Document:

Pac-West Telecomm, Inc. Exhibit 10.1

    

     

     

    

     

    

     

    

     

    

     

    

     

    Pac-West
      Telecomm, Inc.

     

    

     

    13
      1/2% SENIOR PRIORITY NOTES DUE 2009

     

    

     

    -------------------

     

    INDENTURE

     

    

     

    Dated
      as of January 31, 2007

     

    

     

    -------------------

     

    

     

    Wells
      Fargo Bank, N.A.

     

    Trustee

     

    

     

    -------------------

     

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      CROSS-REFERENCE
        TABLE*

    

    
      

        
          	
                  Trust
                    Indenture Act Section

                	
                  Indenture
                    Section

                
	
                  310(a)(1)

                	
                  6.1

                
	
                  (a)(2)

                	
                  6.1

                
	
                  (a)(3)

                	
                  N.A.

                
	
                  (a)(4)

                	
                  N.A.

                
	
                  (a)(5)

                	
                  6.1

                
	
                  (b)

                	
                  6.1

                
	
                  (c)

                	
                  N.A.

                
	
                  311(a)

                	
                  6.11

                
	
                  (b)

                	
                  6.11

                
	
                  (c)

                	
                  N.A.

                
	
                  312(a)

                	
                  2.05

                
	
                  (b)

                	
                  10.03

                
	
                  (c)

                	
                  10.03

                
	
                  313(a)

                	
                  6.06

                
	
                  (b)(1)

                	
                  9.03

                
	
                  (b)(2)

                	
                  6.07

                
	
                  (c)

                	
                  7.05;10.02

                
	
                  (d)

                	
                  6.06

                
	
                  314(a)

                	
                  4.04;10.02

                
	
                  (b)

                	
                  9.02

                
	
                  (c)(1)

                	
                  10.04

                
	
                  (c)(2)

                	
                  10.04

                
	
                  (c)(3)

                	
                  N.A.

                
	
                  (d)

                	
                  N.A.

                
	
                  (e)

                	
                  10.05

                
	
                  (f)

                	
                  N.A.

                
	
                  315(a)

                	
                  6.01

                
	
                  (b)

                	
                  6.05,10.02

                
	
                  (c)

                	
                  6.01

                

        

         

         

         

        
          
            -ii-

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

     

    

      
        	
                (e)

              	
                5.11

              
	
                316(a)(last
                  sentence)

              	
                2.09

              
	
                (a)(1)(A)

              	
                5.05

              
	
                (a)(1)(B)

              	
                5.04

              
	
                (a)(2)

              	
                N.A.

              
	
                (b)

              	
                5.07

              
	
                (c)

              	
                2.12

              
	
                317(a)(1)

              	
                5.08

              
	
                (a)(2)

              	
                5.09

              
	
                (b)

              	
                2.04

              
	
                318(a)

              	
                10.01

              
	
                (b)

              	
                N.A.

              
	
                (c)

              	
                10.01

              

      

    

    N.A.
      means not applicable.

     

    *
      This
      Cross Reference Table is not part of the Indenture.

     

    
      
        
          

        

        -iii-

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        
          	
                  TABLE
                    OF CONTENTS

                	
                   

                
	
                   

                	
                   

                	
                  Page

                
	
                  Article
                    I -

                	
                   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.

                	
                  6

                
	
                  Article
                    II - 

                	
                  THE NOTES

                	
                  7

                
	
                   
                    Section 2.01

                	
                  Form
                    and Dating.

                	
                  7

                
	
                   
                    Section 2.02

                	
                  Execution
                    and Authentication.

                	
                  7

                
	
                   
                    Section 2.03

                	
                  Registrar
                    and Paying Agent.

                	
                  8

                
	
                   
                    Section 2.04

                	
                  Paying
                    Agent to Hold Money in Trust.

                	
                  8

                
	
                   
                    Section 2.05

                	
                  Holder
                    Lists.

                	
                  9

                
	
                   
                    Section 2.06

                	
                  Transfer
                    and Exchange.

                	
                  9

                
	
                   
                    Section 2.07

                	
                  Replacement
                    Notes.

                	
                  18

                
	
                   
                    Section 2.08

                	
                  Outstanding
                    Notes.

                	
                  18

                
	
                   
                    Section 2.09

                	
                  Treasury
                    Notes.

                	
                  18

                
	
                   
                    Section 2.10

                	
                  Temporary
                    Notes.

                	
                  19

                
	
                   
                    Section 2.11

                	
                  Cancellation.

                	
                  19

                
	
                   
                    Section 2.12

                	
                  Defaulted
                    Interest.

                	
                  19

                
	
                  Article
                    III - 

                	
                  REDEMPTION AND PREPAYMENT

                	
                  19

                
	
                   
                    Section 3.01

                	
                  Notices
                    to Trustee.

                	
                  19

                
	
                   
                    Section 3.02

                	
                  Selection
                    of Notes to Be Redeemed.

                	
                  20

                
	
                   
                    Section 3.03

                	
                  Notice
                    of Redemption.

                	
                  20

                
	
                   
                    Section 3.04

                	
                  Effect
                    of Notice of Redemption.

                	
                  21

                
	
                   
                    Section 3.05

                	
                  Deposit
                    of Redemption Price.

                	
                  21

                
	
                   
                    Section 3.06

                	
                  Notes
                    Redeemed in Part.

                	
                  21

                
	
                   
                    Section 3.07

                	
                  Optional
                    Redemption.

                	
                  21

                
	
                   
                    Section 3.08

                	
                  Mandatory
                    Redemption.

                	
                  22

                
	
                  Article
                    IV 

                	
                  COVENANTS

                	
                  22

                
	
                   
                    Section 4.01

                	
                  Payment
                    of Notes.

                	
                  22

                
	
                   
                    Section 4.02

                	
                  Priority
                    of Payment of Principal and Interest

                	
                  22

                
	
                   
                    Section 4.03

                	
                  Maintenance
                    of Office or Agency.

                	
                  22

                
	
                   
                    Section 4.04

                	
                  Reports.

                	
                  23

                
	
                   
                    Section 4.05

                	
                  Compliance
                    Certificate.

                	
                  23

                
	
                   
                    Section 4.06

                	
                  Taxes.

                	
                  24

                
	
                   
                    Section 4.07

                	
                  Stay,
                    Extension and Usury Laws.

                	
                  24

                
	
                   
                    Section 4.08

                	
                  Corporate
                    Existence.

                	
                  24

                
	
                  Article
                    V - 

                	
                  DEFAULTS AND REMEDIES

                	
                  24

                
	
                   
                    Section 5.01

                	
                  Events
                    of Default.

                	
                  24

                
	
                   
                    Section 5.02

                	
                  Acceleration.

                	
                  25

                
	
                   
                    Section 5.03

                	
                  Other
                    Remedies.

                	
                  26

                
	
                   
                    Section 5.04

                	
                  Waiver
                    of Past Defaults.

                	
                  26

                
	
                   
                    Section 5.05

                	
                  Control
                    by Majority.

                	
                  26

                
	
                   
                    Section 5.06

                	
                  Limitation
                    on Suits.

                	
                  26

                

        

      

    

    
      
      

      
        
          -iv-

        

        
          
          

          
            

          

        

      

      
        	
                 
                  Section 5.07

              	
                Rights
                  of Holders of Notes to Receive Payment.

              	
                27

              
	
                 
                  Section 5.08

              	
                Collection
                  Suit by Trustee.

              	
                27

              
	
                 
                  Section 5.09

              	
                Trustee
                  May File Proofs of Claim.

              	
                27

              
	
                 
                  Section 5.10

              	
                Priorities.

              	
                28

              
	
                 
                  Section 5.11

              	
                Undertaking
                  for Costs.

              	
                28

              
	
                Article
                  VI - 

              	
                TRUSTEE

              	
                28

              
	
                 
                  Section 6.01

              	
                Duties
                  of Trustee.

              	
                28

              
	
                 
                  Section 6.02

              	
                Rights
                  of Trustee.

              	
                29

              
	
                 
                  Section 6.03

              	
                Individual
                  Rights of Trustee.

              	
                30

              
	
                 
                  Section 6.04

              	
                Trustee's
                  Disclaimer.

              	
                30

              
	
                 
                  Section 6.05

              	
                Notice
                  of Defaults.

              	
                31

              
	
                 
                  Section 6.06

              	
                Reports
                  by Trustee to Holders of the Notes.

              	
                31

              
	
                 
                  Section 6.07

              	
                Compensation
                  and Indemnity.

              	
                31

              
	
                 
                  Section 6.08

              	
                Replacement
                  of Trustee.

              	
                32

              
	
                 
                  Section 6.09

              	
                Successor
                  Trustee by Merger, etc.

              	
                33

              
	
                 
                  Section 6.10

              	
                Eligibility;
                  Disqualification.

              	
                33

              
	
                 
                  Section 6.11

              	
                Preferential
                  Collection of Claims Against Company.

              	
                33

              
	
                Article
                  VII - 

              	
                LEGAL DEFEASANCE

              	
                33

              
	
                 
                  Section 7.01

              	
                Option
                  to Effect Legal Defeasance.

              	
                33

              
	
                 
                  Section 7.02

              	
                Legal
                  Defeasance and Discharge.

              	
                34

              
	
                 
                  Section 7.03

              	
                Conditions
                  to Legal Defeasance.

              	
                34

              
	
                 
                  Section 7.04

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

              	
                35

              
	
                 
                  Section 7.05

              	
                Repayment
                  to Company.

              	
                35

              
	
                 
                  Section 7.06

              	
                Reinstatement.

              	
                36

              
	
                Article
                  VIII - 

              	
                AMENDMENT, SUPPLEMENT AND WAIVER

              	
                36

              
	
                 
                  Section 8.01

              	
                Without
                  Consent of Holders of Notes.

              	
                36

              
	
                 
                  Section 8.02

              	
                With
                  Consent of Holders of Notes.

              	
                37

              
	
                 
                  Section 8.03

              	
                Compliance
                  with Trust Indenture Act.

              	
                38

              
	
                 
                  Section 8.04

              	
                Revocation
                  and Effect of Consents.

              	
                38

              
	
                 
                  Section 8.05

              	
                Notation
                  on or Exchange of Notes.

              	
                38

              
	
                 
                  Section 8.06

              	
                Trustee
                  to Sign Amendments, etc.

              	
                38

              

      

      
        	
                Article
                  IX - 

              	
                MISCELLANEOUS

              	
                39

              
	
                 
                  Section 9.01

              	
                Trust
                  Indenture Act Controls.

              	
                39

              
	
                 
                  Section 9.02

              	
                Notices.

              	
                39

              
	
                 
                  Section 9.03

              	
                Communication
                  by Holders of Notes with Other Holders of Notes.

              	
                40

              
	
                 
                  Section 9.04

              	
                Certificate
                  and Opinion as to Conditions Precedent.

              	
                40

              
	
                 
                  Section 9.05

              	
                Statements
                  Required in Certificate or Opinion.

              	
                40

              
	
                 
                  Section 9.06

              	
                Rules
                  by Trustee and Agents.

              	
                41

              
	
                 
                  Section 9.07

              	
                No
                  Personal Liability of Directors, Officers, Employees and

              	
                41

              
	
                 
                  Section 9.08

              	
                Governing
                  Law.

              	
                41

              
	
                 
                  Section 9.09

              	
                No
                  Adverse Interpretation of Other Agreements.

              	
                41

              
	
                 
                  Section 9.10

              	
                Successors.

              	
                41

              
	
                 
                  Section 9.11

              	
                Severability.

              	
                41

              
	
                 
                  Section 9.12

              	
                Counterpart
                  Originals.

              	
                42

              
	
                 
                  Section 9.13

              	
                Table
                  of Contents, Headings, etc.

              	
                42

              

      

       

      
        
          
          

        

        
          -V-

          
            

          

        

        
          
          

        

      

          INDENTURE
        dated as of January 31, 2007, between Pac-West Telecomm, Inc., a California
        corporation (the “Company”),
        and
        Wells Fargo Bank, 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 13 1/2% Senior Priority Notes due
        2009
        (the “Notes”):

       

      ARTICLE
        I   -
        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, shall mean 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 control. For purposes of this definition,
        the
        terms "controlling," "controlled by" and "under common control with" shall
        have
        correlative meanings. 

       

          "Agent"
        means
        any Registrar, Paying Agent or co-registrar. 

       

          "Applicable
        Procedures" means, with respect to any transfer or exchange of or for beneficial
        interests in any Global Note, the rules and procedures of the Depositary
        that
        apply to such transfer or exchange. 

       

           "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 the Board of Directors of the Company, or any authorized
      committee of the Board of Directors. 

     

    "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 (i) in the case of a corporation, corporate stock; (ii) in the
      case
      of an association or business entity, any and all shares, interests,
      participations, rights or other equivalents (however designated) of corporate
      stock; (iii) in the case of a partnership or limited liability company,
      partnership or membership interests (whether general or limited); and (iv)
      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. 

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    "Company"
      means Pac-West Telecomm, Inc., and any and all successors thereto. 

     

    "Corporate
      Trust Office of the Trustee" shall be at the address of the Trustee specified
      in
      Section 9.02 hereof or such other address as to which the Trustee may give
      notice to the Company. 

     

    "Custodian"
      means the Trustee, as custodian with respect to the Notes in global form, 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. 

     

    "Definitive
      Note" means a certificated Note registered in the name of the Holder thereof
      and
      issued in accordance with Section 2.06 hereof, substantially in the form of
      Exhibit A hereto except that such Note shall not bear the Global Note Legend
      and
      shall not have the "Schedule of Exchanges of Interests in the Global Note"
      attached thereto. 

     

    "Depositary"
      means, with respect to the Notes issuable or issued in whole or in part in
      global form, the Person specified in Section 2.03 hereof as the Depositary
      with
      respect to the Notes, and any and all successors thereto appointed as depositary
      hereunder and having become such pursuant to the applicable provision of this
      Indenture. 

     

    "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. 

     

    "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 or in such other statements by such other entity
      as
      have been approved by a significant segment of the accounting profession, which
      are in effect on the date of this Indenture. 

     

    "Global
      Notes" means, individually and collectively, each of the Restricted Global
      Notes
      and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto
      issued in accordance with Section 2.01, 2.06(b)(iv) or 2.06(d)(ii) hereof.
      

     

    "Global
      Note Legend" means the legend set forth in Section 2.06(f)(ii), which is
      required to be placed on all Global Notes issued under this Indenture.

     

    "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. 

     

    "Guarantee"
      means a guarantee (other than by endorsement of negotiable instruments for
      collection in the ordinary course of business), direct or indirect, in any
      manner including, without limitation, by way of a pledge of assets or through
      letters of credit or reimbursement agreements in respect thereof, of all or
      any
      part of any Indebtedness.

     

    "Hedging
      Obligations" means, with respect to any Person, the obligations of such Person
      under (i) interest rate swap agreements, interest rate cap agreements and
      interest rate collar agreements and (ii) other agreements or arrangements
      designed to protect such Person against fluctuations in interest
      rates.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    "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, in respect of: (i) borrowed money; (ii) evidenced
      by
      bonds, notes, debentures or similar instruments or letters of credit (or
      reimbursement agreements in respect thereof); (iii) banker's acceptances; (iv)
      representing Capital Lease Obligations; (v) 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 (vi) 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) and, to the extent not otherwise included, the Guarantee
      by such Person of any indebtedness of any other Person. The amount of any
      Indebtedness outstanding as of any date shall be (i) the accreted value thereof,
      in the case of any Indebtedness issued with original issue discount and (ii)
      the
      principal amount thereof, together with any interest thereon that is more than
      30 days past due, in the case of any other Indebtedness. 

     

    "Indenture"
      means this Indenture, as amended or supplemented from time to time.

     

    "Indirect
      Participant" means a Person who holds a beneficial interest in a Global Note
      through a Participant. 

     

    "Legal
      Holiday" means a Saturday, a Sunday or a day on which banking institutions
      in
      the city in which the Corporate Trust Office of the Trustee is located from
      time
      to time or at a place of payment are authorized by law, regulation or executive
      order to remain closed. If a payment date is a Legal Holiday at a place of
      payment, payment may be made at that place on the next succeeding day that
      is
      not a Legal Holiday, and no interest shall accrue on such payment for the
      intervening period. 

     

    "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, any lease in the nature
      thereof, any option or other agreement to sell or give a security interest
      in
      and any filing of or agreement to give any financing statement under the Uniform
      Commercial Code (or equivalent statutes) of any jurisdiction. 

     

    "Non-Recourse
      Debt" means Indebtedness: (i) as to which neither the Company nor any of its
      Restricted Subsidiaries (A) provides credit support of any kind (including
      any
      undertaking, agreement or instrument that would constitute Indebtedness), (B)
      is
      directly or indirectly liable as a guarantor or otherwise, or (C) constitutes
      the lender; (ii) no default with respect to which (including any rights that
      the
      holders thereof may have to take enforcement action against an Unrestricted
      Subsidiary) would permit upon notice, lapse of time or both any holder of any
      other Indebtedness (other than the Notes) of the Company or any of its
      Restricted Subsidiaries to declare a default on such other Indebtedness or
      cause
      the payment thereof to be accelerated or payable prior to its stated maturity;
      and (iii) as to which the lenders have been notified in writing that they will
      not have any recourse to the stock or assets of the Company or any of its
      Restricted Subsidiaries.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    "Notes"
      has the meaning assigned to it in the preamble to 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. 

     

    "Officers'
      Certificate" means a certificate signed on behalf of the Company by at least
      two
      Officers of the Company, one of whom must be the principal executive officer,
      the principal financial officer, the treasurer or the principal accounting
      officer of the Company, that meets the requirements of Section 9.05 hereof.
      

     

    “Old
      Notes” means the 13 1/2% Senior Notes due 2009 issued pursuant to that certain
      Indenture, dated January 29, 1999 (as thereafter amended and supplemented),
      by
      and among the Company, as issuer, and Wells Fargo Bank, N.A. (as successor
      by
      merger to Norwest Bank Minnesota, National Association), as indenture
      trustee.

     

    "Opinion
      of Counsel" means an opinion from legal counsel who is reasonably acceptable
      to
      the Trustee, that meets the requirements of Section 9.05 hereof. The counsel
      may
      be an employee of or counsel to the Company, any Subsidiary of the Company
      or
      the Trustee. 

     

    "Participant"
      means, with respect to the Depositary, a Person who has an account with the
      Depositary.

     

    "Person"
      means any individual, corporation, partnership, joint venture, association,
      joint-stock company, trust, unincorporated organization or government or agency
      or political subdivision thereof (including any subdivision or ongoing business
      of any such entity or substantially all of the assets of any such entity,
      subdivision or business). 

     

    "Private
      Placement Legend" means the legend set forth in Section 2.06(f)(i) to be placed
      on all Notes issued under this Indenture except where otherwise permitted by
      the
      provisions of this Indenture. 

     

    "Regulation
      S-X" means Regulation S-X promulgated under the Securities Act. 

     

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

     

    "Restricted
      Definitive Note" means a Definitive Note bearing the Private Placement Legend.
      

     

    "Restricted
      Global Note" means a Global Note bearing the Private Placement Legend.

     

    "Restricted
      Subsidiary" of a Person means any Subsidiary of the referent Person that is
      not
      an Unrestricted Subsidiary. 

     

    "Rule
      144" means Rule 144 promulgated under the Securities Act. 

     

    "SEC"
      means the Securities and Exchange Commission. 

     

    "Securities
      Act" means the Securities Act of 1933, as amended. 

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    "Significant
      Subsidiary" means any Subsidiary that would be a "significant subsidiary" as
      defined in Article 1, Rule 102 of Regulation S-X, as such Regulation is in
      effect on the date of this Indenture. 

     

    "Subsidiary"
      means, with respect to any Person (i) 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 or one or more
      of
      the other Subsidiaries of that Person (or a combination thereof) and (ii) any
      partnership (a) the sole general partner or the managing general partner of
      which is such Person or a Subsidiary of such Person or (b) the only general
      partners of which are such Person or of one or more Subsidiaries of such Person
      (or any combination thereof). 

     

    "TIA"
      means the Trust Indenture Act of 1939 (15 U.S.C. (S)(S) 77aaa-77bbbb) as in
      effect on the date on which this Indenture is qualified under the TIA.

     

    "Trustee"
      means the party named as such above until a successor replaces it in accordance
      with the applicable provisions of this Indenture and thereafter means the
      successor serving hereunder. 

     

    "Unrestricted
      Definitive Note" means one or more Definitive Notes that do not bear and are
      not
      required to bear the Private Placement Legend. 

     

    "Unrestricted
      Global Note" means a permanent global Note substantially in the form of Exhibit
      A attached hereto that bears the Global Note Legend and that has the "Schedule
      of Exchanges of Interests in the Global Note" attached thereto, and that is
      deposited with or on behalf of and registered in the name of the Depositary,
      representing a series of Notes that do not bear the Private Placement Legend.
      

     

    "Unrestricted
      Subsidiary" means any Subsidiary of the Company that is designated by the Board
      of Directors as an Unrestricted Subsidiary pursuant to a Board Resolution,
      but
      only to the extent that such Subsidiary: (i) has no Indebtedness other than
      Non-Recourse Debt; (ii) is not party to any agreement, contract, arrangement
      or
      understanding with the Company or any Restricted Subsidiary of the Company
      unless the terms of any such agreement, contract, arrangement or understanding
      are no less favorable to the Company or such Restricted Subsidiary than those
      that might be obtained at the time from Persons who are not Affiliates of the
      Company; (iii) is a Person with respect to which neither the Company nor any
      of
      its Restricted Subsidiaries has any direct or indirect obligation (a) to
      subscribe for additional Equity Interests or (b) to maintain or preserve such
      Person's financial condition or to cause such Person to achieve any specified
      levels of operating results; (iv) has not guaranteed or otherwise directly
      or
      indirectly provided credit support for any Indebtedness of the Company or any
      of
      its Restricted Subsidiaries; and (v) has at least one director on its board
      of
      directors that is not a director or executive officer of the Company or any
      of
      its Restricted Subsidiaries and has at least one executive officer that is
      not a
      director or executive officer of the Company or any of its Restricted
      Subsidiaries. Any designation of a Subsidiary of the Company as an Unrestricted
      Subsidiary shall be evidenced to the Trustee by filing with the Trustee a
      certified copy of the Board Resolution giving effect to such designation and
      an
      Officers' Certificate certifying that such designation complied with the
      preceding conditions. If, at any time, any Unrestricted Subsidiary would fail
      to
      meet the preceding requirements as an Unrestricted Subsidiary, it shall
      thereafter cease to be an Unrestricted Subsidiary for purposes of the Indenture
      and any Indebtedness of such Subsidiary shall be deemed to be incurred by a
      Restricted Subsidiary of the Company as of such date the Company shall be in
      default of such covenant. The Board of Directors of the Company may at any
      time
      designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided
      that such designation shall be deemed to be an incurrence of Indebtedness by
      a
      Restricted Subsidiary of the Company of any outstanding Indebtedness of such
      Unrestricted Subsidiary and such designation shall only be permitted if no
      Default or Event of Default would be in existence following such designation.
      

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    "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.

     

    

      
        	
                Defined
                  in Term

              	
                Section

              
	
                "Authentication
                  Order"

              	
                2.02

              
	
                "DTC"

              	
                2.03

              
	
                "Event
                  of Default"

              	
                5.01

              
	
                "Legal
                  Defeasance"

              	
                7.02

              
	
                "Paying
                  Agent"

              	
                2.03

              
	
                "Registrar"

              	
                2.03

              

      

    

    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:

     

    "indenture
      securities" means the Notes; 

     

    "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 Notes 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: 

     

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

     

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

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (c) "or"
      is
      not exclusive; 

     

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

     

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

     

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

     

    ARTICLE
      II   -
      THE NOTES

     

    Section
      2.01  Form
      and Dating.

     

    (a)  General.
      The
      Notes and the Trustee's certificate of authentication shall be substantially
      in
      the form of Exhibit A hereto. The Notes may have notations, legends or
      endorsements required by law, stock exchange rule or usage. Each Note shall
      be
      dated the date of its authentication. The Notes shall be in denominations of
      $1.00 and multiples thereof.

     

    The
      terms
      and provisions contained in the Notes shall constitute, and are hereby expressly
      made, a part of this Indenture and the Company and the Trustee, by their
      execution and delivery of this Indenture, expressly agree to such terms and
      provisions and to be bound thereby. However, to the extent any provision of
      any
      Note conflicts with the express provisions of this Indenture, the provisions
      of
      this Indenture shall govern and be controlling.

     

    (b)  Global
      Notes.
      Notes
      issued in global form shall be substantially in the form of Exhibit A attached
      hereto (including the Global Note Legend thereon and the "Schedule of Exchanges
      of Interests in the Global Note" attached thereto). Notes issued in definitive
      form shall be substantially in the form of Exhibit A attached hereto (but
      without the Global Note Legend thereon and without the "Schedule of Exchanges
      of
      Interests in the Global Note" attached thereto). Each Global Note shall
      represent such of the outstanding Notes as shall be specified therein and each
      shall provide that it shall represent the aggregate principal amount of
      outstanding Notes from time to time endorsed thereon and that the aggregate
      principal amount of outstanding Notes represented thereby may from time to
      time
      be reduced or increased, as appropriate, to reflect exchanges and redemptions.
      Any endorsement of a Global Note to reflect the amount of any increase or
      decrease in the aggregate principal amount of outstanding Notes represented
      thereby shall be made by the Trustee or the Custodian, at the direction of
      the
      Trustee, in accordance with instructions given by the Holder thereof as required
      by Section 2.06 hereof.

     

    Section
      2.02  Execution
      and Authentication.

     

    One
      Officer shall sign the Notes for the Company by manual or facsimile signature.
      The Company's seal shall be reproduced on the Notes and may be in facsimile
      form. 

     

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

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    A
      Note
      shall not be valid until authenticated by the manual signature of the Trustee.
      The signature shall be conclusive evidence that the Note 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 up to the aggregate principal amount
      stated in paragraph 4 of the Notes. The aggregate principal amount of Notes
      outstanding at any time may not exceed such amount except as provided in Section
      2.06(g) hereof.

     

    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
      2.03   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 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. The term "Registrar" includes any co-registrar and the term
      "Paying Agent" includes any additional paying agent. The Company may change
      any
      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 Depository Trust Company ("DTC")
      to act
      as Depositary with respect to the Global Notes. 

     

    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
      2.04  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
      or
      the Trustee all money held by the Paying Agent for the payment of principal,
      premium, if any, or interest on the Notes, and will 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 the Holders
      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. 

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    Section
      2.05  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 all Holders
      and
      shall otherwise comply with TIA (S) 312(a). If the Trustee is not the Registrar,
      the Company shall furnish to the Trustee at least seven Business Days before
      each 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 the Holders of Notes and the Company
      shall
      otherwise comply with TIA (S) 312(a). 

     

    Section
      2.06   Transfer
      and Exchange.

     

    (a)  Transfer
      and Exchange of Global Notes.
      A
      Global Note may not be transferred as a whole except by the Depositary to a
      nominee of the Depositary, by a nominee of the Depositary to the Depositary
      or
      to another nominee of the Depositary, or by the Depositary or any such nominee
      to a successor Depositary or a nominee of such successor Depositary. All Global
      Notes will be exchanged by the Company for Definitive Notes if (i) the Company
      delivers to the Trustee notice from the Depositary that it is unwilling or
      unable to continue to act as Depositary or that it is no longer a clearing
      agency registered under the Exchange Act and, in either case, a successor
      Depositary is not appointed by the Company within 120 days after the date of
      such notice from the Depositary or (ii) the Company in its sole discretion
      determines that the Global Notes (in whole but not in part) should be exchanged
      for Definitive Notes and delivers a written notice to such effect to the
      Trustee. Upon the occurrence of either of the preceding events in (i) or (ii)
      above, Definitive Notes shall be issued in such names as the Depositary shall
      instruct the Trustee. Global Notes also may be exchanged or replaced, in whole
      or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note
      authenticated and delivered in exchange for, or in lieu of, a Global Note or
      any
      portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof,
      shall be authenticated and delivered in the form of, and shall be, a Global
      Note. A Global Note may not be exchanged for another Note other than as provided
      in this Section 2.06(a), however, beneficial interests in a Global Note may
      be
      transferred and exchanged as provided in Section 2.06(b) or (c)
      hereof.

     

    (b)  Transfer
      and Exchange of Beneficial Interests in the Global Notes.
      The
      transfer and exchange of beneficial interests in the Global Notes shall be
      effected through the Depositary, in accordance with the provisions of this
      Indenture and the Applicable Procedures. Beneficial interests in the Restricted
      Global Notes shall be subject to restrictions on transfer comparable to those
      set forth herein to the extent required by the Securities Act. Transfers of
      beneficial interests in the Global Notes also shall require compliance with
      either subparagraph (i) or (ii) below, as applicable, as well as one or more
      of
      the other following subparagraphs, as applicable:

     

    (i)  Transfer
      of Beneficial Interests in the Same Global Note.
      Beneficial interests in any Restricted Global Note may be transferred to Persons
      who take delivery thereof in the form of a beneficial interest in the same
      Restricted Global Note in accordance with the transfer restrictions set forth
      in
      the Private Placement Legend. Beneficial interests in any Unrestricted Global
      Note may be transferred to Persons who take delivery thereof in the form of
      a
      beneficial interest in an Unrestricted Global Note. No written orders or
      instructions shall be required to be delivered to the Registrar to effect the
      transfers described in this Section 2.06(b)(i).

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (ii)  All
      Other Transfers and Exchanges of Beneficial Interests in Global
      Notes.
      In
      connection with all transfers and exchanges of beneficial interests that are
      not
      subject to Section 2.06(b)(i) above, the transferor of such beneficial interest
      must deliver to the Registrar either (A) (1) a written order from a Participant
      or an Indirect Participant given to the Depositary in accordance with the
      Applicable Procedures directing the Depositary to credit or cause to be credited
      a beneficial interest in another Global Note in an amount equal to the
      beneficial interest to be transferred or exchanged and (2) instructions given
      in
      accordance with the Applicable Procedures containing information regarding
      the
      Participant account to be credited with such increase or (B) (1) a written
      order
      from a Participant or an Indirect Participant given to the Depositary in
      accordance with the Applicable Procedures directing the Depositary to cause
      to
      be issued a Definitive Note in an amount equal to the beneficial interest to
      be
      transferred or exchanged and (2) instructions given by the Depositary to the
      Registrar containing information regarding the Person in whose name such
      Definitive Note shall be registered to effect the transfer or exchange referred
      to in (1) above. Upon satisfaction of all of the requirements for transfer
      or
      exchange of beneficial interests in Global Notes contained in this Indenture
      and
      the Notes or otherwise applicable under the Securities Act, the Trustee shall
      adjust the principal amount of the relevant Global Note(s) pursuant to Section
      2.06(g) hereof.

     

    (iii)  Transfer
      of Beneficial Interests to Another Restricted Global Note.
      A
      beneficial interest in any Restricted Global Note may be transferred to a Person
      who takes delivery thereof in the form of a beneficial interest in another
      Restricted Global Note if the transfer complies with the requirements of Section
      2.06(b)(ii) above and the transferor delivers to the Registrar a certificate
      in
      the form of Exhibit B hereto, including the certifications required by item
      (1)
      thereof, if applicable.

     

    (iv)  Transfer
      and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
      Interests in the Unrestricted Global Note.
      A
      beneficial interest in any Restricted Global Note may be exchanged by any holder
      thereof for a beneficial interest in an Unrestricted Global Note or transferred
      to a Person who takes delivery thereof in the form of a beneficial interest
      in
      an Unrestricted Global Note if:

     

    
      	(A)  	
              the
                exchange or transfer complies with the requirements of Section 2.06(b)(ii)
                above; and

            

    

     

    
      	(B)  	
              the
                Registrar receives the following: (1) if the holder of such beneficial
                interest in a Restricted Global Note proposes to exchange such beneficial
                interest for a beneficial interest in an Unrestricted Global Note,
                a
                certificate from such holder in the form of Exhibit C hereto, including
                the certifications in item (1)(a) thereof; or (2) if the holder of
                such
                beneficial interest in a Restricted Global Note proposes to transfer
                such
                beneficial interest to a Person who shall take delivery thereof in
                the
                form of a beneficial interest in an Unrestricted Global Note, a
                certificate from such holder in the form of Exhibit B hereto, including
                the certifications in item (2) thereof; and, in each such case set
                forth
                in this Section 2.06(b)(iv)(B), if the Registrar so requests or if
                the
                Applicable Procedures so require, an Opinion of Counsel in form reasonably
                acceptable to the Registrar to the effect that such exchange or transfer
                is in compliance with the Securities Act and that the restrictions
                on
                transfer contained herein and in the Private Placement Legend are
                no
                longer required in order to maintain compliance with the Securities
                Act.
                If any such transfer is effected pursuant to this Section 2.06(b)(iv)(B)
                at a time when an Unrestricted Global Note has not yet been issued,
                the
                Company shall issue and, upon receipt of an Authentication Order
                in
                accordance with Section 2.02 hereof, the Trustee shall authenticate
                one or
                more Unrestricted Global Notes in an aggregate principal amount equal
                to
                the aggregate principal amount of beneficial interests transferred
                pursuant to this Section 2.06(b)(iv)(B). Beneficial interests in
                an
                Unrestricted Global Note cannot be exchanged for, or transferred
                to
                Persons who take delivery thereof in the form of, a beneficial interest
                in
                a Restricted Global Note. 

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (c)  Transfer
      or Exchange of Beneficial Interests for Definitive Notes.
      

     

    (i)  Beneficial
      Interests in Restricted Global Notes to Restricted Definitive
      Notes.
      If any
      holder of a beneficial interest in a Restricted Global Note proposes to exchange
      such beneficial interest for a Restricted Definitive Note or to transfer such
      beneficial interest to a Person who takes delivery thereof in the form of a
      Restricted Definitive Note, then, upon receipt by the Registrar of the following
      documentation:

     

    
      	(A)  	
              if
                the holder of such beneficial interest in a Restricted Global Note
                proposes to exchange such beneficial interest for a Restricted Definitive
                Note, a certificate from such holder in the form of Exhibit C hereto,
                including the certifications in item (2)(a) thereof;
                

            

    

     

    
      	(B)  	
              if
                such beneficial interest is being transferred pursuant to an exemption
                from the registration requirements of the Securities Act in accordance
                with Rule 144 under the Securities Act, a certificate to the effect
                set
                forth in Exhibit B hereto, including the certifications in item (1)(a)
                thereof;

            

    

     

    
      	(C)  	
              if
                such beneficial interest is being transferred to the Company or any
                of its
                Subsidiaries, a certificate to the effect set forth in Exhibit B
                hereto,
                including the certifications in item (1)(b) thereof;
                or

            

    

     

    
      	(D)  	
              if
                such beneficial interest is being transferred pursuant to an effective
                registration statement under the Securities Act, a certificate to
                the
                effect set forth in Exhibit B hereto, including the certifications
                in item
                (1)(c) thereof, the Trustee shall cause the aggregate principal amount
                of
                the applicable Global Note to be reduced accordingly pursuant to
                Section
                2.06(g) hereof, and the Company shall execute and the Trustee shall
                authenticate and deliver to the Person designated in the instructions
                a
                Definitive Note in the appropriate principal amount. Any Definitive
                Note
                issued in exchange for a beneficial interest in a Restricted Global
                Note
                pursuant to this Section 2.06(c) shall be registered in such name
                or names
                and in such authorized denomination or denominations as the holder
                of such
                beneficial interest shall instruct the Registrar through instructions
                from
                the Depositary and the Participant or Indirect Participant. The Trustee
                shall deliver such Definitive Notes to the Persons in whose names
                such
                Notes are so registered. Any Definitive Note issued in exchange for
                a
                beneficial interest in a Restricted Global Note pursuant to this
                Section
                2.06(c)(i) shall bear the Private Placement Legend and shall be subject
                to
                all restrictions on transfer contained
                therein.

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (ii)  Beneficial
      Interests in Restricted Global Notes to Unrestricted Definitive
      Notes.
      A
      holder of a beneficial interest in a Restricted Global Note may exchange such
      beneficial interest for an Unrestricted Definitive Note or may transfer such
      beneficial interest to a Person who takes delivery thereof in the form of an
      Unrestricted Definitive Note only if: 

     

    
      	(A)  	
              if
                the holder of such beneficial interest in a Restricted Global Note
                proposes to exchange such beneficial interest for a Definitive Note
                that
                does not bear the Private Placement Legend, a certificate from such
                holder
                in the form of Exhibit C hereto, including the certifications in
                item
                (1)(b) thereof; or

            

    

     

    
      	(B)  	
              if
                the holder of such beneficial interest in a Restricted Global Note
                proposes to transfer such beneficial interest to a Person who shall
                take
                delivery thereof in the form of a Definitive Note that does not bear
                the
                Private Placement Legend, a certificate from such holder in the form
                of
                Exhibit B hereto, including the certifications in item (2) thereof;
                and,
                in each such case set forth in this Section 2.06(c)(ii)(B), if the
                Registrar so requests or if the Applicable Procedures so require,
                an
                Opinion of Counsel in form reasonably acceptable to the Registrar
                to the
                effect that such exchange or transfer is in compliance with the Securities
                Act and that the restrictions on transfer contained herein and in
                the
                Private Placement Legend are no longer required in order to maintain
                compliance with the Securities Act.

            

    

     

    (iii)  Beneficial
      Interests in Unrestricted Global Notes to Unrestricted Definitive
      Notes.
      If any
      holder of a beneficial interest in an Unrestricted Global Note proposes to
      exchange such beneficial interest for a Definitive Note or to transfer such
      beneficial interest to a Person who takes delivery thereof in the form of a
      Definitive Note, then, upon satisfaction of the conditions set forth in Section
      2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal amount
      of
      the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g)
      hereof, and the Company shall execute and the Trustee shall authenticate and
      deliver to the Person designated in the instructions a Definitive Note in the
      appropriate principal amount. Any Definitive Note issued in exchange for a
      beneficial interest pursuant to this Section 2.06(c)(iii) shall be registered
      in
      such name or names and in such authorized denomination or denominations as
      the
      holder of such beneficial interest shall instruct the Registrar through
      instructions from the Depositary and the Participant or Indirect Participant.
      The Trustee shall deliver such Definitive Notes to the Persons in whose names
      such Notes are so registered. Any Definitive Note issued in exchange for a
      beneficial interest pursuant to this Section 2.06(c)(iii) shall not bear the
      Private Placement Legend.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    (d)  Transfer
      and Exchange of Definitive Notes for Beneficial Interests.

     

    (i)  Restricted
      Definitive Notes to Beneficial Interests in Restricted Global
      Notes.
      If any
      Holder of a Restricted Definitive Note proposes to exchange such Note for a
      beneficial interest in a Restricted Global Note or to transfer such Restricted
      Definitive Notes to a Person who takes delivery thereof in the form of a
      beneficial interest in a Restricted Global Note, then, upon receipt by the
      Registrar of the following documentation:

     

    
      	(A)  	
              if
                the Holder of such Restricted Definitive Note proposes to exchange
                such
                Note for a beneficial interest in a Restricted Global Note, a certificate
                from such Holder in the form of Exhibit C hereto, including the
                certifications in item (2)(b)
                thereof;

            

    

     

    
      	(B)  	
              if
                such Restricted Definitive Note is being transferred pursuant to
                an
                exemption from the registration requirements of the Securities Act
                in
                accordance with Rule 144 under the Securities Act, a certificate
                to the
                effect set forth in Exhibit B hereto, including the certifications
                in item
                (1)(a) thereof;

            

    

     

    
      	(C)  	
              if
                such Restricted Definitive Note is being transferred to the Company
                or any
                of its Subsidiaries, a certificate to the effect set forth in Exhibit
                B
                hereto, including the certifications in item (1)(b) thereof;
                or

            

    

     

    
      	(D)  	
              if
                such Restricted Definitive Note is being transferred pursuant to
                an
                effective registration statement under the Securities Act, a certificate
                to the effect set forth in Exhibit B hereto, including the certifications
                in item (1)(c) thereof, the Trustee shall cancel the Restricted Definitive
                Note, increase or cause to be increased the aggregate principal amount
                of,
                in the case of clause (A) above, the appropriate Restricted Global
                Note.

            

    

     

    (ii)  Restricted
      Definitive Notes to Beneficial Interests in Unrestricted Global
      Notes.
      A
      Holder of a Restricted Definitive Note may exchange such Note for a beneficial
      interest in an Unrestricted Global Note or transfer such Restricted Definitive
      Note to a Person who takes delivery thereof in the form of a beneficial interest
      in an Unrestricted Global Note only if the Registrar receives the following:
      

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
      	(A)  	
              if
                the Holder of such Definitive Notes proposes to exchange such Notes
                for a
                beneficial interest in the Unrestricted Global Note, a certificate
                from
                such Holder in the form of Exhibit C hereto, including the certifications
                in item (1)(c) thereof; or

            

    

     

    
      	(B)  	
              if
                the Holder of such Definitive Notes proposes to transfer such Notes
                to a
                Person who shall take delivery thereof in the form of a beneficial
                interest in the Unrestricted Global Note, a certificate from such
                Holder
                in the form of Exhibit B hereto, including the certifications in
                item (2)
                thereof; and, in each such case set forth in this Section 2.06(d)(ii)(B),
                if the Registrar so requests or if the Applicable Procedures so require,
                an Opinion of Counsel in form reasonably acceptable to the Registrar
                to
                the effect that such exchange or transfer is in compliance with the
                Securities Act and that the restrictions on transfer contained herein
                and
                in the Private Placement Legend are no longer required in order to
                maintain compliance with the Securities Act.

            

    

     

    Upon
      satisfaction of the conditions of any of the subparagraphs in this Section
      2.06(d)(ii), the Trustee shall cancel the Definitive Notes and increase or
      cause
      to be increased the aggregate principal amount of the Unrestricted Global
      Note.

     

    (iii)  Unrestricted
      Definitive Notes to Beneficial Interests in Unrestricted Global
      Notes.
      A
      Holder of an Unrestricted Definitive Note may exchange such Note for a
      beneficial interest in an Unrestricted Global Note or transfer such Definitive
      Notes to a Person who takes delivery thereof in the form of a beneficial
      interest in an Unrestricted Global Note at any time. Upon receipt of a request
      for such an exchange or transfer, the Trustee shall cancel the applicable
      Unrestricted Definitive Note and increase or cause to be increased the aggregate
      principal amount of one of the Unrestricted Global Notes.

     

    If
      any
      such exchange or transfer from a Definitive Note to a beneficial interest is
      effected pursuant to Section 2.06 (ii) or (iii) above at a time when an
      Unrestricted Global Note has not yet been issued, the Company shall issue and,
      upon receipt of an Authentication Order in accordance with Section 2.02 hereof,
      the Trustee shall authenticate one or more Unrestricted Global Notes in an
      aggregate principal amount equal to the principal amount of Definitive Notes
      so
      transferred.

     

    (e)  Transfer
      and Exchange of Definitive Notes for Definitive Notes.
      Upon
      request by a Holder of Definitive Notes and such Holder's compliance with the
      provisions of this Section 2.06(e), the Registrar shall register the transfer
      or
      exchange of Definitive Notes. Prior to such registration of transfer or
      exchange, the requesting Holder shall present or surrender to the Registrar
      the
      Definitive Notes duly endorsed or accompanied by a written instruction of
      transfer in form satisfactory to the Registrar duly executed by such Holder
      or
      by its attorney, duly authorized in writing. In addition, the requesting Holder
      shall provide any additional certifications, documents and information, as
      applicable, required pursuant to the following provisions of this Section
      2.06(e).

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    (i)  Restricted
      Definitive Notes to Restricted Definitive Notes.
      Any
      Restricted Definitive Note may be transferred to and registered in the name
      of
      Persons who take delivery thereof in the form of a Restricted Definitive Note
      if
      the transfer will be made pursuant to an exemption from the registration
      requirements of the Securities Act, and the transferor delivers to the Registrar
      a certificate in the form of Exhibit B hereto, including the certifications
      required by item (1) thereof, if applicable.

     

    (ii)  Restricted
      Definitive Notes to Unrestricted Definitive Notes.
      Any
      Restricted Definitive Note may be exchanged by the Holder thereof for an
      Unrestricted Definitive Note or transferred to a Person or Persons who take
      delivery thereof in the form of an Unrestricted Definitive Note if the Registrar
      receives the following: 

     

    
      	(A)  	
              if
                the Holder of such Restricted Definitive Notes proposes to exchange
                such
                Notes for an Unrestricted Definitive Note, a certificate from such
                Holder
                in the form of Exhibit C hereto, including the certifications in
                item
                (1)(d) thereof; or

            

    

     

    
      	(B)  	
              if
                the Holder of such Restricted Definitive Notes proposes to transfer
                such
                Notes to a Person who shall take delivery thereof in the form of
                an
                Unrestricted Definitive Note, a certificate from such Holder in the
                form
                of Exhibit B hereto, including the certifications in item (2) thereof;
                and, in each such case set forth in this Section 2.06(e)(ii)(B),
                if the
                Registrar so requests, an Opinion of Counsel in form reasonably acceptable
                to the Company to the effect that such exchange or transfer is in
                compliance with the Securities Act and that the restrictions on transfer
                contained herein and in the Private Placement Legend are no longer
                required in order to maintain compliance with the Securities
                Act.

            

    

     

    (iii)  Unrestricted
      Definitive Notes to Unrestricted Definitive Notes.
      A
      Holder of Unrestricted Definitive Notes may transfer such Notes to a Person
      who
      takes delivery thereof in the form of an Unrestricted Definitive Note. Upon
      receipt of a request to register such a transfer, the Registrar shall register
      the Unrestricted Definitive Notes pursuant to the instructions from the Holder
      thereof.

     

    (f)  Legends.
      The
      following legends shall appear on the face of all Global Notes and Definitive
      Notes issued under this Indenture unless specifically stated otherwise in the
      applicable provisions of this Indenture. 

     

    (i)  Private
      Placement Legend.

     

    
      	(A)  	
              Except
                as permitted by Section 2.06(f)(i)(B) below, each Global Note and
                each
                Definitive Note (and all Notes issued in exchange therefor or substitution
                thereof) shall bear the legend in substantially the following
                form:

            

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    "THE
      NOTE
      (OR ITS PREDECESSORS) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION
      EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT
      OF
      1933, AS AMENDED, AND THE NOTE EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR
      OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
      EXEMPTION THEREFROM. EACH PURCHASER OF THE NOTE EVIDENCED HEREBY IS HEREBY
      NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS
      OF
      SECTION 5 OF THE SECURITIES ACT PROVIDED BY SECTION 3(A)(9) THEREUNDER OR
      ANOTHER EXEMPTION UNDER THE SECURITIES ACT. THE HOLDER OF THE NOTE EVIDENCED
      HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH NOTE MAY BE RESOLD,
      PLEDGED OR OTHERWISE TRANSFERRED ONLY (i) (a) IN A TRANSACTION MEETING THE
      REQUIREMENTS OF RULE 144 OF THE SECURITIES ACT or (b) IN ACCORDANCE WITH ANOTHER
      EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED
      THAT
      IN THE CASE OF A TRANSFER PURSUANT TO THIS CLAUSE (b) SUCH TRANSFER IS EFFECTED
      BY THE DELIVERY TO THE TRANSFEREE OF DEFINITIVE SECURITIES REGISTERED IN ITS
      NAME (OR ITS NOMINEES NAME) IN THE BOOKS MAINTAINED BY THE REGISTRAR, AND IS
      SUBJECT TO THE RECEIPT BY THE REGISTRAR (AND THE COMPANY, IF IT SO REQUESTS)
      OF
      A CERTIFICATION OF THE TRANSFEROR AND AN OPINION OF COUNSEL TO THE EFFECT THAT
      SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (ii) TO THE COMPANY
      OR
      (iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
      ACT
      AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
      STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE
      HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER
      FROM IT OF THE NOTE EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN
      (A)
      ABOVE." 

     

    
      	(B)  	
              Notwithstanding
                the foregoing, any Global Note or Definitive Note issued pursuant
                to
                subparagraphs (b)(iv), (c)(iii), (d)(ii), (d)(iii), (e)(ii) or (e)(iii)
                to
                this Section 2.06 (and all Notes issued in exchange therefor or
                substitution thereof) shall not bear the Private Placement
                Legend.

            

    

     

    (ii)  Global
      Note Legend.
      Each
      Global Note shall bear a legend in substantially the following
      form:

     

    "THIS
      GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
      THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
      HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
      THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
      TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN
      WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS
      GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
      2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
      SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY."

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    (g)  Cancellation
      and/or Adjustment of Global Notes.
      At such
      time as all beneficial interests in a particular Global Note have been exchanged
      for Definitive Notes or a particular Global Note has been redeemed, repurchased
      or canceled in whole and not in part, each such Global Note shall be returned
      to
      or retained and canceled by the Trustee in accordance with Section 2.11 hereof.
      At any time prior to such cancellation, if any beneficial interest in a Global
      Note is exchanged for or transferred to a Person who will take delivery thereof
      in the form of a beneficial interest in another Global Note or for Definitive
      Notes, the principal amount of Notes represented by such Global Note shall
      be
      reduced accordingly and an endorsement shall be made on such Global Note by
      the
      Trustee or by the Depositary at the direction of the Trustee to reflect such
      reduction; and if the beneficial interest is being exchanged for or transferred
      to a Person who will take delivery thereof in the form of a beneficial interest
      in another Global Note, such other Global Note shall be increased accordingly
      and an endorsement shall be made on such Global Note by the Trustee or by the
      Depositary at the direction of the Trustee to reflect such
      increase.

     

    (h)  General
      Provisions Relating to Transfers and Exchanges.
      

     

    (i)  To
      permit
      registrations of transfers and exchanges, the Company shall execute and the
      Trustee shall authenticate Global Notes and Definitive Notes upon the Company's
      order or at the Registrar's request. 

     

    (ii)  
      No
      service charge shall be made to a holder of a beneficial interest in a Global
      Note or to a Holder of a Definitive Note for any registration of transfer or
      exchange, 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 taxes or similar governmental charge payable
      upon
      exchange or transfer pursuant to Sections 2.10, 3.06 and 8.05
      hereof).

     

    (iii)  The
      Registrar shall not be required to register the transfer of or exchange any
      Note
      selected for redemption in whole or in part, except the unredeemed portion
      of
      any Note being redeemed in part.

     

    (iv)  All
      Global Notes and Definitive Notes issued upon any registration of transfer
      or
      exchange of Global Notes or Definitive Notes shall be the valid obligations
      of
      the Company, evidencing the same debt, and entitled to the same benefits under
      this Indenture, as the Global Notes or Definitive Notes surrendered upon such
      registration of transfer or exchange.

     

    (v)  The
      Company shall not be required (A) to issue, to register the transfer of or
      to
      exchange any Notes during a period beginning at the opening of business 15
      days
      before the day of any selection of Notes for redemption under Section 3.02
      hereof and ending at the close of business on the day of selection, (B) to
      register the transfer of or to exchange any Note so selected for redemption
      in
      whole or in part, except the unredeemed portion of any Note being redeemed
      in
      part or (C) to register the transfer of or to exchange a Note between a record
      date and the next succeeding Interest Payment Date.

     

    (vi)  Prior
      to
      due presentment for the registration of a transfer of any Note, the Trustee,
      any
      Agent and the Company may deem and treat the Person in whose name any Note
      is
      registered as the absolute owner of such Note for the purpose of receiving
      payment of principal of and interest on such Notes and for all other purposes,
      and none of the Trustee, any Agent or the Company shall be affected by notice
      to
      the contrary.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    (vii)  The
      Trustee shall authenticate Global Notes and Definitive Notes in accordance
      with
      the provisions of Section 2.02 hereof.

     

    (viii)  All
      certifications, certificates and Opinions of Counsel required to be submitted
      to
      the Registrar pursuant to this Section 2.06 to effect a registration of transfer
      or exchange may be submitted by facsimile.

     

    Section
      2.07  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 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
      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
      duly
      issued hereunder.

     

    Section
      2.08  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 2.09 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 2.07 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
      2.09  Treasury
      Notes.

     

    In
      determining whether the Holders of the required principal amount of Notes 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, waiver or consent, only
      Notes that the Trustee knows are so owned shall be so disregarded. 

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    Section
      2.10  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
      2.11   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 destroy canceled Notes (subject
      to the record retention requirement of the Exchange Act). Certification of
      the
      destruction of all canceled Notes shall be delivered to the Company. 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
      2.12  Defaulted
      Interest.

     

    If
      the
      Company defaults in a payment of interest on the 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 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 a notice that states
      the special record date, the related payment date and the amount of such
      interest to be paid.

     

     

    ARTICLE
      III   -
      REDEMPTION AND PREPAYMENT

     

    Section
      3.01  Notices
      to Trustee.

     

    If
      the
      Company elects to redeem Notes pursuant to the optional redemption provisions
      of
      Section 3.07 hereof, it shall furnish to the Trustee, at least 45 days but
      not
      more than 60 days before a redemption date, an Officers' Certificate setting
      forth (i) the clause of this Indenture pursuant to which the redemption shall
      occur, (ii) the redemption date, (iii) the principal amount of Notes to be
      redeemed and (iv) the redemption price. 

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    Section
      3.02  Selection
      of Notes to Be Redeemed. 

     

    If
      less
      than all of the Notes are to be redeemed or purchased in an offer to purchase
      at
      any time, then subject to the procedures of the Depositary, the Trustee shall
      select the Notes to be redeemed or purchased among the Holders of the Notes
      in
      compliance with the requirements of the principal national securities exchange,
      if any, on which the Notes are listed or, if the 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 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 not previously called for redemption.
      

     

    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 and portions of Notes selected
      shall be in amounts of $1.00 and multiples thereof; except that if all of the
      Notes of a Holder are to be redeemed, the entire outstanding amount of Notes
      held by such Holder, even if not a multiple of $1.00, shall be redeemed. Except
      as provided in the preceding sentence, provisions of this Indenture that apply
      to Notes called for redemption also apply to portions of Notes called for
      redemption.

     

     

    Section
      3.03  Notice
      of Redemption.

     

    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 to be redeemed and shall state: 

     

    (a)  the
      redemption date;

     

    (b)  the
      redemption price; 

     

    (c)  if
      any
      Note is being redeemed in part, the portion of the principal amount of such
      Note
      to be redeemed and that, after the redemption date upon surrender of such Note,
      a new Note or Notes in principal amount equal to the unredeemed portion shall
      be
      issued upon cancellation of the original Note; 

     

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

     

    (e)  that
      Notes called for redemption must be surrendered to the Paying Agent to collect
      the redemption price; 

     

    (f)  that,
      unless the Company defaults in making such redemption payment, interest on
      Notes
      called for redemption ceases to accrue on and after the redemption date;

     

    (g)  the
      paragraph of the Notes and/or Section of this Indenture pursuant to which the
      Notes called for redemption are being redeemed; and 

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

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

     

    At
      the
      Company's request, the Trustee shall give the notice of redemption in the
      Company's name and at its expense; provided, however, that the Company shall
      have delivered to the Trustee, at least 45 days prior to the redemption date,
      an
      Officers' 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.

     

    One
      Business Day prior to 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 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.

     

    Section
      3.07  Optional
      Redemption.

     

    The
      Company shall have the option to redeem the Notes upon not less than 30 nor
      more
      than 60 days' Notice, in whole or in part, at one hundred percent (100.000%)
      of
      the principal amount of the Notes to be redeemed, plus accrued and unpaid
      interest thereon, if any, to the applicable redemption date. 

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    Any
      redemption pursuant to this Section 3.07 shall be made pursuant to the
      provisions of Section 3.01 through 3.06 hereof.

     

    Section
      3.08  Mandatory
      Redemption.

     

    The
      Company shall not be required to make mandatory redemption payments with respect
      to the Notes.

     

    ARTICLE
      IV COVENANTS

     

    Section
      4.01  Payment
      of Notes.

     

    The
      Company shall pay or cause to be paid the principal of, premium, if any, and
      interest on the Notes at maturity. Principal, premium, if any, and interest
      shall be considered paid on the date due if the Paying Agent, if other than
      the
      Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time 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. 

     

    The
      Company shall pay interest (including post-petition interest in any proceeding
      under any Bankruptcy Law) on overdue principal at the rate equal to 1% per
      annum
      in excess of the then applicable interest rate on the Notes to the extent
      lawful; it shall pay interest (including post-petition interest in any
      proceeding under any Bankruptcy Law) on overdue installments of interest at
      the
      same rate to the extent lawful.

     

    Section
      4.02  Priority
      of Payment of Principal and Interest

     

    The
      Company shall not make any payments of principal in respect of Old Notes unless
      and until all outstanding principal and accrued but unpaid interest thereon
      in
      respect of the Notes has been paid in full. 

     

    Section
      4.03  Maintenance
      of Office or Agency.

     

    The
      Company shall maintain an office or agency (which may be an office of the
      Trustee or an agent 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 shall give prompt written notice to the Trustee
      of
      the location, and any change in the location, of such office or agency. If
      at
      any time the Company shall fail to maintain any such required office or agency
      or shall fail to furnish the Trustee with the address thereof, such
      presentations, surrenders, notices and demands may be made or served at the
      Corporate Trust Office of the Trustee.

     

    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. The Company shall
      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.

     

    
      
        
        

      

      
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    The
      Company hereby designates the Corporate Trust Office of the Trustee as one
      such
      office or agency of the Company in accordance with Section 2.03. 

     

    Section
      4.04  Reports.

     

    Whether
      or not required by the rules and regulations of the SEC, so long as any Notes
      are outstanding, the Company shall furnish to the Holders of Notes, within
      the
      time periods specified in the SEC's rules and regulations (i) all quarterly
      and
      annual financial information that would be required to be contained in a filing
      with the SEC on Forms 10-Q and 10-K if the Company were required to file such
      forms, including a "Management's Discussion and Analysis of Financial Condition
      and Results of Operations" and, with respect to the annual information only,
      a
      report thereon by the Company's certified independent accountants and (ii)
      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, in each case, within the time
      periods specified in the SEC's rules and regulations. If the Company has
      designated any of its Subsidiaries as Unrestricted Subsidiaries, then the
      quarterly and annual financial information required by the preceding paragraph
      shall include a reasonably detailed presentation, either on the face of the
      financial statements or in the footnotes thereto, and in Management's Discussion
      and Analysis of Financial Condition and Results of Operations, of the financial
      condition and results of operations of the Company and its Restricted
      Subsidiaries separate from the financial condition and results of operations
      of
      the Unrestricted Subsidiaries of the Company. 

     

    Section
      4.05  Compliance
      Certificate.

     

    (a)  The
      Company shall deliver to the Trustee, within 90 days after the end of each
      fiscal year beginning with the fiscal year ended 2007, an Officers' 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.

     

    (b)  So
      long
      as not contrary to the then current recommendations of the American Institute
      of
      Certified Public Accountants, the year-end financial statements delivered
      pursuant to Section 4.04 above shall be accompanied by a written statement
      of
      the Company's independent public accountants (who shall be a firm of established
      national reputation) that in making the examination necessary for certification
      of such financial statements, nothing has come to their attention that would
      lead them to believe that the Company has violated any provisions of Article
      IV
      hereof or, if any such violation has occurred, specifying the nature and period
      of existence thereof, it being understood that such accountants shall not be
      liable directly or indirectly to any Person for any failure to obtain knowledge
      of any such violation. 

     

    
      
        
        

      

      
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    (c)  The
      Company shall, so long as any of the Notes are outstanding, deliver to the
      Trustee, forthwith upon any Officer becoming aware of any Default or Event
      of
      Default, an Officers' Certificate specifying such Default or Event of Default
      and what action the Company is taking or proposes to take with respect
      thereto.

     

    Section
      4.06  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.

     

    Section
      4.07  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 and each of the Guarantors (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, but shall suffer and permit the execution of every such power
      as
      though no such law has been enacted. 

     

    Section
      4.08  Corporate
      Existence.

     

    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 Subsidiaries, in accordance with
      the respective organizational documents (as the same may be amended from time
      to
      time) of the Company or any such Subsidiary and (ii) the rights (charter and
      statutory), licenses and franchises of the Company and its 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
      V -
      DEFAULTS AND REMEDIES

     

    Section
      5.01  Events
      of Default.

     

    An
      "Event
      of Default"
      occurs
      if:

     

    (a)  the
      Company defaults for 30 days in the payment when due of interest on the
      Notes;

     

    
      
        
        

      

      
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    (b)  the
      Company defaults in the payment when due of principal of or premium, if any,
      on
      the Notes; 

     

    (c)  the
      Company or any of its Restricted Subsidiaries pursuant to or within the meaning
      of Bankruptcy Law:

     

    (i)  commences
      a voluntary case,

     

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

     

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

     

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

     

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

     

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

     

    (i)  is
      for
      relief against the Company or any of its Restricted Subsidiaries that are
      Significant Subsidiaries or any group of Restricted Subsidiaries that, taken
      as
      a whole, would constitute a Significant Subsidiary in an involuntary
      case;

     

    (ii)  appoints
      a custodian of the Company or any of its Restricted Subsidiaries that are
      Significant Subsidiaries or any group of Restricted Subsidiaries that, taken
      as
      a whole, would constitute a Significant Subsidiary or for all or substantially
      all of the property of the Company or any of its Restricted Subsidiaries that
      are Significant Subsidiaries or any group of Restricted Subsidiaries that,
      taken
      as a whole, would constitute a Significant Subsidiary; or

     

    (iii)  orders
      the liquidation of the Company or any of its Significant Subsidiaries or any
      group of Restricted Subsidiaries that, taken as a whole, would constitute a
      Significant Subsidiary; and the order or decree remains unstayed and in effect
      for 60 consecutive days.

     

    Section
      5.02  Acceleration.

     

    If
      any
      Event of Default (other than an Event of Default specified in clause (c) or
      (d)
      of Section 5.01 hereof with respect to the Company, any Restricted Subsidiary
      that is a Significant Subsidiary or any group of Restricted Subsidiaries that,
      taken as a whole, would constitute a Significant Subsidiary) occurs and is
      continuing, the Trustee or the Holders of at least 25% in principal amount
      of
      the then outstanding Notes may declare all the Notes to be due and payable
      immediately. Upon any such declaration, the Notes shall become due and payable
      immediately. Notwithstanding the foregoing, if an Event of Default specified
      in
      clause (c) or (d) of Section 5.01 hereof occurs with respect to the Company,
      any
      of its Restricted Subsidiaries that are Significant Subsidiaries or any group
      of
      Restricted Subsidiaries that, taken as a whole, would constitute a Significant
      Subsidiary, all outstanding Notes shall be due and payable immediately without
      further action or notice. The Holders of a majority in aggregate principal
      amount of the then outstanding Notes by written notice to the Trustee may on
      behalf of all of the Holders rescind an acceleration 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.

    
      
        
        

      

      
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    Section
      5.03  Other
      Remedies.

     

    If
      an
      Event of Default occurs and is continuing, the Trustee may pursue any available
      remedy to collect the payment of principal, premium, if any, and interest on
      the
      Notes or to enforce the performance of any provision of the 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
      5.04  Waiver
      of Past Defaults.

     

    Holders
      of not less than a majority in aggregate principal amount of the then
      outstanding Notes by notice to the Trustee may on behalf of the Holders of
      all
      of the Notes waive an existing Default or Event of Default and its consequences
      hereunder, except a continuing Default or Event of Default in the payment of
      the
      principal of, premium, if any, or interest on, the 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 may rescind
      an acceleration and its consequences, including any related payment default
      that
      resulted from such acceleration). Upon any such waiver, such Default shall
      cease
      to exist, and any Event of Default arising therefrom shall be deemed to have
      been cured for every purpose of this Indenture; but no such waiver shall extend
      to any subsequent or other Default or impair any right consequent thereon.
      

     

    Section
      5.05  Control
      by Majority.

     

    Holders
      of a majority in principal amount of the then outstanding Notes 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
      5.06  Limitation
      on Suits.

     

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

     

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

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

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

     

    (c)  such
      Holder of a Note or Holders of Notes 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 do not give the Trustee a direction inconsistent with the
      request.

     

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

     

    Section
      5.07  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. 

     

    Section
      5.08  Collection
      Suit by Trustee.

     

    If
      an
      Event of Default specified in Section 5.01(a) or (b) 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
      5.09  Trustee
      May File Proofs of Claim.

     

    The
      Trustee 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 6.07 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 6.07 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.
      

    
      
        
        

      

      
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    Section
      5.10   Priorities.

     

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

     

    First:
      to
      the Trustee, its agents and attorneys for amounts due under Section 6.07 hereof,
      including payment of all compensation, expense and liabilities incurred, and
      all
      advances made, by the Trustee and the costs and expenses of
      collection;

     

    Second:
      to Holders of 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 or to such party as a court of competent jurisdiction shall
      direct.

     

    The
      Trustee may fix a record date and payment date for any payment to Holders of
      Notes pursuant to this Section 5.10.

     

    Section
      5.11   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, 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
      5.07
      hereof, or a suit by Holders of more than 10% in principal amount of the then
      outstanding Notes.

     

    ARTICLE
      VI   -
      TRUSTEE

     

    Section
      6.01  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 its exercise, as a prudent person would exercise or use
      under the circumstances in the conduct of such person's own
      affairs.

     

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

     

    (i)  the
      duties of the Trustee shall be determined solely by the express provisions
      of
      this Indenture and the Trustee need perform only those duties that 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. However, the Trustee shall examine the
      certificates and opinions 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:

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    (i)  this
      paragraph does not limit the effect of paragraph (b) 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
      5.05 hereof.

     

    (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), and (c) of
      this Section.

     

    (e)  No
      provision of this Indenture shall require the Trustee to expend or risk its
      own
      funds or 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
      6.02   Rights
      of Trustee.

     

    (a)  The
      Trustee may conclusively rely 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 Officers'
      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
      Officers' Certificate or Opinion of Counsel. The Trustee may consult with
      counsel and the written 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.

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

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

     

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

     

    (e)  Unless
      otherwise specifically provided in this Indenture, any demand, request,
      direction or notice from the Company shall be sufficient if signed by an Officer
      of the Company.

     

    (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 reasonable security or
      indemnity against the costs, expenses and liabilities that might be incurred
      by
      it in compliance with such request or direction. 

     

    (g)  Except
      for a default under Sections 5.01 (a) or (b) hereof, the Trustee shall not
      be
      deemed to have notice or be charged with knowledge of any Default or Event
      of
      Default unless a Responsible Officer shall have received from the Company or
      the
      Holders of not less than 25% in aggregate principal amount of the Notes then
      outstanding written notice thereof at its address set forth in Section 9.02
      hereof, and such notice references the Notes and this Indenture. In the absences
      of any such notice, the Trustee may conclusively assume that no Default or
      Event
      of Default exists.

     

    Section
      6.03  Individual
      Rights of Trustee.

     

    The
      Trustee 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. However, in the
      event
      that 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 do the same with like rights and duties. The Trustee
      is
      also subject to Sections 6.10 and 6.11 hereof. 

     

    Section
      6.04   Trustee's
      Disclaimer.

     

    The
      Trustee shall not be responsible for and makes no representation as to the
      validity or adequacy of this Indenture or the Notes, it 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,
      it shall not be responsible for the use or application of any money received
      by
      any Paying Agent other than the Trustee, and it 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. 

    
      
        
        

      

      
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    Section
      6.05   Notice
      of Defaults.

     

    If
      a
      Default or Event of Default occurs and is continuing and if it is known to
      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 and becomes known to the
      Trustee. Except in the case of a Default or Event of Default in payment of
      principal of, premium, if any, or interest on any Note, the Trustee may withhold
      the notice if and so long as a committee of its Responsible Officers in good
      faith determines that withholding the notice is in the interests of the Holders
      of the Notes.

     

    Section
      6.06   Reports
      by Trustee to Holders of the Notes.

     

    Within
      60
      days after each December 15 beginning with the December 15 following the date
      of
      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 (S) 313(a) (but if no event described in TIA (S) 313(a)
      has occurred within the twelve months preceding the reporting date, no report
      need be transmitted). The Trustee also shall comply with TIA (S) 313(b)(2).
      The
      Trustee shall also transmit by mail all reports as required by TIA (S)
      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 (S) 313(d). The Company shall promptly notify
      the Trustee when the Notes are listed on any stock exchange. 

     

    Section
      6.07   Compensation
      and Indemnity.

     

    The
      Company shall pay to the Trustee from time to time reasonable compensation
      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 it
      in
      addition to the compensation for its services. Such expenses shall include
      the
      reasonable compensation, disbursements and expenses of the Trustee's agents
      and
      counsel.

     

    The
      Company shall indemnify the Trustee against any and all losses, liabilities
      or
      expenses incurred by it arising out of or in connection with the acceptance
      or
      administration of its duties under this Indenture, including the costs and
      expenses of enforcing this Indenture against the Company (including this Section
      6.07) 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 bad
      faith. 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. 

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    The
      obligations of the Company under this Section 6.07 shall survive the
      satisfaction and discharge of this Indenture. 

     

    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 this
      Indenture.

     

    When
      the
      Trustee incurs expenses or renders services after an Event of Default specified
      in Section 5.01(c) or (d) hereof occurs, the expenses and the compensation
      for
      the services (including the fees and expenses of its agents and counsel) are
      intended to constitute expenses of administration under any Bankruptcy
      Law.

     

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

     

    Section
      6.08   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 a majority in
      principal amount of the then outstanding Notes may remove the Trustee 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 6.10 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
      at
      least 10% in principal amount of the then outstanding Notes may petition any
      court of competent jurisdiction for the appointment of a successor
      Trustee.

     

    If
      the
      Trustee, after written request by any Holder who has been a Holder for at least
      six months, fails to comply with Section 6.10, such Holder may petition any
      court of competent jurisdiction for the removal of the Trustee and the
      appointment of a successor Trustee.

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    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 shall
      have all the rights, powers and duties of the Trustee under this Indenture.
      The
      successor Trustee shall mail a notice of its succession to Holders. The retiring
      Trustee shall promptly transfer all property held by it as Trustee to the
      successor Trustee, provided all sums owing to the Trustee hereunder have been
      paid and subject to the Lien provided for in Section 6.07 hereof.
      Notwithstanding replacement of the Trustee pursuant to this Section 6.08, the
      Company's obligations under Section 6.07 hereof shall continue for the benefit
      of the retiring Trustee.

     

    Section
      6.09   Successor
      Trustee by Merger, etc.

     

    If
      the
      Trustee consolidates, merges or converts into, or transfers all or substantially
      all of its corporate trust business to, another corporation, the successor
      corporation without any further act shall be the successor Trustee.

     

    Section
      6.10   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
      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 $100 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
      (S)
      310(a)(1), (2) and (5). The Trustee is subject to TIA (S) 310(b). 

     

    Section
      6.11   Preferential
      Collection of Claims Against Company.

     

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

    ARTICLE
      VII   -
      LEGAL DEFEASANCE

     

    Section
      7.01   Option
      to Effect Legal Defeasance.

     

    The
      Company may, at the option of its Board of Directors evidenced by a resolution
      set forth in an Officers' Certificate, at any time, elect to have Section 7.02
      hereof be applied to all outstanding Notes upon compliance with the conditions
      set forth below in this Article.

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    Section
      7.02   Legal
      Defeasance and Discharge.

     

    Upon
      the
      Company's exercise under Section 7.01 hereof of the option applicable to this
      Section 7.02, the Company shall, subject to the satisfaction of the conditions
      set forth in Section 7.03 hereof, be deemed to have been discharged from its
      obligations with respect to all outstanding Notes 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, which
      shall thereafter be deemed to be "outstanding" only for the purposes of Section
      7.04 hereof and the other Sections of this Indenture referred to in (a) and
      (b)
      below, and to have satisfied all its other obligations under such Notes 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 7.03 hereof,
      and as more fully set forth in such Section, payments in respect of the
      principal of, premium, if any, and interest on such Notes when such payments
      are
      due, (b) the Company's obligations with respect to such Notes under Article
      II
      and Section 4.03 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 VII. 

     

    Section
      7.03   Conditions
      to Legal Defeasance.

     

    The
      following shall be the conditions to the application of Section 7.02 hereof
      to
      the outstanding Notes:

     

    In
      order
      to exercise Legal Defeasance:

     

    (a)  the
      Company must irrevocably deposit with the Trustee, in trust, for the benefit
      of
      the Holders, cash in United States dollars, non-callable Government Securities,
      or a combination thereof, in such amounts as will be sufficient, in the opinion
      of a nationally recognized firm of independent public accountants expressed
      in a
      written certification thereof delivered to the Trustee, to pay the principal
      of,
      premium, if any, and interest on the outstanding Notes on the stated date for
      payment thereof or on the applicable redemption date, as the case may
      be;

     

    (b)  the
      Company shall have delivered to the Trustee an Opinion of Counsel in the United
      States 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 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 will not recognize income, gain or loss for federal income
      tax
      purposes as a result of such Legal Defeasance and will be subject to 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)  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 pursuant to this Article VII concurrently with such
      incurrence) or insofar as Sections 5.01(c) or (d) hereof is concerned, at any
      time in the period ending on the 91st day after the date of
      deposit;

     

    (d)  such
      Legal 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;

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    (e)  the
      Company shall have delivered to the Trustee an Opinion of Counsel (which may
      be
      subject to customary exceptions) to the effect that on the 91st day following
      the deposit, the trust funds will not be subject to the effect of any applicable
      bankruptcy, insolvency, reorganization or similar laws affecting creditors'
      rights generally;

     

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

     

    (g)  the
      Company shall have delivered to the Trustee an Officers' Certificate and an
      Opinion of Counsel, each stating that all conditions precedent provided for
      or
      relating to the Legal Defeasance have been complied with.

     

    Section
      7.04   Deposited
      Money and Government Securities to be Held in Trust; Other Miscellaneous
      Provisions.

     

    Subject
      to Section 7.05 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 7.04, the "Trustee") pursuant
      to Section 7.03 hereof in respect of the outstanding Notes 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 7.03 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. 

     

    Anything
      in this Article VII 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
      7.03 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 7.03(a) hereof),
      are
      in excess of the amount thereof that would then be required to be deposited
      to
      effect an equivalent Legal Defeasance.

     

    Section
      7.05   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
      Note 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
      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 will be repaid to the Company. 

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    Section
      7.06   Reinstatement.

     

    If
      the
      Trustee or Paying Agent is unable to apply any United States dollars or
      non-callable Government Securities in accordance with Section 7.02 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 Notes shall be revived
      and reinstated as though no deposit had occurred pursuant to Section 7.02 hereof
      until such time as the Trustee or Paying Agent is permitted to apply all such
      money in accordance with Section 7.02 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
      VIII   -
      AMENDMENT, SUPPLEMENT AND WAIVER

     

    Section
      8.01   Without
      Consent of Holders of Notes.

     

    Notwithstanding
      Section 8.02 of this Indenture, the Company and the Trustee may amend or
      supplement this Indenture or the Notes without the consent of any Holder of
      a
      Note:

     

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

     

    (b)  to
      provide for uncertificated Notes in addition to or in place of certificated
      Notes or to alter the provisions of Article II hereof (including the related
      definitions) in a manner that does not materially adversely affect any
      Holder;

     

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

     

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

     

    Upon
      the
      request of the Company accompanied by a resolution of its Board of Directors
      authorizing the execution of any such amended or supplemental Indenture, and
      upon receipt by the Trustee of the documents described in Section 9.04 hereof,
      the Trustee shall 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 shall not be obligated to enter into such
      amended or supplemental Indenture that affects its own rights, duties or
      immunities under this Indenture or otherwise. 

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    Section
      8.02   With
      Consent of Holders of Notes.

     

    Except
      as
      provided below in this Section 8.02, the Company and the Trustee may amend
      or
      supplement this Indenture and the Notes may be amended or supplemented with
      the
      consent of the Holders of at least a majority in principal amount of the Notes
      then outstanding voting as a single class (including consents obtained in
      connection with a tender offer or exchange offer for, or purchase of, the
      Notes), and, subject to Sections 5.04 and 5.07 hereof, any existing Default
      or
      Event of Default (other than a Default or Event of Default in the payment of
      the
      principal of, premium, if any, or interest on the Notes, except a payment
      default resulting from an acceleration that has been rescinded) or compliance
      with any provision of this Indenture or the Notes may be waived with the consent
      of the Holders of a majority in principal amount of the then outstanding Notes
      voting as a single class (including consents obtained in connection with a
      tender offer or exchange offer for, or purchase of, the Notes). 

     

    Upon
      the
      request of the Company accompanied by a resolution of its Board of Directors
      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 Section 9.04 hereof, the Trustee shall 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 shall not be obligated to, enter into such
      amended or supplemental Indenture.

     

    It
      shall
      not be necessary for the consent of the Holders of Notes under this Section
      8.02
      to approve the particular form of any proposed amendment or waiver, but it
      shall
      be sufficient if such consent approves the substance thereof.

     

    After
      an
      amendment, supplement or waiver under this Section becomes effective, the
      Company shall mail the Holders of Notes affected thereby a notice briefly
      describing the amendment, supplement or waiver. Any failure of the Company
      to
      mail such notice, or any defect therein, shall not, however, in any way impair
      or affect the validity of any such amended or supplemental Indenture or waiver.
      Subject to Sections 5.04 and 5.07 hereof, the Holders of a majority in aggregate
      principal amount of the Notes then outstanding voting as a single class may
      waive compliance in a particular instance by the Company with any provision
      of
      this Indenture or the Notes. However, without the consent of each Holder
      affected, an amendment or waiver under this Section 8.02 may not (with respect
      to any Notes held by a non-consenting Holder):

     

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

     

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

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    (d)  waive
      a
      Default or Event of Default in the payment of principal of or premium, if any,
      or interest on the Notes (except a rescission of acceleration of the Notes
      by
      the Holders of at least a majority in aggregate principal amount of the then
      outstanding Notes 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 Notes to receive payments of principal of or
      interest on the Notes; or 

     

    (g)  make
      any
      change in Section 5.04 or 5.07 hereof or in the foregoing amendment and waiver
      provisions.

     

    Section
      8.03   Compliance
      with Trust Indenture Act.

     

    Every
      amendment or supplement to this Indenture or the Notes shall be set forth in
      a
      amended or supplemental Indenture that complies with the TIA as then in
      effect.

     

    Section
      8.04   Revocation
      and Effect of Consents.

     

    Until
      an
      amendment, supplement or waiver becomes effective, a consent to it by a Holder
      of a Note is a continuing consent by the Holder of a Note 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 of a Note or subsequent Holder of a Note may
      revoke the consent as to its Note if the Trustee receives written notice of
      revocation before the date the waiver, supplement or amendment becomes
      effective. An amendment, supplement or waiver becomes effective in accordance
      with its terms and thereafter binds every Holder.

     

    Section
      8.05   Notation
      on or Exchange of Notes.

     

    The
      Trustee may place an appropriate notation about an amendment, supplement or
      waiver on any Note thereafter authenticated. The Company in exchange for all
      Notes may issue and the Trustee shall, upon receipt of an Authentication Order,
      authenticate new Notes that reflect the amendment, supplement or
      waiver.

     

    Failure
      to make the appropriate notation or issue a new Note shall not affect the
      validity and effect of such amendment, supplement or waiver. 

     

    Section
      8.06  Trustee
      to Sign Amendments, etc.

     

    The
      Trustee shall sign any amended or supplemental Indenture authorized pursuant
      to
      this Article VIII if the amendment or supplement does not adversely affect
      the
      rights, duties, liabilities or immunities of the Trustee. The Company may not
      sign an amendment or supplemental Indenture until the Board of Directors
      approves it. In executing any amended or supplemental indenture, the Trustee
      shall be entitled to receive and (subject to Section 6.01 hereof) shall be
      fully
      protected in relying upon, in addition to the documents required by Section
      9.04
      hereof, an Officer's Certificate and an Opinion of Counsel stating that the
      execution of such amended or supplemental indenture is authorized or permitted
      by this Indenture.

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    ARTICLE
      IX   -
      MISCELLANEOUS

     

    Section
      9.01   Trust
      Indenture Act Controls.

     

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

     

    Section
      9.02   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), telex, telecopier or
      overnight air courier guaranteeing next day delivery, to the others'
      address:

     

    If
      to the
      Company:

    Pac-West
      Telecomm, Inc.

    4210
      Coronado Avenue

    Stockton,
      California 95204

    Telecopier
      No.: (209) 926-4444

    Attention:
      Chief Financial Officer

    With
      a
      copy to:

    Jenner
      & Block

    330
      N.
      Wabash Avenue

    Chicago,
      Illinois 60611

    Telecopier
      No.: (312) 527-0484

    Attention:
      Michael T. Wolf

    If
      to the
      Trustee:

    

    Wells
      Fargo Bank, N.A.

    Corporate
      Trust Services

    Sixth
      and
      Marquette

    MAC
      N9303-120

    Minneapolis,
      MN 55479

    Attn:
      Pac-West Telecomm Administrator

    Fax:
      612-667-9825

    

    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) 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 answered back, if telexed; 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.

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    Any
      notice or communication to a Holder shall be mailed by first class mail,
      certified or registered, 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 (S) 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 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
      9.03   Communication
      by Holders of Notes with Other Holders of Notes.

     

    Holders
      may communicate pursuant to TIA (S) 312(b) with other Holders with respect
      to
      their rights under this Indenture or the Notes. The Company, the Trustee, the
      Registrar and anyone else shall have the protection of TIA (S)
      312(c).

     

    Section
      9.04   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
      Officers' Certificate in form and substance reasonably satisfactory to the
      Trustee (which shall include the statements set forth in Section 9.05 hereof)
      stating that, in the opinion of the signers, all conditions precedent and
      covenants, if any, provided for in this Indenture relating to the proposed
      action have been satisfied; and

     

    (b)  an
      Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
      (which shall include the statements set forth in Section 9.05 hereof) stating
      that, in the opinion of such counsel, all such conditions precedent and
      covenants have been satisfied.

     

    Section
      9.05   Statements
      Required in Certificate or Opinion.

     

    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 (S) 314(a)(4)) shall comply with the provisions of TIA (S) 314(e) and shall
      include:

     

    (a)  a
      statement that the Person making 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
      satisfied; and

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

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

     

    Section
      9.06   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
      9.07   No
      Personal Liability of Directors, Officers, Employees and

     

    Stockholders.
      No past, present or future director, officer, employee, incorporator or
      stockholder of the Company or any Subsidiary, as such, shall have any liability
      for any obligations of the Company or the Subsidiaries under the Notes or this
      Indenture or for any claim based on, in respect of, or by reason of, such
      obligations or their creation. Each Holder of Notes by accepting a Note waives
      and releases all such liability. The waiver and release are part of the
      consideration for issuance of the Notes.

     

    Section
      9.08   Governing
      Law.

     

    THE
      INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
      THIS
      INDENTURE, THE NOTES 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.

     

     

    Section
      9.09   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
      9.10   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
      9.11   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.

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    Section
      9.12   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
      9.13   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. 

     

    

     

    [Signatures
      on following page]

     

    

     

    
      
        
           

        

        
        

      

      
        42

        
          

        

      

      
        
        

        
          

        

      

    

    SIGNATURES

     

    

    Dated
      as
      of January 31, 2007

    

    Pac-West
      Telecomm, Inc.

    

    By:
      

    

    __/s/MICHAEL
      SARINA______________

    Name:
      Michael Sarina

    Title:
      Chief Financial Officer

    

    

    Wells
      Fargo Bank, N.A.

    

    By:
      

    

    __/s/TIMOTHY
      P. MOWDY___________

    Name:
      Timothy P. Mowdy

    Title:
       Vice-President

    

    

    

    

    

    

    
      
        
          Signature
            Page to Indenture

        

        
        

      

      
        43

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A -- FORM OF NOTE

     

    

     

    [Face
      of Note]

    ----------------------------------------------------------------------------------------------------------------------------

    CUSIP/CINs 
      ___________

    

    ___%
      Senior Priority Notes due 2009

    

    No.
      ___
      $___________

    

    Pac-West
      Telecomm, Inc.

    

    promises
      to pay
      to______________________________________________________________

    or
      registered assigns, 

    the
      principal sum
      of____________________________________________________________

    Dollars
      on February 1, 2009.

    Interest
      Payment Date: February 1, 2009

    

    Record
      Date: January 15, 2009

    

    Dated:
      January ___, 2007

    

    Pac-West
      Telecomm, Inc.

    

    By:____________________________________________

    Name:
      _______________________________________

    Title:_________________________________________

    

    By:____________________________________________

    Name:________________________________________

    Title:_________________________________________

    

    This
      is
      one of the Notes referred to in the within-mentioned Indenture:

    

    Wells
      Fargo Bank, N.A.,

    as
      Trustee

    

    By:
      __________________________________

    Authorized
      Signatory

    
      
        A-1

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    [Back
      of Note]

    

    13
      1/2%
      Senior Priority Notes due 2009

    

    "THIS
      GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
      THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
      HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
      THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
      TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN
      WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS
      GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
      2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
      SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY."

     

    "THE
      NOTE
      (OR ITS PREDECESSORS) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION
      EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT
      OF
      1933, AS AMENDED, AND THE NOTE EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR
      OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
      EXEMPTION THEREFROM. EACH PURCHASER OF THE NOTE EVIDENCED HEREBY IS HEREBY
      NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS
      OF
      SECTION 5 OF THE SECURITIES ACT PROVIDED BY SECTION 3(A)(9) THEREUNDER OR
      ANOTHER EXEMPTION UNDER THE SECURITIES ACT. THE HOLDER OF THE NOTE EVIDENCED
      HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH NOTE MAY BE RESOLD,
      PLEDGED OR OTHERWISE TRANSFERRED ONLY (i) (a) IN A TRANSACTION MEETING THE
      REQUIREMENTS OF RULE 144 OF THE SECURITIES ACT or (b) IN ACCORDANCE WITH ANOTHER
      EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED
      THAT
      IN THE CASE OF A TRANSFER PURSUANT TO THIS CLAUSE (b) SUCH TRANSFER IS EFFECTED
      BY THE DELIVERY TO THE TRANSFEREE OF DEFINITIVE SECURITIES REGISTERED IN ITS
      NAME (OR ITS NOMINEES NAME) IN THE BOOKS MAINTAINED BY THE REGISTRAR, AND IS
      SUBJECT TO THE RECEIPT BY THE REGISTRAR (AND THE COMPANY, IF IT SO REQUESTS)
      OF
      A CERTIFICATION OF THE TRANSFEROR AND AN OPINION OF COUNSEL TO THE EFFECT THAT
      SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (ii) TO THE COMPANY
      OR
      (iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
      ACT
      AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
      STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE
      HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER
      FROM IT OF THE NOTE EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN
      (A)
      ABOVE."

     

    

    
      
        A-2

      

      
        
        

        
          

        

      

      
        
        

      

    

    Capitalized
      terms used herein shall have the meanings assigned to them in the Indenture
      referred to below unless otherwise indicated.

     

    1.  Interest.
      Pac-West Telecomm, Inc., a California corporation (the “Company”),
      promises to pay interest on the principal amount of this Note at 13 1/2% per
      annum from January 31, 2007 until maturity. Interest on this Note will accrue
      from the date of issuance and is payable in cash in arrears upon maturity,
      which
      is February 2, 2009 (the “Interest
      Payment Date”).
      The
      Company shall pay interest (including post-petition interest in any proceeding
      under any Bankruptcy Law) on overdue principal and premium, if any, from time
      to
      time on demand at a rate that is 1% per annum in excess of the rate then in
      effect; it shall pay interest (including post-petition interest in any
      proceeding under any Bankruptcy Law) on overdue payments of interest (without
      regard to any applicable grace periods) from time to time on demand at the
      same
      rate to the extent lawful. Interest will be computed on the basis of a 360-day
      year of twelve 30-day months.

     

    2.  Method
      of Payment.
      The
      Company will pay interest on the Notes (except defaulted interest) to the
      Persons who are registered Holders of Notes at the close of business on January
      15, 2009, even if such Notes are canceled after such record date and on or
      before the Interest Payment Date, except as provided in Section 2.12 of the
      Indenture with respect to defaulted interest. The Notes will be payable as
      to
      principal, premium and interest at the office or agency of the Company
      maintained for such purpose, or, at the option of the Company, payment of
      interest may be made by check mailed to the Holders at their addresses set
      forth
      in the register of Holders, and provided that payment by wire transfer of
      immediately available funds will be required with respect to principal of and
      interest and premium on, all Global Notes and all other Notes the Holders of
      which shall have provided wire transfer instructions to the Company or the
      Paying Agent. Such payment shall be in such coin or currency of the United
      States of America as at the time of payment is legal tender for payment of
      public and private debts.

     

    3.  Paying
      Agent and Registrar.
      Initially, Wells Fargo Bank, N. A., the Trustee under the Indenture, will act
      as
      Paying Agent and Registrar. The Company may change any Paying Agent or Registrar
      without notice to any Holder. The Company or any of its Subsidiaries may act
      in
      any such capacity.

     

    4.  Indenture.
      The
      Company issued the Notes under an Indenture dated as of January 31, 2007 (the
      “Indenture”)
      between the Company and the Trustee. The terms of the Notes include those stated
      in the Indenture and those made part of the Indenture by reference to the Trust
      Indenture Act of 1939, as amended (15 U.S. Code (S)(S) 77aaa-77bbbb). The Notes
      are subject to all such terms, and Holders are referred to the Indenture and
      such Act for a statement of such terms. To the extent any provision of this
      Note
      conflicts with the express provisions of the Indenture, the provisions of the
      Indenture shall govern and be controlling. The Notes are general unsecured
      obligations of the Company limited to $26,186,292 million in aggregate principal
      amount.

     

    5.  Optional
      Redemption.
      The
      Company shall have the option to redeem the Notes at anytime upon not less
      than
      30 nor more than 60 days' notice, in whole or in part, at one hundred percent
      (100.000%) of the principal amount of the Notes to be redeemed, plus accrued
      and
      unpaid interest thereon, if any, to the applicable redemption date.

     

    6.  Mandatory
      Redemption.
      The
      Company shall not be required to make mandatory redemption payments with respect
      to the Notes.

     

    
      
        A-3

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.  Notice
      of Redemption.
      Notice
      of redemption will be mailed at least 30 days but not more than 60 days before
      the redemption date to each Holder whose Notes are to be redeemed at its
      registered address. The Company will issue, and the Trustee will authenticate
      for a Holder, a new Note equal in principal amount to the unredeemed portion
      of
      the Notes surrendered. On and after the redemption date, interest ceases to
      accrue on Notes or portions thereof called for redemption.

     

    8.  Denominations,
      Transfer, Exchange.
      The
      Notes are in registered form without coupons in denominations of $1.00 and
      multiples thereof. The transfer of Notes may be registered and Notes may be
      exchanged as provided in the Indenture. The Registrar and the Trustee may
      require a Holder, among other things, to furnish appropriate endorsements and
      transfer documents and the Company may require a Holder to pay any taxes and
      fees required by law or permitted by the Indenture. The Company need not
      exchange or register the transfer of any Note or portion of a Note selected
      for
      redemption, except for the unredeemed portion of any Note being redeemed in
      part. Also, the Company need not exchange or register the transfer of any Notes
      for a period of 15 days before a selection of Notes to be redeemed or during
      the
      period between a record date and the Interest Payment Date. 

     

    9.  Persons
      Deemed Owners.
      The
      registered Holder of a Note may be treated as its owner for all
      purposes.

     

    10.  Amendment,
      Supplement and Waiver.
      Subject
      to certain exceptions, the Indenture or the Notes may be amended or supplemented
      with the consent of the Holders of at least a majority in principal amount
      of
      the then outstanding Notes voting as a single class, and any existing default
      or
      compliance with any provision of the Indenture or the Notes may be waived with
      the consent of the Holders of a majority in principal amount of the then
      outstanding Notes voting as a single class. Without the consent of any Holder
      of
      a Note, the Indenture or the Notes may be amended or supplemented to cure any
      ambiguity, defect or inconsistency, to provide for uncertificated Notes in
      addition to or in place of certificated Notes, to provide for the assumption
      of
      the Company's obligations to Holders of the Notes in case of a merger or
      consolidation, to make any change that would provide any additional rights
      or
      benefits to the Holders of the Notes or that does not adversely affect the
      legal
      rights under the Indenture of any such Holder, to comply with the requirements
      of the SEC in order to effect or maintain the qualification of the Indenture
      under the Trust Indenture Act. 

     

    11.  Defaults
      and Remedies.
      Events
      of Default include: (i) default for 30 days in the payment when due of interest
      on the Notes; (ii) default in payment when due of principal of or premium,
      if
      any, on the Notes when the same becomes due and payable at maturity, upon
      redemption or otherwise and (iii) certain events of bankruptcy or insolvency
      with respect to the Company or any of its Significant Subsidiaries. If any
      Event
      of Default occurs and is continuing, the Trustee or the Holders of at least
      25%
      in principal amount of the then outstanding Notes may declare all the Notes
      to
      be due and payable. Notwithstanding the foregoing, in the case of an Event
      of
      Default arising from certain events of bankruptcy or insolvency, all outstanding
      Notes will become due and payable without further action or notice. Holders
      may
      not enforce the Indenture or the Notes except as provided in the Indenture.
      Subject to certain limitations, Holders of a majority in principal amount of
      the
      then outstanding Notes may direct the Trustee in its exercise of any trust
      or
      power. The Trustee may withhold from Holders of the Notes notice of any
      continuing Default or Event of Default (except a Default or Event of Default
      relating to the payment of principal or interest) if it determines that
      withholding notice is in their interest. The Holders of a majority in aggregate
      principal amount of the Notes then outstanding by notice to the Trustee may
      on
      behalf of the Holders of all of the Notes waive any existing Default or Event
      of
      Default and its consequences under the Indenture except a continuing Default
      or
      Event of Default in the payment of interest on, or the principal of, the Notes.
      The Company is required to deliver to the Trustee annually a statement regarding
      compliance with the Indenture, and the Company is required upon becoming aware
      of any Default or Event of Default, to deliver to the Trustee a statement
      specifying such Default or Event of Default. 

     

    
      
        A-4

      

      
        
        

        
          

        

      

      
        
        

      

    

    12.  Trustee
      Dealings with Company.
      The
      Trustee, in its individual or any other capacity, may make loans to, accept
      deposits from, and perform services for the Company or its Affiliates, and
      may
      otherwise deal with the Company or its Affiliates, as if it were not the
      Trustee.

     

    13.  No
      Recourse Against Others.
      A
      director, officer, employee, incorporator or stockholder, of the Company or
      any
      Subsidiary, as such, shall not have any liability for any obligations of the
      Company under the Notes or the 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 the issuance of the Notes.

     

    14.  Authentication.
      This
      Note shall not be valid until authenticated by the manual signature of the
      Trustee or an authenticating agent. 

     

    15.  Abbreviations.
      Customary abbreviations may be used in the name of a 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 U/G/M/A (= Uniform Gifts to Minors Act).

     

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

     

    The
      Company will furnish to any Holder upon written request and without charge
      a
      copy of the Indenture. Requests may be made to:

    
 

    Pac-West
      Telecomm, Inc.

    1776
      W. March Lane, Suite 250

    Stockton,
      California 95207

    Attn:
      Chief Financial Officer

     

    

    
      
        A-5

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT
      FORM

     

    

     

    To
      assign
      this Note, fill in the form below: 

     

    

     

    (I)
      or
      (we) assign and transfer this Note to:
      ________________________________________________

     

    (Insert
      assignee's legal name)

     

    __________________________________________________________________________________

     

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

     

    __________________________________________________________________________________

     

    __________________________________________________________________________________

     

    __________________________________________________________________________________

     

    __________________________________________________________________________________

     

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

     

    and
      irrevocably appoint
      _______________________________________________________________

     

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

     

    

     

    Date:
      _________________________

     

    Your
      Signature:_________________________________

    (Sign
      exactly as your name appears on the 

    face
      of
      this Note)

    

    Signature
      Guarantee*: _________________________________

    

    *
      Participant in a recognized Signature Guarantee Medallion Program (or other
      signature

    guarantor
      acceptable to the Trustee).

    
      
        A-6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     

    

     

    The
      following exchanges of a part of this Global Note for an interest in another
      Global Note or for a Definitive Note, or exchanges of a part of another Global
      Note or Definitive Note for an interest in this Global Note, have been
      made:

     

    
      	
              Date
                of Exchange

               

            	
              Amount
                of decrease in Principal Amount of this Global Note

               

            	
              Amount
                of increase in Principal Amount of this Global Note

               

            	
              Principal
                Amount of this Global Note following such decrease (or
                increase)

               

            	
              Signature
                of authorized officer of Trustee or Note Nominee

               

            
	 	 	 	 	 

    

    

     

    

     

    
      
        
          A-7

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      B - FORM OF CERTIFICATE OF TRANSFER

     

     

    Pac-West
      Telecomm, Inc.

    1776
      W.
      March Lane, Suite 250

    Stockton,
      California 95207

     

     

    [Registrar
      address block]

     

    Re:
      13
      1/2% Senior Priority Notes due 2009

     

    Reference
      is hereby made to the Indenture, dated as of January 31, 2007 (the “Indenture”),
      between Pac-West Telecomm, Inc., as issuer (the “Company”),
      and
      Wells Fargo Bank, N.A., as trustee. Capitalized terms used but not defined
      herein shall have the meanings given to them in the Indenture.

     

    ___________________,
      (the “Transferor”)
      owns
      and proposes to transfer the Note[s] or interest in such Note[s] specified
      in
      Annex A hereto, in the principal amount of $___________ in such Note[s] or
      interests (the “Transfer”),
      to
      ___________________________ (the “Transferee”),
      as
      further specified in Annex A hereto. In connection with the Transfer, the
      Transferor hereby certifies that:

     

    [CHECK
      ALL THAT APPLY]

     

    1.  [__]
      Check and complete if Transferee will take delivery of a beneficial interest
      in
      a Restricted Global Note or a Definitive Note pursuant to any provision of
      the
      Securities Act. The Transfer is being effected in compliance with the transfer
      restrictions applicable to beneficial interests in Restricted Global Notes
      and
      Restricted Definitive Notes and pursuant to and in accordance with the
      Securities Act and any applicable blue sky securities laws of any state of
      the
      United States, and accordingly the Transferor hereby further certifies that
      (check one): 

     

    (a) [__]
      such
      Transfer is being effected pursuant to and in accordance with Rule 144 under
      the
      Securities Act; 

     

    (b) [__]
      such
      Transfer is being effected to the Company or a subsidiary thereof;
      or

     

    (c) [__]
      such
      Transfer is being effected pursuant to an effective registration statement
      under
      the Securities Act and in compliance with the prospectus delivery requirements
      of the Securities Act.

     

    2.
       [__]
      Check if Transferee will take delivery of a beneficial interest in an
      Unrestricted Global Note or of an Unrestricted Definitive Note.

     

    (a)
      [__]
      Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected
      pursuant to and in accordance with Rule 144 under the Securities Act and in
      compliance with the transfer restrictions contained in the Indenture and any
      applicable blue sky securities laws of any state of the United States and (ii)
      the restrictions on transfer contained in the Indenture and the Private
      Placement Legend are not required in order to maintain compliance with the
      Securities Act. Upon consummation of the proposed Transfer in accordance with
      the terms of the Indenture, the transferred beneficial interest or Definitive
      Note will no longer be subject to the restrictions on transfer enumerated in
      the
      Private Placement Legend printed on the Restricted Global Notes, on Restricted
      Definitive Notes and in the Indenture.

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    (b)
      [_]
      Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being
      effected pursuant to and in compliance with an exemption from the registration
      requirements of the Securities Act other than Rule 144 and in compliance with
      the transfer restrictions contained in the Indenture and any applicable blue
      sky
      securities laws of any State of the United States and (ii) the restrictions
      on
      transfer contained in the Indenture and the Private Placement Legend are not
      required in order to maintain compliance with the Securities Act. Upon
      consummation of the proposed Transfer in accordance with the terms of the
      Indenture, the transferred beneficial interest or Definitive Note will not
      be
      subject to the restrictions on transfer enumerated in the Private Placement
      Legend printed on the Restricted Global Notes or Restricted Definitive Notes
      and
      in the Indenture.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Company.

     

    

     

    __________________________________

    [Insert
      Name of Transferor]

    

     

    By:
      _______________________________

     

    Name:
      _____________________________

     

    Title:
      ______________________________

     

    Dated:
      _____________________________

     

    
      
        B-2

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      A TO CERTIFICATE OF TRANSFER

     

    

     

    1.
      The
      Transferor owns and proposes to transfer a Restricted Definitive
      Note.

     

    

     

    2.
      After
      the Transfer the Transferee will hold:

     

    [CHECK
      ONE]

     

    

     

    (a)
       [_]
       Unrestricted
      Global Note (CUSIP_________); or

     

    (b)
       [_]
       a
      Restricted Definitive Note; or

     

    (c)
       [_]
       an
      Unrestricted Definitive Note, in accordance with the terms of the
      Indenture.

     

    

     

    
      
        
          B-3

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      C - FORM OF CERTIFICATE OF EXCHANGE

     

    

     

    Pac-West
      Telecomm, Inc.

    1776
      W.
      March Lane, Suite 250

    Stockton,
      California 95207

    [Registrar
      address block]

     

    Re:
      13
      1/2% Senior Priority Notes due 2009 (CUSIP ____________)

     

    Reference
      is hereby made to the Indenture, dated as of January 31, 2007 (the “Indenture”),
      between Pac-West Telecomm, Inc., as issuer (the “Company”),
      and
      Wells Fargo Bank, N.A., as trustee. Capitalized terms used but not defined
      herein shall have the meanings given to them in the Indenture.

     

    __________________________,
      (the “Owner”)
      owns
      and proposes to exchange the Note[s] or interest in such Note[s] specified
      herein, in the principal amount of $____________ in such Note[s] or interests
      (the “Exchange”).
      In
      connection with the Exchange, the Owner hereby certifies that:

     

    2.  Exchange
      of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
      Note for Unrestricted Definitive Notes or Beneficial Interests in an
      Unrestricted Global Note

     

    (a) [_]
      Check
      if Exchange is from beneficial interest in a Restricted Global Note to
      beneficial interest in an Unrestricted Global Note. In connection with the
      Exchange of the Owner's beneficial interest in a Restricted Global Note for
      a
      beneficial interest in an Unrestricted Global Note in an equal principal amount,
      the Owner hereby certifies (i) the beneficial interest is being acquired for
      the
      Owner’s own account without transfer, (ii) such Exchange has been effected in
      compliance with the transfer restrictions applicable to the Global Notes and
      pursuant to and in accordance with the United States Securities Act of 1933,
      as
      amended (the “Securities
      Act”),
      (iii)
      the restrictions on transfer contained in the Indenture and the Private
      Placement Legend are not required in order to maintain compliance with the
      Securities Act and (iv) the beneficial interest in an Unrestricted Global Note
      is being acquired in compliance with any applicable blue sky securities laws
      of
      any state of the United States.

     

    (b) [_]
      Check
      if Exchange is from beneficial interest in a Restricted Global Note to
      Unrestricted Definitive Note. In connection with the Exchange of the Owner's
      beneficial interest in a Restricted Global Note for an Unrestricted Definitive
      Note, the Owner hereby certifies (i) the beneficial interest is being acquired
      for the Owner’s own account without transfer, (ii) such Exchange has been
      effected in compliance with the transfer restrictions applicable to the
      Restricted Global Notes and pursuant to and in accordance with the Securities
      Act, (iii) the restrictions on transfer contained in the Indenture and the
      Private Placement Legend are not required in order to maintain compliance with
      the Securities Act and (iv) the Definitive Note is being acquired in compliance
      with any applicable blue sky securities laws of any state of the United States.
      

     

    (c) [_]
      Check
      if Exchange is from Restricted Definitive Note to beneficial interest in an
      Unrestricted Global Note. In connection with the Owner's Exchange of a
      Restricted Definitive 

     

    
      
        C-1

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Note
      for
      a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies
      (i) the beneficial interest is being acquired for the Owner’s own account
      without transfer, (ii) such Exchange has been effected in compliance with the
      transfer restrictions applicable to Restricted Definitive Notes and pursuant
      to
      and in accordance with the Securities Act, (iii) the restrictions on transfer
      contained in the Indenture and the Private Placement Legend are not required
      in
      order to maintain compliance with the Securities Act and (iv) the beneficial
      interest is being acquired in compliance with any applicable blue sky securities
      laws of any state of the United States.

     

    (d)
      [_]
      Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive
      Note. In connection with the Owner's Exchange of a Restricted Definitive Note
      for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
      Unrestricted Definitive Note is being acquired for the Owner’s own account
      without transfer, (ii) such Exchange has been effected in compliance with the
      transfer restrictions applicable to Restricted Definitive Notes and pursuant
      to
      and in accordance with the Securities Act, (iii) the restrictions on transfer
      contained in the Indenture and the Private Placement Legend are not required
      in
      order to maintain compliance with the Securities Act and (iv) the Unrestricted
      Definitive Note is being acquired in compliance with any applicable blue sky
      securities laws of any state of the United States.

     

    3.  Exchange
      of Restricted Definitive Notes or Beneficial Interests in Restricted Global
      Notes for Restricted Definitive Notes or Beneficial Interests in Restricted
      Global Notes

     

    (a)
      [_]
      Check if Exchange is from beneficial interest in a Restricted Global Note to
      Restricted Definitive Note. In connection with the Exchange of the Owner’s
      beneficial interest in a Restricted Global Note for a Restricted Definitive
      Note
      with an equal principal amount, the Owner hereby certifies that the Restricted
      Definitive Note is being acquired for the Owner’s own account without transfer.
      Upon consummation of the proposed Exchange in accordance with the terms of
      the
      Indenture, the Restricted Definitive Note issued will continue to be subject
      to
      the restrictions on transfer enumerated in the Private Placement Legend printed
      on the Restricted Definitive Note and in the Indenture and the Securities
      Act.

     

    (b)
      Check
      if Exchange is from Restricted Definitive Note to beneficial interest in a
      Restricted Global Note. In connection with the Exchange of the Owner's
      Restricted Definitive Note for a beneficial interest in a Restricted Global
      Note, the Owner hereby certifies (i) the beneficial interest is being acquired
      for the Owner’s own account without transfer and (ii) such Exchange has been
      effected in compliance with the transfer restrictions applicable to the
      Restricted Global Notes and pursuant to and in accordance with the Securities
      Act, and in compliance with any applicable blue sky securities laws of any
      state
      of the United States. Upon consummation of the proposed Exchange in accordance
      with the terms of the Indenture, the beneficial interest issued will be subject
      to the restrictions on transfer enumerated in the Private Placement Legend
      printed on the relevant Restricted Global Note and in the Indenture and the
      Securities Act.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Company.

     

    ________________________________________

    [Insert
      Name of Transferor]

     

    By:
      _____________________________________

     

    Name:
      __________________________________

     

    Title:
      ___________________________________

     

    Dated:
      ________________

     

    
      
        C-2Pac-West Telecomm, Inc. Exhibit 10.2

    

    SECOND
      SUPPLEMENTAL INDENTURE 

    

    This
      SECOND SUPPLEMENTAL INDENTURE (this “Second
      Supplemental Indenture”),
      dated
      as of January 31, 2007, is entered into by and between Pac-West Telecomm, Inc.,
      a California corporation, (the “Company”)
      and
      Wells Fargo Bank, N.A. (successor by merger to Norwest Bank Minnesota, National
      Association), as trustee (the “Trustee”)
      in
      connection with an amendment to the Indenture, dated as of January 29, 1999,
      as
      supplemented by that certain First Supplemental Indenture, dated November 25,
      2003 between the Company and the Trustee (the “Indenture”),
      relating to the Company’s 13 1/2% Senior Notes due 2009 (the “Notes”).
      Capitalized terms used but not otherwise defined herein shall have the meaning
      given to such terms in the Indenture. 

    

    W
      I T N E S S E T H: 

    

      WHEREAS,
      Section 9.02 of the Indenture provides that the Company, when authorized by
      a
      resolution of its Board of Directors, and the Trustee may (subject to certain
      exceptions), with the written consent of the holders of a majority in principal
      amount of Notes outstanding (the “Requisite
      Consents”),
      amend
      or supplement the Indenture; 

    

      WHEREAS,
      the Company has made an offer to exchange the Notes for newly issued 13 1/2%
      Senior Priority Notes and has solicited consents with respect to an amendment
      to
      Section 4.03 of the Indenture (the “Proposed
      Amendment”)
      pursuant to the terms and conditions of that certain Offering Circular and
      Consent Solicitation Statement, dated as of December 21, 2006, as may be amended
      from time to time by the Company (the “Offering
      Circular”);
      

    

      WHEREAS,
      the Company has received the Requisite Consents to effect the Proposed Amendment
      under the Indenture and has delivered an Officers’ Certificate to the Trustee so
      certifying; and 

    

      WHEREAS,
      the Company has been authorized by a resolution of its Board of Directors to
      enter into this Second Supplemental Indenture. 

    

      NOW,
      THEREFORE, in consideration of the premises and the mutual agreements contained
      herein and for other good and valuable consideration, the receipt and adequacy
      of which are hereby acknowledged, the parties hereto agree as follows for the
      benefit of each other party and for the equal and ratable benefit of the Holders
      of the Notes, the Company and the Trustee hereby agree as follows: 

    

    ARTICLE
      1 

    AMENDMENT
      

    

    Section
      4.03 of the Indenture is hereby amended and restated in its entirety to read
      as
      follows:

    

    “(a) Whether
      or not required by the rules and regulations of the SEC, so long as any Notes
      are outstanding, the Company shall furnish to the Holders of Notes, within
      the
      time periods specified in the SEC’s rules and regulations all quarterly and
      annual financial statements that would be required to be contained in a filing
      with the SEC on Forms 10-Q and 10-K if the Company were required to file such
      forms, a “Management’s Discussion and Analysis of Financial Condition and
      Results of Operations” with respect to all such quarterly and annual financial
      statements furnished and, with respect to such annual financial statements
      only,
      a report thereon by the Company's certified independent
      accountants.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) For
      so
      long as any Notes remain outstanding, the Company shall furnish to the Holders
      and to prospective investors, upon their request, the information required
      to be
      delivered pursuant to Rule 144A(d)(4) under the Securities Act.” 

    

    ARTICLE
      2 

    EFFECTIVENESS;
      OPERATIVENESS 

    

    This
      Second Supplemental Indenture will become effective and binding upon the
      Company, the Trustee and the holders of Notes upon consummation of the Exchange
      Offer and Consent Solicitation (the “Effective
      Date”).
       

     

      On
      the
      Effective Date, the Indenture shall be modified and amended in accordance with
      this Second Supplemental Indenture, and all the terms and conditions of both
      shall be read together as though they constitute one instrument, except that,
      in
      case of conflict, the provisions of this Second Supplemental Indenture will
      control. The Indenture, as modified and amended by this Second Supplemental
      Indenture, is hereby ratified and confirmed in all respects and shall bind
      every
      holder of Notes. In case of conflict between the terms and conditions contained
      in the Notes and those contained in the Indenture, as modified and amended
      by
      this Second Supplemental Indenture, the provisions of the Indenture, as modified
      and amended by this Second Supplemental Indenture, shall control. 

    

    ARTICLE
      3 

    CONFLICT
      WITH THE TRUST INDENTURE ACT 

    

      If
      any
      provision of this Second Supplemental Indenture limits, qualifies or conflicts
      with any provision of the Trust Indenture Act of 1939 (the “TIA”)
      that
      is required under the TIA to be part of and govern any provision of this Second
      Supplemental Indenture, the provision of the TIA shall control. If any provision
      of this Second Supplemental Indenture modifies or excludes any provision of
      the
      TIA that may be so modified or excluded, the provision of the TIA shall be
      deemed to apply to the Indenture as so modified or to be excluded by this Second
      Supplemental Indenture. 

     

    ARTICLE
      4 

    SEVERABILITY
      

    

      In
      case
      any provision in this Second Supplemental Indenture 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. 

    

    ARTICLE
      5 

    HEADINGS
      

    

      The
      Article and Section headings of this Second Supplemental Indenture have been
      inserted for convenience of reference only, are not to be considered a part
      of
      this Second Supplemental Indenture and shall in no way modify or restrict any
      of
      the terms or provisions hereof. 

    

    ARTICLE
      6 

    BENEFITS
      UNDER THE SECOND SUPPLEMENTAL INDENTURE 

    

      Nothing
      in this Second Supplemental Indenture or the Notes, express or implied, shall
      give to any Person, other than the parties hereto and thereto and their
      successors hereunder and thereunder and the holders of the Notes, any benefit
      of
      any legal or equitable right, remedy or claim under the Indenture, this Second
      Supplemental Indenture or the Notes. 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
      7 

    SUCCESSORS
      

    

      All
      agreements of the Company in this Second Supplemental Indenture shall bind
      their
      respective successors. All agreements of the Trustee in this Second Supplemental
      Indenture shall bind its successors. 

    ARTICLE
      8 

    THE
      TRUSTEE 

    

      The
      Trustee shall not be responsible in any manner whatsoever for or in respect
      of
      the validity or sufficiency of this Second Supplemental Indenture or for or
      in
      respect of the recitals contained herein, all of which are made solely by the
      Company. 

    

    ARTICLE
      9 

    CERTAIN
      DUTIES AND RESPONSIBILITIES OF THE TRUSTEE 

    

      In
      entering into this Second Supplemental Indenture, the Trustee shall be entitled
      to the benefit of every provision of the Indenture relating to the conduct
      or
      affecting the liability or affording protection to the Trustee, whether or
      not
      elsewhere herein so provided. 

    

    ARTICLE
      10 

    GOVERNING
      LAW 

    

      
      THIS
      SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
      WITH, THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO CONTRACTS MADE AND
      PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
      CONFLICTS OF LAW EXCEPT SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
      LAW.

    

    Each
      of
      the parties hereto agrees to submit to the jurisdiction of the courts of the
      State of New York in any action or proceeding arising out of or relating to
      this
      Second Supplemental Indenture. 

    

    ARTICLE
      11 

    COUNTERPART
      ORIGINALS 

    

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

    

    

    *
      * * *

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

    

     

    PAC-WEST
      TELECOMM, INC.

     

     

    

     

     

    By: __/s/MICHAEL
      SARINA____________

     

     

    Name: Michael
      Sarina

     

     

    Title: Chief
      Financial Officer

     

     

    

     

     

    WELLS
      FARGO BANK, N.A., as Trustee

     

     

    

     

     

    By: __/s/TIMOTHY
      P. MOWDY__________

     

     

    Name: Timothy
      P. Mowdy

     

    Title: Vice-President

     

     

     

    

      Signature
        Page to Second Supplemental Indenture

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