written
notice of withdrawal delivered to a Paying Agent prior to 5:00 p.m., New
York City time, on the second Scheduled Trading Day immediately preceding the
Fundamental Change Purchase Date in accordance with Section 4.02.

 

A
Holder of Securities is not entitled to any rights of a holder of Common Stock
until such Holder has converted its Securities and only to the extent such
Securities are deemed to have been converted into Common Stock pursuant to this
Article 6.

 

(b)         Even if the Closing Sale
Price Condition is not satisfied,

 

(i)                                     if, after any
five consecutive Trading Day period in which the Trading Price for the
Securities for each such Trading Day was less than 98% of the Closing Sale
Price of the Common Stock on such date multiplied by the then current
Conversion Rate, a Holder may surrender Securities for conversion at any time
during the following ten consecutive Business Days.  Upon request by any
Holder or beneficial owner of the Securities, the Company or its agent shall
determine if the Securities are convertible pursuant to this
Section 6.01(b)(i) and will notify the Trustee accordingly.  The
Company shall have no obligation to determine the Trading Price of the
Securities unless a Holder provides the Company and the Trustee with reasonable
evidence that the Trading Price of the Securities on any Trading Day would be
less than 98% of the product of the then-current Conversion Rate times the
Closing Sale Price of the Common Stock on such date.  At such time, the
Company shall determine the Trading Price of the Securities beginning on such
Trading Day and on each of the next four Trading Days;

 

(ii)                                  in the event
that the Company elects to distribute to all or substantially all holders of
Common Stock:

 

(a)                                  any rights,
options or warrants entitling them to subscribe for or purchase, for a period
expiring within 60 days, shares of Common Stock at a price per share less than
the Closing Sale Price on the announcement date for such dividend or
distribution, or

 

(b)                                 cash, debt
securities (or other evidences of indebtedness) or other assets (excluding
dividends or distributions for which Conversion Price adjustment is required to
be made under Section 6.06(a) or Section 6.06(b)), where the
fair market value of such distribution per share of Common Stock, as determined
in this Indenture, together with all other such distributions within the
preceding twelve months, has a per share value exceeding 10% of the Closing 

 

18

 

Sale Price of the Common
Stock as of the Trading Day immediately preceding the date of declaration for
such distribution,

 

then, in each case of clause (a) and (b), the
Securities may be surrendered for conversion beginning on the date the Company
gives notice to the Holders of such right, which notice shall be given not less
than 40 Scheduled Trading Days prior to the Ex-Dividend Date for such
distribution, until the earlier of the close of business on the second
Scheduled Trading Day immediately preceding the Ex-Dividend Date or the Company
announces that such distribution will not take place;

 

(iii)                               upon the
occurrence of a Fundamental Change with respect to the Company, the Securities
may be surrendered for conversion at any time from or after the effective time
of the Fundamental Change until the close of business on the second Scheduled
Trading Day immediately preceding the related Fundamental Change Purchase Date,
or, if there is no such Fundamental Change Purchase Date, the 40th Scheduled
Trading Day immediately following the effective date of the Fundamental Change
(with the Company, to the extent practicable, giving Holders notice of the
anticipated effective date for a Fundamental Change not more than 70 Scheduled
Trading Days nor less than 40 Scheduled Trading Days prior to such anticipated
effective date);

 

(iv)                              if the Company
is a party to a consolidation, merger or binding share exchange or a sale,
assignment, conveyance, transfer, lease or other disposition of all or
substantially all of its property and assets that does not also constitute a
Fundamental Change (including any event that would be a Fundamental Change but
for the existence of an exception specified in the paragraph immediately
preceding the definition of “Termination of Trading” in Section 4.01), in
each case pursuant to which the Common Stock would be converted into cash,
securities or other property, the Securities may be surrendered for conversion
at any time from or after the effective date of such transaction as announced
by the Company (with the Company giving such announcement at least 40 Scheduled
Trading Days prior to such anticipated effective date), until the close of
business on the 40th Scheduled Trading Day following the effective date of such
transaction; and

 

(v)                                 at any time
after February 15, 2015 and until the close of business on the second
Scheduled Trading Day immediately prior to the Final Maturity Date, the
Securities may be surrendered for conversion regardless of whether the Closing
Sale Price Condition or any of the other foregoing conditions has been
satisfied.

 

19

 

Section 6.02        Conversion Procedure.

 

The
right to convert any Security may be exercised, (a) if such Security is
represented by a Global Security, by book-entry transfer to the Conversion
Agent through the facilities of the Depositary in accordance with the
applicable procedures of the Depositary, and, if required, by payment of any
tax or duty, in accordance with Section 6.04, that may be payable in
respect of any transfer involving the issue or delivery of the Common Stock in
the name of a Person other than the Holder of the Security, or (b) if such
Security is represented by a certificated Security, by delivery of such
Security at the specified office of the Conversion Agent, accompanied by: 
(i) a duly signed and completed conversion notice, in the form as set
forth on the reverse of the Security attached hereto as Exhibit A (a “Conversion Notice”); (ii) if such
certificated Security has been lost, stolen, destroyed or mutilated, a notice
to the Registrar in accordance with Section 2.08 of the Base Indenture
regarding the loss, theft, destruction or mutilation of the Security;
(iii) appropriate endorsements and transfer documents if required by the
Conversion Agent; and (iv) payment of any tax or duty, in accordance with
Section 6.04, which may be payable in respect of any transfer involving
the issue or delivery of the Common Stock in the name of a Person other than
the Holder of the Security.  The “Conversion
Date” for any Security shall be the Business Day on which the Holder
of the Security satisfies all of the requirements set forth in the immediately
preceding sentence; provided, however, if a Holder surrenders for
conversion a Security at any time after the 60th Scheduled Trading Day prior to
the Final Maturity Date, the Conversion Date shall be deemed to be the 30th
Trading Day immediately preceding such Security’s Final Maturity Date.  On
the Settlement Date, subject to Section 6.05, the Company shall deliver to
the Holder through a Conversion Agent a certificate for the number of whole
shares of Common Stock issuable upon the conversion and/or cash in an amount
payable upon conversion (including cash in lieu of any fractional shares
pursuant to Section 6.03), as applicable.

 

Securities
that are validly surrendered for conversion in accordance with the terms of
this Indenture will be deemed to have been converted immediately prior to the
close of business on the Conversion Date. 
The person in whose name the Common Stock certificate is registered
shall be deemed to be a stockholder of record as of the last Trading Day of the
related Conversion Period; provided,
however, that if the related
Conversion Date or such last Trading Day of the Conversion Period occurs on any
date when the stock transfer books of the Company shall be closed, such
occurrence shall not be effective to constitute the person or persons entitled
to receive any such shares of Common Stock due upon conversion as the record
holder or holders of such shares of Common Stock on such date, but such
occurrence shall be effective to constitute the person or persons entitled to
receive such shares of Common Stock as the record holder or holders thereof for
all purposes at the close of business on the next succeeding day on which such
stock transfer books are open.  Upon conversion of Securities, such person
shall no longer be a Holder.

 

Upon
surrender of a Security that is converted in part, the Company shall execute,
and the Trustee shall authenticate and deliver to the Holder, a new Security
equal in principal amount to the unconverted portion of the Security
surrendered.

 

20

 

No
Conversion Notice with respect to any Securities may be given by a Holder
thereof if such Holder has also delivered a Fundamental Change Purchase Notice
to the Company in respect of such Securities and not validly withdrawn such
Fundamental Change Purchase Notice in accordance with Section 4.02, unless
the Company defaults in the payment of the Fundamental Change Purchase Price.

 

Except
as provided below, the Company shall pay or deliver the amount of cash, shares
of Common Stock, if any, or combination thereof, payable or deliverable, as the
case may be, upon conversion of a Security (the “Conversion Obligation”), through the Conversion Agent on the
Settlement Date; provided, that
if prior to the relevant Conversion Date for any converted Securities, the
Common Stock has been replaced by Reference Property consisting solely of cash,
pursuant to Section 6.12, the Company shall pay such cash in respect of
the conversion on the third Trading Day immediately following the related
Conversion Date.  Notwithstanding the foregoing, if any information
required to calculate the Conversion Obligation is not available as of the
applicable Settlement Date, the Company shall deliver the Conversion Obligation
on the third Trading Day after the earliest Trading Day on which such
calculation can be made (but in no event later than February 14,
2016).  If application of the proviso to the first sentence of this
paragraph would result in settlement of a conversion during the 10 Trading Days
immediately following the effective date of a Fundamental Change, the
Settlement Date will instead be the 10th Trading Day following the relevant
effective date. If any shares of Common Stock are due to a converting Holder,
the Company shall issue or cause to be issued, and deliver to the Conversion
Agent or to such Holder, or such Holder’s nominee or nominees, certificates or
a book-entry transfer through the Depositary for the number of full shares of
Common Stock to which such Holder shall be entitled in satisfaction of such
Conversion Obligation.

 

Section 6.03        Fractional Shares.

 

The
Company will not issue fractional shares of Common Stock upon conversion of a
Security.  Instead, the Company will pay cash in lieu of fractional shares
based on the Daily VWAP of the Common Stock on the relevant Conversion Date if
the Company has elected to satisfy its Conversion Obligation solely in shares
of Common Stock or based on the Daily VWAP of the Common Stock on the last
Trading Day of the relevant Conversion Period in the case of any other
Settlement Method.  Whether fractional shares are issuable upon a
conversion will be determined on the basis of the aggregate principal amount of
Securities that the Holder is then converting into cash and shares of Common
Stock, if any, and the aggregate number of shares, if any, of Common Stock
issuable upon such conversion.

 

Section 6.04        Taxes on Conversion.

 

If
a Holder converts a Security, the Company shall pay any documentary, stamp or
similar issue or transfer tax due on the issue of shares of Common Stock upon
such conversion; provided, however, that the Holder shall pay any
such tax which is due because the Holder requests the shares to be issued in a
name other than the Holder’s name.  The Conversion Agent may refuse to
deliver the certificate representing the Common Stock being issued in a name
other than the Holder’s name until the Conversion Agent receives a sum
sufficient to pay 

 

21

 

any
tax which will be due because the shares are to be issued in a name other than
the Holder’s name.  Nothing herein shall preclude any tax withholding
required by law or regulation.

 

Section 6.05        Settlement Upon Conversion.

 

(a)          Subject to
Section 6.01, a Holder upon conversion will receive, in respect of each
$1,000 aggregate principal amount of such Holder’s Securities being converted,
cash, shares of Common Stock or a combination thereof pursuant to the Company’s
election of the Settlement Method.  All
conversions after February 15, 2015 shall be settled using the same
Settlement Method (in the same relative proportions of cash and shares of
Common Stock).  If the Company has not
delivered a notice to the Conversion Agent and Holders of its election of
Settlement Method on or prior to February 15, 2015, the Company will, with
respect to any conversions thereafter, be deemed to have elected to deliver,
pursuant to 6.05(b)(iii) below, cash or cash and shares of Common Stock,
as the case may be, in respect of its Conversion Obligation and the Specified
Dollar Amount will be equal to $1,000. 
On or prior to February 15, 2015, the Company shall use the same
Settlement Method for all conversions occurring on any given Conversion
Date.  Except for any conversions that
occur after February 15, 2015, the Company will not have any obligation to
use the same Settlement Method with respect to conversions that occur on
different Conversion Dates.  If the
Company elects a particular Settlement Method in connection with any conversion
on or prior to February 15, 2015, it will inform Holders converting at
that time through the Trustee of the Settlement Method the Company has selected
(including the Specified Dollar Amount, if applicable), no later than the
second Business Day immediately following the related Conversion Date.  If the Company does not make such an
election, it will be deemed to have elected to deliver, pursuant to Section 6.05(b)(iii) below,
cash or a combination of cash and shares of Common Stock, as the case may be,
in respect of its Conversion Obligation and the Specified Dollar Amount will be
equal to $1,000 for each such Conversion Date. 
The Company may, at its option, for purposes of the Daily Settlement
Amount irrevocably elect a particular Specified Dollar Amount for all
subsequent conversions by notice of such election to the Holders.

 

(b)         The Conversion Obligation
deliverable on the Settlement Date will be calculated as follows:

 

(i)                                     if the Company
elects to satisfy its Conversion Obligation solely in shares of Common Stock,
the Company shall deliver to the converting Holder a number of shares of Common
Stock equal to (1) the aggregate principal amount of Securities to be
converted divided by $1,000, multiplied by (2) the applicable Conversion
Rate;

 

(ii)                                  if the Company
elects to satisfy its Conversion Obligation solely in cash, the Company shall
deliver to the converting Holder in respect of each $1,000 principal amount of
Securities being converted cash in an amount equal to the sum of the Daily
Conversion Values for each of the 25 consecutive Trading Days during the
related Conversion Period; and

 

22

 

(iii)                               if the Company
elects to satisfy its Conversion Obligation through the delivery of a
combination of cash and shares of Common Stock, it shall deliver to the
converting Holder in respect of each $1,000 principal amount of Securities
being converted an amount of cash and shares of Common Stock, if any, equal to
the sum of the Daily Settlement Amounts for each of the 25 consecutive Trading
Days during the related Conversion Period.

 

(c)          The Daily Settlement Amounts
(if applicable) and the Daily Conversion Values (if applicable) shall be
determined by the Company promptly following the last day of the Conversion
Period.  Promptly after such determination of the Daily Settlement Amounts
or the Daily Conversion Values, as the case may be, and the amount of cash
deliverable in lieu of fractional shares (if any), the Company shall notify the
Trustee and the Conversion Agent of the Daily Settlement Amounts or the Daily
Conversion Values, as the case may be, and the amount of cash deliverable in
lieu of fractional shares of Common Stock.  The Trustee and the Conversion
Agent shall have no responsibility for any such determination.

 

(d)         The Company shall, prior to
the issuance of any Securities hereunder, and from time to time as may be
necessary, reserve at all times and keep available, free from preemptive
rights, out of its authorized but unissued Common Stock, a sufficient number of
shares of Common Stock deliverable upon conversion of all of the Securities.

 

(e)          All shares of Common Stock
that may be issued upon conversion of the Securities shall be newly issued
shares, shall be duly authorized, validly issued, fully paid and nonassessable
and shall be free of any preemptive rights and free of any lien or adverse
claim.

 

(f)            The Company shall endeavor
to comply with all applicable securities laws regulating the offer and delivery
of any Common Stock upon conversion of Securities and shall list or cause to
have quoted such shares of Common Stock on each National Securities Exchange,
including the New York Stock Exchange, or over-the-counter market or such other
market on which the Common Stock is then listed or quoted; provided, however,
that if the rules of such automated quotation system or exchange permit
the Company to defer the listing of such Common Stock until the first
conversion of the Securities into Common Stock in accordance with the
provisions of this Indenture, the Company covenants to list such Common Stock
issuable upon conversion of the Securities in accordance with the requirements
of such automated quotation system or exchange at such time.

 

(g)         Notwithstanding anything
herein to the contrary, nothing herein shall give to any Holder any rights as a
creditor in respect of its right to conversion.

 

Section 6.06        Adjustment of Conversion Price.

 

The
conversion price per share of Common Stock as stated in paragraph 6 of the
Securities (the “Conversion Price”)
shall be adjusted from time to time by the Company as follows:

 

23

 

(a)          If the Company issues solely
shares of Common Stock as a dividend or distribution on all or substantially
all outstanding shares of Common Stock, or if the Company subdivides or
combines the outstanding shares of Common Stock, the Conversion Price shall be
adjusted based on the following formula:

 

	
  CP = CP0 ×

  	
   

  	
  OS0

  	
   

  	
   

  
	
   

  	
   

  	
  OS

  	
   

  	
   

  

 

where

 

	
   

  	
  CP0

  	
   

  	
  =

  	
   

  	
  the Conversion Price in effect
  immediately prior to the open of business on the Ex-Dividend Date for such
  dividend or distribution, or immediately prior to the open of business on the
  effective date of such subdivision or combination of Common Stock, as the
  case may be;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CP

  	
   

  	
  =

  	
   

  	
  the Conversion Price in effect
  immediately after the open of business on the Ex-Dividend Date for such
  dividend or distribution, or immediately after the open of business on the
  effective date of such subdivision or combination of Common Stock, as the
  case may be;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS0

  	
   

  	
  =

  	
   

  	
  the number of shares of Common
  Stock outstanding immediately prior to the open of business on the
  Ex-Dividend Date for such dividend or distribution, or immediately prior to
  the open of business on the effective date of such subdivision or combination
  of Common Stock, as the case may be; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS

  	
   

  	
  =

  	
   

  	
  the number of shares of Common
  Stock that would be outstanding immediately after giving effect to such
  dividend or distribution, or immediately after the effective date of such
  subdivision or combination of Common Stock, as the case may be.

  

 

Such
adjustment shall become effective immediately after the opening of business on
the Ex-Dividend Date for such dividend or distribution, or the effective date
for such subdivision or combination of Common Stock.  If any dividend or
distribution that is the subject of this Section 6.06(a) is declared
but not paid or made, or the outstanding shares of Common Stock are not split
or combined, as the case may be, the Conversion Price shall be immediately
readjusted, effective as of the date the Board of Directors determines not to
pay such dividend or distribution, or subdivide or combine the outstanding
shares of Common Stock, as the case may be, to the Conversion Price that would
then be in effect if such dividend, distribution, subdivision or combination of
Common Stock had not been declared or announced.

 

(b)         If the Company distributes
to all or substantially all holders of Common Stock any rights, options or
warrants entitling them for a period of not more than 60 calendar days from the
record date for such distribution to subscribe for or purchase shares of the
Common Stock (or securities convertible into Common Stock), at a price per
share (or a conversion price per share) 

 

24

 

less than the average of the Closing Sale Prices of
the Common Stock for the 10 consecutive Trading Day period ending on, and
including, the Trading Day immediately preceding the Ex-Dividend Date for such
distribution, the Conversion Price shall be decreased based on the following
formula:

 

	
  CP = CP0 ×

  	
   

  	
  OS0 + Y

  	
   

  	
   

  
	
   

  	
   

  	
  OS0 + X

  	
   

  	
   

  

 

where

 

	
   

  	
  CP0

  	
   

  	
  =

  	
   

  	
  the Conversion Price in effect
  immediately prior to the open of business on the Ex-Dividend Date for such
  distribution;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CP

  	
   

  	
  =

  	
   

  	
  the Conversion Price in effect
  immediately after the open of business on the Ex-Dividend Date for such
  distribution;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS0

  	
   

  	
  =

  	
   

  	
  the number of shares of the
  Common Stock that are outstanding immediately prior to the open of business
  on the Ex-Dividend Date for such distribution;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  X

  	
   

  	
  =

  	
   

  	
  the total number of shares of the
  Common Stock issuable pursuant to such rights, options or warrants; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Y

  	
   

  	
  =

  	
   

  	
  the number of shares of the
  Common Stock equal to the aggregate price payable to exercise such rights,
  options or warrants divided by
  the average of the Closing Sale Prices of Common Stock over the 10
  consecutive Trading Day period ending on, and including, the Trading Day
  immediately preceding the Ex-Dividend Date relating to such distribution.

  

 

Such
adjustment shall be successively made whenever any such rights, options or
warrants are distributed and shall become effective immediately after the
opening of business on the Ex-Dividend Date for such distribution.  To the
extent that shares of the Common Stock are not delivered after the expiration
of such rights, options or warrants, the Conversion Price shall be readjusted
to the Conversion Price that would then be in effect had the adjustments made
upon the issuance of such rights, options or warrants been made on the basis of
delivery of only the number of shares of Common Stock actually delivered. 
If such rights, options or warrants are not so distributed, the Conversion
Price shall be immediately readjusted, effective as of the date the Board of
Directors determines not to make such distribution, to be the Conversion Price
that would then be in effect if such Ex-Dividend Date for such distribution had
not been fixed.

 

For
purposes of this Section 6.06(b), in determining whether any rights,
options or warrants entitle the holders to subscribe for or purchase shares of
the Common Stock at less than the average of the Closing Sale Prices of the
Common Stock for each Trading Day in the applicable 10 consecutive Trading Day
period, there shall be taken into account any consideration received by the
Company for such rights, options or warrants and any amount 

 

25

 

payable
on exercise thereof, with the value of such consideration if other than cash to
be determined in good faith by the Board of Directors.

 

For
the avoidance of doubt: if application of the formula set forth in this Section 6.06(b) would
result in an increase to the Conversion Price, no adjustment shall be made
pursuant hereto.

 

(c)          (i) If the Company
distributes shares of its Capital Stock, evidences of its indebtedness or other
of its assets or property to all or substantially all holders of Common Stock
other than (A) dividends or distributions (including subdivisions of
Common Stock) and rights, options or warrants that are the subject of
Section 6.06(a) or Section 6.06(b), (B) dividends or
distributions paid exclusively in cash that are the subject of
Section 6.06(d), (C) Spin-Offs that are the subject of
Section 6.06(c)(ii) shall apply, and (D) distributions of rights
to all or substantially all holders of Common Stock pursuant to the adoption of
a shareholder rights plan, then, in each such case the Conversion Price shall
be decreased based on the following formula:

 

	
  CP = CP0 ×

  	
   

  	
  SP0 - FMV

  	
   

  	
   

  
	
   

  	
   

  	
  SP0

  	
   

  	
   

  

 

where

 

	
   

  	
  CP0

  	
   

  	
  =

  	
   

  	
  the Conversion Price in effect
  immediately prior to the open of business on the Ex-Dividend Date for such
  distribution;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CP

  	
   

  	
  =

  	
   

  	
  the Conversion Price in effect
  immediately after the open of business on the Ex-Dividend Date for such
  distribution;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SP0

  	
   

  	
  =

  	
   

  	
  the average of the Closing Sale
  Prices of the Common Stock over the 10 consecutive Trading Day period ending
  on, and including, the Trading Day immediately preceding the Ex-Dividend Date
  for such distribution; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FMV

  	
   

  	
  =

  	
   

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

  

 

If
the then-fair market value of the portion of the shares of Capital Stock,
evidences of indebtedness or other assets or property so distributed applicable
to one share of Common Stock is equal to or greater than the average of the
Closing Sale Prices of the Common Stock over the 10 consecutive Trading Day
period ending on the Trading Day immediately preceding the Ex-Dividend Date for
such distribution, in lieu of the foregoing adjustment, adequate provisions shall
be made so that each Holder of a Security shall have the right to receive on
conversion in respect of each Security held by such Holder, in addition to the
number of shares of Common Stock to which such Holder is entitled to receive,
the amount and kind of securities and assets such Holder would have received
had such Holder already owned a number

 

26

 

of
shares of Common Stock equal to (x) the Conversion Rate immediately prior
to the record date for the distribution of the securities or assets multiplied
by (y) the number of Securities, with a principal amount of $1,000 each,
such Holder owned.

 

(ii) With
respect to an adjustment pursuant to this Section 6.06(c) where there
has been a payment of a dividend or other distribution on the Common Stock or
shares of Capital Stock of any class or series, or similar equity interest, of
or relating to a Subsidiary or other business unit of the Company (a “Spin-Off”), the Conversion Price shall be
decreased based on the following formula:

 

	
  CP = CP0 ×

  	
   

  	
  MP0

  	
   

  	
   

  
	
   

  	
   

  	
  FMV + MP0

  	
   

  	
   

  

 

where

 

	
   

  	
  CP0

  	
   

  	
  =

  	
   

  	
  the Conversion Price in effect
  immediately prior to the open of business on the Ex-Dividend Date for the
  Spin-Off;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CP

  	
   

  	
  =

  	
   

  	
  the Conversion Price in effect
  immediately after the open of business on the Ex-Dividend Date for the
  Spin-Off;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FMV

  	
   

  	
  =

  	
   

  	
  the average of the Closing Sale
  Prices of the Capital Stock or similar equity interests distributed to
  holders of the Common Stock applicable to one share of the Common Stock over
  the first 10 consecutive Trading Day period commencing on, and including, the
  Ex-Dividend Date for the Spin-Off (such period, the “Valuation Period”); and

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MP0

  	
   

  	
  =

  	
   

  	
  the average of the Closing Sale
  Prices of the Common Stock over the Valuation Period.

  

 

The
adjustment to the Conversion Price under this
Section 6.06(c)(ii) shall be made immediately after the open of
business on the day after the last day of the Valuation Period, but shall
become effective as of the open of business on the Ex-Dividend Date for the
Spin-Off.  If the Ex-Dividend Date for the Spin-Off is less than 10
Trading Days prior to, and including, the end of the Conversion Period in
respect of any conversion, references within this Section 6.06(c) to
10 Trading Days shall be deemed replaced, for purposes of calculating the
affected daily Conversion Prices in respect of that conversion, with such
lesser number of Trading Days as have elapsed from, and including, the
Ex-Dividend Date for the Spin-Off to, and including, the last Trading Day of
such Conversion Period.  For purposes of determining the Conversion Price,
in respect of any conversion during the 10 Trading Days commencing on the
Ex-Dividend Date of any Spin-Off, references in the portion of this Section 6.06(c) related
to Spin-Offs to 10 Trading Days shall be deemed replaced with such lesser
number of Trading Days as have elapsed from, and including, the Ex-Dividend
Date for such Spin-Off to, but excluding, the Conversion Date for such
conversion.

 

27

 

(iii) For
purposes of this Section 6.06(c), Section 6.06(a) and
Section 6.06(b), any dividend or distribution to which this Section 6.06(c) is
applicable that also includes shares of Common Stock, or rights, options or
warrants to subscribe for or purchase shares of Common Stock to which
Section 6.06(a) or Section 6.06(b) (or both) applies, shall
be deemed instead to be (1) a dividend or distribution of the evidences of
indebtedness, assets or shares of Capital Stock other than such shares of
Common Stock or rights, options or warrants to which this Section 6.06(c) applies
(and any Conversion Price adjustment required by this Section 6.06(c) with
respect to such dividend or distribution shall then be made) immediately
followed by (2) a dividend or distribution of such shares of Common Stock
or such rights, options or warrants (and any further Conversion Price
adjustment required by Section 6.06(a) and
Section 6.06(b) with respect to such dividend or distribution shall
then be made), except (A) the Ex-Dividend Date of such dividend or
distribution shall be substituted as “the Ex-Dividend Date,” “the Ex-Dividend
Date relating to such distribution of such rights, options or warrants” and “the
Ex-Dividend Date for such distribution” within the meaning of
Section 6.06(a) and Section 6.06(b) and (B) any shares
of Common Stock included in such dividend or distribution shall not be deemed “outstanding
immediately prior to the Ex-Dividend Date for such dividend or distribution, or
the effective date of such share split or share combination, as the case may be”
within the meaning of Section 6.06(a) or “outstanding immediately
prior to the Ex-Dividend Date for such dividend or distribution” within the
meaning of Section 6.06(b).

 

For
the avoidance of doubt: if application of the formula set forth in this Section 6.06(c) would
result in an increase to the Conversion Price, no adjustment shall be made
pursuant hereto.

 

If
any dividend or distribution that is the subject of this Section 6.06(c) is
declared but not paid or made, the Conversion Price shall be readjusted to be
the Conversion Price that would then be in effect if such dividend or distribution
had not been declared.

 

(d)         If the Company makes or pays
any cash dividend or distribution to all or substantially all holders of its
outstanding Common Stock (other than (i) distributions pursuant to
Section 6.06(e) and (ii) any dividend or distribution in
connection with the liquidation, dissolution or winding up of the Company), the
applicable Conversion Price shall be decreased based on the following formula:

 

	
  CP = CP0 ×

  	
   

  	
  SP0 - C

  	
   

  	
   

  
	
   

  	
   

  	
  SP0

  	
   

  	
   

  

 

where

 

	
   

  	
  CP0

  	
   

  	
  =

  	
   

  	
  the Conversion Price in effect
  immediately prior to the open of business on the Ex-Dividend Date for such
  dividend or distribution;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CP

  	
   

  	
  =

  	
   

  	
  the Conversion Rate in effect
  immediately after the open of business on the Ex-Dividend Date for such
  dividend or distribution;

  

 

28

 

	
   

  	
  SP0

  	
   

  	
  =

  	
   

  	
  the average of the Closing Sale
  Prices of the Common Stock over the 10 consecutive Trading Day period ending
  on, and including, the Trading Day immediately preceding the Ex-Dividend Date
  for such dividend or distribution; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C

  	
   

  	
  =

  	
   

  	
  the amount in cash per share the
  Company pays or distributes to holders of Common Stock.

  

 

If
any dividend or distribution that is the subject of this Section 6.06(d) is
declared but not paid or made, the Conversion Price shall be readjusted to be
the Conversion Price that would then be in effect if such dividend or
distribution had not been declared.

 

If
the amount in cash per share that the Company pays or distributes to holders of
the Common Stock attributable to one share of Common Stock is equal to or
greater than the average of the Closing Sale Prices of the Common Stock over
the 10 consecutive Trading Day period ending on, and including, the Trading Day
immediately preceding the Ex-Dividend Date for such dividend or distribution,
in lieu of the foregoing adjustment, the Company shall pay to each Holder of
Securities, at the same time and upon the same terms as holders of shares of
the Common Stock, the amount of cash such Holder would have received had such
Holder already owned a number of shares of Common Stock equal to (x) the
Conversion Rate immediately prior to the record date for the dividend or
distribution of such cash multiplied by (y) the number of Securities, with
a principal amount of $1,000 each, such Holder owned.

 

For
the avoidance of doubt, for purposes of this Section 6.06(d), in the event
of any reclassification of the Common Stock, as a result of which the
Securities become convertible into more than one class of Common Stock, if an
adjustment to the Conversion Price is required pursuant to this Section 6.06(d),
references in this Section to one share of Common Stock or Closing Sale
Prices of one share of Common Stock shall be deemed to refer to a unit or to
the price of a unit consisting of the number of shares of each class of Common
Stock into which the Securities are then convertible equal to the number of
shares of such class issued in respect of one share of Common Stock in such
reclassification.  The above provisions of this paragraph shall similarly
apply to successive reclassifications.

 

For
the avoidance of doubt: if application of the formula set forth in this Section 6.06(d) would
result in an increase to the Conversion Price, no adjustment shall be made
pursuant hereto.

 

(e)          If the Company or any of its
Subsidiaries makes a payment in respect of a tender offer or exchange offer for
the Common Stock and if the cash and value of any other consideration included
in the payment per share of the Common Stock exceeds the average of the Closing
Sale Prices of the Common Stock over the 10 consecutive Trading Day period
commencing on, and including, the Trading Day next succeeding the last date on
which tenders or exchanges may be made pursuant to such tender or exchange
offer (the “Expiration Date”), the
Conversion Price shall be decreased based on the following formula:

 

29

 

	
  CP = CP0 ×

  	
   

  	
  OS0 x SP

  	
   

  	
   

  
	
   

  	
   

  	
  AC + (OS x SP)

  	
   

  	
   

  

 

where

 

	
   

  	
  CP0

  	
   

  	
  =

  	
   

  	
  the Conversion Price in effect
  immediately prior to the open of business on the Trading Day next succeeding
  the Expiration Date;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CP

  	
   

  	
  =

  	
   

  	
  the Conversion Price in effect
  immediately after the open of business on the Trading Day next succeeding the
  Expiration Date;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  AC

  	
   

  	
  =

  	
   

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS0

  	
   

  	
  =

  	
   

  	
  the number of shares of Common
  Stock outstanding immediately prior to the time (the “Expiration Time”) such tender or
  exchange offer expires (prior to giving effect to such tender offer or
  exchange offer);

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OS

  	
   

  	
  =

  	
   

  	
  the number of shares of Common
  Stock outstanding immediately after the Expiration Time (after giving effect
  to such tender offer or exchange offer); and

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SP

  	
   

  	
  =

  	
   

  	
  the average of the Closing Sale
  Prices of Common Stock over the 10 consecutive Trading Day period commencing
  on, and including, the Trading Day next succeeding the Expiration Date.

  

 

Such
adjustment under this Section 6.06(e) shall become effective at the
opening of business on the Trading Day next succeeding the Expiration
Date.  If the Trading Day next succeeding the Expiration Date is less than
10 Trading Days prior to, and including, the end of the Conversion Period in
respect of any conversion, references within this Section 6.06(e) to
10 Trading Days shall be deemed replaced, for purposes of calculating the
affected daily Conversion Prices in respect of that conversion, with such
lesser number of Trading Days as have elapsed from, and including, the Trading
Day next succeeding the Expiration Date to, and including, the last Trading Day
of such Conversion Period.  For purposes of determining the Conversion
Price, in respect of any conversion during the 10 Trading Days commencing on
the Trading Day next succeeding the Expiration Date, references within this Section 6.06(e) to
10 Trading Days shall be deemed replaced with such lesser number of Trading
Days as have elapsed from, and including, the Trading Day next succeeding the
Expiration Date to, but excluding, the Conversion Date for such
conversion.  If the Company is obligated to purchase shares pursuant to
any such tender or exchange offer, but the Company is permanently prevented by
applicable law from effecting any or all or any portion of such purchases or
all such purchases are rescinded, the Conversion Rate shall be readjusted to be
the Conversion Rate that would then be in effect if such tender or exchange
offer had not been made or had been made only in respect of the purchases that
had been effected.

 

30

 

For
the avoidance of doubt: if application of the formula set forth in this Section 6.06(e) would
result in an increase to the Conversion Price, no adjustment shall be made
pursuant hereto.

 

(f)            In calculating the Daily
VWAP or Closing Sale Price of the Common Stock over a span of multiple days
pursuant to any provision of this Indenture, the Company shall make appropriate
adjustments to account for any adjustment to the Conversion Price pursuant to Section 6.06
that becomes effective, or any event requiring an adjustment to the Conversion
Price the Ex-Dividend Date in respect of which occurs, at any time during the
period from which such prices are to be calculated.

 

(g)         If, in respect of any
Trading Day within the Conversion Period for a converted Security:

 

(i)                                     the Company
elects to satisfy its Conversion Obligation through delivery of a combination
of cash and Common Stock, and shares of Common Stock are deliverable to settle
the Daily Net Share Settlement Value for a given Trading Day within the
Conversion Period applicable to the Securities converted by a Holder;

 

(ii)                                  any event that
is the subject of any of clauses (a), (b), (c), (d) or (e) of this Section 6.06
has not resulted in an adjustment to the Conversion Price as of such Trading
Day; and

 

(iii)                               the shares of
Common Stock the Holder of such Security will receive in respect of such
Trading Day are not entitled to participate in the distribution or transaction
giving rise to such adjustment event because such shares were not held by such
Holder on the record date corresponding to such distribution or transaction or
otherwise,

 

then the Company shall adjust the number of shares
of Common Stock deliverable with respect to the Daily Settlement Amount for
such Trading Day to reflect the relevant distribution or transaction.

 

(h)         If:

 

(i)                                     the Company
elects to satisfy its Conversion Obligation solely in shares of Common Stock,

 

(ii)                                  any event that
requires an adjustment to the Conversion Price under any of clauses (a), (b),
(c), (d) and (e) of this Section 6.06 has not yet resulted in an
adjustment to the Conversion Price on the Conversion Date, and

 

(iii)                               the shares of
Common Stock the Holder of such Security shall receive on the Settlement Date
are not entitled to participate in the distribution or transaction giving rise
to such adjustment event because, pursuant to the terms of the second paragraph
of Section 6.02, such shares were not held 

 

31

 

by such Holder on the record
date corresponding to such distribution or transaction or otherwise,

 

then the Company shall adjust the number of shares
of Common Stock that it delivers to such Holder in respect of the relevant
Trading Day to reflect the relevant distribution or transaction.

 

Section 6.07        No Adjustment.

 

All
calculations and other determinations under this Article 6 shall be made
by the Company and shall be made to the nearest one-ten thousandth (1/10,000)
of a share.  Notwithstanding anything to the contrary contained in the
Indenture, no adjustment in the Conversion Price shall be required unless the
adjustment would require an increase or decrease of at least 1% in the
Conversion Price as last adjusted; provided,
however, the Company shall carry forward any adjustments that are
less than 1% of the Conversion Price and make such carried forward adjustments (i) when
the cumulative net effect of all adjustments not yet made will result in a change
of at least 1% of the Conversion Price or (ii) regardless of whether the
aggregate adjustment is less than 1%, (A) upon any date upon which the
Company gives notice of a Fundamental Change and (B) on each of the
Trading Days within any Conversion Period.

 

No
adjustment need be made:

 

(a)          upon the issuance of any
shares of the Common Stock pursuant to any present or future plan providing for
the reinvestment of dividends or interest payable on the Company’s securities
and the investment of additional optional amounts in shares of the Common Stock
under any plan;

 

(b)         upon the issuance of any
shares of the Common Stock or options or rights to purchase those shares
pursuant to any present or future employee, director or consultant benefit plan
or program of, or assumed by, the Company or any of the Company’s Subsidiaries;

 

(c)          upon the issuance of any
shares of the Common Stock pursuant to any option, warrant, right or
exercisable, exchangeable or convertible security that is not the subject of
clause (b) of this subsection and is outstanding as of the Original Issue
Date;

 

(d)         for any change in the par
value of the Common Stock; or

 

(e)          for accrued and unpaid
interest, if any.

 

Except
as set forth in this Article 6, the Company shall not adjust the Conversion
Price.  The Company shall not be obligated to adjust the Conversion Price
in transactions in which Holders participate without conversion of the
Securities in the same manner and at the same time as a holder of the shares of
the Common Stock into which such Holder’s Securities are convertible would
participate.

 

32

 

The
Company shall not take any action that would result in an adjustment without
complying with New York Stock Exchange Rule 312, or any similar rule of
any other stock exchange on which the Common Stock may be listed, if
applicable.

 

To
the extent that the Securities become convertible into the right to receive
cash, no adjustment need be made thereafter as to such cash.  Interest
will not accrue on such cash.

 

Section 6.08        Adjustment for Tax Purposes.

 

The
Company shall be entitled to (but is not required to) make such reductions in
the Conversion Price, in addition to those required by Section 6.06, as it
in its discretion shall determine to be advisable in order to avoid or diminish
any tax to holders of Common Stock (or holders of rights to purchase Common
Stock) in connection with any stock dividends, subdivisions of shares,
distributions of rights to purchase stock or securities or distributions of
securities convertible into or exchangeable for stock (or rights to acquire
such securities) hereafter made by the Company to its stockholders; provided the Company shall not take any
action that would result in an adjustment to the Conversion Price in such a
manner as to result in the reduction of the Conversion Price to less than the
par value per share of the Common Stock.

 

Section 6.09        Notice of Conversion and Notice
of Adjustment.

 

Upon
determining that Holders are entitled to convert their Securities in accordance
with the provisions described herein, the Company will promptly (i) issue
a press release and use its reasonable efforts to post such information on the
Company’s website or otherwise publicly disclose this information or (ii) provide
written notice to the Holders of the Securities in a manner contemplated by the
Indenture, including through the facilities of the Depositary, and (iii) file
with the Trustee and the Conversion Agent an Officer’s Certificate advising
that the Company has determined that Holders of Securities are entitled to
convert such Securities in accordance with the terms of this Indenture,
provided that the Company shall not be obligated to deliver any such Officer’s
Certificate after the close of business on February 15, 2015.  Prior to the close of business on February 15,
2015, unless and until the Trustee and the Conversion Agent shall receive an
Officer’s Certificate advising of such conversion opportunity, the Trustee and
the Conversion Agent may conclusively presume without inquiry that Holders are
not entitled to convert their Securities.

 

Whenever
the Conversion Price is adjusted, the Company shall promptly mail to Holders a
notice of the adjustment and file with the Trustee and the Conversion Agent an
Officer’s Certificate setting forth the Conversion Price, detailing the
calculation of the Conversion Price and briefly stating the facts upon which
the adjustment is based.  In addition, the Company shall issue a press
release containing such information and make such press release available on
its website.

 

Unless
and until the Trustee and the Conversion Agent shall receive an Officer’s
Certificate setting forth an adjustment of the Conversion Price, the Trustee
and the Conversion Agent may conclusively presume without inquiry that the
Conversion Price has not been adjusted and that the last Conversion Price of
which it has knowledge remains in effect.

 

33

 

Section 6.10        Notice of Certain Transactions.

 

In
the event that:

 

(1)                                  the Company
takes any action which would require an adjustment in the Conversion Price;

 

(2)                                  the Company
consolidates or merges with, or transfers all or substantially all of its
property and assets to, another corporation and shareholders of the Company
must approve the transaction; or

 

(3)                                  there is a
dissolution or liquidation of the Company;

 

the Company shall mail to Holders
and file with the Trustee and the Conversion Agent a notice stating the
proposed record or effective date, as the case may be.  The Company shall
mail the notice as promptly as practicable but in no event less than 10 days
prior to such event.  Failure to mail such notice or any defect therein
shall not affect the validity of any transaction referred to in clause (1), (2) or
(3) of this Section 6.10.

 

Section 6.11        Stockholder Rights Plans.

 

Each
share of Common Stock, if any, issued upon such conversion shall be entitled to
receive the related rights under the Shareholder Rights Agreement, dated as of April 11,
2007, between the Company and Mellon Investor Services LLC, as rights agent, as
amended, or any other rights plan in effect upon conversion of the Securities,
and the certificates representing the Common Stock issued upon such conversion
shall bear such legends, if any, in each case as may be provided by the terms
of any such rights plan or agreement, as the same may be amended from time to
time.  If, however, prior to the time of conversion, the rights provided
by such rights plan or agreement have separated from the shares of Common Stock
in accordance with the provisions of the applicable rights plan or agreement so
that the holders of the Securities would not be entitled to receive any rights
in respect of Common Stock, if any, issuable upon conversion of the Securities,
the Conversion Price shall be adjusted at the time of separation as if the
Company has distributed to all holders of Common Stock, shares of Capital Stock
of the Company, evidences of indebtedness or other assets or property as
provided in Section 6.04(c), subject to readjustment in the event of the
expiration, termination or redemption of such rights.

 

Section 6.12        Effect of Reclassification,
Consolidation, Merger or Sale on Conversion Privilege.

 

If
any of the following shall occur, namely:  (i) any reclassification
or change of shares of Common Stock issuable upon conversion of the Securities
(other than a change in par value, or from par value to no par value, or from
no par value to par value, or as a result of a subdivision or combination, or any
other change for which an adjustment is provided in Section 6.06);
(ii) any consolidation, merger or binding share exchange involving the
Company; or (iii) any sale, assignment, conveyance, transfer, lease or
other disposition to another person of the Company’s property and assets as an
entirety or substantially as an entirety, in each case as a 

 

34

 

result of which holders of Common Stock shall
be entitled to receive cash, securities or other property with respect to or in
exchange for such Common Stock (any such event a “Merger Event”), then:

 

(a)          the Company, or such
successor purchasing Person, as the case may be, shall, as a condition
precedent to such Merger Event, execute and deliver to the Trustee a supplemental
indenture (which shall comply with the TIA as in force at the date of execution
of such supplemental indenture if such supplemental indenture is then required
to so comply) providing that Holders shall be entitled thereafter to convert
their Securities into the type and amount of shares of stock, other securities
or other property or assets (including cash or any combination thereof) (the “Reference Property”) that a holder of the
Common Stock would have owned or been entitled to receive in respect of a
number of shares of the Common Stock equal to (x) the Conversion Rate
immediately prior to such Merger Event multiplied by (y) the number of
Securities, with a principal amount of $1,000 each, such Holder owned; provided that, at and after the effective
time of any such Merger Event, any amount otherwise payable in cash upon
conversion of the Securities shall continue to be payable as provided in
Section 6.05, including the Company’s right to determine the form of
consideration as provided therein.  For
purposes of this Article 6, if the Common Stock has been replaced by
Reference Property as a result of any transaction described in this Section 6.12(a),
references to the Common Stock shall refer to such Reference Property.

 

(b)         In the event the Company
shall execute a supplemental indenture pursuant to this Section 6.12, the
Company shall promptly file with the Trustee (x) an Officer’s Certificate
briefly describing the Merger Event, the kind or amount of shares of stock or
other securities or property (including cash) that will comprise the Reference
Property after any such Merger Event, any adjustment to be made with respect
thereto and stating that all conditions precedent have been complied with and
(y) an Opinion of Counsel that all conditions precedent have been complied
with.  Any failure to deliver such Officer’s Certificate shall not affect
the legality or validity of such supplemental indenture.

 

(c)          With respect to each $1,000
principal amount of Securities surrendered for conversion after the effective
date of any such Merger Event in lieu of cash and shares of Common Stock, if
any, otherwise provided for hereunder, the Company shall deliver to the
converting Holder a number of units of Reference Property (each such unit
comprised of the kind and amount of shares of stock, securities or other
property or assets (including cash or any combination thereof) that a holder of
one share of Common Stock immediately prior to such Merger Event would have
owned or been entitled to receive based on the Weighted Average Consideration)
equal to (1) the aggregate principal amount of Securities to be converted,
divided by $1,000, multiplied by (2) the then-applicable Conversion Rate.

 

(i)                                     The Company
will deliver the cash in lieu of fractional units of Reference Property as set
forth pursuant to Section 6.03 (provided
that the amount of such cash shall be determined as if references in such
Section to “the Closing Sale Price” were instead a reference to “the
Closing Sale Price of a unit of Reference Property” composed of the type and
amount of shares of stock, securities or other property or assets (including
cash or any 

 

35

 

combination thereof) that a
holder of one share of Common Stock immediately prior to such Merger Event
would have owned or been entitled to receive based on the Weighted Average
Consideration).

 

(ii)                                  The Daily
Settlement Amounts (if applicable) and Daily Conversion Values (if applicable)
shall be determined by the Company promptly following the last day of the
applicable Conversion Period.

 

(iii)                               For purposes of
this Section 6.12, the “Weighted
Average Consideration” means the weighted average of the types and
amounts of consideration received by the holders of the Common Stock entitled
to receive cash, securities or other property or assets with respect to or in
exchange for such Common Stock in any Merger Event who affirmatively make such
an election; provided that, if
the types and amounts of consideration that holders of the Common Stock would
be entitled to receive with respect to or in exchange for such Common Stock is
based in part upon any form of stockholder election, the “Weighted Average
Consideration” will be deemed to be (A) if holders of the majority of the
shares of Common Stock affirmatively make such an election, the weighted
average of the types and amounts of consideration received by the holders of
the Common Stock that affirmatively make such an election or (B) if the
holders of a majority of the shares of Common Stock do not affirmatively make
such an election, the types and amount of consideration actually received by
such holders.

 

(iv)                              The Company
shall notify the holders of the Weighted Average Consideration as soon as
practicable after the Weighted Average Consideration is determined.

 

(v)                                 The above
provisions of this Section shall similarly apply to successive Merger
Events.

 

Promptly following the effective
time of any such Merger Event, the Company shall notify the Trustee and the
Conversion Agent and issue a press release describing the type or amount of
cash, securities, property or other assets that will comprise the Reference
Property after any such Merger Event (and shall make the press release
available on its website).

 

Section 6.13        Trustee’s Disclaimer.

 

The
Trustee and the Conversion Agent shall have no duty to determine whether a
Holder is entitled to convert its Securities or if and when an adjustment under
this Article 6 should be made, how it should be made or what such
adjustment should be, but may accept as conclusive evidence of that fact or the
correctness of any such entitlement or adjustment, and shall be protected in
relying upon, an Officer’s Certificate, including the Officer’s Certificate
with respect thereto which the Company is obligated to file with the Trustee
pursuant to Section 6.09.  Neither
the Trustee nor the Conversion Agent makes any representation as to the
validity or value of any shares of Common Stock or of any other securities or
assets issued upon

 

36

 

conversion
of Securities, and the Trustee and the Conversion Agent shall not be
responsible for the Company’s failure to comply with any provisions of this
Article 6.

 

The
Trustee and the Conversion Agent shall not be under any responsibility to
determine the correctness of any provisions contained in any supplemental
indenture executed pursuant to Section 6.12, but may accept as conclusive
evidence of the correctness thereof, and shall be fully protected in relying
upon, the Officer’s Certificate with respect thereto which the Company is
obligated to file with the Trustee pursuant to Section 6.12.

 

Section 6.14        Voluntary Reduction.

 

The
Company from time to time may reduce the Conversion Price by any amount for any
period of time if the period is at least 20 Business Days and if the reduction
is irrevocable during the period, if the Board of Directors determines that
such reduction would be in the best interest of the Company or would avoid or
diminish income tax to holders of shares of Common Stock or rights to purchase
shares of Common Stock in connection with a dividend or distribution of shares
(or rights to acquire shares) or similar event, and the Company provides at
least 15 days’ prior notice of any reduction in the Conversion Price; provided,
however, that in no event may the Company reduce the Conversion
Price to be less than the par value of a share of Common Stock.

 

Section 6.15        Calculations in Respect of the
Securities.

 

The
Company shall be responsible for making the calculations called for hereunder
and under the Securities.  These calculations include, but are not limited
to, determinations of the Closing Sale Price of the Common Stock, adjustments
to the Conversion Price and to the Conversion Rate, the amount of Conversion
Consideration deliverable in respect of any conversion and any accrued interest
payable on the Securities.  The Company
shall make these calculations in good faith and, absent manifest error, the
calculations will be final and binding on Holders of the Securities.  The
Company shall provide to each of the Trustee, the Paying Agent and the
Conversion Agent a schedule of its calculations, and the Trustee, the Paying
Agent and the Conversion Agent are entitled to rely conclusively upon the
accuracy of such calculations without independent verification.  The
Trustee shall forward the Company’s calculations to any Holder of the
Securities upon the request of such Holder.

 

ARTICLE 7

 

COVENANTS

 

Section 7.01        Reports.  Section 4.03 of the Base
Indenture is hereby amended in its entirety with respect to the Securities to
state:

 

“So long as any Securities are outstanding, the Company shall (i) file
with the SEC within the time periods prescribed by its rules and
regulations and (ii) furnish to the Trustee and the Holders of the
Securities within 15 days after the date on which each such filing is made, all
quarterly and annual financial information required to be contained in Forms
10-Q and 10-K and, with respect to the annual consolidated financial statements
only, a report thereon by the 

 

37

 

Company’s independent auditors.  The Company also shall comply with the other
provisions of TIA Section 314(a). 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 (as to which the
Trustee is entitled to rely exclusively on Officer’s Certificates).  The Company shall not be required to file any
report or other information with the SEC if the SEC does not permit such
filing, although such reports shall be furnished to the Trustee.  Documents filed by the Company with the SEC
via the SEC’s EDGAR system (or any successor thereto) will be deemed furnished
to the Trustee and the Holders of the Securities as of the time such documents
are filed via EDGAR (or such successor).”

 

Section 7.02        Compliance
Certificate.  Section 4.04 of the Base Indenture is hereby amended with respect
to the Securities to add the following paragraph after the first paragraph
thereof:

 

“In
addition, the Company shall deliver to the Trustee, within 30 days after the
occurrence thereof, written notice of any events which constitute an Event of
Default, or which, with the passage of time or the giving of notice or both
would constitute an Event of Default, under clause (6), (7), (8) or (9) of
Section 6.01 of the Indenture, the status of such Default or Event of
Default and what actions the Company is taking or proposes to take in respect
thereof.”

 

Section 7.03        Payment of Additional Tax
Amounts.

 

All
payments of interest and principal (including the payment of any amount upon
Stated Maturity or that constitutes all or part of any Conversion Obligation)
by the Company under the Securities shall be made without withholding or
deduction for, or on account of, any present or future taxes, duties,
assessments or governmental charges of whatever nature imposed or levied by or
on behalf of the Marshall Islands or any other jurisdiction in which the
Company is organized or maintains an executive office or place of management or
any political sub-division or taxing authority thereof or therein or any other
jurisdiction from or through which the Company makes payment on any Security
(each, a “Relevant Jurisdiction”).  In that event, the Company, as applicable,
will pay such additional amounts as may be necessary in order that the net
amounts received by a Holder after such withholding or deduction shall equal
the amount of interest and principal (including the payment of any amount upon
Stated Maturity or that constitutes all or part of any Conversion Obligation)
which would have been receivable in respect of the Securities in the absence of
such withholding or deduction (“Additional
Tax Amounts”), except that no such Additional Tax Amounts shall
apply to:

 

(a)          any tax, assessment or other
governmental charge that would not have been so imposed but for the existence
of any present or former connection between the Holder (or between a fiduciary,
settlor, beneficiary, member or shareholder of the Holder, if the Holder is an
estate, a trust, a partnership, a limited liability company or a corporation)
and a Relevant Jurisdiction or its possessions, including, without limitation,
the Holder (or such fiduciary, settlor, beneficiary, member or shareholder)
being or having been a citizen or resident of a 

 

38

 

Relevant Jurisdiction or its possessions or being or
having been engaged in a trade or business or present in a Relevant
Jurisdiction or its possessions or having, or having had, a permanent
establishment in a Relevant Jurisdiction or its possessions;

 

(b)         any estate, inheritance,
gift, sales, transfer, capital gains, excise or personal property tax or any
similar tax, assessment or governmental charge;

 

(c)          any tax, assessment or other
governmental charge that is payable otherwise than by withholding or deduction
from payments on or in respect of any Security;

 

(d)         any tax, assessment or other
governmental charge that would not have been imposed but for the failure to
comply with certification, information or other reporting requirements
concerning the nationality, residence or identity of the Holder (or a
fiduciary, settler, beneficiary, member, or interestholder of the Holder, if
the Holder is an estate, a trust, a partnership, or a limited liability
company) or beneficial owner of that Security, if compliance therewith is
required by a Relevant Jurisdiction or taxing authority thereof or therein as a
precondition to relief or exemption from the tax, assessment or other
governmental charge;

 

(e)          any tax, assessment or other
governmental charge required to be withheld by any Paying Agent from any
payment of principal of, or interest on any Security, if payment can be made
without withholding by at least one other Paying Agent; or

 

(f)            in the case of any
combination of the items listed above.

 

In addition, no Additional Tax Amounts shall be
payable with respect to any payment on a Security to a Holder who is a
fiduciary, a partnership, a limited liability company or other than the sole
beneficial owner of that payment to the extent that payment would be required
by the laws of a Relevant Jurisdiction to be included in the income, for tax
purposes, of a beneficiary or settlor with respect to the fiduciary, a member
of that partnership, an interestholder in that limited liability company or a
beneficial owner who would not have been entitled to the Additional Tax Amounts
had that beneficiary, settlor, member, interestholder, or beneficial owner been
the Holder.

 

Additional
Tax Amounts, for all purposes of this Indenture, shall constitute and be deemed
to be part of the principal, interest, payments in respect of any Conversion
Obligation or other payment to which they relate and all references in this
Indenture to principal, interest, payments in respect of any Conversion
Obligation or other payments in respect of which Additional Tax Amounts are
payable shall be deemed to also include such Additional Tax Amounts.

 

The Company shall deliver to the Trustee, at least
30 days prior to the date of any payment under or with respect to the Securities
in respect of which it becomes aware that it will be obligated to pay
Additional Tax Amounts, an Officer’s Certificate stating the fact that
Additional Tax Amounts will be payable and the amount estimated to be so
payable. The Officer’s Certificates shall also set forth any other information
reasonably necessary to enable the Trustee to pay Additional Tax Amounts to
Holders on the relevant payment date. 
The 

 

39

 

Trustee shall be entitled to rely solely on
such Officer’s Certificate as conclusive proof that such payments are
necessary.

 

ARTICLE 8

 

CONSOLIDATION, MERGER, SALE OR
CONVEYANCE

 

Section 8.01        Issuer May Consolidate, etc.,
on Certain Terms.

 

Article 5
of the Base Indenture is hereby amended in its
entirety with respect to the Securities to state:

 

The Company shall not:  (1) consolidate with, enter into a
binding share exchange with, or merge with or into, another Person, or (2) sell,
assign, convey, transfer, lease or otherwise dispose of the properties and
assets of the Company substantially as an entirety to another Person, unless:

 

(a)          either: (i) the Company is the surviving Person; or (ii) the
Person surviving any such consolidation, share exchange or merger, if other
than the Company, or to which such sale, assignment, transfer, conveyance,
lease or other disposition shall have been made (the “Successor Person”) is a corporation
organized or existing under the laws of the Republic of the Marshall Islands,
the United States of America, any state of the United States or the District of
Columbia, any member state of the European Union, Liberia, Malta, Bermuda, the
Bahamas, Panama, the British Virgin Islands, the Cayman Islands, the Isle of
Man, Norway, Hong Kong, Taiwan, Antigua and Barbuda, Barbados, Belize, Cyprus,
Gibraltar (UK), Jamaica, Netherlands Antilles, St. Vincent, Singapore or any
other country recognized by the United States of America with an investment
grade sovereign debt rating from either Standard & Poor’s Ratings
Services or Moody’s Investors Service, Inc.;

 

(b)         the Successor Person assumes all the obligations of the Company under
the Securities and this Indenture pursuant to a supplemental indenture,
executed and delivered to the Trustee;

 

(c)          immediately after giving effect to the transaction, no Default or Event
of Default shall have occurred and be continuing; and

 

(d)         the Company has delivered to the Trustee an Officer’s Certificate
stating, and an Opinion of Counsel stating, in the opinion of such counsel,
that such transaction and, if applicable, the supplemental indenture required
in connection with such transaction pursuant to Section 8.01(ii) complies
with this Section 8.01 and that all conditions precedent herein provided
for relating to such transaction have been complied with.

 

Section 8.02        Successor Person Substituted.

 

Upon any consolidation or merger, or any sale,
assignment, transfer, conveyance, lease or other disposition of the properties
and assets of the Company substantially as an entirety in accordance with Section 8.01,
the Successor Person formed by such consolidation or into or with which the
Company is merged or to which such sale, assignment, transfer, conveyance,
lease or 

 

40

 

other disposition is made shall succeed to, and
be substituted for (so that from and after the date of such consolidation,
merger, sale, assignment, conveyance, lease or other disposition, the
provisions of this Indenture referring to the “Company” shall refer instead to
the Successor Person and not to the Company), and may exercise every right and
power of the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein and upon satisfaction of
the requirements of Section 8.01, except in the case of a lease or other
conditional or temporally limited assignment, conveyance or disposition, the
predecessor Company shall be released from its liabilities as obligor and maker
of the Securities and from its obligations under this Indenture.

 

ARTICLE 9

 

DEFAULT AND REMEDIES

 

Section 9.01        Events of Default

 

Section 6.01 of
the Base Indenture is hereby amended in its entirety with respect to the
Securities to state:

 

“‘Event of
Default,’ wherever used herein with respect to the Securities, means
any one of the following events:

 

(1)                                  the Company fails to pay the principal of any Security when due;

 

(2)                                  the Company fails to pay the cash and deliver the shares of Common
Stock, if any, representing the Conversion Obligation upon conversion of any Security
(including any Additional Shares, if applicable) within the time period
required by the provisions of the Indenture;

 

(3)                                  the Company fails to pay any interest amounts on any Security when it
becomes due and payable, and continuance of such failure to pay for a period of
30 days;

 

(4)                                  the Company fails to perform any of its other covenants or agreements
contained in this Indenture (other than a covenant or agreement a default in
whose performance or whose breach is specifically dealt with in clauses (1), (2) or
(3) of this Section 6.01), which failure continues uncured for a
period of 60 days after written notice given by the Trustee or Holders of not
less than 25% in principal amount of the outstanding Securities;

 

(5)                                  the Company fails to provide a Fundamental Change Purchase Notice when
required by Section 4.01 or the Company fails to pay the Fundamental
Change Purchase Price of any Security when due;

 

(6)                                  any
indebtedness for money borrowed by, or any other payment obligation of, the
Company or any of its Significant Subsidiaries in an outstanding principal
amount, individually or in the aggregate, in excess of $50 million is not paid
at final maturity (or when otherwise due) or is accelerated and such
indebtedness is not discharged (or such default in payment or acceleration is
not cured or rescinded) within 30 days after written notice as provided 

 

41

 

herein;
provided that a payment
obligation (other than indebtedness for borrowed money) shall not be deemed to
have matured, come due, or been accelerated to the extent that it is being
disputed by the relevant obligor or obligors in good faith;

 

(7)                                  the Company or any of its Significant Subsidiaries, 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, or

 

(d)                                 makes a general
assignment for the benefit of its creditors;

 

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

 

(a)                                  is for relief
against the Company or any of its Significant Subsidiaries in an involuntary
case,

 

(b)                                 appoints a Custodian
of the Company or any of its Significant Subsidiaries for all or substantially
all of the property of the Company or any such Significant Subsidiary, or

 

(c)                                  orders the
liquidation of the Company or any of its Significant Subsidiaries, and the order
or decree remains unstayed and in effect for 60 days;
or

 

(9)                                  the Company fails or any of its Significant Subsidiaries fails to pay
one or more final and non-appealable judgments entered by a court or courts of
competent jurisdiction, other than judgments in respect of any vessel in
respect of matters occurring prior to the Company’s or such Subsidiary’s
ownership of such vessel, the aggregate uninsured or unbonded portion of which
is in excess of $50 million, if the judgments are not paid, discharged or
stayed within 60 days after the Company or such Subsidiary receives actual
notice thereof.

 

Section 9.02        Additional Interest Sole Remedy
for Certain Events of Default.

 

Notwithstanding any
provision of Article 6 of the Base Indenture (as amended by this Supplemental
Indenture), at the election of the Company in its sole discretion, the sole
remedy under this Indenture for an Event of Default relating to the failure to
comply with Section 4.03 of the Base Indenture (as amended hereby), and
for any failure to comply with the requirements of Section 314(a)(1) of
the TIA, shall consist, for the 180 days after the occurrence of such an Event
of Default, exclusively of the right to receive additional interest on the
Securities at a rate equal to 0.50% per annum of the aggregate principal amount
of the Securities

 

42

 

then outstanding up to, but not including, the
181st day thereafter (or, if applicable, the earlier date on which the Event of
Default relating to Section 4.03 of the Base Indenture (as amended hereby)
is cured or waived).  Any such additional
interest will be payable in the same manner and on the same dates as the stated
interest payable on the Securities.  If
the Event of Default is continuing on the 181st day after an Event of Default
relating to a failure to comply with Section 4.03 of the Base Indenture
(as amended hereby), the Securities will be subject to acceleration as provided
in Section 6.02 of the Base Indenture. 
The provisions of this Section 9.02 will not affect the rights of
Holders in the event of the occurrence of any other Events of Default.

 

In order to elect to pay additional interest as
the sole remedy during the first 180 days after the occurrence of an Event of
Default relating to the failure to comply with Section 4.03 of the Base
Indenture (as amended hereby) in accordance with the immediately preceding
paragraph, the Company shall notify all Holders and the Trustee and Paying
Agent of such election on or before the close of business on the fifth Business
Day after the date on which such Event of Default otherwise would occur.  Upon a failure by the Company to timely give
such notice or pay additional interest, the Securities will be immediately
subject to acceleration as otherwise provided in Section 6.02 of the Base
Indenture.

 

Section 9.03        Waiver of Default and Events of
Default.

 

In
addition to Section 6.04 of the Base Indenture, consent of each Holder is
required to waive any Default or Event of Default resulting from the failure by
the Company to:

 

(a)          pay the principal of or
interest amounts on any Security when due;

 

(b)         deliver cash, shares of
Common Stock, or a combination thereof, as the case may be, upon a conversion of
the Securities; or

 

(c)          comply with any provisions
in this Indenture that would require the consent of the Holders of each
outstanding Security affected.

 

Section 9.04        Limitations on Suits.

 

Section 6.06
is hereby amended in its entirety with respect to the Securities to state:

 

“A
Holder of Securities may pursue a remedy with respect to this Indenture or the
Securities only if:

 

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

 

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

 

43

 

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

 

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

 

(e)          the Trustee has not received
for Holders of a majority in aggregate principal amount of the Securities then
outstanding a direction inconsistent with such request within 60 days after
such notice, request and offer of indemnity.

 

The
limitations on suits set forth in clauses (a) through (e) of this Section 6.06
shall not apply to actions instituted by a Holder for the enforcement of
payment of the principal of or interest amounts on any Security on or after the
applicable due date or the right to convert any Security in accordance with the
Indenture.”

 

Section 9.05        Unconditional Right of Holders to
Receive Conversion Obligation.

 

In
addition to the unconditional rights set forth in Section 6.07 of the Base
Indenture, and notwithstanding any other provision in the Indenture, the Holder
of any Security shall have the right, which is absolute and unconditional and
may not be impaired or affected without the consent of the Holder, to receive
the Conversion Obligation upon conversion of their Securities in accordance
with the terms of the Indenture and to bring suit for the enforcement of their
right to convert.

 

Section 9.06        Duties of Trustee.

 

Section 7.01(e) of
the Base Indenture is hereby amended in its entirety with respect to the
Securities to state:

 

“(e)                            No provision of
this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any liability.  The
Trustee shall be under no obligation to exercise any of its rights and powers
under this Indenture at the request of the Holders, unless any such Holders
shall have offered to the Trustee indemnity or security reasonably satisfactory
to it against any loss, liability or expense.”

 

ARTICLE 10

 

SATISFACTION AND DISCHARGE

 

Articles
8 of the Base Indenture shall not apply to the Securities.  Section 10.01 of the Base Indenture is hereby amended in its entirety with respect to the Securities to state:

 

“Section 10.01      Satisfaction and Discharge.

 

This
Indenture will be discharged and will cease to be of further effect as to the
Securities, when:

 

(a)          either:

 

44

 

(i)                                     all Securities
that have been authenticated (except lost, stolen or destroyed Securities that
have been replaced or paid and Securities for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Company) have
been delivered to the Trustee for cancellation; or

 

(ii)                                  all Securities
that have not been delivered to the Trustee for cancellation have become due and
payable and the Company has irrevocably deposited or caused to be deposited
with the Trustee as trust funds in trust solely for the benefit of the Holders
of such Securities, cash in U.S. dollars and shares of the Common Stock, if any
(solely to satisfy any share delivery obligation in respect of the Conversion
Obligation for any Securities that have been converted), in such amounts as
will be sufficient without consideration of any reinvestment of interest, to
pay and discharge the entire indebtedness on the Securities not delivered to
the Trustee for cancellation for principal, premium, if any, and accrued
interest to the date of maturity or the applicable Conversion Obligation;

 

(b)         no Default or Event of
Default has occurred and is continuing on the date of such deposit or will
occur as a result of such deposit and such deposit will not result in a breach
or violation of, or constitute a default under, any other instrument to which
the Company is a party or by which the Company is bound;

 

(c)          the Company has paid or
caused to be paid all sums payable by it under this Indenture; and

 

(d)         the Company has delivered
irrevocable instructions to the Trustee under this Indenture to apply the
deposited money and shares of Common Stock, if any (solely to satisfy any share
delivery obligation in respect of the Conversion Obligation for any Securities
that have been converted) toward the payment of the Securities at maturity or
the settlement date in respect of any converted Securities, as the case may be.

 

In addition, the Company must deliver an Officer’s
Certificate and an Opinion of Counsel to the Trustee stating that all
conditions precedent to satisfaction and discharge have been satisfied.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 7.07 and the lien provided for
therein shall survive.”

 

ARTICLE 11

 

MISCELLANEOUS PROVISIONS

 

Section 11.01            Scope of Supplemental Indenture.

 

The
changes, modifications and supplements to the Base Indenture effected by this
Supplemental Indenture shall only be applicable with respect to, and govern the
terms of, the

 

45

 

Securities and shall not apply to any other
Series of Notes that may be issued by the Company under the Base
Indenture.

 

Section 11.02            Adoption, Ratification and
Confirmation.

 

The
Base Indenture, as supplemented and amended by this Supplemental Indenture, is
in all respects hereby adopted, ratified and confirmed, and this Supplemental
Indenture shall be deemed part of the Base Indenture in the manner and to the
extent herein and therein provided.  The
provisions of this Supplemental Indenture shall, subject to the terms hereof,
supersede the Base Indenture to the extent the Base Indenture is inconsistent
herewith.

 

Section 11.03            New York Law to Govern.

 

For
the avoidance of doubt, Section 11.10 of the Base Indenture (Governing
Law) applies to the Indenture, which includes this Supplemental Indenture and
the Base Indenture.

 

Section 11.04            Notices.

 

Notices
may be provided to the Conversion Agent in the same manner and at the same
address as the Trustee as specified in Section 11.02 of the Base
Indenture.

 

Section 11.05            Counterparts.

 

The
parties may sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement.

 

Section 11.06            Trustee’s Disclaimer.

 

The
Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Supplemental Indenture and it shall not be
responsible for any statement or recital herein other than its certificate of
authentication.

 

ARTICLE 12

 

SUPPLEMENTAL INDENTURES

 

Section 12.01            Without Consent of Holders.

 

Any
amendment or supplement made solely to conform the provisions of the Indenture
and the Securities to the description of the Indenture and the Securities
contained in the Prospectus shall be deemed not to adversely affect the legal
rights of any Holder, including for purposes of Section 9.01(4) of
the Base Indenture.

 

46

 

Section 12.02            With Consent of Holders.

 

Section 9.02(a) through (g) of
the Base Indenture is hereby amended in its entirety with respect to the
Securities to state:

 

“(a)                            change the Stated Maturity of the principal of, or any interest amounts
on, the Securities;

 

(b)                                 reduce the principal amount of or interest amounts on the Securities;

 

(c)                                  reduce the amount of principal payable upon acceleration of the
maturity of the Securities;

 

(d)                                 change the currency of payment of principal of or interest amounts on the
Securities or change any Security’s place of payment, other than that stated in
the Securities;

 

(e)                                  impair the right of any Holder to receive payment of principal of and
interest on such Holder’s Securities on or after the due dates therefor or to
institute suit for the enforcement of any payment on, or with respect to, the
Securities;

 

(f)                                    modify the
provisions with respect to the purchase right of Holders pursuant to Article 4
upon a Fundamental Change in a manner adverse to Holders;

 

(g)                                 change the ranking of the Securities;

 

(h)                                 adversely affect the right of Holders to convert the Securities; or

 

(i)                                     modify
provisions with respect to modification, amendment or waiver (including waiver
of Events of Default), except to increase the percentage required for
modification, amendment or waiver or to provide for consent of each affected
Holder of Securities.”

 

ARTICLE 13

SINKING FUND

 

Section 13.01            No Sinking Fund.

 

There
is no sinking fund for the Securities.  Article 12
of the Base Indenture shall not apply to the Securities.

 

[Remainder
of this page intentionally left blank]

 

47

 

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

 

 

	
   

  	
  GENCO
  SHIPPING & TRADING LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  John C. Wobensmith

  
	
   

  	
   

  	
  Name: John C. Wobensmith

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK MELLON, as Trustee, Registrar, Paying Agent and Conversion
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  Justin Huff

  
	
   

  	
   

  	
  Name: Justin Huff

  
	
   

  	
   

  	
  Title: Senior Associate

  

 

 

EXHIBIT A

 

[THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO GENCO SHIPPING & TRADING LIMITED (THE “COMPANY”) OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.  TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS TO NOMINEES OF THE DEPOSITORY TRUST
COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF
PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE TWO OF THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.  THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.](1)

 

(1) Include for Global
Security.

 

A-1

 

GENCO
SHIPPING & TRADING LIMITED

 

	
  CUSIP: 36869M AA3

  	
  No.

  

 

5.00%
CONVERTIBLE SENIOR NOTES DUE AUGUST 15, 2015

 

Genco
Shipping & Trading Limited, a Company organized in the Marshall
Islands (the “Company,” which
term shall include any successor corporation under the Indenture referred to on
the reverse hereof), promises to pay to [Cede & Co.](2), or registered
assigns, the principal sum
of                       DOLLARS
($                 
) on August 15, 2015 or such greater or lesser amount as is indicated on
the Schedule of Increases / Decreases of Securities on the other side of this
Security, to pay interest hereon at of 5.00% per annum, payable semi-annually
in arrears on February 15 and August 15 of each year, or if any such
day is not a Business Day, the immediately following Business Day, commencing
February 15, 2011 and to pay Additional Tax Amounts hereon as set forth in
Section 7.03 of the Supplemental Indenture referred to herein.

 

This
Security is convertible as specified on the other side of this Security.
Additional provisions of this Security are set forth on the other side of this
Security.

 

[Signature Page Follows]

 

(2) Include for Global
Security.

 

A-2

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed on
the date written below.

 

 

	
   

  	
  GENCO SHIPPING & TRADING
  LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes of
the Series designated therein referred to in the within-mentioned
Indenture.

 

 

	
   

  	
  THE BANK OF NEW YORK MELLON,

  
	
   

  	
  as
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  

 

A-3

 

GENCO
SHIPPING & TRADING LIMITED

 

5.00%
CONVERTIBLE SENIOR NOTES DUE AUGUST 15, 2015

 

1.                                       INTEREST AMOUNTS; ADDITIONAL TAX AMOUNTS

 

Genco
Shipping & Trading Limited, a company organized in the Marshall
Islands (the “Company,” which
term shall include any successor corporation under the Indenture hereinafter
referred to), will pay interest at a rate of 5.00% per annum, on the principal
amount of this Security payable as provided in the Indenture, together with any
additional interest required to be paid under Section 9.02 of the Supplemental
Indenture.

 

Additional
Tax Amounts payable pursuant to Section 7.03 of the Supplemental
Indenture, for all purposes of this Security, shall constitute and be deemed to
be part of the principal, interest, payments in respect of any Conversion Obligation
or other payment to which they relate and all references in this Security to
principal, interest, payments in respect of any Conversion Obligation or other
payments in respect of which Additional Tax Amounts are payable shall be deemed
to also include such Additional Tax Amounts.

 

2.                                       METHOD OF PAYMENT

 

The
Company shall pay any interest on this Security to the Person who is the Holder
of this Security at the close of business on February 1 or August 1,
as the case may be, next preceding the related interest payment date. The
Holder must surrender this Security to a Paying Agent to collect payment of
principal.  Interest on the Security will be paid at a rate of 

5.00% per annum, payable semi-annually in arrears on February 15 and August 15
of each year, or if any such day is not a Business Day, the immediately
following Business Day, commencing February 15, 2011.  Interest is
computed on the basis of a 360-day year comprised of twelve 30-day
months.  In the event of the maturity, conversion or purchase of the
Security by the Company at the option of the Holder, interest shall cease to
accrue on the Security.  However, the Company will pay interest on the
maturity date to a Holder of record of the Security on the record date
immediately preceding the stated maturity date regardless of whether such
Holder converts the Security.

 

The
Company shall make all payments in respect of a Global Security registered in
the name of the Depositary or its nominee to the Depositary or its nominee, as
the case may be, by wire transfer of immediately available funds to the account
of the Depositary or its nominee.  The Company shall make all payments in
respect of a certificated Security (including principal and interest) in U.S.
dollars at the office of the Trustee.  At the Company’s option, the
Company may make such payments by mailing a check to the registered address of
each Holder thereof as such address shall appear on the register or, if
requested by a Holder of more than $5,000,000 in aggregate principal amount of Securities,
by wire transfer of immediately available funds to the account in the United
States specified by such Holder.

 

A-4

 

3.                                       PAYING AGENT, REGISTRAR AND CONVERSION AGENT

 

Initially,
the Trustee will act as Paying Agent, Registrar and Conversion Agent. The
Company may appoint and change any Paying Agent, Conversion Agent or Registrar
without notice, other than notice to the Trustee; provided that the Company will maintain at least one Paying
Agent in the United States of America.  The Company or any of its
Subsidiaries may, subject to certain limitations set forth in the Indenture,
act as Paying Agent or Registrar.

 

4.                                       INDENTURE, LIMITATIONS

 

This
instrument is one of a duly authorized issue of a Series of Notes of the
Company designated as its 5.00% Convertible Senior Notes due August 15,
2015 (the “Securities”), issued
under an Indenture, dated as of July 27, 2010 (together with the
supplemental indenture dated as of July 27, 2010 (the “Supplemental Indenture”) and any other
supplemental indentures thereto, the “Indenture”),
between the Company and the Trustee. The terms of this Security include those
stated in the Indenture and those required by or made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended. This Security is
subject to all such terms, and the Holder of this Security is referred to the
Indenture and said Act for a statement of them, including the respective
rights, obligations, duties and immunities thereunder of the Trustee, the
Company and the Holders of the Securities.

 

The
Securities are senior unsecured obligations of the Company limited, except as
set forth in the Indenture, to up to $125,000,000 aggregate principal amount.

 

5.                                       PURCHASE OF SECURITIES AT OPTION OF HOLDER UPON A
FUNDAMENTAL CHANGE

 

At
the option of the Holder and subject to the terms and conditions of the
Indenture, the Company shall become obligated to purchase all or any part
specified by the Holder (so long as the principal amount of such part is $1,000
or an integral multiple of $1,000 in excess thereof) of the Securities held by
such Holder on a date, determined by the Company in its sole discretion, that
is not less than 20 Business Days and not more than 30 Business Days after the
occurrence of a Fundamental Change, at a purchase price equal to 100% of the
principal amount thereof, together with any accrued interest up to, but
excluding, the Fundamental Change Purchase Date, unless the Fundamental Change
Purchase Date is after a Record Date and on or prior to the related Interest
Payment Date, in which case interest accrued to the Interest Payment Date will
be paid to Holders of the Securities as of the preceding Record Date and the
Fundamental Change Purchase Price payable to any Holder surrendering such
Holder’s Security for purchase pursuant to Article 4 of the Supplemental
Indenture shall be equal to the principal amount of Securities subject to
purchase and will not include any accrued and unpaid interest.  The
Fundamental Change Purchase Price shall be payable in cash. The Holder shall
have the right to withdraw any Fundamental Change Purchase Notice (in whole or
in a portion thereof that is $1,000 or an integral multiple of $1,000 in excess
thereof) at any time prior to 5:00 p.m., New York City time, on the second
Scheduled Trading Day immediately preceding the Fundamental Change Purchase
Date by delivering a written notice of withdrawal to the Paying Agent in
accordance with the terms of the Indenture.

 

A-5

 

6.                                       CONVERSION

 

A
Holder of a Security may convert the principal amount of such Security (or any
portion thereof equal to $1,000 or any integral multiple of $1,000 in excess
thereof) into cash, shares of Common Stock, or a combination thereof, at the
Company’s election, (i) at any time prior to the close of business on February 15,
2015, subject to the conditions set forth in Section 6.01 of the
Supplemental Indenture or (ii) at any time after February 15, 2015
and until the close of business on the second Scheduled Trading Day immediately
prior to the Final Maturity Date; provided,
however, that, if the Security is subject to purchase upon a
Fundamental Change, the conversion right will terminate at the close of
business on the second Scheduled Trading Day immediately preceding the
Fundamental Change Purchase Date for such Security or such earlier date as the
Holder presents such Security for purchase (unless the Company shall default in
making the Fundamental Change Purchase Price when due, in which case the
conversion right shall terminate at the close of business on the date such
default is cured and such Security is purchased).

 

The
initial Conversion Price is $19.60 per share of Common Stock, subject to
adjustment under certain circumstances as provided in the Indenture. No
fractional shares will be issued upon conversion; in lieu thereof, the Company
will pay cash in an amount determined by multiplying the Daily VWAP of a full
share of Common Stock on the last Trading Day of such Conversion Period by the
fractional amount and rounding the product to the nearest whole cent. 
Whether fractional shares are issuable upon a conversion will be determined on
the basis of the total number of Securities that the Holder is then converting into
cash and Common Stock, if any, and the aggregate number of shares, if any, of
Common Stock issuable upon such conversion.

 

To
convert a Security, a Holder must (a) complete and manually sign the
conversion notice set forth below and deliver such notice to a Conversion
Agent, (b) surrender the Security to a Conversion Agent, (c) furnish
appropriate endorsements and transfer documents if required by a Registrar or a
Conversion Agent and (d) pay any transfer or similar tax, if required. A
Holder may convert a portion of a Security equal to $1,000 or any integral
multiple thereof.  In the case of a Security held by the Depositary, such
conversion shall be done in accordance with the applicable rules and
procedures of the Depositary.

 

A
Security in respect of which a Holder had delivered a Fundamental Change
Purchase Notice exercising the option of such Holder to require the Company to
purchase such Security may be converted only if the Fundamental Change Purchase
Notice is withdrawn in accordance with the terms of the Indenture.

 

7.                                       DENOMINATIONS, TRANSFER, EXCHANGE

 

The
Securities are in registered form, without coupons, in denominations of $1,000
and integral multiples of $1,000. A Holder may transfer or exchange Securities
in accordance with the Indenture. The Registrar may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and to
pay any taxes or other governmental charges that may be imposed in relation
thereto by law or permitted by the Indenture.

 

A-6

 

8.                                       PERSONS DEEMED
OWNERS

 

The
Holder of a Security may be treated as the owner of it for all purposes.

 

9.                                       UNCLAIMED MONEY

 

If
money for the payment of principal, or interest, if any, remains unclaimed for
two years, the Trustee or Paying Agent will pay the money back to the Company
at its written request, subject to applicable unclaimed property law. After
that, Holders entitled to money must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another
person.

 

10.                                 AMENDMENT, SUPPLEMENT AND WAIVER

 

Subject
to certain exceptions set forth in the Indenture, the Securities and the
Indenture may be amended or supplemented with the consent of the Holders of at
least a majority in aggregate principal amount of the Securities then
outstanding, and an existing Default or Event of Default with respect to the
Securities and its consequence or compliance with any provision of the
Securities or the Indenture may be waived in a particular instance with the
consent of the Holders of a majority in aggregate principal amount of the
Securities then outstanding. Without the consent of or notice to any Holder,
the Company and the Trustee may amend or supplement the Indenture or the Securities
to, among other things, cure any ambiguity, defect or inconsistency or make any
change that does not adversely affect the legal rights of any Holder.

 

11.                                 CALCULATIONS IN RESPECT OF SECURITIES

 

The
Company shall be responsible for making all calculations called for under the
Indenture and the Securities.  These calculations include, but are not
limited to, determinations of the Closing Sale Price of the Common Stock,
adjustments to the Conversion Price and to the Conversion Rate, the amount of Conversion
Consideration deliverable in respect of any conversion and any accrued interest
payable on the Securities.  The Company shall make these calculations in
good faith and, absent manifest error, the calculations will be final and
binding on Holders of the Securities.  The Company shall provide to each
of the Trustee, the Paying Agent and the Conversion Agent a schedule of its
calculations, and the Trustee, the Paying Agent and the Conversion Agent are
entitled to rely conclusively upon the accuracy of such calculations without
independent verification.  The Trustee will forward the Company’s
calculations to any Holder of the Securities upon the request of such Holder.

 

12.                                 SUCCESSOR ENTITY

 

When
a Successor Person assumes all the obligations of its predecessor under the
Securities and the Indenture in accordance with the terms and conditions of the
Indenture, the predecessor corporation (except in certain circumstances
specified in the Indenture) shall be released from those obligations.

 

A-7

 

13.                                 DEFAULTS AND REMEDIES

 

Under
the Indenture, an “Event of Default” with respect to Securities shall occur if:

 

(1)                                  the Company fails to pay the principal of any Security when due;

 

(2)                                  the Company fails to pay the cash and deliver the shares of Common
Stock, if any, representing the Conversion Obligation upon conversion of any
Security (including any Additional Shares, if applicable) within the time
period required by the provisions of this Indenture;

 

(3)                                  the Company fails to pay any interest amounts on any Security when it
becomes due and payable, and continuance of such failure to pay for a period of
30 days;

 

(4)                                  the Company fails to perform any of its other covenants or agreements
contained in the Indenture (other than a covenant or agreement a default in
whose performance or whose breach is specifically dealt with in clauses (1), (2) or
(3) of this Section 13), which failure continues uncured for a period
of 60 days after written notice given by the Trustee or Holders of not less
than 25% in principal amount of the outstanding Securities;

 

(5)                                  the Company fails to provide a Fundamental Change Purchase Notice when
required by Section 4.01 of the Supplemental Indenture or the Company
fails to pay the Fundamental Change Purchase Price of any Security when due;

 

(6)                                  any
indebtedness for money borrowed by, or any other payment obligation of, the
Company or any of its Significant Subsidiaries in an outstanding principal
amount, individually or in the aggregate, in excess of $50 million is not paid
at final maturity (or when otherwise due) or is accelerated and such
indebtedness is not discharged (or such default in payment or acceleration is
not cured or rescinded) within 30 days after written notice as provided herein;
provided that a payment
obligation (other than indebtedness for borrowed money) shall not be deemed to
have matured, come due, or been accelerated to the extent that it is being
disputed by the relevant obligor or obligors in good faith;

 

(7)                                  the Company or any of its Significant Subsidiaries, 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, or

 

(d)                                 makes a general
assignment for the benefit of its creditors;

 

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

 

A-8

 

(a)           is for relief
against the Company or any of its Significant Subsidiaries in an involuntary
case,

 

(b)           appoints a
Custodian of the Company or any of its Significant Subsidiaries for all or
substantially all of the property of the Company or any such Significant
Subsidiary, or

 

(c)           orders the
liquidation of the Company or any of its Significant Subsidiaries, and the
order or decree remains unstayed and in effect for 60 days; or

 

(9)           the
Company fails or any of its Significant Subsidiaries fails to pay one or more
final and non-appealable judgments entered by a court or courts of competent
jurisdiction, other than judgments in respect of any vessel in respect of
matters occurring prior to the Company’s or such Subsidiary’s ownership of such
vessel, the aggregate uninsured or unbonded portion of which is in excess of
$50 million, if the judgments are not paid, discharged or stayed within 60 days
after the Company or such Subsidiary receives actual notice thereof.

 

If an Event of Default with respect
to the Securities at the time outstanding occurs and is continuing (other than
an Event of Default specified in clause (7) or (8) above), then in
every such case the Trustee or the Holders of not less than 25% in principal
amount of the outstanding Securities may declare the principal amount of and
accrued and unpaid interest, if any, on all of the Securities to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee
if given by Holders), and upon any such declaration such principal amount and
accrued and unpaid interest , if any, shall become immediately due and
payable.  If an Event of Default specified in clause (7) or
(8) above shall occur, the principal amount of and accrued and unpaid
interest, if any, on all outstanding Securities shall ipso facto become and be immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holder.

 

Holders
may not enforce the Indenture or the Securities except as provided in the
Indenture. The Trustee may require indemnity or security reasonably
satisfactory to it before it enforces the Indenture or the Securities. Subject
to certain limitations, Holders of a majority in aggregate principal amount of
the Securities then outstanding may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Holders notice of any continuing
Default or Event of Default (except a Default or Event of Default in payment of
principal or any interest) if it determines that withholding notice is in their
interests. The Company is required to file periodic reports with the Trustee as
to the absence of Default or Event of Default.

 

Under
the terms of the Indenture, at the election of the Company in its sole
discretion, the sole remedy for an Event of Default relating to the failure to
comply with Section 4.03 of the Base Indenture (as amended by the
Supplemental Indenture), and for any failure to comply with the requirements of
Section 314(a)(1) of the TIA, shall consist, for the 180 days after
the occurrence of such an Event of Default, exclusively of the right to receive
additional interest on the Securities at a rate equal to 0.50% per annum of the
aggregate principal amount of the Securities then outstanding up to, but not
including, the 181st day thereafter (or, if applicable, the earlier date on
which the Event of Default relating to the reporting obligations is 

 

A-9

 

cured or waived).  Any such additional
interest will be paid and calculated in the manner set forth in the Indenture.

 

14.           TRUSTEE
DEALINGS WITH THE COMPANY

 

The
Bank of New York Mellon, the Trustee under the Indenture, in its individual or
any other capacity, may make loans to, accept deposits from and perform
services for the Company or an Affiliate of the Company and may otherwise deal
with the Company or an Affiliate of the Company, as if it were not the Trustee.

 

15.           NO
RECOURSE AGAINST OTHERS

 

No past, present or future director, officer,
employee, incorporator or stockholder of the Company, as such, shall have any
liability for any obligations of the Company under this Security, the Indenture
or for any claim based on, in respect of, or by reason of, such obligations or
their creation.  Each Holder by accepting
this Security waives and releases all such liability.  The waiver and release are part of the
consideration for issuance of this Security. The waiver may not be effective to
waive liabilities under the federal securities laws.

 

16.           AUTHENTICATION

 

This
Security shall not be valid until the Trustee or an authenticating agent
manually signs the certificate of authentication on the other side of this
Security.

 

17.           ABBREVIATIONS
AND DEFINITIONS

 

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

 

All
terms defined in the Indenture and used in this Security but not specifically
defined herein are used herein as so defined.

 

18.           INDENTURE
TO CONTROL; GOVERNING LAW

 

In
the case of any conflict between the provisions of this Security and the
Indenture, the provisions of the Indenture shall control. The internal laws of
the State of New York shall govern and be used to construe this Security
without giving effect to applicable principles of conflicts of law to the
extent that the application of the laws of another jurisdiction would be
required thereby.

 

The
Company will furnish to any Holder, upon written request and without charge, a
copy of the Indenture. Requests may be made to the address of the Company set
forth in Section 11.02 of the Base Indenture.

 

A-10

 

ASSIGNMENT
FORM

 

To assign this Security, fill in
the form below:

 

I or we assign and transfer this
Security to

 

	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
  and irrevocably appoint

  
	
   

  	
   

  
	
   

  	
   

  
	
   

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

  

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your Signature:

  
	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name
  appears on the other side of this Security)

  

 

	
   

  	
  *Signature guaranteed by:

  	
   

  	
   

  

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

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

  

 

A-11

 

CONVERSION
NOTICE

 

	
   

  	
  To convert this Security into
  Common Stock of the Company, check the box: o

  
	
   

  	
   

  
	
   

  	
  To convert only part of this
  Security, state the principal amount to be converted (must be $1,000 or a
  integral multiple of $1,000):
  $                    .

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your Signature:

  
	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name
  appears on the other side of this Security)

  
					

 

	
   

  	
  *Signature guaranteed by:

  	
   

  	
   

  

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

	
   

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

  

 

A-12

 

OPTION TO
ELECT REPURCHASE UPON A FUNDAMENTAL CHANGE

 

To: Genco Shipping &
Trading Limited

 

The undersigned registered owner of
this Security hereby irrevocably acknowledges receipt of a notice from Genco
Shipping & Trading Limited (the “Company”)
as to the occurrence of a Fundamental Change with respect to the Company and
requests and instructs the Company to redeem the entire principal amount of
this Security, or the portion thereof (which is $1,000 or an integral multiple
thereof) below designated, in accordance with the terms of the Indenture
referred to in this Security at a purchase price equal to the Fundamental
Change Purchase Price, payable in Cash.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signature(s) must be
  guaranteed by a qualified guarantor institution with membership in an
  approved signature guarantee program pursuant to Rule 17Ad-15 under the
  Securities Exchange Act of 1934.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signature Guaranty

  
	
   

  	
   

  	
   

  	
   

  
	
  Principal amount to be redeemed

  (in an integral multiple of $1,000, if less than all):

  	
   

  	
   

  

 

 

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

 

A-13

 

SCHEDULE OF
INCREASES / DECREASES OF SECURITIES

 

The following increases and/or
decreases in principal amount of this Security have been made as a result of
exchanges, repurchases or conversions of a part of this Global Security:

 

	
  Principal Amount

  of this Global Security

  Following Such

  Increase / Decrease

  	
   

  	
  Authorized

  Signatory of

  Trustee

  	
   

  	
  Amount of
  Decrease

  in

  Principal Amount

  of this Global

  Security

  	
   

  	
  Amount of

  Increase in

  Principal Amount

  of this Global

  Security

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]