Document:

Unassociated Document

    

    THIS AGREEMENT OF LEASE (this
“Lease”), made as of this 24th day of September, 2009 by and between Rosh
1450 Properties LLC, having an office c/o The Moinian Group, 530 Fifth
Avenue, Suite 1800, New York, New York 10036 ("Landlord") and HARRIS & HARRIS GROUP,
INC., a New York corporation, having an office at 111 West 57th Street,
Suite 1100, New York, New York 10019 ("Tenant").

    

    
      	
              1.

            	
              BASIC LEASE
      TERMS.

            

    

    

    A.           Definitions.  The following definitions contained
in this subsection A of this Article 1 shall have the meanings hereinafter set
forth used throughout this Lease and the Exhibits and Schedules (if any) annexed
hereto and made a part hereof.

    

    
      	
               
      

            	
              (i)

            	
              “Base
      Tax Year” shall mean the calendar year (as defined in Article 28 hereof)
      beginning January 1, 2010 and expiring December 31,
  2010.

            

    

    

    
      	
               
      

            	
              (ii)

            	
              “Broker(s)”
      shall mean Hunter Organization.

            

    

    

    
      	
               
      

            	
              (iii)

            	
              “Building”
      the building known as 1450 Broadway, County, City and State of New
      York.

            

    

    

    
      	
               
      

            	
              (iv)

            	
              “Commencement
      Date” shall mean the later to occur of the following: (i) January 1, 2010,
      or (ii) substantial completion of Landlord’s Initial
      Construction.

            

    

    

    
      	
               
      

            	
              (v)

            	
              “Expiration
      Date” shall mean December 31, 2019.

            

    

    

    
      	
               
      

            	
              (vi)

            	
              Intentionally
      Omitted.

            

    

    

    
      	
               
      

            	
              (vii)

            	
              “Landlord’s
      Initial Construction” shall mean the work and installations at the
      Premises as set forth in Schedule “B”
      annexed hereto and made a part
hereof.

            

    

    

    
      	
               
      

            	
              (viii)

            	
              “Permitted
      Uses” shall mean executive and administrative offices for general business
      purposes and adult education classroom use, for operation of Tenant’s
      business, and uses ancillary thereto and for no other
    purpose.

            

    

    

    
      	
               
      

            	
              (ix)

            	
              “Premises”
      shall mean the entire twenty-fourth (24th)
      Floor, in the Building, as more particularly shown on Exhibit 1
      annexed hereto and made a part
hereof.

            

    

    

    
      	
               
      

            	
              (x)

            	
              “Real
      Property” shall mean the Building together with the plot of land upon
      which such building stands.

            

    

    

    
      	
               
      

            	
              (xi)

            	
              “Rent”
      shall mean the rent schedule in Exhibit 2 attached
  hereto.

            

    

    

    
      	
               
      

            	
              (xii)

            	
              “Rent
      Commencement Date” shall mean 120 days after the Commencement
      Date.

            

    

    

    
      	
            	
              (xiii) 

            	
              “Security
      Deposit” shall mean the sum of
$62,100.00.

            

    

     

    
      	
               
      

            	
              (xiv)

            	
              "Tenant's
      Proportionate Share" shall mean
1.8%

            

    

    

    
      	
               
      

            	
              (xv)

            	
              "Tenant
      Delay" means any delay which Landlord may encounter in the performance of
      Landlord's obligations under this Lease by reason of any act of any nature
      of Tenant, its agents or contractors, such as, delays due to changes in or
      additions to Landlord’s Initial Construction requested by Tenant,
      unreasonable delays by Tenant in submission of information or giving
      authorizations or approvals or delays due to the postponement of any
      Landlord’s Initial Construction at the request of
      Tenant.  Tenant shall pay to Landlord any commercially
      reasonable costs or expenses incurred by Landlord by reason of any Tenant
      Delay.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Notwithstanding
anything to the contrary contained in this subsection A of this Article 1,
Articles 1 through 46 of this Lease shall control the rights and obligations of
the parties hereto.

    

    B.           Demise.  Subject
to and upon the terms and conditions of this Lease, Landlord hereby leases to
Tenant, and Tenant hereby leases from Landlord, the Premises.

    

    C.           Term.  This
Lease shall be for a term (the "Term") which commences on the Commencement Date
and ends on the Expiration Date, unless sooner terminated pursuant to any of the
terms, covenants or conditions of this Lease or pursuant to law. In the event
that the date set forth above for the Commencement Date is not a date certain,
then within ten (10) days of Landlord's request, Tenant and Landlord shall join
in the execution of an agreement stipulating the Commencement Date, the Rent
Commencement Date and the Expiration Date of this Lease, provided however, such
failure to execute such agreement shall not affect the effectiveness of the
terms and provisions hereof.

    

    D.           Rent.  Commencing
as of the Rent Commencement Date, and continuing throughout the Term, Tenant
shall pay Landlord the annual Rent set forth in Subsection A of this Article 1,
payable without demand, on or in advance of the first day of each month in equal
monthly installments, in lawful money (legal tender for public or private debts)
of the United States of America, at the office of Landlord or such other place
as Landlord may designate from time to time  by written notice to
Tenant without any set-off, offset, abatement or deduction whatsoever, except as
provided in this Lease, Tenant shall pay the first (1st)
monthly installment, in the form of either a regular or official bank check,
upon Tenant's execution of this Lease.  If the Rent Commencement Date
occurs on a date other than the first day of a calendar month, Tenant shall pay
to Landlord on or before the first day of the next month the monthly installment
of Rent for such partial month on a pro rata basis (based on the actual number
of days in the commencement month), and the first month's rent paid by Tenant as
described above shall be applied to the first full calendar month of the Term
for which Rent shall be due and payable.  Such payment, together with
the sum paid by Tenant as first month's Rent upon the execution of this Lease,
shall constitute payment of the Rent for the period from the Rent Commencement
Date to and including the last day of the next succeeding calendar
month.

    

    E.           Rent
Credit.  Notwithstanding anything to the contrary hereinabove
set forth, provided this Lease is in full force and effect, and Tenant is not in
default under this Lease beyond any applicable grace or cure period, Tenant
shall be entitled to a credit against the Rent for the period from the
Commencement Date to the Rent Commencement Date, as well as for the 16th,
17th,
18th,
28th,
40th, and
52nd
months following the Rent Commencement Date.

    

    
      	
              2.

            	
              USE AND
      OCCUPANCY.

            

    

    

    A.           Permitted
Uses.   Tenant shall use and occupy the Premises for the
Permitted Uses, and for no other purpose.

    

    B.           Use
Prohibitions.  Anything contained herein to the contrary
notwithstanding, Tenant shall not use the Premises or any part thereof, or
permit the Premises or any part thereof to be used, (i) for the business of
photographic, multilith or multigraph reproductions or offset printing, (ii) as
an employment agency, labor union office, physician's or dentist's office or for
the rendition of any other diagnostic or therapeutic services, dance or music
studio, school (except for the training of employees of Tenant), (iii) for a
public stenographer or typist, (iv) for a telephone or telegraph agency,
telephone or secretarial service for the public at large, (v) for a messenger
service for the public at large, (vi) gambling or gaming activities, obscene or
pornographic purposes or any sort of commercial sex establishment, (vii) for the
possession, storage, manufacture or sale of alcohol, drugs or narcotics, (viii)
for the offices or business of any federal, state or municipal agency or any
agency of any foreign government or (ix) for a security or guard service, or any
other business (except the Permitted Use)for which Landlord would not normally
rent space for.  If any provision of this Lease permits, in whole or
in part, use involving fabrication of any product or assembly of components of
any product or the sale of any product, such use is only permitted to the extent
lawful under the present certificate of occupancy for the Building and under
laws, ordinances, regulations, rules and orders of any governmental body having
jurisdiction over the Premises, from time to time in effect.  The
provisions of this Article shall be binding upon Tenant’s successors, assigns,
subtenants and licensees and shall not be waived by any consent to an assignment
or subletting or otherwise except by written instrument expressly referring to
this Article.  Nothing in this subsection B shall preclude Tenant from
using any part of the Premises for photographic, multilith or multigraph
reproductions in connection with, either directly or indirectly, its own
business and/or activities.  Tenant acknowledges that Landlord has the
right to maintain ease of access through the lobbies, entry ways, stairways,
elevators, and corridors of the Building.  Accordingly, Tenant agrees
to operate its business, including, without limitation, the scheduling of
classes, events, and similar activities, at such times and in such manner as the
traffic of guests, invitees, and employees of Tenant shall not cause
unreasonable crowding in the public areas of the Building (including elevators
and stairways) and shall not materially interfere with the operation of the
Building (in Landlord’s reasonable judgment) or the operation of the businesses
of the other tenants in the Building.

    
      
        
        

      

      
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              3.

            	
              ALTERATIONS.

            

    

    

    A.           Alterations Within
Premises.  Tenant shall not make or perform or permit the
making or performance of, any alterations, installations, improvements,
additions or other physical changes in or about the Premises ("Alterations")
without Landlord's prior written consent.  Subject to the prior
written consent of Landlord, which consent shall not be unreasonably withheld,
delayed or otherwise conditioned, and to the provisions of this Article, Tenant,
at Tenant’s expense, may make Alterations in or to the interior of the Premises
which are nonstructural, do not affect the Building's mechanical, electrical,
plumbing, Class E or other Building systems or the structural integrity of the
Building, do not affect any part of the Building other than the Premises, do not
affect any service required to be furnished by Landlord to Tenant or to any
other tenant or occupant of the Building, do not reduce the value or utility of
the Building and which are performed only by contractors and mechanics first
approved by Landlord, which approval shall not be unreasonably withheld, delayed
or otherwise conditioned, and in compliance with all applicable laws. Tenant
shall not perform work which would (i) require changes to the structural
components of the Building or the exterior design of the Building, (ii) require
any material modification to the Building's mechanical, electrical, plumbing
installations or other Building installations outside the Premises, (iii) not be
in compliance with all applicable laws, rules, regulations and requirements of
any governmental department having jurisdiction over the Building and/or the
construction of the Premises, including but not limited to, the Americans with
Disabilities Act of 1990, or (iv) be in violation of the Certificate of
Occupancy for the Building.  Any changes required by any governmental
department affecting the construction of the Premises shall be performed at
Landlord's sole cost. All Alterations shall be done at Tenant's expense and at
such times and in such manner as Landlord may from time to time commercially
reasonably designate pursuant to the conditions for Alterations prescribed by
Landlord for the Premises. A copy of the construction conditions and
requirements for tenant alteration work and new construction is annexed hereto
as Schedule “D”
and made a part hereof.

    

    B.           Restoration of
Premises.  All furniture, furnishings and movable fixtures and
removable partitions installed by Tenant (collectively, “Tenant’s Property”)
must be removed from the Premises by Tenant, at Tenant's expense, prior to the
Expiration Date.  In addition, prior to the Expiration Date, Tenant
shall, at Tenant’s expense, remove those Alterations which Landlord shall
commercially reasonably determine do not constitute normal office alterations
(“Specialty Alterations”) by notice given to Tenant at the time that the plans
and specifications for such Alterations are delivered by Landlord to
Tenant.  All Alterations in and to the Premises which may be made by
Landlord or Tenant prior to and during the Term, or any renewal thereof, shall
become the property of Landlord upon the Expiration Date or earlier end of the
Term or any renewal thereof, and shall not be removed from the Premises by
Tenant. Tenant shall repair any damage to the Premises or the Building caused by
such removal.  Any Tenant’s Property and/or Specialty Alterations not
so removed by Tenant at or prior to the Expiration Date or earlier termination
of the Term shall become the property of Landlord, but nothing herein shall be
deemed to relieve Tenant of responsibility for the cost of removal of any such
Specialty Alterations or Tenant’s Property which Tenant is obligated to remove
hereunder.

    
      
        
        

      

      
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    C.           Chlorofluorocarbons.  Anything
contained herein to the contrary notwithstanding, Tenant shall repair or remove
any mechanical or other equipment within the Premises containing
chlorofluorocarbons (“CFC”s”) which was first introduced into the Premises by
Tenant and the repair or removal of such equipment, as the case may be, shall
conform with all requirements of law.  Additionally any such repair or
removal shall be done by contractors reasonably approved by Landlord and subject
to the procedures to which Landlord’s said approval shall have previously been
obtained.  Tenant shall indemnify and hold Landlord harmless from any
liability or damages resulting from any contamination within the Building, as a
result of the repair or removal by Tenant of any of the aforesaid equipment
containing CFC’s.

    

    D.           Submission of
Plans.  Prior to making any Alterations, Tenant (i) shall
submit to Landlord or to a consultant appointed by Landlord ("Landlord's
Consultant") detailed plans and specifications (including layout, architectural,
mechanical, electrical, plumbing, Class E sprinkler and structural drawings
stamped by a professional engineer or architect licensed in the State of New
York) for each proposed Alteration and shall not commence any such Alteration
without first obtaining Landlord's approval of such plans and specifications,
which approval shall not be unreasonably withheld, delayed or otherwise
conditioned, (ii) shall pay to Landlord the reasonable costs and expenses
incurred by Landlord (including the reasonable cost of Landlord's Consultant) in
connection with Landlord's review of Tenant's plans and specifications, (iii)
shall, at its expense, obtain all permits, approvals and certificates required
by any governmental bodies, and (iv) shall furnish to Landlord reasonable
evidence that Tenant, and Tenant's contractors and subcontractors engaged in
connection with such Alterations, are carrying such insurance as Landlord may
require, as more particularly set forth in Schedule “D” annexed
hereto and made a part hereof.  Upon completion of such Alteration,
Tenant, at Tenant's expense, shall obtain certificates of final approval of such
Alteration, including the "as-built" drawings showing such Alterations, if same
are required by any governmental bodies and shall furnish Landlord with copies
thereof.  All Alterations shall be made and performed in accordance
with the Rules and Regulations (hereinafter defined) and in accordance with the
Americans with Disabilities Act of 1990, as amended, including but not limited
to the accessibility provisions thereof; all materials and equipment to be
incorporated in the Premises as a result of all Alterations shall be new and
first quality; no such materials or equipment shall be subject to any lien,
encumbrance, chattel mortgage or title retention or security
agreement.  Tenant agrees to allow Landlord’s designated contractor to
bid on any Alterations to be performed by or on behalf of Tenant.  If
Landlord’s designated contractor is the lowest bidding contractor, Tenant agrees
to award the contract for the performance of such Alterations to such
contractor.  Landlord's approval of Tenant's plans, specifications and
working drawings for Alterations shall create no responsibility or liability on
the part of Landlord with respect to their completeness, design, sufficiency or
compliance with all applicable laws, rules or regulations of governmental
agencies or authorities.

    

    E.           Mechanics' Liens; Labor
Conflicts.  Any mechanic's lien filed against the Premises, or
the Real Property, for work claimed to have been done for, or materials claimed
to have been furnished to, Tenant, shall be discharged by Tenant within thirty
(30) days thereafter, at Tenant's expense, by payment or filing the bond
required by law.  Tenant shall not, at any time prior to or during the
Term, directly or indirectly employ, or permit the employment of, any
contractor, service provider, mechanic or laborer in the Premises, whether in
connection with any Alterations, cleaning services or otherwise, if, in
Landlord's commercially reasonable judgment, such employment will cause any
conflict with other contractors, service providers, mechanics, or laborers
engaged in the construction, cleaning, maintenance or operation of the Building
by Landlord or Tenant.  In the event of any such conflict, Tenant,
upon demand of Landlord, shall cause all contractors, service providers,
mechanics or laborers causing such conflict to promptly leave the
Building.

    

    
      
        
        

      

      
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    4.           REPAIRS.  Landlord
shall, at its sole expense(unless need for repair is caused by Tenant), maintain
and promptly repair the public and structural portions of the Building, both
exterior and interior, and all Building wide mechanical systems, elevators and
the roof of the Building.  Tenant shall, throughout the Term, take
good care of the Premises and the fixtures and appurtenances therein and at
Tenant's sole cost and expense, make all nonstructural repairs thereto as and
when needed to preserve them in good working order and condition, reasonable
wear and tear and damage for which Tenant is not responsible under the terms of
this Lease excepted.  Tenant shall pay Landlord for all replacements
to the lamps, tubes, ballasts and starters in the lighting fixtures installed in
the Premises.  Notwithstanding the foregoing, all damage or injury to
the Premises or to any other part of the Building, or to its fixtures, equipment
and appurtenances, whether requiring structural or nonstructural repairs,
resulting from the negligence or wrongful acts of, or Alterations made by, or
any work, labor, service or equipment done for or supplied to, Tenant or any
subtenant, or the installation, use or operation of any property or equipment by
Tenant or any of Tenant's subtenants, agents, employees, invitees or licensees,
shall be repaired promptly by Tenant, at its sole cost and expense, to the
commercially reasonable satisfaction of Landlord.  Tenant also shall
repair all damage to the Building and the Premises caused by the moving of
Tenant's fixtures, furniture or equipment.  All the aforesaid repairs
shall be of quality and class substantially equal to the original work or
construction and shall be made in accordance with the provisions of Article 3
hereof.  If Tenant fails after twenty (20) days notice from Landlord
to proceed with due diligence to make repairs required to be made by Tenant
hereunder, and if Landlord thereafter elects to make any repairs in or to the
Building or the facilities and systems thereof for which Tenant is responsible,
the same may be made by Landlord, at the expense of Tenant, and the expenses
thereof incurred by Landlord shall be collectible by Landlord as additional rent
promptly after rendition of a bill or statement therefor.  Tenant
shall give Landlord prompt notice of any defective condition in the Premises for
which Landlord may be responsible hereunder.  Except as expressly
provided in Article 10 hereof or elsewhere in this Lease, there shall be no
allowance to Tenant for a diminution of rental value and no liability on the
part of Landlord by reason of inconvenience, annoyance or injury to business
arising from Landlord, Tenant or others making, or failing to make, any repairs,
alterations, additions or improvements in or to any portion of the Building, or
the Premises, or in or to fixtures, appurtenances, or equipment thereof. If the
Premises be or become infested with vermin, Tenant, at Tenant's expense, shall
cause the same to be exterminated from time to time to the satisfaction of
Landlord and shall employ such exterminators and such exterminating company or
companies as shall be reasonably approved by Landlord. The water and wash
closets and other plumbing fixtures shall not be used for any purposes other
than those for which they were designed or constructed, and no sweepings,
rubbish, rags, acids or other substances shall be deposited
therein.  If at any time any windows of the Premises are temporarily
darkened, if required by law, Landlord shall not be liable for any damage Tenant
may sustain thereby and Tenant shall not be entitled to any compensation
therefor nor abatement of Rent nor shall the same release Tenant from its
obligations hereunder nor constitute an eviction.

     

    5.           WINDOW
CLEANING.  Tenant shall not clean, nor require, permit, suffer
or allow any window in the Premises to be cleaned, from the outside in violation
of Section 202 of the Labor Law, or any other applicable law, or of the rules of
the Board of Standards and Appeals, or of any other board or body having or
asserting jurisdiction.  Landlord shall provide periodic Building
standard window cleaning (outside only ) for the outside windows at the Premises
at Landlord’s sole expense.

    
      
        
        

      

      
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              6.

            	
              REQUIREMENTS OF LAW;
      FLOOR LOAD.

            

    

    

    A.           Requirements of
Law.  Tenant, at Tenant’s sole expense, shall promptly comply
with all present and future laws, statutes, orders, directives and regulations
of federal, state, county, city and municipal authorities, departments, bureaus,
boards, agencies, commissions and other sub-divisions thereof, and of any
official thereof and any other governmental and quasi-public authority and all
rules, orders, regulations or requirements of the New York Board of Fire
Underwriters, or any other similar body which shall now or hereafter impose any
violation, order or duty upon Landlord or Tenant with respect to the Premises as
a result of the particular manner of use or the  alteration thereof by
Tenant, provided that, except with respect to an alteration of the Premises by
Tenant, Tenant shall not be required to make any structural or exterior
repairs.  Tenant shall not, in its manner of use of the Premises, do
or permit to be done any act or thing upon the Premises which is contrary to and
will invalidate or be in conflict with any public liability, fire or other
policies of insurance at any time carried by or for the benefit of Landlord with
respect to the Building and fixtures and property therein, or which shall
subject Landlord to any liability to any person or for property
damage.  Tenant shall not do, or permit anything to be done in or upon
the Premises, or bring or keep anything therein, except as now or hereafter
permitted by the New York City Fire Department, New York Board of Fire
Underwriters, New York Fire Insurance Rating Organization or other authority
having jurisdiction and then only in such quantity and manner as not to increase
the insurance rate applicable to the Building, or use the Premises in a manner
which shall increase the rate of fire insurance on the Building over that in
effect prior to this Lease.  If by reason of Tenant's failure to
comply with the provisions of this Article, the fire insurance rate shall at the
beginning of this Lease or at any time thereafter be higher than it otherwise
would be, then Tenant shall reimburse Landlord, as additional rent hereunder,
for that part of all fire insurance premiums thereafter paid by Landlord which
shall have been charged because of such failure by Tenant, and Tenant shall make
such reimbursement upon the first day of the month following such outlay by
Landlord.  In any action or proceeding wherein Landlord and Tenant are
parties, a schedule or "make up" of rates for the Building or the Premises
issued by the New York Fire Insurance Rating Organization, or other body fixing
such fire insurance rates, shall be conclusive evidence of the facts therein
stated and of the several items and charges in the fire insurance rates then
applicable to the Premises.  Any work or installations made or
performed by or on behalf of Tenant or any person claiming through or under
Tenant pursuant to this Article shall be made in conformity with, and subject to
the provisions of, Article 3 hereof.

    

    B.           Floor Load. Tenant
shall not place a load upon any floor of the Premises exceeding the floor load
per square foot area that such floor was designed to carry and which is allowed
by law.  Landlord reserves the right to prescribe the weight and
position of all safes, business machines and heavy equipment and installations
such that the same are placed and maintained by Tenant, at Tenant's expense, in
settings sufficient in Landlord's reasonable judgment to absorb and prevent
vibration, noise and annoyance.  Tenant shall not move any safe, heavy
machinery, heavy equipment, freight, bulky matter or fixtures into or out of the
Building without Landlord's prior consent and payment to Landlord of Landlord's
actual costs in connection therewith.  If such safe, machinery,
equipment, freight, bulky matter or fixtures requires special handling, Tenant
agrees to employ only persons holding a Master Rigger's License to do said work,
and that all work in connection therewith shall comply with the Administrative
Code of the City of New York and all other laws and regulations applicable
thereto, and shall be done during such hours as Landlord may reasonably
designate.

    
      
        
        

      

      
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              7.

            	
              SUBORDINATION.

            

    

    

    A.           Subordination.  This
Lease is subject and subordinate to each and every trust indenture and mortgage
(collectively the "Mortgages") which may now or hereafter affect the Real
Property, the Building, and to all renewals, extensions, supplements,
amendments, modifications, consolidations, and replacements thereof or thereto,
substitutions therefor and advances made thereunder.  This clause
shall be self-operative and no further instrument of subordination shall be
required to make the interest of any trustee or mortgagee of a Mortgage superior
to the interest of Tenant hereunder.  In confirmation of such
subordination, however, Tenant shall execute promptly any certificate that
Landlord may reasonably request.  Tenant covenants and agrees that,
except as expressly provided for herein, Tenant shall not do anything that would
constitute a default under any Mortgage, or omit to do anything that Tenant is
obligated to do under the terms of this Lease so as to cause Landlord to be in
default. If, in connection with the financing of the Real Property, the Building
any lending institution (such as a bank, insurance company or similar
institution regularly issuing first mortgage loans) shall request reasonable
modifications of this Lease, provided such modifications do not increase the
obligations or (except immaterially) adversely affect the rights of Tenant under
this Lease, Tenant covenants to make such modifications. The Landlord shall
obtain from the holder or holders of any Mortgages a non-disturbance agreement
(“SNDA”) in the lender’s usual form; provided however that the Landlord’s
failure to obtain an SNDA shall not constitute a default under this Lease by the
Landlord nor shall the terms and provisions of this Lease be affected thereby;
and further provided that any costs incurred by Landlord in obtaining such SNDA
shall be paid by Tenant immediately upon demand, the failure to pay such costs
shall be deemed an Event of Default (as such term is defined herein)with respect
to Tenant’s rights under this Lease (a “NDA”) in form and substance reasonably
satisfactory to Tenant prior to the Commencement Date.

    

    B.           Attornment.  If
at any time prior to the expiration of the Term, any Mortgage shall be
foreclosed for any reason, Tenant agrees, at the election and upon demand of any
owner of the Real Property or the Building, or of any mortgagee in possession of
the Real Property or the Building, to attorn, from time to time, to any such
owner, or mortgagee, upon the then executory terms and conditions of this Lease,
for the remainder of the term originally demised in this Lease, provided that
such owner, mortgagee as the case may be, or receiver caused to be appointed by
any of the foregoing, shall not then be entitled to possession of the Premises
under the NDA or any other agreement or by law.  The provisions of
this subsection B shall inure to the benefit of any such owner or mortgagee, and
shall be self-operative upon any such demand, and no further instrument shall be
required to give effect to said provisions.  Tenant, however, upon
demand of any such owner or mortgagee, agrees to execute, from time to time,
instruments in confirmation of the foregoing provisions of this subsection B,
commercially reasonably satisfactory to any such owner or mortgagee,
acknowledging such attornment and setting forth the terms and conditions of its
tenancy.  Subject to the NDA, nothing contained in this subsection B
shall be construed to impair any right otherwise exercisable by any such owner
or mortgagee.

    

    

    8.           RULES AND
REGULATIONS.  Tenant and Tenant's employees, agents, visitors
and licensees shall observe faithfully, and comply with, the Rules and
Regulations annexed hereto and made a part hereof as Schedule “A” and such
other and further commercially reasonable Rules and Regulations as Landlord or
Landlord's agents may from time to time adopt (collectively, the "Rules and
Regulations") on such notice to be given as Landlord may
elect.  Nothing in this Lease contained shall be construed to impose
upon Landlord any duty or obligation to enforce the Rules and Regulations or
terms, covenants or conditions in any other lease, against any other tenant and
Landlord shall not be liable to Tenant for violation of the same by any other
tenant, its employees, agents, visitors or licensees but Landlord shall use
commercially reasonable efforts to apply the Rules and Regulations in a uniform
manner to all tenants of the Building.

    

    
      
        
        

      

      
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    9.       
     INSURANCE.

    

    A.           Liability
Insurance.  Tenant shall obtain at its own expense and keep in
full force and effect during the Term, a policy of commercial general liability
insurance (including, without limitation, insurance covering Tenant's
contractual liability under this Lease, under which Tenant is named as the
insured, and Landlord, Landlord's managing agent, the present and any future
mortgagee of the Real Property or the Building are named as additional
insureds.  Such policy shall contain a provision that no act or
omission of Tenant shall affect or limit the obligation of the insurance company
to pay the amount of any loss sustained.  Such policy shall also
contain a provision which provides the insurance company will not cancel or
refuse to renew the policy, or change in any material way the nature or extent
of the coverage provided by such policy, without first giving Landlord at least
thirty (30) days written notice by certified mail, return receipt requested,
which notice shall contain the policy number and the names of the insureds and
policy holder.  The minimum limits of liability shall be a combined
single limit with respect to each occurrence in an amount of not less than
$2,000,000 for injury (or death) and $1,000,000.00 for each person and for
damage to property or such greater coverage amounts as Landlord may, from time
to time, commercially reasonably require provided such greater coverage amounts
are then carried by tenants of similar premises as the Premises in similar
office buildings in midtown Manhattan. Such coverage may be maintained by a
combined single limit policy in the above coverage amounts and an “umbrella” or
excess coverage policy in the amount of $5,000,000.00. Tenant shall also
maintain at its own expense during the Term a policy of workers' compensation
insurance providing statutory benefits for Tenant's employees and employer's
liability.  Tenant shall provide to Landlord upon execution of this
Lease and at least thirty (30) days prior to the termination of any existing
policy, a certificate evidencing the effectiveness of the insurance policies
required to be maintained hereunder which shall include the named insured,
additional insured, carrier, policy number, limits of liability, effective date,
the name of the insurance agent and its telephone number. Tenant shall provide
Landlord with a complete copy of any such policy upon written request of
Landlord.  Tenant shall have no right to obtain any of the insurance
required hereunder pursuant to a blanket policy covering other properties unless
the blanket policy contains an endorsement that names Landlord, Landlord's
managing agent and the present and any future mortgagees of the Real Property or
the Building as additional insureds, references the Premises, and guarantees a
minimum limit available for the Premises equal to the amount of insurance
required to be maintained hereunder.  Each policy required hereunder
shall contain a clause that the policy and the coverage evidenced thereby shall
be primary with respect to any policies carried by Landlord, and that any
coverage carried by Landlord shall be excess insurance.  The limits of
the insurance required under this subsection shall not limit the liability of
Tenant under this Lease.  All insurance required to be carried by
Tenant pursuant to the terms of this Lease shall be effected under valid and
enforceable policies issued by reputable and independent insurers permitted to
do business in the State of New York, and rated in Best's Insurance Guide, or
any successor thereto (or if there be none, an insurance company rating
organization having a national reputation) as having a general policyholder
rating of "A-" and a financial rating of at least "10".  In the event
that Tenant fails to continuously maintain insurance as required by this
subsection, Landlord may, at its option and without relieving Tenant of any
obligation hereunder, order such insurance and pay for the same at the expense
of Tenant.  In such event, Tenant shall repay the amount expended by
Landlord within ten (10) days of Landlord's written demand
therefor.

    

    B.           All-Risk
Insurance.  Tenant shall also maintain at its own expense
during the Term a policy against fire and other casualty on an "all risk" form
covering all Alterations, construction and other improvements installed within
the Premises, whether existing in the Premises on the date hereof or hereinafter
installed by or on behalf of Landlord or Tenant, and on all furniture, fixtures,
equipment, personal property and inventory of Tenant located in the Premises and
any property in the care, custody and control of Tenant (fixed or otherwise)
sufficient to provide 100% full replacement value of such items, which policy
(except with respect to the coverage limits and the types of insurance coverages
and the naming of mortgagees as additional insureds) shall otherwise comply with
the provisions of subsections A and C of this Article 9.  On any such
policy, Tenant shall name Landlord as a loss payee, as its interest may
appear.

    
      
        
        

      

      
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    C.           Waiver of
Subrogation.  The parties hereto shall procure an appropriate
clause in, or endorsement on, any "all-risk" property insurance covering the
Premises and the Building, including its respective Alterations, construction
and other improvements as well as personal property, fixtures, furniture,
inventory and equipment located thereon or therein, pursuant to which the
insurance companies waive subrogation or consent to a waiver of right of
recovery, and each party hereby agrees that it will not make any claim against
or seek to recover from the other or the partners, directors, officers,
shareholders or employees of such party for any loss or damage to its property
or the property of others resulting from fire or other hazards covered by such
"all-risk" property insurance policies to the extent that such loss or damage is
actually recoverable under such policies exclusive of any
deductibles.  If the payment of an additional premium is required for
the inclusion of such waiver of subrogation provision, each party shall advise
the other of the amount of any such additional premiums and the other party
shall pay the same.  It is expressly understood and agreed that
Landlord will not carry insurance on the Alterations, construction and other
improvements presently existing or hereafter installed within the Premises or on
Tenant's fixtures, furnishings, equipment, personal property or inventory
located in the Premises or insurance against interruption of Tenant's
business.

    

    

    10.           DESTRUCTION OF THE PREMISES;
PROPERTY LOSS OR DAMAGE.

    

    A.           Repair of
Damage.  If the Premises or any part thereof shall be damaged
by fire or other casualty, Tenant shall give prompt notice thereof to Owner and
this Lease shall continue in full force and effect except as hereinafter set
forth.  If the Premises shall be damaged by fire or other casualty,
then the Premises shall be repaired and restored to its condition preceding the
damage in accordance with the provisions of this Article 10.  Whenever
in this Article 10 reference is made to restoration of the Premises, (i)
Tenant's obligation shall be as to all property within the Premises such as
Tenant's furniture, fixtures, equipment and other personal property of Tenant,
any and all Alterations, construction or other improvements made to the Premises
by or on behalf of Tenant and any other leasehold improvements existing in the
Premises on the date hereof, all of which shall be restored and replaced at
Tenant's sole cost and expense and (ii) Landlord's obligation, if any, shall be
as to the shell, which constitutes the structure of the Building and the
mechanical, electrical, plumbing, air-conditioning and other building-wide
systems up to the point of connection into the Premises.  Landlord
shall have no liability to Tenant, and Tenant shall not be entitled to terminate
this Lease, if such repairs and restoration are not in fact completed within
Landlord's estimated time period as given by Notice to Tenant by Landlord within
sixty (60) days after such fire or other casualty if such failure by Landlord is
a result of “Force Majeure.”  The Rent until such repairs shall be
made shall be reduced in the proportion which the area of the part of the
Premises which is not usable by Tenant bears to the total area of the Premises
provided, however, should Tenant reoccupy a portion of the Premises for the
conduct of its business prior to the date such repairs are made, the Rent shall
be reinstated with respect to such reoccupied portion of the Premises and shall
be payable by Tenant from the date of such occupancy.  The abatement
of Rent provided for in this subsection shall continue for a period of two (2)
months following the date Landlord completes its repair and restoration
obligations hereunder.

    

    B.           Landlord's Termination
Option.   Anything in subsection A of this Article 10 to
the contrary notwithstanding, if the Premises are totally damaged or are
rendered wholly untenantable, or if the Building shall be so damaged by fire or
other casualty that, in Landlord's opinion, either substantial alteration,
demolition or reconstruction of the Building shall be required (whether or not
the Premises shall have been damaged or rendered untenantable), or if the
Building, after its proposed repair, alteration or restoration, shall not be
economically viable as an office building, then in any of such events, Landlord,
at Landlord's option, may, not later than sixty (60) days following such damage,
give Tenant a notice in writing terminating this Lease.  In addition,
(i) if any damage shall occur to the Premises or the Building during the last
two (2) years of the Term, Landlord or Tenant shall have the option to terminate
this Lease upon not less than sixty (60) days prior written notice to the other
party or (ii) if the holder of a Mortgage applies the proceeds of insurance to
the loan and the remaining proceeds, if any, available to Landlord are
insufficient to pay for such repair or restoration.  If this Lease is
terminated pursuant to the provisions of this subsection B, the Term shall
expire upon the date set forth in such notice, and Tenant shall vacate the
Premises and surrender the same to Landlord without prejudice however, to
Landlord’s rights and remedies against Tenant under this Lease in effect prior
to such fire or other casualty and any Rent owing shall be paid up to such date
and any payments of Rent made by Tenant which were on account of any period
subsequent to such date shall be returned to Tenant.  Upon the
termination of this Lease under the conditions provided for in the next
preceding sentence, Tenant's liability for Rent thereafter accruing shall cease
as of the day following such damage.

    
      
        
        

      

      
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    C.           Repair
Delays.  Landlord shall not be liable for reasonable delays
which may arise as a result of “Force Majeure” or by reason of the claim
adjustment with any insurance company on the part of Landlord and/or Tenant and
for causes beyond Landlord’s control, provided Landlord uses good faith
commercially reasonable efforts to adjust such claim.

    

    D.           Provision
Controlling.  The parties agree that this Article 10
constitutes an express agreement governing any case of damage or destruction of
the Premises or the Building by fire or other casualty, and that Section 227 of
the Real Property Law of the State of New York, which provides for such
contingency in the absence of an express agreement, and any other law of like
import now or hereafter in force shall have no application in any such
case.

    

    E.           Property Loss or
Damage.  Any Building employee to whom any property shall be
entrusted by or on behalf of Tenant shall be deemed to be acting as Tenant's
agent with respect to such property and neither Landlord nor its agents shall be
liable for any damage to property of Tenant or of others entrusted to employees
of the Building, nor for the loss of or damage to any property of Tenant by
theft or otherwise.  Neither Landlord nor its agents shall be liable
for any injury or damage to persons or property or interruption of Tenant's
business resulting from fire, explosion, falling plaster, steam, gas,
electricity, water, rain or snow or leaks from any part of the Building or from
the pipes, appliances or plumbing works or from the roof, street or subsurface
or from any other place or by dampness or by any other cause of whatsoever
nature; nor shall Landlord or its agents be liable for any such damage caused by
other tenants or persons in the Building or caused by construction of any
private, public or quasi-public work; nor shall Landlord be liable for any
latent defect in the Premises or in the Building.  Anything in this
Article 10 to the contrary notwithstanding, nothing in this Lease shall be
construed to relieve Landlord from responsibility directly to Tenant for any
loss or damage caused directly to Tenant wholly or in part by the gross
negligence or willful misconduct of Landlord, its agents, employees or
contractors.  Nothing in the foregoing sentence shall affect any right
of Landlord to the indemnity from Tenant to which Landlord may be entitled under
Article 37 hereof in order to recoup for payments made to compensate for losses
of third parties.

    

    F.           Notwithstanding
anything to the contrary contained herein, if, in any event, such repairs or
restoration shall not be completed within nine (9) month after such fire and
other casualty, then Tenant may, upon notice to Landlord, cancel and terminate
this Lease and the Lease shall be deemed terminated on the date set forth in
said notice (the “Tenant
Termination Date”) and Tenant shall vacate the Premises on or prior to
the Tenant Termination Date and all Rent shall be pro rated as of the date of
such fire or other casualty.

    
      
        
        

      

      
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    11.           CONDEMNATION.

    

    A.           Condemnation.    If
the whole of the Real Property, the Building or the Premises shall be acquired
or condemned for any public or quasi-public use or purpose, this Lease and the
Term shall end as of the date of the vesting of title with the same effect as if
said date were the Expiration Date.  If only a part of the Real
Property shall be so acquired or condemned then, (i) except as hereinafter
provided in this subsection A, this Lease and the Term shall continue in force
and effect but, if a part of the Premises is included in the part of the Real
Property so acquired or condemned, from and after the date of the vesting of
title, the Rent shall be reduced in the proportion which the area of the part of
the Premises so acquired or condemned bears to the total area of the Premises
immediately prior to such acquisition or condemnation; (ii) whether or not the
Premises shall be affected thereby, Landlord, at Landlord's option, may give to
Tenant, within thirty (30) days next following the date upon which Landlord
shall have received notice of vesting of title, a thirty (30) days notice of
termination of this Lease; and (iii) if the part of the Real Property so
acquired or condemned shall contain more than twenty percent (20%) of the total
area of the Premises immediately prior to such acquisition or condemnation, or
if, by reason of such acquisition or condemnation, Tenant no longer has
reasonable means of access to the Premises, Tenant, at Tenant's option, may give
to Landlord, within thirty (30) days next following the date upon which Tenant
shall have received notice of vesting of title, a thirty (30) days notice of
termination of this Lease.  If any such thirty (30) days notice of
termination is given by Landlord or Tenant, this Lease and the Term shall come
to an end and expire upon the expiration of said thirty (30) days with the same
effect as if the date of expiration of said thirty (30) days were the Expiration
Date.  If a part of the Premises shall be so acquired or condemned and
this Lease and the Term shall not be terminated pursuant to the foregoing
provisions of this subsection A, Landlord, at Landlord's expense, shall restore
that part of the Premises not so acquired or condemned to a self-contained
rental unit.  In the event of any termination of this Lease and the
Term pursuant to the provisions of this subsection A, the Rent shall be
apportioned as of the date of such condemnation and any prepaid portion of Rent
for any period after such date shall be refunded by Landlord to
Tenant.

    

    B.           Award.    In
the event of any such acquisition or condemnation of all or any part of the Real
Property, Landlord shall be entitled to receive the entire award for any such
acquisition or condemnation, Tenant shall have no claim against Landlord or the
condemning authority for the value of any unexpired portion of the Term and
Tenant hereby expressly assigns to Landlord all of its right in and to any such
award.  Nothing contained in this subsection B shall be deemed to
prevent Tenant from making a claim in any condemnation proceedings for the then
value of any furniture, furnishings and fixtures installed by and at the sole
expense of Tenant and included in such taking, and for moving expenses provided
that such award shall not materially reduce the amount of the award otherwise
payable to Landlord.

    

    

    
      	
              12.

            	
              ASSIGNMENT AND
      SUBLETTING.

            

    

    

    A.           Prohibition Without
Consent.  Tenant expressly covenants that it shall not (i)
assign or otherwise transfer this Lease or the term and estate hereby granted,
(ii) mortgage, pledge or encumber this Lease or the Premises or any part thereof
in any manner by reason of any act or omission on the part of Tenant, (iii)
sublet the Premises or any part thereof or permit the Premises or any part
thereof to be used or occupied by others (whether for desk space, mailing
privileges or otherwise) or (iv) advertise, or authorize a broker to advertise
the Premises for assignment or subletting, without obtaining the prior written
consent of Landlord in each instance.  If this Lease be assigned, or
if the Premises or any part thereof be sublet or occupied by anybody other than
Tenant, Landlord may, after default by Tenant, collect rent from the assignee,
subtenant or occupant, and apply the net amount collected to the Rent herein
reserved, but no assignment, underletting, occupancy or collection shall be
deemed a waiver of the provisions hereof, the acceptance of the assignee,
undertenant or occupant as tenant, or a release of Tenant from the further
performance by Tenant of covenants on the part of Tenant herein
contained.  The consent by Landlord to an assignment or underletting
shall not in any way be construed to relieve Tenant from obtaining the express
consent in writing of Landlord to any further assignment or
underletting.  In no event shall any permitted subtenant assign or
encumber its sublease or further sublet all or any portion of its sublet space,
or otherwise suffer or permit the sublet space or any part thereof to be used or
occupied by others, without Landlord's prior written consent in each
instance.  Any assignment, sublease, mortgage, pledge, encumbrance or
transfer in contravention of the provisions of this Article 12 shall be
void.

    
      
        
        

      

      
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    B.           Notice of Proposed
Transfer.  If Tenant shall at any time or times during the Term
desire to assign this Lease or sublet all or part of the Premises, Tenant shall
give notice thereof to Landlord, which notice shall be accompanied by (i) a
conformed or photostatic copy of the proposed assignment or sublease, the
effective or commencement date of which shall be not less than thirty (30) nor
more than one hundred and eighty (180) days after the giving of such notice,
(ii) a statement setting forth in reasonable detail the identity of the proposed
assignee or subtenant, the nature of its business and its proposed use of the
Premises, (iii) current financial information with respect to the proposed
assignee or subtenant, including, without limitation, its most recent financial
report, (iv) an agreement by Tenant to indemnify Landlord against liability
resulting from any claims that may be made against Landlord by the proposed
assignee or subtenant or by any brokers or other persons claiming a commission
or similar compensation in connection with the proposed assignment or sublease
and (v) in the case of a sublease, such additional information related to the
proposed subtenant as Landlord shall reasonably request, if any, prior to such
notice by Tenant with respect to a subletting.

    

    C.           Landlord's
Options.  The notice containing all of the information set
forth in Subsection B of this Article 12 above shall be deemed an offer from
Tenant to Landlord whereby Landlord (or Landlord's designee) may, at its option,
(a) sublease such space (hereinafter called the "Leaseback Space") from Tenant
upon the terms and conditions hereinafter set forth (if the proposed transaction
is a sublease of all or part of the Premises), or (b) terminate this Lease (if
the proposed transaction is an assignment or a sublease of all or substantially
all of the Premises).  Said options may be exercised by Landlord by
notice to Tenant at any time within thirty (30) days after the aforesaid notice
has been given by Tenant to Landlord; and during such thirty (30) day period
Tenant shall not assign this Lease nor sublet such space to any person or
entity.  If Landlord fails to give the aforesaid notice within said
thirty (30) day period, Tenant shall give a second notice to Landlord after the
expiration of said thirty (30) day period and, if Landlord has failed to give
the aforesaid notice set forth in the second sentence of this Subsection within
ten (10) days after the giving of said second notice by Tenant, Landlord shall
be deemed not to have exercised its option under this subsection.

    

    D.           Termination by
Landlord.  If Landlord exercises its option to terminate this
Lease in the case where Tenant desires either to assign this Lease or sublet all
or substantially all of the Premises, then this Lease shall end and expire on
the date that such assignment or sublet was to be effective or commence, as the
case may be, and the Rent and additional rent due hereunder shall be paid and
apportioned to such date. Furthermore, if Landlord exercises its option to
terminate this Lease pursuant to subsection C of this Article 12, Landlord shall
be free to and shall have no liability to Tenant if Landlord should lease the
Premises (or any part thereof) to Tenant's prospective assignee or
subtenant.

    

    E.           Takeback by
Landlord.   If Landlord exercises its option to sublet the
leaseback Space, such sublease to Landlord or its designee (as subtenant) shall
be at the lower of (i) the rental rate per rentable square foot of Rent and
additional rent then payable pursuant to this Lease, or (ii) the rentals set
forth in the proposed sublease, and shall be for the same term as that of the
proposed subletting, and such sublease:

    
      
        
        

      

      
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    (i)           shall
be expressly subject to all of the covenants, agreements, terms, provisions and
conditions of this Lease except such as are inapplicable, and except as
otherwise expressly set forth to the contrary in this Article 12;

    

    (ii)          shall
be upon the same terms and conditions as those contained in the proposed
sublease, except such as are inapplicable and except as otherwise expressly set
forth to the contrary in this Article 12;

    

    (iii)         shall
give the subtenant the unqualified and unrestricted right, without Tenant's
permission, to assign such sublease or any interest therein and/or to sublet the
space covered by such sublease or any part or parts of such space and to make
any and all changes, alterations and improvements in the space covered by such
sublease, and if the proposed sublease will result in all or substantially all
of the Premises being sublet, grant Landlord or its designee the option to
extend the term of such sublease for the balance of the term of this Lease less
one (1) day;

    

    (iv)         shall
provide that any assignee or further subtenant of Landlord or its designee, may,
at the election of Landlord, be permitted to make alterations, decorations and
installations in such space or any part thereof and shall also provide in
substance that any such alterations, decorations and installations in such space
therein made by any assignee or subtenant of Landlord or its designee may be
removed, in whole or in part, by such assignee or subtenant, at its option,
prior to or upon the expiration or other termination of such sublease provided
that such assignee or subtenant, at its expense, shall repair any damage and
injury to such space so sublet caused by such removal; and

    

    (v)          shall
also provide that (a) the parties to such sublease expressly negate any
intention that any estate created under such sublease be merged with any other
estate held by either of said parties, (b) any assignment or subletting by
Landlord or its designee (as the subtenant) may be for any purpose or purposes
that Landlord, in Landlord's uncontrolled discretion, shall deem suitable or
appropriate, provided, however, if the sublease is for a portion of the Premises
then any such purpose or purposes shall not materially interfere with Tenant’s
operations in balance of the Premises retained by Tenant , (c) Landlord, at
Landlord’s sole expense, shall and will at all times provide and permit
reasonably appropriate means of ingress to and egress from such space so sublet
by Tenant to Landlord or its designee, (d) Landlord, at Landlord’s sole expense,
may make such alterations as may be required or deemed necessary by Landlord to
physically separate the subleased space from the balance of the Premises and to
comply with any legal or insurance requirements relating to such separation, and
(e) that at the expiration of the term of such sublease, Tenant will accept the
space covered by such sublease in its then existing condition, subject to the
obligations of the subtenant to make such repairs thereto as may be necessary to
preserve the premises demised by such sublease in good order and
condition.

    

    F.           Effect of Takeback or
Termination.  If Landlord exercises its option to sublet the
Leaseback Space, (i) Landlord shall indemnify and save Tenant harmless from all
obligations under this Lease as to the Leaseback Space during the period of time
it is so sublet to Landlord; (ii) performance by Landlord, or its designee,
under a sublease of the Leaseback Space shall be deemed performance by Tenant of
any similar obligation under this Lease and any default under any such sublease
shall not give rise to a default under a similar obligation contained in this
Lease nor shall Tenant be liable for any default under this Lease or deemed to
be in default hereunder if such default is occasioned by or arises from any act
or omission of the tenant under such sublease or is occasioned by or arises from
any act or omission of any occupant holding under or pursuant to any such
sublease; and (iii) Tenant shall have no obligation, at the expiration or
earlier termination of the Term, to remove any alteration, installation or
improvement made in the Leaseback Space by Landlord (or its designee); In
addition, if required by applicable law in connection with any termination of
this Lease, or subletting of all or any portion of the Leaseback Space to
Landlord or its designee, Tenant shall complete, swear to and file any
questionnaires, tax returns, affidavits or other documentation which may be
required to be filed  with the appropriate governmental agency in
connection with any other tax which may now or hereafter be in
effect.  Landlord further agrees to pay any amounts which may be
assessed in connection with any of such taxes and to indemnify Tenant against
and to hold Tenant harmless from any claims for payment of such taxes as a
result of such transactions.

    
      
        
        

      

      
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    G.           Conditions for Landlord's
Approval.  In the event Landlord does not exercise either of
the options provided to it pursuant to subsection C of this Article 12 and
provided that Tenant is not in default of any of Tenant's obligations under this
Lease (after notice and the expiration of any applicable grace period) as of the
time of Landlord's consent, and as of the effective date of the proposed
assignment or commencement date of the proposed sublease, Landlord's written
consent to the proposed assignment or sublease shall not be unreasonably
withheld, delayed for more than thirty (30) days or otherwise conditioned,
provided and upon condition that:

    

    (i)           Tenant
shall have complied with the provisions of subsection B of this Article 12 and
Landlord shall not have exercised any of its options under subsection C of this
Article 12 within the time permitted therefor;

    

    (ii)          In
Landlord's commercially reasonable judgment the proposed assignee or subtenant
is engaged in a business or activity, and the Premises, or the relevant part
thereof, will be used in a manner, which (a) is in keeping with the then
standards of the Building and (b) is limited to the use of the Premises as
provided in this Lease.

    

    (iii)         The
proposed assignee or subtenant is a reputable party of good character and with
commercially reasonable sufficient financial worth considering the
responsibility involved, and Landlord has been furnished with commercially
reasonable proof thereof;

    

    (iv)         Neither
(a) the proposed assignee or subtenant nor (b) any person which directly or
indirectly controls, is controlled by or is under common control with, the
proposed assignee or subtenant, is then an occupant of any part of the
Building;

    

    (v)          The
proposed assignee or subtenant is not a person with whom Landlord is or has
been, within the preceding six (6) month period, negotiating to lease space in
the Building;

    

    (vi)         The
form of the proposed sublease or instrument of assignment (a) shall be in form
commercially reasonably satisfactory to Landlord, and (b) shall comply with the
applicable provisions of this Article 12;

    

    (vii)        There
shall not be more than two (2) subtenants (including Landlord or its designee)
of the Premises;

    

    (viii)       The
rental and other terms and conditions of the sublease are substantially the same
as those contained in the proposed sublease furnished to Landlord pursuant to
subsection B of this Article 12;

    

    (ix)          Within
ten (10) days after receipt of a bill therefor, Tenant shall reimburse Landlord
for the reasonable costs that may be incurred by Landlord in connection with
said assignment or sublease, including without limitation, the costs
commercially reasonable of making investigations as to the acceptability of the
proposed assignee or subtenant, and reasonable legal costs incurred by Landlord
in connection with the granting of any requested consent;

    

    
      
        
        

      

      
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    (x)           (Omitted)

    

    (xi)          The
proposed occupancy shall not, in Landlord's commercially reasonable opinion
materially (a) increase the office cleaning requirements or (b) the Building's
operating or other expenses or (c) impose an extra burden upon services to be
supplied by Landlord to Tenant;

    

    (xii)         The
proposed assignee or subtenant or its business shall not be subject to
compliance with any material additional requirements of law (including related
regulations) beyond those requirements which are applicable to the named Tenant
herein; and

    

    (xiii)        The
proposed subtenant or assignee shall not be entitled, directly or indirectly, to
diplomatic or sovereign immunity and shall be subject to the service of process
in, and the jurisdiction of the courts of New York State.

    

    Except
for any subletting by Tenant to Landlord or its designee pursuant to the
provisions of this Article 12, each subletting pursuant to this subsection G of
this Article 12 shall be subject to all of the covenants, agreements, terms,
provisions and conditions contained in this Lease.  Notwithstanding
any such subletting to Landlord or any such subletting to any other subtenant
and/or acceptance of Rent or additional rent by Landlord from any subtenant,
Tenant shall and will remain fully liable for the payment of the Rent and
additional rent due and to become due hereunder and for the performance of all
the covenants, agreements, terms, provisions and conditions contained in this
Lease on the part of Tenant to be performed and all acts and omissions of any
licensee or subtenant or anyone claiming under or through any subtenant which
shall be in violation of any of the obligations of this Lease shall be deemed to
be a violation by Tenant.  Tenant further agrees that notwithstanding
any such subletting, no other and further subletting of the Premises by Tenant
or any person claiming through or under Tenant shall or will be made except upon
compliance with and subject to the provisions of this Article 12.  If
Landlord shall decline to give its consent to any proposed assignment or
sublease, or if Landlord shall exercise either of its options under subsection C
of this Article 12, Tenant shall indemnify, defend and hold harmless Landlord
against and from any and all loss, liability, damages, costs, and expenses
(including reasonable counsel fees) resulting from any claims that may be made
against Landlord by the proposed assignee or subtenant or by any brokers or
other persons claiming a commission or similar compensation in connection with
the proposed assignment or sublease.

    

    H.           Future
Requests.   In the event that (i) Landlord fails to
exercise either of its options under subsection C of this Article 12 and
consents to a proposed assignment or sublease, and (ii) Tenant fails to execute
and deliver the assignment or sublease to which Landlord consented within ninety
(90) days after the giving of such consent, then, Tenant shall again comply with
all of the provisions and conditions of subsection B of this Article 12 before
assigning this Lease or subletting all or part of the Premises.

    

    I.           Sublease
Provisions.  With respect to each and every sublease or
subletting authorized by Landlord under the provisions of this Lease, it is
further agreed that:

    

    (i)           No
subletting shall be for a term ending later than one (1) day prior to the
Expiration Date of this Lease;

    

    (ii)           No
sublease shall be delivered, and no subtenant shall take possession of the
Premises or any part thereof, until an executed counterpart of such sublease has
been delivered to Landlord;

    
      
        
        

      

      
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    (iii)           Each
sublease shall provide that it is subject and subordinate to this Lease and to
the matters to which this Lease is or shall be subordinate, and that in the
event of termination, re-entry or dispossession by Landlord under this Lease
Landlord may, at its option, take over all of the right, title and interest of
Tenant, as sublessor, under such sublease, and such subtenant shall, at
Landlord's option, attorn to Landlord pursuant to the then executory provisions
of such sublease, except that Landlord shall not (a) be liable for any previous
act or omission of Tenant under such sublease, (b) be subject to any
counterclaim, offset or defense, not expressly provided in such sublease, which
theretofore accrued to such subtenant against Tenant, or (c) be bound by any
previous modification of such sublease or by any previous prepayment of more
than one (1) month's Rent.  The provisions of this Article 12 shall be
self-operative and no further instrument shall be required to give effect to
this provision.

    

    (iv)           If
any laws, orders, rules or regulations of any applicable governmental authority
require that any Hazardous Substances, including, without limitation, asbestos,
contained in or about the Premises to be sublet (the "Sublet Space") be dealt
with in any particular manner in connection with any alteration of the Sublet
Space, then it shall be the subtenant's obligation, at the subtenant's expense,
to deal with such Hazardous Substances in accordance with all such laws, orders,
rules and regulations (unless Landlord elects to deal with such Hazardous
Substances itself, in which event, the subtenant shall reimburse Landlord for
all of Landlord's costs and expenses in connection therewith within ten (10)
days next following the rendition of a statement therefor).

    

    J.           Profits from Assignment or
Subletting.  If Landlord shall give its consent to any
assignment of this Lease or to any sublease or if Tenant shall enter into any
other assignment or sublease permitted hereunder, Tenant shall in consideration
therefor, pay to Landlord, as additional rent:

    

    (i)           in
the case of an assignment, an amount equal to one-half (1⁄2) of all sums and other
considerations paid to Tenant by the assignee for or by reason of such
assignment (including, but not limited to, sums paid for the sale of Tenant's
fixtures, leasehold improvements, equipment, furniture, furnishings or other
personal property, less, in the case of a sale thereof, one-half (1⁄2) of the then
net unamortized or undepreciated cost thereof determined on the basis of
Tenant's federal income tax returns) less one-half (1⁄2) of all expenses
reasonably and actually incurred by Tenant on account of brokerage commissions
and advertising costs in connection with such assignment , provided that Tenant
shall submit to Landlord a receipt evidencing the payment of such expenses (or
other proof of payment as Landlord shall require).  The sums payable
by under this subsection J(i) of this Article 12 shall be paid to Landlord as
and when payable by the assignee to the Tenant; and

    

    (ii)           in
the case of a sublease, one-half (1⁄2) of any rents, additional charges or other
consideration payable under the sublease on a per square foot basis to Tenant by
the subtenant which is in excess of the Rent and additional rent accruing during
the term of the sublease in respect of the subleased space (at the rate per
square foot payable by Tenant hereunder) pursuant to the terms hereof
(including, but not limited to, sums paid for the sale or rental of Tenant's
fixtures, leasehold improvements, equipment, furniture or other personal
property, less, in the case of the sale thereof, the one-half (1⁄2) of then net
unamortized or undepreciated cost thereof determined on the basis of Tenant's
federal income tax returns), less one-half (1⁄2) of all expenses reasonably and
actually incurred by Tenant on account of brokerage commissions, advertising
costs and the cost of demising the premises so sublet in connection with such
sublease,  provided that Tenant shall submit to Landlord a receipt
evidencing the payment of such expenses (or other proof of payment as Landlord
shall require).  The sums payable under this subsection J(ii) of this
Article 12 shall be paid to Landlord as and when payable by the subtenant to
Tenant.

    
      
        
        

      

      
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    K.           Other
Transfers.  (i)  If Tenant is a corporation other
than a corporation whose stock is listed and traded on a nationally recognized
stock exchange (hereinafter referred to as a "public corporation"), the
provisions of subsection A of this Article 12 shall apply to a transfer (by one
or more transfers) of a majority of the stock of Tenant as if such transfer of a
majority of the stock of Tenant were an assignment of this Lease; provided,
however, that the provisions of subsections A (other than (A(iv)), C, D, E, F,
G, H and J shall not apply to transactions with a corporation or other business
entity into or with which Tenant is merged or consolidated or to which
substantially all of Tenant's assets are transferred or sold, provided that such
merger, consolidation or transfer of assets is for a valid business purpose and
not principally for the purpose of transferring the leasehold estate created
hereby, and provided further, that in any of such events (a) the successor to
Tenant has a net worth computed in accordance with generally accepted accounting
principles at least equal to the greater of (1) the net worth of Tenant
immediately prior to such merger, consolidation, transfer, or sale, or (2) the
net worth of Tenant herein named on the date of this Lease and (b) proof
commercially reasonably satisfactory to Landlord of such net worth shall have
been delivered to Landlord at least ten (10) days prior to the effective date of
any such transaction.

    

    (ii)           If
Tenant is a partnership, the provisions of subsection A of this Article 12 shall
apply to a transfer (by one or more transfers) of a majority interest in the
partnership, as if such transfer were an assignment of this Lease.

    

    (iii)           If
Tenant is a subdivision, authority, body, agency, instrumentality or other
entity created and/or controlled pursuant to the laws of the State of New York
or any city, town or village of such state or of federal government
("Governmental Entity"), the provisions of subsection A of this Article 12 shall
apply to a transfer (by one or more transfers) of any of Tenant's rights to use
and occupy the Premises, to any other Governmental Entity, as if such transfer
of the right of use and occupancy were an assignment of this Lease; but said
provisions shall not apply to a transfer of any of Tenant's rights in and to the
Premises to any Governmental Entity which shall replace or succeed to
substantially similar public functions, responsibilities and areas of authority
as Tenant, provided that in any of such events the successor Governmental Entity
(a) shall utilize the Premises in a manner substantially similar to Tenant, and
(b) shall not utilize the Premises in any manner which, in Landlord's reasonable
judgment, would impair the reputation of the Building as a first-class office
building.

    

    L.           Related
Corporation.  Tenant may, without Landlord's consent, assign
this Lease or sublet all or a portion of the Premises to any corporations or
other business entities (but not including Governmental Entities) which control,
are controlled by, or are under common control with Tenant (herein collectively
referred to as a "related corporation") or to sublet all or part of the Premises
to a related corporation for any of the purposes permitted to Tenant, subject
however to compliance with Tenant's obligations under this Lease and in such
event subsections A (other than (A(iv)), B (other than B(i), B(iii), and B(iv),
C, D, E, F, G, H and J shall not apply to an assignment or sublease under this
subsection.  Such subletting shall not relieve, release, impair or
discharge any of Tenant's obligations hereunder.  For the purposes
hereof, "control" shall be deemed to mean ownership of not less than fifty
percent (50%) of all of the voting stock of such corporation or not less than
fifty percent (50%) of all of the legal and equitable interest in any other
business entities.

    

    M.           Assumption by
Assignee.  Any assignment or transfer, whether made with
Landlord's consent pursuant to subsection A of this Article 12 or without
Landlord's consent pursuant to subsection K or L of this Article 12, shall be
made only if, and shall not be effective until, the assignee shall execute,
acknowledge and deliver to Landlord an agreement in form commercially reasonably
satisfactory to Landlord whereby the assignee shall assume the obligations of
this Lease and agree to be bound by all of the terms, conditions, covenants and
provisions hereof on the part of Tenant to be performed or observed and whereby
the assignee shall agree that the provisions of this Article 12 shall,
notwithstanding such assignment or transfer, continue to be binding upon it in
respect of all future assignments and transfers.  The original named
Tenant covenants that, notwithstanding any assignment or transfer, whether or
not in violation of the provisions of this Lease, and notwithstanding the
acceptance of Rent and/or additional rent by Landlord from an assignee,
transferee or any other party, the original named Tenant shall remain fully
liable for the payment of the Rent and additional rent and for the other
obligations of this Lease on the part of Tenant to be performed or
observed.

    
      
        
        

      

      
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    N.           Liability of
Tenant.  The joint and several liability of Tenant and any
immediate or remote successor in interest of Tenant and the due performance of
the obligations of this Lease on Tenant's part to be performed or observed shall
not be discharged, released or impaired in any respect by any agreement or
stipulation made by Landlord or modifying any of the obligations, of this Lease,
or by any waiver or failure of Landlord to enforce any of the obligations of
this Lease except for (a) an extension of the term of this Lease, (b) an
increase in Rent or (c) any additional increased materially adverse obligation
on the part of the Tenant with respect to the Lease.

    

    O.           Listings.  The
listing of any name other than that of Tenant, whether on the doors of the
Premises or the Building directory, or otherwise, shall not operate to vest any
right or interest in this Lease or in the Premises, nor shall it be deemed to be
the consent of Landlord to any assignment or transfer of this Lease or to any
sublease of the Premises or to the use or occupancy thereof by
others.  Any such listing of others shall constitute a privilege
extended by Landlord, revocable at Landlord's will by notice to
Tenant.

    

    P.           (Omitted).

    

    Q.           Re-entry by
Landlord.  If Landlord shall recover or come into possession of
the Premises before the date herein fixed for the termination of this Lease,
Landlord shall have the right, at its option, to take over any and all subleases
or sublettings of the Premises or any part thereof made by Tenant and to succeed
to all the rights of said subleases and sublettings or such of them as it may
elect to take over.  Tenant hereby expressly assigns and transfers to
Landlord such of the subleases and sublettings as Landlord may elect to take
over at the time of such recovery of possession, such assignment and transfer
not to be effective until the termination of this Lease or re-entry by Landlord
hereunder or if Landlord shall otherwise succeed to Tenant's estate in the
Premises, at which time Tenant shall upon request of Landlord, execute,
acknowledge and deliver to Landlord such further instruments of assignment and
transfer as may be necessary to vest in Landlord the then existing subleases and
sublettings.  Every subletting hereunder is subject to the condition
and by its acceptance of and entry into a sublease, each subtenant thereunder
shall be deemed conclusively to have thereby agreed from and after the
termination of this Lease or re-entry by Landlord hereunder of or if Landlord
shall otherwise succeed to Tenant's estate in the Premises, that such subtenant
shall waive any right to surrender possession or to terminate the sublease and,
at Landlord's election, such subtenant shall be bound to Landlord for the
balance of the term of such sublease and shall attorn to and recognize Landlord,
as its landlord, under all of the then executory terms of such sublease, except
that Landlord shall not (i) be liable for any previous wrongful act or
negligence of Tenant under such sublease, (ii) be subject to any counterclaim,
defense or offset not expressly provided for in such sublease, which theretofore
accrued to such subtenant against Tenant, (iii) be bound by any previous
modification or amendment of such sublease or by any previous prepayment of more
than one (1) month's rent and additional rent which shall be payable as provided
in the sublease, (iv) be obligated to repair the subleased space or the Building
or any part thereof, in the event of total or substantial total damage beyond
such repair as can reasonably be accomplished from the net proceeds of insurance
actually made available to Landlord, (v) be obligated to repair the subleased
space or the Building or any part thereof, in the event of partial condemnation
beyond such repair as can reasonably be accomplished from the net proceeds of
any award actually made available to Landlord as consequential damages allocable
to the part of the subleased space or the Building not taken or (vi) be
obligated to perform any work in the subleased space or to prepare them for
occupancy beyond Landlord's obligations under this Lease, and the subtenant
shall execute and deliver to Landlord any instruments Landlord may reasonably
request to evidence and confirm such attornment. Each subtenant or licensee of
Tenant shall be deemed automatically upon, and as a condition of, occupying or
using the Premises or any part thereof, to have given a waiver of the type
described in and to the extent and upon the conditions set forth in this Article
12.

    
      
        
        

      

      
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              13.

            	
              CONDITION OF THE
      PREMISES.

            

    

    

    A.           Acceptance by
Tenant.   Except for Landlord’s Initial Construction,
Tenant has examined the Premises and agrees to accept possession of the Premises
in the condition and state of repair which shall exist on the date hereof "as
is", and further agrees that, except for Landlord’s Initial Construction,
Landlord shall have no other or further obligation to perform any work or make
any installations, alterations or improvements in order to prepare the Premises
for Tenant's occupancy except as may set forth in this Lease.  The
taking of possession of the Premises by Tenant shall be conclusive evidence as
against Tenant that, at the time such possession was so taken, the Premises and
the Building were in good and satisfactory condition and that Landlord’s Initial
Construction was fully completed except for any “punchlist” items.

    

    B.           All
of the terms, covenants and conditions of the Schedules annexed hereto are
incorporated in this Lease as if fully set forth at length herein.

    

    

    
      	
              14.

            	
              ACCESS TO
      PREMISES.

            

    

    

    A.           Access by
Landlord.  Tenant shall permit Landlord, Landlord's agents and
public utilities servicing the Building to erect, use, maintain and replace
concealed ducts, pipes and conduits in and through the
Premises.  Landlord, Landlord's agents and/or affiliates, and the
holder of any Mortgage shall each have the right to enter the Premises at all
reasonable times upon reasonable prior notice (which may be by telephone) to (i)
examine the same, (ii) to show them to prospective purchasers, mortgagees or
lessees of the Building or space therein, (iii) to make such repairs,
replacements, alterations or improvements as Landlord may deem commercially
reasonably necessary to the Premises or which Landlord may elect to perform
following Tenant's failure beyond any applicable grace or cure period to make
repairs or perform any work which Tenant is obligated to perform under this
Lease, (iv) for the purpose of complying with laws, regulations or other
requirements of government authorities and (v) to perform “Remedial Work” (as
defined in Article 40 hereof) after the failure of Tenant, beyond any applicable
grace or cure period to perform the same in accordance with the terms of this
Lease.  Landlord shall be allowed, during the progress of any work in
and about the Premises, to take all necessary material and equipment into and
upon the Premises and to store them within the Premises without the same
constituting an eviction or constructive eviction of Tenant in whole or in part
and the Rent shall in nowise abate while any such repairs, replacements,
alterations, improvements or additions are being made.  During the
nine (9) months prior to the Expiration Date or the expiration of any renewal or
extended term, Landlord may exhibit the Premises to prospective
tenants.  If, in the event of an emergency Tenant shall not be
personally present to open and permit an entry into the Premises, Landlord or
Landlord's agents may enter the same by a master key, or may forcibly enter the
same, without rendering Landlord or such agents liable therefor (if during such
entry Landlord or Landlord's agents shall accord reasonable care to Tenant's
property), and without in any manner affecting the obligations and covenants of
this Lease.  With respect to such entry as hereinabove provided in
this subsection, Landlord shall use commercially reasonable efforts to minimize
any interference with Tenant’s operations in the Premises.

    
      
        
        

      

      
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    B.           Other Landlord
Privileges.  Landlord shall have the right at any time, without
the same constituting an actual or constructive eviction and without incurring
any liability to Tenant therefor, to change the arrangement and/or location of
entrances or passageways, doors and doorways, corridors, elevators, stairs,
toilets or other public parts of the Building and to change the name, number or
designation by which the Building is commonly known.  Tenant
acknowledges that Landlord may (but shall have no obligation to) perform
repairs, improvements, alterations and/or substantial renovation work in and to
the public parts of the Building and the mechanical and other systems serving
the Building (which work may include improvements to the lobby and facade of the
Building, which may require that scaffolding and/or a sidewalk bridge be placed
in front of the Building, and the replacement of window glass, requiring access
to the same from within the Premises).  Landlord shall incur no
liability to Tenant, nor shall Tenant be entitled to any abatement of Rent on
account of any noise, vibration or other immaterial disturbance to Tenant's
business at the Premises (provided that Tenant is not denied access thereto)
which shall arise out of the performance by Landlord of the aforesaid repairs,
alterations and renovations of the Building or any part
thereof.  Tenant understands and agrees that all parts (except
surfaces facing the interior of the Premises) of all walls, windows and doors
bounding the Premises (including exterior Building walls, corridor walls, doors
and entrances), all balconies, terraces and roofs adjacent to the Premises, all
space in or adjacent to the Premises used for shafts, stacks, stairways, chutes,
pipes, conduits, ducts, fan rooms, heating, air cooling, plumbing and other
mechanical facilities, service closets and other Building facilities are not
part of the Premises, and Landlord shall have the use thereof, as well as
reasonable access thereto through the Premises pursuant to the provisions of
this Lease for the purposes of operation, maintenance, alteration and repair
thereof.   Landlord, throughout the Term, shall have reasonable
access to any and all mechanical installations of Landlord, including but not
limited to air-cooling, fan, ventilating, machine rooms and electrical closets
pursuant to the provisions of this Lease.

    

    

    15.           CERTIFICATE OF
OCCUPANCY. Tenant shall not at any time use the Premises in a manner
which is in violation of the existing certificate of occupancy issued for the
Premises and Building and in the event that any department of the City or State
of New York shall hereafter at any time declare by notice, violation, or order
that the manner of use by Tenant of the Premises is a violation of such
certificate of occupancy, except for the Permitted Use, Tenant shall, upon
fifteen (15) days written notice from Landlord, discontinue such manner of use
of the Premises.  Failure by Tenant to discontinue such manner of use
after such notice by Landlord shall be considered a default in the fulfillment
of a covenant of this Lease and Landlord shall have the right to exercise any
and all rights and privileges and remedies given to Landlord by and pursuant to
the provisions of Articles 17 and 18 hereof.

    

    

    16.           LANDLORD'S
LIABILITY.  The obligations of Landlord under this Lease shall
not be binding upon Landlord named herein after the sale, conveyance, assignment
or transfer by such Landlord (or upon any subsequent landlord after the sale,
conveyance, assignment or transfer by such subsequent landlord) of its interest
in the Building or the Real Property, as the case may be, and in the event of
any such sale, conveyance, assignment or transfer, Landlord shall be and hereby
is entirely freed and relieved of all covenants and obligations of Landlord
hereunder, and it shall be deemed and construed without further agreement
between the parties or their successors in interest, or between the parties and
the purchaser, grantee, assignee or other transferee that such purchaser,
grantee, assignee or other transferee has assumed and agreed to carry out any
and all covenants and obligations of Landlord hereunder.  Neither the
shareholders, members, directors or officers of Landlord, if Landlord is a
corporation, nor the partners comprising Landlord (nor any of the shareholders,
members, directors or officers of such partners), if Landlord is a partnership
(collectively, the "Parties"), shall be liable for the performance of Landlord's
obligations under this Lease.  Tenant shall look solely to Landlord to
enforce Landlord's obligations hereunder and shall not seek any damages against
any of the Parties.  The liability of Landlord for Landlord's
obligations under this Lease shall not exceed and shall be limited to Landlord's
interest in the Building and the Real Property and Tenant shall not look to or
attach any other property or assets of Landlord or the property or assets of any
of the Parties in seeking either to enforce Landlord's obligations under this
Lease or to satisfy a judgment for Landlord's failure to perform such
obligations.  In no event shall Landlord (or any of the officers,
trustees, directors, partners, beneficiaries, joint ventures, members,
stockholders or other principals or representatives of Landlord be liable for
incidental or consequential damages

    
      
        
        

      

      
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              17.

            	
              DEFAULT.

            

    

    

    A.           Events of Default;
Conditions of Limitation.  This Lease and the term and estate
hereby granted are subject to the limitations that upon the occurrence, at any
time prior to or during the Term, of any one or more of the following events
(referred to as "Events of Default"):

    

    (i)           if
Tenant shall default in the payment when due of any installment of Rent or in
the payment when same is due of any additional rent, and such default shall
continue for a period of eight (8) days after same is due; or

    

    (ii)          if
Tenant shall default in the observance or performance of any term, covenant or
condition of this Lease on Tenant's part to be observed or performed (other than
the covenants for the payment of Rent and additional rent) and Tenant shall fail
to remedy such default within twenty (20) days after notice by Landlord to
Tenant of such default, or if such default is of such a nature that it cannot be
completely remedied within said period of twenty (20) days and Tenant shall not
commence within said period of twenty (20) days, or shall not thereafter
diligently prosecute to completion all steps necessary to remedy such default;
or

    

    (iii)         (Omitted).

    

    (iv)         (Omitted).

    

    (v)          if
Tenant's interest in this Lease shall devolve upon or pass to any person,
whether by operation of law or otherwise, except as may be permitted under
Article 12 hereof; or

    

    (vi)         if
this Lease shall be rejected under §235 of Title 11 of the U.S. Bankruptcy Code;
or

     

    (vii)        if
any execution or attachment shall be issued against Tenant or any of Tenant's
property pursuant to which the Premises shall be taken or occupied or attempted
to be taken or occupied;

    

    then, in
any of said cases, of any one or more of such Events of Default, Landlord, at
any time thereafter, at Landlord's option, may give to Tenant a five (5) days
notice of termination of this Lease and, in the event such notice is given, this
Lease and the Term shall come to an end and expire (whether or not the Term
shall have commenced) upon the expiration of said five (5) days with the same
effect as if the date of expiration of said five (5) days were the Expiration
Date, but Tenant shall remain liable for damages as provided in Article 18
hereof.

    

    B.           Effect of
Bankruptcy.  Anything elsewhere in this Lease to the contrary
notwithstanding, this Lease may be canceled by Landlord by sending of a written
notice to Tenant within a reasonable time after the happening of any one or more
of the following events: (i) the commencement of a case in bankruptcy or under
the laws of any state naming Tenant as the debtor; or (ii) the making by Tenant
of any assignment or any other arrangement for the benefit of creditors under
any state statute.  Neither Tenant nor any person claiming through or
under Tenant, or by reason of any statute or order of court, shall thereafter be
entitled to possession of the Premises but shall forthwith quit and surrender
the Premises.  If this Lease shall have been assigned in accordance
with its terms, the provisions of this Article 17 shall be applicable to any of
the persons or entities primarily or secondarily liable for Tenant’s obligations
under this Lease.  It is stipulated and agreed that in the event of
the termination of this Lease pursuant to this subsection, Landlord shall
forthwith, notwithstanding any other provisions of this Lease to the contrary,
be entitled to recover from Tenant as and for liquidated damages an amount
determined in accordance with Subsection B(i)(c) of Article 18 of this
Lease.

    
      
        
        

      

      
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    C.           Conditional
Limitation.  Nothing contained in this Article 17 shall be
deemed to require Landlord to give the notices herein provided for prior to the
commencement of a summary proceeding for non-payment of rent or a plenary action
for recovery of rent on account of any default in the payment of the same, it
being intended that such notices are for the sole purpose of creating a
conditional limitation hereunder pursuant to which this Lease shall terminate
and if Tenant thereafter remains in possession after such termination, Tenant
shall do so as a holdover tenant.

    

    

    18.           REMEDIES AND
DAMAGES.

    

    A.           Landlord's
Remedies.    (i)  If Tenant shall default,
after ten (10) days after same is due of any installment of Rent or in the
payment when due of any additional rent, or if any execution in the payment or
attachment shall be issued against Tenant or any of Tenant's property whereupon
the Premises shall be taken or occupied or attempted to be taken or occupied by
someone other than Tenant, or if this Lease and the Term shall expire and come
to an end as provided in Article 17:

    

    (a)           Landlord
and its agents may, at any time after such default (and the expiration of any
applicable grace or cure period) or after the date upon which this Lease and the
Term shall expire and come to an end, re-enter the Premises or any part thereof,
either by summary proceedings, or by any other applicable action or proceeding,
(without being liable to indictment, prosecution or damages therefor), and may
repossess the Premises and dispossess Tenant and any other persons from the
Premises and remove any and all of their property and effects from the Premises;
and

    

    (b)           Landlord,
at Landlord's option, may relet the whole or any part or parts of the Premises
from time to time, either in the name of Landlord or otherwise, to such tenant
or tenants, for such term or terms ending before, on or after the Expiration
Date, at such rental or rentals and upon such other conditions, which may
include concessions and free rent periods, as Landlord, in its sole discretion,
may determine.  Landlord shall have no obligation to relet the
Premises or any part thereof and shall in no event be liable for refusal or
failure to relet the Premises or any part thereof, or, in the event of any such
reletting, for refusal or failure to collect any rent due upon any such
reletting, and no such refusal or failure shall operate to relieve Tenant of any
liability under this Lease or otherwise to affect any such liability; Landlord,
at Landlord's option, may make such repairs, replacements, alterations,
additions, improvements, decorations and other physical changes in and to the
Premises as Landlord, in its sole discretion, considers advisable or necessary
in connection with any such reletting or proposed reletting, without relieving
Tenant of any liability under this Lease or otherwise affecting any such
liability.

    

    (ii)           Tenant
hereby waives the service of any notice of intention to re-enter or to institute
legal proceedings to that end which may otherwise be required to be given under
any present or future law. Tenant, on its own behalf and on behalf of all
persons claiming through or under Tenant, including all creditors, does further
hereby waive any and all rights which Tenant and all such persons might
otherwise have under any present or future law to redeem the Premises, or to
re-enter or repossess the Premises, or to restore the operation of this Lease,
after (a) Tenant shall have been dispossessed by a judgment or by warrant of any
court or judge, or (b) any re-entry by Landlord, or (c) any expiration or
termination of this Lease and the Term, whether such dispossess, re-entry,
expiration or termination shall be by operation of law or pursuant to the
provisions of this Lease.  The words "re-enter", "re-entry" and
"re-entered" as used in this Lease shall not be deemed to be restricted to their
technical legal meanings.  In the event of a breach or threatened
breach by Tenant, or any persons claiming through or under Tenant, of any term,
covenant or condition of this Lease on Tenant's part to be observed or
performed, Landlord shall have the right to enjoin such breach and the right to
invoke any other remedy allowed by law or in equity as if re-entry, summary
proceedings and other special remedies were not provided in this Lease for such
breach.  The right to invoke the remedies hereinbefore set forth are
cumulative and shall not preclude Landlord from invoking any other remedy
allowed at law or in equity.

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

    B.           Damages.  (i)  If
this Lease and the Term shall expire and come to an end as provided in Article
17, or by or under any summary proceeding or any other action or proceeding, or
if Landlord shall re-enter the Premises as provided in subsection A of this
Article 18, or by or under any summary proceeding or any other action or
proceeding, then, in any of said events:

    

    (a)           Tenant
shall pay to Landlord all Rent, additional rent and other charges payable under
this Lease by Tenant to Landlord to the date upon which this Lease and the Term
shall have expired and come to an end or to the date of re-entry upon the
Premises by Landlord, as the case may be;

    

    (b)           Tenant
also shall be liable for and shall pay to Landlord, as damages, any deficiency
(referred to as "Deficiency") between the Rent reserved in this Lease for the
period which otherwise would have constituted the unexpired portion of the Term
and the net amount, if any, of rents collected under any reletting effected
pursuant to the provisions of subsection A(i) of this Article 18 for any part of
such period (first deducting from the rents collected under any such reletting
all of Landlord's expenses in connection with the termination of this Lease, or
Landlord's reentry upon the Premises and with such reletting including, but not
limited to, all repossession costs, brokerage commissions, advertising, legal
expenses, attorneys' fees and disbursements, alteration costs and other expenses
of preparing the Premises for such reletting); any such Deficiency shall be paid
in monthly installments by Tenant on the days specified in this Lease for
payment of installments of Rent, Landlord shall be entitled to recover from
Tenant each monthly Deficiency as the same shall arise, and no suit to collect
the amount of the Deficiency for any month shall prejudice Landlord's right to
collect the Deficiency for any subsequent month by a similar proceeding;
and

    

    (c)           whether
or not Landlord shall have collected any monthly Deficiencies as aforesaid,
Landlord shall be entitled to recover from Tenant, and Tenant shall pay to
Landlord, on demand, in lieu of any further Deficiencies as and for liquidated
and agreed final damages, a sum equal to the amount by which the Rent reserved
in this Lease for the period which otherwise would have constituted the
unexpired portion of the Term exceeds the then fair and reasonable rental value
of the Premises for the same period, less the aggregate amount of Deficiencies
theretofore collected by Landlord pursuant to the provisions of subsection
B(1)(b) of this Article 18 for the same period; if, before presentation of proof
of such liquidated damages to any court, commission or tribunal, the Premises,
or any part thereof, shall have been relet by Landlord for the period which
otherwise would have constituted the unexpired portion of the Term, or any part
thereof, the amount of rent reserved upon such reletting shall be deemed, prima
facie, to be the fair and reasonable rental value for the part or the whole of
the Premises so relet during the term of the reletting.

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    

    (ii)           If
the Premises, or any part thereof, shall be relet together with other space in
the Building, the rents collected or reserved under any such reletting and the
expenses of any such reletting shall be equitably apportioned for the purposes
of this subsection B.  Tenant shall in no event be entitled to any
rents collected or payable under any reletting, whether or not such rents shall
exceed the Rent reserved in this Lease.  Solely for the purposes of
this Article, the term "Rent" as used in subsection B(i) of this Article 18
shall mean the Rent in effect immediately prior to the date upon which this
Lease and the Term shall have expired and come to an end, or the date of
re-entry upon the Premises by Landlord, as the case may be, adjusted to reflect
any increase or decrease pursuant to the provisions of Article 28 hereof for the
Comparison Year (as defined in said Article 28) immediately preceding such
event.  Nothing contained in Article 17 or this Article 18 shall be
deemed to limit or preclude the recovery by Landlord from Tenant of the maximum
amount allowed to be obtained as damages by any statute or rule of law, or of
any sums or direct damages to which Landlord may be entitled in addition to the
damages set forth in subsection B(i) of this Article 18 but the foregoing shall
not include any punitive, special or consequential damages.

    

    C.           Legal
Fees.  (i)  Tenant hereby agrees to pay, as
additional rent, all reasonable attorneys' fees and disbursements (and all other
court costs or expenses of legal proceedings) which Landlord actually incurs or
pays out by reason of, or in connection with:

    

    (a)           any
action or proceeding by Landlord to terminate this Lease;

    

    (b)           any
other action or proceeding by Landlord against Tenant (including, but not
limited to, any arbitration proceeding);

    

    (c)           any
default by Tenant, beyond any applicable grace or cure periods in the observance
or performance of any obligation under this Lease (including, but not limited
to, matters involving payment of rent and additional rent, computation of
escalations, alterations or other Tenant's work and subletting or assignment),
whether or not Landlord commences any action or proceeding against Tenant;
and

    

    (d)           any
action or proceeding brought by Tenant against Landlord (or any officer, partner
or employee of Landlord) in which Tenant fails to secure a final unappealable
judgment against Landlord;

    

    (e)           in
connection with this Lease, any other appearance by Landlord (or any officer,
partner or employee of Landlord) as a witness or otherwise in any action or
proceeding in connection with this Lease involving or affecting Landlord, Tenant
or this Lease.

    

    (ii)           Tenant's
obligations under this subsection C of Article 18 shall survive the expiration
of the Term hereof or any earlier termination of this Lease for a period of one
(1) year.  This provision is intended to supplement (and not to limit)
other provisions of this Lease pertaining to indemnities and/or attorneys'
fees.

    

    D.           Additional Landlord
Remedies.  Tenant hereby acknowledges and agrees that in the
event this Lease and the Term hereof shall expire and come to an end as provided
in Article 17 within the first two (2) years of the term of this Lease, Tenant
shall be liable for an amount equal to the sum of the unamortized portion of (i)
the cost of Landlord’s Initial Construction plus(ii) any brokerage commissions
or fees paid by Landlord in connection with this Lease (amortized on a
straight-line basis over the Term of this Lease), which sum shall be immediately
due and payable by Tenant on demand by Landlord and deemed to be additional rent
hereunder.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    19.           FEES AND
EXPENSES.

    

    A.           Curing Tenant's
Defaults.  If Tenant shall default in the observance or
performance of any term or covenant on Tenant's part to be observed or performed
under or by virtue of any of the terms or provisions in any Article of this
Lease, after the giving of notice (if required) and upon the expiration of any
applicable grace or cure period (except if such default by Tenant results in an
emergency situation at the Premises and/or at the Building, in which event no
grace or cure period shall be applicable and Landlord may immediately or at any
time thereafter and without notice perform the same for the account of
Tenant.  If Landlord makes any expenditures or incurs any obligations
for the payment of money in connection with any such default by Tenant or the
cure thereof including, but not limited to, any direct damages or fines or incur
any reasonable attorneys' fees and disbursements in instituting, prosecuting or
defending any action or proceeding, such sums paid or obligations incurred with
interest and costs shall be deemed to be additional rent hereunder and shall be
paid by Tenant to Landlord within ten (10) days of rendition of any bill or
statement to Tenant therefor.  If the Term hereof shall have expired
at the time Landlord sustains or incurs such expenditures, such sums shall be
recoverable by Landlord, as damages.

    

    B.           Late
Charges.  If Tenant shall fail to make payment of any
installment of Rent or any additional rent within ten (10) days after the date
when such payment is due, Tenant shall pay to Landlord, in addition to such
installment of Rent or such additional rent, as the case may be, as a late
charge and as additional rent, a sum equal to three (3%) percent of the late
amount. Tenant acknowledges and agrees that, except as otherwise expressly
provided herein, if Tenant fails to dispute any item of additional rent within
twenty (20) days of receipt of a bill or notice therefor, Tenant shall be deemed
to have waived its right to dispute the same.

    

    

    20.           NO REPRESENTATIONS BY
LANDLORD. Landlord or Landlord's agents have made no representations or
promises with respect to the Building, the Real Property, the Premises, Taxes
(as defined in Article 28 hereof) or any other matter or thing affecting or
related to the Premises, except as herein expressly set forth and no rights,
easements or licenses are acquired by Tenant by implication or otherwise except
as expressly set forth herein.

    

    21.           END OF
TERM.

    

    A.           Surrender of
Premises.    Upon the expiration or other termination
of the Term, Tenant shall quit and surrender to Landlord the Premises, vacant,
broom clean, in good order and condition, ordinary wear and tear and damage for
which Tenant is not responsible under the terms of this Lease excepted, and
Tenant shall remove all of its property pursuant to Article 3
hereof.  Tenant's obligation to observe or perform this covenant shall
survive the expiration or sooner termination of the Term.  If the last
day of the Term or any renewal thereof falls on Saturday or Sunday this Lease
shall expire on the immediately preceding business day.

    

    B.           Holdover by
Tenant.  The parties recognize and agree that the damage to
Landlord resulting from any failure by Tenant to timely surrender possession of
the Premises as aforesaid will be substantial, will exceed the amount of the
monthly installments of the Rent theretofore payable hereunder, and will be
impossible to accurately measure.  Tenant therefore agrees that if
possession of the Premises is not surrendered to Landlord within one (1) day
after the Expiration Date or sooner termination of the Term, in addition to any
other rights or remedy Landlord may have hereunder or at law, Tenant shall pay
to Landlord for each month and for each portion of any month during which Tenant
holds over in the Premises after the Expiration Date or sooner termination of
this Lease, a sum equal to two (2) times the aggregate of that portion of the
Rent and the additional rent which was payable under this Lease during the last
month of the Term.  Nothing herein contained shall be deemed to permit
Tenant to retain possession of the Premises after the Expiration Date or sooner
termination of this Lease and no acceptance by Landlord of payments from Tenant
after the Expiration Date or sooner termination of the Term shall be deemed to
be other than on account of the amount to be paid by Tenant in accordance with
the provisions of this Article 21, which provisions shall survive the Expiration
Date or sooner termination of this Lease.  If Tenant shall hold-over
or remain in possession of any portion of the Premises beyond the Expiration
Date of this Lease, notwithstanding the acceptance of any Rent and additional
rent paid by Tenant pursuant to the preceding provisions, Tenant shall be
subject not only to summary proceeding and all damages related thereto, but also
to any damages arising out of lost opportunities (and/or new leases) by Landlord
to re-let the Premises (or any part thereof).  All damages to Landlord
by reason of such holding over by Tenant may be the subject of a separate action
and need not be asserted by Landlord in any summary proceedings against
Tenant.

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

    

    22.           QUIET
ENJOYMENT.  Landlord covenants and agrees with Tenant that upon
Tenant paying the Rent and additional rent and observing and performing all the
terms, covenants and conditions on Tenant's part to be observed and performed,
Tenant may peaceably and quietly enjoy the Premises, subject, nevertheless, to
the terms and conditions of this Lease including, but not limited to, Article 16
hereof and mortgages.

    

    

    23.           FAILURE TO GIVE
POSSESSION. Tenant waives any right to rescind this Lease under Section
223-a of the New York Real Property Law or any successor statute of similar
import then in force, or otherwise, and further waives the right to recover any
damages which may result from Landlord's failure to deliver possession of the
Premises on the date set forth in Article 1 hereof for the commencement of the
Term for any reason whatsoever, including, but not limited to, the failure of
the present tenant of the Premises to vacate and surrender the Premises to
Landlord. If Landlord shall be unable to give possession of the Premises on such
date, and provided Tenant is not responsible for such inability to give
possession, the Rent reserved and covenanted to be paid herein shall not
commence until the possession of the Premises is given or the Premises are
available for occupancy by Tenant, and no such failure to give possession on
such date shall in any way affect the validity of this Lease or the obligations
of Tenant hereunder or give rise to any claim for damages by Tenant or claim for
rescission of this Lease, nor shall same be construed in anyway to extend the
Term.  If permission is given to Tenant to enter into the possession
of the Premises or to occupy premises other than the Premises prior to the
Commencement Date, Tenant covenants and agrees that such occupancy shall be
deemed to be under all the terms, covenants, conditions and provisions of this
Lease, including the covenant to pay Rent.

    

    24.           NO
WAIVER.

    

    A.             If
there be any agreement between Landlord and Tenant providing for the
cancellation of this Lease upon certain provisions or contingencies and/or an
agreement for the renewal hereof at the expiration of the Term, the right to
such renewal or the execution of a renewal agreement between Landlord and Tenant
prior to the expiration of the Term shall not be considered an extension thereof
or a vested right in Tenant to such further term, so as to prevent Landlord from
canceling this Lease pursuant to the terms hereof and any such extension thereof
during the remainder of the original Term; such privilege, if and when so
exercised by Landlord pursuant to the terms hereof, shall cancel and terminate
this Lease and any such renewal or extension previously entered into between
Landlord and Tenant or the right of Tenant to any such renewal or extension; any
right herein contained on the part of Landlord to cancel this Lease pursuant to
the terms hereof shall continue during any extension or renewal hereof; any
option on the part of Tenant herein contained for an extension or renewal hereof
shall not be deemed to give Tenant any option for a further extension beyond the
first renewal or extended term.

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

    B.           No
act or thing done by Landlord or Landlord's agents during the Term shall be
deemed an acceptance of a surrender of the Premises, and no agreement to accept
such surrender shall be valid unless in writing signed by
Landlord.  No employee of Landlord or of Landlord's agents shall have
any power to accept the keys of the Premises prior to the termination of this
Lease.  The delivery of keys to any employee of Landlord or of
Landlord's agents shall not operate as a termination of this Lease or a
surrender of the Premises.  In the event Tenant at any time desires to
have Landlord sublet the Premises for Tenant's account, Landlord or Landlord's
agents are authorized to receive said keys for such purpose without releasing
Tenant from any of the obligations under this Lease, and Tenant hereby relieves
Landlord of any liability for loss of or damage to any of Tenant's effects in
connection with such subletting.

    

    C.           The
failure of Landlord to seek redress for violation of, or to insist upon the
strict performance of, any covenant or condition of this Lease or any of the
Rules and Regulations set forth or hereafter adopted by Landlord, shall not
prevent a subsequent act which would have originally constituted a violation
from having all force and effect of an original violation.  The
receipt by Landlord of Rent with knowledge of the breach of any covenant of this
Lease shall not be deemed a waiver of such breach.  The failure of
Landlord to enforce any of the Rules and Regulations set forth, or hereafter
adopted, against Tenant and/or any other tenant in the Building shall not be
deemed a waiver of any such Rules and Regulations.  No provision of
this Lease shall be deemed to have been waived by Landlord unless such waiver be
in writing signed by Landlord.

    

    D.           No
payment by Tenant or receipt by Landlord of a lesser amount than the monthly
Rent herein stipulated shall be deemed to be other than on account of the
earliest stipulated Rent, or as Landlord may elect to apply same, nor shall any
endorsement or statement on any check or any letter accompanying any check or
payment as Rent be deemed an accord and satisfaction, and Landlord may accept
such check or payment without prejudice to Landlord's right to recover the
balance of such Rent or pursue any other remedy in this Lease
provided.

    

    E.           This
Lease contains the entire agreement between the parties and all prior
negotiations and agreements are merged in this Lease.  Any executory
agreement hereafter made shall be ineffective to change, modify, discharge or
effect an abandonment of it in whole or in part unless such executory agreement
is in writing and signed by the party against whom enforcement of the change,
modification, discharge or abandonment is sought.

    

    

    25.           WAIVER OF TRIAL BY
JURY.  It is mutually agreed by and between Landlord and Tenant
that the respective parties hereto shall and they hereby do waive trial by jury
in any action, proceeding or counterclaim brought by either of the parties
hereto against the other on any matters whatsoever arising out of or in any way
connected with this Lease, the relationship of Landlord and Tenant, Tenant's use
or occupancy of the Premises, any claim of injury or damage, or for the
enforcement of any remedy under any statute, emergency or
otherwise.  It is further mutually agreed that in the event Landlord
commences any summary proceeding (whether for nonpayment of rent or because
Tenant continues in possession of the Premises after the expiration or
termination of the Term), Tenant will not interpose any counterclaim (except for
mandatory or compulsory counterclaims) of whatever nature or description in any
such proceeding.

    

    

    26.           INABILITY TO PERFORM.
This Lease and the obligation of Tenant to pay Rent and additional rent
hereunder and perform all of the other covenants and agreements hereunder on the
part of Tenant to be performed shall in nowise be affected, impaired or excused
because Landlord is unable to fulfill any of its obligations under this Lease
expressly or impliedly to be performed by Landlord or because Landlord is unable
to make, or is delayed in making any repairs, additions, alterations,
improvements or decorations or is unable to supply or is delayed in supplying
any equipment or fixtures if Landlord is prevented or delayed from so doing by
reason of strikes or labor troubles or by accident or by any cause whatsoever
reasonably beyond Landlord's control, including but not limited to, laws,
governmental preemption in connection with a National Emergency or by reason of
any rule, order or regulation of any federal, state, county or municipal
authority or any department or subdivision thereof or any government agency or
by reason of the conditions of supply and demand which have been or are affected
by war or other emergency (collectively, “Force Majeure”).

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    

    

    27.           BILLS AND NOTICES.
Except as otherwise expressly provided in this Lease, any bills, statements,
notices, demands, requests or other communications given or required to be given
under this Lease shall be deemed sufficiently given or rendered if in writing,
sent by registered or certified mail (return receipt requested), postage
prepaid, addressed as follows or to such other address as either Landlord or
Tenant may designate as its new address for such purpose by notice given to the
others in accordance with the provisions of this Article 27:

    

    

    
      	
              If
      to Landlord:

            	
              Rosh 1450 Properties
      LLC

            
	 
      	
              c/o
      The Moinian Group

            
	 
      	
              530
      Fifth Avenue, Suite 1800

            
	 
      	
              New
      York, New York 10036

            
	 
      	 
      
	
              with
      a copy to:

            	
              Property
      Manager

            
	 
      	
              Cushman
      and Wakefield

            
	 
      	
              1450
      Broadway, 7th
      Floor

            
	 
      	
              New
      York, New York 10018

            
	 
      	 
      
	 
      	 
      
	
              If
      to Tenant:

            	
              Harris
      & Harris Group, Inc.

            
	 
      	
              1450
      Broadway, 24th
      Floor

            
	 
      	
              New
      York, NY 10018

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
              with
      a copy to:

            	
              Ballon
      Stoll Bader & Nadler, P.C.

            
	 
      	
              729
      Seventh Avenue, 17th
      Floor

            
	 
      	
              New
      York, NY 10019

            
	 
      	
              Attention:
      David Nadler, Esq.

            

    

    

    

    or at any
place where Tenant or any agent or employee of Tenant may be found if mailed
subsequent to Tenant's vacating, deserting, abandoning or surrendering the
Premises.  Tenant hereby acknowledges and agrees that any such bill,
statement, demand, notice, request or other communication may be given by
Landlord's agent on behalf of Landlord. Any such bill, statement, demand,
notice, request or other communication shall be deemed to have been rendered or
given on the date when it shall have been mailed as provided in this Article
27.  Notwithstanding anything contained in this Article 27 to the
contrary, bills and statements issued by Landlord may be sent by the method(s)
set forth hereinabove, without copies to any other party except if mailed by
Landlord subsequent to the date of Tenant’s vacating, deserting, abandoning or
surrendering the Premises.  This notice provision has been
specifically negotiated between the parties hereto.

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

    28.           ESCALATION.

    

    A.           Defined
Terms.   In a determination of any increase in the Rent
under the provisions of this Article 28, Landlord and Tenant agree as
follows:

    

    (i)
"Taxes" shall mean the aggregate amount of real estate taxes and any special or
other assessments (exclusive of penalties and interest thereon) imposed upon the
Real Property and real estate taxes or assessments imposed in connection with
the receipt of income or rents solely from the Building to the extent that same
shall be in lieu of all or a portion of the aforesaid taxes or assessments, or
additions or increases thereof (including, without limitation, (i) Omitted (ii)
assessments made in connection with any business improvement district and (iii)
any assessments levied after the date of this Lease for public benefits to the
Real Property or the Building (excluding an amount equal to the assessments
payable in whole or in part during or for the Base Tax Year (as defined in
Article 1 of this Lease)) which assessments, if payable in installments, shall
be deemed payable in the maximum number of permissible installments and there
shall be included in real estate taxes for each Comparison Year in which such
installments may be paid, the installments of such assessment so becoming
payable during such Comparison Year (in the manner in which such taxes and
assessments are imposed as of the date hereof); provided, that if because of any
change in the taxation of real estate, any other tax or assessment (including,
without limitation, any occupancy, gross receipts, rental, income, franchise,
transit or other tax) is imposed upon Landlord or the owner of the Real Property
or the Building, based on the occupancy, rents or income therefrom, in
substitution for or in addition to, any of the foregoing Taxes, such other tax
or assessment shall be deemed part of the Taxes. With respect to any Comparison
Year (hereinafter defined) all expenses, including reasonable attorneys' fees
and disbursements, experts' and other witnesses' fees, incurred in contesting
the validity or amount of any Taxes or in obtaining a refund of Taxes shall be
considered in computing the adjustment set forth in subsection
D(i)(a).

    

    (ii)
"Assessed Valuation" shall mean the amount for which the Real Property is
assessed pursuant to applicable provisions of the New York City Charter and of
the Administrative Code of the City of New York for the purpose of imposition of
Taxes.

    

    (iii)
"Tax Year" shall mean the period July 1 through June 30 (or such other period as
hereinafter may be duly adopted by the City of New York as its fiscal year for
real estate tax purposes).

    

    (iv)
"Base Taxes" shall mean the Taxes payable for the Base Tax Year.

    

    (v)
"Comparison Year" shall mean with respect to Taxes, any Tax Year subsequent to
the Base Tax Year for any part or all of which there is an increase in the Rent
pursuant to subsection B of this Article 28.

    

    (vi)
"Landlord's Statement" shall mean an instrument or instruments containing a
comparison of any increase or decrease in the Rent for the preceding Comparison
Year pursuant to the provisions of this Article 28.

    

    B.           Escalation.  (i)
If the Taxes payable for any Comparison Year (any part or all of which falls
within the Term) shall represent an increase above the Base Taxes, then the Rent
for such Comparison Year and continuing thereafter until a new Landlord's
Statement is rendered to Tenant, shall be increased by Tenant's Proportionate
Share of such increase. The Taxes shall be initially computed on the basis of
the Assessed Valuation in effect at the time Landlord's Statement is rendered
(as the Taxes may have been settled or finally adjudicated prior to such time)
regardless of any then pending application, proceeding or appeal respecting the
reduction of any such Assessed Valuation, but shall be subject to subsequent
adjustment as provided in subsection D(i)(a) of this Article 28.

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    

    C.           Payment of
Escalations.  (i) At any time prior to, during or after any
Comparison Year Landlord shall render to Tenant, either in accordance with the
provisions of Article 27 hereof or by personal delivery at the Premises, a
Landlord's Statement or Statements showing separately or together (a) a
comparison of the Taxes payable for the Comparison Year with the Base Taxes, and
(b) the amount of the increase in the Rent resulting from each of such
comparisons. Landlord's failure to render a Landlord's Statement and/or receive
payments with respect thereto during or with respect to any Comparison Year
shall not prejudice Landlord's right to render a Landlord's Statement and/or
receive payments with respect thereto during or with respect to any subsequent
Comparison Year, and shall not eliminate or reduce Tenant's obligation to pay
increases in the Rent pursuant to this Article 28 for such Comparison Year.
Landlord may also at any time and from time to time, furnish to Tenant a revised
Landlord's Statement or Statements showing separately or together a comparison
of the Taxes payable for the Comparison Year with the Base Taxes.

    

    (ii) (a)
With respect to an increase in the Rent resulting from an increase in the Taxes
for any Comparison Year above the Base Taxes, Tenant shall pay to Landlord a sum
equal to one-half (1⁄2) of such increase on the first day of June and a sum equal
to one-half (1⁄2) of such increase on the first day of December of each calendar
year. If Landlord's Statement shall be furnished to Tenant after the
commencement of the Comparison Year to which it relates, then (1) until
Landlord's Statement is rendered for such Comparison Year, Tenant shall pay
Tenant's Proportionate Share of Taxes for such Comparison Year in semi-annual
installments, as described above, based upon the last prior Landlord's Statement
rendered to Tenant with respect to Taxes, and (2) Tenant shall, within fifteen
(15) days after Landlord's Statement is furnished to Tenant, pay to Landlord an
amount equal to any underpayment of the installments of Taxes theretofore paid
by Tenant for such Comparison Year and, in the event of an overpayment by
Tenant, Landlord shall permit Tenant to credit against subsequent payments of
Rent the amount of such overpayment and, if such overpayment occurs in the last
Tax Year of the then Term of this Lease, by cash payment to Tenant. If during
the Term of this Lease, Taxes are required to be paid (either to the appropriate
taxing authorities or as tax escrow payments to a mortgagee) in full or in
monthly, quarterly, or other installments, on any other date or dates than as
presently required, then, at Landlord's option, Tenant's Proportionate Share
with respect to Taxes shall be correspondingly accelerated or revised so that
Tenant's Proportionate Share is due at least thirty (30) days prior to the date
payments are due to the taxing authorities or the superior mortgagee, as the
case may be. The benefit of any discount for any early payment or prepayment of
Taxes shall accrue solely to the benefit of Landlord, and such discount shall
not be subtracted from Tenant's Proportionate Share of such Taxes.

    

    (b)
Following each Landlord's Statement, a reconciliation shall be made as follows:
Tenant shall be debited with any increase in the Rent shown on such Landlord's
Statement and credited with the aggregate, if any, paid by Tenant on account in
accordance with the provisions of subsection C(ii)(a) or C(ii)(b) for the
Comparison Year in question; Tenant shall pay any net debit balance to Landlord
within fifteen (15) days next following rendition by Landlord, in accordance
with the provisions of Article 27 hereof, of an invoice for such net debit
balance; any net credit balance shall be applied against the next accruing
monthly installment of Minimum Rent.

    

    D.           Adjustments.  (i)
(a) In the event that, after a Landlord's Statement has been sent to Tenant, an
Assessed Valuation which had been utilized in computing the Taxes for a
Comparison Year is reduced (as a result of settlement, final determination of
legal proceedings or otherwise), and as a result thereof a refund of Taxes is
actually received by or on behalf of Landlord, then, promptly after receipt of
such refund, Landlord shall send Tenant a statement adjusting the Taxes for such
Comparison Year (taking into account the expenses mentioned in the last sentence
of subsection A(i) of this Article 28) and setting forth Tenant's Proportionate
Share of such refund and Tenant shall be entitled to receive such Share by way
of a credit against the Rent next becoming due after the sending of such
Statement; provided, however, that Tenant's Share of such refund shall be
limited to the amount, if any, which Tenant had theretofore paid to Landlord as
increased Rent for such Comparison Year on the basis of the Assessed Valuation
before it had been reduced.

    
      
        
        

      

      
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    (b) In
the event that, after a Landlord's Statement has been sent to Tenant, the
Assessed Valuation which had been utilized in computing the Base Taxes is
reduced (as a result of settlement, final determination of legal proceedings or
otherwise) then, and in such event: (1) the Base Taxes shall be retroactively
adjusted to reflect such reduction, (2) the monthly installment of Rent shall be
increased accordingly and (3) all retroactive additional rent resulting from
such retroactive adjustment shall be forthwith payable when billed by Landlord.
Landlord promptly shall send to Tenant a statement setting forth the basis for
such retroactive adjustment and additional rent payments.

    

    (ii) Any
Landlord's Statement sent to Tenant shall be conclusively binding upon Tenant
unless, within thirty (30) days after such statement is sent, Tenant shall (a)
pay to Landlord the amount set forth in such statement, without prejudice to
Tenant's right to dispute the same, and (b) send a written notice to Landlord
objecting to such statement and specifying the particular respects in which such
statement is claimed to be incorrect.

    

    (iii)
Anything in this Article 28 to the contrary notwithstanding, under no
circumstances shall the rent payable under this Lease be less than the then
annual Base Rent set forth in Article 1 hereof.

    

    (iv) The
expiration or termination of this Lease during any Comparison Year for any part
or all of which there is an increase or decrease in the Rent under this Article
shall not affect the rights or obligations of the parties hereto respecting such
increase or decrease and any Landlord's Statement relating to such increase or
decrease may, on a pro rata basis, be sent to Tenant subsequent to, and all such
rights and obligations shall survive, any such expiration or termination. Any
payments due under such Landlord's Statement shall be payable within thirty (30)
days after such statement is sent to Tenant.

    

    E.           (Omitted).

    

    29.           SERVICES.

    

    A.           Elevator. Landlord
shall provide passenger elevator facilities on business days from 12:00 A.M. to
11:59 P.M. and shall have one passenger elevator in the bank of elevators
servicing the Premises available at all other times. Landlord shall provide
freight elevator services on an "as available" basis for incidental use by
Tenant from 8:00 A.M. through 12:00 Noon and from 1:00 P.M. through 5:00 P.M. on
business days only.  Any extended use may be arranged with Landlord's
prior consent, which consent shall not be unreasonably withheld or delayed and
Tenant shall pay as additional rent all building standard charges
therefor.  Tenant shall not be charged for any elevator use during its
initial move-in into the Premises.

    

    B.           Heating.  Landlord
shall furnish heat to the Premises when and as required by law, on business days
from 8:00 A.M. to 6:00 P.M.  Landlord shall not be responsible for the
adequacy, design or capacity of the heating distribution system if the normal
operation of the heat distribution system serving the Building shall fail to
provide heat at reasonable temperatures or any reasonable volumes or velocities
in any parts of the Premises by reason of any rearrangement of partitioning or
other Alterations made or performed by or on behalf of Tenant.

    
      
        
        

      

      
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    C.           Cooling/Central System or
Package Unit Serving Multiple Tenants. The Premises shall be serviced by
a Tenant controlled air conditioning and ventilation system installed by
Landlord. Landlord shall furnish air-cooling on business days from 8:00 A.M. to
6:00 P.M. from May 15 through October 15 of each year during the Term, when, in
the judgment of Landlord, commercially reasonably exercised, it may be required
for the comfortable occupancy of the Premises, and shall ventilate the Premises
on business days and for similar hours during other months of the
year.   Tenant agrees to maintain and repair such system at its
own cost and expense and Tenant shall maintain a service contract for the
air-conditioning units.  Tenant shall not alter, modify or replace
such air-cooling system, or any part thereof.   Anything in this
subsection C to the contrary notwithstanding, Landlord shall not be responsible
if the normal operation of the air-cooling system serving the Premises shall
fail to provide cooled air at reasonable temperatures, pressures or degrees of
humidity or any reasonable volumes or velocities in any parts of the Premises.
Tenant agrees to keep and cause to be kept closed all of the windows in the
Premises whenever the air-cooling system is in operation and agrees to lower and
close the blinds when necessary because of the sun's position whenever the
air-cooling system is in operation. Tenant at all times agrees to cooperate
fully with Landlord and to abide by the regulations and requirements which
Landlord may reasonably prescribe for the proper functioning and protection of
the air-cooling system.

    

    D.           After Hours and Additional
Services. The Rent does not include any charge to Tenant for the
furnishing of any additional passenger elevator facilities or any freight
elevator facilities (other than as provided in Article 29 subsection A) or for
the service of heat to the Premises during periods other than the hours and days
set forth in sections A, B and C of this Article 29 for
the furnishing and distributing of such facilities or services (referred to as
"Overtime Periods"). Accordingly, if Landlord shall furnish any (i) additional
passenger elevator facilities to Tenant during Overtime Periods or freight
elevator facilities, except as provided in subsection A of this Article 29, or
(ii) heat to the Premises during Overtime Periods, then Tenant shall pay
Landlord additional rent for such facilities or services at the standard rates
then fixed by the Landlord for the Building or, if no such rates are then fixed,
at commercially reasonable rates. Neither the facilities nor the services
referred to in this Article 29D shall be furnished to Tenant or the Premises if
Landlord has not received advance notice from Tenant specifying the particular
facilities or services requested by Tenant at least twenty-four (24) hours prior
to the date on which the facilities or services are to be furnished; or if
Tenant is in default under any of the terms, covenants or conditions of this
Lease beyond any applicable grace or cure period; or if Landlord shall
commercially reasonably determine, that such facilities or services are
requested in connection with, or the use thereof shall create or aid in a
default under any term, covenant or condition of this Lease.  All of
the facilities and services referred to in this Article 29D are conveniences and
are not and shall not be deemed to be appurtenances to the Premises, and the
failure of Landlord to furnish any or all of such facilities or services shall
not constitute or give rise to any claim of an actual or constructive eviction,
in whole or in part, or entitle Tenant to any abatement or diminution of Rent,
or relieve Tenant from any of its obligations under this Lease, or impose any
liability upon Landlord or its agents by reason of inconvenience or annoyance to
Tenant, or injury to or interruption of Tenant's business or
otherwise.  Landlord may limit the furnishing during Overtime Periods
of any of the facilities or services referred to in this Article 29D to a total
of thirty (30) hours in any one week.

    

    E.           Cleaning/Provided by
Landlord.    Landlord, at Landlord’s sole expense,
shall provide cleaning services for the Premises five (5) days per each week
pursuant to a Landlord’s cleaning standards for the Building.  In
addition, Tenant shall, at its own cost and expense, clean and remove all
garbage, waste, rubbish and refuse from the Premises and the Building in
accordance with such rules and regulations Landlord deems reasonably necessary
for the proper operation of the Building.

    

    F.           Sprinkler System. If
there now is or shall be installed by Landlord in the Building a "sprinkler
system", and such system or any of its appliances shall be damaged or injured or
not in proper working order by reason of the negligence or wrongful act of
Tenant, Tenant's agents, servants, employees, licensees or visitors, Tenant
shall forthwith restore the same to good working condition at its own expense;
and if the New York Board of Fire Underwriters or the New York Fire Insurance
Rating Organization or any bureau, department or official of the state or city
government, shall require or recommend that any additional sprinkler heads be
made or supplied at the Premises by reason of Tenant's business, or the location
of the partitions, trade fixtures, or other contents of the Premises, Tenant
shall, at Tenant's expense, promptly make and supply such additional sprinkler
heads. Tenant shall pay to Landlord as additional rent the sum of twenty-five
($25.00) Dollars on the first day of each month during the term of this Lease,
as Tenant's portion of the contract price for sprinkler supervisory
service.

    
      
        
        

      

      
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    G.           Water.  Landlord
shall provide water for ordinary drinking, cleaning, pantry, and lavatory
purposes, but if Tenant requires, uses or consumes water for any other purposes
or in unusual quantities, Landlord may install a water meter at Landlord’s
expense and thereby measure Tenant's water consumption for all purposes and in
such event (i) Tenant shall keep said meter and installation equipment in good
working order and repair at Tenant's own cost and expense; (ii) Tenant agrees to
pay for water consumed, as shown on said meter, ten (10) days after bills are
rendered as additional rent; and (iii) Tenant covenants and agrees to pay the
sewer rent, charge or any other tax, rent, levy or charge which now or hereafter
is assessed, imposed or shall become a lien upon the Premises or the realty of
which they are part pursuant to law, order or regulation made or issued in
connection with any such metered use, consumption, maintenance or supply of
water, water system, or sewage or sewage connection or system. Tenant shall pay
to Landlord, as additional rent, on the first day of each month, Fifty ($50.00)
Dollars for the use of the water supplied to the Building in the absence of a
water meter for the Demised Premises.

    

    H.           Electricity Charges.
a)  Tenant's demand for, and consumption of, electricity in the
Premises shall be determined by submeter or submeters installed (or, if
existing, retrofitted) by Landlord at Landlord's expense.  Tenant
shall pay for such electric consumption within 15 days after rendition of bills
therefor, which bills shall be rendered by or on behalf of Landlord separately
for each meter.

     

    (b)           The
amount payable by Tenant per "KW" and "KWHR" for electricity consumed within the
Premises, whether determined by meters or as otherwise provided below, shall be
105% of the amount (as adjusted from time to time, "Landlord's Rate") at which
Landlord from time to time purchases each KW and KWHR of electricity for the
same period from the public utility company (including all surcharges, taxes,
fuel adjustments, taxes passed on to consumers by the public utility, and other
sums payable in respect thereof).  Landlord's Rate shall be determined
by dividing the cost charged by said utility (averaged separately for KW and
KWHRs) during each respective billing period by the number of KWs and KWHRs
consumed by the Building as set forth on the utility company invoice for such
period, plus the cost of line losses between the Building's master meter and
Tenant's meter(s) as commercially reasonably determined by
Landlord.

     

     (c)           At
Landlord's option, Landlord shall furnish and install all replacement lighting,
tubes, lamps, bulbs and ballasts required in the Premises, and Tenant shall pay
to Landlord or its designated contractor upon demand Landlord's then established
reasonable charges therefor.

     

    
      
        
        

      

      
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    I.           Interruption of
Services.    Landlord reserves the right to stop
service of the heating, the elevator, electrical, plumbing or other mechanical
systems or facilities in the Building and cleaning services when necessary, by
reason of accident or emergency, or for repairs, additions, alterations,
replacements, or improvements which, in the commercially reasonable judgment of
Landlord, are necessary to be made, until said repairs, additions, alterations,
replacements, or improvements shall have been completed. Landlord shall have no
responsibility or liability for interruption, curtailment or failure to supply
heat, outside air, elevator, plumbing, electricity or cleaning when prevented by
exercising its right to stop service or by strikes, labor troubles or accidents
or by any cause reasonably beyond Landlord's control, or by failure of
independent contractors to perform or by laws, orders, rules or regulations of
any federal, state, county or municipal authority or failure of suitable fuel
supply, or inability by exercise of reasonable diligence to obtain suitable fuel
or by reason of governmental preemption in connection with a National Emergency
or by reason of the conditions of supply and demand which have been or are
affected by war or other emergency.  The exercise of such right or
such failure by Landlord shall not constitute an actual or constructive
eviction, in whole or in part, or entitle Tenant to any compensation or to any
abatement or diminution of Rent, or relieve Tenant from any of its obligations
under this Lease, or impose any liability upon Landlord or its agents by reason
of inconvenience or annoyance to Tenant, or injury to or interruption of
Tenant's business, or otherwise.  Notwithstanding anything to the
contrary contained in this Lease, in the event that, as a result of (a) lack of
access for Tenant to the Premises and/or (b) the failure of any of the
mechanical systems in the Premises (including, without limitation, electricity)
and/or (c) the inoperability elevators to the Premises, Tenant is unable to
conduct its operations in the Premises for a period of seven (7) consecutive
business days then, unless the said condition or conditions hereinabove set
forth result from the negligence or wrongful acts of Tenant, its agents,
employees, contractors or invitees, the Fixed Rent shall thereafter abate on
a per diem
basis until such time as Tenant is able to resume its operations in the
Premises.

    

    

    30.           PARTNERSHIP
TENANT.

    

    A.           Partnership
Tenants.  If Tenant's interest in this Lease shall be assigned
to a partnership (or to two (2) or more persons, individually and as co-partners
of a partnership) pursuant to Article 12 (any such partnership and such persons
are referred to in this Article 30 as a "Partnership Tenant"), the following
provisions of this Article 30 shall apply to such Partnership Tenant: (i) the
liability of each of the parties comprising a Partnership Tenant shall be joint
and several, and (ii) each of the parties comprising a Partnership Tenant hereby
consents in advance to, and agrees to be bound by, any written instrument which
may hereafter be executed, changing, modifying or discharging this Lease, in
whole or in part, or surrendering all or any part of the Premises to Landlord,
and by any notices, demands, requests or other communications which may
hereafter be given by a Partnership Tenant or by any of the parties comprising a
Partnership Tenant, and (iii) any bills, statements, notices, demands, requests
or other communications given or rendered to a Partnership Tenant and to all
such parties shall be binding upon a Partnership Tenant and all such parties,
and (iv) if a Partnership Tenant shall admit new partners, all of such new
partners shall, by their admission to a Partnership Tenant, be deemed to have
assumed performance of all of the terms, covenants and conditions of this Lease
on Tenant's part to be observed and performed, and (v) a Partnership Tenant
shall give prompt notice to Landlord of the admission of any such new partners,
and upon demand of Landlord, shall cause each such new partner to execute and
deliver to Landlord an agreement in form satisfactory to Landlord, wherein each
such new partner shall assume performance of all the terms, covenants and
conditions of this Lease on Tenant's part to be observed and performed (but
neither Landlord's failure to request any such agreement nor the failure of any
such new partner to execute or deliver any such agreement to Landlord shall
vitiate the provisions of subdivision (iv) of subsection A of this Article
30).

    

    B.           Limited Liability
Entity.  Notwithstanding anything to the contrary contained
herein, if Tenant is a limited or general partnership (or is comprised of two
(2) or more persons, individually or as co-partners), the change or conversion
of Tenant to (i) a limited liability company, (ii) a limited liability
partnership, or (iii) any other entity which possesses the characteristics of
limited liability (any such limited liability company, limited liability
partnership or entity is collectively referred to as a "Limited Liability
Successor Entity"), shall be prohibited unless the prior written consent of
Landlord is obtained, which consent may be withheld in Landlord's sole
discretion.  Notwithstanding the foregoing, Landlord agrees not to
unreasonably withhold or delay such consent provided that:

    
      
        
        

      

      
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    (a)           The
Limited Liability Successor Entity succeeds to all or substantially all of
Tenant's business and assets;

    

    (b)           The
Limited Liability Successor Entity shall have a net worth, determined in
accordance with generally accepted accounting principles, consistently applied,
of not less than the greater of the net worth of Tenant on (1) the date of
execution of this Lease, or (2) the day immediately preceding the proposed
effective date of such conversion;

    

    (c)           Tenant
is not in default of any of the terms, covenants or conditions of this Lease on
the proposed effective date of such conversion;

    

    (d)           Tenant
shall cause each partner of Tenant to execute and deliver to Landlord an
agreement, in form and substance satisfactory to Landlord, wherein each such
partner agrees to remain personally liable for all of the terms, covenants and
conditions of this Lease that are to be observed and performed by the Limited
Liability Successor Entity; and

    

    (e)           Tenant
shall reimburse Landlord within ten (10) business days following demand by
Landlord for any and all reasonable costs and expenses that may be incurred by
Landlord in connection with said conversion of Tenant to a Limited Liability
Successor Entity, including, without limitation, any attorney's fees and
disbursements.

    

    31.           VAULT SPACE. Any
vaults, vault space or other space outside the boundaries of the Real Property,
notwithstanding anything contained in this Lease or indicated on any sketch,
blueprint or plan are not included in the Premises. Landlord makes no
representation as to the location of the boundaries of the Real Property. All
vaults and vault space and all other space outside the boundaries of the Real
Property which Tenant may be permitted to use or occupy is to be used or
occupied under a revocable license, and if any such license shall be revoked, or
if the amount of such space shall be diminished or required by any Federal,
State or Municipal authority or by any public utility company, such revocation,
diminution or requisition shall not constitute an actual or constructive
eviction, in whole or in part, or entitle Tenant to any abatement or diminution
of rent, or relieve Tenant from any of its obligations under this Lease, or
impose any liability upon Landlord. Any fee, tax or charge imposed by any
governmental authority for any such vaults, vault space or other space shall be
paid by Tenant.

    

    

    32.           SECURITY DEPOSIT. (a)
Tenant shall deposit with Landlord on the signing of this Lease the Security
Deposit (as defined in and subject to the provisions of Article 1A.(xiii) of
this Lease) as security for the faithful performance and observance by Tenant of
and subject to the provisions of the terms, conditions and provisions of this
Lease, including without limitation the surrender of possession of the Premises
to Landlord herein provided. It is agreed that in the event Tenant defaults in
respect of any of the terms, provisions and conditions of this Lease, including,
but not limited to, the payment of Rent and additional rent, Landlord may apply
or retain the whole or any part of the Security Deposit so deposited to the
extent required for the payment of any Rent and additional rent or any other sum
as to which Tenant is in default or for any sum which Landlord may expend by
reason of Tenant's default (beyond any applicable grace or cure period) in
respect of any of the terms, covenants and conditions of this Lease, including
but not limited to, any damages or deficiency in the reletting of the Premises,
whether such damages or deficiency accrue or accrues before or after summary
proceedings or other reentry by Landlord. If Landlord applies or retains any
part of the Security Deposit so deposited, Tenant, within ten (10) days' after
receipt of notice from Landlord, shall deposit with Landlord the amount so
applied or retained so that Landlord shall have the full Security Deposit on
hand at all times during the Term. The failure by Tenant to deposit such
additional amount within the foregoing time period shall be deemed a material
default pursuant to Article 17 of this Lease. If Tenant shall comply with all of
the terms, provisions, covenants and conditions of this Lease, the Security
Deposit shall promptly be returned to Tenant after the Expiration Date and after
delivery of the possession of the Premises to Landlord. In the event of a sale
of the Real Property or the Building, Landlord shall have the right to transfer
the Security Deposit to the vendee and Landlord shall thereupon be released by
Tenant from all liability for the return of the Security Deposit; and Tenant
agrees to look solely to the new Landlord for the return of the Security
Deposit; and it is agreed that the provisions hereof shall apply to every
transfer or assignment made of the Security Deposit to a new Landlord. Tenant
further covenants that it will not assign or encumber or attempt to assign or
encumber the Security Deposit and that neither Landlord nor its successors or
assigns shall be bound by any such assignment, encumbrance, attempted assignment
or attempted encumbrance. Landlord shall retain the Security Deposit in an
interest bearing account in a banking institution having an office in the City
of New York, County of New York having a net worth value in excess of
$500,000,000.00 at a customary rate of interest for the benefit of the Tenant
and same shall form part of the Security Deposit.

    
      
        
        

      

      
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               (b)   (Omitted).

     

    33.           CAPTIONS. The
captions are inserted only as a matter of convenience and for reference and in
no way define, limit or describe the scope of this Lease nor the intent of any
provision thereof.

    

    34.           ADDITIONAL
DEFINITIONS.

    

    A. The
term "office" or "offices", wherever used in this Lease, shall not be construed
to mean premises used as a store or stores, for the sale or display, at any
time, of goods, wares or merchandise, of any kind, or as a restaurant, shop,
booth, bootblack or other stand, barber shop, or for other similar purposes or
for manufacturing.

    

    B. The
words "reenter" and "reentry" as used in this Lease are not restricted to their
technical legal meaning.

    

    C. The
term "rent" as used in this Lease shall mean and be deemed to include Rent, any
increases in Rent, all additional rent and any other sums payable
hereunder.

    

    D. The
term "business days" as used in this Lease shall exclude Saturdays, Sundays and
all days observed by the State or Federal Government as legal holidays and union
holidays for those unions that materially affect the delivery of services in the
Building.

    

    

    35.           PARTIES BOUND. The
covenants, conditions and agreements contained in this Lease shall bind and
inure to the benefit of Landlord and Tenant and their respective heirs,
distributees, executors, administrators, successors, and, except as otherwise
provided in this Lease, their assigns.

    

    

    36.           BROKER. Each of the
parties hereby represent and warrant to each other that they
have  dealt directly with (and only with), the Broker (as defined in
Article 1 herein) as broker in connection with this Lease, and that no other
broker negotiated this Lease or is entitled to any commission in connection
therewith; and each party covenants and agrees to pay, hold harmless and
indemnify the other party from and against any and all cost, expense (including
reasonable attorney’s fees) or liability for any compensation, commissions or
charges claimed by any broker or agent, other than the Broker, with respect to
this Lease or the negotiations thereof, arising from, the indemnifying
party’s  acts, conduct or conversations.  The execution and
delivery of this Lease by Landlord shall be conclusive evidence that Landlord
has relied upon the foregoing representation and warrant.  This
Article shall survive the expiration or sooner termination of this Lease. Broker
shall be entitled to one full commission, provided under a separate agreement
between Landlord and Broker.

    

    
      
        
        

      

      
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    37.           INDEMNITY. Tenant
shall not, in its manner of use of the Premises, do or permit any act or thing
to be done upon the Premises which will subject Landlord to any liability or
responsibility for injury, damages to persons or property or to any liability by
reason of any violation of law or of any legal requirement of public authority,
but shall exercise such control over the Premises as to fully protect Landlord
against any such liability. Tenant agrees to indemnify and save harmless
Landlord from and against all liabilities, obligations, damages, penalties,
claims, costs and expenses, including reasonable attorney fees, incurred or
arising from (i) any wrongful act, omission or negligence of Tenant, its
contractors, licensees, agents, employees, invitees or visitors including any
claims arising from any act, omission or negligence of Landlord or Landlord or
Tenant, (ii) any accident, injury or damage whatsoever caused to any person or
to the property of any person and occurring during the Term in or about the
Premises, (iii) any accident, injury or damage to any person, entity or
property, occurring outside of the Premises but anywhere within or about the
Real Property, where such accident, injury or damage resulted from the
negligence or wrongful acts of Tenant or Tenant’s agents, employees, invitees or
visitors, including any claims arising from any act, omission or negligence of
Landlord or Landlord or Tenant (iv) any breach or violation of any covenant,
condition or agreement in this Lease set forth and contained on the part of
Tenant to be fulfilled, kept, observed and performed and (v) Tenant, or any of
Tenant's contractors, licensees, agents,  employees, invitees or
visitors causing or permitting any Hazardous Substance (as hereinafter defined)
to be brought upon, kept or used in or about the Premises or the Real Property
or any seepage, escape or release of such Hazardous Substances from in or out
about the Premises.  The term "Hazardous Substances" shall mean,
collectively, (a) asbestos and polychlorinated biphenyls and (b) hazardous or
toxic materials, wastes and substances which are defined, determined and
identified as such pursuant to any law.  Tenant’s liability under this
Lease extends to the negligence or wrongful acts of any subtenant and any
contractor, licensee, agent, employee, invitee or visitor of any
subtenant.  As used herein and in all other provisions in this Lease
containing indemnities made for the benefit of Landlord, the term "Landlord"
shall mean the Landlord herein named and its managing agent and their respective
parent companies and/or corporations, their respective controlled, associated,
affiliated and subsidiary companies and/or corporations and their respective
members, officers, partners, agents, consultants, servants, employees,
successors and assigns.  This indemnity and hold harmless agreement
shall include indemnity from and against any and all liability, fines, suits,
costs and expenses of any kind or nature incurred in or in connection with any
such claim or proceeding brought thereon, and the reasonable cost of the defense
thereof (excluding punitive and/or special damages). This Paragraph shall
survive the expiration or sooner termination of this Lease.

    

    38.           ADJACENT EXCAVATION
SHORING. If an excavation shall be made upon land adjacent to the
Premises, Tenant shall afford to the person causing or authorized to cause such
excavation, license to reasonably enter upon the Premises for the purpose of
doing such work as shall becommercially reasonably necessary to preserve the
wall or the Building from injury or damage and to support the same by proper
foundations without any claim for damages or indemnity against Landlord, or
diminution or abatement of Rent.

    

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    

    39.           MISCELLANEOUS.

    

    A.           No Offer. This Lease
is offered for signature by Tenant and it is understood that this Lease shall
not be binding upon Landlord unless and until (a) Landlord shall have executed
and delivered a fully executed copy of this Lease to Tenant, (b) the delivery of
a valid insurance certificate complying with the requirements hereof and (c) the
receipt by the Landlord of good usable funds for the payment of the first
monthly installment of rent and the Security Deposit unless required due to more
frequent sales or financings.

    

    B.           Certificates. From
time to time, within ten (10) days next following request by Landlord or the
mortgagee of a Mortgage but not more than twice in any 12 month period, (unless
required due to more frequent sales or financings), Tenant shall deliver to
Landlord or such mortgagee, as the case may be, a written statement executed and
acknowledged by Tenant, in form commercially reasonably satisfactory to Landlord
or such mortgagee, (i) stating that this Lease is then in full force and effect
(if that is the case) and has not been modified (or if modified, setting forth
all modifications), (ii) setting forth the date to which the Rent, additional
rent and other charges hereunder have been paid, together with the amount of
fixed base monthly Rent then payable, (iii) stating whether or not, to the
knowledge of Tenant, Landlord is in default under this Lease, and, if Landlord
is in default, setting forth the specific nature of all such defaults, (iv)
stating the amount of the security deposit under this Lease, (v) stating whether
there are any subleases affecting the Premises, (vi) stating the address of
Tenant to which all notices and communications under the Lease shall be sent,
(vii) stating the Commencement Date, the Rent Commencement Date and the
Expiration Date, and (viii) as to any other matters requested reasonably by
Landlord or such mortgagee. Tenant acknowledges that any statement delivered
pursuant to this subsection B may be relied upon by any purchaser or owner of
the Real Property or the Building, or Landlord's interest in the Real Property
or the Building, or by any mortgagee of a Mortgage, or by any assignee of any
mortgagee of a Mortgage.

    

    C.           Directory Listings.
Landlord agrees to provide Tenant, at Landlord's sole cost and expense, with
listings of Tenant's name on the directory in the lobby of the Building. Upon
written request by Tenant, Landlord agrees to provide Tenant with additional
listings on such directory, at Tenant's sole cost and expense, provided Tenant
shall be limited to a number of listings determined by multiplying Tenant's
Proportionate Share by the total number of spaces for listings on such
directory.

    

    D.           Authority. If Tenant
is a corporation or partnership, each individual executing this Lease on behalf
of Tenant hereby represents and warrants that Tenant is a duly formed and
validly existing entity qualified to do business in the State of New York and
that Tenant has full right and authority to execute and deliver this Lease and
that each person signing on behalf of Tenant is authorized to do
so.

    

    E.           Signage. Tenant shall
not exhibit, inscribe, paint or affix any sign, advertisement, notice or other
lettering on any portion of the Building or the outside of the Premises and in
the lobby of the Premises without the prior written consent of Landlord in each
instance. A plan of all signage or other lettering proposed to be exhibited,
inscribed, painted or affixed on the entry door(s) of, and in the lobby of, the
Premises shall be prepared by Tenant in conformity with building standard
signage requirements (if any) and submitted to Landlord for Landlord's consent,
which consent shall not be unreasonably withheld, delayed or otherwise
conditioned.  Upon the granting of Landlord’s consent, Tenant may
install such signage at Tenant's sole cost and expense.  Upon
installation of any such signage or other lettering, such signage or lettering
shall not be removed, changed or otherwise modified in any way without
Landlord's prior written approval, which approval shall not be unreasonably
withheld, delayed or otherwise conditioned.  Any signage,
advertisement, notice or other lettering which shall be exhibited, inscribed,
painted or affixed by or on behalf of Tenant in violation of the provisions of
this section may be removed by Landlord and the cost of any such removal shall
be paid by Tenant as additional rent.  Tenant shall not exhibit,
inscribe, paint or affix on any part of the Premises or the Building visible to
the general public any signage or lettering including the words "temporary" or
"personnel".

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    

    F.           Consents and
Approvals.  All references in this Lease to the consent or
approval of Landlord shall be deemed to mean the written consent of Landlord or
the written approval of Landlord and no consent or approval of Landlord shall be
effective for any purpose unless such consent or approval is set forth in a
written instrument executed by Landlord.  Wherever in this Lease
Landlord's consent or approval is required, if Landlord shall delay or refuse
such consent or approval, Tenant in no event shall be entitled to make, nor
shall Tenant make, any claim, and Tenant hereby waives any claim for money
damages (nor shall Tenant claim any money damages by way of set-off,
counterclaim or defense) based upon any claim or assertion by Tenant that
Landlord unreasonably withheld or unreasonably delayed its consent or
approval.  Tenant's sole remedy shall be an action or proceeding to
enforce any such provision, for specific performance, injunction or declaratory
judgment.

    

    G.           Governing
Law.  This Lease shall be deemed to have been made in New York
County, New York, and shall be construed in accordance with the laws of New
York.  All actions or proceedings relating, directly or indirectly, to
this Lease shall be litigated only in courts located within the County of New
York.  Landlord and Tenant, any guarantor of the performance of
Tenant’s obligations hereunder and their respective successors and assigns,
hereby subject themselves to the jurisdiction of any state or federal court
located with such county, and shall be subject to service provided that the
terms, provisions and conditions of Article 27 are adhered to.

    

    H.           (Omitted).

    

    

    40.           HAZARDOUS
SUBSTANCES.  Tenant shall not permit the presence, handling,
use, storage or transportation of Hazardous Substances in or about the Premises
or the Building and Tenant shall, at its sole cost and expense, perform any and
all Remedial Work arising from, growing out of or related to any breach of the
foregoing covenant by Tenant.  The term “Remedial Work” shall mean all
investigation, monitoring, restoration, abatement, detoxification, containment,
handling, treatment, removal, storage, decontamination, clean-up, transport,
disposal or other ameliorative work or response action undertaken in connection
with (a) any “Environmental Laws” (as hereinafter defined), (b) any order of any
governmental authority having jurisdiction over the Premises and/or the
Building, or (c) any final judgment, consent decree, settlement or compromise
with respect to any “Hazardous Substances Claims” (as hereinafter
defined).  The term “Hazardous Substances Claims” shall mean any and
all enforcement, clean-up, removal, remedial or other governmental or regulatory
actions, agreements or orders threatened in writing, instituted or completed
pursuant to any Environmental Laws and any and all other actions, proceedings,
claims, written demands or causes of action, whether meritorious or not
(including, without limitation, third party claims for contribution, indemnity,
personal injury or real or personal property damage), that, in each case, relate
to, arise from or are based, in whole or in part, on the occurrence or alleged
occurrence of any violation or alleged violation of or responsibility under any
applicable Environmental Law relating to the Premises and/or the Building or to
the ownership, use, occupation or operation thereof.  The term
“Environmental Laws” shall mean any and all present and future federal, state
and local laws (whether under common law, statute, ordinance, rule, regulation
or otherwise), court or administrative orders or decrees, requirements of
permits issued with respect thereto, and other requirements of governmental
authorities having jurisdiction over the Premises and/or the Building relating
to protection of the environment, to public health and safety or any Hazardous
Substances (including, without limitation, the Comprehensive Environmental
Response, Compensation, and Liability Act of 1980 (“CERCLA”), 42 U.S.C. §§ 9601,
et seq., as heretofore or hereafter amended from time to time).

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    

    

    41.           LANDLORD'S TERMINATION
OPTION.  Landlord shall have the right at any time to cancel
and terminate this Lease in the event Landlord shall decide to demolish or
rehabilitate the Building (the "Termination Option"), provided that Landlord
shall give notice to Tenant of Landlord's exercise of the Termination Option not
later than six (6) months prior to the proposed termination date set forth in
such notice. In the event Landlord shall give such notice of termination
pursuant to the provisions of this Article 41, this Lease shall come to an end
and expire on the termination date set forth in the notice of termination, with
the same force and effect as though said date were the Expiration Date, unless
sooner terminated pursuant to any other term, covenant or condition of this
Lease, or pursuant to law.

    

    

    
      42.   LANDLORD'S OPTION TO
RELOCATE TENANT.  Landlord shall have the right, upon not less
than
sixty (60) days prior written notice (the "Relocation Notice") to Tenant, to
relocate Tenant, at Landlord's sole expense, to other space located in the
Building (the "Substitution Space") of substantially comparable size and
condition as the Premises, in which event Tenant shall vacate the Premises on
the date specified in the Relocation Notice and enter into an amendment of this
Lease with Landlord to provide for (i) the deletion of all reference to the
Premises and the insertion of the Substitution Space in place thereof, (ii) a
fixed annual rent equal to the then current fixed annual rent per square foot
payable by Tenant under this Lease multiplied by the number of rentable square
feet in the Substitution Space and (iii) a modification  of the
definitions of Tenant's Proportionate Share (as currently defined in Article 1
hereof) to accurately represent the percentage which the Substitution Space
bears to the total rentable area of the Building and to accurately represent
that portion of the fixed annual rent for the Substitution Space.  In
all other respects, the terms and conditions contained in this Lease (including
escalations and base years) shall remain unmodified and continue in full force
and effect.

       

    

    

    43.           CONDOMINIUM.  This
Lease and all rights of Tenant hereunder are and shall be subject and
subordinate in all respects to any past, present and future condominium
declaration and by-laws, as same may be amended from time to time (collectively,
the "Declaration") which
Declaration has been and/or shall be recorded in connection therewith including
those which were executed in order to convert the Building (or any part thereof)
to a condominium form of ownership in accordance with the provisions of Article
9-B of the Real Property Law, or any successor thereto.  If any such
Declaration is to be recorded, Tenant, upon the request of Landlord, shall enter
into an amendment of this Lease confirming such subordination and modifying the
Lease in such respects as shall be necessary to conform to such condominium
conversion, including, without limitation, appropriate adjustments to Tenant's
Share and appropriate reductions in the Operating Expenses for the Base
Operating Year and the Base Tax Amount; provided, that, such
amendment and the foregoing subordination shall not reduce Tenant's rights or
increase Tenant's obligations under this Lease (in either case other than in a
non-material respect) including, without limitation, any reduction in the
obligations of Landlord under the Lease with respect to the Building, its
mechanical systems, elevators and roof.  Subject to the above terms of
this Section, Tenant shall comply with the terms, covenants and conditions, of
the Declaration with respect to this Lease.

    

     

    44. It is
acknowledged and agreed that in the preparation of this lease, indistinguishable
contributions were made by the attorneys and other representatives of both
Landlord and Tenant and that Landlord and Tenant each waives any and all rights,
either in law or in equity, to have this lease or any part thereof interpreted
in favor of one party over the other on the basis of lease draftsmanship and
preparation.

     

    
      	
              45.

            	
              Intentionally
      Omitted.

            

    

     

    
      
        
          
          

        

        
          40

          
            

          

        

        
          
          

        

         

      

    

    
      	
              46.

            	
              Intentionally
      Omitted.

            

    

     

    47.01.     Renewal
Right.  (a)  Provided that on the date Tenant
exercises the Renewal Option and at the commencement of the Renewal Term
(i) this Lease shall not have been terminated and (ii) Tenant shall
not be in default under this Lease beyond any applicable grace or cure periods,
Tenant shall have the option (the "Renewal Option") to
extend the term of this Lease for an additional five (5) year period (the "Renewal Term"), to
commence at the expiration of the initial Term.

     

    (b)           The
Renewal Option shall be exercised with respect to the entire Premises only and
shall be exercisable by Tenant giving notice to Landlord (the "Renewal Notice") at
least 18 months before the last day of the initial Term.  Time is of
the essence with respect to the giving of the Renewal Notice.

     

    47.02.  
Renewal Rent and Other
Terms.  (a)  The Renewal Term shall be upon all of
the terms and conditions set forth in this Lease, except that (i) the Fixed
Rent shall be as determined pursuant to the further provisions of this Section 47.02;
(ii) Tenant shall accept the Premises in its "as is" condition at the
commencement of the Renewal Term, and Landlord shall not be required to perform
Landlord's Work or any other work, pay the Work Allowance or any other amount or
render any services to make the Premises ready for Tenant's use and occupancy or
provide any abatement of Fixed Rent or Additional Charges, in each case with
respect to the Renewal Term; (iii) Tenant shall have no option to renew
this Lease beyond the expiration of the Renewal Term; and (iv) the Base Tax
Amount shall be the Taxes for the Tax Year ending immediately before the
commencement of the Renewal Term.

     

    (b)           The
annual Fixed Rent for the Premises for the Renewal Term shall be 95% of the Fair
Market Rent (“Rental Value”) and (ii) the Tax Payment payable with respect to
the Tax Year ending immediately before the commencement of the Renewal
Term.  "Fair
Market Rent" means the fixed annual rent that a willing lessee would pay
and a willing lessor would accept for the Premises during the Renewal Term,
taking into account all relevant factors, which relevant factors include,
without limitation, (a) the “as is” condition, (b) the Renewal Term is for five
(5) years (c) any similar leasing of premises such as the Premises would entail
a brokerage commission to a leasing broker (d) the limitation of the Permitted
Uses, (e) the location of the Premises and (f) the various terms of this Lease,
including the Tax Escalation.

     

    (c)           If
Tenant timely exercises the Renewal Option, Landlord shall notify Tenant (the
"Rent Notice")
at least 90 days before the last day of the initial Term of Landlord's
determination of the Fair Market Rent ("Landlord's
Determination").  If Landlord's Determination exceeds the
Annual Rent, then Tenant shall notify Landlord ("Tenant's Notice"),
within 20 days after Tenant's receipt of the Rent Notice, whether Tenant accepts
or disputes Landlord's Determination, and if Tenant disputes Landlord's
Determination, Tenant's Notice shall set forth Tenant's determination of the
Fair Market Rent. If Tenant fails to give Tenant's Notice within such 20 day
period, Tenant shall be deemed to have accepted Landlord's
Determination.

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    (d)           If
Tenant timely disputes Landlord's Determination and Landlord and Tenant fail to
agree as to the Fair Market Rent within 20 days after the giving of Tenant's
Notice,  then the Fair Market Rent shall be determined as
follows:  Such dispute shall be resolved by arbitration conducted in
accordance with the Real Estate Valuation Arbitration Rules (Expedited
Procedures) of the AAA, except that the provisions of this Section 47.02(d)
shall supersede any conflicting or inconsistent provisions of said
rules.  The party requesting arbitration shall do so by giving notice
to that effect to the other party, specifying in said notice the nature of the
dispute, and that said dispute shall be determined in the City of New York, by a
panel of 3 arbitrators in accordance with this Section
47.02(d).  Landlord and Tenant shall each appoint their own
arbitrator within 7 days after the giving of notice by either
party.  If either Landlord or Tenant shall fail timely to appoint an
arbitrator, the appointed arbitrator shall select the second arbitrator, who
shall be impartial, within 7 days after such party's failure to
appoint.  Such two arbitrators shall have 7 days to appoint a third
arbitrator who shall be impartial.  If such arbitrators fail to do so,
then either Landlord or Tenant may request the AAA to appoint an arbitrator who
shall be impartial within 14 days of such request and both parties shall be
bound by any appointment so made within such 14-day period.  If no
such third arbitrator shall have been appointed within such 14 days, either
Landlord or Tenant may apply to any court having jurisdiction to make such
appointment.  The third arbitrator only shall subscribe and swear to
an oath fairly and impartially to determine such dispute.  Within 14
days after the third arbitrator has been appointed, each arbitrator shall render
its determination of the Fair Market Rent in writing and shall submit same to
each of the other arbitrators, and to Landlord and Tenant.  If at
least two of the three arbitrators shall concur in their determination of the
Fair Market Rent, their determination shall be final and binding upon the
parties.  If the arbitrators fail to concur, then the Fair Market Rent
shall be equal to 50% of the sum of the two determinations by the arbitrators
closest in amount, and such amount shall be final and binding upon the
parties.  The fees and expenses of any arbitration pursuant to this
Section
47.02(d) shall be borne by the parties equally, but each party shall bear
the expense of its own arbitrator, attorneys and experts and the additional
expenses of presenting its own proof.  The arbitrators shall not have
the power to add to, modify or change any of the provisions of this
Lease.  Each arbitrator shall have at least 10 years' experience in
leasing and valuation of properties in the Borough of Manhattan, City and State
of New York which are similar in character to the Building.  After a
determination has been made of the Fair Market Rent, the parties shall execute
and deliver an instrument setting forth the Fair Market Rent, but the failure to
so execute and deliver any such instrument shall not effect the determination of
Fair Market Rent.

     

    (e)           If
Tenant disputes Landlord's Determination and if the final determination of Fair
Market Rent shall not be made on or before the first day of the Renewal Term,
then, pending such final determination, Tenant shall pay, as Fixed Rent for the
Renewal Term, an amount equal to Landlord’s Determination based upon the final
determination of the Fair Market Rent, the Fixed Rent payments made by Tenant
for such portion of the Renewal Term were (i) less than the Rental Value payable
for the Renewal Term, Tenant shall pay to Landlord the amount of such deficiency
within 10 days after demand therefor or (ii) greater than the Rental Value
payable for the Renewal Term, Landlord shall credit the amount of such excess
against the immediately following future installments of Fixed Rent payable by
Tenant.

     

    48.01.  Landlord’s
Representations.

     

    Tenant shall have access to the
Building and the Premises 24 hours seven days a week.

     

    49.01.  Filing of
Lease.

     

    Tenant is a public corporation and, as
such, this Lease shall be filed with the Securities and Exchange Commission and
Landlord has no objection to said filing.

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, Landlord
and Tenant have respectively executed this Lease as of the day and year first
above written.

     

    

    Rosh 1450 Properties
LLC, as
agent

    

    By: /s/ Joseph Moinian 

    Joseph
Moinian, a Managing Member

    

    

    HARRIS & HARRIS GROUP,
INC., Tenant

    

    By: /s/ Daniel B. Wolfe

    Name:
Daniel B. Wolfe

    Title:
President

     

     

    _______________________________

    Tenant’s
Tax I.D. Number

     

    
 

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

    

    
      EXHIBIT
1

    

    

    
      Floor
Plan of Premises

    

    

    

    

    

    
      
        
           

        

        
          44

          
            

          

        

        
           

        

      

    

    

    

    
      SCHEDULE
A

    

    

    
      RULES AND
REGULATIONS

    

    

    
      
        	
                I.

              	
                The
      rights of each tenant in the Building to the entrances, corridors and
      elevators of the Building are limited to ingress to and egress from such
      tenant's premises and no tenant shall use, or permit the use of the
      entrances, corridors, or elevators for any other purpose. No tenant shall
      invite to its premises, or permit the visit of persons in such numbers or
      under such conditions as to interfere with the use and enjoyment of any of
      the plazas, entrances, corridors, elevators and other facilities of the
      Building by other tenants. No tenant shall encumber or obstruct, or permit
      the encumbrances or obstruction of any of the sidewalks, plazas,
      entrances, corridors, elevators, fire exits or stairways of the Building.
      Landlord reserves the right to control and operate the public portions of
      the Building, the public facilities, as well as facilities furnished for
      the common use of the tenants, in such manner as Landlord deems best for
      the benefit of the tenants
generally.

              

      

      

      
        	
                II.

              	
                Landlord
      may refuse admission to the Building outside of ordinary business hours to
      any person not known to the watchman in charge or not having a pass issued
      by Landlord or not properly identified, and may require all persons
      admitted to or leaving the Building outside of ordinary business hours to
      register. Tenants' employees, agents and visitors shall be permitted to
      enter and leave the Building whenever appropriate arrangements have been
      previously made between Landlord and the tenant with respect thereto. Each
      tenant shall be responsible for all persons for whom it requests such
      permission and shall be liable to Landlord for all acts of such persons.
      Any person whose presence in the Building at any time shall, in the
      judgment of Landlord, be prejudicial to the safety, character, reputation
      or interests of the Building or its tenants may be denied access to the
      Building or may be ejected therefrom. In case of invasion, riot, public
      excitement or other commotion Landlord may prevent all access to the
      Building during the continuance of the same, by closing the doors or
      otherwise, for the safety of the tenants and protection of property in the
      Building. Landlord may require any person leaving the Building with any
      package or other object to exhibit a pass from the tenant from whose
      premises the package or object is being removed, but the establishment and
      enforcement of such requirement shall not impose any responsibility on
      Landlord for the protection of any tenant against the removal of property
      from the premises of tenant. Landlord shall, in no way, be liable to any
      tenant for damages or loss arising from the admission, exclusion or
      ejection of any person to or from a tenant's premises or the Building
      under the provisions of this rule.

              

      

      

      
        	
                III.

              	
                No
      tenant shall obtain or accept for use in its premises barbering, boot
      blacking, floor polishing, lighting maintenance, cleaning or other similar
      services from any persons not authorized by Landlord in writing to furnish
      such services. Such services shall be furnished only at such hours, within
      the tenant's premises and under such regulation as may be reasonably fixed
      by Landlord.

              

      

      

      
        	
                IV.

              	
                No
      window or other air-conditioning units shall be installed by any tenant,
      and only such window coverings as are supplied or permitted by Landlord
      shall be used in a tenant's
premises.

              

      

      

      
        	
                V.

              	
                There
      shall not be used in any space, nor in the public halls of the Building,
      either by any tenant, jobber or others in the delivery or receipt of
      merchandise, any hand trucks, except those equipped with rubber tires and
      side guards.

              

      

       

      
        
          
          

        

        
          45

          
            

          

        

        
          
          

        

      

       

      
        	
                VI.

              	
                All
      entrance doors in each tenant's premises shall be left locked when the
      tenant's premises are not in use. Entrance doors shall not be left open at
      any time. All windows in each tenant's premises shall be kept closed at
      all times and all blinds therein above the ground floor shall be lowered
      when and as reasonably required because of the position of the sun, during
      the operation of the air-conditioning system to cool or ventilate the
      tenant's premises.

              

      

      

      
        	
                VII.

              	
                No
      noise, including the playing of any musical instruments, radio or
      television, which, in the reasonable judgment of Landlord, might disturb
      other tenants in the Building, shall be made or permitted by any tenant.
      No dangerous, inflammable, combustible or explosive object, material or
      fluid shall be brought into the Building by any tenant or with the
      permission of any tenant.

              

      

      

      
        	
                VIII.

              	
                Each
      tenant shall be required to use Landlord's designated locksmith and may
      only install such locks and other security devices as Landlord reasonably
      approves.  Each tenant shall furnish Landlord with keys to its
      respective premises so that Landlord may have access thereto for the
      purposes set forth in the Lease. No additional locks or bolts of any kind
      shall be placed upon any of the doors or windows in any tenant's premises
      and no lock on any door therein shall be changed or altered in any
      respect. Duplicate keys for a tenant's premises and toilet rooms shall be
      procured only from Landlord, which may make a reasonable charge therefore.
      Upon the termination of a tenant's lease, all keys of the tenant's
      premises and toilet rooms shall be delivered to
  Landlord.

              

      

      

      
        	
                IX.

              	
                Each
      tenant, shall, at its expense, provide artificial light in the premises
      for Landlord's agents, contractors and employees while performing
      janitorial or other cleaning services and making repairs or alterations in
      said premises.

              

      

      

      
        	
                X.

              	
                No
      tenant shall install or permit to be installed any vending
      machines.

              

      

      

      
        	
                XI.

              	
                No
      animals or birds may be brought into or kept in or about the Building;
      Tenant acknowledges that any violation of this Rule and Regulation will
      impair the first class character and reputation of the Building and shall
      be a material default under this Lease. In addition, no bicycles, mopeds
      or vehicles of any kind shall be brought into or kept in or about the
      Building or permitted therein.

              

      

      

      
        	
                XII.

              	
                No
      furniture, office equipment, packages or merchandise will be received in
      the Building or carried up or down in the elevator, except between such
      hours as shall be designated by Landlord. Landlord shall prescribe the
      charge for freight elevator use and the method and manner in which any
      merchandise, heavy furniture, equipment or safes shall be brought in or
      taken out of the Building, and also the hours at which such moving shall
      be done. No furniture, office equipment, merchandise, large packages or
      parcels shall be moved or transported in the passenger elevators at any
      time.

              

      

      

      
        	
                XIII.

              	
                All
      electrical fixtures hung in offices or spaces along the perimeter of any
      tenant's Premises must be fluorescent, of a quality, type, design and bulb
      color reasonably approved by Landlord unless the prior consent of Landlord
      has been obtained for other
lamping.

              

      

      

      
        	
                XIV.

              	
                The
      exterior windows and doors that reflect or admit light and air into any
      premises or the halls, passageways or other public places in the Building,
      shall not be covered or obstructed by any tenant, nor shall any articles
      be placed on the windowsills.

              

      

       

      
        
          
          

        

        
          46

          
            

          

        

        
          
          

        

      

       

      
        	
                XV.

              	
                Canvassing,
      soliciting and peddling in the Building is prohibited and each tenant
      shall cooperate to prevent same.

              

      

      

      
        	
                XVI.

              	
                No
      tenant shall do any cooking, conduct any restaurant, luncheonette or
      cafeteria for the sale or service of food or beverages to its employees or
      to others, except as expressly approved in writing by Landlord. In
      addition, no tenant shall cause or permit any odors of cooking or other
      processes or any unusual or objectionable odors to emanate from the
      premises. The foregoing shall not preclude tenant from having food or
      beverages delivered to the premises, provided that no cooking or food
      preparation shall be carried out at the
  premises.

              

      

      

      
        	
                XVII.

              	
                No
      tenant shall generate, store, handle, discharge or otherwise deal with any
      Hazardous Substances on or about the Real
  Property.

              

      

    

     

     

     

    
 

    
      
        
           

        

        
          47

          
            

          

        

        
           

        

      

    

    

    

    SCHEDULE
B

    

    LANDLORD’S
INITIAL CONSTRUCTION

    

    Subject to the other terms and
provisions hereof, Landlord agrees, at its sole cost and expense and without
charge to Tenant, to do the following work in the Premises, all of which work shall
be of quality, installation, design, capacity, finish and color of the building
standard adopted by Landlord for the Building hereinafter called "Building
Standard" except as otherwise specified in Tenant’s Plans and
Specifications.

    

    Landlord,
at Landlord’s sole expense, shall provide a “new building installation” in the
Premises based on Tenant’s Plans and Specifications, which are attached hereto
in Exhibit 1, which work shall be completed (except for “punchlist items”) on
but not before January 1, 2010 (the “Lease Commencement
Date”).  Landlord shall provide all architectural services with
respect to Landlord’s Initial Construction at Landlord’s sole
expense.  Landlord shall obtain all permits and approvals with respect
to Landlord’s said work, at Landlord’s sole expense.  Landlord’s work
shall be performed in accordance with Tenant’s Plans and Specifications as shown
in Exhibit 1.

    

    Notwithstanding
anything contained herein to the contrary, Landlord’s Initial Construction shall
be deemed to have been substantially completed  on the earlier of (i)
the date upon which Landlord’s Initial Construction has been completed, other
than (A) minor details or adjustments, (B) items which, in accordance with good
construction practice, should be performed after completion of Tenant's Initial
Construction and (C) any part of Landlord’s Initial Construction that is not
completed due to Tenant Delay; provided, that in
each case Landlord shall nevertheless remain obligated to complete Landlord’s
Initial Construction and (ii) the date Tenant takes possession of the Premises
for the performance of Alterations. The taking of possession of the Premises by
Tenant for the performance of Alterations by Tenant or for the commencement of
its business operations in the Premises shall be conclusive evidence as against
Tenant that, at the time such possession was so taken, the Premises and the
Building were in good and satisfactory condition and that Landlord’s Initial
Construction was fully and satisfactorily completed except for minor or
insubstantial details of construction or mechanical adjustment which Landlord
agrees to complete with reasonable diligence after said Tenant’s taking of
possession of the Premises.

    

    

    
      
        
           

        

        
          48

          
            

          

        

        
           

        

      

    

    

    

    SCHEDULE
C

    

    REQUIREMENTS
FOR

    "CERTIFICATES
OF FINAL APPROVAL"

    

    
      	
              1.

            	
              All
      required Building Department Forms must be properly filled out and
      completed by the approved architect/engineer of record or Building
      Department expediter, as required.

            

    

    

    
      	
              2.

            	
              All
      forms are to be submitted to Landlord for Landlord's review and signature
      prior to submission of final plans and forms to the New York City Building
      Department, as required.

            

    

    

    
      	
              3.

            	
              All
      pertinent forms and filed plans are to be stamped and sealed by a licensed
      architect and/or professional engineer, as required.  All
      controlled inspections are to be performed by the architect/engineer of
      record unless approved otherwise by
Landlord.

            

    

    

    
      	
              4.

            	
              A
      copy of all approved forms, permits and approved Building Department plans
      (stamped and signed by the New York City Building Department) are to be
      submitted to the building office prior to start of
  work.

            

    

    

    
      	
              5.

            	
              Copies
      of all completed inspection reports and NYC Building Department sign-offs
      are to be submitted to the building office immediately following
      completion of construction, as
required.

            

    

    

    
      	
              6.

            	
              All
      claims, violations or discrepancies with improperly filed plans,
      applications, or improperly completed work shall become the sole
      responsibility of the applicant to resolve, as
  required.

            

    

    

    
      	
              7.

            	
              All
      changes to previously approved plans and applications must be filed under
      an amended application, as required.  Landlord reserves the
      right to withhold approvals to proceed with changes until associated plans
      are properly filed with the New York City Building Department, as
      required.

            

    

    

    
      	
              8.

            	
              The
      architect/engineer of record accepts full responsibility for any and all
      discrepancies or violations which arise out of non-compliance with all
      local laws and building codes having jurisdiction over the
      work.

            

    

    

    
      	
              9.

            	
              Landlord
      reserves the right to reject any and all work requests and new work
      applications that are not properly filed or accompanied by approved plans
      and building permits.

            

    

    

    
      	
              10.

            	
              All
      ACP's and asbestos inspections must be conducted by a licensed and fully
      qualified asbestos inspection agency approved by
  Landlord.

            

    

    

    These
forms must be furnished by the Architect/ Engineer of record or Building
Department expediter (filing agency) and approved by the Landlord prior to
submitting all plans and forms to the New York City Building Department for
final approval.

    

    These
forms must be furnished by Tenant.

    
      
        
        

      

      
        49

        
          

        

      

      
        
        

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	 
      	
                                                  Form

                                                	
                                                  Description

                                                
	 
      	 
      	 
      
	
                                                  _____ *

                                                	
                                                  PW-1

                                                	
                                                  Building
      Notice Application (Plan work approval application)

                                                
	 
      	 
      	 
      
	
                                                  
                                                    _____ *

                                                  

                                                	
                                                  PW-1B

                                                	
                                                  Plumbing/Mechanical
      Equipment

                                                
	 
      	 
      	
                                                  Application
      and Inspection Report

                                                
	 
      	 
      	 
      
	
                                                  
                                                    _____ *

                                                  

                                                	
                                                  PW-1

                                                	
                                                  Statement
      Form B

                                                
	 
      	 
      	 
      
	
                                                  
                                                    _____ *

                                                  

                                                	
                                                  TR-1

                                                	
                                                  Amendment
      Controlled Inspection Report

                                                
	 
      	 
      	 
      
	
                                                  _____

                                                	
                                                  PW-2

                                                	
                                                  Building
      Permit Form (All Disciplines)

                                                
	 
      	 
      	 
      
	
                                                  _____

                                                	
                                                  B
      Form 708

                                                	
                                                  Building
      Permit "Card"

                                                
	 
      	 
      	 
      
	
                                                  
                                                    _____ *

                                                  

                                                	
                                                  TR-1

                                                	
                                                  Certification
      of Completed Inspection and Certified Completion Letter by
      Architect/Engineer of record or Building
      Department  expediter

                                                
	 
      	 
      	 
      
	
                                                  _____ 

                                                	
                                                  PW-3

                                                	
                                                  Cost
      Affidavit Form

                                                
	
                                                  _____ 

                                                	
                                                  PW-4

                                                	
                                                  Equipment
      Use Application Form

                                                

                                        

                                      

                                    

                                     

                                    
                                      
                                        
                                        

                                      

                                      
                                        50

                                        
                                          

                                        

                                      

                                      
                                        
                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      	
              
                _____ *

              

            	
              PW-6

            	
              Revised
      Certificate of Occupancy for change in use (if
  applicable)

            
	 
      	 
      	 
      
	 
      	
              Form
      ACP7

            	
              New
      York City Department of

            
	 
      	
                
      or

            	
              Environmental
      Protection Asbestos

            
	 
      	
              Form  ACP5

            	
              Inspection
      Report as prepared by a licensed and approved asbestos inspection
      agency

            
	 
      	 
      	 
      
	 
      	 
      	
              Building
      Department Equipment Use Permits for all new HVAC equipment installed
      under this application

            
	 
      	 
      	 
      
	 
      	 
      	
              Revised
      Certificate of Occupancy for change in use (if
  applicable)

            

    
      	
              *

            	
              These
      items must beperforated
      (with the date and New York City Building Department Stamp) to signify New
      York City Building Department Approval.  All forms must bear
      proper approvals and sign-offs prior to authorization given by Landlord to
      proceed with the work.

            

    

    

    
      
        
           

        

        
          51

          
            

          

        

        
           

        

      

    

    

    

    SCHEDULE
D

    

    TENANT
ALTERATION WORK AND NEW CONSTRUCTION

    CONDITIONS
AND REQUIREMENTS

    

    

    
      	
              1.

            	
              No
      Alterations are permitted to commence until original Certificates of
      Insurance required from Tenant's general contractor (the "General
      Contractor") and all subcontractors complying with the attached
      requirements are on file with the Building
  office.

            

    

    

    
      	
              2.

            	
              All
      New York City Building Department applications with assigned BN# and permits must be
      on file with the Building office prior to
      starting work.  A copy of the building permit must also be
      posted on the job site by the General Contractor.  The General
      Contractor shall make all arrangements with Landlord's expediter for final
      inspections and sign-offs prior to substantial
  completion.

            

    

    

    
      	
              3.

            	
              The
      General Contractor shall comply with all Federal, State and local laws,
      building codes, OSHA requirements, and all laws having jurisdiction over
      the performance and handling of the
Alterations.

            

    

    

    
      	
              4.

            	
              The
      existing "Class E" fire alarm system (including all wiring and controls),
      if any, must be maintained at all times.  Any additions or
      alterations to the existing system shall be coordinated with the Building
      office as required.  All final tie-in work is to be performed by
      Landlord's fire alarm vendor and coordinated by the General
      Contractor.  All costs for the tie-ins are reimbursable to
      Landlord by Tenant.

            

    

    

    
      	
              5.

            	
              All
      wood used, whether temporary or not, such as blocking, form work, doors,
      frames, etc. shall be fire rated in accordance with the New York City
      Building and Fire Code requirements governing this
  work.

            

    

    

    
      	
              6.

            	
              Building
      standby personnel (i.e. Building operating engineer and/or elevator
      operator), required for all construction will be at Landlord's
      discretion.  Freight elevators used for overtime deliveries must
      be scheduled in writing with Landlord at least 24 hours in advance, as
      required.  All costs associated are reimbursable to Landlord by
      Tenant.

            

    

    

    
      	
              7.

            	
              The
      General Contractor shall comply with the Rules and Regulations of the
      Building elevators and the manner of handling materials, equipment and
      debris to avoid conflict and interference with Building
      operations.  All bulk deliveries or removals will be made prior
      to 8:00 a.m. and after 5:00 p.m. or on weekends, as
    required.

            

    

    

    
      	
              8.

            	
              No
      exterior hoisting will be permitted.  All products or materials
      specified are to be assembled on-site, and delivered to the site in such a
      manner so as to allow unobstructed passage through the Building's freight
      elevator, lobbies, corridors, etc.  The General Contractor will
      be responsible for protection of all finished spaces, as
      required.

            

    

    

    
      	
              9.

            	
              All
      construction personnel must use the freight elevator at all
      times.  Any and all tradesman found riding the passenger
      elevators without prior approval from Landlord will be escorted out of the
      Building and not be allowed re-entry without written approval from the
      Building office.

            

    

    

    
      	
              10.

            	
              During
      the performance of Alterations, Tenant's construction supervisor or job
      superintendent must be present on the job site at all
    times.

            

    

    

    
      	
              11.

            	
              During
      the performance of Alterations, all demolition work shall be performed
      after 6:00 p.m. during the week or on weekends.  This would
      include carting or rubbish removal as well as performing any operations
      that would disturb other Building tenants or other occupants (drilling,
      chopping, grinding, recircuiting,
etc.).

            

    

    

    
      	
              12.

            	
              No
      conduits or cutouts are permitted to be installed in the floor slab
      without prior written approval from Landlord.  Landlord reserves
      the right to restrict locations of such items to areas that will not
      interfere with the Building's framing system or components.  No
      conduits or cutouts are permitted outside of Tenant's
      Premises.

            

    

    

    
      	
              13.

            	
              Plumbing
      connections to Building supply, waste and vent lines are to be performed
      after normal working hours, and coordinated with the Building manager, and
      are to include the following minimum
  requirements:

            

    

    

    
      	
               
      

            	
              A.

            	
              Separate
      shutoff valves for all new hot and/or cold water supply lines (including
      associated access doors).

            

    

    

    
      	
               
      

            	
              B.

            	
              Patch
      and repair of existing construction on floor below, immediately following
      completion of plumbing work (to be performed after normal working hours,
      as required).

            

    

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

    
      	
              14.

            	
              The
      General Contractor must coordinate all work to occur in public spaces,
      core areas and other tenant occupied spaces with Landlord, and perform all
      such work after normal working hours (to include associated patch and
      repair work).  The General Contractor shall provide all required
      protection of existing finishes within the affected
    area(s).

            

    

    

    
      	
              15.

            	
              The
      General Contractor must perform all floor coring, drilling or trenching
      after normal business hours, and obtain Landlord's permission and approval
      of same prior to performing such
work.

            

    

    

    
      	
              16.

            	
              Convector
      mounted outlets and associated conduits, wiring, boxes, etc., shall be
      located and installed in areas where they will not hinder the operation or
      maintenance of existing fan coil units or prevent removal or replacement
      of access panels or removable
covers.

            

    

    

    
      	
              17.

            	
              The
      General Contractor shall be responsible for all final tests, inspections
      and approvals associated with all modifications, deletions or additions to
      Building Class "E" systems and
equipment.

            

    

    

    
      	
              18.

            	
              Recircuiting
      of existing power/lighting panels and circuits affecting Building and/or
      tenant operations are to be performed after normal business hours and
      coordinated with the Building office in advance, as
    required.

            

    

    

    
      	
              19.

            	
              All
      burning and welding to be performed in occupied or finished areas shall be
      performed after normal business hours and coordinated with the Building
      office in advance, as required.  Proper ventilation of the work
      area will be required in order to perform this
  work.

            

    

    

    
      	
              20.

            	
              The
      General Contractor shall provide Landlord’s managing agent and the
      Building office with all approved submittal and closeout documents as well
      as all required final inspections and Building Department sign-offs just
      prior to or immediately following completion of
    construction.

            

    

    

    
      	
              21.

            	
              Any
      and all Alterations to the Building sprinkler system (including draining
      of system) are to be performed after normal business hours and coordinated
      with the Building office, as required.  All costs associated
      with the shut down, drain and refill of the sprinkler system are
      reimbursable to Landlord.

            

    

    

    
      	
              22.

            	
              The
      General Contractor shall be responsible for any and all daily cleanup
      required to keep the job site clean throughout the entire course of the
      Alterations.  No debris shall be allowed to accumulate in any
      public spaces.

            

    

    

    
      	
              23.

            	
              The
      General Contractor shall be responsible for proper protection of all
      existing finishes and construction for Alterations to be performed in
      common Building areas.  All Alterations to be performed in
      occupied areas outside of the Premises shall be performed after normal
      business hours and coordinated with the Building office, as
      required.

            

    

    

    
      	
              24.

            	
              The
      General Contractor shall perform any and all hoisting associated with the
      Alterations after normal business hours.  The General Contractor
      will obtain all required permits and insurance to perform work of this
      nature.  The General Contractor shall specify hoisting methods
      and provide all required permits and insurance to Landlord’s managing
      agent and the Building office prior to commencement of
      Alterations.

            

    

    

    
      	
              25.

            	
              Union
      labor shall be used by all contractors and subcontractors performing any
      and all Alterations within the Building.  All contractors and
      subcontractors shall perform all work in a professional manner, and shall
      work in close harmony with one another as well as with the Building
      management and maintenance
personnel.

            

    

    

    
      	
              26.

            	
              The
      General Contractor shall forward complete copies of all approved
      contractor submittal, and Building and Fire Department sign-offs and
      Statement of Responsibility forms, to the Building office immediately
      following completion of
construction.

            

    

    

    
      
        
           

        

        
          53

          
            

          

        

        
           

        

      

    

    

    

    INSURANCE
REQUIREMENTS

    

    LIABILITY
LIMITATIONS

    

    
      	
              A.

            	
              Comprehensive
      or Commercial General Liability Insurance written on an occurrence basis,
      to afford protection of $5,000,000 combined single limit for personal
      injury, bodily injury and/or death and Broad Form property damage arising
      out of any one occurrence; and which insurance shall include coverage for
      premises-operations (including explosion, collapse and underground
      coverage), elevators, contractual liability, owner's and contractor's
      protective liability, and completed operations
  liability.

            

    

    

    
      	
              B.

            	
              Comprehensive
      Auto Liability Insurance covering the use of all owned, non-owned and
      hired vehicles providing bodily injury and property damage coverage, all
      on a per occurrence basis, at a combined single limit of
      $1,000,000.

            

    

    

    
      	
              C.

            	
              Worker's
      Compensation Insurance providing statutory benefits for contractor's
      employees and Employer's Liability Coverage in an amount not less than
      $100,000/$500,000/$100,000.

            

    

    

    
      	
              D.

            	
              Property
      coverage damage to or loss of use of contractor's
    equipment.

            

    

    

    CERTIFICATE
HOLDER

    

    Rosh 1450 Properties
LLC

    530 Fifth
Avenue

    18th
Floor

    New York,
New York 10036

    

    ADDITIONAL
INSUREDS

    

    Cushman
and Wakefield

    1450
Broadway

    New York,
New York 10018

    

    

    In
addition to listing each of the Additional Insureds, as noted above, the
Certificate of Insurance, general liability form, shall state "The General
Aggregate limit applies separately to each project."

    

    The name
and address of the Additional Insureds shall appear on the Certificate of
Insurance.  The insurance agent's address and telephone number is also
required.

    

    

    

    
      
        
           

        

        
          54

          
            

          

        

        
           

        

      

    

    

    SCHEDULE
E  (Omitted)

    

    

    
      
        
           

        

        
          55

          
            

          

        

        
           

        

      

    

    

    Exhibit
2

    

    

    
      
        
          	
                  Space

                	
                  Year

                	
                  Annual
      Rental Rate

                
	
                  Premises

                	 
      	 
      
	
                  Year

                	
                  1

                	
                  $248,400.00

                
	
                  Year

                	
                  2

                	
                  $254,610.00

                
	
                  Year

                	
                  3

                	
                  $260,975.25

                
	
                  Year

                	
                  4

                	
                  $267,499.63

                
	
                  Year

                	
                  5

                	
                  $274,187.12

                
	
                  Year

                	
                  6

                	
                  $281,041.80

                
	
                  Year

                	
                  7

                	
                  $288,067.85

                
	
                  Year

                	
                  8

                	
                  $295,269.54

                
	
                  Year

                	
                  9

                	
                  $302,651.28

                
	
                  Year

                	
                  10

                	
                  $310,217.56

                
	 
      	 
      	
                  Monthly
      Rental Rate

                
	 
      	 
      	 
      
	
                  Year

                	
                  1

                	
                  $20,700.00

                
	
                  Year

                	
                  2

                	
                  $21,217.50

                
	
                  Year

                	
                  3

                	
                  $21,747.94

                
	
                  Year

                	
                  4

                	
                  $22,291.64

                
	
                  Year

                	
                  5

                	
                  $22,848.93

                
	
                  Year

                	
                  6

                	
                  $23,420.15

                
	
                  Year

                	
                  7

                	
                  $24,005.65

                
	
                  Year

                	
                  8

                	
                  $24,605.80

                
	
                  Year

                	
                  9

                	
                  $25,220.94

                
	
                  Year

                	
                  10

                	
                  $25,851.46

                

        

      

    

    
 

    

    
      
        
           

        

        
          56Unassociated Document

    EXHIBIT
4.4

     

    GENERAL
STEEL HOLDINGS, INC.

     

    INDENTURE

     

    Dated as
of

     

                ,
20    

     

    DEBT
SECURITIES

    
      
        

      

    

    
       

      Trustee

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
         CROSS
REFERENCE SHEET* 

         

         Between 

         

         Provisions
of Trust Indenture Act (as defined herein) and Indenture, dated as of
[                ],
between GENERAL STEEL HOLDINGS, INC. and
[                      ],
as Trustee: 

         

        
          
            	
                     SECTION OF
      THE ACT 

                  	  
      	
                     SECTION OF
      INDENTURE 

                  	  
      
	
                     310(a)(1) and
      (2) 

                  	  
      	
                     11.04 

                  	  
      
	
                     310(a)(3) and
      (4) 

                  	  
      	
                     Inapplicable 

                  	  
      
	
                     310(b) 

                  	  
      	
                     11.01,
      11.04 and 11.05 

                  	  
      
	
                     310(c) 

                  	  
      	
                     Inapplicable 

                  	  
      
	
                     311(a) 

                  	  
      	
                     11.11 

                  	  
      
	
                     311(b) 

                  	  
      	
                     11.11 

                  	  
      
	
                     311(c) 

                  	  
      	
                     Inapplicable 

                  	  
      
	
                     312(a) 

                  	  
      	
                     10.02,
      10,03 and 14.02 

                  	  
      
	
                     312(b) 

                  	  
      	
                     10.02
      and 11.10 

                  	  
      
	
                     312(c) 

                  	  
      	
                     10.02
      and 11.10 

                  	  
      
	
                     313(a) 

                  	  
      	
                     10.01 

                  	  
      
	
                     313(b)(1) 

                  	  
      	
                     Inapplicable 

                  	  
      
	
                     313(b)(2) 

                  	  
      	
                     10.01 

                  	  
      
	
                     313(c) 

                  	  
      	
                     4.03,
      10.01, 11.03, 11.04 and 11.05 

                  	  
      
	
                     313(d) 

                  	  
      	
                     10.01 

                  	  
      
	
                     314(a) 

                  	  
      	
                     6.05
      and 10.02 

                  	  
      
	
                     314(b) 

                  	  
      	
                     Inapplicable 

                  	  
      
	
                     314(c)(1) and
      (2) 

                  	  
      	
                     16.01 

                  	  
      
	
                     314(c)(3) 

                  	  
      	
                     Inapplicable 

                  	  
      
	
                     314(d) 

                  	  
      	
                     Inapplicable 

                  	  
      
	
                     314(e) 

                  	  
      	
                     16.01 

                  	  
      
	
                     314(f) 

                  	  
      	
                     Inapplicable 

                  	  
      
	
                     315(a),
      (c) and (d) 

                  	  
      	
                     11.02 

                  	  
      
	
                     315(b) 

                  	  
      	
                     11.03 

                  	  
      
	
                     315(e) 

                  	  
      	
                     7.08
      and 11.05 

                  	  
      
	
                     316(a)(1) 

                  	  
      	
                     7.06 

                  	  
      
	
                     316(a)(2) 

                  	  
      	
                     Not
      required 

                  	  
      
	
                     316(a) (last
      sentence) 

                  	  
      	
                     Article
      I Definition: “Outstanding” 

                  	  
      
	
                     316(b) 

                  	  
      	
                     7.07 

                  	  
      
	
                     316(c) 

                  	  
      	
                     14.02 

                  	  
      
	
                     317(a) 

                  	  
      	
                     7.02 

                  	  
      
	
                     317(b) 

                  	  
      	
                     6.02 

                  	  
      
	
                     318(a) 

                  	  
      	
                     16.02 

                  	  
      

          

        

         

        
          
            

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

         

        

        
          
             

          

          
             

            
              

            

          

          
             

          

        

         

         TABLE
OF CONTENTS 

         

        
          
            	  
      	  
      	  
      	
                     PAGE 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      I DEFINITIONS 

                  	  
      	
                     1 

                  
	  
      	  
      	  
      
	
                     ARTICLE
      II FORMS OF SECURITIES 

                  	  
      	  
      
	  
      	  
      	  
      
	  
      	
                     SECTION 2.01  TERMS
      OF THE SECURITIES 

                  	  
      	
                     8 

                  
	  
      	
                     SECTION 2.02  FORM
      OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

                  	  
      	
                     9 

                  
	  
      	
                     SECTION 2.03  FORM
      OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION BY AN AUTHENTICATING
      AGENT 

                  	
                     F 

                  	
                     9 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      III THE DEBT SECURITIES 

                  	  
      	  
      
	  
      	  
      	  
      	  
      
	  
      	
                     SECTION 3.01  AMOUNT;
      ISSUABLE IN SERIES 

                  	  
      	
                     10 

                  
	  
      	
                     SECTION 3.02  DENOMINATIONS 

                  	  
      	
                     12 

                  
	  
      	
                     SECTION 3.03  EXECUTION,
      AUTHENTICATION, DELIVERY AND DATING 

                  	  
      	
                     12 

                  
	  
      	
                     SECTION 3.04  TEMPORARY
      SECURITIES 

                  	  
      	
                     13 

                  
	  
      	
                     SECTION 3.04  REGISTRAR 

                  	  
      	
                     13 

                  
	  
      	
                     SECTION 3.06  TRANSFER
      AND EXCHANGE 

                  	  
      	
                     14 

                  
	  
      	
                     SECTION 3.07  MUTILATED,
      DESTROYED, LOST AND STOLEN SECURITIES 

                  	  
      	
                     16 

                  
	  
      	
                     SECTION 3.08  PAYMENT
      OF INTEREST; INTEREST RIGHTS PRESERVED 

                  	  
      	
                     17 

                  
	  
      	
                     SECTION 3.09  CANCELLATION 

                  	  
      	
                     18 

                  
	  
      	
                     SECTION
      3.10  COMPUTATION OF INTEREST 

                  	  
      	
                     18 

                  
	  
      	
                     SECTION
      3.11  CURRENCY OF PAYMENTS IN RESPECT OF
      SECURITIES 

                  	  
      	
                     18 

                  
	  
      	
                     SECTION
      3.12  JUDGMENTS 

                  	  
      	
                     19 

                  
	  
      	
                     SECTION
      3.13  CUSIP NUMBERS 

                  	  
      	
                     19 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      IV REDEMPTION OF SECURITIES 

                  	  
      	  
      
	  
      	  
      	  
      
	  
      	
                     SECTION 4.01  APPLICABILITY
      OF RIGHT OF REDEMPTION 

                  	  
      	
                     19 

                  
	  
      	
                     SECTION 4.02  SELECTION
      OF SECURITIES TO BE REDEEMED 

                  	  
      	
                     19 

                  
	  
      	
                     SECTION 4.03  NOTICE
      OF REDEMPTION 

                  	  
      	
                     20 

                  
	  
      	
                     SECTION 4.04  DEPOSIT
      OF REDEMPTION PRICE 

                  	  
      	
                     20 

                  
	  
      	
                     SECTION 4.05  SECURITIES
      PAYABLE ON REDEMPTION DATE 

                  	  
      	
                     20 

                  
	  
      	
                     SECTION 4.06  SECURITIES
      REDEEMED IN PART 

                  	  
      	
                     21 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      V SINKING FUNDS 

                  	  
      	  
      
	  
      	  
      	  
      
	  
      	
                     SECTION 5.01  APPLICABILITY
      OF SINKING FUND 

                  	  
      	
                     21 

                  
	  
      	
                     SECTION 5.02  MANDATORY
      SINKING FUND OBLIGATION 

                  	  
      	
                     21 

                  
	  
      	
                     SECTION 5.03  OPTIONAL
      REDEMPTION AT SINKING FUND REDEMPTION PRICE 

                  	  
      	
                     21 

                  
	  
      	
                     SECTION
      5.04  APPLICATION OF SINKING FUND PAYMENT 

                  	  
      	
                     22 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      VI PARTICULAR COVENANTS OF THE COMPANY 

                  	  
      	  
      
	  
      	  
      	  
      	  
      
	  
      	
                     SECTION 6.01  PAYMENTS
      OF SECURITIES 

                  	  
      	
                     23 

                  
	  
      	
                     SECTION 6.02  PAYING
      AGENT 

                  	  
      	
                     23 

                  
	  
      	
                     SECTION 6.03  TO
      HOLD PAYMENT IN TRUST 

                  	  
      	
                     23 

                  
	  
      	
                     SECTION 6.04  MERGER,
      CONSOLIDATION AND SALE OF ASSETS 

                  	  
      	
                     24 

                  
	  
      	
                     SECTION 6.05  COMPLIANCE
      CERTIFICATE 

                  	  
      	
                     25 

                  
	  
      	
                     SECTION 6.06  CONDITIONAL
      WAIVER BY HOLDERS OF SECURITIES 

                  	  
      	
                     25 

                  
	  
      	
                     SECTION 6.07  STATEMENT
      BY OFFICERS AS TO DEFAULT 

                  	  
      	
                     25 

                  

             

             

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

             

            	  
      	  
      	  
      	  
      
	
                     ARTICLE
      VII REMEDIES OF TRUSTEE AND SECURITYHOLDERS 

                  	  
      	  
      
	  
      	  
      	  
      
	  
      	
                     SECTION 7.01  EVENTS
      OF DEFAULT 

                  	  
      	
                     25 

                  
	  
      	
                     SECTION 7.02  ACCELERATION;
      RESCISSION AND ANNULMENT 

                  	  
      	
                     27 

                  
	  
      	
                     SECTION 7.03  OTHER
      REMEDIES 

                  	  
      	
                     28 

                  
	  
      	
                     SECTION 7.04  TRUSTEE
      AS ATTORNEY-IN-FACT 

                  	  
      	
                     28 

                  
	  
      	
                     SECTION 7.05  PRIORITIES 

                  	  
      	
                     29 

                  
	  
      	
                     SECTION 7.06  CONTROL
      BY SECURITYHOLDERS; WAIVER OF PAST DEFAULTS 

                  	  
      	
                     29 

                  
	  
      	
                     SECTION 7.07  LIMITATION
      ON SUITS 

                  	  
      	
                     29 

                  
	  
      	
                     SECTION 7.08  UNDERTAKING
      FOR COSTS 

                  	  
      	
                     30 

                  
	  
      	
                     SECTION 7.09  REMEDIES
      CUMULATIVE 

                  	  
      	
                     30 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      VIII CONCERNING THE SECURITYHOLDERS 

                  	  
      	  
      
	  
      	  
      	  
      
	  
      	
                     SECTION 8.01  EVIDENCE
      OF ACTION TAKEN BY SECURITYHOLDERS 

                  	  
      	
                     30 

                  
	  
      	
                     SECTION 8.02  PROOF
      OF EXECUTION OR HOLDING OF SECURITIES 

                  	  
      	
                     31 

                  
	  
      	
                     SECTION 8.03  PERSONS
      DEEMED OWNERS 

                  	  
      	
                     31 

                  
	  
      	
                     SECTION 8.04  EFFECT
      OF CONSENTS 

                  	  
      	
                     31 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      IX SECURITYHOLDERS MEETINGS 

                  	  
      	  
      
	  
      	  
      	  
      
	  
      	
                     SECTION 9.01  PURPOSE
      OF MEETINGS 

                  	  
      	
                     32 

                  
	  
      	
                     SECTION 9.02  CALL
      OF MEETINGS BY TRUSTEE 

                  	  
      	
                     32 

                  
	  
      	
                     SECTION 9.03  CALL
      OF MEETINGS BY COMPANY OR SECURITYHOLDERS 

                  	  
      	
                     32 

                  
	  
      	
                     SECTION
      9.04  QUALIFICATIONS FOR VOTING 

                  	  
      	
                     32 

                  
	  
      	
                     SECTION 9.05  REGULATION
      OF MEETINGS 

                  	  
      	
                     32 

                  
	  
      	
                     SECTION
      9.06  VOTING 

                  	  
      	
                     33 

                  
	  
      	
                     SECTION
      9.07  NO DELAY OF RIGHTS BY MEETING 

                  	  
      	
                     33 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      X REPORTS BY THE COMPANY AND THE TRUSTEE AND SECURITYHOLDERS’
      LISTS 

                  	  
      	  
      
	  
      	  
      	  
      
	  
      	
                     SECTION 10.01  REPORTS
      BY TRUSTEE 

                  	  
      	
                     33 

                  
	  
      	
                     SECTION 10.02  REPORTS
      BY COMPANY 

                  	  
      	
                     34 

                  
	  
      	
                     SECTION 10.03  SECURITYHOLDERS’
      LISTS 

                  	  
      	
                     34 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      XI CONCERNING THE TRUSTEE 

                  	  
      	  
      
	  
      	  
      	  
      
	  
      	
                     SECTION 11.01  RIGHTS
      OF TRUSTEES; COMPENSATION AND INDEMNITY 

                  	  
      	
                     34 

                  
	  
      	
                     SECTION 11.02  DUTIES
      OF TRUSTEE 

                  	  
      	
                     36 

                  
	  
      	
                     SECTION 11.03  NOTICE
      OF DEFAULTS 

                  	  
      	
                     37 

                  
	  
      	
                     SECTION 11.04  ELIGIBILITY;
      DISQUALIFICATION 

                  	  
      	
                     37 

                  
	  
      	
                     SECTION 11.05  REGISTRATION
      AND NOTICE; REMOVAL 

                  	  
      	
                     37 

                  
	  
      	
                     SECTION 11.06  SUCCESSOR
      TRUSTEE BY APPOINTMENT 

                  	  
      	
                     38 

                  
	  
      	
                     SECTION
      11.07  SUCCESSOR TRUSTEE BY MERGER 

                  	  
      	
                     39 

                  
	  
      	
                     SECTION
      11.08  RIGHT TO RELY ON OFFICER’S
CERTIFICATE 

                  	  
      	
                     39 

                  
	  
      	
                     SECTION
      11.09  APPOINTMENT OF AUTHENTICATING AGENT 

                  	  
      	
                     40 

                  
	  
      	
                     SECTION
      11.10  COMMUNICATIONS BY SECURITYHOLDERS WITH OTHER
      SECURITYHOLDERS 

                  	  
      	
                     40 

                  
	  
      	
                     SECTION
      11.11  PREFERENTIAL COLLECTION OF CLAIMS AGAINST
      ISSUER 

                  	  
      	
                     40 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      XII SATISFACTION AND DISCHARGE; DEFEASANCE 

                  	  
      	  
      
	  
      	  
      	  
      
	  
      	
                     SECTION 12.01  APPLICABILITY
      OF ARTICLE 

                  	  
      	
                     40 

                  
	  
      	
                     SECTION 12.02  SATISFACTION
      AND DISCHARGE INDENTURE 

                  	  
      	
                     41 

                  
	  
      	
                     SECTION 12.03  DEFEASANCE
      UPON DEPOSIT MONEYS OR U.S. GOVERNMENT OBLIGATIONS 

                  	  
      	
                     42 

                  
	  
      	
                     SECTION 12.04  REPAYMENT
      TO COMPANY 

                  	  
      	
                     42 

                  
	  
      	
                     SECTION 12.05  INDEMNITY
      FOR U.S. GOVERNMENT OBLIGATIONS 

                  	  
      	
                     42 

                  
	  
      	
                     SECTION 12.06  APPLICATION
      OF TRUST MONEY 

                  	  
      	
                     42 

                  
	  
      	
                     SECTION 12.07  DEPOSITS
      OF NON-U.S. CURRENCIES 

                  	  
      	
                     43 

                  

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

             

            	  
      	  
      	  
      	  
      
	
                     ARTICLE
      XIII IMMUNITY OF CERTAIN PERSONS 

                  	  
      	  
      
	  
      	  
      	  
      
	  
      	
                     SECTION 13.01  NO
      PERSONAL LIABILITY 

                  	  
      	
                     43 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      XIV SUPPLEMENTAL INDENTURES 

                  	  
      	  
      
	  
      	  
      	  
      	  
      
	  
      	
                     SECTION 14.01  WITHOUT
      CONSENT OF SECURITYHOLDERS 

                  	  
      	
                     43 

                  
	  
      	
                     SECTION 14.02  WITH
      CONSENT OF SECURITYHOLDERS; LIMITATIONS 

                  	  
      	
                     45 

                  
	  
      	
                     SECTION 14.03  TRUSTEE
      PROTECTED 

                  	  
      	
                     46 

                  
	  
      	
                     SECTION 14.04  EFFECT
      OF EXECUTION OF SUPPLEMENTAL INDENTURE 

                  	  
      	
                     46 

                  
	  
      	
                     SECTION
      14.05  NOTATION ON OR EXCHANGE OF SECURITIES 

                  	  
      	
                     46 

                  
	  
      	
                     SECTION
      14.06  CONFORMITY WITH TIA 

                  	  
      	
                     46 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      XV SUBORDINATION OF SECURITIES 

                  	  
      	  
      
	  
      	  
      	  
      	  
      
	  
      	
                     SECTION
      15.01  AGREEMENT TO SUBORDINATE 

                  	  
      	
                     46 

                  
	  
      	
                     SECTION
      15.02  DISTRIBUTION ON DISSOLUTION, LIQUIDATION AND
      REORGANIZATION, SUBROGATION OF SECURITIES 

                  	  
      	
                     47 

                  
	  
      	
                     SECTION
      15.03  NO PAYMENT ON SECURITIES IN EVENT OF DEFAULT ON SENIOR
      INDEBTEDNESS 

                  	  
      	
                     48 

                  
	  
      	
                     SECTION
      15.04  PAYMENTS ON SECURITIES PERMITTED 

                  	  
      	
                     48 

                  
	  
      	
                     SECTION
      15.05  AUTHORIZATION OF SECURITYHOLDERS TO TRUSTEE TO EFFECT
      SUBORDINATION 

                  	  
      	
                     48 

                  
	  
      	
                     SECTION
      15.06  NOTICES TO TRUSTEE 

                  	  
      	
                     48 

                  
	  
      	
                     SECTION
      15.07  TRUSTEE AS HOLDER OF SENIOR
    INDEBTEDNESS 

                  	  
      	
                     49 

                  
	  
      	
                     SECTION
      15.08  MODIFICATIONS OF TERMS OF SENIOR
      INDEBTEDNESS 

                  	  
      	
                     49 

                  
	  
      	
                     SECTION
      15.09  RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING
      AGENT 

                  	  
      	
                     49 

                  
	  
      	
                     SECTION
      15.10  SATISFACTION AND DISCHARGE; DEFEASANCE AND COVENANT
      DEFEASANCE 

                  	  
      	
                     49 

                  
	  
      	
                     SECTION
      15.11  TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR
      INDEBTEDNESS 

                  	  
      	
                     49 

                  
	  
      	  
      	  
      	  
      
	
                     ARTICLE
      XVI MISCELLANEOUS PROVISIONS 

                  	  
      	  
      
	  
      	  
      	  
      	  
      
	  
      	
                     SECTION
      16.01  CERTIFICATES AND OPINIONS AS TO CONDITIONS
      PRECEDENT 

                  	  
      	
                     50 

                  
	  
      	
                     SECTION
      16.02  TRUST INDENTURE ACT CONTROLS 

                  	  
      	
                     51 

                  
	  
      	
                     SECTION
      16.03  NOTICES TO THE COMPANY AND TRUSTEE 

                  	  
      	
                     51 

                  
	  
      	
                     SECTION
      16.04  NOTICES TO SECURITYHOLDERS; WAIVER 

                  	  
      	
                     51 

                  
	  
      	
                     SECTION
      16.05  LEGAL HOLIDAY 

                  	  
      	
                     51 

                  
	  
      	
                     SECTION
      16.06  EFFECTS OF HEADINGS AND TABLE OF
    CONTENTS 

                  	  
      	
                     51 

                  
	  
      	
                     SECTION
      16.07  SUCCESSORS AND ASSIGNS 

                  	  
      	
                     51 

                  
	  
      	
                     SECTION
      16.08  SEPARABILITY CLAUSE 

                  	  
      	
                     51 

                  
	  
      	
                     SECTION
      16.09  BENEFITS OF INDENTURE 

                  	  
      	
                     52 

                  
	  
      	
                     SECTION
      16.10  COUNTERPARTS ORIGINALS 

                  	  
      	
                     52 

                  
	  
      	
                     SECTION
      16.11  GOVERNING LAW 

                  	  
      	
                     52 

                  

          

        

        

         

      

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      
        
           

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    INDENTURE
dated as of             ,
20    ,
among General Steel Holdings, Inc., a Nevada corporation (the “Company”),
and                     ,
as trustee (the “Trustee”).

     

    WITNESSETH:

     

    WHEREAS,
the Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance of debentures, notes, bonds or other evidences of
indebtedness (the “Securities”)
in an aggregate principal amount of up to                     
to be issued from time to time in one or more series as provided in this
Indenture; and

     

    WHEREAS,
all things necessary to make this Indenture a valid and legally binding
agreement of the Company, in accordance with its terms, have been
done.

     

    NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

     

    That, in
consideration of the premises and the purchase of the Securities by the Holders
thereof for the equal and proportionate benefit of all of the present and future
Holders of the Securities, each party agrees and covenants as
follows:

     

    ARTICLE
I

     

    DEFINITIONS

     

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

     

    (a) the
terms defined in this Article have the meanings assigned to them in this Article
and include the plural as well as the singular;

     

    (b) all
terms used herein without definition which are defined in the Trust Indenture
Act, either directly or by reference therein, have the meanings assigned to them
therein; and

     

    (c) the
words “herein”, “hereof” and “hereunder” and other words of similar import refer
to this Indenture as a whole and not to any particular Article, Section or other
subdivision.

     

    (d)
References to “Article” or “Section” or other subdivision herein are references
to an Article, Section or other subdivision of the Indenture, unless the context
otherwise requires.

     

    Section 1.01
Definitions.

     

    (a)
Unless otherwise defined in this Indenture or the context otherwise requires,
all terms used herein shall have the meanings assigned to them in the Trust
Indenture Act.

     

    (b)
Unless the context otherwise requires, the terms defined in this
Section 1.01(b) shall for all purposes of this Indenture have the meanings
hereinafter set forth, the following definitions to be equally applicable to
both the singular and the plural forms of any of the terms herein
defined:

     

    Affiliate:

     

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

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Authenticating
Agent:

     

    The term
“Authenticating Agent” shall have the meaning assigned to it in
Section 11.09.

     

    Board
of Directors:

     

    The term
“Board of Directors” shall mean either the board of directors of the Company or
the executive or any other committee of that board duly authorized to act in
respect hereof.

     

    Board
Resolution:

     

    The term
“Board Resolution” shall mean a copy of a resolution or resolutions certified by
the Secretary or an Assistant Secretary of the Company to have been duly adopted
by the Board of Directors (or by a committee of the Board of Directors to the
extent that any such other committee has been authorized by the Board of
Directors to establish or approve the matters contemplated) and to be in full
force and effect on the date of such certification and delivered to the
Trustee.

     

    Business
Day:

     

    The term
“Business Day,” when used with respect to any Place of Payment or any other
particular location referred to in this Indenture or in the Securities, shall
mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on
which banking institutions in that Place of Payment or other location are
authorized or obligated by law or executive order to close.

     

    Capital
Stock:

     

    The term
“Capital Stock” shall mean:

     

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

     

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

     

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

     

    (d) 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, but excluding from all of the foregoing any debt securities convertible
into Capital Stock, whether or not such debt securities include any right of
participation with Capital Stock.

     

    Code:

     

    The term
“Code” shall mean the Internal Revenue Code of 1986 as in effect on the date
hereof.

    

    Company:

     

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

     

    Company
Order:

     

    The term
“Company Order” shall mean a written order signed in the name of the Company by
the Chairman, Chief Executive Officer, President, Chief Financial Officer, any
Vice President, Treasurer, any Assistant Treasurer, Controller, Assistant
Controller, Secretary or any Assistant Secretary of the Company, and delivered
to the Trustee.

     

    Corporate
Trust Office:

     

    The term
“Corporate Trust Office,” or other similar term, shall mean the principal office
of the Trustee at which at any particular time its corporate trust business
shall be administered, which office at the date hereof is located at                     ,
or such other address as the Trustee may designate from time to time by notice
to the Holders and the Company, or the principal corporate trust officer of any
successor Trustee (or such other address as such successor Trustee may designate
from time to time by notice to the Holders and the Company).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Currency:

     

    The term
“Currency” shall mean U.S. Dollars or Foreign Currency.

     

    Default:

     

    The term
“Default” shall have the meaning assigned to it in
Section 11.03.

     

    Defaulted
Interest:

     

    The term
“Defaulted Interest” shall have the same meaning assigned to it in
Section 3.08(b).

     

    Depositary:

     

    The term
“Depositary” shall mean, with respect to the Securities of any series issuable
in whole or in part in the form of one or more Global Securities, the Person
designated as Depositary by the Company pursuant to Section 3.01 until a
successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include
each Person who is then a Depositary hereunder, and if at any time there is more
than one such Person, “Depositary” as used with respect to the Securities of any
such series shall mean the Depositary with respect to the Securities of that
series.

     

    Designated
Currency:

     

    The term
“Designated Currency” shall have the same meaning assigned to it in
Section 3.12.

     

    Discharged:

     

    The term
“Discharged” shall have the meaning assigned to it in
Section 12.03.

    

    Event
of Default:

     

    The term
“Event of Default” shall have the meaning specified in
Section 7.01.

     

    Exchange
Act:

     

    The term
“Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended.

     

    Exchange
Rate:

     

    The term
“Exchange Rate” shall have the meaning assigned to it in
Section 7.01.

     

    Floating
Rate Security:

     

    The term
“Floating Rate Security” shall mean a Security that provides for the payment of
interest at a variable rate determined periodically by reference to an interest
rate index specified pursuant to Section 3.01.

     

    Foreign
Currency:

     

    The term
“Foreign Currency” shall mean a currency issued by the government of any country
other than the United States or a composite currency, the value of which is
determined by reference to the values of the currencies of any group of
countries.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    GAAP:

     

    The term
“GAAP,” with respect to any computation required or permitted hereunder, shall
mean generally accepted accounting principles in effect in the United States as
in effect from time to time, including, without limitation, those 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 approved by a significant segment of the
accounting profession.

     

    Global
Security:

     

    The term
“Global Security” shall mean any Security that evidences all or part of a series
of Securities, issued in fully-registered certificated form to the Depositary
for such series in accordance with Section 3.03 and bearing the legend
prescribed in Section 3.03(g).

     

    Holder;
Holder of Securities:

     

    The terms
“Holder” and “Holder of Securities” are defined under “Security holder; Holder
of Securities; Holder.”

     

    Indebtedness:

     

    The term
“Indebtedness” shall mean any and all obligations of a Person for money borrowed
which, in accordance with GAAP, would be reflected on the balance sheet of such
Person as a liability on the date as of which Indebtedness is to be
determined.

     

    Indenture:

     

    The term
“Indenture” or “this Indenture” shall mean this instrument and all indentures
supplemental hereto.

     

    Interest:

     

    The term
“interest” shall mean, with respect to an Original Issue Discount Security that
by its terms bears interest only after Maturity, interest payable after
Maturity.

     

    Interest
Payment Date:

     

    The term
“Interest Payment Date” shall mean, with respect to any Security, the Stated
Maturity of an installment of interest on such Security.

     

    Mandatory
Sinking Fund Payment:

     

    The term
“Mandatory Sinking Fund Payment” shall have the meaning assigned to it in
Section 5.01.

     

    Maturity:

     

    The term
“Maturity,” with respect to any Security, shall mean the date on which the
principal of such Security shall become due and payable as therein and herein
provided, whether by declaration, call for redemption or otherwise.

     

    Members:

     

    The term
“Members” shall have the meaning assigned to it in
Section 3.03(i).

     

    Officer’s
Certificate:

     

    The term
“Officer’s Certificate” shall mean a certificate signed by any of the Chairman
of the Board of Directors, Chief Executive Officer, President, Chief Financial
Officer, any Vice President, Treasurer, any Assistant Treasurer, Controller,
Assistant Controller, Secretary or any Assistant Secretary of the Company and
delivered to the Trustee. Each such certificate shall include the statements
provided for in Section 16.01 if and to the extent required by the
provisions of such Section.

     

    
      
        
        

      

      
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    Opinion
of Counsel:

     

    The term
“Opinion of Counsel” shall mean an opinion in writing signed by legal counsel,
who may be an employee of or of counsel to the Company, or may be other counsel
that meets the requirements provided for in Section 16.01.

     

    Optional
Sinking Fund Payment:

     

    The term
“Optional Sinking Fund Payment” shall have the meaning assigned to it in
Section 5.01.

     

    Original
Issue Discount Security:

     

    The term
“Original Issue Discount Security” shall mean any Security that is issued with
“original issue discount” within the meaning of Section 1273(a) of the Code
and the regulations thereunder and any other Security designated by the Company
as issued with original issue discount for United States federal income tax
purposes.

    

    Outstanding:

     

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

     

    (a)
Securities theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;

     

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

     

    (c)
Securities that have been paid pursuant to Section 3.07(b) or in exchange
for or in lieu of which other Securities have been authenticated and delivered
pursuant to this Indenture, other than any such Securities in respect of which
there shall have been presented to a Responsible Officer of the Trustee proof
satisfactory to it that such Securities are held by a protected purchaser in
whose hands such Securities are valid obligations of the Company;

     

    provided,
however, that in determining whether the Holders of the requisite principal
amount of Securities of a series Outstanding have performed any action
hereunder, Securities owned by the Company or any other obligor upon the
Securities of such series or any Affiliate of the Company or of such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such
action, only Securities of such series that a Responsible Officer of the Trustee
actually knows to be so owned shall be so disregarded. Securities so owned that
have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right to act with
respect to such Securities and that the pledgee is not the Company or any other
obligor upon such Securities or any Affiliate of the Company or of such other
obligor. In determining whether the Holders of the requisite principal amount of
Outstanding Securities of a series have performed any action hereunder, the
principal amount of an Original Issue Discount Security that shall be deemed to
be Outstanding for such purpose shall be the amount of the principal thereof
that would be due and payable as of the date of such determination upon a
declaration of acceleration of the Maturity thereof pursuant to
Section 7.02 and the principal amount of a Security denominated in a
Foreign Currency that shall be deemed to be Outstanding for such purpose shall
be the amount calculated pursuant to Section 3.11(b).

     

    Paying
Agent:

     

    The term
“Paying Agent” shall have the meaning assigned to it in
Section 6.02(a).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Person:

     

    The term
“Person” shall mean an individual, a corporation, a limited liability company, a
partnership, an association, a joint stock company, a trust, an unincorporated
organization or a government or an agency or political subdivision
thereof.

     

    Place
of Payment:

     

    The term
“Place of Payment” shall mean, when used with respect to the Securities of any
series, the place or places where the principal of and premium, if any, and
interest on the Securities of that series are payable as specified pursuant to
Section 3.01.

    

    Predecessor
Security:

     

    The term
“Predecessor Security” shall mean, with respect to any Security, every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security, and, for the purposes of this definition, any Security
authenticated and delivered under Section 3.07 in lieu of a lost, destroyed
or stolen Security shall be deemed to evidence the same debt as the lost,
destroyed or stolen Security.

     

    Record
Date:

     

    The term
“Record Date” shall mean, with respect to any interest payable on any Security
on any Interest Payment Date, the close of business on any date specified in
such Security for the payment of interest pursuant to
Section 3.01.

     

    Redemption
Date:

     

    The term
“Redemption Date” shall mean, when used with respect to any Security to be
redeemed, in whole or in part, the date fixed for such redemption by or pursuant
to this Indenture and the terms of such Security, which, in the case of a
Floating Rate Security, unless otherwise specified pursuant to
Section 3.01, shall be an Interest Payment Date only.

     

    Redemption
Price:

     

    The term
“Redemption Price,” when used with respect to any Security to be redeemed, in
whole or in part, shall mean the price at which it is to be redeemed pursuant to
the terms of the Security and this Indenture.

     

    Register:

     

    The term
“Register” shall have the meaning assigned to it in
Section 3.05(a).

     

    Registrar:

     

    The term
“Registrar” shall have the meaning assigned to it in
Section 3.05(a).

     

    Responsible
Officers:

     

    The term
“Responsible Officers” of the Trustee hereunder shall mean any Vice President,
any Assistant Vice President, any Trust Officer, any Assistant Trust Officer or
any other officer associated with the corporate trust department 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 of the Trustee to whom such matter is referred
because of such person’s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Indenture.

     

    SEC:

     

    The term
“SEC” shall mean the U.S. Securities and Exchange Commission, as constituted
from time to time.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    Securities
Act:

     

    The term
“Securities Act” shall mean the Securities Act of 1933, as amended.

     

    Security:

     

    The term
“Security” or “Securities” shall have the meaning stated in the recitals and
shall more particularly mean one or more of the Securities duly authenticated by
the Trustee and delivered pursuant to the provisions of this
Indenture.

     

    Security
Custodian:

     

    The term
“Security Custodian” shall mean the custodian with respect to any Global
Security appointed by the Depositary, or any successor Person thereto, and shall
initially be the Paying Agent.

     

    Securityholder;
Holder of Securities; Holder:

     

    The term
“Securityholder” or “Holder of Securities” or “Holder,” shall mean the Person in
whose name Securities shall be registered in the Register kept for that purpose
hereunder.

     

    Senior
Indebtedness:

     

    The term
“Senior Indebtedness” means the principal of (and premium, if any) and unpaid
interest on (x) Indebtedness of the Company, whether outstanding on the
date hereof or thereafter created, incurred, assumed or guaranteed, for money
borrowed other than (a) any Indebtedness of the Company which when
incurred, and without respect to any election under Section 1111(b) of the
Federal Bankruptcy Code, was without recourse to the Company, (b) any
Indebtedness of the Company to any of its Subsidiaries, (c) Indebtedness to
any employee of the Company, (d) any liability for taxes, (e) Trade
Payables and (f) any Indebtedness of the Company which is expressly
subordinate in right of payment to any other Indebtedness of the Company, and
(y) renewals, extensions, modifications and refundings of any such
Indebtedness. For purposes of the foregoing and the definition of “Senior
Indebtedness,” the phrase “subordinated in right of payment” means debt
subordination only and not lien subordination, and accordingly,
(i) unsecured indebtedness shall not be deemed to be subordinated in right
of payment to secured indebtedness merely by virtue of the fact that it is
unsecured, and (ii) junior liens, second liens and other contractual
arrangements that provide for priorities among Holders of the same or different
issues of indebtedness with respect to any collateral or the proceeds of
collateral shall not constitute subordination in right of payment. This
definition may be modified or superseded by a supplemental
indenture.

     

    Special
Record Date:

     

    The term
“Special Record Date” shall have the meaning assigned to it in
Section 3.08(b)(i).

     

    Stated
Maturity:

     

    The term
“Stated Maturity” when used with respect to any Security or any installment of
interest thereon, shall mean the date specified in such Security as the fixed
date on which the principal (or any portion thereof) of or premium, if any, on
such Security or such installment of interest is due and payable.

    

    Subsidiary:

     

    The term
“Subsidiary,” when used with respect to any Person, shall mean:

     

    (a) any
corporation, limited liability company, 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 and after giving
effect to any voting agreement or stockholders’ agreement that effectively
transfers voting power) to vote in the election of directors, managers or
trustees of the corporation, association or other business entity is at the time
owned or controlled, directly or indirectly, by that Person or one or more of
the other Subsidiaries of that Person (or a combination thereof);
and

     

    
      
        
        

      

      
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    (b) any
partnership (i) the sole general partner or the managing general partner of
which is such Person or a Subsidiary of such Person or (ii) the only
general partners of which are that Person or one or more Subsidiaries of that
Person (or any combination thereof).

     

    Successor
Company:

     

    The term
“Successor Company” shall have the meaning assigned to it in
Section 3.06(i).

     

    Trade
Payables:

     

    The term
“Trade Payables” means accounts payable or any other Indebtedness or monetary
obligations to trade creditors created or assumed by the Company or any
Subsidiary of the Company in the ordinary course of business (including
guarantees thereof or instruments evidencing such liabilities).

     

    Trust
Indenture Act; TIA:

     

    The term
“Trust Indenture Act” or “TIA” shall mean the Trust Indenture Act of 1939, as
amended.

     

    Trustee:

     

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

     

    U.S.
Dollars:

     

    The term
“U.S. Dollars” shall mean such currency of the United States as at the time of
payment shall be legal tender for the payment of public and private
debts.

     

    U.S.
Government Obligations:

     

    The term
“U.S. Government Obligations” shall mean (i) direct non-callable
obligations of, or guaranteed by, the United States or (ii) obligations of
a Person controlled or supervised by and acting as an agency or instrumentality
of the United States, in either case, for the payment of which guarantee or
obligation the full faith and credit of the United States is
pledged.

    

    United
States:

     

    The term
“United States” shall mean the United States of America (including the States
and the District of Columbia), its territories and its possessions and other
areas subject to its jurisdiction.

     

    ARTICLE
II

     

    FORMS OF
SECURITIES

     

    Section 2.01
Terms of the
Securities.

     

    (a) The
Securities of each series shall be substantially in the form set forth in a
Company Order or in one or more indentures supplemental hereto, and shall have
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification or designation and such legends or endorsements
placed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Indenture, or as may be required to comply with any
law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any securities exchange on which any series of the Securities may
be listed or of any automated quotation system on which any such series may be
quoted, or to conform to usage, all as determined by the officers executing such
Securities as conclusively evidenced by their execution of such
Securities.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (b) The
terms and provisions of the Securities shall constitute, and are hereby
expressly made, a part of this Indenture, and, to the extent applicable, 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.

     

    Section 2.02
Form of Trustee’s
Certificate of Authentication.

     

    (a) Only
such of the Securities as shall bear thereon a certificate substantially in the
form of the Trustee’s certificate of authentication hereinafter recited,
executed by the Trustee by manual signature, shall be valid or become obligatory
for any purpose or entitle the Holder thereof to any right or benefit under this
Indenture.

     

    (b) Each
Security shall be dated the date of its authentication, except that any Global
Security shall be dated as of the date specified as contemplated in
Section 3.01.

     

    (c) The
form of the Trustee’s certificate of authentication to be borne by the
Securities shall be substantially as follows:

     

    TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

     

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

     

    
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
              Date of Authentication:

            	 
      	
              
                                     

              

            	 
      	 
      	 
      	 
      	 
      	
              , as Trustee

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	
              By:

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	
              Authorized
      Signatory

            	 
      	 
      

    

    

    Section 2.03
Form of Trustee’s
Certificate of Authentication by an Authenticating Agent.

    

    If at any
time there shall be an Authenticating Agent appointed with respect to any series
of Securities, then the Trustee’s Certificate of Authentication by such
Authenticating Agent to be borne by Securities of each such series shall be
substantially as follows:

     

    TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

     

    This is
one of the Securities issued referred to in the within-mentioned
Indenture.

     

    
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
              Date of Authentication:

            	 
      	
              
                                     

              

            	 
      	 
      	 
      	 
      	 
      	
              , as Trustee

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	
              By:

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	
              as
      Authenticating Agent

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	
              By:

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	
              Authorized
      Signatory

            	 
      	 
      

    

    

    
      
        
        

      

      
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    ARTICLE
III

     

    THE DEBT
SECURITIES

     

    Section 3.01
Amount; Issuable in
Series.

     

    The
aggregate principal amount of Securities that may be authenticated and delivered
under this Indenture is                     .
The Securities may be issued in one or more series. There shall be set forth in
a Company Order or in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series:

     

    (a) the
title of the Securities of the series (which shall distinguish the Securities of
such series from the Securities of all other series, except to the extent that
additional Securities of an existing series are being issued);

     

    (b) any
limit upon the aggregate principal amount of the Securities of the series that
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon transfer of, or in exchange for, or in lieu of,
other Securities of such series pursuant to Section 3.04, 3.06, 3.07, 4.06,
or 14.05);

     

    (c) the
dates on which or periods during which the Securities of the series may be
issued, and the dates on, or the range of dates within, which the principal of
and premium, if any, on the Securities of such series are or may be payable or
the method by which such date or dates shall be determined or
extended;

     

    (d) the
rate or rates at which the Securities of the series shall bear interest, if any,
or the method by which such rate or rates shall be determined, the date or dates
from which such interest shall accrue, or the method by which such date or dates
shall be determined, the Interest Payment Dates on which any such interest shall
be payable, and the Record Dates for the determination of Holders to whom
interest is payable on such Interest Payment Dates or the method by which such
date or dates shall be determined, the right, if any, to extend or defer
interest payments and the duration of such extension or deferral;

     

     (e)
if other than U.S. Dollars, the Currency in which Securities of the series shall
be denominated or in which payment of the principal of, premium, if any, or
interest on the Securities of the series shall be payable and any other terms
concerning such payment;

     

    (f) if
the amount of payment of principal of, premium, if any, or interest on the
Securities of the series may be determined with reference to an index, formula
or other method including, but not limited to, an index based on a Currency or
Currencies other than that in which the Securities are stated to be payable, the
manner in which such amounts shall be determined;

     

    (g) if
the principal of, premium, if any, or interest on Securities of the series are
to be payable, at the election of the Company or a Holder thereof, in a Currency
other than that in which the Securities are denominated or stated to be payable
without such election, the period or periods within which, and the terms and
conditions upon which, such election may be made and the time and the manner of
determining the exchange rate between the Currency in which the Securities are
denominated or payable without such election and the Currency in which the
Securities are to be paid if such election is made;

     

    (h) the
place or places, if any, in addition to or instead of the Corporate Trust Office
of the Trustee where the principal of, premium, if any, and interest on
Securities of the series shall be payable, and where Securities of any series
may be presented for registration of transfer, exchange or conversion, and the
place or places where notices and demands to or upon the Company in respect of
the Securities of such series may be made;

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (i) the
price or prices at which, the period or periods within which or the date or
dates on which, and the terms and conditions upon which Securities of the series
may be redeemed, in whole or in part, at the option of the Company, if the
Company is to have that option;

     

    (j) the
obligation or right, if any, of the Company to redeem, purchase or repay
Securities of the series pursuant to any sinking fund, amortization or analogous
provisions or at the option of a Holder thereof and the price or prices at
which, the period or periods within which or the date or dates on which, the
Currency or Currencies in which and the terms and conditions upon which
Securities of the series shall be redeemed, purchased or repaid, in whole or in
part, pursuant to such obligation;

     

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

     

    (l) if
other than the principal amount thereof, the portion of the principal amount of
the Securities of the series which shall be payable upon declaration of
acceleration of the Maturity thereof pursuant to Section 7.02;

     

    (m)
whether the Securities of the series are to be issued as Original Issue Discount
Securities and the amount of discount with which such Securities may be
issued;

     

    (n)
provisions, if any, for the defeasance of Securities of the series in whole or
in part and any addition or change in the provisions related to satisfaction and
discharge;

     

    (o)
whether the Securities of the series are to be issued in whole or in part in the
form of one or more Global Securities and, in such case, the Depositary for such
Global Security or Securities and the terms and conditions, if any, upon which
interests in such Global Security or Securities may be exchanged in whole or in
part for the individual Securities represented thereby;

     

     (p)
the date as of which any Global Security of the series shall be dated if other
than the original issuance of the first Security of the series to be
issued;

     

    (q) the
form of the Securities of the series;

     

    (r) if
the Securities of the series are to be convertible into or exchangeable for any
securities or property of any Person (including the Company), the terms and
conditions upon which such Securities will be so convertible or exchangeable,
and any additions or changes, if any, to permit or facilitate such conversion or
exchange;

     

    (s)
whether the Securities of such series are subject to subordination and the terms
of such subordination;

     

    (t) any
restriction or condition on the transferability of the Securities of such
series;

     

    (u) any
addition or change in the provisions related to compensation and reimbursement
of the Trustee which applies to Securities of such series;

     

    (v) any
addition or change in the provisions related to supplemental indentures set
forth in Sections 14.04 and 14.02 which applies to Securities of such
series;

     

    (w)
provisions, if any, granting special rights to Holders upon the occurrence of
specified events;

     

    (x) any
addition to or change in the Events of Default which applies to any Securities
of the series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 7.02 and any addition or change in the
provisions set forth in Article VII which applies to Securities of the
series;

     

    (y) any
addition to or change in the covenants set forth in Article VI which applies to
Securities of the series; and

     

    (z) any
other terms of the Securities of such series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by
Section 14.01).

     

    All
Securities of any one series shall be substantially identical, except as to
denomination and except as may otherwise be provided herein or set forth in a
Company Order or in one or more indentures supplemental hereto.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Section 3.02
Denominations.

     

     In
the absence of any specification pursuant to Section 3.01 with respect to
Securities of any series, the Securities of such series shall be issuable only
as Securities in denominations of any integral multiple of $1,000, and shall be
payable only in U.S. Dollars.

     

    Section 3.03
Execution,
Authentication, Delivery and Dating.

     

    (a) The
Securities shall be executed in the name and on behalf of the Company by the
manual or facsimile signature of its Chairman of the Board of Directors, Chief
Executive Officer, President, Chief Operating Officer, Chief Financial Officer,
one of its Vice Presidents or Treasurer. If the Person whose signature is on a
Security no longer holds that office at the time the Security is authenticated
and delivered, the Security shall nevertheless be valid.

     

     (b)
At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities and, if required pursuant to
Section 3.01, a supplemental indenture or Company Order setting forth the
terms of the Securities of a series. The Trustee shall thereupon authenticate
and deliver such Securities without any further action by the Company. The
Company Order shall specify the amount of Securities to be authenticated and the
date on which the original issue of Securities is to be
authenticated.

     

    (c) In
authenticating the first Securities of any series and accepting the additional
responsibilities under this Indenture in relation to such Securities the Trustee
shall receive, and (subject to Section 11.02) shall be fully protected in
relying upon an Officer’s Certificate and an Opinion of Counsel, each prepared
in accordance with Section 16.01 stating that the conditions precedent, if
any, provided for in the Indenture have been complied with.

     

    (d) The
Trustee shall have the right to decline to authenticate and deliver the
Securities under this Section 3.03 if the issue of the Securities pursuant
to this Indenture will affect the Trustee’s own rights, duties or immunities
under the Securities and this Indenture or otherwise in a manner which is not
reasonably acceptable to the Trustee.

     

    (e) Each
Security shall be dated the date of its authentication, except as otherwise
provided pursuant to Section 3.01 with respect to the Securities of such
series.

     

    (f)
Notwithstanding the provisions of Section 3.01 and of this
Section 3.03, if all of the Securities of any series are not to be
originally issued at the same time, then the documents required to be delivered
pursuant to this Section 3.03 must be delivered only once prior to the
authentication and delivery of the first Security of such series;

     

    (g) If
the Company shall establish pursuant to Section 3.01 that the Securities of
a series are to be issued in whole or in part in the form of one or more Global
Securities, then the Company shall execute and the Trustee shall authenticate
and deliver one or more Global Securities that (i) shall represent an
aggregate amount equal to the aggregate principal amount of the Outstanding
Securities of such series to be represented by such Global Securities,
(ii) shall be registered, if in registered form, in the name of the
Depositary for such Global Security or Securities or the nominee of such
Depositary, (iii) shall be delivered by the Trustee to such Depositary or
pursuant to such Depositary’s instruction and (iv) shall bear a legend
substantially to the following effect:

     

    “Unless
and until it is exchanged in whole or in part for the individual Securities
represented hereby, this Global Security may not be transferred except as a
whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary.”

     

    The
aggregate principal amount of each Global Security may from time to time be
increased or decreased by adjustments made on the records of the Security
Custodian, as provided in this Indenture.

     

    
      
        
        

      

      
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    (h) Each
Depositary designated pursuant to Section 3.01 for a Global Security in
registered form must, at the time of its designation and at all times while it
serves as such Depositary, be a clearing agency registered under the Exchange
Act and any other applicable statute or regulation.

     

    (i)
Members of, or participants in, the Depositary (“Members”) shall have no rights
under this Indenture with respect to any Global Security held on their behalf by
the Depositary or by the Security Custodian under such Global Security, and the
Depositary may be treated by the Company, the Trustee, the Paying Agent and the
Registrar and any of their agents as the absolute owner of such Global Security
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall
prevent the Company, the Trustee, the Paying Agent or the Registrar or any of
their agents from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or impair, as between the Depositary
and its Members, the operation of customary practices of the Depositary
governing the exercise of the rights of an owner of a beneficial interest in any
Global Security. The Holder of a Global Security may grant proxies and otherwise
authorize any Person, including Members and Persons that may hold interests
through Members, to take any action that a Holder is entitled to take under this
Indenture or the Securities.

     

    (j) No
Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate
of authentication substantially in one of the forms provided for herein duly
executed by the Trustee or by an Authenticating Agent by manual or facsimile
signature of an authorized signatory of the Trustee, and such certificate upon
any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder and is entitled to
the benefits of this Indenture.

     

    Section 3.04
Temporary
Securities.

     

    (a)
Pending the preparation of definitive Securities of any series, the Company may
execute, and upon Company Order the Trustee shall authenticate and deliver,
temporary Securities that are printed, lithographed, typewritten, mimeographed
or otherwise reproduced, in any authorized denomination, substantially of the
tenor of the definitive Securities in lieu of which they are issued, in
registered form and with such appropriate insertions, omissions, substitutions
and other variations as the officers executing such Securities may determine, as
conclusively evidenced by their execution of such Securities. Any such temporary
Security may be in global form, representing all or a portion of the Outstanding
Securities of such series. Every such temporary Security shall be executed by
the Company and shall be authenticated and delivered by the Trustee upon the
same conditions and in substantially the same manner, and with the same effect,
as the definitive Security or Securities in lieu of which it is
issued.

     

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

     

    (c) Upon
any exchange of a portion of a temporary Global Security for a definitive Global
Security or for the individual Securities represented thereby pursuant to this
Section 3.04 or Section 3.06, the temporary Global Security shall be
endorsed by the Trustee to reflect the reduction of the principal amount
evidenced thereby, whereupon the principal amount of such temporary Global
Security shall be reduced for all purposes by the amount so exchanged and
endorsed.

     

    Section 3.05
Registrar.

     

    (a) The
Company will keep, at an office or agency to be maintained by it in a Place of
Payment where Securities may be presented for registration or presented and
surrendered for registration of transfer or of exchange, and where Securities of
any series that are convertible or exchangeable may be surrendered for
conversion or exchange, as applicable (the “Registrar”),
a security register for the registration and the registration of transfer or of
exchange of the Securities (the registers maintained in such office and in any
other office or agency of the Company in a Place of Payment being herein
sometimes collectively referred to as the “Register”),
as in this Indenture provided, which Register shall at all reasonable times be
open for inspection by the Trustee. Such Register shall be in written form or in
any other form capable of being converted into written form within a reasonable
time. The Company may have one or more co-Registrars; the term “Registrar”
includes any co-registrar.

     

    
      
        
        

      

      
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    (b) The
Company shall enter into an appropriate agency agreement with any Registrar or
co-Registrar not a party to this Indenture. The agreement shall implement the
provisions of this Indenture that relate to such agent. The Company shall notify
the Trustee of the name and address of each such agent. If the Company fails to
maintain a Registrar for any series, the Trustee shall act as such and shall be
entitled to appropriate compensation therefor pursuant to Section 11.01.
The Company or any Affiliate thereof may act as Registrar, co-Registrar or
transfer agent.

     

    (c) The
Company hereby appoints the Trustee at its Corporate Trust Office as Registrar
in connection with the Securities and this Indenture, until such time as another
Person is appointed as such.

     

    Section 3.06
Transfer and
Exchange.

     

    (a)
Transfer.

     

    (i) Upon
surrender for registration of transfer of any Security of any series at the
Registrar the Company shall execute, and the Trustee or any Authenticating Agent
shall authenticate and deliver, in the name of the designated transferee, one or
more new Securities of the same series for like aggregate principal amount of
any authorized denomination or denominations. The transfer of any Security shall
not be valid as against the Company or the Trustee unless registered at the
Registrar at the request of the Holder, or at the request of his, her or its
attorney duly authorized in writing.

     

    (ii)
Notwithstanding any other provision of this Section, unless and until it is
exchanged in whole or in part for the individual Securities represented thereby,
a Global Security representing all or a portion of the Securities of a series
may not be transferred except as a whole by the Depositary for such series to a
nominee of such Depositary or by a nominee of such Depositary to such Depositary
or another nominee of such Depositary or by such Depositary or any such nominee
to a successor Depositary for such series or a nominee of such successor
Depositary.

     

    (b)
Exchange.

     

    (i) At
the option of the Holder, Securities of any series (other than a Global
Security, except as set forth below) may be exchanged for other Securities of
the same series for like aggregate principal amount of any authorized
denomination or denominations, upon surrender of the Securities to be exchanged
at the Registrar.

     (ii)
Whenever any Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Securities that the
Holder making the exchange is entitled to receive.

     

    (c)
Exchange of Global Securities for Individual Securities. Except as provided
below, owners of beneficial interests in Global Securities will not be entitled
to receive individual Securities.

     

    (i) Individual Securities shall be
issued to all owners of beneficial interests in a Global Security in exchange
for such interests if: (A) at any time the Depositary for the Securities of
a series notifies the Company that it is unwilling or unable to continue as
Depositary for the Securities of such series or if at any time the Depositary
for the Securities of such series shall no longer be eligible under
Section 3.03(h) and, in each case, a successor Depositary is not appointed
by the Company within 90 days of such notice, or (B) the Company executes
and delivers to the Trustee and the Registrar an Officer’s Certificate stating
that such Global Security shall be so exchangeable. In connection with the exchange of an
entire Global Security for individual Securities pursuant to this subsection
(C), such Global Security shall be deemed to be surrendered to the Trustee for
cancellation, and the Company shall execute, and the Trustee, upon receipt of a
Company Order for the authentication and delivery of individual Securities of
such series, will authenticate and deliver to each beneficial owner identified
by the Depositary in exchange for its beneficial interest in such Global
Security, an equal aggregate principal amount of individual Securities of
authorized denominations.

     

    
      
        
        

      

      
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    (ii) The
owner of a beneficial interest in a Global Security will be entitled to receive
an individual Security in exchange for such interest if an Event of Default has
occurred and is continuing. Upon receipt by the Security Custodian and Registrar
of instructions from the Holder of a Global Security directing the Security
Custodian and Registrar to (x) issue one or more individual Securities in
the amounts specified to the owner of a beneficial interest in such Global
Security and (y) debit or cause to be debited an equivalent amount of
beneficial interest in such Global Security, subject to the rules and
regulations of the Depositary:

     

    (A) the
Security Custodian and Registrar shall notify the Company and the Trustee of
such instructions, identifying the owner and amount of such beneficial interest
in such Global Security;

     

    (B) the
Company shall promptly execute and the Trustee, upon receipt of a Company Order
for the authentication and delivery of individual Securities of such series,
shall authenticate and deliver to such beneficial owner individual Securities in
an equivalent amount to such beneficial interest in such Global Security;
and

     

    (C) the
Security Custodian and Registrar shall decrease such Global Security by such
amount in accordance with the foregoing. In the event that the individual
Securities are not issued to each such beneficial owner promptly after the
Registrar has received a request from the Holder of a Global Security to issue
such individual Securities, the Company expressly acknowledges, with respect to
the right of any Holder to pursue a remedy pursuant to Section 7.07 hereof,
the right of any beneficial Holder of Securities to pursue such remedy with
respect to the portion of the Global Security that represents such beneficial
Holder’s Securities as if such individual Securities had been
issued.

    

    (iii) If
specified by the Company pursuant to Section 3.01 with respect to a series
of Securities, the Depositary for such series of Securities may surrender a
Global Security for such series of Securities in exchange in whole or in part
for individual Securities of such series on such terms as are acceptable to the
Company and such Depositary. Thereupon, the Company shall execute, and the
Trustee shall authenticate and deliver, without service charge,

     

    (A) to
each Person specified by such Depositary a new individual Security or Securities
of the same series, of any authorized denomination as requested by such Person
in aggregate principal amount equal to and in exchange for such Person’s
beneficial interest in the Global Security; and

     

    (B) to
such Depositary a new Global Security in a denomination equal to the difference,
if any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of individual Securities delivered to Holders
thereof.

     

    (iv) In
any exchange provided for in clauses (i) through (iii), the Company will
execute and the Trustee will authenticate and deliver individual Securities in
registered form in authorized denominations.

     

    (v) Upon
the exchange in full of a Global Security for individual Securities, such Global
Security shall be canceled by the Trustee. Individual Securities issued in
exchange for a Global Security pursuant to this Section shall be registered in
such names and in such authorized denominations as the Depositary for such
Global Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee. The Trustee shall deliver
such Securities to the Persons in whose names such Securities are so
registered.

     

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

     

    
      
        
        

      

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

     

    (f) No
service charge will be made for any registration of transfer or exchange of
Securities. The Company may require payment of a sum sufficient to cover any
tax, assessment or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than those
expressly provided in this Indenture to be made at the Company’s own expense or
without expense or charge to the Holders.

     

    (g) The
Company shall not be required to (i) register, transfer or exchange
Securities of any series during a period beginning at the opening of business 15
days before the day of the transmission of a notice of redemption of Securities
of such series selected for redemption under Section 4.03 and ending at the
close of business on the day of such transmission, or (ii) register,
transfer or exchange any Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in
part.

     

    (h) Prior
to the due presentation for registration of transfer or exchange of any
Security, the Company, the Trustee, the Paying Agent, the Registrar, any
co-Registrar or any of their agents may

    deem and
treat the Person in whose name a Security is registered as the absolute owner of
such Security (whether or not such Security shall be overdue and notwithstanding
any notation of ownership or other writing thereon) for all purposes whatsoever,
and none of the Company, the Trustee, the Paying Agent, the Registrar, any
co-Registrar or any of their agents shall be affected by any notice to the
contrary.

     

    (i) In
case a successor Company (“Successor
Company”) has executed an indenture supplemental hereto with the Trustee
pursuant to Article XIV, any of the Securities authenticated or delivered
pursuant to such transaction may, from time to time, at the request of the
Successor Company, be exchanged for other Securities executed in the name of the
Successor Company with such changes in phraseology and form as may be
appropriate, but otherwise identical to the Securities surrendered for such
exchange and of like principal amount; and the Trustee, upon Company Order of
the Successor Company, shall authenticate and deliver Securities as specified in
such order for the purpose of such exchange. If Securities shall at any time be
authenticated and delivered in any new name of a Successor Company pursuant to
this Section 3.06 in exchange or substitution for or upon registration of
transfer of any Securities, such Successor Company, at the option of the Holders
but without expense to them, shall provide for the exchange of all Securities at
the time Outstanding for Securities authenticated and delivered in such new
name.

     

    (j) Each
Holder of a Security agrees to indemnify the Company and the Trustee against any
liability that may result from the transfer, exchange or assignment of such
Holder’s Security in violation of any provision of this Indenture and/or
applicable United States federal or state securities laws.

     

    (k) The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any
Security other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements
hereof.

     

    (l)
Neither the Trustee nor any agent of the Trustee shall have any responsibility
for any actions taken or not taken by the Depositary.

     

    Section 3.07
Mutilated, Destroyed,
Lost and Stolen Securities.

     

    (a) If
(i) any mutilated Security is surrendered to the Trustee at its Corporate
Trust Office or (ii) the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Security, and there is
delivered to the Company and the Trustee security or indemnity bond satisfactory
to them to save each of them and any Paying Agent harmless, and neither the
Company nor the Trustee receives notice that such Security has been acquired by
a protected purchaser, then the Company shall execute and upon Company Order the
Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Security, a new Security of the same series
and of like tenor, form, terms and principal amount, bearing a number not
contemporaneously outstanding, that neither gain nor loss in interest shall
result from such exchange or substitution.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Section 3.08
Payment of Interest;
Interest Rights Preserved.

     

    (a)
Interest on any Security that is payable and is punctually paid or duly provided
for on any Interest Payment Date shall be paid to the Person in whose name such
Security (or one or more Predecessor Securities) is registered at the close of
business on the Record Date for such interest notwithstanding the cancellation
of such Security upon any transfer or exchange subsequent to the Record Date.
Payment of interest on Securities shall be made at the Corporate Trust Office
(except as otherwise specified pursuant to Section 3.01) or, at the option
of the Company, by check mailed to the address of the Person entitled thereto as
such address shall appear in the Register or, in accordance with arrangements
satisfactory to the Trustee, by wire transfer to an account designated by the
Holder.

     

    (b) Any
interest on any Security that is payable but is not punctually paid or duly
provided for on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the
relevant Record Date by virtue of his, her or its having been such a Holder, and
such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (i) or (ii) below:

     

    (i) The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names such Securities (or their respective Predecessor Securities) are
registered at the close of business on a special record date for the payment of
such Defaulted Interest (a “Special Record
Date”), which shall be fixed in the following manner. The Company shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to be
paid on each such Security and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as in this
clause provided. Thereupon the Trustee shall fix a Special Record Date for the
payment of such Defaulted Interest which shall be not more than 15 calendar days
and not less than 10 calendar days prior to the date of the proposed payment and
not less than 10 calendar days after the receipt by the Trustee of the notice of
the proposed payment. The Trustee shall promptly notify the Company of such
Special Record Date and, in the name and at the expense of the Company, shall
cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be mailed, first-class postage prepaid, to the Holders
of such Securities at their addresses as they appear in the Register, not less
than 10 calendar days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names such Securities
(or their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to
the following clause (ii).

     

    
      
        
        

      

      
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    (ii) The
Company may make payment of any Defaulted Interest on Securities in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which such Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the
proposed payment pursuant to this clause, such manner of payment shall be deemed
practicable by the Trustee.

     

    (c)
Subject to the provisions set forth herein relating to Record Dates, each
Security delivered pursuant to any provision of this Indenture in exchange or
substitution for, or upon registration of transfer of, any other Security shall
carry all the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Security.

     

    Section 3.09
Cancellation.
Unless otherwise specified pursuant to Section 3.01 for Securities of any
series, all Securities surrendered for payment, redemption, registration of
transfer or exchange or credit against any sinking fund or otherwise shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee
for cancellation and shall be promptly canceled by it and, if surrendered to the
Trustee, shall be promptly canceled by it. The Company may at any time deliver
to the Trustee for cancellation any Securities previously authenticated and
delivered hereunder that the Company may have acquired in any manner whatsoever,
and all Securities so delivered shall be promptly canceled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
canceled as provided in this Section, except as expressly permitted by this
Indenture. The Trustee shall dispose of all canceled Securities held by it in
accordance with its then customary procedures and deliver a certificate of such
disposal to the Company upon its request therefor. The acquisition of any
Securities by the Company shall not operate as a redemption or satisfaction of
the Indebtedness represented thereby unless and until such Securities are
surrendered to the Trustee for cancellation.

     

    Section 3.10
Computation of
Interest. Except as otherwise specified pursuant to Section 3.01 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year of twelve 30-day months.

     

    Section 3.11
Currency of Payments
in Respect of Securities.

     

    (a)
Except as otherwise specified pursuant to Section 3.01 for Securities of
any series, payment of the principal of and premium, if any, and interest on
Securities of such series will be made in U.S. Dollars.

     

    (b) For
purposes of any provision of the Indenture in which the Holders of Outstanding
Securities may perform an action that requires that a specified percentage of
the Outstanding Securities of all series perform such action and for purposes of
any decision or determination by the Trustee of amounts due and unpaid for the
principal of and premium, if any, and interest on the Securities of all series
in respect of which moneys are to be disbursed ratably, the principal of and
premium, if any, and interest on the Outstanding Securities denominated in a
Foreign Currency will be the amount in U.S. Dollars based upon exchange rates,
determined as specified pursuant to Section 3.01 for Securities of such
series, as of the date for determining whether the Holders entitled to perform
such action have performed it or as of the date of such decision or
determination by the Trustee, as the case may be.

     

     (c)
Any decision or determination to be made regarding exchange rates shall be made
by an agent appointed by the Company; provided, that such agent shall accept
such appointment in writing and the terms of such appointment shall, in the
opinion of the Company at the time of such appointment, require such agent to
make such determination by a method consistent with the method provided pursuant
to Section 3.01 for the making of such decision or determination. All
decisions and determinations of such agent regarding exchange rates shall, in
the absence of manifest error, be conclusive for all purposes and irrevocably
binding upon the Company, the Trustee and all Holders of the
Securities.

     

    
      
        
        

      

      
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    Section 3.12
Judgments. The
Company may provide pursuant to Section 3.01 for Securities of any series
that (a) the obligation, if any, of the Company to pay the principal of,
premium, if any, and interest on the Securities of any series in a Foreign
Currency or U.S. Dollars (the “Designated
Currency”) as may be specified pursuant to Section 3.01 is of the
essence and agrees that, to the fullest extent possible under applicable law,
judgments in respect of such Securities shall be given in the Designated
Currency; (b) the obligation of the Company to make payments in the
Designated Currency of the principal of and premium, if any, and interest on
such Securities shall, notwithstanding any payment in any other Currency
(whether pursuant to a judgment or otherwise), be discharged only to the extent
of the amount in the Designated Currency that the Holder receiving such payment
may, in accordance with normal banking procedures, purchase with the sum paid in
such other Currency (after any premium and cost of exchange) on the business day
in the country of issue of the Designated Currency or in the international
banking community (in the case of a composite currency) immediately following
the day on which such Holder receives such payment; (c) if the amount in
the Designated Currency that may be so purchased for any reason falls short of
the amount originally due, the Company shall pay such additional amounts as may
be necessary to compensate for such shortfall; and (d) any obligation of
the Company not discharged by such payment shall be due as a separate and
independent obligation and, until discharged as provided herein, shall continue
in full force and effect.

     

    Section 3.13
CUSIP Numbers.
The Company in issuing any Securities may use CUSIP, ISIN or other similar
numbers, if then generally in use, and thereafter with respect to such series,
the Trustee may use such numbers in any notice of redemption or exchange with
respect to such series provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee in
writing of any change in the CUSIP, ISIN or other similar numbers.

     

    ARTICLE
IV

     

    REDEMPTION OF
SECURITIES

     

    Section 4.01
Applicability of Right
of Redemption. Redemption of Securities (other than pursuant to a sinking
fund, amortization or analogous provision) permitted by the terms of any series
of Securities shall be made (except as otherwise specified pursuant to
Section 3.01 for Securities of any series) in accordance with this Article;
provided, however, that if any such terms of a series of Securities shall
conflict with any provision of this Article, the terms of such series shall
govern.

     

    Section 4.02
Selection of
Securities to be Redeemed.

     

    (a) If
the Company shall at any time elect to redeem all or any portion of the
Securities of a series then Outstanding, it shall at least 30 days prior to the
Redemption Date fixed by the Company (unless a shorter period shall be
satisfactory to the Trustee) notify the Trustee of such Redemption

    Date and
of the principal amount of Securities to be redeemed, and thereupon the Trustee
shall select, by lot or in such other manner as the Trustee shall deem
appropriate and which may provide for the selection for redemption of a portion
of the principal amount of any Security of such series; provided that the
unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security. In any case where more than one Security of
such series is registered in the same name, the Trustee may treat the aggregate
principal amount so registered as if it were represented by one Security of such
series. The Trustee shall, as soon as practicable, notify the Company in writing
of the Securities and portions of Securities so selected.

     

    (b) For
all purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities shall relate, in the case of
any Security redeemed or to be redeemed only in part, to the portion of the
principal amount of such Security that has been or is to be redeemed. If the
Company shall so direct, Securities registered in the name of the Company, any
Affiliate or any Subsidiary thereof shall not be included in the Securities
selected for redemption.

     

    
      
        
        

      

      
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    Section 4.03
Notice of
Redemption.

     

    (a)
Notice of redemption shall be given by the Company or, at the Company’s request,
by the Trustee in the name and at the expense of the Company; provided, however,
that the Company makes such request at least 3 days prior to the date by which
such notice of redemption must be given to Holders in accordance with this
Section 4.03; provided further that, the text of such notice shall be
prepared by the Company, not less than 60 days before the Redemption Date unless
the Trustee consents to a shorter period, to the Holders of Securities of any
series to be redeemed in whole or in part pursuant to this Article, in the
manner provided in Section 16.04. Any notice so given shall be conclusively
presumed to have been duly given, whether or not the Holder receives such
notice. Failure to give such notice, or any defect in such notice to the Holder
of any Security of a series designated for redemption, in whole or in part,
shall not affect the sufficiency of any notice of redemption with respect to the
Holder of any other Security of such series.

     

    (b) All
notices of redemption shall identify the Securities to be redeemed (including
CUSIP, ISIN or other similar numbers, if available) and shall
state:

     

    (i) such
election by the Company to redeem Securities of such series pursuant to
provisions contained in this Indenture or the terms of the Securities of such
series or a supplemental indenture establishing such series, if such be the
case;

     

    (ii) the
Redemption Date;

     

    (iii) the
Redemption Price;

     

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

     

    (v) that
on the Redemption Date the Redemption Price will become due and payable upon
each such Security to be redeemed, and that, if applicable, interest thereon
shall cease to accrue on and after said date;

     

    (vi) the
Place or Places of Payment where such Securities are to be surrendered for
payment of the Redemption Price;

     

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

     

    (viii)
that the Securities must be surrendered to the Paying Agent for payment of the
Redemption Price.

     

    Section 4.04
Deposit of Redemption
Price. On or prior to 11:00 a.m.,                     
time, on the Redemption Date for any Securities, the Company shall deposit with
the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 6.03) an
amount of money in the Currency in which such Securities are denominated (except
as provided pursuant to Section 3.01) sufficient to pay the Redemption
Price of such Securities or any portions thereof that are to be redeemed on that
date.

     

    Section 4.05
Securities Payable on
Redemption Date. Notice of redemption having been given as aforesaid, any
Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price and from and after such date (unless the Company
shall Default in the payment of the Redemption Price) such Securities shall
cease to bear interest. Upon surrender of any such Security for redemption in
accordance with said notice, such Security shall be paid by the Company at the
Redemption Price; provided, however, that (unless otherwise provided pursuant to
Section 3.01) installments of interest that have a Stated Maturity on or
prior to the Redemption Date for such Securities shall be payable according to
the terms of such Securities and the provisions of
Section 3.08.

     

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

     

    
      
        
        

      

      
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    Section 4.06
Securities Redeemed in
Part. Any Security that is to be redeemed only in part shall be
surrendered at the Corporate Trust Office or such other office or agency of the
Company as is specified pursuant to Section 3.01 with, if the Company, the
Registrar or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company, the Registrar and
the Trustee duly executed by the Holder thereof or his, her or its attorney duly
authorized in writing, and the Company shall execute, and the Trustee shall
authenticate and deliver to the Holder of such Security without service charge,
a new Security or Securities of the same series, of like tenor and form, of any
authorized denomination as requested by such Holder in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered; except that if a Global Security is so surrendered,
the Company shall execute, and the Trustee shall authenticate and deliver to the
Depositary for such Global Security, without service charge, a new Global
Security in a denomination equal to and in exchange for the unredeemed portion
of the principal of the Global Security so surrendered. In the case of a
Security providing appropriate space for such notation, at the option of the
Holder thereof, the Trustee, in lieu of delivering a new Security or Securities
as aforesaid, may make a notation on such Security of the payment of the
redeemed portion thereof.

     

    ARTICLE
V

     

    SINKING
FUNDS

     

    Section 5.01
Applicability of
Sinking Fund.

     

    (a)
Redemption of Securities permitted or required pursuant to a sinking fund for
the retirement of Securities of a series by the terms of such series of
Securities shall be made in accordance with such terms of such series of
Securities and this Article, except as otherwise specified pursuant to
Section 3.01 for Securities of such series, provided, however, that if any
such terms of a series of Securities shall conflict with any provision of this
Article, the terms of such series shall govern.

     

     (b)
The minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a “Mandatory Sinking
Fund Payment,” and any payment in excess of such minimum amount provided
for by the terms of Securities of any series is herein referred to as an “Optional Sinking
Fund Payment.” If provided for by the terms of Securities of any series,
the cash amount of any Mandatory Sinking Fund Payment may be subject to
reduction as provided in Section 5.02.

     

    Section 5.02
Mandatory Sinking Fund
Obligation. The Company may, at its option, satisfy any Mandatory Sinking
Fund Payment obligation, in whole or in part, with respect to a particular
series of Securities by (a) delivering to the Trustee Securities of such
series in transferable form theretofore purchased or otherwise acquired by the
Company or redeemed at the election of the Company pursuant to Section 4.03
or (b) receiving credit for Securities of such series (not previously so
credited) acquired by the Company and theretofore delivered to the Trustee. The
Trustee shall credit such Mandatory Sinking Fund Payment obligation with an
amount equal to the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such Mandatory Sinking
Fund Payment shall be reduced accordingly. If the Company shall elect to so
satisfy any Mandatory Sinking Fund Payment obligation, it shall deliver to the
Trustee not less than 45 days prior to the relevant sinking fund payment date a
written notice signed on behalf of the Company by its Chairman of the Board of
Directors, Chief Executive Officer, President, Chief Operating Officer, Chief
Financial Officer, one of its Vice Presidents, its Treasurer or one of its
Assistant Treasurers, which shall designate the Securities (and portions
thereof, if any) so delivered or credited and which shall be accompanied by such
Securities (to the extent not theretofore delivered) in transferable form. In
case of the failure of the Company, at or before the time so required, to give
such notice and deliver such Securities the Mandatory Sinking Fund Payment
obligation shall be paid entirely in moneys.

     

    Section 5.03
Optional Redemption at
Sinking Fund Redemption Price. In addition to the sinking fund
requirements of Section 5.02, to the extent, if any, provided for by the
terms of a particular series of Securities, the Company may, at its option, make
an Optional Sinking Fund Payment with respect to such Securities. Unless
otherwise provided by such terms, (a) to the extent that the right of the
Company to make such Optional Sinking Fund Payment shall not be exercised in any
year, it shall not be cumulative or carried forward to any subsequent year, and
(b) such optional payment shall operate to reduce the amount of any
Mandatory Sinking Fund Payment obligation as to Securities of the same series.
If the Company intends to exercise its right to make such optional payment in
any year it shall deliver to the Trustee not less than 45 days prior to the
relevant sinking fund payment date a certificate signed by its Chairman of the
Board of Directors, Chief Executive Officer, President, Chief Operating Officer,
Chief Financial Officer, one of its Vice Presidents, Treasurer or one of its
Assistant Treasurers stating that the Company will exercise such optional right,
and specifying the amount which the Company will pay on or before the next
succeeding sinking fund payment date. Such certificate shall also state that no
Event of Default has occurred and is continuing.

     

    
      
        
        

      

      
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    Section 5.04
Application of Sinking
Fund Payment.

     

    (a) If
the sinking fund payment or payments made in funds pursuant to either
Section 5.02 or 5.03 with respect to a particular series of Securities plus
any unused balance of any preceding sinking fund payments made in funds with
respect to such series shall exceed $50,000 (or a lesser sum if the Company
shall so request, or such equivalent sum for Securities denominated other than
in U.S. Dollars), it shall be applied by the Trustee on the sinking fund payment
date next following the date of such payment, unless the date of such payment
shall be a sinking fund payment date, in which
case such payment shall be applied on such sinking fund payment date, to the
redemption of Securities of such series at the redemption price specified
pursuant to Section 4.03(b). The Trustee shall select, in the manner
provided in Section 4.02, for redemption on such sinking fund payment date,
a sufficient principal amount of Securities of such series to absorb said funds,
as nearly as may be, and shall, at the expense and in the name of the Company,
thereupon cause notice of redemption of the Securities to be given in
substantially the manner provided in Section 4.03(a) for the redemption of
Securities in part at the option of the Company, except that the notice of
redemption shall also state that the Securities are being redeemed for the
sinking fund. Any sinking fund moneys not so applied by the Trustee to the
redemption of Securities of such series shall be added to the next sinking fund
payment received in funds by the Trustee and, together with such payment, shall
be applied in accordance with the provisions of this Section 5.04. Any and
all sinking fund moneys held by the Trustee on the last sinking fund payment
date with respect to Securities of such series, and not held for the payment or
redemption of particular Securities of such series, shall be applied by the
Trustee to the payment of the principal of the Securities of such series at
Maturity.

     

    (b) On or
prior to each sinking fund payment date, the Company shall pay to the Trustee a
sum equal to all interest accrued to but not including the date fixed for
redemption on Securities to be redeemed on such sinking fund payment date
pursuant to this Section 5.04.

     

    (c) The
Trustee shall not redeem any Securities of a series with sinking fund moneys or
mail any notice of redemption of Securities of such series by operation of the
sinking fund during the continuance of a Default in payment of interest on any
Securities of such series or of any Event of Default (other than an Event of
Default occurring as a consequence of this paragraph) of which the Trustee has
actual knowledge, except that if the notice of redemption of any Securities of
such series shall theretofore have been mailed in accordance with the provisions
hereof, the Trustee shall redeem such Securities if funds sufficient for that
purpose shall be deposited with the Trustee in accordance with the terms of this
Article. Except as aforesaid, any moneys in the sinking fund at the time any
such Default or Event of Default shall occur and any moneys thereafter paid into
the sinking fund shall, during the continuance of such Default or Event of
Default, be held as security for the payment of all the Securities of such
series; provided, however, that in case such Default or Event of Default shall
have been cured or waived as provided herein, such moneys shall thereafter be
applied on the next sinking fund payment date on which such moneys are required
to be applied pursuant to the provisions of this Section 5.04.

     

    
      
        
        

      

      
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    ARTICLE
VI

     

    PARTICULAR COVENANTS OF THE
COMPANY

     

    The
Company hereby covenants and agrees as follows:

     

    Section 6.01
Payments of
Securities. The Company will duly and punctually pay the principal of and
premium, if any, on each series of Securities, and the interest which shall have
accrued thereon, at the dates and place and in the manner provided in the
Securities and in this Indenture.

     

    Section 6.02
Paying
Agent.

     

    (a) The
Company will maintain in each Place of Payment for any series of Securities, if
any, an office or agency where Securities may be presented or surrendered for
payment, where Securities of such series may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served (the “Paying
Agent”). The Company will give prompt written notice to the Trustee of
the location, and any
change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as Paying Agent to receive
all presentations, surrenders, notices and demands.

     

    (b) The
Company may also from time to time designate different or additional offices or
agencies where the Securities of any series may be presented or surrendered for
any or all such purposes (in or outside of such Place of Payment), and may from
time to time rescind any such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its
obligations described in the preceding paragraph. The Company will give prompt
written notice to the Trustee of any such additional designation or rescission
of designation and of any change in the location of any such different or
additional office or agency. The Company shall enter into an appropriate agency
agreement with any Paying Agent not a party to this Indenture. The agreement
shall implement the provisions of this Indenture that relate to such agent. The
Company shall notify the Trustee of the name and address of each such agent. The
Company or any Affiliate thereof may act as Paying Agent.

     

    Section 6.03
To Hold Payment in
Trust.

     

    (a) If
the Company or an Affiliate thereof shall at any time act as Paying Agent with
respect to any series of Securities, then, on or before the date on which the
principal of and premium, if any, or interest on any of the Securities of that
series by their terms or as a result of the calling thereof for redemption shall
become payable, the Company or such Affiliate will segregate and hold in trust
for the benefit of the Holders of such Securities or the Trustee a sum
sufficient to pay such principal and premium, if any, or interest which shall
have so become payable until such sums shall be paid to such Holders or
otherwise disposed of as herein provided, and will notify the Trustee of its
action or failure to act in that regard. Upon any proceeding under any federal
bankruptcy laws with respect to the Company or any Affiliate thereof, if the
Company or such Affiliate is then acting as Paying Agent, the Trustee shall
replace the Company or such Affiliate as Paying Agent.

     

    (b) If
the Company shall appoint, and at the time have, a Paying Agent for the payment
of the principal of and premium, if any, or interest on any series of
Securities, then prior to 11:00 a.m.,                     
time, on the date on which the principal of and premium, if any, or interest on
any of the Securities of that series shall become payable as aforesaid, whether
by their terms or as a result of the calling thereof for redemption, the Company
will deposit with such Paying Agent a sum sufficient to pay such principal and
premium, if any, or interest, such sum to be held in trust for the benefit of
the Holders of such Securities or the Trustee, and (unless such Paying Agent is
the Trustee), the Company or any other obligor of such Securities will promptly
notify the Trustee of its payment or failure to make such payment.

     

    
      
        
        

      

      
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    (c) If
the Paying Agent shall be other than the Trustee, the Company will cause such
Paying Agent to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this
Section 6.03, that such Paying Agent shall:

     

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

     

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

     

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

     

    (d)
Anything in this Section 6.03 to the contrary notwithstanding, the Company
may at any time, for the purpose of obtaining a release, satisfaction or
discharge of this Indenture or for any other reason, pay or cause to be paid to
the Trustee all sums held in trust by the Company or by any Paying Agent other
than the Trustee as required by this Section 6.03, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the
Company or such Paying Agent.

     

    (e)
Subject to any applicable abandoned property law, any money deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of and premium, if any, or interest on any Security of
any series and remaining unclaimed for two years after such principal and
premium, if any, or interest has become due and payable shall be paid to the
Company upon Company Order or (if then held by the Company) shall be discharged
from such trust, and the Holder of such Security shall thereafter, as an
unsecured general creditor, look only to the Company for payment of such amounts
without interest thereon, 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 a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in                     ,
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 publication,
any unclaimed balance of such money then remaining will be repaid to the
Company.

     

    Section 6.04
Merger, Consolidation
and Sale of Assets. Except as otherwise provided as contemplated by
Section 3.01 with respect to any series of Securities:

     

    (a) The
Company will not consolidate with any other entity or accept a merger of any
other entity into the Company or permit the Company to be merged into any other
entity, or sell other than for cash or lease all or substantially all its assets
to another entity, or purchase all or substantially all the assets of another
entity, unless (i) either the Company shall be the continuing entity, or
the successor, transferee or lessee entity (if other than the Company) shall
expressly assume, by indenture supplemental hereto, executed and delivered by
such entity prior to or simultaneously with such consolidation, merger, sale or
lease, the due and punctual payment of the principal of and interest and
premium, if any, on all the Securities, according to their tenor, and the due
and punctual performance and observance of all other obligations to the Holders
and the Trustee under this Indenture or under the Securities to be performed or
observed by the Company; and (ii) immediately after such consolidation,
merger, sale, lease or purchase the Company or the successor, transferee or
lessee entity (if other than the Company) would not be in Default in the
performance of any covenant or condition of this Indenture. A purchase by a
Subsidiary of all or substantially all of the assets of another entity shall not
be deemed to be a purchase of such assets by the Company.

     

    (b) Upon
any consolidation with or merger into any other entity, or any sale other than
for cash, or any conveyance or lease of all or substantially all of the assets
of the Company in accordance with this Section 6.04, the successor entity
formed by such consolidation or into or with which the
Company is merged or to which the Company is sold or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor entity had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Company shall be
relieved of all obligations and covenants under this Indenture and the
Securities, and from time to time such entity may exercise each and every right
and power of the Company under this Indenture, in the name of the Company, or in
its own name; and any act or proceeding by any provision of this Indenture
required or permitted to be done by the Board of Directors or any officer of the
Company may be done with like force and effect by the like board or officer of
any entity that shall at the time be the successor of the Company hereunder. In
the event of any such sale or conveyance, but not any such lease, the Company
(or any successor entity which shall theretofore have become such in the manner
described in this Section 6.04) shall be discharged from all obligations
and covenants under this Indenture and the Securities and may thereupon be
dissolved and liquidated.

     

    
      
        
        

      

      
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    Section 6.05
Compliance
Certificate. Except as otherwise provided as contemplated by
Section 3.01 with respect to any series of Securities, the Company shall
furnish to the Trustee annually, within 120 days after the end of each fiscal
year, a brief certificate from the Chief Executive Officer, President, Chief
Operating Officer, Principal Financial Officer, Principal Accounting Officer,
any Vice President or Treasurer as to his or her knowledge of the Company’s
compliance with all conditions and covenants under this Indenture (which
compliance shall be determined without regard to any period of grace or
requirement of notice provided under this Indenture) and, in the event of any
Default, specifying each such Default and the nature and status thereof of which
such person may have knowledge. Such certificates need not comply with
Section 16.01 of this Indenture.

     

    Section 6.06
Conditional Waiver by
Holders of Securities. Anything in this Indenture to the contrary
notwithstanding, the Company may fail or omit in any particular instance to
comply with a covenant or condition set forth herein with respect to any series
of Securities if the Company shall have obtained and filed with the Trustee,
prior to the time of such failure or omission, evidence (as provided in Article
VIII) of the consent of the Holders of a majority in aggregate principal amount
of the Securities of such series at the time Outstanding, either waiving such
compliance in such instance or generally waiving compliance with such covenant
or condition, but no such waiver shall extend to or affect such covenant or
condition except to the extent so expressly waived, or impair any right
consequent thereon and, until such waiver shall have become effective, the
obligations of the Company and the duties of the Trustee in respect of any such
covenant or condition shall remain in full force and effect.

     

    Section 6.07
Statement by Officers
as to Default. The Company shall deliver to the Trustee as soon as
possible and in any event within 30 days after the Company becomes aware of the
occurrence of any Event of Default or an event which, with the giving of notice
or the lapse of time or both, would constitute an Event of Default, an Officer’s
Certificate setting forth the details of such Event of Default or Default and
the action which the Company proposes to take with respect thereto.

     

    ARTICLE
VII

     

    REMEDIES OF TRUSTEE AND
SECURITYHOLDERS

     

    Section 7.01
Events of
Default. Except where otherwise indicated by the context or where the
term is otherwise defined for a specific purpose, the term “Event of
Default” as used in this Indenture with respect to Securities of any
series shall mean one of the following described events unless it is either
inapplicable to a particular series or it is specifically deleted or modified in
the manner contemplated in Section 3.01:

     

    (a) the
failure of the Company to pay any installment of interest on any Security of
such series when and as the same shall become payable, which failure shall have
continued unremedied for a period of 30 days;

    

     (b)
the failure of the Company to pay the principal of (and premium, if any, on) any
Security of such series, when and as the same shall become payable, whether at
Maturity as therein expressed, by call for redemption (otherwise than pursuant
to a sinking fund), by declaration as authorized by this Indenture or
otherwise;

     

    
      
        
        

      

      
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    (c) the
failure of the Company to pay a sinking fund installment, if any, when and as
the same shall become payable by the terms of a Security of such series, which
failure shall have continued unremedied for a period of 30 days;

     

    (d) the
failure of the Company, subject to the provisions of Section 6.06, to
perform any covenants or agreements contained in this Indenture (including any
indenture supplemental hereto pursuant to which the Securities of such series
were issued as contemplated by Section 3.01) (other than a covenant or
agreement which has been expressly included in this Indenture solely for the
benefit of a series of Securities other than that series and other than a
covenant or agreement a default in the performance of which is elsewhere in this
Section 7.01 specifically addressed), which failure shall not have been
remedied, or without provision deemed to be adequate for the remedying thereof
having been made, for a period of 90 days after written notice shall have been
given to the Company by the Trustee or shall have been given to the Company and
the Trustee by Holders of 25% or more in aggregate principal amount of the
Securities of such series then Outstanding, specifying such failure, requiring
the Company to remedy the same and stating that such notice is a “Notice of
Default” hereunder;

     

    (e) the
entry by a court having jurisdiction in the premises of a decree or order for
relief in respect of the Company in an involuntary case under the federal
bankruptcy laws, as now or hereafter constituted, or any other applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter in
effect, or appointing a receiver, liquidator, assignee, custodian, trustee or
sequestrator (or similar official) of the Company or of substantially all the
property of the Company or ordering the winding-up or liquidation of its affairs
and such decree or order shall remain unstayed and in effect for a period of 90
consecutive days;

     

    (f) the
commencement by the Company of a voluntary case under the federal bankruptcy
laws, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by the Company to the entry of an order for relief in an involuntary
case under any such law, or the consent by the Company to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian or
sequestrator (or similar official) of the Company or of substantially all the
property of the Company or the making by it of an assignment for the benefit of
creditors or the admission by it in writing of its inability to pay its debts
generally as they become due, or the taking of corporate action by the Company
in furtherance of any action; or

     

    (g) the
occurrence of any other Event of Default with respect to Securities of such
series as provided in Section 3.01;

     

    provided,
however, that no event described in clause (d) or (other than with respect
to a payment default) (g) above shall constitute an Event of Default
hereunder until a Responsible Officer assigned to and working in the Trustee’s
corporate trust department has actual knowledge thereof or until a written
notice of any such event is received by the Trustee at the Corporate Trust
Office, and such notice refers to the facts underlying such event, the
Securities generally, the Company and the Indenture.

    

    Notwithstanding
the foregoing provisions of this Section 7.01, if the principal or any
premium or interest on any Security is payable in a Currency other than the
Currency of the United States and such Currency is not available to the Company
for making payment thereof due to the imposition of exchange controls or other
circumstances beyond the control of the Company, the Company will be entitled to
satisfy its obligations to Holders of the Securities by making such payment in
the Currency of the United States in an amount equal to the Currency of the
United States equivalent of the amount payable in such other Currency, as
determined by the Company by reference to the noon buying rate in                     
for cable transfers for such Currency (“Exchange
Rate”), as such Exchange Rate is reported or otherwise made available by
the Federal Reserve Bank of New York on the date of such payment, or, if such
rate is not then available, on the basis of the most recently available Exchange
Rate. Notwithstanding the foregoing provisions of this Section 7.01, any
payment made under such circumstances in the Currency of the United States where
the required payment is in a Currency other than the Currency of the United
States will not constitute an Event of Default under this
Indenture.

     

    
      
        
        

      

      
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    Section 7.02
Acceleration;
Rescission and Annulment.

     

    (a)
Except as otherwise provided as contemplated by Section 3.01 with respect
to any series of Securities, if any one or more of the above-described Events of
Default (other than an Event of Default specified in Section 7.01(e) or
7.01(f)) shall happen with respect to Securities of any series at the time
Outstanding, then, and in each and every such case, during the continuance of
any such Event of Default, the Trustee or the Holders of 25% or more in
principal amount of the Securities of such series then Outstanding may declare
the principal (or, if the Securities of that series are Original Issue Discount
Securities, such portion of the principal amount as may be specified in the
terms of that series) of and all accrued but unpaid interest on all the
Securities of such series then Outstanding to be due and payable immediately by
a notice in writing to the Company (and to the Trustee if given by Holders), and
upon any such declaration such principal amount (or specified amount) shall
become immediately due and payable. If an Event of Default specified in
Section 7.01(e) or 7.01(f) occurs and is continuing, then in every such
case, the principal amount of all of the Securities of that series then
Outstanding shall automatically, and without any declaration or any other action
on the part of the Trustee or any Holder, become due and payable immediately.
Upon payment of such amounts in the Currency in which such Securities are
denominated (subject to Section 7.01 and except as otherwise provided
pursuant to Section 3.01), all obligations of the Company in respect of the
payment of principal of and interest on the Securities of such series shall
terminate.

     

    (b) The
provisions of Section 7.02(a), however, are subject to the condition that,
at any time after the principal of all the Securities of such series, to which
any one or more of the above-described Events of Default is applicable, shall
have been so declared to be due and payable, and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter
provided in this Article, the Event of Default giving rise to such declaration
of acceleration shall, without further act, be deemed to have been waived, and
such declaration and its consequences shall, without further act, be deemed to
have been rescinded and annulled, if:

     

    (i) the
Company has paid or deposited with the Trustee or Paying Agent a sum in the
Currency in which such Securities are denominated (subject to Section 7.01
and except as otherwise provided pursuant to Section 3.01) sufficient to
pay

     

    (A) all
amounts owing the Trustee and any predecessor trustee hereunder under
Section 11.01(a) (provided, however, that all sums payable under this
clause (A) shall be paid in U.S. Dollars);

     

    (B) all
arrears of interest, if any, upon all the Securities of such series (with
interest, to the extent that interest thereon shall be legally enforceable, on
any overdue installment of interest at the rate borne by such Securities at the
rate or rates prescribed therefor in such Securities); and

     

    (C) the
principal of and premium, if any, on any Securities of such series that have
become due otherwise than by such declaration of acceleration and interest
thereon;

     

    (ii)
every other Default and Event of Default with respect to Securities of that
series, other than the non-payment of the principal of Securities of that series
which have become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 7.06.

     

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

     

    (d) For
all purposes under this Indenture, if a portion of the principal of any Original
Issue Discount Securities shall have been accelerated and declared due and
payable pursuant to the provisions hereof, then, from and after such
declaration, unless such declaration has been rescinded and annulled, the
principal amount of such Original Issue Discount Securities shall be deemed, for
all purposes hereunder, to be such portion of the principal thereof as shall be
due and payable as a result of such acceleration, and payment of such portion of
the principal thereof as shall be due and payable as a result of such
acceleration, together with interest, if any, thereon and all other amounts
owing thereunder, shall constitute payment in full of such Original Issue
Discount Securities.

     

    
      
        
        

      

      
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    Section 7.03
Other Remedies.
If the Company shall fail for a period of 30 days to pay any installment of
interest on the Securities of any series or shall fail to pay the principal of
and premium, if any, on any of the Securities of such series when and as the
same shall become due and payable, whether at Maturity, or by call for
redemption (other than pursuant to the sinking fund), by declaration as
authorized by this Indenture, or otherwise, or shall fail for a period of 30
days to make any required sinking fund payment as to a series of Securities,
then, upon demand of the Trustee, the Company will pay to the Paying Agent for
the benefit of the Holders of Securities of such series then Outstanding the
whole amount which then shall have become due and payable on all the Securities
of such series, with interest on the overdue principal and premium, if any, and
(so far as the same may be legally enforceable) on the overdue installments of
interest at the rate borne by the Securities of such series, and all amounts
owing the Trustee and any predecessor trustee hereunder under
Section 11.01(a).

     

    In case
the Company shall fail forthwith to pay such amounts upon such demand, the
Trustee, in its own name and as trustee of an express trust, shall be entitled
and empowered to institute any action or proceeding at law or in equity for the
collection of the sums so due and unpaid, and may prosecute any such action or
proceeding to judgment or final decree, and may enforce any such judgment or
final decree against the Company or any other obligor upon the Securities of
such series, and collect the moneys adjudged or decreed to be payable out of the
property of the Company or any other obligor upon the Securities of such series,
wherever situated, in the manner provided by law. Every recovery of judgment in
any such action or other proceeding, subject to the payment to the Trustee of
all amounts owing the Trustee and any predecessor trustee hereunder under
Section 11.01(a), shall be for the ratable benefit of the Holders of such
series of Securities which shall be the subject of such action or proceeding.
All rights

    of action
upon or under any of the Securities or this Indenture may be enforced by the
Trustee without the possession of any of the Securities and without the
production of any thereof at any trial or any proceeding relative
thereto.

     

    Section 7.04
Trustee as
Attorney-in-Fact. The Trustee is hereby appointed, and each and every
Holder of the Securities, by receiving and holding the same, shall be
conclusively deemed to have appointed the Trustee, the true and lawful
attorney-in-fact of such Holder, with authority to make or file (whether or not
the Company shall be in Default in respect of the payment of the principal of,
or interest on, any of the Securities), in its own name and as trustee of an
express trust or otherwise as it shall deem advisable, in any receivership,
insolvency, liquidation, bankruptcy, reorganization or other judicial proceeding
relative to the Company or any other obligor upon the Securities or to their
respective creditors or property, any and all claims, proofs of claim, proofs of
debt, petitions, consents, other papers and documents and amendments of any
thereof, as may be necessary or advisable in order to have the claims of the
Trustee and any predecessor trustee hereunder and of the Holders of the
Securities allowed in any such proceeding and to collect and receive any moneys
or other property payable or deliverable on any such claim, and to execute and
deliver any and all other papers and documents and to do and perform any and all
other acts and things, as it may deem necessary or advisable in order to enforce
in any such proceeding any of the claims of the Trustee and any predecessor
trustee hereunder and of any of such Holders in respect of any of the
Securities; and any receiver, assignee, trustee, custodian or debtor in any such
proceeding is hereby authorized, and each and every taker or Holder of the
Securities, by receiving and holding the same, shall be conclusively deemed to
have authorized any such receiver, assignee, trustee, custodian or debtor, to
make any such payment or delivery only to or on the order of the Trustee, and to
pay to the Trustee any amount due it and any predecessor trustee hereunder under
Section 11.01(a); provided, however, that nothing herein contained shall be
deemed to authorize or empower the Trustee to consent to or accept or adopt, on
behalf of any Holder of Securities, any plan of reorganization or readjustment
affecting the Securities or the rights of any Holder thereof, or to authorize or
empower the Trustee to vote in respect of the claim of any Holder of any
Securities in any such proceeding.

     

    
      
        
        

      

      
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    Section 7.05
Priorities. Any
moneys or properties collected by the Trustee with respect to a series of
Securities under this Article VII shall be applied in the order following, at
the date or dates fixed by the Trustee for the distribution of such moneys or
properties and, in the case of the distribution of such moneys or properties on
account of the Securities of any series, upon presentation of the Securities of
such series, and stamping thereon the payment, if only partially paid, and upon
surrender thereof, if fully paid:

     

    First: To
the payment of all amounts due to the Trustee and any predecessor trustee
hereunder under Section 11.01(a).

     

    Second:
In case the principal of the Outstanding Securities of such series shall not
have become due and be unpaid, to the payment of interest on the Securities of
such series, in the chronological order of the Maturity of the installments of
such interest, with interest (to the extent that such interest has been
collected by the Trustee) upon the overdue installments of interest at the rate
borne by such Securities, such payments to be made ratably to the Persons
entitled thereto.

     

    Third: In
case the principal of the Outstanding Securities of such series shall have
become due, by declaration or otherwise, to the payment of the whole amount then
owing and unpaid upon the Securities of such series for principal and premium,
if any, and interest, with interest on the overdue principal and premium, if
any, and (to the extent that such interest has been collected by the Trustee)
upon overdue installments of interest at the rate borne by the Securities of
such series, and in case such moneys shall be insufficient to pay in full the
whole amounts so due and unpaid upon the Securities of such series, then to the
payment of such principal and premium, if any, and interest

    without
preference or priority of principal and premium, if any, over interest, or of
interest over principal and premium, if any, or of any installment of interest
over any other installment of interest, or of any Security of such series over
any other Security of such series, ratably to the aggregate of such principal
and premium, if any, and accrued and unpaid interest.

     

    Any
surplus then remaining shall be paid to the Company or as directed by a court of
competent jurisdiction.

     

    Section 7.06
Control by
Securityholders; Waiver of Past Defaults. The Holders of a majority in
principal amount of the Securities of any series at the time Outstanding may
direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee hereunder, or of exercising any trust or power hereby
conferred upon the Trustee with respect to the Securities of such series,
provided, however, that, subject to the provisions of Sections 11.01 and 11.02,
the Trustee shall have the right to decline to follow any such direction if the
Trustee being advised by counsel determines that the action so directed may not
lawfully be taken or would be unduly prejudicial to Holders not joining in such
direction or would involve the Trustee in personal liability. Prior to any
declaration accelerating the Maturity of the Securities of any series, the
Holders of a majority in aggregate principal amount of such series of Securities
at the time Outstanding may on behalf of the Holders of all of the Securities of
such series waive any past Default or Event of Default hereunder and its
consequences except a Default in the payment of interest or any premium on or
the principal of the Securities of such series. Upon any such waiver the
Company, the Trustee and the Holders of the Securities of such series shall be
restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereon. Whenever any Default or Event of Default
hereunder shall have been waived as permitted by this Section 7.06, said
Default or Event of Default shall for all purposes of the Securities of such
series and this Indenture be deemed to have been cured and to be not
continuing.

     

    Section 7.07
Limitation on
Suits. No Holder of any Security of any series shall have any right to
institute any action, suit or proceeding at law or in equity for the execution
of any trust hereunder or for the appointment of a receiver or for any other
remedy hereunder, in each case with respect to an Event of Default with respect
to such series of Securities, unless such Holder previously shall have given to
the Trustee written notice of one or more of the Events of Default herein
specified with respect to such series of Securities, and unless also the Holders
of 25% in principal amount of the Securities of such series then Outstanding
shall have requested the Trustee in writing to take action in respect of the
matter complained of, and unless also there shall have been offered to the
Trustee security and indemnity satisfactory to it against the costs, expenses
and liabilities to be incurred therein or thereby, and the Trustee, for 60 days
after receipt of such notification, request and offer of indemnity, shall have
neglected or refused to institute any such action, suit or proceeding; and such
notification, request and offer of indemnity are hereby declared in every such
case to be conditions precedent to any such action, suit or proceeding by any
Holder of any Security of such series; it being understood and intended that no
one or more of the Holders of Securities of such series shall have any right in
any manner whatsoever by his, her, its or their action to enforce any right
hereunder, except in the manner herein provided, and that every action, suit or
proceeding at law or in equity shall be instituted, had and maintained in the
manner herein provided and for the equal benefit of all Holders of the
Outstanding Securities of such series; provided, however, that nothing in this
Indenture or in the Securities of such series shall affect or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest on the Securities of such series to
the respective Holders of such Securities at the respective due dates in such
Securities stated, or affect or impair the right, which is also absolute and
unconditional, of such Holders to institute suit to enforce the payment
thereof.

     

    
      
        
        

      

      
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    Section 7.08
Undertaking for
Costs. All parties to this Indenture and each Holder of any Security, by
such Holder’s acceptance thereof, shall be deemed to have agreed that any court
may in its discretion require, in any action, suit or proceeding for the
enforcement of any right or remedy under this Indenture, or in any action, suit
or proceeding against the Trustee for any action taken or omitted by it as
Trustee, the filing by any party litigant in such action, suit or proceeding of
an undertaking to pay the costs of such action, suit or proceeding, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such action, suit or
proceeding, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; provided, however, that the provisions of
this Section 7.08 shall not apply to any action, suit or proceeding
instituted by the Trustee, to any action, suit or proceeding instituted by any
one or more Holders of Securities holding in the aggregate more than 10% in
principal amount of the Securities of any series Outstanding, or to any action,
suit or proceeding instituted by any Holder of Securities of any series for the
enforcement of the payment of the principal of or premium, if any, or the
interest on, any of the Securities of such series, on or after the respective
due dates expressed in such Securities.

     

    Section 7.09
Remedies
Cumulative. No remedy herein conferred upon or reserved to the Trustee or
to the Holders of Securities of any series is intended to be exclusive of any
other remedy or remedies, and each and every remedy shall be cumulative and
shall be in addition to every other remedy given hereunder or now or hereafter
existing at law or in equity or by statute. No delay or omission of the Trustee
or of any Holder of the Securities of any series to exercise any right or power
accruing upon any Default or Event of Default shall impair any such right or
power or shall be construed to be a waiver of any such Default or Event of
Default or an acquiescence therein; and every power and remedy given by this
Article VII to the Trustee and to the Holders of Securities of any series,
respectively, may be exercised from time to time and as often as may be deemed
expedient by the Trustee or by the Holders of Securities of such series, as the
case may be. In case the Trustee or any Holder of Securities of any series shall
have proceeded to enforce any right under this Indenture and the proceedings for
the enforcement thereof shall have been discontinued or abandoned because of
waiver or for any other reason or shall have been adjudicated adversely to the
Trustee or to such Holder of Securities, then and in every such case the
Company, the Trustee and the Holders of the Securities of such series shall
severally and respectively be restored to their former positions and rights
hereunder, and thereafter all rights, remedies and powers of the Trustee and the
Holders of the Securities of such series shall continue as though no such
proceedings had been taken, except as to any matters so waived or
adjudicated.

     

    ARTICLE
VIII

     

    CONCERNING THE
SECURITYHOLDERS

     

    Section 8.01
Evidence of Action of
Securityholders. Whenever in this Indenture it is provided that the
Holders of a specified percentage or a majority in aggregate principal amount of
the Securities or of any series of Securities may take any action (including the
making of any demand or request, the giving of any notice, consent or waiver or
the taking of any other action), the fact that at the time of taking any such
action the Holders of such specified percentage or majority have joined therein
may be evidenced by (a) any instrument or any number of instruments of
similar tenor executed by Securityholders in person, by an agent or by a proxy
appointed in writing, including through an electronic system for tabulating
consents operated by the Depositary for such series or otherwise (such action
becoming effective, except as herein otherwise expressly provided, when such
instruments or evidence of electronic consents are delivered to the Trustee and,
where it is hereby expressly required, to the Company), or (b) by the
record of the Holders of Securities voting in favor thereof at any meeting of
Securityholders duly called and held in accordance with the provisions of
Article IX, or (c) by a combination of such instrument or instruments and
any such record of such a meeting of Securityholders.

     

    
      
        
        

      

      
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    Section 8.02
Proof of Execution or
Holding of Securities. Proof of the execution of any instrument by a
Securityholder or his, her or its agent or proxy and proof of the holding by any
Person of any of the Securities shall be sufficient if made in the following
manner:

     

    (a) The
fact and date of the execution by any Person of any such instrument may be
proved (i) by the certificate of any notary public or other officer in any
jurisdiction who, by the laws thereof, has power to take acknowledgments or
proof of deeds to be recorded within such jurisdiction, that the Person who
signed such instrument did acknowledge before such notary public or other
officer the execution thereof, or (ii) by the affidavit of a witness of
such execution sworn to before any such notary or other officer. Where such
execution is by a Person acting in other than his or her individual capacity,
such certificate or affidavit shall also constitute sufficient proof of his or
her authority.

     

    (b) The
ownership of Securities of any series shall be proved by the Register of such
Securities or by a certificate of the Registrar for such series.

     

    (c) The
record of any Holders’ meeting shall be proved in the manner provided in
Section 9.06.

     

    (d) The
Trustee may require such additional proof of any matter referred to in this
Section 8.02 as it shall deem appropriate or necessary, so long as the
request is a reasonable one.

     

    (e) If
the Company shall solicit from the Holders of Securities of any series any
action, the Company may, at its option fix in advance a record date for the
determination of Holders of Securities entitled to take such action, but the
Company shall have no obligation to do so. Any such record date shall be fixed
at the Company’s discretion. If such a record date is fixed, such action may be
sought or given before or after the record date, but only the Holders of
Securities of record at the close of business on such record date shall be
deemed to be Holders of Securities for the purpose of determining whether
Holders of the requisite proportion of Outstanding Securities of such series
have authorized or agreed or consented to such action, and for that purpose the
Outstanding Securities of such series shall be computed as of such record
date.

     

    Section 8.03
Persons Deemed
Owners.

     

    (a) The
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name any Security is registered as the owner of such Security
for the purpose of receiving payment of principal of and premium, if any, and
(subject to Section 3.08) interest, if any, on, such Security and for all
other purposes whatsoever, whether or not such Security be overdue, and neither
the Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary. All payments made to any Holder, or upon
his, her or its order, shall be valid, and, to the extent of the sum or sums
paid, effectual to satisfy and discharge the liability for moneys payable upon
such Security.

     

    (b) None
of the Company, the Trustee, any Paying Agent or the Registrar will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests in a Global Security
or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

     

    Section 8.04
Effect of
Consents. After an amendment, supplement, waiver or other action becomes
effective as to any series of Securities, a consent to it by a Holder of such
series of Securities is a continuing consent conclusive and binding upon such
Holder and every subsequent Holder of the same Securities
or portion thereof, and of any Security issued upon the transfer thereof or in
exchange therefor or in place thereof, even if notation of the consent is not
made on any such Security. An amendment, supplement or waiver becomes effective
in accordance with its terms and thereafter binds every Holder.

     

    
      
        
        

      

      
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    ARTICLE
IX

     

    SECURITYHOLDERS’
MEETINGS

     

    Section 9.01
Purposes of
Meetings. A meeting of Securityholders of any or all series may be called
at any time and from time to time pursuant to the provisions of this Article IX
for any of the following purposes:

     

    (a) to
give any notice to the Company or to the Trustee, or to give any directions to
the Trustee, or to consent to the waiving of any Default or Event of Default
hereunder and its consequences, or to take any other action authorized to be
taken by Securityholders pursuant to any of the provisions of Article
VIII;

     

    (b) to
remove the Trustee and nominate a successor trustee pursuant to the provisions
of Article XI;

     

    (c) to
consent to the execution of an Indenture or of indentures supplemental hereto
pursuant to the provisions of Section 14.02; or

     

    (d) to
take any other action authorized to be taken by or on behalf of the Holders of
any specified aggregate principal amount of the Securities of any one or more or
all series, as the case may be, under any other provision of this Indenture or
under applicable law.

     

    Section 9.02
Call of Meetings by
Trustee. The Trustee may at any time call a meeting of all
Securityholders of all series that may be affected by the action proposed to be
taken, to take any action specified in Section 9.01, to be held at such
time and at such place as the Trustee shall determine. Notice of every meeting
of the Securityholders of a series, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting,
shall be mailed to Holders of Securities of such series at their addresses as
they shall appear on the Register of the Company. Such notice shall be mailed
not less than 20 nor more than 90 days prior to the date fixed for the
meeting.

     

    Section 9.03
Call of Meetings by
Company or Securityholders. In case at any time the Company or the
Holders of at least 10% in aggregate principal amount of the Securities of a
series (or of all series, as the case may be) then Outstanding that may be
affected by the action proposed to be taken, shall have requested the Trustee to
call a meeting of Securityholders of such series (or of all series), by written
request setting forth in reasonable detail the action proposed to be taken at
the meeting, and the Trustee shall not have mailed the notice of such meeting
within 20 days after receipt of such request, then the Company or such
Securityholders may determine the time and the place for such meeting and may
call such meeting to take any action authorized in Section 9.01, by mailing
notice thereof as provided in Section 9.02.

     

    Section 9.04
Qualifications for
Voting. To be entitled to vote at any meeting of Securityholders, a
Person shall (a) be a Holder of one or more Securities affected by the
action proposed to be taken at the meeting or (b) be a Person appointed by
an instrument in writing as proxy by a Holder of one or more such Securities.
The only Persons who shall be entitled to be present or to speak at any meeting
of Securityholders shall be the Persons entitled to vote at such meeting and
their counsel and any representatives of the Trustee and its counsel and any
representatives of the Company and its counsel.

     

    Section 9.05
Regulation of
Meetings.

     

    (a)
Notwithstanding any other provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of
Securityholders, in regard to proof of the holding of Securities and of the
appointment of proxies, and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem fit.

     

    (b) The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Company or by
Securityholders as provided in Section 9.03, in which case the Company or
the Securityholders calling the meeting, as the case may be, shall in like
manner appoint a temporary chair. A permanent chairman and a permanent secretary
of the meeting shall be elected by majority vote of the meeting.

     

    
      
        
        

      

      
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    (c) At
any meeting of Securityholders of a series, each Securityholder of such series
of such Securityholder’s proxy shall be entitled to one vote for each $1,000
principal amount of Securities of such series Outstanding held or represented by
him; provided, however, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman
of the meeting to be not Outstanding. The chairman of the meeting shall have no
right to vote other than by virtue of Securities of such series held by him or
her or instruments in writing as aforesaid duly designating him or her as the
Person to vote on behalf of other Securityholders. At any meeting of the
Securityholders duly called pursuant to the provisions of Section 9.02 or
9.03 the presence of Persons holding or representing Securities in an aggregate
principal amount sufficient to take action upon the business for the transaction
of which such meeting was called shall be necessary to constitute a quorum, and
any such meeting may be adjourned from time to time by a majority of those
present, whether or not constituting a quorum, and the meeting may be held as so
adjourned without further notice.

     

    Section 9.06
Voting. The
vote upon any resolution submitted to any meeting of Securityholders of a series
shall be by written ballots on which shall be subscribed the signatures of the
Holders of Securities of such series or of their representatives by proxy and
the principal amounts of the Securities of such series held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of
votes who shall count all votes cast at the meeting for or against any
resolution and who shall make and file with the secretary of the meeting their
verified written reports in duplicate of all votes cast at the meeting. A record
in duplicate of the proceedings of each meeting of Securityholders shall be
prepared by the secretary of the meeting and there shall be attached to said
record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more Persons having knowledge of the
facts setting forth a copy of the notice of the meeting and showing that said
notice was mailed as provided in Section 9.02. The record shall show the
principal amounts of the Securities voting in favor of or against any
resolution. The record shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one of the duplicates shall
be delivered to the Company and the other to the Trustee to be preserved by the
Trustee.

     

    Any
record so signed and verified shall be conclusive evidence of the matters
therein stated.

     

    Section 9.07
No Delay of Rights by
Meeting. Nothing contained in this Article IX shall be deemed or
construed to authorize or permit, by reason of any call of a meeting of
Securityholders of any series or any rights expressly or impliedly conferred
hereunder to make such call, any hindrance or delay in the exercise of any right
or rights conferred upon or reserved to the Trustee or to the Securityholders of
such series under any of the provisions of this Indenture or of the Securities
of such series.

     

    ARTICLE
X

     

    REPORTS BY THE COMPANY AND
THE TRUSTEE AND

     

    SECURITYHOLDERS’
LISTS

     

    Section 10.01
Reports by
Trustee.

     

    (a) So
long as any Securities are outstanding, the Trustee shall transmit to Holders
such reports concerning the Trustee and its actions under this Indenture as may
be required pursuant to the Trust Indenture Act at the times and in the manner
provided therein. If required by Section 313(a) of the Trust Indenture Act,
the Trustee shall, within 60 days after each following the date of this
Indenture deliver to Holders a brief report which complies with the provisions
of such Section 313(a).

     

    (b) The
Trustee shall, at the time of the transmission to the Holders of Securities of
any report pursuant to the provisions of this Section 10.01, file a copy of
such report with each stock exchange upon which the Securities are listed, if
any, and also with the SEC in respect of a Security listed and registered on a
national securities exchange, if any. The Company agrees to notify the Trustee
when, as and if the Securities become listed on any stock exchange.

     

    
      
        
        

      

      
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    The
Company will reimburse the Trustee for all expenses incurred in the preparation
and transmission of any report pursuant to the provisions of this
Section 10.01 and of Section 10.02.

     

    Section 10.02
Reports by the
Company. The Company shall file with the Trustee and the SEC, and
transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided in the Trust Indenture Act; provided that,
unless available on EDGAR, any such information, documents or reports required
to be filed with the SEC pursuant to Section 13 or 15(d) of the Exchange
Act shall be filed with the Trustee within 30 days after the same is filed with
the SEC; and provided further, that the filing of the reports specified in
Section 13 or 15(d) of the Exchange Act by an entity that is the direct or
indirect parent of the Company will satisfy the requirements of this
Section 10.02 so long as such entity is an obligor or guarantor on the
Securities; and provided further that the reports of such entity will not be
required to include condensed consolidating financial information for the
Company in a footnote to the financial statements of such entity.

     

    Section 10.03
Securityholders’
Lists. The Company covenants and agrees that it will furnish or cause to
be furnished to the Trustee:

     

    (a)
semi-annually, within 15 days after each Record Date, but in any event not less
frequently than semi-annually, a list in such form as the Trustee may reasonably
require of the names and addresses of the Holders of Securities to which such
Record Date applies, as of such Record Date, and

     

    (b) at
such other times as the Trustee may request in writing, within 30 days after
receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that so long as the Trustee shall be the Registrar, such
lists shall not be required to be furnished.

     

    ARTICLE
XI

     

    CONCERNING THE
TRUSTEE

     

    Section 11.01
Rights of Trustees;
Compensation and Indemnity. The Trustee accepts the trusts created by
this Indenture upon the terms and conditions hereof, including the following, to
all of which the parties hereto and the Holders from time to time of the
Securities agree:

     

    (a) The
Trustee shall be entitled to such compensation as the Company and the Trustee
shall from time to time agree in writing for all services rendered by it
hereunder (including in any agent capacity in which it acts). The compensation
of the Trustee shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust. The Company shall reimburse the
Trustee promptly upon its request for all reasonable out-of-pocket expenses,
disbursements and advances incurred or made by the Trustee (including the
reasonable expenses and disbursements of its agents and counsel), except any
such expense, disbursement or advance as may be attributable to its negligence,
bad faith or willful misconduct.

     

    The
Company also agrees to indemnify each of the Trustee and any predecessor Trustee
hereunder for, and to hold it harmless against, any and all loss, liability,
damage, claim, or expense incurred without its own negligence, bad faith or
willful misconduct, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder and the performance of its
duties (including in any agent capacity in which it acts), as well as the costs
and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder,
except those attributable to its negligence, willful misconduct or bad faith.
The Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. The Company shall defend the claim and the Trustee shall cooperate in
the defense. The Trustee may have one 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.

     

    
      
        
        

      

      
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    As
security for the performance of the obligations of the Company under this
Section 11.01(a), the Trustee shall have a lien upon all property and funds
held or collected by the Trustee as such, except funds held in trust by the
Trustee to pay principal of and interest on any Securities. Notwithstanding any
provisions of this Indenture to the contrary, the obligations of the Company to
compensate and indemnify the Trustee under this Section 11.01(a) shall
survive the resignation or removal of the Trustee and any satisfaction and
discharge under Article XII. When the Trustee incurs expenses or renders
services after an Event of Default specified in clause (e) or (f) of
Section 7.01 occurs, the expenses and compensation for the services are
intended to constitute expenses of administration under any applicable federal
or state bankruptcy, insolvency or similar laws.

     

    (b) The
Trustee may execute any of the trusts or powers hereof and perform any duty
hereunder either directly or by its agents and attorneys and shall not be
responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care by it hereunder.

     

    (c) The
Trustee shall not be responsible in any manner whatsoever for the correctness of
the recitals herein or in the Securities (except its certificates of
authentication thereon) contained, all of which are made solely by the Company;
and the Trustee shall not be responsible or accountable in any manner whatsoever
for or with respect to the validity or execution or sufficiency of this
Indenture or of the Securities (except its certificates of authentication
thereon), and the Trustee makes no representation with respect thereto, except
that the Trustee represents that it is duly authorized to execute and deliver
this Indenture, authenticate the Securities and perform its obligations
hereunder and that the statements made by it in a Statement of Eligibility on
Form T-1 supplied to the Company are true and accurate, subject to the
qualifications set forth therein. The Trustee shall not be accountable for the
use or application by the Company of any Securities, or the proceeds of any
Securities, authenticated and delivered by the Trustee in conformity with the
provisions of this Indenture.

     

     (d)
The Trustee may consult with counsel of its selection, and, to the extent
permitted by Section 11.02, any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken or suffered
by the Trustee hereunder in good faith and in accordance with such Opinion of
Counsel.

     

    (e) The
Trustee, to the extent permitted by Section 11.02, may rely upon the
certificate of the Secretary or one of the Assistant Secretaries of the Company
as to the adoption of any Board Resolution or resolution of the stockholders of
the Company, and any request, direction, order or demand of the Company
mentioned herein shall be sufficiently evidenced by, and whenever in the
administration of this Indenture the Trustee shall deem it desirable that a
matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee may rely upon, an Officer’s Certificate of the
Company (unless other evidence in respect thereof be herein specifically
prescribed).

     

    (f)
Subject to Section 11.04, the Trustee or any agent of the Trustee, in its
individual or any other capacity, may become the owner or pledgee of Securities
and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may
otherwise deal with the Company with the same rights it would have had if it
were not the Trustee or such agent.

     

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

     

    (h) Any
action taken by the Trustee pursuant to any provision hereof at the request or
with the consent of any Person who at the time is the Holder of any Security
shall be conclusive and binding in respect of such Security upon all future
Holders thereof or of any Security or Securities which may be issued for or in
lieu thereof in whole or in part, whether or not such Security shall have noted
thereon the fact that such request or consent had been made or
given.

     

    (i)
Subject to the provisions of Section 11.02, the Trustee may conclusively
rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond, debenture or other paper or document
believed by it to be genuine and to have been signed or presented by the proper
party or parties.

     

    
      
        
        

      

      
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    (j)
Subject to the provisions of Section 11.02, the Trustee shall not be under
any obligation to exercise any of the rights or powers vested in it by this
Indenture at the request, order or direction of any of the Holders of the
Securities, pursuant to any provision of this Indenture, unless one or more of
the Holders of the Securities shall have offered to the Trustee security or
indemnity satisfactory to it against the costs, expenses and liabilities which
may be incurred by it therein or thereby.

     

    (k)
Subject to the provisions of Section 11.02, the Trustee shall not be liable
for any action taken or omitted by it in good faith and believed by it to be
authorized or within its discretion or within the rights or powers conferred
upon it by this Indenture.

     

    (l)
Subject to the provisions of Section 11.02, the Trustee shall not be deemed
to have knowledge or notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless the
Holders of not less than 25% of the Outstanding Securities notify the Trustee
thereof.

     

     (m)
Subject to the provisions of the first paragraph of Section 11.02, the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other
evidence of Indebtedness or other paper or document, but the Trustee, may, but
shall not be required to, make further inquiry or investigation into such facts
or matters as it may see fit.

     

    (n) The
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and
shall be enforceable by, the Trustee in each of its capacities
hereunder.

     

    Section 11.02
Duties of
Trustee.

     

    (a) If
one or more of the Events of Default specified in Section 7.01 with respect
to the Securities of any series shall have happened, then, during the
continuance thereof, the Trustee shall, with respect to such Securities,
exercise such of the rights and powers vested in it by this Indenture, and shall
use the same degree of care and skill in their exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person’s
own affairs.

     

    (b) None
of the provisions of this Indenture shall be construed as relieving the Trustee
from liability for its own negligent action, its own negligent action, negligent
failure to act, or its own willful misconduct, except that, anything in this
Indenture contained to the contrary notwithstanding,

     

    (i)
unless and until an Event of Default specified in Section 7.01 with respect
to the Securities of any series shall have happened which at the time is
continuing,

     

    (A) the
Trustee undertakes to perform such duties and only such duties with respect to
the Securities of that series as are specifically set out in this Indenture, and
no implied covenants or obligations shall be read into this Indenture against
the Trustee, whose duties and obligations shall be determined solely by the
express provisions of this Indenture; and

     

    (B) the
Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, in the absence of bad faith on
the part of the Trustee, upon certificates and opinions furnished to it pursuant
to the express provisions of this Indenture; but in the case of any such
certificates or opinions which, by the provisions of this Indenture, are
specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts, statements, opinions or conclusions
stated therein);

     

    (ii) the
Trustee shall not be liable to any Holder of Securities or to any other Person
for any error of judgment made in good faith by a Responsible Officer or
Officers of the Trustee, unless it shall be proved that the Trustee was
negligent in ascertaining the pertinent facts; and

     

    (iii) the
Trustee shall not be liable to any Holder of Securities or to any other Person
with respect to any action taken or omitted to be taken by it in good faith, in
accordance with the direction
of Securityholders given as provided in Section 7.06, relating to the time,
method and place of conducting any proceeding for any remedy available to it or
exercising any trust or power conferred upon it by this Indenture.

     

    
      
        
        

      

      
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    (c) None
of the provisions of this Indenture shall require the Trustee to expend or risk
its own funds or otherwise to incur any financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

     

    (d)
Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to
the Trustee shall be subject to the provisions of this
Section 11.02.

     

    Section 11.03
Notice of
Defaults. Within 90 days after the occurrence thereof, and if known to
the Trustee, the Trustee shall give to the Holders of the Securities of a series
notice of each Default or Event of Default with respect to the Securities of
such series known to the Trustee, by transmitting such notice to Holders at
their addresses as the same shall then appear on the Register of the Company,
unless such Default shall have been cured or waived before the giving of such
notice (the term “Default”
being hereby defined to be the events specified in Section 7.01, which are,
or after notice or lapse of time or both would become, Events of Default as
defined in said Section). Except in the case of a Default or Event of Default in
payment of the principal of, premium, if any, or interest on any of the
Securities of such series when and as the same shall become payable, or to make
any sinking fund payment as to Securities of the same series, the Trustee shall
be protected in withholding such notice, if and so long as a Responsible Officer
or Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders of the Securities
of such series.

     

    Section 11.04
Eligibility;
Disqualification.

     

    (a) The
Trustee shall at all times satisfy the requirements of TIA Section 310(a).
The Trustee shall have a combined capital and surplus of at least $50 million as
set forth in its most recent published annual report of condition, and shall
have a Corporate Trust Office. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 11.04, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article.

     

    (b) The
Trustee shall comply with TIA Section 310(b); provided, however, that there
shall be excluded from the operation of TIA Section 310(b)(i) any indenture
or indentures under which other securities or certificates of interest or
participation in other securities of the Company are outstanding if the
requirements for such exclusion set forth in TIA Section 310(b)(i) are met.
If the Trustee has or shall acquire a conflicting interest within the meaning of
Section 310(b) of the Trust Indenture Act, the Trustee shall either
eliminate such interest or resign, to the extent and in the manner provided by,
and subject to the provisions of, the Trust Indenture Act and this Indenture. If
Section 310(b) of the Trust Indenture Act is amended any time after the
date of this Indenture to change the circumstances under which a Trustee shall
be deemed to have a conflicting interest with respect to the Securities of any
series or to change any of the definitions in connection therewith, this
Section 11.04 shall be automatically amended to incorporate such
changes.

     

    Section 11.05
Registration and
Notice; Removal. The Trustee, or any successor to it hereafter appointed,
may at any time resign and be discharged of the trusts hereby created with
respect to any one or more or all series of Securities by giving to the Company
notice in writing. Such resignation shall take effect upon the appointment of a
successor Trustee and the acceptance of such appointment by such successor
Trustee. Any Trustee hereunder may be removed with respect to any series of
Securities at any time by the filing with such Trustee and the delivery to the
Company of an instrument or instruments in writing signed by the Holders of a
majority in principal amount of the Securities of such series then Outstanding,
specifying such removal and the date when it shall become
effective.

     

    
      
        
        

      

      
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    If at any
time:

     

    (1) the
Trustee shall fail to comply with the provisions of TIA Section 310(b)
after written request therefor by the Company or by any Holder who has been a
bona fide Holder of a Security for at least six months, or

     

    (2) the
Trustee shall cease to be eligible under Section 11.04 and shall fail to
resign after written request therefor by the Company or by any Holder who has
been a bona fide Holder of a Security for at least six months, or

     

    (3) the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, in any such case, (i) the Company by written notice to
the Trustee may remove the Trustee and appoint a successor Trustee with respect
to all Securities, or (ii) subject to TIA Section 315(e), any
Securityholder who has been a bona fide Holder of a Security for at least six
months may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee with respect to
all Securities and the appointment of a successor Trustee or
Trustees.

     

    Upon its
resignation or removal, any Trustee shall be entitled to the payment of
reasonable compensation for the services rendered hereunder by such Trustee and
to the payment of all reasonable expenses incurred hereunder and all moneys then
due to it hereunder. The Trustee’s rights to indemnification provided in
Section 11.01(a) shall survive its resignation or removal.

     

    Section 11.06
Successor Trustee by
Appointment.

     

    (a) In
case at any time the Trustee shall resign, or shall be removed (unless the
Trustee shall be removed as provided in Section 11.04(b), in which event
the vacancy shall be filled as provided in said subdivision), or shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or if a
receiver of the Trustee or of its property shall be appointed, or if any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation with
respect to the Securities of one or more series, a successor Trustee with
respect to the Securities of that or those series (it being understood that any
such successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee
with respect to the Securities of any series) may be appointed by the Holders of
a majority in principal amount of the Securities of that or those series then
Outstanding, by an instrument or instruments in writing signed in duplicate by
such Holders and filed, one original thereof with the Company and the other with
the successor Trustee; but, until a successor Trustee shall have been so
appointed by the Holders of Securities of that or those series as herein
authorized, the Company, or, in case all or substantially all the assets of the
Company shall be in the possession of one or more custodians or receivers
lawfully appointed, or of trustees in bankruptcy or reorganization proceedings
(including a trustee or trustees appointed under the provisions of the federal
bankruptcy laws, as now or hereafter constituted), or of assignees for the
benefit of creditors, such receivers, custodians, trustees or assignees, as the
case may be, by an instrument in writing, shall appoint a successor Trustee with
respect to the Securities of such series. Subject
to the provisions of Sections 11.04 and 11.05, upon the appointment as aforesaid
of a successor Trustee with respect to the Securities of any series, the Trustee
with respect to the Securities of such series shall cease to be Trustee
hereunder. After any such appointment other than by the Holders of Securities of
that or those series, the Person making such appointment shall forthwith cause
notice thereof to be mailed to the Holders of Securities of such series at their
addresses as the same shall then appear on the Register of the Company but any
successor Trustee with respect to the Securities of such series so appointed
shall, immediately and without further act, be superseded by a successor Trustee
appointed by the Holders of Securities of such series in the manner above
prescribed, if such appointment be made prior to the expiration of one year from
the date of the mailing of such notice by the Company, or by such receivers,
trustees or assignees.

     

    
      
        
        

      

      
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    (b) If
any Trustee with respect to the Securities of one or more series shall resign or
be removed and a successor Trustee shall not have been appointed by the Company
or by the Holders of the Securities of such series or, if any successor Trustee
so appointed shall not have accepted its appointment within 30 days after such
appointment shall have been made, the resigning Trustee at the expense of the
Company may apply to any court of competent jurisdiction for the appointment of
a successor Trustee. If in any other case a successor Trustee shall not be
appointed pursuant to the foregoing provisions of this Section 11.06 within
three months after such appointment might have been made hereunder, the Holder
of any Security of the applicable series or any retiring Trustee at the expense
of the Company may apply to any court of competent jurisdiction to appoint a
successor Trustee. Such court may thereupon, in any such case, after such
notice, if any, as such court may deem proper and prescribe, appoint a successor
Trustee.

     

    (c) Any
successor Trustee appointed hereunder with respect to the Securities of one or
more series shall execute, acknowledge and deliver to its predecessor Trustee
and to the Company, or to the receivers, trustees, assignees or court appointing
it, as the case may be, an instrument accepting such appointment hereunder, and
thereupon such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the authority, rights, powers, trusts, immunities,
duties and obligations with respect to such series of such predecessor Trustee
with like effect as if originally named as Trustee hereunder, and such
predecessor Trustee, upon payment of its charges and disbursements then unpaid,
shall thereupon become obligated to pay over, and such successor Trustee shall
be entitled to receive, all moneys and properties held by such predecessor
Trustee as Trustee hereunder, subject nevertheless to its lien provided for in
Section 11.01(a). Nevertheless, on the written request of the Company or of
the successor Trustee or of the Holders of at least 10% in principal amount of
the Securities of such series then Outstanding, such predecessor Trustee, upon
payment of its said charges and disbursements, shall execute and deliver an
instrument transferring to such successor Trustee upon the trusts herein
expressed all the rights, powers and trusts of such predecessor Trustee and
shall assign, transfer and deliver to the successor Trustee all moneys and
properties held by such predecessor Trustee, subject nevertheless to its lien
provided for in Section 11.01(a); and, upon request of any such successor
Trustee and the Company shall make, execute, acknowledge and deliver any and all
instruments in writing for more fully and effectually vesting in and confirming
to such successor Trustee all such authority, rights, powers, trusts,
immunities, duties and obligations.

     

    Section 11.07
Successor Trustee by
Merger. Any Person into which the Trustee or any successor to it in the
trusts created by this Indenture shall be merged or converted, or any Person
with which it or any successor to it shall be consolidated, or any Person
resulting from any merger, conversion or consolidation to which the Trustee or
any such successor to it shall be a party, or any Person to which the Trustee or
any successor to it shall sell or otherwise transfer all or substantially all of
the corporate trust business of the Trustee, shall be the successor Trustee
under this Indenture without the execution or filing of any paper or any further
act on the part of any of the parties hereto; provided that such Person shall be
otherwise qualified and eligible under this Article. In case at the time such
successor to the Trustee shall succeed to the trusts created by this Indenture
with respect to one or more series of Securities, any of such Securities shall
have been authenticated but not delivered by the Trustee then in office, any
successor to such Trustee may adopt the certificate of authentication of any
predecessor Trustee, and deliver such Securities so authenticated; and in case
at that time any of the Securities shall not have been authenticated, any
successor to the Trustee may authenticate such Securities either in the name of
any predecessor hereunder or in the name of the successor Trustee; and in all
such cases such certificates shall have the full force which it is anywhere in
the Securities or in this Indenture provided that the certificate of the Trustee
shall have; provided, however, that the right to adopt the certificate of
authentication of any predecessor Trustee or authenticate Securities in the name
of any predecessor Trustee shall apply only to its successor or successors by
merger, conversion or consolidation.

     

    Section 11.08
Right to Rely on
Officer’s Certificate. Subject to Section 11.02, and subject to the
provisions of Section 16.01 with respect to the certificates required
thereby, whenever in the administration of the provisions of this Indenture the
Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of negligence, bad faith or willful misconduct on the part
of the Trustee, be deemed to be conclusively proved and established by an
Officer’s Certificate with respect thereto delivered to the Trustee, and such
Officer’s Certificate, in the absence of negligence, bad faith or willful
misconduct on the part of the Trustee, shall be full warrant to the Trustee for
any action taken, suffered or omitted by it under the provisions of this
Indenture upon the faith thereof.

     

    
      
        
        

      

      
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    Section 11.09
Appointment of
Authenticating Agent. The Trustee may appoint an agent (the “Authenticating
Agent”) reasonably acceptable to the Company to authenticate the
Securities, and the Trustee shall give written notice of such appointment to all
Holders of Securities of the series with respect to which such Authenticating
Agent will serve. Unless limited by the terms of such appointment, any such
Authenticating Agent may authenticate Securities whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes
authentication by the Authenticating Agent. Securities so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for
all purposes as if authenticated by the Trustee hereunder.

     

    Each
Authenticating Agent shall at all times be a corporation organized and doing
business and in good standing under the laws of the United States, any State
thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State
authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Article XI, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at
any time an Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Article XI, it shall resign immediately in the manner and
with the effect specified in this Article XI.

     

    Any
corporation into which an Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which such Authenticating Agent shall be a party,
or any corporation succeeding to the corporate agency or corporate trust
business of an Authenticating Agent, shall continue to be an Authenticating
Agent, provided such corporation shall be otherwise eligible under this Article
XI, without the execution or filing of any paper or any further act on the part
of the Trustee or the Authenticating Agent.

    

    An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and to the Company. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 11.09, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall give
written notice of such appointment to all Holders of Securities of the series
with respect to which such Authenticating Agent will serve. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with
like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of
this Section 11.09.

     

    The
Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section 11.09, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions
of Section 11.01.

     

    Section 11.10
Communications by
Securityholders with Other Securityholders. Holders of Securities may
communicate pursuant to Section 312(b) of the Trust Indenture Act with
other Holders with respect to their rights under this Indenture or the
Securities. The Company, the Trustee, the Registrar and anyone else shall have
the protection of Section 312(c) of the Trust Indenture Act with respect to
such communications.

     

    
       Section
11.11 Preferential
Collection of Claims Against Issuer. The Trustee shall comply with
Section 311(a) of the Trust Indenture Act, excluding any creditor relationship
listed in Section 311(b) of the Trust Indenture Act.  A Trustee who has
resigned or been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent indicated. 

       

    

    ARTICLE
XII

     

    SATISFACTION AND DISCHARGE;
DEFEASANCE

     

    Section 12.01
Applicability of
Article. If, pursuant to Section 3.01, provision is made for the
defeasance of Securities of a series and if the Securities of such series are
denominated and payable only in U.S. Dollars (except as provided pursuant to
Section 3.01), then the provisions of this Article shall be applicable
except as otherwise specified pursuant to Section 3.01 for Securities of
such series. Defeasance provisions, if any, for Securities denominated in a
Foreign Currency may be specified pursuant to Section 3.01.

     

    
      
        
        

      

      
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    Section 12.02
Satisfaction and
Discharge of Indenture. This Indenture, with respect to the Securities of
any series (if all series issued under this Indenture are not to be affected),
shall, upon Company Order, cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of such Securities
herein expressly provided for and rights to receive payments of principal of and
premium, if any, and interest on such Securities) and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when,

     

    (a)
either:

     

    (i) all
Securities of such series theretofore authenticated and delivered (other than
(A) Securities that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 3.07 and (B) Securities for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 6.03) have been delivered to the
Trustee for cancellation; or

     

    (ii) all
Securities of such series not theretofore delivered to the Trustee for
cancellation,

    

    (A) have
become due and payable, or

     

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

     

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

     

    and in
the case of (A), (B) or (C) above, has deposited or caused to be
deposited with the Trustee or Paying Agent as trust funds in trust for the
purpose an amount in the Currency in which such Securities are denominated
(except as otherwise provided pursuant to Section 3.01) sufficient to pay
and discharge the entire Indebtedness on such Securities for principal and
premium, if any, and interest to the date of such deposit (in the case of
Securities that have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be; provided, however, in the event a petition
for relief under federal bankruptcy laws, as now or hereafter constituted, or
any other applicable federal or state bankruptcy, insolvency or other similar
law, is filed with respect to the Company within 91 days after the deposit and
the Trustee is required to return the moneys then on deposit with the Trustee to
the Company, the obligations of the Company under this Indenture with respect to
such Securities shall not be deemed terminated or discharged;

     

    (b) the
Company has paid or caused to be paid all other sums payable hereunder by the
Company; and

     

    (c) the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture with respect to such series
have been complied with. Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustee under
Section 11.01 and, if money shall have been deposited with the Trustee
pursuant to subclause (B) of clause (a)(i) of this Section, the obligations
of the Trustee under Section 12.06 and the last paragraph of
Section 6.03(e) shall survive.

     

    
      
        
        

      

      
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    Section 12.03
Defeasance upon
Deposit of Moneys or U.S. Government Obligations. At the Company’s
option, either (a) the Company shall be deemed to have been Discharged (as
defined below) from its obligations with respect to Securities of any series on
the first day after the applicable conditions set forth below have been
satisfied or (b) the Company shall cease to be under any obligation to
comply with any term, provision or condition set forth in Section 6.04 with
respect to Securities of any series (and, if so specified pursuant to
Section 3.01, any other restrictive covenant added for the benefit of such
series pursuant to Section 3.01) at any time after the applicable
conditions set forth below have been satisfied:

     

    (a) The
Company shall have deposited or caused to be deposited irrevocably with the
Trustee as trust funds in trust, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of the Securities of such series
(i) money in an amount, or (ii) U.S. Government Obligations (as
defined below) that through the payment of interest and principal in respect
thereof in accordance with their terms will provide, not later than one day
before the due date of any payment, money in an amount, or (iii) a
combination of (i) and (ii), sufficient to pay and discharge each
installment of principal (including any mandatory sinking fund payments) of and
premium, if any, and interest on, the Outstanding Securities of such series on
the dates such installments of interest or principal and premium are
due;

     

     (b)
No Default with respect to the Securities of such series shall have occurred and
be continuing on the date of such deposit (other than a Default resulting from
the borrowing of funds and the grant of any related liens to be applied to such
deposit); and

     

    (c) The
Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that Holders of the Securities of such series will not recognize income, gain or
loss for U.S. federal income tax purposes as a result of the Company’s exercise
of its option under this Section and will be subject to federal income tax on
the same amounts and in the same manner and at the same times as would have been
the case if such action had not been exercised and, in the case of the
Securities of such series being Discharged accompanied by a ruling to that
effect received from or published by the Internal Revenue Service.

     

    “Discharged”
means that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by, and obligations under, the Securities of such
series and to have satisfied all the obligations under this Indenture relating
to the Securities of such series (and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging the same), except
(A) the rights of Holders of Securities of such series to receive, from the
trust fund described in clause (a) above, payment of the principal of and
premium, if any, and interest on such Securities when such payments are due,
(B) the Company’s obligations with respect to Securities of such series
under Sections 3.04, 3.06, 3.07, 6.02 and 12.06 and (C) the rights, powers,
trusts, duties and immunities of the Trustee hereunder.

     

    “U.S. Government
Obligations” means securities that are (i) direct obligations of the
United States for the payment of which its full faith and credit is pledged or
(ii) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States the timely of payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States, that, in either case under clauses (i) or (ii) are not
callable or redeemable at the action of the issuer thereof, and shall also
include a depositary receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest
on or principal of any such U.S. Government Obligation held by such custodian
for the account of the holder of a depositary receipt; provided that (except as
required by law) such custodian is not authorized to make any deduction from the
amount payable to the holder of such depositary receipt from any amount received
by the custodian in respect of the U.S. Government Obligation or the specific
payment of interest on or principal of the U.S. Government Obligation evidenced
by such depositary receipt.

     

    Section 12.04
Repayment to
Company. The Trustee and any Paying Agent shall promptly pay to the
Company (or to its designee) upon Company Order any excess moneys or U.S.
Government Obligations held by them at any time. The provisions of the last
paragraph of Section 6.03 shall apply to any money held by the Trustee or
any Paying Agent under this Article that remains unclaimed for two years after
the Maturity of any series of Securities for which money or U.S. Government
Obligations have been deposited pursuant to Section 12.03.

     

    Section 12.05
Indemnity for U.S.
Government Obligations. The Company shall pay and shall indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the
deposited U.S. Government Obligations or the principal or interest received on
such U.S. Government Obligations.

     

    Section 12.06
Application of Trust
Money.

     

    (a)
Subject to any applicable abandoned property law, neither the Trustee nor any
other paying agent shall be required to pay interest on any moneys deposited
pursuant to the provisions of this Indenture, except such as it shall agree with
the Company in writing to pay thereon. Any moneys so deposited for the payment
of the principal of, or premium, if any, or interest on the Securities of any
series
and remaining unclaimed for two years after the date of the maturity of the
Securities of such series or the date fixed for the redemption of all the
Securities of such series at the time outstanding, as the case may be, shall be
repaid by the Trustee or such other paying agent to the Company upon its written
request and thereafter, anything in this Indenture to the contrary
notwithstanding, any rights of the Holders of Securities of such series in
respect of which such moneys shall have been deposited shall be enforceable only
against the Company, and all liability of the Trustee or such other paying agent
with respect to such moneys shall thereafter cease.

     

    
      
        
        

      

      
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    (b)
Subject to the provisions of the foregoing paragraph, any moneys which at any
time shall be deposited by the Company or on its behalf with the Trustee or any
other paying agent for the purpose of paying the principal of, premium, if any,
and interest on any of the Securities shall be and are hereby assigned,
transferred and set over to the Trustee or such other paying agent in trust for
the respective Holders of the Securities for the purpose for which such moneys
shall have been deposited; but such moneys need not be segregated from other
funds except to the extent required by law.

     

    Section 12.07
Deposits of Non-U.S.
Currencies. Notwithstanding the foregoing provisions of this Article, if
the Securities of any series are payable in a Currency other than U.S. Dollars,
the Currency or the nature of the government obligations to be deposited with
the Trustee or paying agent under the foregoing provisions of this Article shall
be as set forth in the Officer’s Certificate or established in the supplemental
indenture under which the Securities of such series are issued.

     

    ARTICLE
XIII

     

    IMMUNITY OF CERTAIN
PERSONS

     

    Section 13.01
No Personal
Liability. No recourse shall be had for the payment of the principal of,
or the premium, if any, or interest on, any Security or for any claim based
thereon or otherwise in respect thereof or of the Indebtedness represented
thereby, or upon any obligation, covenant or agreement of this Indenture,
against any incorporator, stockholder, officer or director, as such, past,
present or future, of the Company or of any successor corporation, either
directly or through the Company or any successor corporation, whether by virtue
of any constitutional provision, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise; it being expressly agreed and
understood that this Indenture and the Securities are solely corporate
obligations, and that no personal liability whatsoever shall attach to, or be
incurred by, any incorporator, stockholder, officer or director, as such, past,
present or future, of the Company or of any successor corporation, either
directly or through the Company or any successor corporation, because of the
incurring of the Indebtedness hereby authorized or under or by reason of any of
the obligations, covenants, promises or agreements contained in this Indenture
or in any of the Securities, or to be implied herefrom or therefrom, and that
all liability, if any, of that character against every such incorporator,
stockholder, officer and director is, by the acceptance of the Securities and as
a condition of, and as part of the consideration for, the execution of this
Indenture and the issue of the Securities expressly waived and
released.

     

    ARTICLE
XIV

     

    SUPPLEMENTAL
INDENTURES

     

    Section 14.01
Without Consent of
Securityholders. Except as otherwise provided as contemplated by
Section 3.01 with respect to any series of Securities, the Company and the
Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any one
or more of or all the following purposes:

     

    (a) to
add to the covenants and agreements of the Company, to be observed thereafter
and during the period, if any, in such supplemental indenture or indentures
expressed, and to add Events of Default, in each case for the protection or
benefit of the Holders of all or any series of the Securities (and if such
covenants, agreements and Events of Default are to be for the benefit of fewer
than all series of Securities, stating that such covenants, agreements and
Events of Default are expressly being included for the benefit of such series as
shall be identified therein), or to surrender any right or power herein
conferred upon the Company;

     

    
      
        
        

      

      
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     (b)
to delete or modify any Events of Default with respect to all or any series of
the Securities, the form and terms of which are being established pursuant to
such supplemental indenture as permitted in Section 3.01 (and, if any such
Event of Default is applicable to fewer than all such series of the Securities,
specifying the series to which such Event of Default is applicable), and to
specify the rights and remedies of the Trustee and the Holders of such
Securities in connection therewith;

     

    (c) to
add to or change any of the provisions of this Indenture to provide, change or
eliminate any restrictions on the payment of principal of or premium, if any, on
Securities; provided that any such action shall not adversely affect the
interests of the Holders of Securities of any series in any material
respect;

     

    (d) to
change or eliminate any of the provisions of this Indenture; provided that any
such change or elimination shall become effective only when there is no
Outstanding Security of any series created prior to the execution of such
supplemental indenture that is entitled to the benefit of such provision and as
to which such supplemental indenture would apply;

     

    (e) to
evidence the succession of another corporation to the Company, or successive
successions, and the assumption by such successor of the covenants and
obligations of the Company contained in the Securities of one or more series and
in this Indenture or any supplemental indenture;

     

    (f) to
evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to one or more series of Securities and to add to or change
any of the provisions of this Indenture as shall be necessary for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section 11.06(c);

     

    (g) to
secure any series of Securities;

     

    (h) to
evidence any changes to this Indenture pursuant to Sections 11.05, 11.06 or
11.07 hereof as permitted by the terms thereof;

     

    (i) to
cure or reform any ambiguity mistake, manifest error, omission, defect or
inconsistency, or to conform the text of any provision herein or in any
indenture supplemental hereto to any description thereof in the applicable
section of a prospectus, prospectus supplement or other offering document that
was intended to be a verbatim recitation of a provision of this Indenture of any
indenture supplemental hereto;

     

    (j) to
add to or change or eliminate any provision of this Indenture as shall be
necessary or desirable in accordance with any amendments to the Trust Indenture
Act;

     

    (k) to
add guarantors or co-obligors with respect to any series of
Securities;

     

     (l)
to make any change in any series of Securities that does not adversely affect in
any material respect the interests of the Holders of such
Securities;

     

    (m) to
provide for uncertificated securities in addition to certificated
securities;

     

    (n) to
supplement any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any series of
Securities; provided that any such action shall not adversely affect the
interests of the Holders of Securities of such series or any other series of
Securities;

     

    (o) to
prohibit the authentication and delivery of additional series of Securities;
or

     

    (p) to
establish the form and terms of Securities of any series as permitted in
Section 3.01, or to authorize the issuance of additional Securities of a
series previously authorized or to add to the conditions, limitations or
restrictions on the authorized amount, terms or purposes of issue,
authentication or delivery of the Securities of any series, as herein set forth,
or other conditions, limitations or restrictions thereafter to be
observed.

     

    
      
        
        

      

      
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    Subject
to the provisions of Section 14.03, the Trustee is authorized to join with
the Company in the execution of any such supplemental indenture, to make the
further agreements and stipulations which may be therein contained and to accept
the conveyance, transfer, assignment, mortgage or pledge of any property or
assets thereunder.

     

    Any
supplemental indenture authorized by the provisions of this Section 14.01
may be executed by the Company and the Trustee without the consent of the
Holders of any of the Securities at the time Outstanding, notwithstanding any of
the provisions of Section 14.02.

     

    Section 14.02
With Consent of
Securityholders; Limitations.

     

    (a) With
the consent of the Holders (evidenced as provided in Article VIII) of a majority
in aggregate principal amount of the Outstanding Securities of each series
affected by such supplemental indenture voting separately, the Company and the
Trustee may, from time to time and at any time, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any provisions of this Indenture or of
modifying in any manner the rights of the Holders of the Securities of such
series to be affected; provided, however, that no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Security of each
such series affected thereby,

     

    (i)
extend the Stated Maturity of the principal of, or any installment of interest
on, any Security, or reduce the principal amount thereof or the interest thereon
or any premium payable upon redemption thereof, or extend the Stated Maturity
of, or change the Currency in which the principal of and premium, if any, or
interest on such Security is denominated or payable, or reduce the amount of the
principal of an Original Issue Discount Security that would be due and payable
upon a declaration of acceleration of the Maturity thereof pursuant to
Section 7.02, or impair the right to institute suit for the enforcement of
any payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date), or materially adversely affect the
economic terms of any right to convert or exchange any Security as may be
provided pursuant to Section 3.01; or

     

     (ii)
reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any supplemental indenture,
or the consent of whose Holders is required for any waiver of compliance with
certain provisions of this Indenture or certain Defaults hereunder and their
consequences provided for in this Indenture; or

     

    (iii)
modify any of the provisions of this Section, Section 7.06 or
Section 6.06, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Security affected thereby;
provided, however, that this clause shall not be deemed to require the consent
of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this
Section and Section 6.06, or the deletion of this proviso, in accordance
with the requirements of Sections 11.06 and 14.01(f); or

     

    (iv)
modify, without the written consent of the Trustee, the rights, duties or
immunities of the Trustee.

     

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

     

    (c) It
shall not be necessary for the consent of the Securityholders under this
Section 14.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.

     

    (d) The
Company may set a record date for purposes of determining the identity of the
Holders of each series of Securities entitled to give a written consent or waive
compliance by the Company as authorized or permitted by this Section. Such
record date shall not be more than 30 days prior to the first solicitation of
such consent or waiver or the date of the most recent list of Holders furnished
to the Trustee prior to such solicitation pursuant to Section 312 of the
Trust Indenture Act.

     

    
      
        
        

      

      
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    (e)
Promptly after the execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of this Section 14.02, the Company
shall mail a notice, setting forth in general terms the substance of such
supplemental indenture, to the Holders of Securities at their addresses as the
same shall then appear in the Register of the Company. 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 supplemental
indenture.

    

    Section 14.03
Trustee
Protected. Upon the request of the Company, accompanied by the Officer’s
Certificate and Opinion of Counsel required by Section 16.01 stating that
the execution of such supplemental indenture is authorized or permitted by this
Indenture, and evidence reasonably satisfactory to the Trustee of consent of the
Holders if the supplemental indenture is to be executed pursuant to
Section 14.02, the Trustee shall join with the Company in the execution of
said supplemental indenture unless said supplemental indenture 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 said supplemental indenture. The Trustee shall be fully protected in
relying upon such Officer’s Certificate and an Opinion of Counsel.

    

    Section 14.04
Effect of Execution of
Supplemental Indenture. Upon the execution of any supplemental indenture
pursuant to the provisions of this Article XIV, this Indenture shall be deemed
to be modified and amended in accordance therewith and, except as herein
otherwise expressly provided, the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the
Company and the Holders of all of the Securities or of the Securities of any
series affected, as the case may be, shall thereafter be determined, exercised
and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture
for any and all purposes.

     

    Section 14.05
Notation on or
Exchange of Securities. Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to the
provisions of this Article may bear a notation in the form approved by the
Trustee as to any matter provided for in such supplemental indenture. If the
Company or the Trustee shall so determine, new Securities so modified as to
conform, in the opinion of the Trustee and the Board of Directors of the
Company, to any modification of this Indenture contained in any such
supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for the Securities then
Outstanding in equal aggregate principal amounts, and such exchange shall be
made without cost to the Holders of the Securities.

     

    Section 14.06
Conformity with
TIA. Every supplemental indenture executed pursuant to the provisions of
this Article shall conform to the requirements of the Trust Indenture Act as
then in effect.

     

    ARTICLE
XV

     

    SUBORDINATION OF
SECURITIES

     

    Section 15.01
Agreement to
Subordinate. In the event a series of Securities is designated as
subordinated pursuant to Section 3.01, and except as otherwise provided in
a Company Order or in one or more indentures supplemental hereto, the Company,
for itself, its successors and assigns, covenants and agrees, and each Holder of
Securities of such series by his, her or its acceptance thereof, likewise
covenants and agrees, that the payment of the principal of (and premium, if any)
and interest, if any, on each and all of the Securities of such series is hereby
expressly subordinated, to the extent and in the manner hereinafter set forth,
in right of payment to the prior payment in full of all Senior Indebtedness. In
the event a series of Securities is not designated as subordinated pursuant to
Section 3.01(s), this Article XV shall have no effect upon the
Securities.

     

    
      
        
        

      

      
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    Section 15.02
Distribution on
Dissolution, Liquidation and Reorganization; Subrogation of Securities.
Subject to Section 15.01, upon any distribution of assets of the Company
upon any dissolution, winding up, liquidation or reorganization of the Company,
whether in bankruptcy, insolvency, reorganization or receivership proceedings or
upon an assignment for the benefit of creditors or any other marshalling of the
assets and liabilities of the Company or otherwise (subject to the power of a
court of competent jurisdiction to make other equitable provision reflecting the
rights conferred in this Indenture upon the Senior Indebtedness and the holders
thereof with respect to the Securities and the holders thereof by a lawful plan
of reorganization under applicable bankruptcy law):

     

    (a) the
holders of all Senior Indebtedness shall be entitled to receive payment in full
of the principal thereof (and premium, if any) and interest due thereon before
the Holders of the Securities are entitled to receive any payment upon the
principal (or premium, if any) or interest, if any, on Indebtedness evidenced by
the Securities; and

    

    (b) any
payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to which the Holders of the Securities
or the Trustee would be entitled except for the provisions of this Article XV
shall be paid by the liquidation trustee or agent or other Person making such
payment or distribution, whether a trustee in bankruptcy, a receiver or
liquidating trustee or otherwise, directly to the holders of Senior Indebtedness
or their representative or representatives or to the trustee or trustees under
any indenture under which any instruments evidencing any of such Senior
Indebtedness may have been issued, ratably according to the aggregate amounts
remaining unpaid on account of the principal of (and premium, if any) and
interest on the Senior Indebtedness held or represented by each, to the extent
necessary to make payment in full of all Senior Indebtedness remaining unpaid,
after giving effect to any concurrent payment or distribution to the holders of
such Senior Indebtedness; and

     

    (c) in
the event that, notwithstanding the foregoing, any payment or distribution of
assets of the Company of any kind or character, whether in cash, property or
securities prohibited by the foregoing, shall be received by the Trustee or the
Holders of the Securities before all Senior Indebtedness is paid in full, such
payment or distribution shall be paid over, upon written notice to a Responsible
Officer of the Trustee, to the holder of such Senior Indebtedness or his, her or
its representative or representatives or to the trustee or trustees under any
indenture under which any instrument evidencing any of such Senior Indebtedness
may have been issued, ratably as aforesaid, as calculated by the Company, for
application to payment of all Senior Indebtedness remaining unpaid until all
such Senior Indebtedness shall have been paid in full, after giving effect to
any concurrent payment or distribution to the holders of such Senior
Indebtedness.

     

    (d)
Subject to the payment in full of all Senior Indebtedness, the Holders of the
Securities shall be subrogated to the rights of the holders of Senior
Indebtedness (to the extent that distributions otherwise payable to such holder
have been applied to the payment of Senior Indebtedness) to receive payments or
distributions of cash, property or securities of the Company applicable to
Senior Indebtedness until the principal of (and premium, if any) and interest,
if any, on the Securities shall be paid in full and no such payments or
distributions to the Holders of the Securities of cash, property or securities
otherwise distributable to the holders of Senior Indebtedness shall, as between
the Company, its creditors other than the holders of Senior Indebtedness, and
the Holders of the Securities be deemed to be a payment by the Company to or on
account of the Securities. It is understood that the provisions of this Article
XV are and are intended solely for the purpose of defining the relative rights
of the Holders of the Securities, on the one hand, and the holders of the Senior
Indebtedness, on the other hand. Nothing contained in this Article XV or
elsewhere in this Indenture or in the Securities is intended to or shall impair,
as between the Company, its creditors other than the holders of Senior
Indebtedness, and the Holders of the Securities, the obligation of the Company,
which is unconditional and absolute, to pay to the Holders of the Securities the
principal of (and premium, if any) and interest, if any, on the Securities as
and when the same shall become due and payable in accordance with their terms,
or to affect the relative rights of the Holders of the Securities and creditors
of the Company other than the holders of Senior Indebtedness, nor shall anything
herein or in the Securities prevent the Trustee or the Holder of any Security
from exercising all remedies otherwise permitted by applicable law upon default
under this Indenture, subject to the rights, if any, under this Article XV of
the holders of Senior Indebtedness in respect of cash, property or securities of
the Company received upon the exercise of any such remedy. Upon any payment or
distribution of assets of the Company referred to in this Article XV, the
Trustee, subject to the provisions of Section 15.05, shall be entitled to
conclusively rely upon a certificate of the liquidating trustee or agent or
other person making any distribution to the Trustee for the purpose of
ascertaining the Persons entitled to participate in such distribution, the
holders of Senior Indebtedness and other indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereof
and all other facts pertinent thereto or to this Article XV.

     

    
      
        
        

      

      
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    Section 15.03
No Payment on
Securities in Event of Default on Senior Indebtedness. Subject to
Section 15.01, no payment by the Company on account of principal (or
premium, if any), sinking funds or interest, if any, on the Securities shall be
made at anytime if: (i) a default on Senior Indebtedness exists that
permits the holders of such Senior Indebtedness to accelerate its maturity and
(ii) the default is the subject of judicial proceedings or the Company has
received notice of such default. The Company may resume payments on the
Securities when full payment of amounts then due for principal (premium, if
any), sinking funds and interest on Senior Indebtedness has been made or duly
provided for in money or money’s worth.

     

    In the
event that, notwithstanding the foregoing, any payment shall be received by the
Trustee when such payment is prohibited by the preceding paragraph of this
Section 15.03, such payment shall be held in trust for the benefit of, and
shall be paid over or delivered to, the holders of such Senior Indebtedness or
their respective representatives, or to the trustee or trustees under any
indenture pursuant to which any of such Senior Indebtedness may have been
issued, as their respective interests may appear, as calculated by the Company,
but only to the extent that the holders of such Senior Indebtedness (or their
representative or representatives or a trustee) notify the Trustee in writing
within 90 days of such payment of the amounts then due and owing on such Senior
Indebtedness and only the amounts specified in such notice to the Trustee shall
be paid to the holders of such Senior Indebtedness.

     

    Section 15.04
Payments on Securities
Permitted. Subject to Section 15.01, nothing contained in this
Indenture or in any of the Securities shall (a) affect the obligation of
the Company to make, or prevent the Company from making, at any time except as
provided in Sections 15.02 and 15.03, payments of principal of (or premium, if
any) or interest, if any, on the Securities or (b) prevent the application
by the Trustee of any moneys or assets deposited with it hereunder to the
payment of or on account of the principal of (or premium, if any) or interest,
if any, on the Securities, unless a Responsible Officer of the Trustee shall
have received at its Corporate Trust Office written notice of any fact
prohibiting the making of such payment from the Company or from the holder of
any Senior Indebtedness or from the trustee for any such holder, together with
proof satisfactory to the Trustee of such holding of Senior Indebtedness or of
the authority of such trustee more than two Business Days prior to the date
fixed for such payment.

     

    Section 15.05
Authorization of
Securityholders to Trustee to Effect Subordination. Subject to
Section 15.01, each Holder of Securities by his acceptance thereof
authorizes and directs the Trustee on his, her or its behalf to take such action
as may be necessary or appropriate to effectuate the subordination as provided
in this Article XV and appoints the Trustee his attorney-in-fact for any and all
such purposes.

     

    Section 15.06
Notices to
Trustee. The Company shall give prompt written notice to a Responsible
Officer of the Trustee of any fact known to the Company that would prohibit the
making of any payment of monies or assets to or by the Trustee in respect of the
Securities of any series pursuant to the provisions of this Article XV. Subject
to Section 15.01, notwithstanding the provisions of this Article XV or any
other provisions of this Indenture, neither the Trustee nor any Paying Agent
(other than the Company) shall be charged with knowledge of the existence of any
Senior Indebtedness or of any fact which would prohibit the making of any
payment of moneys or assets to or by the Trustee or such Paying Agent, unless
and until a Responsible Officer of the Trustee or such Paying Agent shall have
received (in the case of a Responsible Officer of the Trustee, at the Corporate
Trust Office of the Trustee) written notice thereof from the Company or from the
holder of any Senior Indebtedness or from the trustee for any such holder,
together with proof satisfactory to the Trustee of such holding of Senior
Indebtedness or of the authority of such trustee and, prior to the receipt of
any such written notice, the Trustee shall be entitled in all respects
conclusively to presume that no such facts exist; provided, however, that if at
least two Business Days prior to the date upon which by the terms hereof any
such moneys or assets may become payable for any purpose (including, without
limitation, the payment of either the principal (or premium, if any) or
interest, if any, on any Security) a Responsible Officer of the Trustee shall
not have received with respect to such moneys or assets the notice provided for
in this Section 15.06, then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such
moneys or assets and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be
received by it within two Business Days prior to such date. The Trustee shall be
entitled to rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee on
behalf of such holder) to establish that such a notice has been given by a
holder of Senior Indebtedness or a trustee on behalf of any such holder. In the
event that the Trustee determines in good faith that further evidence is
required with respect to the right of any Person as a holder of Senior
Indebtedness to participate in any payment or distribution pursuant to this
Article XV, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of
such Person under this Article XV and, if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment.

     

    
      
        
        

      

      
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    Section 15.07
Trustee as Holder of
Senior Indebtedness. Subject to Section 15.01, the Trustee in its
individual capacity shall be entitled to all the rights set forth in this
Article XV in respect of any Senior Indebtedness at any time held by it to the
same extent as any other holder of Senior Indebtedness and nothing in this
Indenture shall be construed to deprive the Trustee of any of its rights as such
holder. Nothing in this Article XV shall apply to claims of, or payments to, the
Trustee under or pursuant to Sections 7.05 or 11.01.

     

    Section 15.08
Modifications of Terms
of Senior Indebtedness. Subject to Section 15.01, any renewal or
extension of the time of payment of any Senior Indebtedness or the exercise by
the holders of Senior Indebtedness of any of their rights under any instrument
creating or evidencing Senior Indebtedness, including, without limitation, the
waiver of default thereunder, may be made or done all without notice to or
assent from the Holders of the Securities or the Trustee. No compromise,
alteration, amendment, modification, extension, renewal or other change of, or
waiver, consent or other action in respect of, any liability or obligation under
or in respect of, or of any of the terms, covenants or conditions of any
indenture or other instrument under which any Senior Indebtedness is outstanding
or of such Senior Indebtedness, whether or not such release is in accordance
with the provisions of any applicable document, shall in any way alter or affect
any of the provisions of this Article XV or of the Securities relating to the
subordination thereof.

     

    Section 15.09
Reliance on Judicial
Order or Certificate of Liquidating Agent. Subject to Section 15.01,
upon any payment or distribution of assets of the Company referred to in this
Article XV, the Trustee and the Holders of the Securities shall be entitled to
conclusively rely upon any order or decree entered by any court of competent
jurisdiction in which such insolvency, bankruptcy, receivership, liquidation,
reorganization, dissolution, winding up or similar case or proceeding is
pending, or a certificate of the trustee in bankruptcy, liquidating trustee,
custodian, receiver, assignee for the benefit of creditors, agent or other
person making such payment or distribution, delivered to the Trustee or to the
Holders of Securities, for the purpose of ascertaining the Persons entitled to
participate in such payment or distribution, the holders of Senior Indebtedness
and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article XV.

     

    Section 15.10
Satisfaction and
Discharge; Defeasance and Covenant Defeasance. Subject to
Section 15.01, amounts and U.S. Government Obligations deposited in trust
with the Trustee pursuant to and in accordance with Article XII and not, at the
time of such deposit, prohibited to be deposited under Sections 15.02 or 15.03
shall not be subject to this Article XV.

    

    Section 15.11
Trustee Not Fiduciary
for Holders of Senior Indebtedness. With respect to the holders of Senior
Indebtedness, the Trustee undertakes to perform or observe only such of its
covenants and obligations as are specifically set forth in this Article XV, and
no implied covenants or obligations with respect to the holders of Senior
Indebtedness shall be read into this Indenture against the Trustee. The Trustee
shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness. The Trustee shall not be liable to any such holder if it shall pay
over or distribute to or on behalf of Holders of Securities or the Company, or
any other Person, moneys or assets to which any holder of Senior Indebtedness
shall be entitled by virtue of this Article XV or otherwise.

     

    
      
        
        

      

      
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    ARTICLE
XVI

     

    MISCELLANEOUS
PROVISIONS

     

    Section 16.01
Certificates and
Opinions as to Conditions Precedent.

     

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

     

    (b) Each
certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in
this Indenture (other than the certificates provided pursuant to
Section 6.05 of this Indenture) shall include (i) a statement that the
Person giving such certificate or opinion has read such covenant or condition;
(ii) 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; (iii) a statement that, in the view or
opinion of such Person, he or she has made such examination or investigation as
is necessary to enable such Person to express an informed view or opinion as to
whether or not such covenant or condition has been complied with; and
(iv) a statement as to whether or not, in the view or opinion of such
Person, such condition or covenant has been complied with.

     

    (c) Any
certificate, statement or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his or her certificate, statement or
opinion is based are erroneous. Any certificate, statement or opinion of counsel
may be based, insofar as it relates to factual matters, upon a certificate,
statement or opinion of, or representations by, an officer or officers of the
Company stating that the information with respect to such factual matters is in
the possession of the Company, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate, statement or opinion or
representations with respect to such matters are erroneous.

     

    (d) Any
certificate, statement or opinion of an officer of the Company or of counsel to
the Company may be based, insofar as it relates to accounting matters, upon a
certificate or opinion of,

    or
representations by, an accountant or firm of accountants, unless such officer or
counsel, as the case may be, knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to the
accounting matters upon which his or her certificate, statement or opinion may
be based are erroneous. Any certificate or opinion of any firm of independent
registered public accountants filed with the Trustee shall contain a statement
that such firm is independent.

     

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

     

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

     

    
      
        
        

      

      
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    Section 16.02
Trust Indenture Act
Controls. If and to the extent that any provision of this Indenture
limits, qualifies or conflicts with the duties imposed by, or another provision
included in this Indenture which is required to be included in this Indenture by
any of the provisions of Sections 310 to 318, inclusive, of the Trust Indenture
Act, such imposed duties or incorporated provision shall control.

     

    Section 16.03
Notices to the Company
and Trustee. Any notice or demand authorized by this Indenture to be made
upon, given or furnished to, or filed with, the Company or the Trustee shall be
sufficiently made, given, furnished or filed for all purposes if it shall be
mailed, delivered or telefaxed to:

     

    (a) the
Company, at Kun Tai
International Mansion Building, Suite 2315, Yi No. 12, Chaoyangmenwai Avenue,
Chaoyang District, Beijing, China 100020, Attention: Chief Financial
Officer, Facsimile No.:                     ,
or at such other address or facsimile number as may have been furnished in
writing to the Trustee by the Company.

     

    (b) the
Trustee, at the Corporate Trust Office of the Trustee, Attention: Trust
Administrator.

     

    Any such
notice, demand or other document shall be in the English language.

     

    Section 16.04
Notices to
Securityholders; Waiver. Any notice required or permitted to be given to
Securityholders shall be sufficiently given (unless otherwise herein expressly
provided),

     

    (a) if to
Holders, if given in writing by first class mail, postage prepaid, to such
Holders at their addresses as the same shall appear on the Register of the
Company.

     

    (b) In
the event of suspension of regular mail service or by reason of any other cause
it shall be impracticable to give notice by mail, then such notification as
shall be given with the approval of the Trustee shall constitute sufficient
notice for every purpose hereunder.

     

    (c) Where
this Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be filed with the Trustee, but such filing shall not be
a condition precedent to the validity of any action taken in reliance on such
waiver. In any case where notice to Holders is given by mail; neither the
failure to mail such notice nor any defect in any notice so mailed to any
particular Holder shall affect the sufficiency
of such notice with respect to other Holders, and any notice that is mailed in
the manner herein provided shall be conclusively presumed to have been duly
given. In any case where notice to Holders is given by publication, any defect
in any notice so published as to any particular Holder shall not affect the
sufficiency of such notice with respect to other Holders, and any notice that is
published in the manner herein provided shall be conclusively presumed to have
been duly given.

     

    Section 16.05
Legal Holiday.
Unless otherwise specified pursuant to Section 3.01, in any case where any
Interest Payment Date, Redemption Date or Maturity of any Security of any series
shall not be a Business Day at any Place of Payment for the Securities of that
series, then payment of principal and premium, if any, or interest need not be
made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same force and effect
as if made on such Interest Payment Date, Redemption Date or Maturity and no
interest shall accrue on such payment for the period from and after such
Interest Payment Date, Redemption Date or Maturity, as the case may be, to such
Business Day if such payment is made or duly provided for on such Business
Day.

     

    Section 16.06
Effects of Headings
and Table of Contents. The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction
hereof.

     

    Section 16.07
Successors and
Assigns. All covenants and agreements in this Indenture by the parties
hereto shall bind their respective successors and assigns and inure to the
benefit of their permitted successors and assigns, whether so expressed or
not.

     

    Section 16.08
Separability
Clause. In case any provision in this Indenture or in the Securities
shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

     

    
      
        
        

      

      
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    Section 16.09
Benefits of
Indenture. Nothing in this Indenture expressed and nothing that may be
implied from any of the provisions hereof is intended, or shall be construed, to
confer upon, or to give to, any Person or corporation other than the parties
hereto and their successors and the Holders of the Securities any benefit or any
right, remedy or claim under or by reason of this Indenture or any covenant,
condition, stipulation, promise or agreement hereof, and all covenants,
conditions, stipulations, promises and agreements in this Indenture contained
shall be for the sole and exclusive benefit of the parties hereto and their
successors and of the Holders of the Securities.

     

    Section 16.10
Counterparts
Originals. This Indenture may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same
instrument.

     

     Section 16.11
Governing Law; Waiver
of Trial by Jury. This Indenture and the Securities shall be deemed to be
contracts made under the law of the State of New York and for all purposes shall
be governed by and construed in accordance with the law of said
State. 

     

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

     

    [signature
page follows]

     

    
      
        
        

      

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

     

    
      	 
      	 
      	 
      	 
      	 
      
	
              GENERAL
      STEEL HOLDINGS, INC.,

              as
      Issuer

            
	 
      	 
      
	
              By:

            	 
      	 
      
	
              Name:

            	 
      
	
              Title:

            	 
      	 
      
	 
      	 
      
	 
      	 
      	
              ,

            
	
              as
      Trustee

            
	 
      	 
      
	
              By:

            	 
      	 
      
	
              Name:

            	 
      	 
      
	
              Title:

            	 
      	 
      

    

     

    
      
        
        

      

      
        53

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