Document:

d1055358_ex4-4.htm

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    PARAGON
SHIPPING  INC.

    

    FORM
OF

    

    SUBORDINATED
INDENTURE

    

    Dated as
of
[                                ],
200[ ]

    

    

    

    

    [                      ]

    

    Trustee

     

     

     

    ____________________________________________________________________________________________________________

    

    

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE OF
CONTENTS

    PAGE

    

    
       

      
        	 
      	 
      
	
                ARTICLE
      I DEFINITIONS AND INCORPORATION BY REFERENCE

              	
                1

              
	
                SECTION
      1.01.

              	
                Definitions.

              	
                1

              
	
                SECTION
      1.02.

              	
                Other
      Definitions.

              	
                5

              
	
                SECTION
      1.03.

              	
                Incorporation
      by Reference of Trust Indenture Act.

              	
                5

              
	
                SECTION
      1.04.

              	
                Rules
      of Construction.

              	
                6

              
	
                ARTICLE
      II THE SECURITIES

              	
                6

              
	
                SECTION
      2.01.

              	
                Issuable
      in Series.

              	
                6

              
	
                SECTION
      2.02.

              	
                Establishment
      of Terms of Series of Securities.

              	
                7

              
	
                SECTION
      2.03.

              	
                Execution
      and Authentication.

              	
                9

              
	
                SECTION
      2.04.

              	
                Registrar
      and Paying Agent.

              	
                10

              
	
                SECTION
      2.05.

              	
                Paying
      Agent to Hold Money in Trust.

              	
                10

              
	
                SECTION
      2.06.

              	
                Securityholder
      Lists.

              	
                11

              
	
                SECTION
      2.07.

              	
                Transfer
      and Exchange.

              	
                11

              
	
                SECTION
      2.08.

              	
                Mutilated,
      Destroyed, Lost and Stolen Securities.

              	
                12

              
	
                SECTION
      2.09.

              	
                Outstanding
      Securities.

              	
                12

              
	
                SECTION
      2.10.

              	
                Treasury
      Securities.

              	
                13

              
	
                SECTION
      2.11.

              	
                Temporary
      Securities.

              	
                13

              
	
                SECTION
      2.12.

              	
                Cancellation.

              	
                13

              
	
                SECTION
      2.13.

              	
                Defaulted
      Interest.

              	
                13

              
	
                SECTION
      2.14.

              	
                Global
      Securities.

              	
                14

              
	
                SECTION
      2.15.

              	
                CUSIP
      Numbers.

              	
                15

              
	
                ARTICLE
      III REDEMPTION

              	
                15

              
	
                SECTION
      3.01.

              	
                Notice
      to Trustee.

              	
                15

              
	
                SECTION
      3.02.

              	
                Selection
      of Securities to be Redeemed.

              	
                16

              
	
                SECTION
      3.03.

              	
                Notice
      of Redemption.

              	
                16

              
	
                SECTION
      3.04.

              	
                Effect
      of Notice of Redemption.

              	
                16

              
	
                SECTION
      3.05.

              	
                Deposit
      of Redemption Price.

              	
                17

              
	
                SECTION
      3.06.

              	
                Securities
      Redeemed in Part.

              	
                17

              
	
                ARTICLE
      IV COVENANTS

              	
                17

              
	
                SECTION
      4.01.

              	
                Payment
      of Principal and Interest.

              	
                17

              
	
                SECTION
      4.02.

              	
                SEC
      Reports.

              	
                18

              
	
                SECTION
      4.03.

              	
                Compliance
      Certificate.

              	
                18

              
	
                SECTION
      4.04.

              	
                Stay,
      Extension and Usury Laws.

              	
                19

              
	
                SECTION
      4.05.

              	
                Corporate
      Existence.

              	
                19

              
	
                SECTION
      4.06.

              	
                Taxes.

              	
                19

              
	
                SECTION
      4.07.

              	
                Additional
      Interest Notice.

              	
                19

              
	
                SECTION
      4.08.

              	
                Further
      Instruments and Acts.

              	
                19

              

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE
      V SUCCESSORS

              	
                20

              
	
                SECTION
      5.01.

              	
                When
      Company May Merge, Etc.

              	
                20

              
	
                SECTION
      5.02.

              	
                Successor
      Corporation Substituted.

              	
                20

              
	
                ARTICLE
      VI DEFAULTS AND REMEDIES

              	
                21

              
	
                SECTION
      6.01.

              	
                Events
      of Default.

              	
                21

              
	
                SECTION
      6.02.

              	
                Acceleration
      of Maturity; Rescission and Annulment.

              	
                24

              
	
                SECTION
      6.03.

              	
                Collection
      of Indebtedness and Suits for Enforcement by Trustee.

              	
                24

              
	
                SECTION
      6.04.

              	
                Trustee
      May File Proofs of Claim.

              	
                24

              
	
                SECTION
      6.05.

              	
                Trustee
      May Enforce Claims Without Possession of Securities.

              	
                24

              
	
                SECTION
      6.06.

              	
                Application
      of Money Collected.

              	
                25

              
	
                SECTION
      6.07.

              	
                Limitation
      on Suits.

              	
                25

              
	
                SECTION
      6.08.

              	
                Unconditional
      Right of Holders to Receive Principal and Interest.

              	
                26

              
	
                SECTION
      6.09.

              	
                Restoration
      of Rights and Remedies.

              	
                26

              
	
                SECTION
      6.10.

              	
                Rights
      and Remedies Cumulative.

              	
                26

              
	
                SECTION
      6.11.

              	
                Delay
      or Omission Not Waiver.

              	
                26

              
	
                SECTION
      6.12.

              	
                Control
      by Holders.

              	
                26

              
	
                SECTION
      6.13.

              	
                Waiver
      of Past Defaults.

              	
                27

              
	
                SECTION
      6.14.

              	
                Undertaking
      for Costs.

              	
                27

              
	
                ARTICLE
      VII TRUSTEE

              	
                27

              
	
                SECTION
      7.01.

              	
                Duties
      of Trustee.

              	
                27

              
	
                SECTION
      7.02.

              	
                Rights
      of Trustee.

              	
                29

              
	
                SECTION
      7.03.

              	
                Individual
      Rights of Trustee.

              	
                29

              
	
                SECTION
      7.04.

              	
                Trustee’s
      Disclaimer.

              	
                29

              
	
                SECTION
      7.05.

              	
                Notice
      of Defaults.

              	
                29

              
	
                SECTION
      7.06.

              	
                Reports
      by Trustee to Holders.

              	
                30

              
	
                SECTION
      7.07.

              	
                Compensation
      and Indemnity.

              	
                30

              
	
                SECTION
      7.08.

              	
                Replacement
      of Trustee.

              	
                31

              
	
                SECTION
      7.09.

              	
                Successor
      Trustee by Merger, etc.

              	
                32

              
	
                SECTION
      7.10.

              	
                Eligibility;
      Disqualification.

              	
                32

              
	
                SECTION
      7.11.

              	
                Preferential
      Collection of Claims Against Company.

              	
                32

              

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE
      VIII SATISFACTION AND DISCHARGE; DEFEASANCE

              	
                32

              
	
                SECTION
      8.01.

              	
                Satisfaction
      and Discharge of Indenture.

              	
                32

              
	
                SECTION
      8.02.

              	
                Application
      of Trust Funds; Indemnification.

              	
                33

              
	
                SECTION
      8.03.

              	
                Legal
      Defeasance of Securities of any Series.

              	
                34

              
	
                SECTION
      8.04.

              	
                Covenant
      Defeasance.

              	
                35

              
	
                SECTION
      8.05.

              	
                Repayment
      to Company.

              	
                36

              
	
                ARTICLE
      IX AMENDMENTS AND WAIVERS

              	
                37

              
	
                SECTION
      9.01.

              	
                Without
      Consent of Holders.

              	
                37

              
	
                SECTION
      9.02.

              	
                With
      Consent of Holders.

              	
                37

              
	
                SECTION
      9.03.

              	
                Limitations.

              	
                38

              
	
                SECTION
      9.04.

              	
                Compliance
      with Trust Indenture Act.

              	
                38

              
	
                SECTION
      9.05.

              	
                Revocation
      and Effect of Consents.

              	
                39

              
	
                SECTION
      9.06.

              	
                Notation
      on or Exchange of Securities.

              	
                39

              
	
                SECTION
      9.07.

              	
                Trustee
      Protected.

              	
                39

              
	
                SECTION
      9.08.

              	
                Effect
      of Supplemental Indenture.

              	
                40

              
	
                ARTICLE
      X MISCELLANEOUS

              	
                40

              
	
                SECTION
      10.01.

              	
                Trust
      Indenture Act Controls.

              	
                40

              
	
                SECTION
      10.02.

              	
                Notices.

              	
                40

              
	
                SECTION
      10.03.

              	
                Communication
      by Holders with Other Holders.

              	
                41

              
	
                SECTION
      10.04.

              	
                Certificate
      and Opinion as to Conditions Precedent.

              	
                41

              
	
                SECTION
      10.05.

              	
                Statements
      Required in Certificate or Opinion.

              	
                42

              
	
                SECTION
      10.06.

              	
                Record
      Date for Vote or Consent of Holders.

              	
                42

              
	
                SECTION
      10.07.

              	
                Rules
      by Trustee and Agents.

              	
                42

              
	
                SECTION
      10.08.

              	
                Legal
      Holidays.

              	
                42

              
	
                SECTION
      10.09.

              	
                No
      Recourse Against Others.

              	
                43

              
	
                SECTION
      10.10.

              	
                Counterparts.

              	
                43

              
	
                SECTION
      10.11.

              	
                Governing
      Laws and Submission to Jurisdiction.

              	
                43

              
	
                SECTION
      10.12.

              	
                No
      Adverse Interpretation of Other Agreements.

              	
                43

              
	
                SECTION
      10.13.

              	
                Successors.

              	
                44

              
	
                SECTION
      10.14.

              	
                Severability.

              	
                44

              
	
                SECTION
      10.15.

              	
                Table
      of Contents, Headings, Etc.

              	
                44

              
	
                SECTION
      10.16.

              	
                Securities
      in a Foreign Currency or in ECU.

              	
                44

              
	
                SECTION
      10.17.

              	
                Judgment
      Currency.

              	
                45

              
	
                SECTION
      10.18.

              	
                Compliance
      with Applicable Anti-Terrorism and Money Laundering
      Regulations.

              	
                45

              

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE
      XI SINKING FUNDS

              	
                46

              
	
                SECTION
      11.01.

              	
                Applicability
      of Article.

              	
                46

              
	
                SECTION
      11.02.

              	
                Satisfaction
      of Sinking Fund Payments with Securities.

              	
                46

              
	
                SECTION
      11.03.

              	
                Redemption
      of Securities for Sinking Fund.

              	
                47

              

      

       

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Reconciliation
and tie between Trust Indenture Act of 1939 and Indenture,

    Dated as
of
[                                ],
200[ ]

    

    
      	
              Section
      310(a)(1)

            	
              7.10

            
	
              (a)(2)

            	
              7.10

            
	
              (a)(3)

            	
              Not
      Applicable

            
	
              (a)(4)

            	
              Not
      Applicable

            
	
              (a)(5)

            	
              7.10

            
	
              (b)

            	
              7.10

            
	
              (c)

            	
              Not
      Applicable

            
	
              Section
      311(a)

            	
              7.11

            
	
              (b)

            	
              7.11

            
	
              (c)

            	
              Not
      Applicable

            
	
              Section
      312(a)

            	
              2.06

            
	
              (b)

            	
              10.03

            
	
              (c)

            	
              10.03

            
	
              Section
      313(a)

            	
              7.06

            
	
              (b)(1)

            	
              7.06

            
	
              (b)(2)

            	
              7.06

            
	
              (c)(1)

            	
              7.06

            
	
              (d)

            	
              7.06

            
	
              Section
      314(a)

            	
              4.02,
      10.05

            
	
              (b)

            	
              Not
      Applicable

            
	
              (c)(1)

            	
              10.04

            
	
              (c)(2)

            	
              10.04

            
	
              (c)(3)

            	
              Not
      Applicable

            
	
              (d)

            	
              Not
      Applicable

            
	
              (e)

            	
              10.05

            
	
              (f)

            	
              Not
      Applicable

            
	
              Section
      315(a)

            	
              7.01

            
	
              (b)

            	
              7.05

            
	
              (c)

            	
              7.01

            
	
              (d)

            	
              7.01

            
	
              (e)

            	
              6.14

            
	
              Section
      316(a)(1)(A)

            	
              6.12

            
	
              (a)(1)(B)

            	
              6.13

            
	
              (a)(2)

            	
              Not
      Applicable

            
	
              (b)

            	
              6.13

            
	
              (c)

            	
              10.06

            
	
              Section
      317(a)(1)

            	
              6.03

            
	
              (a)(2)

            	
              6.04

            
	
              (b)

            	
              2.05

            
	
              Section
      318(a)

            	
              10.01

            

    

    

    Note:  This
reconciliation and tie shall not, for any purpose, be deemed to be part of the
Indenture.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Indenture
dated as of
[                                                      ],
200[ ] between Paragon Shipping Inc., a company organized under the
laws of the Republic of the Marshall
Islands (the "Company") and [ ] (the
"Trustee").

    

    Each
party agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of the Securities issued under this
Indenture.

    

    ARTICLE
I

    

    DEFINITIONS
AND INCORPORATION BY REFERENCE

    

    SECTION
1.01.    Definitions.

    

    "Additional Amounts" means any
additional amounts which are required hereby or by any Security, under
circumstances specified herein or therein, to be paid by the Company in respect
of certain taxes imposed on Holders specified therein and which are owing to
such Holders.

    

    "Affiliate" of any specified
person means any other person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified
person.  For the purposes of this definition, "control" (including,
with correlative meanings, the terms "controlled by" and "under common control
with"), as used with respect to any person, shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management
or policies of such person, whether through the ownership of voting securities
or by agreement or otherwise.

    

    "Agent" means any Registrar or
Paying Agent.

    

    "Bankruptcy Law" means Title 11
of the United States Code (or any successor thereto) or any similar federal or
state law for the relief of debtors.

    

    "Board of Directors" means the
board of directors of the Company or any duly authorized committee
thereof.

    

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

    

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

    

    "Capital Stock" of any Person
means any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated)
equity of such Person, but excluding any debt securities convertible into such
equity.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    "Certificated Securities" means
Securities in the form of physical, certificated Securities in registered
form.

    

    "Company" means the party named
as such above until a successor replaces it in accordance with the terms of this
Indenture and thereafter means the successor.

    

    "Company Order" means a written
order signed in the name of the Company by two Officers, one of whom must be the
Company's principal executive officer, principal financial officer or principal
accounting officer.

    

    "Company Request" means a
written request signed in the name of the Company by its Chairman of the Board,
a President or a Vice President, and by its Chief Financial Officer, its
Secretary or an Assistant Secretary, and delivered to the Trustee.

    

    "Corporate Trust Office" means
the office of the Trustee at which at any particular time its corporate trust
business shall be principally administered which office at the date of the
execution of this Indenture is [ ], Attention: [ ], or at such
other address as the Trustee may designate from time to time.

    

    "Custodian" means any receiver,
trustee, assignee, liquidator, sequestrator or similar official under any
Bankruptcy Law.

    

    "Default" or "default" means
any event which is, or after notice or passage of time or both would be, an
Event of Default.

    

    "Default Rate" means the
default rate of interest specified in the Securities.

    

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

    

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

    

    "Dollars" means the currency of
The United States of America.

    

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

    

    "Exchange Act" means the
Securities Exchange Act of 1934, as amended.

    

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

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

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

    

    "Global Security" or "Global Securities" means a
Security or Securities, as the case may be, in the form established pursuant to
Section 2.02 evidencing all or part of a Series of Securities, issued to the
Depository for such Series or its nominee, and registered in the name of such
Depository or nominee.

    

    "Holder" or "Securityholder" means a person
in whose name a Security is registered.

    

    "Indenture" means this
Indenture as amended and supplemented from time to time and shall include the
form and terms of particular Series of Securities established as contemplated
hereunder.

    

    "Interest," in respect of the
Securities, unless the context otherwise requires, refers to interest payable on
the Securities, including any additional interest that may become payable
pursuant to Section 6.02(b).

    

    "Maturity," when used with
respect to any Security or installment of principal thereof, means the date on
which the principal of such Security or such installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity or
by declaration of acceleration, call for redemption, notice of option to elect
repayment or otherwise.

    

    "Officer" means the Chairman of
the Board, the President, any Vice-President, the Treasurer, the Secretary, any
Assistant Treasurer or any Assistant Secretary of the Company.

    

    "Officers' Certificate" means a
certificate signed by two Officers, one of whom must be the Company's principal
executive officer, principal financial officer or principal accounting
officer.

    

    "Opinion of Counsel" means a
written opinion of legal counsel who is, and which opinion is, acceptable to the
Trustee and its counsel.  Such legal counsel may be an employee of or
counsel to the Company or the Trustee.

    

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

    

    "Principal" or "principal" of a Security means
the principal of the Security plus, when appropriate, the premium, if any, on,
and any Additional Amounts in respect of, the Security.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    "Responsible Officer" means any
officer of the Trustee in its Corporate Trust Office and also means, any vice
president, managing director, director, associate, assistant vice president, or
any other officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers and also, with respect
to a particular corporate trust matter, any other officer to whom any corporate
trust matter is referred because of his or her knowledge of and familiarity with
a particular subject.

    

    "SEC" means the Securities and
Exchange Commission.

    

    "Security" or "Securities" means the
debentures, notes or other debt instruments of the Company of any Series
authenticated and delivered under this Indenture.

    

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

    

    "Stated Maturity" when used
with respect to any Security or any installment of principal thereof or interest
thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is
due and payable.

    

    "Subordinated Indebtedness"
means any indebtedness which is expressly subordinated to the indebtedness
evidenced by Securities.

    

    "Subsidiary" means, in respect
of any Person, any corporation, association, partnership or other business
entity of which more than 50% of the total voting power of shares of Capital
Stock or other interests (including partnership interests) entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers, general partners or trustees thereof is at the time owned
or controlled, directly or indirectly, by (i) such Person; (ii) such Person and
one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of
such Person.

    

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

    

    "Trustee" means the person
named as the "Trustee" in the first paragraph of this instrument until a
successor Trustee shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter "Trustee" shall mean 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. Government Obligations"
means securities which are (i) direct obligations of The United States of
America 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 of America the payment of which is
unconditionally guaranteed as a full faith and credit obligation by The United
States of America, and which in the case of (i) and (ii) are not callable or
redeemable at the option of the issuer thereof, and shall also include a
depository 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 depository 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 depository receipt from any amount received by the
custodian in respect of the U.S. Government Obligation evidenced by such
depository receipt.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    SECTION
1.02.    Other
Definitions.

    

    
      	
               

              TERM

            	
               

              DEFINED
      IN SECTION

            
	
              "Applicable
      Law"

            	
              10.18

            
	
              "Event
      of Default"

            	
              6.01

            
	
              "Instrument"

            	
              6.01

            
	
              "Journal"

            	
              10.16

            
	
              "Judgment
      Currency"

            	
              10.17

            
	
              "Legal
      Holiday"

            	
              10.08

            
	
              "mandatory
      sinking fund payment"

            	
              11.01

            
	
              "Market
      Exchange Rate"

            	
              10.16

            
	
              "New
      York Banking Day"

            	
              10.17

            
	
              "optional
      sinking fund payment"

            	
              11.01

            
	
              "Paying
      Agent"

            	
              2.04

            
	
              "Registrar"

            	
              2.04

            
	
              "Required
      Currency"

            	
              10.17

            
	
              "successor
      person"

            	
              5.01

            
	
              "Temporary
      Securities"

            	
              2.11

               

            

    

     

    SECTION
1.03.    Incorporation by Reference
of Trust Indenture Act.

    

    Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture.  This Indenture
shall also include those provisions of the TIA required to be included herein by
the provisions of the Trust Indenture Reform Act of 1990.  The
following TIA terms used in this Indenture have the following
meanings:

    

    "indenture securities" means
the Securities.

    

    "indenture security holder"
means a Securityholder.

    

    "indenture to be qualified"
means this Indenture.

    "indenture trustee" or
"institutional trustee" means the Trustee.

    

    "obligor" on the indenture
securities means the Company and any successor obligor upon the
Securities.

    

    All other
terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule under the TIA and not
otherwise defined herein are used herein as so defined.

     

    
 

    
      
        
        

      

      
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    SECTION
1.04.    Rules of
Construction.

    

    Unless
the context otherwise requires:

    

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

    

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

    

    (c)           references
to "generally accepted accounting principles" shall mean generally accepted
accounting principles in effect as of the time when and for the period as to
which such accounting principles are to be applied;

    

    (d)           "or"
is not exclusive;

    

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

    

    (f)           provisions
apply to successive events and transactions;

    

    (g)           references
to agreements and other instruments include subsequent amendments
thereto;

    

    (h)           the
term "merger" includes a statutory share exchange, and the term "merged" has a
correlative meaning; and

    

    (i)           "herein,"
"hereof" and other words of similar import refer to this Indenture as a whole
and not to any particular Article, Section or other subdivision.

    

    ARTICLE
II

    

    THE
SECURITIES

    

    SECTION
2.01.    Issuable in
Series.

    

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

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    SECTION
2.02.    Establishment of Terms of
Series of Securities.

    

    At or
prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection (a), and
either as to such Securities within the Series or as to the Series generally in
the case of Subsections (b) through (t) by a Board Resolution, a supplemental
indenture or an Officers' Certificate pursuant to authority granted under a
Board Resolution:

    

    (a)           the
title, designation, aggregate principal amount and authorized denominations of
the Securities of the Series;

    

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

    

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

    

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

    

    (e)           any
optional or mandatory sinking fund provisions or conversion or exchangeability
provisions upon which Securities of the Series shall be redeemed, purchased,
converted or exchanged;

    

    (f)           the
date, if any, after which and the price or prices at which the Securities of the
Series may be optionally redeemed or must be mandatorily redeemed and any other
terms and provisions of optional or mandatory provisions;

    

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

    

    (h)           if
other than the full principal amount, the portion of the principal amount of the
Securities of the Series that shall be payable upon declaration of acceleration
pursuant to Section 6.02 or provable in bankruptcy;

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

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

    

    (j)           the
currency or currencies, including composite currencies, in which payments of
principal of, premium or interest, if any, on the Securities of the Series will
be payable, if other than the currency of the United States of
America;

    

    (k)           if
payments of principal of, premium or interest, if any, on the Securities of the
Series will be payable, at the Company's election or at the election of any
Holder, in a currency other than that in which the Securities of the Series are
stated to be payable, the period or periods within which, and the terms and
conditions upon which, the election may be made;

    

    (l)           if
payments of interest, if any, on the Securities of the Series will be payable,
at the Company's election or at the election of any Holder, in cash or
additional securities, and the terms and conditions upon which the election may
be made;

    

    (m)           if
denominated in a currency or currencies other than the currency of the United
States of America, the equivalent price of the Securities of the Series in the
currency of the United States of America for purposes of determining the voting
rights of Holders of the Securities of the Series;

    

    (n)           if
the amount of payments of principal, premium or interest may be determined with
reference to an index, formula or other method based on a coin or currency other
than that in which the Securities of the Series are stated to be payable, the
manner in which the amounts will be determined;

    

    (o)           any
restrictive covenants or other material terms relating to the Securities of the
Series;

    

    (p)           whether
the Securities of the Series will be issued in the form of global securities or
certificates in registered form;

    

    (q)           any
terms with respect to subordination;

    

    (r)           any
listing on any securities exchange or quotation system;

    

    (s)           additional
provisions, if any, related to defeasance and discharge of the offered debt
securities; and

    

    (t)           the
applicability of any guarantees.

    

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

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    SECTION
2.03.    Execution and
Authentication.

    

    Two
Officers shall sign the Securities for the Company by manual or facsimile
signature.

    

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

    

    A
Security shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.  The signature shall be conclusive
evidence that the Security has been authenticated under this
Indenture.

    

    The
Trustee shall at any time, and from time to time, authenticate Securities for
original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers' Certificate, upon receipt by the
Trustee of a Company Order.  Such Company Order may authorize
authentication and delivery pursuant to oral or electronic instructions from the
Company or its duly authorized agent or agents, which oral instructions shall be
promptly confirmed in writing.  Each Security shall be dated the date
of its authentication unless otherwise provided by a Board Resolution, a
supplemental indenture hereto or an Officers' Certificate.

    

    The
aggregate principal amount of Securities of any Series outstanding at any time
may not exceed any limit upon the maximum principal amount for such Series set
forth in the Board Resolution, supplemental indenture hereto or Officers'
Certificate delivered pursuant to Section 2.02, except as provided in Section
2.08.

    

    Prior to
the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.02) shall be fully protected in relying on: (a) the Board
Resolution, supplemental indenture hereto or Officers Certificate establishing
the form of the Securities of that Series or of Securities within that Series
and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officers' Certificate complying with Section 10.04, and (c) an
Opinion of Counsel complying with Section 10.04.

    

    The
Trustee shall have the right to decline to authenticate and deliver any
Securities of such Series: (a) if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken; or (b) if a Responsible
Officer of the Trustee in good faith shall determine that such action would
expose the Trustee to personal liability to Holders of any then outstanding
Series of Securities.

    

    The
Trustee may appoint an authenticating agent acceptable to the Company to
authenticate Securities.  An authenticating agent may authenticate
Securities whenever the Trustee may do so.  Each reference in this
Indenture to authentication by the Trustee includes authentication by such
agent.  An authenticating agent has the same rights as an Agent to
deal with the Company or an Affiliate.

    

    If any
successor that has replaced the Company in accordance with Article 5 has
executed
an indenture supplemental hereto with the Trustee pursuant to Section 5.01, any
of the Securities authenticated or delivered prior to such transaction may, from
time to time, at the request of such successor, be exchanged for other
Securities executed in the name of the such successor 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 receipt of a Company Order of such successor, 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 such successor pursuant to this provision of
Section 2.03 in exchange or substitution for or upon registration of transfer of
any Securities, such successor, at the option of the Holders but without expense
to them, shall provide for the exchange of all Securities then outstanding for
Securities authenticated and delivered in such new name.

     

     

    
      
        
        

      

      
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    SECTION
2.04.    Registrar and Paying
Agent.

    

    The
Company shall maintain, with respect to each Series of Securities, at the place
or places specified with respect to such Series pursuant to Section 2.02, an
office or agency where Securities of such Series may be presented or surrendered
for payment ("Paying Agent") and where Securities of such Series may be
surrendered for registration of transfer or exchange
("Registrar").  The Registrar shall keep a register with respect to
each Series of Securities and to their transfer and exchange.  The
Company will give prompt written notice to the Trustee of the name and address,
and any change in the name or address, of each Registrar and Paying
Agent.  If at any time the Company shall fail to maintain any such
required Registrar or Paying Agent or shall fail to furnish the Trustee with the
name and address thereof, such presentations and surrenders may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such presentations and
surrenders.

    

    The
Company may also from time to time designate one or more co-registrars or
additional paying agents and may from time to time rescind such designations;
provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligations to maintain a Registrar or Paying Agent
in each place so specified pursuant to Section 2.02 for Securities of any Series
for such purposes.  The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the name or
address of any such co-registrar or additional paying agent.  The term
"Registrar" includes any co-registrar; and the term "Paying Agent" includes any
additional paying agent.

    

    The
Company hereby appoints
[                                                                ]
as the initial Registrar and Paying Agent for each Series unless another
Registrar or Paying Agent as the case may be, is appointed prior to the time
Securities of that Series are first issued.  Each Registrar and Paying
Agent shall be entitled to all of the rights, protections, exculpations and
indemnities afforded to the Trustee in connection with its roles as Registrar
and Paying Agent.

    

    SECTION
2.05.    Paying Agent to Hold Money
in Trust.

    

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

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    SECTION
2.06.    Securityholder
Lists.

    

    The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Securityholders
of each Series of Securities and shall otherwise comply with TIA Section
312(a).  If the Trustee is not the Registrar, the Company shall
furnish to the Trustee at least [  ] days before each interest payment
date and at such other times as the Trustee may request in writing a list, in
such form and as of such date as the Trustee may reasonably require, of the
names and addresses of Securityholders of each Series of
Securities.

    

    SECTION
2.07.    Transfer and
Exchange.

    

    Where
Securities of a Series are presented to the Registrar or a co-registrar with a
request to register a transfer or to exchange them for an equal principal amount
of Securities of the same Series, the Registrar shall register the transfer or
make the exchange if its requirements for such transactions are
met.  To permit registrations of transfers and exchanges, the Trustee
shall authenticate Securities at the Registrar's request.  Any
exchange or transfer shall be without charge, except that the Company or the
Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge required by law; provided that this sentence shall not apply
to any exchange pursuant to Section 2.11, 2.08, 3.06 or 9.06.

    

    Neither
the Company nor the Registrar shall be required (a) to issue, register the
transfer of, or exchange Securities of any Series for the period beginning at
the opening of business [  ] days immediately preceding the mailing of
a notice of redemption of Securities of that Series selected for redemption and
ending at the close of business on the day of such mailing, or (b) to register
the transfer of or exchange Securities of any Series selected, called or being
called for redemption as a whole or the portion being redeemed of any such
Securities selected, called or being called for redemption in part.

    

    All
Securities issued upon any 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 upon such transfer
or exchange.  Any Registrar appointed pursuant to Section 2.04 shall
provide to the Trustee such information as the Trustee may reasonably require in
connection with the delivery by such Registrar of Securities upon transfer or
exchange of Securities.  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 U.S. federal or state securities
law.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    SECTION
2.08.    Mutilated, Destroyed, Lost
and Stolen Securities.

    

    If any
mutilated Security is surrendered to the Registrar, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor a new
Security of the same Series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding.

    

    If there
shall be delivered to the Company and the Registrar (i) evidence to their
satisfaction of the destruction, loss or theft of any Security and (ii) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Company
or the Registrar that such Security has been acquired by a bona fide purchaser,
the Company shall execute and upon its request the Trustee shall authenticate
and make available for delivery, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same Series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding.

    

    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 such Security.

    

    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 relation thereto and any other expenses (including the fees
and expenses of the Trustee) connected therewith.

    

    Every new
Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security 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.

    

    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
2.09.    Outstanding
Securities.

    

    The
Securities outstanding at any time are all the Securities authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest on a Global Security effected by the Trustee in
accordance with the provisions hereof and those described in this Section as not
outstanding.

    

    If a
Security is replaced pursuant to Section 2.08, it ceases to be outstanding until
the Trustee receives proof satisfactory to it that the replaced Security is held
by a bona fide purchaser.  If the
Paying Agent (other than the Company, a Subsidiary or an Affiliate of any
thereof) holds on the Maturity of Securities of a Series money sufficient to pay
such Securities payable on that date, then on and after that date such
Securities of the Series cease to be outstanding and interest on them ceases to
accrue.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

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

    

    In
determining whether the Holders of the requisite principal amount of outstanding
Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of a Discount Security that
shall be deemed to be outstanding for such purposes 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 6.02.

    

    SECTION
2.10.    Treasury
Securities.

    

    In
determining whether the Holders of the required principal amount of Securities
of a Series have concurred in any request, demand, authorization, direction,
notice, consent or waiver Securities of a Series owned by the Company or an
Affiliate shall be disregarded, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent or waiver only Securities of a Series
that a Responsible Officer of the Trustee actually knows are so owned shall be
so disregarded.

    

    SECTION
2.11.    Temporary
Securities.

    

    Until
definitive Securities are ready for delivery, the Company may prepare and the
Trustee shall authenticate temporary securities upon a Company Order ("Temporary
Securities").  Temporary Securities shall be substantially in the form
of definitive Securities but may have variations that the Company considers
appropriate for temporary Securities.  Without unreasonable delay, the
Company shall prepare and the Trustee upon written request shall authenticate
definitive Securities of the same Series and date of maturity in exchange for
temporary Securities.  Until so exchanged, temporary securities shall
have the same rights under this Indenture as the definitive
Securities.

    

    SECTION
2.12.    Cancellation.

    

    The
Company at any time may deliver Securities to the Trustee for
cancellation.  The Registrar and the Paying Agent shall forward to the
Trustee or its agent any Securities surrendered to them for transfer, exchange,
payment or conversion.  The Trustee and no one else shall cancel, in
accordance with its standard procedures, all Securities surrendered for
transfer, exchange, payment, conversion or cancellation and shall deliver the
cancelled Securities to the Company.  No Security shall be
authenticated in exchange for any Security cancelled pursuant to this Section
2.12.

    

    The
Company may, to the extent permitted by law, purchase Securities in the open
market or by tender offer at any price or by private agreement.  Any
Securities purchased or otherwise
acquired by the Company or any of its Subsidiaries prior to the final maturity
of such Securities may, to the extent permitted by law, be reissued or resold or
may, at the option of the Company, be surrendered to the Trustee for
cancellation.  Any Securities surrendered for cancellation may not be
reissued or resold and shall be promptly cancelled by the Trustee, and the
Company may not hold or resell such Securities or issue any new Securities to
replace any such Securities.

    

    SECTION
2.13.    Defaulted
Interest.

    

    If the
Company defaults in a payment of interest on a Series of Securities, it shall
pay defaulted interest, plus, to the extent permitted by law, any interest
payable on the defaulted interest at the Default Rate, to the persons who are
Security holders of the Series on a subsequent special record
date.  The Company shall fix the record date and payment
date.  At least [  ] days before the record date, the
Company shall mail to the Trustee and the Paying Agent and to each
Securityholder of the Series a notice that states the record date, the payment
date and the amount of interest to be paid.  The Company may pay
defaulted interest in any other lawful manner.

     

    
      
        
        

      

      
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    SECTION
2.14.    Global
Securities.

    

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

    

    (b)            (i)           Notwithstanding
any provisions to the contrary contained in Section 2.07 of the Indenture and in
addition thereto, any Global Security shall be exchangeable pursuant to Section
2.07 of the Indenture for Securities registered in the names of Holders other
than the Depository for such Security or its nominee only if (A) such Depository
notifies the Company that it is unwilling or unable to continue as Depository
for such Global Security or if at any time such Depository ceases to be a
clearing agency registered under the Exchange Act, and, in either case, the
Company fails to appoint a successor Depository within 90 days of such event,
(B) the Company executes and delivers to the Trustee an Officers' Certificate to
the effect that such Global Security shall be so exchangeable or (C) an Event of
Default with respect to the Securities represented by such Global Security shall
have happened and be continuing.

     

     

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

    

    (iii)           Securities
issued in exchange for a Global Security or any portion thereof shall be issued
in definitive, fully registered form, without interest coupons, shall have an
aggregate principal amount equal to that of such Global Security or portion
thereof to be so exchanged, shall be registered in such names and be in such
authorized denominations as the Depository shall designate and shall bear the
applicable legends provided
for herein.  Any Global Security to be exchanged in whole shall be
surrendered by the Depository to the Trustee, as Registrar.  With
regard to any Global Security to be exchanged in part, either such Global
Security shall be so surrendered for exchange or, if the Registrar is acting as
custodian for the Depository or its nominee with respect to such Global
Security, the principal amount thereof shall be reduced by an amount equal to
the portion thereof to be so exchanged, by means of an appropriate adjustment
made on the records of the Trustee.  Upon any such surrender or
adjustment, the Trustee shall authenticate and deliver the Security issuable on
such exchange to or upon the order of the Depository or an authorized
representative thereof.

    

    (iv)           The
registered Holder may grant proxies and otherwise authorize any Person,
including participants in the Depository and persons that may hold interests
through participants in the Depository, to take any action which a Holder is
entitled to take under this Indenture or the Securities.

    

    (v)           In
the event of the occurrence of any of the events specified in 2.14(b)(i), the
Company will promptly make available to the Trustee a reasonable supply of
Certificated Securities in definitive, fully registered form, without interest
coupons.  If (A) an event described in Section 2.14(b)(i)(A) or (B)
occurs and definitive Certificated Securities are not issued promptly to all
beneficial owners or (B) the Registrar receives from a beneficial owner
instructions to obtain definitive Certificated Securities due to an event
described in Section 2.14(b)(i)(C) and definitive Certificated Securities are
not issued promptly to any such beneficial owner, the Company expressly
acknowledges, with respect to the right of any Holder to pursue a remedy
pursuant to Section 6.07 hereof, the right of any beneficial owner of Securities
to pursue such remedy with respect to the portion of the Global Security that
represents such beneficial owner's Securities as if such definitive certificated
Securities had been issued.

     

    
 

    
      
        
        

      

      
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    (vi)           Notwithstanding
any provision to the contrary in this Indenture, so long as a Global Security
remains outstanding and is held by or on behalf of the Depository, transfers of
a Global Security, in whole or in part, or of any beneficial interest therein,
shall only be made in accordance with Section 2.07, this Section 2.14(b) and the
rules and procedures of the Depository for such Global Security to the extent
applicable to such transaction and as in effect from time to time.

    

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

    

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

     

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

    

    (e)           Notwithstanding
the other provisions of this Indenture, unless otherwise specified as
contemplated by Section 2.02, payment of the principal of and interest, if any,
on any Global Security shall be made to the Holder thereof at their registered
office.

    

    (f)           At
all times the Securities are held in book-entry form with a Depository, (i) the
Trustee may deal with such Depository as the authorized representative of the
Holders, (ii) the rights of the Holders shall be exercised only through the
Depository and shall be limited to those established by law and agreement
between the Holders and the Depository and/or direct participants of the
Depository, (iii) the Depository will make book-entry transfers among the direct
participants of the Depository and will receive and transmit distributions of
principal and interest on the Securities to such direct participants; and (iv)
the direct participants of the Depository shall have no rights under this
Indenture, or any supplement hereto, under or with respect to any of the
Securities held on their behalf by the Depository, and the Depository may be
treated by the Trustee and its agents, employees, officers and directors as the
absolute owner of the Securities for all purposes whatsoever.

    

    SECTION
2.15.    CUSIP
Numbers.

    

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

    

    ARTICLE
III

    

    REDEMPTION

    

    SECTION
3.01.    Notice to
Trustee.

    

    The
Company may, with respect to any series of Securities, reserve the right to
redeem and pay the Series of Securities or may covenant to redeem and pay the
Series of Securities or any part thereof prior to the Stated Maturity thereof at
such time and on such terms as provided for in such Securities.  If a
Series of Securities is redeemable and the Company wants or is obligated to
redeem prior to the Stated Maturity thereof all or part of the Series of
Securities pursuant to the terms of such Securities, it shall notify the Trustee
and Registrar in writing of the redemption date and the principal amount of
Series of Securities to be redeemed.  The Company shall give the
notice at least [  ] days before the redemption date (or such shorter
notice as may be acceptable to the Trustee and Registrar).

    
      
         

      

      
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    SECTION
3.02.    Selection of Securities to
be Redeemed.

    

    Unless
otherwise indicated for a particular Series by a Board Resolution, a
supplemental indenture or an Officers' Certificate, if less than all the
Securities of a Series are to be redeemed, the Registrar shall select the
Securities of the Series to be redeemed in accordance with its customary
procedures.  The Registrar shall make the selection from Securities of
the Series outstanding not previously called for redemption.  The
Registrar may select for redemption portions of the principal of Securities of
the Series that have denominations larger than $1,000.  Securities of
the Series and portions of them it selects shall be in amounts of $1,000 or
whole multiples of $1,000 or, with respect to Securities of any Series issuable
in other denominations pursuant to Section 2.02(g), the minimum principal
denomination for each Series and integral multiples
thereof.  Provisions of this Indenture that apply to Securities of a
Series called for redemption also apply to portions of Securities of that Series
called for redemption.

    

    SECTION
3.03.    Notice of
Redemption.

    

    Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental
indenture hereto or an Officers' Certificate, at least [  ] days but
not more than [  ] days before a redemption date, the Company shall
mail a notice of redemption by first-class mail to each Holder whose Securities
are to be redeemed.

    

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

    

    (a)           the
redemption date;

    

    (b)           the
redemption price;

    

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

    

    (d)           that
Securities of the Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price;

    

    (e)           that
interest on Securities of the Series called for redemption ceases to accrue on
and after the redemption date; and

    

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

    

    At the
Company's written request, the Trustee shall distribute the notice of redemption
prepared by the Company in the Company's name and at its expense.

    

    SECTION
3.04.    Effect of Notice of
Redemption.

    

    Once
notice of redemption is mailed or published as provided in Section 3.03,
Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price.  A notice of redemption
may not be conditional.  Upon surrender to the Paying
Agent, such Securities shall be paid at the redemption price plus accrued
interest to the redemption date.

     

     

    
      
        
        

      

      
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    SECTION
3.05.    Deposit of Redemption
Price.

    

    On or
before the redemption date, the Company shall deposit with the Paying Agent
money sufficient to pay the redemption price of and accrued interest, if any, on
all Securities to be redeemed on that date.

    

    SECTION
3.06.    Securities Redeemed in
Part.

    

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

    

    

    ARTICLE
IV

    

    COVENANTS

    

    SECTION
4.01.    Payment of Principal and
Interest.

    

    The
Company covenants and agrees for the benefit of the Holders of each Series of
Securities that it will duly and punctually pay the principal of and interest,
if any, on the Securities of that Series in accordance with the terms of such
Securities and this Indenture.

    

    Unless
otherwise provided under the terms of a particular Series of
Securities:

    

    (a)           an
installment of principal or interest shall be considered paid on the date it is
due if the Paying Agent (other than the Company) holds by [] [a].m., New York City time, on that date
money, deposited by the Company or an Affiliate thereof, sufficient to pay such
installment.  The Company shall (in immediately available funds), to
the fullest extent permitted by law, pay interest on overdue principal and
overdue installments of interest at the rate borne by the Securities per annum;
and

    

    (b)           payment
of the principal of and interest on the Securities shall be made at the office
or agency of the Company maintained for that purpose in [] (which shall initially be [], the Paying Agent) in such coin or currency
of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at
the option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address appears in the register;
provided, further, that
a Holder with an aggregate principal amount in excess of $[] will be paid by
wire transfer in immediately available funds at the election of such Holder if
such Holder has provided wire transfer instructions to the Company at least
[  ] Business Days prior to the payment date.

    

    
      
         

      

      
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    SECTION
4.02.    SEC
Reports.

    

    So long
as any Securities are outstanding, the Company shall (i) file with the SEC
within the time periods prescribed by its rules and regulations and (ii) furnish
to the Trustee and the Holders of the Securities within [  ] days
after the date on which the Company would be required to file the same with the
SEC pursuant to its rules and regulations (giving effect to any grace period
provided by Rule 12b-25 under the Exchange Act), all quarterly and annual
financial information required to be furnished or filed with the SEC pursuant to
Section 13 and Section 15(d) of the Exchange Act and, with respect to the annual
consolidated financial statements only, a report thereon by the Company's
independent auditors.  The Company also shall comply with the other
provisions of TIA Section 314(a).

    

    Delivery
of such reports, information and documents to the Trustee is for informational
purposes only, and the Trustee's receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the Company's compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officers' Certificates).  The Company shall not be required to file
any report or other information with the SEC if the SEC does not permit such
filing, although such reports shall be furnished to the
Trustee.  Documents filed by the Company with the SEC via the SEC's
EDGAR system (or any successor thereto) will be deemed furnished to the Trustee
and the Holders of the Securities as of the time such documents are filed via
EDGAR (or such successor).

    

    SECTION
4.03.    Compliance
Certificate.

    

    The
Company shall deliver to the Trustee, within [   ] days after the
end of each fiscal year of the Company, an officers certificate signed by two of
the Company's officers stating that a review of the activities of the Company
and its Subsidiaries during the preceding fiscal year has been made under the
supervision of the signing Officers with a view to determining whether the
Company has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his knowledge the Company has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and
is not in default in the performance or observance of any of the terms,
provisions and conditions hereof (or, if a Default or Event of Default shall
have occurred, describing all such Defaults or Events of Default of which he may
have knowledge in reasonable detail and the efforts to remedy the
same).  For purposes of this Section 4.03, compliance shall be
determined without regard to any grace period or requirement of notice provided
pursuant to the terms of this Indenture.

    

    The
Company shall deliver to the Trustee, within [  ] days after the
occurrence thereof, written notice in the form of an Officers' Certificate of
any Event of Default described in Section 6.01(e), (f), (g) or (h) and any event
of which it becomes aware that with the giving of notice or the lapse of time
would become such an Event of Default, its status and what action the Company is
taking or proposes to take with respect thereto.  For the avoidance of
doubt, a breach of a covenant under an Instrument that is not a payment default
and that has not given rise to a right of acceleration under such Instrument
shall not trigger the requirement to provide notice under this
paragraph.

    
      
         

      

      
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    SECTION
4.04.    Stay, Extension and Usury
Laws.

    

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

    

    SECTION
4.05.    Corporate
Existence.

    

    Subject
to Article V, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence and the
corporate, partnership or other existence of each Subsidiary in accordance with
the respective organizational documents of each Subsidiary and the rights
(charter and statutory), licenses and franchises of the Company and its
Subsidiaries; provided, however, that the Company shall not be required to
preserve any such right, license or franchise, or the corporate, partnership or
other existence of any Subsidiary, if the Board of Directors shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company and its Subsidiaries taken as a whole and that the loss
thereof is not adverse in any material respect to the Holders.

    

    SECTION
4.06.    Taxes.

    

    The
Company shall, and shall cause each of its Subsidiaries to, pay prior to
delinquency all taxes, assessments and governmental levies, except as contested
in good faith and by appropriate proceedings.

    

    SECTION
4.07.    Additional Interest
Notice.

    

    In the
event that the Company is required to pay additional interest to Holders of
Securities pursuant to Section 6.02(b) hereof, the Company shall provide a
direction or order in the form of a written notice to the Trustee (and if the
Trustee is not the Paying Agent, the Paying Agent) of the Company's obligation
to pay such additional interest no later than [   ] Business Days
prior to date on which any such additional interest is scheduled to be
paid.  Such notice shall set forth the amount of additional interest
to be paid by the Company on such payment date and direct the Trustee (or, if
the Trustee is not the Paying Agent, the Paying Agent) to make payment to the
extent it receives funds from the Company to do so.  The Trustee shall
not at any time be under any duty or responsibility to any Holder to determine
whether additional interest is payable, or with respect to the nature, extent,
or calculation of the amount of additional interest owed, or with respect to the
method employed in such calculation of additional interest.

    

    SECTION
4.08.    Further Instruments and
Acts.

    

    The
Company will execute and deliver such further instruments and do such
further
acts as may be reasonably necessary or proper to carry out more effectively the
purposes of this Indenture.

     

    
      
        
        

      

      
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    ARTICLE
V

    

    SUCCESSORS

    

    SECTION
5.01.    When Company May Merge,
Etc.

    

    The
Company shall not consolidate with, enter into a binding share exchange, or
merge into any other Person in a transaction in which it is not the surviving
entity, or sell, assign, convey, transfer or lease or otherwise dispose of all
or substantially all of its properties and assets to any Person (a "successor
person"), unless:

    

    (a)           the
successor person (if any) is a corporation, partnership, trust or other entity
organized and validly existing under the laws of the Marshall Islands, [], the United States, any state of the
United States or the District of Columbia and expressly assumes by a
supplemental indenture executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of,
and any interest on, all Securities and the performance or observance of every
covenant of this Indenture on the part of the Company to be performed or
observed;

    

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

    

    (c)           the
Company shall have delivered to the Trustee, prior to the consummation of the
proposed transaction, an Officers' Certificate to the foregoing effect and an
Opinion of Counsel stating that the proposed transaction and such supplemental
indenture comply with this Indenture.

    

    SECTION
5.02.    Successor Corporation
Substituted.

    

    Upon any
consolidation or merger, or any sale, lease, conveyance or other disposition of
all or substantially all of the assets of the Company in accordance with Section
5.01, the successor person formed by such consolidation or into or with which
the Company is merged or to which such sale, lease, conveyance or other
disposition 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 person has been named as the Company herein; provided,
however, that the predecessor company in the case of a sale, lease, conveyance
or other disposition of all or substantially all of the assets of the Company
shall not be released from the obligation to pay the principal of and interest,
if any, on the Securities.

     

    
      
        
        

      

      
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    ARTICLE
VI

    

    DEFAULTS
AND REMEDIES

    

    SECTION
6.01.    Events of
Default.

     

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

    

    (a)           default
in the payment of any interest on any Security of that Series when it becomes
due and payable, and continuance of such default for a period of 30 days (unless
the entire amount of such payment is deposited by the Company with the Trustee
or with a Paying Agent prior to the expiration of such period of 30 days);
or

    

    (b)           default
in the payment of any principal of any Security of that Series at its Maturity;
or

    

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

    

    (d)           the
Company fails to perform or comply with any of its other covenants or agreements
contained in the Securities or in this Indenture (other than a covenant or
agreement a default in whose performance or whose breach is specifically dealt
with in clauses (a), (b) or (c) of this Section 6.01) and the default continues
for 60 days after notice is given as specified below;

    

    (e)           any
indebtedness under any bond, debenture, note or other evidence of indebtedness
for money borrowed by the Company or any Subsidiary or under any mortgage,
indenture or instrument under which there may be issued or by which there may be
secured or evidenced any indebtedness for money borrowed by, or any other
payment obligation of, the Company or any Subsidiary (an "Instrument") with a
principal amount then, individually or in the aggregate, outstanding in excess
of $[], whether such indebtedness now exists or shall hereafter be created, is
not paid at Maturity or when otherwise due or is accelerated, and such
indebtedness is not discharged, or such default in payment or acceleration is
not cured or rescinded, within a period of 30 days after there shall have been
given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least [  ]% in aggregate
principal amount of the outstanding Securities of that Series a written notice
specifying such default and requiring the Company to cause such indebtedness to
be discharged or cause such default to be cured or waived or such acceleration
to be rescinded or annulled and stating that such notice is a "Notice of
Default" hereunder.  A payment obligation (other than indebtedness
under any bond, debenture, note or other evidence of indebtedness for money
borrowed by the Company or any Subsidiary or under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any indebtedness for money borrowed by the Company or any Subsidiary)
shall not be deemed to have matured, come due, or been accelerated to the extent
that it is being disputed by the relevant obligor or obligors in good
faith.  For the avoidance of doubt, the Maturity of an Instrument is
the Maturity as set forth in that Instrument, as it may be amended from time to
time in accordance with the terms of that Instrument;

    

    (f)           the
Company or any Subsidiary fails to pay one or more final and non appealable
judgments entered by a court or courts of competent jurisdiction, the aggregate
uninsured or unbonded portion of which is in excess of $[], if the judgments are not paid, discharged,
waived or stayed within [  ] days;

     

    
      
        
        

      

      
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    (g)           the
Company or any Subsidiary of the Company, pursuant to or within the meaning of
any Bankruptcy Law:

     

          
(i)           commences a
voluntary case or proceeding;

    

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

    

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

    

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

    

    (v)           or
generally is unable to pay its debts as the same become due; or

    

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

    

    (i)      
      is for relief against the Company or any of
its Subsidiaries in an involuntary case or proceeding;

    

    (ii)      
     appoints a Custodian of the Company or any of its
Subsidiaries for all or substantially all of the property of the Company or any
such Subsidiary; or

    

    (iii)           orders
the liquidation of the Company or any of its Subsidiaries;

    

    and the
case of each of clause (i), (ii) and (iii), the order or decree remains unstayed
and in effect for [  ] consecutive days; or

    

    (i)           any
other Event of Default provided with respect to Securities of that Series, which
is specified in a Board Resolution, a supplemental indenture hereto or an
Officers' Certificate, in accordance with Section 2.02(i).

    

    A default
under clause (d) above is not an Event of Default until the Trustee notifies the
Company, or the Holders of at least [  ]% in aggregate principal
amount of the Securities then outstanding notify the Company and the Trustee, in
writing of the default, and the Company does not cure the default within 60 days
after receipt of such notice.  The notice given pursuant to this
Section 6.01 must specify the default, demand that it be remedied and state that
the notice is a "Notice of Default."  When any default under this
Section 6.01 is cured, it ceases.

    

    The
Trustee shall not be charged with knowledge of any Event of Default unless
written notice thereof shall have been given to a Trust Officer at the Corporate
Trust Office of the Trustee by the Company, a Paying Agent, any Holder or any
agent of any Holder.

    
      
         

      

      
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    SECTION
6.02.    Acceleration of Maturity;
Rescission and Annulment.

    

    (a)           If
an Event of Default (other than an Event of Default specified in clause (g) or
(h) of Section 6.01) occurs and is continuing with respect to any Securities of
any Series, then in every such case, the Trustee may, by notice to the Company,
or the Holders of at least 25% in aggregate principal amount of the Securities
of that Series (or, if any Securities of that Series are Discount Securities,
such portion of the principal amount as may be specified in the terms of such
Securities) then outstanding may, by notice to the Company and the Trustee,
declare all unpaid principal of, and accrued and unpaid interest on to the date
of acceleration, the Securities of that Series then outstanding (if not then due
and payable) to be due and payable upon any such declaration, and the same shall
become and be immediately due and payable.  If an Event of Default
specified in clause (g) or (h) of Section 6.01 occurs, all unpaid principal of
the Securities then outstanding, and all accrued and unpaid interest thereon to
the date of acceleration, shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Holder.  The Holders of a majority in aggregate principal amount of
the Securities of that Series then outstanding by notice to the Trustee may
rescind an acceleration of such Securities of that Series and its consequences
if (a) all existing Events of Default, other than the nonpayment of the
principal of the Securities which has become due solely by such declaration of
acceleration, have been cured or waived; (b) to the extent the payment of such
interest is lawful, interest (calculated at the Default Rate) on overdue
installments of interest and overdue principal, which has become due otherwise
than by such declaration of acceleration, has been paid; (c) the rescission
would not conflict with any judgment or decree of a court of competent
jurisdiction; and (d) all payments due to the Trustee and any predecessor
Trustee under Section 7.07 have been made.  No such rescission shall
affect any subsequent default or impair any right consequent
thereto.

    

    (b)           Notwithstanding
any of provision of this Article 6, at the election of the Company in its sole
discretion, the sole remedy under this Indenture for an Event of Default
relating to the failure to comply with Section 4.02, and for any failure to
comply with the requirements of Section 314(a)(1) of the TIA, will consist, for
the 180 days after the occurrence of such an Event of Default, exclusively of
the right to receive additional interest on the Securities at a rate equal to
0.50% per annum of the aggregate principal amount of the Securities then
outstanding up to, but not including, the 181st day thereafter (or, if
applicable, the earlier date on which the Event of Default relating to Section
4.02 is cured or waived).  Any such additional interest will be
payable in the same manner and on the same dates as the stated interest payable
on the Securities.  In no event shall additional interest accrue under
the terms of this Indenture at a rate in excess of 0.50% per annum, in the
aggregate, for any violation or default caused by the failure of the Company to
be current in respect of its Exchange Act reporting obligations.  If
the Event of Default is continuing on the 181st day after an Event of Default
relating to a failure to comply with Section 4.02, the Securities will be
subject to acceleration as provided in this Section 6.02.  The
provisions of this Section 6.02(b) will not affect the rights of Holders in the
event of the occurrence of any other Events of Default.

    

    In order
to elect to pay additional interest as the sole remedy during the first 180 days
after the occurrence of an Event of Default relating to the failure to comply
with Section 4.02 in accordance with the immediately preceding paragraph, the
Company shall notify all Holders
and the Trustee and Paying Agent of such election on or before the close of
business on the fifth Business Day after the date on which such Event of Default
otherwise would occur.  Upon a failure by the Company to timely give
such notice or pay additional interest, the Securities will be immediately
subject to acceleration as otherwise provided in this Section 6.02.

     

    
 

    
      
        
        

      

      
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    SECTION
6.03.    Collection of Indebtedness
and Suits for Enforcement by Trustee.

    

    If an
Event of Default with respect to any Securities of any Series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such Series by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

    

    If an
Event of Default in the payment of principal, interest, if any, specified in
clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may
recover judgment in its own name and as trustee of an express trust against the
Company or another obligor on the Securities for the whole amount of principal,
and accrued interest remaining unpaid, if any, together with, to the extent that
payment of such interest is lawful, interest on overdue principal, on overdue
installments of interest, if any, in each case at the Default Rate, and such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

    

    SECTION
6.04.    Trustee May File Proofs of
Claim.

    
 

    In case
of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or
the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

    

    (a)           to
file and prove a claim for the whole amount of principal and interest owing and
unpaid in respect of the Securities and to file such other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and of the Holders allowed
in such judicial proceeding, and

    

    (b)           to
collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same, and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to
the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.07.

    

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

    

    SECTION
6.05.    Trustee May Enforce Claims
Without Possession of Securities.

    

    All
rights of action and claims under this Indenture or the Securities may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any
such proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been
recovered.

     

    
      
        
        

      

      
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    SECTION
6.06.    Application of Money
Collected.

    

    Any money
collected by the Trustee pursuant to this Article shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal or interest, upon
presentation of the Securities and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid: and

    

    First: To the payment of all
amounts due the Trustee under Section 7.07;

    

    Second: To the payment of the
amounts then due and unpaid for principal of and interest on the Securities in
respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and interest, respectively;
and

    

    Third: To the
Company.

    

    SECTION
6.07.    Limitation on
Suits.

    

    No Holder
of any Security of any Series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of
a receiver or trustee, or for any other remedy hereunder (except actions for
payment of overdue principal and interest), unless:

    

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

     

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

    

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

    

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

    

    (e)           no
direction inconsistent with such written request has been given to the Trustee
during such [  ]-day period by the Holders of a majority in principal
amount of the outstanding Securities of that Series; it being understood and
intended that no one or more of such Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other of such Holders, or to
obtain or to seek to obtain priority or preference over any other of such
Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all such
Holders.

     

     

    
      
        
        

      

      
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    SECTION
6.08.    Unconditional Right of
Holders to Receive Principal and Interest.

    

    Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the
right, which is absolute and unconditional, to receive payment of the principal
of and interest, if any, on such Security on the Stated Maturity or Stated
Maturities expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such
Holder.

    

    SECTION
6.09.    Restoration of Rights and
Remedies.

    

    If the
Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case, subject to any determination in such
proceeding, the Company, the Trustee and the Holders shall be restored severally
and respectively to their former positions hereunder and thereafter all rights
and remedies of the Trustee and the Holders shall continue as though no such
proceeding had been instituted.

    

    SECTION
6.10.    Rights and Remedies
Cumulative.

    

    Except as
otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section 2.08, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment of any right or remedy
hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy.

    

    SECTION
6.11.    Delay or Omission Not
Waiver.

    

    No delay
or omission of the Trustee or of any Holder of any Securities to exercise any
right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein.  Every right and remedy given by this Article or by law to
the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.

    

    SECTION
6.12.    Control by
Holders.

    

    The
Holders of a majority in principal amount of the outstanding Securities of any
Series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee, with respect to the Securities of such
Series, provided that

    

    (a)           such
direction shall not be in conflict with any rule of law or with this
Indenture,

    

    (b)           the
Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction; and

     

    (c)           subject
to the provisions of Section 6.01, the Trustee shall have the right to decline
to follow any such direction if the Trustee in good faith shall, by a
Responsible Officer of the Trustee, determine that the proceeding so directed
would involve the Trustee in personal liability or would be unduly prejudicial
to the rights of another Holder or the Trustee.

     

     

    
      
        
        

      

      
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    SECTION
6.13.    Waiver of Past
Defaults.

    

    Subject
to Section 9.02, the Holders of not less than a majority in principal amount of
the outstanding Securities of any Series may on behalf of the Holders of all the
Securities of such Series waive any past Default hereunder with respect to such
Series and its consequences, except a Default in the payment of the principal of
or interest on any Security of such Series (provided, however, that the Holders
of a majority in principal amount of the outstanding Securities of any Series
may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration).  Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

    

    SECTION
6.14.    Undertaking for
Costs.

    

    All
parties to this Indenture agree, and each Holder of any Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Company, to any suit instituted by the Trustee, to any
suit instituted by any Holder, or group of Holders, holding in the aggregate
more than [  ]% in principal amount of the outstanding Securities of
any Series, or to any suit instituted by any Holder for the enforcement of the
payment of the principal of or interest on any Security on or after the Stated
Maturity or Stated Maturities expressed in such Security (or, in the case of
redemption, on the redemption date).

    

    ARTICLE
VII

    

    TRUSTEE

    

    SECTION
7.01.    Duties of
Trustee.

    

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

    

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

    

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

     

     

    
      
        
        

      

      
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    (ii)           in
the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon Officers' Certificates or Opinions of Counsel furnished to the
Trustee and conforming to the requirements of this Indenture; however, in the
case of any such Officers' Certificates or Opinions of Counsel which by any
provisions hereof are specifically required to be furnished to the Trustee, the
Trustee shall examine such Officers' Certificates and Opinions of Counsel to
determine whether or not they conform on their face to the requirements of this
Indenture.

    

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

    

    (i)           This
paragraph does not limit the effect of paragraph (b) of Section 7.01
herein.

    

    (ii)           The
Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer.

     

    (iii)           The
Trustee shall not be liable with respect to any action taken, suffered or
omitted to be taken by it with respect to Securities of any Series in good faith
in accordance with the direction of the Holders of a majority in principal
amount of the outstanding Securities of such Series relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee, under this
Indenture with respect to the Securities of such Series.

    

    (d)           Every
provision of this Indenture that in any way relates to the Trustee is subject to
paragraph (a), (b) and (c) of this Section.

    

    (e)           The
Trustee may refuse to perform any duty or exercise any right or power unless it
receives an indemnity satisfactory to it against any loss, liability or
expense.

    

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

    

    (g)           No
provision of this Indenture shall require the Trustee to risk or expend its own
funds or otherwise incur liability, financial or otherwise, in the performance
of any of its duties, 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
indemnity satisfactory to it against such risk is not reasonably assured to
it.

    

    (h)           The
Paying Agent, the Registrar and any authenticating agent shall be entitled to
the same rights, indemnities, protections and immunities afforded to the
Trustee.

    

    (i)           The
Trustee shall have no duty to monitor the performance or compliance of the
Company with its obligations hereunder or any under supplement hereto, nor shall
it have any liability in connection with the malfeasance or nonfeasance by the
Company.  The Trustee shall have no liability in connection with
compliance by the Company with statutory or regulatory requirements related to
this Indenture, any supplement or any Securities issued pursuant hereto or
thereto.

     

    
      
        
        

      

      
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    SECTION
7.02.    Rights of
Trustee.

    

    (a)           The
Trustee may conclusively rely on and shall be fully protected in acting or
refraining from acting as a result of its reasonable belief that any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent,
order, direction, approval or other paper or document was genuine and had been
signed or presented by the proper person.  The Trustee need not
investigate any fact or matter stated in the document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it sees fit.

    

    (b)           Before
the Trustee acts or refrains from acting, it may require an Officers'
Certificate or an Opinion of Counsel or both.  The Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
such Officers' Certificate or Opinion of Counsel.

     

    (c)           The
Trustee may act through agents and shall not be responsible for the misconduct
or negligence of, or for the supervision of, any agent appointed with due
care.  No Depository shall be deemed an agent of the Trustee and the
Trustee shall not be responsible for any act or omission by any
Depository.

    

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

    

    (e)           The
Trustee may consult with counsel of its selection and the advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon.

    

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

    

    SECTION
7.03.    Individual Rights of
Trustee.

    

    The
Trustee, in its individual or any other capacity, may become the owner or
pledgee of Securities and may otherwise deal with the Company or an Affiliate
with the same rights it would have if it were not Trustee.  Any Agent
may do the same with like rights.  The Trustee is also subject to
Sections 7.10 and 7.11.

    

    SECTION
7.04.    Trustee's
Disclaimer.

    

    The
Trustee makes no representation as to the validity or adequacy of this Indenture
or the Securities and the recitals contained herein and in the Securities shall
be taken as statements of the Company and not of the Trustee, and the Trustee
has no responsibility for such recitals. The Trustee shall not be accountable
for the Company's use or application of the proceeds from the Securities or for
monies paid over to the Company pursuant to this Indenture, and it shall not be
responsible for any statement in the Securities other than its
authentication.

    

    SECTION
7.05.    Notice of
Defaults.

    

    If a
Default or Event of Default occurs and is continuing with respect to the
Securities of any Series and if a Responsible Officer of the Trustee has
knowledge or receives written notice of such event, the Trustee shall mail to
each Securityholder of the Securities of that Series, notice of a Default or
Event of Default within [  ] days after it occurs or, if later, after
a Responsible Officer of the Trustee has actual knowledge of such Default or
Event of Default.  Except in the case of a Default or Event of Default
in payment of principal of or interest on any Security of any Series, including
any additional interest that may become payable pursuant to Section 6.02(b), the
Trustee may withhold the notice so long as the Trustee in good faith determines
that withholding the notice is in the interests of Securityholders of that
Series.

    
      
         

      

      
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    SECTION
7.06.    Reports by Trustee to
Holders.

    

    Within
[  ] days after
[                                                      ]
in each year, the Trustee shall transmit by mail to all Securityholders, as
their names and addresses appear on the register kept by the Registrar, a brief
report dated as of such [], in
accordance with, and to the extent required under, TIA Section 313.

    

    A copy of
each report at the time of its mailing to Securityholders of any Series shall be
filed with the SEC and each stock exchange on which the Securities of that
Series are listed.  The Company shall promptly notify the Trustee when
Securities of any Series are listed on any stock exchange.

    

    SECTION
7.07.    Compensation and
Indemnity.

    

    The
Company shall pay to the Trustee from time to time such compensation for its
services as shall be agreed upon in writing.  The Trustee's
compensation shall not be limited by any law on compensation of a trustee of an
express trust.  The Company shall reimburse the Trustee upon request
for all reasonable out-of-pocket expenses, disbursements and advances incurred
by it.  Such expenses shall include the reasonable compensation and
expenses of the Trustee's agents, counsel and other persons not regularly in its
employ.

    

    The
Company shall indemnify, defend and hold harmless the Trustee and its officers,
directors, employees, representatives and agents, from and against and reimburse
the Trustee for any and all claims, expenses, obligations, liabilities, losses,
damages, injuries (to person, property, or natural resources), penalties, stamp
or other similar taxes, actions, suits, judgments, reasonable costs and expenses
(including reasonable attorney's and agent's fees and expenses) of whatever kind
or nature regardless of their merit, demanded, asserted or claimed against the
Trustee directly or indirectly relating to, or arising from, claims against the
Trustee by reason of its participation in the transactions contemplated hereby,
including without limitation all reasonable costs required to be associated with
claims for damages to persons or property, and reasonable attorneys' and
consultants' fees and expenses and court costs except to the extent caused by
the Trustee's negligence or willful misconduct.  The provisions of
this Section 7.07 shall survive the termination of this Agreement or the earlier
resignation or removal of the Trustee.  The Company shall defend any
claim and the Trustee shall cooperate in the defense.  The Trustee may
have separate counsel and the Company shall pay the reasonable fees and expenses
of such counsel.  The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld or
delayed.  This indemnification shall apply to officers, directors,
employees, shareholders and agents of the Trustee.

    

    The
Company need not reimburse any expense or indemnify against any loss liability
incurred by the Trustee or by any officer, director, employee, shareholder or
agent of the Trustee through negligence or bad faith.

    

    To secure
the Company's payment obligations in this Section, the Trustee shall have a lien
prior to the Securities of any Series on all money or property held or collected
by the Trustee, except that held in trust to pay principal and interest on
particular Securities of that Series.

    
      
         

      

      
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    When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(f) or (g) occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any
Bankruptcy Law.

    

    SECTION
7.08.    Replacement of
Trustee.

    

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

    

    The
Trustee may resign with respect to the Securities of one or more Series by so
notifying the Company.  The Holders of a majority in principal amount
of the Securities of any Series may remove the Trustee with respect to that
Series by so notifying the Trustee and the Company.  The Company may
remove the Trustee with respect to Securities of one or more Series
if:

    

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

    

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

    

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

    

    (d)           the
Trustee becomes incapable of acting.

    

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

    

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

    

    A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company.  Immediately after that, the
retiring Trustee shall transfer all property held by it as Trustee to the
successor Trustee subject to the lien provided for in Section 7.07, and subject
to the payment of any and all amounts then due and owing to the retiring
Trustee, the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and
duties of the Trustee with respect to each Series of Securities for which it is
acting as Trustee under this Indenture.  A successor Trustee shall
mail a notice of its succession to each Securityholder of each such
Series.  Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Company's obligations under

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    Section
7.07 hereof shall continue for the benefit of the retiring trustee with respect
to expenses and liabilities incurred by it prior to such
replacement.

    

    SECTION
7.09.    Successor Trustee by Merger,
etc.

    

    If the
Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act shall be the successor Trustee
with the same effect as if the successor Trustee had been named as the Trustee
herein.

    

    SECTION
7.10.    Eligibility;
Disqualification.

    

    This
Indenture shall always have a Trustee who satisfies the requirements of TIA
Section 310(a)(1), (2) and (5).  The Trustee shall always have a
combined capital and surplus of at least $25,000,000 as set forth in its most
recent published annual report of condition.  The Trustee shall comply
with TIA Section 310(b).

    

    SECTION
7.11.    Preferential Collection of
Claims Against Company.

    

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

    

    

    ARTICLE
VIII

    

    SATISFACTION
AND DISCHARGE; DEFEASANCE

    

    SECTION
8.01.    Satisfaction and Discharge
of Indenture.

    

    This
Indenture shall upon Company Order cease to be of further effect (except as
hereinafter provided in this Section 8.01), and the Trustee, on the demand of
and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when

    

    (a)           either

    

    (i)           all
Securities theretofore authenticated and delivered (other than Securities that
have been destroyed, lost or stolen and that have been replaced or paid) have
been delivered to the Trustee for cancellation; or

    

    (ii)           all
such Securities not theretofore delivered to the Trustee for cancellation have
become due and payable, or

    

              (1)           have
become due and payable, or

    

              (2)           will
become due and payable at their Stated Maturity within
[                                                                                                           ],
or

    
      
         

      

      
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              (3)           are
to be called for redemption within
[                                                                ]
under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company,
or

    

              (4)           are
deemed paid and discharged pursuant to section 8.03, as applicable; and the
Company, in the case of (1), (2) or (3) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust an amount sufficient for the
purpose of paying and discharging the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal and
interest to the date of such deposit (in the case of Securities which have
become due and payable on or prior to the date of such deposit) or to the Stated
Maturity or redemption date, as the case may be;

    

    (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 Officers' Certificate and an Opinion of
Counsel, each meeting the applicable requirements of Sections 10.04 and 10.05
and each stating that all conditions precedent herein relating to the
satisfaction and discharge of this Indenture have been complied with and the
Trustee receives written demand from the Company to discharge.

    

    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 7.07, and, if money shall have been deposited with
the Trustee pursuant to clause (a) of this Section, the provisions of Sections
2.04, 2.07, 2.08, 8.01 8.02 and 8.05 shall survive.

    

    SECTION
8.02.    Application of Trust Funds;
Indemnification.

    

    (a)           Subject
to the provisions of Section 8.05, all money deposited with the Trustee pursuant
to Section 8.01, all money and U.S. Government Obligations or Foreign Government
Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all
money received by the Trustee in respect of U.S. Government Obligations or
Foreign Government Obligations deposited with the Trustee pursuant to Section
8.03 or 8.04, shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the persons entitled thereto, of the
principal and interest for whose payment such money has been deposited with or
received by the Trustee or to make mandatory sinking fund payments or analogous
payments as contemplated by Sections 8.03 or 8.04.

    

    (b)           The
Company shall pay and shall indemnify the Trustee and the Agents against any
tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections
8.03 or 8.04 or the interest and principal received in respect of such
obligations other than any payable by or on behalf of Holders.

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

    

    (c)           The
Trustee shall, in accordance with the terms of this Indenture, deliver or pay to
the Company from time to time, upon Company Request and at the expense of the
Company any U.S. Government Obligations or Foreign Government Obligations or
money held by it pursuant to this Indenture as provided in Sections 8.03 or 8.04
which, in the opinion of a nationally recognized firm of independent certified
public accountants, expressed in a written certification thereof and delivered
to the Trustee together with such Company Request, are then in excess of the
amount thereof which then would have been required to be deposited for the
purpose for which such U.S. Government Obligations or Foreign Government
Obligations or money were deposited or received.  This provision shall
not authorize the sale by the Trustee of any U.S. Government Obligations or
Foreign Government Obligations held under this Indenture.

    

    SECTION
8.03.    Legal Defeasance of
Securities of any Series.

    

    Unless
this Section 8.03 is otherwise specified, pursuant to Section 2.02(s), to be
inapplicable to Securities of any Series, the Company shall be deemed to have
paid and discharged the entire indebtedness on all the outstanding Securities of
such Series on the [   ] day after the date of the deposit
referred to in subparagraph (d) hereof, and the provisions of this Indenture, as
it relates to such outstanding Securities of such Series, shall no longer be in
effect (and the Trustee, at the expense of the company, shall, at Company
Request, execute proper instruments acknowledging the same), except as
to:

    

    (a)           the
rights of Holders of Securities of such Series to receive, from the trust funds
described in subparagraph (d) hereof, (i) payment of the principal of and each
installment of principal of and interest on the outstanding Securities of such
Series on the Stated Maturity of such principal or installment of principal or
interest and (ii) the benefit of any mandatory sinking fund payments applicable
to the Securities of such Series on the day on which such payments are due and
payable in accordance with the terms of this Indenture and the Securities of
such Series;

    

    (b)           the
provisions of Sections 2.04, 2.07, 2.08, 2.14, 8.02, 8.03 and 8.05;
and

    

    (c)           the
rights, powers, trust and immunities of the Trustee hereunder; provided that,
the following conditions shall have been satisfied:

    

    (d)           the
Company shall have deposited or caused to be deposited irrevocably with the
Paying Agent as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for and dedicated solely to the
benefit of the Holders of such Securities in the case of Securities of such
Series denominated in Dollars, cash in Dollars (or such other money or
currencies as shall then be legal tender in the United States) and/or U.S.
Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money
and/or Foreign Government Obligations, which through the payment of interest and
principal in respect thereof, in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such
Paying Agent), not later than [   ] day before the due date of
any payment of money, an amount in cash, sufficient, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee and the Paying Agent, to
pay and discharge each installment of principal (including mandatory sinking
fund or analogous
payments) of and interest, if any, on all the Securities of such Series on the
dates such installments of interest or principal are due;

     

     

    
      
        
        

      

      
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    (e)           such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

    

    (f)           no
Default or Event of Default with respect to the Securities of such Series shall
have occurred and be continuing on the date of such deposit or during the period
ending on the [    ] day after such date;

    

    (g)           the
Company shall have delivered to the Trustee an Officers' Certificate and an
Opinion of Counsel to the effect that (i) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii)
since the date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall confirm that, the Holders of the
Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to Federal income tax on the same amount and in the same manner
and at the same times as would have been the case if such deposit, defeasance
and discharge had not occurred;

    

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

    

    (i)           such
deposit shall not result in the trust arising from such deposit constituting an
investment company (as defined in the Investment Company Act of 1940, as
amended), or such trust shall be qualified under such Act or exempt from
regulation thereunder; and

    

    (j)           the
Company shall have delivered to the Trustee an Officers' Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for
relating to the defeasance contemplated by this Section have been complied
with.

    

    SECTION
8.04.    Covenant
Defeasance.

    

    Unless
this Section 8.04 is otherwise specified pursuant to Section 2.02(s) to be
inapplicable to Securities of any Series, on and after the
[    ] day after the date of the deposit referred to in
subparagraph (a) hereof, the Company may omit to comply with any term, provision
or condition set forth under Sections 4.02, 4.03, 4.04, 4.05, 4.06, and 5.01 as
well as any additional covenants contained in a supplemental indenture hereto
for a particular Series of Securities or a Board Resolution or an Officers'
Certificate delivered pursuant to Section 2.02(s) (and the failure to comply
with any such covenants shall not constitute a Default or Event of Default under
Section 6.01) and the occurrence of any event described in clause (e) of Section
6.01 shall not constitute a Default or Event of Default hereunder, with respect
to the Securities of such Series, provided that the following conditions shall
have been satisfied:

    
      
         

      

      
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    (a)           With
reference to this Section 8.04, the Company has deposited or caused to be
irrevocably deposited (except as provided in Section 8.02(c)) with the Paying
Agent as trust funds in trust, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such Securities (i) in the
case of Securities of such Series denominated in Dollars, cash in Dollars (or
such other money or currencies as shall then be legal tender in the United
States) and/or U.S. Government Obligations, or (ii) in the case of Securities of
such Series denominated in a Foreign Currency (other than a composite currency),
money and/or Foreign Government Obligations, which through the payment of
interest and principal in respect thereof, in accordance with their terms, will
provide (and without reinvestment and assuming no tax liability will be imposed
on such Paying Agent), not later than [   ] day before the due
date of any payment of money, an amount in cash, sufficient, in the opinion of a
nationally recognized firm of independent certified public accountants expressed
in a written certification thereof delivered to the Paying Agent, to pay
principal and interest, if any, on and any mandatory sinking fund in respect of
the Securities of such Series on the dates such installments of interest or
principal are due;

    

    (b)           Such
deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;

    

    (c)           No
Default or Event of Default with respect to the Securities of such Series shall
have occurred and be continuing on the date of such deposit or during the period
ending on the [    ] day after such date;

    

    (d)           the
company shall have delivered to the Trustee an Opinion of Counsel confirming
that Holders of the Securities of such Series will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit and defeasance
and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such deposit and
defeasance had not occurred;

    

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

    

    (f)           The
Company shall have delivered to the Trustee an Officers' Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the defeasance contemplated by this Section have been complied
with.

    

    SECTION
8.05.    Repayment to
Company.

    

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

    
      
         

      

      
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    ARTICLE
IX

    

    AMENDMENTS
AND WAIVERS

    

    SECTION
9.01.    Without Consent of
Holders.

    

    The
Company and the Trustee may amend or supplement this Indenture or the Securities
of one or more Series without the consent of any Securityholder:

    

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

    

    (b)           to
comply with Article V;

    

    (c)           to
provide for uncertificated Securities in addition to or in place of certificated
Securities;

    

    (d)           to
make any change that does not adversely affect the rights of any
Securityholder;

    

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

    

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

    

    (g)           to
comply with requirements of the TIA and any rules promulgated under the TIA;
and

    

    (h)           to
add to the covenants of the Company for the equal and ratable benefit of the
Holders or to surrender any right, power or option conferred upon the
Company.

    

    Any
amendment or supplement made solely to conform the provisions of this Indenture
or the Securities of any Series to the description thereof contained in the
final prospectus relating to such Series will be deemed not to adversely affect
the rights of any Holder.

    

    SECTION
9.02.    With Consent of
Holders.

    

    The
Company and the Trustee may enter into a supplemental indenture with the written
consent of the Holders of at least a majority in principal amount of the
outstanding Securities of all Series affected by such supplemental indenture,
taken together as one class (including consents obtained in connection with a
tender offer or exchange offer for the Securities of such Series), for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of modifying
in any manner the rights of the Securityholders of each such
Series.  Except as provided in Section 6.13, the Holders of at least a
majority in principal amount of the outstanding Securities of all Series
affected by such waiver by notice to the Trustee, taken together as one class
(including consents obtained in connection with a tender offer or exchange offer
for the Securities of such Series) may waive compliance by the Company with any
provision of this Indenture or the Securities with respect to such
Series.

    
      
         

      

      
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    It shall
not be necessary for the consent of the Holders of Securities under this Section
9.02 to approve the particular form of any proposed supplemental indenture or
waiver, but it shall be sufficient if such consent approves the substance
thereof.  After a supplemental indenture or waiver under this section
becomes effective, the Company shall mail to the Holders of Securities affected
thereby a notice briefly describing the supplemental indenture or
waiver.  Any failure by the Company to mail or publish such notice, or
any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture or waiver.

    

    SECTION
9.03.    Limitations.

    

    Without
the consent of each Securityholder affected, an amendment or waiver may
not:

    

    (a)           change
the amount of Securities whose Holders must consent to an amendment, supplement
or waiver, except to increase any such amount or to provide that certain
provisions of this Indenture cannot be modified, amended or waived without the
consent of the Holder of each outstanding Security affected
thereby;

    

    (b)           reduce
the amount of interest, or change the interest payment time, on any
Security;

    

    (c)           waive
a redemption payment or alter the redemption provisions (other than any
alteration that would not materially adversely affect the legal rights of any
Holder under this Indenture) or the price at which the Company is required to
offer to purchase the Securities;

    

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

    

    (e)           reduce
the principal amount payable of any Security upon Maturity;

    

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

    

    (g)           change
the place or currency of payment of principal of or interest, if any, on any
Security other than that stated in the Security;

    

    (h)           impair
the right of any Holder to receive payment of principal or, or

    
      
         

      

      
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    interest
on, the Securities of such Holder on or after the due dates
therefor;

    

    (i)           impair
the right to institute suit for the enforcement of any payment on, or with
respect to, any Security;

    

    (j)           make
any change in Sections 10.15 or 10.16;

    

    (k)           change
the ranking of the Securities; or

    

    (l)           make
any other change which is specified in a Board Resolution, a supplemental
indenture hereto or an Officers' Certificate as a limitation under this
Section.

    

    SECTION
9.04.    Compliance with Trust
Indenture Act.

    

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

    

    SECTION
9.05.    Revocation and Effect of
Consents.

    

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

    

    Any
amendment or waiver once effective shall bind every Securityholder of each
Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (g) of Section 9.03 in that case, the amendment or
waiver shall bind each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder's Security.

    

    SECTION
9.06.    Notation on or Exchange of
Securities.

    

    If an
amendment, supplement or waiver changes the terms of a Security, the Trustee may
require the Holder of the Security to deliver it to the Trustee and the Trustee
may place an appropriate notation on the Security about the changed terms and
return it to the Holder.  Alternatively, if the Company or the Trustee
so determines, the Company shall issue and the Trustee shall authenticate upon
request new Securities of that Series that reflect the changed
terms.

    

    SECTION
9.07.    Trustee
Protected.

    

    In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and
(subject to Section 7.01) shall be fully protected in relying upon, an Opinion
of Counsel or an Officer's Certificate, or both stating that

    
      
         

      

      
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    the
execution of such supplemental indenture is authorized or permitted by this
Indenture.  The Trustee shall sign all supplemental indentures, except
that the Trustee need not sign any supplemental indenture that adversely affects
its rights, duties or indemnities.

    

    SECTION
9.08.    Effect of Supplemental
Indenture.

    

    Upon the
execution of any supplemental indenture under this Article, this Indenture shall
be modified in accordance therewith, and each such supplemental indenture shall
form part of this Indenture for all purposes with respect to the relevant
Series; and every Holder of Securities of the relevant Series theretofore or
thereafter authenticated and delivered hereunder shall be bound
thereby.

    

    

    ARTICLE
X

    

    MISCELLANEOUS

    

    SECTION
10.01.  Trust Indenture Act
Controls.

    

    

    If any
provision of this Indenture limits, qualifies, or conflicts with another
provision which is required or deemed to be included in this Indenture by the
TIA, such required or deemed provision shall control.

    

    SECTION
10.02.  Notices.

    

    Any
notice or communication by the Company, the Trustee, the Paying Agent or the
Registrar to another is duly given if in writing and delivered in person or
mailed by first-class mail:

    

    if to the
Company:

    

      Paragon
Shipping Inc.

      15
Karamanli Ave

      GR
16673, Voula, Greece

      +
(30) 210 891 4600

      Attn:
Christopher J. Thomas

      Fax:  + (30) 210 895
5140

    if to the
Trustee:

    

    [                      ]

    Attn:
[                      ]

    Fax:
[                      ]

    

    if to the
Registrar or Paying Agent:

    
      
         

      

      
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    [                          
]

    Attn:
[                  
]

    Fax:
[                    ]

    

    with copy
to:

    

    [                           ]

    Attn:
[                   ]

    Fax:
[                    ]

    

    The
Company, the Trustee and each Agent by notice to each other may designate
additional or different addresses for subsequent notices or
communications.

    

    Any
notice or communication to a Securityholder shall be mailed by first-class mail
to his address shown on the register kept by the Registrar.  Failure
to mail a notice or communication to a Securityholder of any Series or any
defect in it shall not affect its sufficiency with respect to other
Securityholders of that or any other Series.

    

    If a
notice or communication is mailed or published in the manner provided above,
within the time prescribed, it is duly given, whether or not the Securityholder
receives it.

    

    If the
company mails a notice or communication to Securityholders, it will mail a copy
to the Trustee and each Agent at the same time.

    

    Whenever
a notice is required to be given by the Company, such notice may be given by the
Trustee or Registrar on the Company's behalf (and the Company will make any
notice it is required to give to Holders available on its website).

    

    SECTION
10.03.  Communication by Holders
with Other Holders.

    

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

    

    SECTION
10.04.  Certificate and Opinion as
to Conditions Precedent.

    

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

    

    (a)           an
Officers' Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with; and

    

    (b)           an
Opinion of Counsel stating that, in the opinion of counsel, all such conditions
precedent (including any covenants, compliance with which constitutes a
condition

    
      
         

      

      
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    precedent)
have been complied with.

    

    SECTION
10.05.  Statements Required in
Certificate or Opinion.

    

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

    

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

    

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

    

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

    

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

    

    provided, however, that with
respect to matters of fact an Opinion of Counsel may rely on an Officers'
Certificate or certificates of public officials.

    

    SECTION
10.06.  Record Date for Vote or
Consent of Holders.

    

    The
Company (or, in the event deposits have been made pursuant to Section 11.02, the
Trustee) may set a record date for purposes of determining the identity of
Holders entitled to vote or consent to any action by vote or consent authorized
or permitted under this Indenture, which record date shall not be more than
[  ] days prior to the date of the commencement of solicitation of
such action.  Notwithstanding the provisions of Section 9.05, if a
record date is fixed, those persons who were Holders of Securities at the close
of business on such record date (or their duly designated proxies), and only
those persons, shall be entitled to take such action by vote or consent or to
revoke any vote or consent previously given, whether or not such persons
continue to be Holders after such record date.

    

    SECTION
10.07.  Rules by Trustee and
Agents.

    

    The
Trustee may make reasonable rules for action by or a meeting of Securityholders
of one or more Series.  Any Agent may make reasonable rules and set
reasonable requirements for its functions.

    

    SECTION
10.08.  Legal
Holidays.

    

    Unless
otherwise provided by Board Resolution, Officers' Certificate or supplemental
indenture for a particular Series, a "Legal Holiday" is any day that is not a
Business
Day.  If a payment date is a Legal Holiday at a place of payment,
payment may be made at that place on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening
period.

    
      
         

      

      
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    SECTION
10.09.  No
Recourse Against Others.

    

    A
director, officer, employee or stockholder, as such, of the Company shall not
have any liability for any obligations of the Company under the Securities or
the Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation.  Each Securityholder by accepting a
Security waives and releases all such liability.  The waiver and
release are part of the consideration for the issue of the
Securities.

    

    SECTION
10.10.  Counterparts.

    

    This
Indenture may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

    

    SECTION
10.11.  Governing Laws and
Submission to Jurisdiction.

    

    THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK EXCLUDING ANY RULE OF LAW THAT WOULD CAUSE THE APPLICATION OF THE
LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW
YORK.

    

    The
Company agrees that any legal suit, action or proceeding arising out of or based
upon this Indenture may be instituted in any federal or state court sitting in
New York City, and, to the fullest extent permitted by law, waives any objection
which it may now or hereafter have to the laying of venue of any such
proceeding, and irrevocably submits to the non-exclusive jurisdiction of such
court in any suit, action or proceeding.  The Company, as long as any
Securities remain outstanding or the parties hereto have any obligation under
this Indenture, shall have an authorized agent in the United States upon whom
process may be served in any such legal action or proceeding. Service of process
upon such agent and written notice of such service mailed or delivered to it
shall to the extent permitted by law be deemed in every respect effective
service of process upon it in any such legal action or proceeding and, if it
fails to maintain such agent, any such process or summons may be served by
mailing a copy thereof by registered mail, or a form of mail substantially
equivalent thereto, addressed to it at its address as provided for notices
hereunder. The Company hereby appoints Seward & Kissel LLP, One Battery Park
Plaza, New York, NY,  10004, as its agent for such purposes, and
covenants and agrees that service of process in any legal action or proceeding
may be made upon it at such office of such agent.

    

    SECTION
10.12.  No
Adverse Interpretation of Other Agreements.

    

    This
Indenture may not be used to interpret another indenture, loan or debt agreement
of the Company or a Subsidiary.  Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

    
      
         

      

      
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    SECTION
10.13.  Successors.

    

    All
agreements of the Company in this Indenture and the Securities shall bind its
successor.  All agreements of the Trustee in this Indenture shall bind
its successor.

    

    SECTION
10.14.  Severability.

    

    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.

    

    SECTION
10.15.  Table of Contents, Headings,
Etc.

    

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

    

    SECTION
10.16.  Securities in a Foreign
Currency or in ECU.

    

    Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an
Officers' Certificate delivered pursuant to Section 2.02 of this Indenture with
respect to a particular Series of Securities, whenever for purposes of this
Indenture any action may be taken by the Holders of a specified percentage in
aggregate principal amount of Securities of all Series or all Series affected by
a particular action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a coin or currency
other than Dollars (including ECUs), then the principal amount of Securities of
such Series which shall be deemed to be outstanding for the purpose of taking
such action shall be that amount of Dollars that could be obtained for such
amount at the Market Exchange Rate at such time.  For purposes of this
Section 10.16, "Market Exchange Rate" shall mean the noon Dollar buying rate in
New York City for cable transfers of that currency as published by the Federal
Reserve Bank of New York; provided, however, in the case of ECUs, Market
Exchange Rate shall mean the rate of exchange determined by the Commission of
the European Union (or any successor thereto) as published in the Official
Journal of the European Union (such publication or any successor publication,
the "Journal").  If such Market Exchange Rate is not available for any
reason with respect to such currency, the Trustee shall use, without liability
on its part, such quotation of the Federal Reserve Bank of New York or, in the
case of ECUs, the rate of exchange as published in the Journal, as of the most
recent available date, or quotations or, in the case of ECUs, rates of exchange
from one or more major banks in The City of New York or in the country of issue
of the currency in question or, in the case of ECUs, in Luxembourg or such other
quotations or, in the case of ECUs, rates of exchange as the Trustee, upon
consultation with the Company, shall deem appropriate.  The provisions
of this paragraph shall apply in determining the equivalent principal amount in
respect of Securities of a Series denominated in currency other than Dollars in
connection with any action taken by Holders of Securities pursuant to the terms
of this Indenture.

    
      
         

      

      
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    All
decisions and determinations of the Trustee regarding the Market Exchange Rate
or any alternative determination provided for in the preceding paragraph shall
be in its sole discretion and shall, in the absence of manifest error, be
conclusive to the extent permitted by law for all purposes and irrevocably
binding upon the Company and all Holders.

    

    SECTION
10.17.  Judgment
Currency.

    

    The
Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any court
it is necessary to convert the sum due in respect of the principal of or
interest or other amount on the Securities of any Series (the "Required
Currency") into a currency in which a judgment will be rendered (the "Judgment
Currency"), the rate of exchange used shall be the rate at which in accordance
with normal banking procedures the Trustee could purchase in The City of New
York the Required Currency with the Judgment Currency on the day on which final
unappealable judgment is entered, unless such day is not a New York Banking Day,
then, the rate of exchange used shall be the rate at which in accordance with
normal banking procedures the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the New York Banking Day
preceding the day on which final unappealable judgment is entered and (b) its
obligations under this Indenture to make payments in the Required Currency (i)
shall not be discharged or satisfied by any tender, any recovery pursuant to any
judgment (whether or not entered in accordance with subsection (a)), in any
currency other than the Required Currency, except to the extent that such tender
or recovery shall result in the actual receipt, by the payee, of the full amount
of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for
the purpose of recovering in the Required Currency the amount, if any, by which
such actual receipt shall fall short of the full amount of the Required Currency
so expressed to be payable, and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture.  For purposes of
the foregoing, "New York Banking Day" means any day except a Saturday, Sunday or
a legal holiday in The City of New York on which banking institutions are
authorized or required by law, regulation or executive order to
close.

    

    
      	
               
      

            	
              SECTION
      10.18.

            	
              Compliance with
      Applicable Anti-Terrorism and Money Laundering
      Regulations.

            

    

    

    In order
to comply with the laws, rules, regulations and executive orders in effect from
time to time applicable to banking institutions, including those relating to the
funding of terrorist activities and money laundering ("Applicable Law"), the
Trustee is required to obtain, verify and record certain information relating to
individuals and entities which maintain a business relationship with the
Trustee.  Accordingly, each of the parties agree to provide to the
Trustee, upon its request from time to time such identifying information and
documentation as may be available for such party in order to enable the Trustee
to comply with the Applicable Law.

    

    
      
         

      

      
        45

        
          

        

      

      
         

      

    

    
      ARTICLE
XI

      

      SINKING
FUNDS

            SECTION
11.01.  Applicability of
Article.

    

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

    

    The
minimum amount of any sinking fund payment provided for by the terms of the
Securities of any Series is herein referred to as a "mandatory sinking fund
payment" and any other amount provided for by the terms of Securities of such
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 sinking
fund payment may be subject to reduction as provided in Section
11.02.  Each sinking fund payment shall be applied to the redemption
of Securities of any Series as provided for by the terms of the securities of
such Series.

    

    SECTION
11.02.  Satisfaction of Sinking Fund
Payments with Securities.

    

    The
Company may, in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of any Series to be made pursuant to the terms of such
Securities (1) deliver outstanding Securities of such Series to which such
sinking fund payment is applicable (other than any of such Securities previously
called for mandatory sinking fund redemption) and (2) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have
been redeemed either at the election of the Company pursuant to the terms of
such Series of Securities (except pursuant to any mandatory sinking fund) or
through the application of permitted optional sinking fund payments or other
optional redemptions pursuant to the terms of such Securities, provided that
such Securities have not been previously so credited.  Such Securities
shall be received by the Registrar, together with an Officers' Certificate with
respect thereto, not later than [  ] days prior to the date on which
the Registrar begins the process of selecting Securities for redemption, and
shall be credited for such purpose by the Registrar at the price specified in
such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly.  If
as a result of the delivery or credit of Securities in lieu of cash payments
pursuant to this Section 11.02, the principal amount of Securities of such
Series to be redeemed in order to exhaust the aforesaid cash payment shall be
less than $[], the Registrar need not call Securities of such Series for
redemption, except upon receipt of a Company Order that such action be taken,
and such cash payment shall be held by the Paying Agent and applied to the next
succeeding sinking fund payment, provided, however, that the Paying Agent shall
from time to time upon receipt of a Company Order pay over and deliver to the
Company any cash payment so being held by the Paying Agent upon delivery by the
Company to the Registrar of Securities of that Series purchased by the Company
having an unpaid principal amount equal to the cash payment required to be
released to the Company.

    

    
      
         

      

      
        46

        
          

        

      

      
         

      

    

     

    
      SECTION
11.03.  Redemption of Securities for
Sinking Fund.

      

      Not less
than [  ] days (unless otherwise indicated in the Board Resolution,
supplemental indenture hereto or Officers' Certificate in respect of a
particular Series of Securities) prior to each sinking fund payment date for any
Series of Securities, the Company will deliver to the Trustee and the Paying
Agent an Officers' Certificate specifying the amount of the next
ensuing mandatory sinking fund payment for that Series pursuant to the terms of
that Series, the portion thereof, if any, which is to be satisfied by payment of
cash and the portion thereof, if any, which is to be satisfied by delivering and
crediting of Securities of that Series pursuant to Section 11.02., and the
optional amount, if any, to be added in cash to the next ensuing mandatory
sinking fund payment, and the Company shall thereupon be obligated to pay the
amount therein specified.  Not less than [  ] days (unless
otherwise indicated in the Board Resolution, Officers' Certificate or
supplemental indenture in respect of a particular Series of Securities) before
each such sinking fund payment date the Trustee shall select the Securities to
be redeemed upon such sinking fund payment date in the manner specified in
Section 3.02 and cause notice of the redemption thereof to be given in the name
of and at the expense of the Company in the manner provided in Section
3.03.  Such notice having been duly given, the redemption of such
Securities shall stated in Sections 3.04, 3.05 and 3.06.

    

    

    [The remainder of this page is
intentionally left blank]

    
      
         

      

      
        47

        
          

        

      

      
         

      

    

    

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

    

    

    

    

    

    PARAGON
SHIPPING INC.

    

    

    By:__________________________

    

    Name:

    Its:

    

    

    [                      ]

    as
Trustee

    

    By:__________________________

    

    Name:

    Its:

    

    

    By:__________________________

    

    Name:

    Its:

    

    

    [                      ]

    as
Registrar and Paying Agent

    

    

    By:__________________________

    

    Name:

    Its:

    

    

    By:__________________________

    

    Name:

    Its:

     

    SK 25744 0001
1055358

    
      
         

      

      
        48c60044_ex10-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.1

EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT, dated as of January 14, 2010 (this “Agreement”), between SIRIUS XM RADIO INC., a Delaware corporation (the
“Company”), and PATRICK L. DONNELLY (the “Executive”). 

     In consideration of the mutual covenants and conditions set forth herein, the Company and the Executive agree as follows: 

     1. Employment. Subject to the terms and conditions of this Agreement, the Company hereby employs the
Executive, and the Executive hereby agrees to continue his employment with the Company. 

     2. Duties and Reporting Relationship. (a) The Executive shall be employed in the capacity of Executive Vice
President, General Counsel and Secretary of the Company. In such capacity, the Executive shall be responsible for the legal affairs of the Company, including all legal aspects of the Company’s obligations as a reporting company under the
Securities Exchange Act of 1934, as amended; the preparation, review, filing, printing and distribution of the Company’s annual, quarterly and current reports, proxy and information statements, prospectuses and offering memoranda and other
required materials with the Securities and Exchange Commission; and the selection, hiring and supervision of outside counsel for the Company. During the Term (as defined below), the Executive shall, on a full-time basis and consistent with the needs
of the Company, use his skills and render services to the best of his ability. The Executive shall perform such activities and duties consistent with his position as the Chief Executive Officer of the Company shall from time to time reasonably
specify and direct. During the Term, the Executive shall not perform any consulting services for, or engage in any other business enterprises with, any third parties without the express written consent of the Chief Executive Officer of the Company,
other than passive investments. 

     (b) The Executive shall generally perform his duties and conduct his business at the principal offices of the Company in New York, New
York.

     (c) The Executive shall report solely to the Chief Executive Officer of the Company.

     3. Term. The term of this Agreement shall commence on January 14, 2010 (the “Effective Date”) and end on January 13, 2014, unless terminated earlier pursuant to the provisions of Section 6 (the “Term”).

     4. Compensation. (a) During the Term, the Executive shall be paid an annual base salary of $575,000;
provided that on (i) January 1, 2011 such annual base salary shall be increased to no less than $625,000, (ii) January 1, 2012 such annual base salary shall be increased to no less than
$675,000, (iii) January 1, 2013 such annual base salary shall be 

2

increased to no less than $725,000, and (iv) thereafter may be subject to increase from time to time by recommendation of the Chief Executive Officer of the Company to, and approval by, the Board of Directors of the Company
(the “Board”) (such amount, as increased, the “Base Salary”). All amounts paid to the Executive under this Agreement shall be in U.S. dollars. The Base Salary shall be paid at least monthly and, at the option of the Company, may be paid more frequently. 

     (b) On the date hereof, the Company shall grant to the Executive an option to purchase 13,163,495 shares of the Company’s common stock,
par value $.001 per share (the “Common Stock”), at an exercise price of $0.6669 per share, the closing price of the Common Stock on the Nasdaq Global Select Market on the
date hereof. Such options shall be subject to the terms and conditions set forth in the Option Agreement attached to this Agreement as Exhibit A.

     (c) All compensation paid to the Executive hereunder shall be subject to any payroll and withholding deductions required by applicable law,
including, as and where applicable, federal, New York state and New York City income tax withholding, federal unemployment tax and social security (FICA). 

     5. Additional Compensation; Expenses and Benefits. (a) During the Term, the Company shall reimburse the
Executive for all reasonable and necessary business expenses incurred and advanced by him in carrying out his duties under this Agreement. The Executive shall present to the Company an itemized account of all expenses in such form as may be required
by the Company from time to time. 

     (b) During the Term, the Executive shall be entitled to participate fully in any other benefit plans, programs, policies and fringe benefits
which may be made available to the executive officers of the Company generally, including, without limitation, disability, medical, dental and life insurance and benefits under the Company’s 401(k) savings plan. 

     (c) During the Term, the Executive shall be entitled to participate in any bonus plans generally offered to executive officers of the Company.
Bonuses may be subject to the Executive’s individual performance and satisfaction of objectives established by the Board or the compensation committee thereof (the “Compensation Committee”). Bonuses may be paid in the form of cash, stock options, restricted stock, restricted stock units or other securities of the Company.

     6. Termination. The date upon which the Executive’s employment with the Company under this Agreement is
deemed to be terminated in accordance with any of the provisions of this Section 6 is referred to herein as the “Termination Date.” A termination of employment shall not be deemed
to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination also constitutes a “separation from service” within
the meaning of Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), and
the regulations thereunder (a “Separation from Service”), and notwithstanding anything contained herein to the contrary, the date on which a Separation from Service takes place
shall be the Termination Date. 

3

     (a) The Company has the right and may elect to terminate this Agreement for Cause at any time. For purposes of this Agreement,
“Cause” means the occurrence or existence of any of the following: 

     (i) (A) a material breach by the Executive of the terms of this Agreement, (B) a material breach by the Executive of the Executive’s duty
not to engage in any transaction that represents, directly or indirectly, self-dealing with the Company or any of its affiliates (which, for purposes hereof, shall mean any individual, corporation, partnership, association, limited liability
company, trust, estate, or other entity or organization directly or indirectly controlling, controlled by, or under direct or indirect common control with the Company) which has not been approved by a majority of the disinterested directors of the
Board, or (C) the Executive’s violation of the Company’s Code of Ethics which is demonstrably and materially injurious to the Company, if any such material breach or violation described in clauses (A), (B) or (C), to the extent curable,
remains uncured after 15 days have elapsed following the date on which the Company gives the Executive written notice of such material breach or violation;

     (ii) the
  Executive’s act of dishonesty, misappropriation, embezzlement, intentional
  fraud, or similar intentional misconduct by the Executive involving the Company
or any of its affiliates;

     (iii) the
  Executive’s conviction or the plea of nolo contendere or the
equivalent in respect of a felony;

     (iv) any
  damage of a material nature to any property of the Company or any of its affiliates
  caused by the Executive’s willful misconduct
or gross negligence;

     (v) the repeated nonprescription use of any controlled substance or the repeated use of alcohol or any other non-controlled substance that, in
the reasonable good faith opinion of the Board, renders the Executive unfit to serve as an officer of the Company or its affiliates;

     (vi) the
  Executive’s failure to comply with the Chief Executive Officer’s reasonable written instructions on a material matter within
5 days unless such instructions conflict with the Executive’s duties to
the Board; or

     (vii) conduct by the Executive that in the reasonable good faith written determination of the Board demonstrates unfitness to serve as an
  officer of the Company or its affiliates, including a finding by the Board or any judicial or regulatory authority that the Executive committed acts of unlawful harassment or violated any other state, federal or local law or ordinance prohibiting
  discrimination in employment.

Termination of the Executive for Cause pursuant to this Section 6(a) shall be communicated by a Notice of Termination for Cause. For purposes of this Agreement, a “Notice of Termination
for Cause” shall mean delivery to the Executive of a copy of a resolution or resolutions duly adopted by the affirmative vote of not less than a majority
of the directors present (in person or by teleconference) and voting at a meeting of the Board called and held for that purpose after 15 days’ notice to the Executive (which notice the Company shall use reasonable efforts to confirm 

4

that Executive has actually received and which notice for purposes of this Section 6(a) may be delivered, in addition to the requirements set forth in Section 17, through the use of electronic mail) and a reasonable opportunity
for the Executive, together with the Executive’s counsel, to be heard before the Board prior to such vote, finding that in the good faith opinion of the Board, the Executive was guilty of conduct set forth in any of clauses (i) through (vii) of
this Section 6(a) and specifying the particulars thereof in reasonable detail. For purposes of this Section 6(a), this Agreement shall terminate on the date specified by the Board in the Notice of Termination for Cause. 

     (b) (i) This Agreement and the Executive’s employment shall terminate upon the death of the Executive.

     (ii) If the Executive is unable to perform the essential duties and functions of his position because of a disability, even with a reasonable
accommodation, for one hundred eighty days within any three hundred sixty-five day period (“Disability”), the Company shall have the right and may elect to terminate the services
of the Executive by a Notice of Disability Termination. The Executive shall not be terminated following a Disability except pursuant to this Section 6(b)(ii). For purposes of this Agreement, a “Notice of Disability
Termination” shall mean a written notice that sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under this Section 6(b)(ii).
For purposes of this Agreement, no such purported termination shall be effective without such Notice of Disability Termination. This Agreement shall terminate on the day such Notice of Disability Termination is received by the
Executive. 

     (c) The Executive shall have the absolute right to terminate his employment at any time with or without Good Reason (as defined below). Should
the Executive wish to resign from his position with the Company during the Term, for other than Good Reason, the Executive shall give at least fourteen days prior written notice to the Company. This Agreement shall terminate on the effective date of
the resignation set forth in the notice of resignation, however, the Company may, at its sole discretion, instruct that the Executive perform no job responsibilities and cease his active employment immediately upon receipt of the notice from the
Executive. 

     (d) The Company shall have the absolute right to terminate the Executive’s employment without Cause at any time. This Agreement shall
terminate one day following receipt of such notice by the Executive, however, the Company may, at its sole discretion, instruct that the Executive cease active employment and perform no more job duties immediately upon provision of such notice to
the Executive.

     (e) Should the Executive wish to resign from his position with the Company for Good Reason during the Term, the Executive shall give seven days
prior written notice to the Company. This Agreement shall terminate on the date specified in such notice, however, the Company may, at its sole discretion, instruct that the Executive cease active employment and perform no more job duties
immediately upon receipt of such notice from the Executive. 

5

     For purposes of this Agreement, “Good Reason” shall mean the continuance of any of the following events (without the
Executive’s prior written consent) for a period of thirty days after delivery to the Company by the Executive of a notice of the occurrence of such event:

     (i) the assignment to the Executive by the Company of duties not reasonably consistent with the Executive’s positions, duties,
responsibilities, titles or offices at the commencement of the Term, any material reduction in the Executive’s duties or responsibilities as described in Section 2 or any removal of the Executive from or any failure to re-elect the Executive to
any of such positions or the Executive not being the most senior executive, other than the Company’s Chief Executive Officer, who is responsible for all legal matters and legal personnel (except in connection with the termination of the
Executive’s employment for Cause, Disability or as a result of the Executive’s death or by the Executive other than for Good Reason); or

     (ii) the
    Executive ceasing to report directly to the Chief Executive Officer of the
Company; or

      (iii) any
  requirement that the Executive report for work to a location more than 25 miles
  from the Company’s current headquarters for more
  than 30 days in any calendar year, excluding any requirement that results from
  the damage or destruction of the Company’s current headquarters as a result
of natural disasters, terrorism, acts of war or acts of God; or

     (iv) any
reduction in the Base Salary; or

      (v) the
  Company’s failure to make a bona fide offer
    in writing to renew this  Agreement, for an additional one-year term, on
  the terms and conditions set forth in this Agreement (including the Base Salary
  set forth in Section 4(a), but excluding any equity–based compensation
  set forth in Section 4(b)), at least 90 days prior to (x) the fourth anniversary
  of the Effective Date and (y) each subsequent anniversary of the Effective
  Date following the fourth anniversary of the Effective Date; provided that
      (for  purposes of this clause (y) only) this Agreement has been renewed
on the previous anniversary of the Effective Date; or

     (vi) any
    material breach by the Company of this Agreement. 

     (f) (i) If the employment of the Executive is terminated by the Company for Cause, by the Executive other than for Good Reason or due to death
or Disability, the Executive shall, in lieu of any future payments or benefits under this Agreement, be entitled to (A) any earned but unpaid Base Salary and any business expenses incurred but not reimbursed, in each case, prior to the Termination
Date and (B) any other vested benefits under any other benefit plans or programs in accordance with the terms of such plans and programs (collectively, the “Accrued Payments and Benefits”).

     (ii) If the employment of the Executive is terminated without Cause or the Executive terminates his employment for Good Reason, then the
Executive shall have an absolute and unconditional right to receive, and the Company shall pay to the Executive without setoff, counterclaim or other withholding, except as set forth in Section 4(c), (A) the Accrued 

6

Payments and Benefits, (B) a lump sum amount equal to the sum of (x) the Executive’s annualized Base Salary then in effect and (y) an amount in cash equal to the bonus, whether denominated as an annual, performance,
incentive, retention or other bonus, last paid (or due and payable) to the Executive in respect of the fiscal year immediately preceding the year in which the Termination Date occurs, and (C) the continuation, at the Company’s expense (by
direct payment, not reimbursement to the Executive) of (1) medical and dental benefits in a manner that will not be taxable to the Executive and (2) life insurance benefits, on the same terms as provided by the Company for active employees for one
year following the Termination Date. The lump sum amount contemplated by clause (B) above shall be paid on the 60th day following the Termination Date. 

     (g) The Company’s obligations under Section 6(f)(ii) shall be conditioned upon the Executive executing, delivering, and not revoking
during the seven day revocation period a waiver and release of claims against the Company, substantially in the form attached as Exhibit B (the “Release”) within 60 days following
the Termination Date; provided that the Executive shall have no obligation to execute such Release in order to receive the payments and benefits under Section 6(f)(ii) in the event that a
Release executed by the Company has not been delivered by the Company to the Executive within five days following the Termination Date. 

     (h) Notwithstanding any provisions of this Agreement to the contrary, if the Executive is a “specified employee” (within the meaning
of Section 409A and determined pursuant to policies adopted by the Company) at the time of his Separation from Service and if any portion of the payments or benefits to be received by the Executive upon Separation from Service would be considered
deferred compensation under Section 409A (“Nonqualified Deferred Compensation”), amounts that would otherwise be payable
pursuant to this Agreement during the six-month period immediately following the Executive’s Separation from Service that constitute Nonqualified Deferred Compensation and benefits that would otherwise be provided pursuant to this Agreement
during the six-month period immediately following the Executive’s Separation from Service that constitute Nonqualified Deferred Compensation will instead be paid or made available on the earlier of (x) the first business day of the seventh
month following the date of the Executive’s Separation from Service and (y) the Executive’s death.

     7. Nondisclosure of Confidential Information. (a) The Executive acknowledges that in the course of his
employment he will occupy a position of trust and confidence. The Executive shall not, except in connection with the performance of his functions or as required by applicable law, disclose to others or use, directly or indirectly, any Confidential
Information.

     (b) “Confidential Information” shall mean information about the
Company’s business and operations that is not disclosed by the Company for financial reporting purposes and that was learned by the Executive in the course of his employment by the Company, including, without limitation, any business plans,
product plans, strategy, budget information, proprietary knowledge, patents, trade secrets, data, formulae, sketches, notebooks, blueprints, information and client and customer lists and all papers and records (including computer records) of the
documents containing such Confidential Information, other than information that is publicly disclosed by the Company in writing. The Executive acknowledges that such Confidential Information is specialized, unique in nature and of great value to the
Company, and 

7

that such information gives the Company a competitive advantage. The Executive agrees to deliver or return to the Company, at the Company’s request at any time or upon termination or expiration of his employment or as soon as
possible thereafter, all documents, computer tapes and disks, records, lists, data, drawings, prints, notes and written information (and all copies thereof) furnished by or on behalf of the Company or prepared by the Executive in the course of his
employment by the Company, provided that the Executive will be able to keep his blackberry, personal computer, personal rolodex and the like so long as any Confidential Information is removed from such items. 

     (c) The provisions of this Section 7 shall survive indefinitely.

     8. Covenant Not to Compete. During the Restricted Period (as defined below), the Executive shall not, directly
or indirectly, enter into the employment of, render services to, or acquire any interest whatsoever in (whether for his own account as an individual proprietor, or as a partner, associate, stockholder, officer, director, consultant, trustee or
otherwise), or otherwise assist, any person or entity engaged in any operations in North America involving the transmission of radio entertainment programming, the production of radio entertainment programming, the syndication of radio entertainment
programming, the promotion of radio entertainment programming or the marketing of radio entertainment programming, in each case, in competition with the Company (each, a “Competitive Activity”); provided that nothing in this Agreement shall prevent the purchase or ownership by the Executive by way of investment of less than five percent of the shares or equity
interest of any corporation or other entity. Without limiting the generality of the foregoing, the Executive agrees that during the Restricted Period, the Executive shall not call on or otherwise solicit business or assist others to solicit business
from any of the customers of the Company as to any product or service described above that competes with any product or service provided or marketed by the Company on the date of the Executive’s termination of employment with the Company during
the Term (as such Term may be extended in accordance with Section 6(e)(v) of the Agreement) (the “Milestone Date”). The
Executive agrees that during the Restricted Period he will not solicit or assist others to solicit the employment of or hire any employee of the Company without the prior written consent of the Company. For purposes of this Agreement, the
“Restricted Period” shall mean the period of one year following the Milestone Date. For purposes of this Agreement, the term “radio” shall mean terrestrial radio,
satellite radio, HD radio, internet radio and other audio delivered terrestrially, by satellite, HD or the internet (which audio is not coupled with moving visual elements, such as television, movies, or other moving visual images delivered via the
internet or otherwise). Notwithstanding anything to the contrary in this Section 8, it shall not be a violation of this Section 8 for the Executive to join a division or business line of a commercial enterprise with multiple divisions or business
lines if such division or business line is not engaged in a Competitive Activity; provided that the Executive performs services solely for such non-competitive division or business line.

     9. Change of Control Provisions. If the Executive is, in the opinion of a nationally recognized accounting
firm jointly selected by the Executive and the Company, required to pay an excise tax on “excess parachute payments” (as defined in Section 280G(b) of the Code) under Section 4999 of the Code as a result of an acceleration of the vesting
of stock options or otherwise, the Company shall have an absolute and unconditional obligation to pay the Executive in accordance with the terms of this Section 9 the amount of such taxes. In 

8

addition, the Company shall have an absolute and unconditional obligation to pay the Executive such additional amounts as are necessary to place the Executive in the exact same financial position that he would have been in if he
had not incurred any tax liability under Section 4999 of the Code. The determination of the exact amount, if any, of any “excess parachute payments” and any tax liability under Section 4999 of the Code shall be made by a
nationally-recognized independent accounting firm selected by the Executive and the Company. The fees and expenses of such accounting firm shall be paid by the Company. The determination of such accounting firm shall be final and binding on the
parties. The Company irrevocably agrees to pay to the Executive, in immediately available funds to an account designated in writing by the Executive, any amounts to be paid under this Section 9 within two business days after receipt by the Company
of written notice from the accounting firm which sets forth such accounting firm’s determination. In addition, in the event that such payments are not sufficient to pay all excise taxes on “excess parachute payments” under Section
4999 of the Code as a result of an acceleration of the vesting of options or for any other reason and to place the Executive in the exact same financial position that he would have been in if he had not incurred any tax liability under Section 4999
of the Code, then the Company shall have an absolute and unconditional obligation to pay the Executive such additional amounts as may be necessary to pay such excise taxes and place the Executive in the exact same financial position that he would
have been had he not incurred any tax liability as a result of a change in control under the Code. Notwithstanding the foregoing, in the event that a written ruling (whether public or private) of the Internal Revenue Service (“IRS”) is obtained by or on behalf of the Company or the Executive, which ruling expressly provides that the Executive is not required to pay, or is entitled to a refund with respect to, all or any
portion of such excise taxes or additional amounts, the Executive shall promptly reimburse the Company in an amount equal to all amounts paid to the Executive pursuant to this Section 9 less any excise taxes or additional amounts which remain
payable by, or are not refunded to, the Executive after giving effect to such IRS ruling. Each of the Company and the Executive agrees to promptly notify the other party if it receives any such IRS ruling. The payments contemplated by this Section 9
shall in all events be paid no later than the end of the Executive’s taxable year next following the Executive’s taxable year in which the excise tax (and any income or other related tax or interest or penalties thereon) on a payment is
remitted to IRS or any other applicable taxing authority; or, in the case of amounts relating to any claim by IRS or any other taxing authority that does not result in the remittance of any federal, state, local and foreign income, excise, social
security and other taxes, the calendar year in which the claim is finally settled or otherwise resolved. Any amounts required to be repaid to the Company pursuant to this Section 9 will be repaid to the Company within five business days of the
Executive’s receipt of any refund with respect to any excise tax. 

     10. Remedies. The Executive and Company agree that damages for breach of any of the covenants under Sections 7
and 8 will be difficult to determine and inadequate to remedy the harm which may be caused thereby, and therefore consent that these covenants may be enforced by temporary or permanent injunction without the necessity of bond. The Executive
believes, as of the date of this Agreement, that the provisions of this Agreement are reasonable and that the Executive is capable of gainful employment without breaching this Agreement. However, should any court or arbitrator decline to enforce any
provision of Section 7 or 8 of this Agreement, this Agreement shall, to the extent applicable in the circumstances before such court or arbitrator, be deemed to be modified to restrict the Executive’s competition with the Company

9

to the maximum extent of time, scope and geography which the court or arbitrator shall find enforceable, and such provisions shall be so enforced.

     11. Indemnification. The Company shall indemnify the Executive to the full extent provided in the
Company’s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and the law of the State of Delaware in connection with his activities as an officer of the Company. 

     12. Entire Agreement. The provisions contained herein constitute the entire agreement between the parties with
respect to the subject matter hereof and supersede any and all prior agreements, understandings and communications between the parties, oral or written, with respect to such subject matter, including the Employment Agreement between the Executive
and the Company dated November 8, 2004, as amended, but excluding any equity award agreements between the Executive and the Company. For the avoidance of doubt, nothing herein is intended to supersede or waive obligations of the Executive to comply
with any assignment of invention provisions applicable to the Executive under the Code of Ethics or any assignment of invention agreement(s) between the Company and the Executive.

     13. Modification. Any waiver, alteration, amendment or modification of any provisions of this Agreement shall
not be valid unless in writing and signed by both the Executive and the Company. 

     14. Severability. If any provision of this Agreement shall be declared to be invalid or unenforceable, in
whole or in part, such invalidity or unenforceability shall not affect the remaining provisions hereof, which shall remain in full force and effect. 

     15. Assignment. The Executive may not assign any of his rights or delegate any of his duties hereunder without
the prior written consent of the Company. The Company may not assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the Executive, except that any successor to the Company by merger or purchase of
all or substantially all of the Company’s assets shall assume this Agreement. 

     16. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the successors in
interest of the Executive and the Company. 

     17. Notices. All notices and other communications required or permitted hereunder shall be made in writing and
shall be deemed effective when delivered personally or transmitted by facsimile transmission, one business day after deposit with a nationally recognized overnight courier (with next day delivery specified) and five days after mailing by registered
or certified mail: 

if to the Company: 

Sirius XM Radio Inc. 

1221 Avenue of the Americas

36th Floor 

New York, New York 10020

10

Attention: Chief Executive Officer

Telecopier: (212) 584-5353 

if to the Executive: 

Patrick L. Donnelly 

Address on file at the offices 

of the Company 

or to such other person or address as either party shall furnish in writing to the other party from time to time. 

     18. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York applicable to contracts made and to be performed entirely within the State of New York. 

     19. Non-Mitigation. The Executive shall not be required to mitigate damages or seek other employment in order
to receive compensation or benefits under Section 6 of this Agreement; nor shall the amount of any benefit or payment provided for under Section 6 of this Agreement be reduced by any compensation earned by the Executive as the result of employment
by another employer. 

     20. Arbitration. (a) The Executive and the Company agree that if a dispute arises concerning or relating to
the Executive’s employment with the Company, or the termination of the Executive’s employment, such dispute shall be submitted to binding arbitration under the rules of the American Arbitration Association regarding resolution of
employment disputes in effect at the time such dispute arises. The arbitration shall take place in New York, New York, before a single experienced arbitrator licensed to practice law in New York and selected in accordance with the American
Arbitration Association rules and procedures. Except as provided below, the Executive and the Company agree that this arbitration procedure will be the exclusive means of redress for any disputes relating to or arising from the Executive’s
employment with the Company or his termination, including disputes over rights provided by federal, state, or local statutes, regulations, ordinances, and common law, including all laws that prohibit discrimination based on any protected
classification. The parties expressly waive the right to a jury trial, and agree that the arbitrator’s award shall be final and binding on both parties, and shall not be appealable. The
arbitrator shall have discretion to award monetary and other damages, and any other relief that the arbitrator deems appropriate and is allowed by law. The arbitrator shall have the discretion to award the prevailing party reasonable costs and
attorneys’ fees incurred in bringing or defending an action, and shall award such costs and fees to the Executive in the event the Executive prevails on the merits of any action brought hereunder.

     (b) The Company shall pay the cost of any arbitration proceedings under this Agreement if the Executive prevails in such arbitration on at
least one substantive issue.

     (c) The Company and the Executive agree that the sole dispute that is excepted from Section 20(a) is an action seeking injunctive relief from a
court of competent 

11

jurisdiction regarding enforcement and application of Sections 7, 8 or 10 of this Agreement, which action may be brought in addition to, or in place of, an arbitration proceeding in accordance with Section 20(a). 

     21. Compliance with Section 409A. (a) To the extent applicable, it is intended that the compensation
arrangements under this Agreement be in full compliance with Section 409A (it being understood that certain compensation arrangements under this Agreement are intended not to be subject to Section 409A). The Agreement shall be construed, to the
maximum extent permitted, in a manner to give effect to such intention. Notwithstanding anything in this Agreement to the contrary, distributions upon termination of the Executive’s employment may only be made upon a Separation from Service.
Neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold the Executive harmless from any or all such taxes, interest or penalties, or liability for any damages related thereto. The Executive acknowledges
that he has been advised to obtain independent legal, tax or other counsel in connection with Section 409A.

     (b) With respect to any amount of expenses eligible for reimbursement under this Agreement, such expenses will be reimbursed by the Company
within thirty (30) days following the date on which the Company receives the applicable invoice from the Executive in accordance with the Company’s expense reimbursement policies, but in no event later than the last day of the Executive’s
taxable year following the taxable year in which the Executive incurs the related expenses. In no event will the reimbursements or in-kind benefits to be provided by the Company in one taxable year affect the amount of reimbursements or in-kind
benefits to be provided in any other taxable year, nor will the Executive’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit. 

     (c) Each payment under this Agreement shall be regarded as a “separate payment” and not of a series of payments for purposes of
Section 409A. 

     22. Counterparts. This Agreement may be executed in counterparts, all of which shall be considered one and the
same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. 

     23. Executive’s Representation. The Executive hereby represents and warrants to Company that he is not
now under any contractual or other obligation that is inconsistent with or in conflict with this Agreement or that would prevent, limit, or impair the Executive’s performance of his obligations under this Agreement. 

     24. Survivorship. Upon the expiration or other termination of this Agreement or the Executive’s
employment with the Company, the respective rights and obligations of the parties hereto shall survive to the extent necessary to carry out the intentions of the parties under this Agreement. 

12

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

		
	 	
SIRIUS XM RADIO INC.  
	 	   	 	 
	 	   	 	 
	 	   	 	 
	 	
By:	/s/  John
    H. Schultz
	 	 	      	John H. Schultz
	 	 	 	Senior Vice President,
	 	 	 	Human Resources
	 	   	 	 
	 	   	 	 
	 	   	 	 
	 	     	 /s/	    Patrick L. Donnelly
	 	 	 	Patrick L. Donnelly

Exhibit A

THIS OPTION MAY NOT BE TRANSFERRED EXCEPT BY WILL OR UNDER THE LAWS OF DESCENT AND DISTRIBUTION. 

SIRIUS XM RADIO 2009 LONG-TERM STOCK INCENTIVE PLAN

STOCK OPTION AGREEMENT

     This STOCK OPTION AGREEMENT (this “Agreement”), dated January 14, 2010, between SIRIUS XM RADIO INC., a Delaware corporation (the
“Company”), and PATRICK L. DONNELLY (the “Executive”). 

     1. Grant of Option; Vesting. (a) Subject to the terms and conditions of this Agreement, the Sirius XM Radio
2009 Long-Term Stock Incentive Plan (the “Plan”), and the Employment Agreement, dated as of January 14, 2010, between the Company and the Executive (the “Employment Agreement”), the Company hereby grants to the Executive the right and option (this “Option”) to purchase 13,163,495
shares (the “Shares”) of common stock, par value $0.001 per share, of the Company at a price per share of $0.6669 (the “Exercise
Price”). This Option is not intended to qualify as an Incentive Stock Option for purposes of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). In the case of any stock split, stock dividend or like change in the Shares occurring after the date hereof, the number of Shares and the Exercise Price shall be adjusted as set forth in Section 4(b) of the Plan. 

     (b) Subject to the terms of this Agreement, this Option shall vest and become exercisable in four equal installments on each of January 14,
2011, January 14, 2012, January 14, 2013 and January 14, 2014. 

     (c) If the Executive’s employment with the Company terminates for any reason, this Option, to the extent not then vested, shall
immediately terminate without consideration; provided that if the Executive’s employment is terminated (x) due to death or Disability (as defined in the Employment Agreement), (y) by
the Company without Cause (as defined in the Employment Agreement), or (z) by the Executive for Good Reason (as defined in the Employment Agreement), the unvested portion of this Option, to the extent not previously cancelled or forfeited, shall
immediately become vested and exercisable.

     2. Term. This Option shall terminate on January 14, 2020 (the “Option Expiration Date”); provided that if: 

     (a) the Executive’s employment with the Company is terminated due to the Executive’s death or Disability, by the Company without
Cause or by the Executive for Good Reason, the Executive may exercise this Option in full until the first anniversary of such termination (at which time the Option shall be cancelled), but not later than the Option Expiration Date; 

     (b) the
Executive’s employment with the Company is terminated for Cause, the Option
shall be cancelled upon the date of such termination;  and

      (c) the
  Executive voluntarily terminates his employment with the Company without Good
  Reason, the Executive may exercise the vested portion of  this Option until ninety
  days following the date of such termination (at which time the Option shall be
  cancelled), but not later than the Option Expiration Date. 

     3. Exercise. Subject to Sections 1 and 2 of this Agreement and the terms of the Plan, this Option may be
exercised, in whole or in part, in accordance with Section 6 of the Plan. 

     4. Non-transferable. This Option may not be transferred, assigned, pledged or hypothecated in any manner
(whether by operation of law or otherwise) other than by will or by the applicable laws of descent and distribution, and shall not be subject to execution, attachment or similar process. Any attempt to transfer, assign, pledge, hypothecate or
otherwise dispose of the Option or of any right or privilege conferred hereby shall be null and void. 

     5. Withholding. Prior to delivery of the Shares purchased upon exercise of this Option, the Company shall
determine the amount of any United States federal, state and local income tax, if any, which is required to be withheld under applicable law and shall, as a condition of exercise of this Option and delivery of certificates representing the Shares
purchased upon exercise of this Option, collect from the Executive the amount of any such tax to the extent not previously withheld. The Executive may satisfy his withholding obligations in the manner contemplated by Section 14(d) of the Plan.

     6. Rights of the Executive. Neither this Option, the execution of this Agreement nor the exercise of any
portion of this Option shall confer upon the Executive any right to, or guarantee of, continued employment by the Company, or in any way limit the right of the Company to terminate employment of the Executive at any time, subject to the terms of the
Employment Agreement or any other written employment or similar agreement between the Company and the Executive. 

     7. Professional Advice. The acceptance and exercise of this Option may have consequences under federal and
state tax and securities laws that may vary depending upon the individual circumstances of the Executive. Accordingly, the Executive acknowledges that the Executive has been advised to consult his personal legal and tax advisor in connection with
this Agreement and this Option. 

     8. Agreement Subject to the Plan. The Option and this Agreement are subject to the terms and conditions set
forth in the Plan, which terms and conditions are incorporated herein by reference. Capitalized terms used herein but not defined shall have the meaning set forth in the Plan. A copy of the Plan previously has been delivered to the Executive. This
Agreement, the Employment Agreement and the Plan constitute the entire understanding between the Company and the Executive with respect to this Option. 

     9. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York without regard to its conflict of laws 

principles, and shall bind and inure to the benefit of the heirs, executors, personal representatives, successors and assigns of the parties hereto. 

     10. Notices. All notices and other communications hereunder shall be in writing and shall be deemed given when
delivered personally or when telecopied (with confirmation of transmission received by the sender), three business days after being sent by certified mail, postage prepaid, return receipt requested or one business day after being delivered to a
nationally recognized overnight courier with next day delivery specified to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): Company: Sirius XM Radio Inc., 1221 Avenue of the
Americas, 36th Floor, New York, New York 10020, Attention: Chief Executive Officer; and Executive: Address on file at the office of the Company. Notices sent by email or other electronic means not specifically authorized by this Agreement shall not
be effective for any purpose of this Agreement. 

     11. Binding Effect. This Agreement has been duly executed and delivered by the Company and constitutes the
legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms. 

     12. Amendment. The rights of the Executive hereunder may not be impaired by any amendment, alteration,
suspension, discontinuance or termination of the Plan or this Agreement without the Executive’s consent.

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 

		
	 	
SIRIUS XM RADIO INC.  
	 	   
	 	   
	 	   
	 	
By:  	 
	 	 	John H. Schultz
	 	 	Senior
    Vice President, Human Resources
	 	   
	 	   
	 	   
	 	   
	 	 	Patrick L. Donnelly

Exhibit B

AGREEMENT AND RELEASE

     This Agreement and Release,
dated as of _________, 20__ (this “Agreement”), is entered into by and between PATRICK L.
DONNELLY (the “Executive”) and SIRIUS XM RADIO INC., and its subsidiaries and affiliated companies (collectively, the “Company”).

     The purpose of this Agreement is to completely and finally settle, resolve, and forever extinguish all obligations, disputes and differences arising out of the Executive’s employment with and
separation from Company. 

     NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement, the Executive and the Company hereby agree as follows: 

     1. The Executive’s
employment with the Company is terminated as of _____________, 20__ (the “Termination Date”). 

     2. The Company and the Executive agree that the Executive shall be provided severance pay, less all legally required and authorized deductions
in accordance with the terms of Section 6(f) of the Employment Agreement, dated as of January __, 2010 (the “Employment Agreement”), between the Executive and the Company;
provided that no such severance shall be paid if the Executive revokes this Agreement pursuant to Section 4 below. The Executive acknowledges and agrees that he is entering into this
Agreement in consideration of such severance and the Company’s agreements set forth herein. All vacation pay earned and unused as of the Termination Date will be paid to Executive as required by law. Except as set forth above, the Executive
will not be eligible for any other compensation or benefits following the Termination Date other than any vested, accrued benefits under the Company’s compensation and benefit plans, and other than the rights, if any, granted to the Executive
under the terms of any stock option, restricted stock, or other equity award agreements or plans.

     3. The Executive, for himself, and for his heirs, attorneys, agents, spouse and assigns, hereby waives, releases and forever discharges the
Company and its predecessors, successors, and assigns, if any, as well as its and their officers, directors and employees, stockholders, agents, servants, representatives, and attorneys, and the predecessors, successors, heirs and assigns of each of
them (collectively “Released Parties”), from any and all grievances, claims, demands, causes of action, obligations, damages and/or liabilities of any nature whatsoever, whether
known or unknown, suspected or claimed, which the Executive ever had, now has, or claims to have against the Released Parties, by reason of any act or omission occurring before the date hereof, including, without limiting the generality of the
foregoing, (a) any act, cause, matter or thing stated, claimed or alleged, or which was or which could have been alleged in any manner against the Released Parties prior to the execution of this Agreement and (b) all claims for any payment under the
Employment Agreement; provided that nothing contained in this Agreement shall affect the Executive’s rights (i) to indemnification from the Company as provided in the Employment
Agreement or otherwise; (ii) to coverage under the Company’s insurance policies covering officers and directors; (iii) to other benefits which by their express terms extend beyond the Executive’s separation from employment (including

Executive’s rights under Section 6(f) of the Employment Agreement); and (iv) under this Agreement, and (c) all claims for discrimination, harassment and/or retaliation, under Title VII of the Civil Rights Act of 1964, as
amended, the Civil Rights Act of 1991, as amended, the New York State Human Rights Law, as amended, as well as any and all claims arising out of any alleged contract of employment, whether written, oral, express or implied, or any other federal,
state or local civil or human rights or labor law, ordinances, rules, regulations, guidelines, statutes, common law, contract or tort law, arising out of or relating to the Executive’s employment with and/or separation from the Company,
including the termination of his employment on the Termination Date, and/or any events occurring prior to the execution of this Agreement. 

     4. The Executive specifically waives all rights or claims that he has or may have under the Age Discrimination In Employment Act of 1967, 29
U.S.C. §§ 621-634, as amended (“ADEA”), including, without limitation, those arising out of or relating to the Executive’s employment with and/or separation from the
Company, the termination of his employment on the Termination Date, and/or any events occurring prior to the execution of this Agreement. In accordance with the ADEA, the Company specifically hereby advises the Executive that: (1) he may and should
consult an attorney before signing this Agreement, (2) he has twenty-one (21) days to consider this Agreement, and (3) he has seven (7) days after signing this Agreement to revoke this Agreement.

     5. Notwithstanding the above, nothing in this Agreement prevents or precludes Executive from (a) challenging or seeking a determination of the
validity of this Agreement under the ADEA; or (b) filing an administrative charge of discrimination under any applicable statute or participating in any investigation or proceeding conducted by a governmental agency. 

     6. Executive acknowledges that he has read and understands the foregoing release and executes it voluntarily and without coercion. 

     7. The Company, for itself, and for its predecessors, successors, and assigns, if any, as well as its and their officers, directors and
employees, stockholders, agents, servants, representatives, and attorneys, and the predecessors, successors, heirs and assigns of each of them, hereby waives, releases and forever discharges the Executive and his heirs, attorneys, agents, spouse and
assigns (collectively, “Executive Released Parties”) from any and all grievances, claims, demands, causes of action, obligations, damages and/or liabilities of any nature
whatsoever, which the Company ever had, now has, or claims to have against the Executive Released Parties by reason of any act or omission occurring before the date hereof including, without limiting the generality of the foregoing, any act, cause,
matter or thing stated, claimed or alleged of which the Company has actual knowledge which was or could have been alleged in any manner against the Executive Released Parties prior to the execution of this Agreement. 

     8. This release does not affect or impair the Executive’s rights with respect to workman’s compensation or similar claims under
applicable law or any claims under medical, dental, disability, life or other insurance arising prior to the date hereof.

     9. The Executive warrants that he has not made any assignment, transfer, conveyance or alienation of any potential claim, cause of action, or
any right of any kind whatsoever, including but not limited to, potential claims and remedies for discrimination, harassment, retaliation, or wrongful termination, and that no other person or entity of any kind has had, or now has, any financial or
other interest in any of the demands, obligations, causes of action, debts, liabilities, rights, contracts, damages, costs, expenses, losses or claims which could have been asserted by the Executive against the Company. 

     10. The Executive shall not make any disparaging remarks about the Company, or its officers, agents, employees, practices or products;
provided that the Executive may provide truthful and accurate facts and opinions about the Company where required to do so by law. The Company shall not, and shall instruct its officers not
to, make any disparaging remarks about the Executive; provided that the Company and its officers may provide truthful and accurate facts and opinions about the Executive where required to do
so by law. 

     11. The parties expressly agree that this Agreement shall not be construed as an admission by any of the parties of any violation, liability or
wrongdoing, and shall not be admissible in any proceeding as evidence of or an admission by any party of any violation or wrongdoing. The Company expressly denies any violation of any federal, state, or local statute, ordinance, rule, regulation,
order, common law or other law in connection with the employment and termination of employment of the Executive. 

     12. In the event of a dispute concerning the enforcement of this Agreement, the finder of fact shall have the discretion to award the
prevailing party reasonable costs and attorneys’ fees incurred in bringing or defending an action, and shall award such costs and fees to the Executive in the event the Executive prevails on the merits of any action brought hereunder. All other
requests for relief or damages awards shall be governed by Sections 20(a) and 20(b) of the Employment Agreement. 

     13. The parties declare and represent that no promise, inducement, or agreement not expressed herein has been made to them. 

     14. This Agreement in all respects shall be interpreted, enforced and governed under the laws of the State of New York and any applicable
federal laws relating to the subject matter of this Agreement. The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties. This Agreement
shall be construed as if jointly prepared by the Executive and the Company. Any uncertainty or ambiguity shall not be interpreted against any one party. 

     15. This Agreement, the Employment Agreement, [and list any outstanding award agreements] between the Executive and the Company contain the entire agreement of the parties as to the subject matter hereof. No modification or waiver of any of the provisions of this Agreement shall be valid and enforceable unless such
modification or waiver is in writing and signed by the party to be charged, and unless otherwise stated therein, no such modification or waiver shall constitute a modification or waiver of any other provision of this Agreement (whether or not
similar) or constitute a continuing waiver. 

     16. The Executive and the Company represent that they have been afforded a reasonable period of time within which to consider the terms of this
Agreement, that they have read this Agreement, and they are fully aware of its legal effects. The Executive and the Company further represent and warrant that they enter into this Agreement knowingly and voluntarily, without any mistake, duress or
undue influence, and that they have been provided the opportunity to review this Agreement with counsel of their own choosing. In making this Agreement, each party relies upon his or its own judgment, belief and knowledge, and has not been
influenced in any way by any representations or statements not set forth herein regarding the contents hereof by the entities who are hereby released, or by anyone representing them. 

     17. This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement, and shall become effective
when one or more counterparts have been signed by each of the parties and delivered to the other parties. The parties further agree that delivery of an executed counterpart by facsimile shall be as effective as delivery of an originally executed
counterpart. This Agreement shall be of no force or effect until executed by all the signatories. 

     18. The Executive warrants that he will return to the Company all software, computers, computer-related equipment, keys and all materials
(including copies) obtained or created by the Executive in the course of his employment with the Company on or before the Termination Date; provided that the Executive will be able to keep
his blackberry, personal computer, personal rolodex and the like so long as any confidential information is removed from such items. 

     19. Any existing obligations the Executive has with respect to confidentiality, nonsolicitation of Company clients, nonsolicitation of Company
employees and noncompetition with the Company shall remain in full force and effect, including, but not limited to, Sections 7 and 8 of the Employment Agreement.

     20. Any disputes arising from or relating to this Agreement shall be subject to the arbitration pursuant to Section 20 of the Employment
Agreement. 

     21. Should any provision of this Agreement be declared or be determined by a forum with competent jurisdiction to be illegal or invalid, the
validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term, or provision shall be deemed not to be a part of this Agreement. 

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

			
	   	   	
SIRIUS XM RADIO INC.  
	   
	   
	
Dated:  	 	   	
By:  	 
	   	   	 	Name:
	   	   	 	Title:
	   
	   
	   
	   
	Dated: 	 	   	   
	   	   	
Patrick L. Donnelly

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