Document:

JUNIOR
        SUBORDINATED INDENTURE

       

      between

       

      NORTHSTAR
        REALTY FINANCE LIMITED PARTNERSHIP,

      as
        Issuer,

       

      NORTHSTAR
        REALTY FINANCE CORP.,

      as
        Guarantor,

       

      and

       

      WILMINGTON
        TRUST COMPANY

      as
        Trustee

       

      
        
          

        

         

      

      Dated
        as
        of June 7, 2007

    

     

      
        

      

       

      
        

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    TABLE
      OF CONTENTS

     

    
      	 	 	 	 	
              Page

            
	 	 	
              ARTICLE
                I

            	 	 
	 	 	 	 	 
	 	 	
              Definitions
                and Other Provisions of General Application

            	 	 
	 	 	 	 	 
	
              SECTION
                1.1.

            	 	
              Definitions.

            	 	
              1

            
	
              SECTION
                1.2.

            	 	
              Compliance
                Certificate and Opinions.

            	 	
              11

            
	
              SECTION
                1.3.

            	 	
              Forms
                of Documents Delivered to Trustee.

            	 	
              12

            
	
              SECTION
                1.4.

            	 	
              Acts
                of Holders.

            	 	
              12

            
	
              SECTION
                1.5.

            	 	
              Notices,
                Etc.

            	 	
              14

            
	
              SECTION
                1.6.

            	 	
              Notice
                to Holders; Waiver.

            	 	
              15

            
	
              SECTION
                1.7.

            	 	
              Effect
                of Headings and Table of Contents.

            	 	
              15

            
	
              SECTION
                1.8.

            	 	
              Successors
                and Assigns.

            	 	
              15

            
	
              SECTION
                1.9.

            	 	
              Separability
                Clause.

            	 	
              15

            
	
              SECTION
                1.10.

            	 	
              Benefits
                of Indenture.

            	 	
              16

            
	
              SECTION
                1.11.

            	 	
              Governing
                Law.

            	 	
              16

            
	
              SECTION
                1.12.

            	 	
              Submission
                to Jurisdiction.

            	 	
              16

            
	
              SECTION
                1.13.

            	 	
              Non-Business
                Days.

            	 	
              16

            

    

     

    ARTICLE
      II

     

    Security
      Forms

     

    
      	
              SECTION
                2.1.

            	 	
              Form
                of Security.

            	 	
              17

            
	
              SECTION
                2.2.

            	 	
              Restricted
                Legend.

            	 	
              17

            
	
              SECTION
                2.3.

            	 	
              Form
                of Trustee’s Certificate of Authentication.

            	 	
              17

            
	
              SECTION
                2.4.

            	 	
              Temporary
                Securities.

            	 	
              17

            
	
              SECTION
                2.5.

            	 	
              Definitive
                Securities.

            	 	
              18

            

    

     

    ARTICLE
      III

     

    The
      Securities

     

    
      	
              SECTION
                3.1.

            	 	
              Payment
                of Principal and Interest.

            	 	
              18

            
	
              SECTION
                3.2.

            	 	
              Denominations.

            	 	
              20

            
	
              SECTION
                3.3.

            	 	
              Execution,
                Authentication, Delivery and Dating.

            	 	
              20

            
	
              SECTION
                3.4.

            	 	
              Global
                Securities.

            	 	
              21

            
	
              SECTION
                3.5.

            	 	
              Registration,
                Transfer and Exchange Generally.

            	 	
              23

            
	
              SECTION
                3.6.

            	 	
              Mutilated,
                Destroyed, Lost and Stolen Securities.

            	 	
              24

            

    

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                3.7.

            	 	
              Persons
                Deemed Owners.

            	 	
              25

            
	
              SECTION
                3.8.

            	 	
              Cancellation.

            	 	
              25

            
	
              SECTION
                3.9.

            	 	
              RESERVED.

            	 	
              25

            
	
              SECTION
                3.10.

            	 	
              Right
                of Set-Off.

            	 	
              25

            
	
              SECTION
                3.11.

            	 	
              Agreed
                Tax Treatment.

            	 	
              25

            
	
              SECTION
                3.12.

            	 	
              CUSIP
                Numbers.

            	 	
              25

            

    

     

    ARTICLE
      IV

     

    Satisfaction
      and Discharge

     

    
      	
              SECTION
                4.1.

            	 	
              Satisfaction
                and Discharge of Indenture.

            	 	
              26

            
	
              SECTION
                4.2.

            	 	
              Application
                of Trust Money.

            	 	
              27

            

    

     

    ARTICLE
      V

     

    Remedies

     

    
      	
              SECTION
                5.1.

            	 	
              Events
                of Default.

            	 	
              27

            
	
              SECTION
                5.2.

            	 	
              Acceleration
                of Maturity; Rescission and Annulment.

            	 	
              28

            
	
              SECTION
                5.3.

            	 	
              Collection
                of Indebtedness and Suits for Enforcement by Trustee.

            	 	
              29

            
	
              SECTION
                5.4.

            	 	
              Trustee
                May File Proofs of Claim.

            	 	
              30

            
	
              SECTION
                5.5.

            	 	
              Trustee
                May Enforce Claim Without Possession of Securities.

            	 	
              31

            
	
              SECTION
                5.6.

            	 	
              Application
                of Money Collected.

            	 	
              31

            
	
              SECTION
                5.7.

            	 	
              Limitation
                on Suits.

            	 	
              31

            
	
              SECTION
                5.8.

            	 	
              Unconditional
                Right of Holders to Receive Principal, Premium

            	 	
              32

            
	 	 	
                   and
                Interest; Direct Action by Holders of Preferred
                Securities.

            	 	
              32

            
	
              SECTION
                5.9.

            	 	
              Restoration
                of Rights and Remedies.

            	 	
              32

            
	
              SECTION
                5.10.

            	 	
              Rights
                and Remedies Cumulative.

            	 	
              32

            
	
              SECTION
                5.11.

            	 	
              Delay
                or Omission Not Waiver.

            	 	
              33

            
	
              SECTION
                5.12.

            	 	
              Control
                by Holders.

            	 	
              33

            
	
              SECTION
                5.13.

            	 	
              Waiver
                of Past Defaults.

            	 	
              33

            
	
              SECTION
                5.14.

            	 	
              Undertaking
                for Costs.

            	 	
              34

            
	
              SECTION
                5.15.

            	 	
              Waiver
                of Usury, Stay or Extension Laws.

            	 	
              34

            

    

     

    ARTICLE
      VI

     

    The
      Trustee

     

    
      	
              SECTION
                6.1.

            	 	
              Corporate
                Trustee Required.

            	 	
              34

            
	
              SECTION
                6.2.

            	 	
              Certain
                Duties and Responsibilities.

            	 	
              35

            
	
              SECTION
                6.3.

            	 	
              Notice
                of Defaults.

            	 	
              36

            
	
              SECTION
                6.4.

            	 	
              Certain
                Rights of Trustee.

            	 	
              36

            

    

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                6.5.

            	 	
              May
                Hold Securities.

            	 	
              38

            
	
              SECTION
                6.6.

            	 	
              Compensation;
                Reimbursement; Indemnity.

            	 	
              38

            
	
              SECTION
                6.7.

            	 	
              Resignation
                and Removal; Appointment of Successor.

            	 	
              39

            
	
              SECTION
                6.8.

            	 	
              Acceptance
                of Appointment by Successor.

            	 	
              40

            
	
              SECTION
                6.9.

            	 	
              Merger,
                Conversion, Consolidation or Succession to Business.

            	 	
              41

            
	
              SECTION
                6.10.

            	 	
              Not
                Responsible for Recitals or Issuance of Securities.

            	 	
              41

            
	
              SECTION
                6.11.

            	 	
              Appointment
                of Authenticating Agent.

            	 	
              41

            

    

     

    ARTICLE
      VII

     

    Holders'
      Lists and Reports by Trustee and Company

     

    
      	
              SECTION
                7.1.

            	 	
              Company
                to Furnish Trustee Names and Addresses of Holders.

            	 	
              43

            
	
              SECTION
                7.2.

            	 	
              Preservation
                of Information, Communications to Holders.

            	 	
              43

            
	
              SECTION
                7.3.

            	 	
              Reports
                by Company and Trustee.

            	 	
              43

            

    

     

    ARTICLE
      VIII

     

    Consolidation,
      Merger, Conveyance, Transfer or Lease

     

    
      	
              SECTION
                8.1.

            	 	
              Company
                and Guarantor May Consolidate, Etc.,

            	 	
            
	 	 	
                   Only
                on Certain Terms.

            	 	
              
                44

              

            
	
              SECTION
                8.2.

            	 	
              Successor
                Company or Guarantor Substituted.

            	 	
              45

            

    

     

    ARTICLE
      IX

     

    Supplemental
      Indentures

     

    
      	
              SECTION
                9.1.

            	 	
              Supplemental
                Indentures without Consent of Holders.

            	 	
              46

            
	
              SECTION
                9.2.

            	 	
              Supplemental
                Indentures with Consent of Holders.

            	 	
              47

            
	
              SECTION
                9.3.

            	 	
              Execution
                of Supplemental Indentures.

            	 	
              48

            
	
              SECTION
                9.4.

            	 	
              Effect
                of Supplemental Indentures.

            	 	
              48

            
	
              SECTION
                9.5.

            	 	
              Reference
                in Securities to Supplemental Indentures.

            	 	
              48

            

    

     

    ARTICLE
      X

     

    Covenants

     

    
      	
              SECTION
                10.1.

            	 	
              Payment
                of Principal, Premium and Interest.

            	 	
              49

            
	
              SECTION
                10.2.

            	 	
              Money
                for Security Payments to be Held in Trust.

            	 	
              49

            
	
              SECTION
                10.3.

            	 	
              Statement
                as to Compliance.

            	 	
              50

            
	
              SECTION
                10.4.

            	 	
              Calculation
                Agent.

            	 	
              50

            
	
              SECTION
                10.5.

            	 	
              Additional
                Tax Sums.

            	 	
              51

            
	
              SECTION
                10.6.

            	 	
              Additional
                Covenants.

            	 	
              51

            

    

     

    
      
        
        

      

      
        -iii-

        
          

        

      

      
        
        

      

    

     

    
      	
              SECTION
                10.7.

            	 	
              Waiver
                of Covenants.

            	 	
              53

            
	
              SECTION
                10.8.

            	 	
              Treatment
                of Securities.

            	 	
              53

            

    

     

    ARTICLE
      XI

     

    Redemption
      of Securities

     

    
      	
              SECTION
                11.1.

            	 	
              Optional
                Redemption.

            	 	
              53

            
	
              SECTION
                11.2.

            	 	
              Special
                Event Redemption.

            	 	
              53

            
	
              SECTION
                11.3.

            	 	
              Election
                to Redeem; Notice to Trustee.

            	 	
              54

            
	
              SECTION
                11.4.

            	 	
              Selection
                of Securities to be Redeemed.

            	 	
              54

            
	
              SECTION
                11.5.

            	 	
              Notice
                of Redemption.

            	 	
              54

            
	
              SECTION
                11.6.

            	 	
              Deposit
                of Redemption Price.

            	 	
              55

            
	
              SECTION
                11.7.

            	 	
              Payment
                of Securities Called for Redemption.

            	 	
              55

            

    

     

    ARTICLE
      XII

     

    Subordination
      of Securities

     

    
      	
              SECTION
                12.1.

            	 	
              Securities
                Subordinate to Senior Debt of the Company.

            	 	
              56

            
	
              SECTION
                12.2.

            	 	
              No
                Payment When Senior Debt of the Company in Default; 

            	 	
            
	 	 	
                   Payment
                Over of Proceeds Upon Dissolution, Etc.

            	 	
              
                56

              

            
	
              SECTION
                12.3.

            	 	
              Payment
                Permitted If No Default.

            	 	
              58

            
	
              SECTION
                12.4.

            	 	
              Subrogation
                to Rights of Holders of Senior Debt of the Company.

            	 	
              58

            
	
              SECTION
                12.5.

            	 	
              Provisions
                Solely to Define Relative Rights.

            	 	
              58

            
	
              SECTION
                12.6.

            	 	
              Trustee
                to Effectuate Subordination.

            	 	
              59

            
	
              SECTION
                12.7.

            	 	
              No
                Waiver of Subordination Provisions.

            	 	
              59

            
	
              SECTION
                12.8.

            	 	
              Notice
                to Trustee.

            	 	
              59

            
	
              SECTION
                12.9.

            	 	
              Reliance
                on Judicial Order or Certificate of Liquidating Agent.

            	 	
              60

            
	
              SECTION
                12.10.

            	 	
              Trustee
                Not Fiduciary for Holders of Senior Debt of the Company.

            	 	
              60

            
	
              SECTION
                12.11.

            	 	
              Rights
                of Trustee as Holder of Senior Debt of the Company;

            	 	
               

            
	 	 	
                   Preservation
                of Trustee’s Rights.

            	 	
              61

            
	
              SECTION
                12.12.

            	 	
              Article
                Applicable to Paying Agents.

            	 	
              61

            

    

     

    ARTICLE
      XIII

     

    Guarantee

     

    
      	
              SECTION
                13.1.

            	 	
              The
                Guarantee.

            	 	
              61

            
	
              SECTION
                13.2.

            	 	
              Guarantee
                Unconditional, etc.

            	 	
              61

            
	
              SECTION
                13.3.

            	 	
              Reinstatement.

            	 	
              62

            
	
              SECTION
                13.4.

            	 	
              Subrogation.

            	 	
              62

            

    

     

    
      
        
        

      

      
        -iv-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XIV

     

    Subordination
      of Guarantee

     

    
      	
              SECTION
                14.1.

            	 	
              Securities
                Subordinate to Senior Debt of the Guarantor.

            	 	
              63

            
	
              SECTION
                14.2.

            	 	
              No
                Payment When Senior Debt of the Guarantor in Default;

            	 	 
	 	 	
                   Payment
                Over of Proceeds Upon Dissolution, Etc.

            	 	
              63

            
	
              SECTION
                14.3.

            	 	
              Payment
                Permitted If No Default.

            	 	
              64

            
	
              SECTION
                14.4.

            	 	
              Subrogation
                to Rights of Holders of Senior Debt of the Guarantor.

            	 	
              65

            
	
              SECTION
                14.5.

            	 	
              Provisions
                Solely to Define Relative Rights.

            	 	
              65

            
	
              SECTION
                14.6.

            	 	
              Trustee
                to Effectuate Subordination.

            	 	
              66

            
	
              SECTION
                14.7.

            	 	
              No
                Waiver of Subordination Provisions.

            	 	
              66

            
	
              SECTION
                14.8.

            	 	
              Notice
                to Trustee.

            	 	
              66

            
	
              SECTION
                14.9.

            	 	
              Reliance
                on Judicial Order or Certificate of Liquidating Agent.

            	 	
              67

            
	
              SECTION
                14.10.

            	 	
              Trustee
                Not Fiduciary for Holders of Senior Debt of the Guarantor.

            	 	
              67

            
	
              SECTION
                14.11.

            	 	
              Rights
                of Trustee as Holder of Senior Debt of the Guarantor;

            	 	
               

            
	 	 	
                   Preservation
                of Trustee’s Rights.

            	 	
              67

            
	
              SECTION
                14.12.

            	 	
              Article
                Applicable to Paying Agents.

            	 	
              68

            

    

    

    SCHEDULES

     

    
      	
              Schedule
                A

            	 	
              Determination
                of LIBOR

            
	 	 	 
	
              Exhibit
                A

            	 	
              Form
                of Junior Subordinated Note

            
	
              Exhibit
                B

            	 	
              Form
                of Officer’s Financial Certificate

            
	
              Exhibit
                C

            	 	
              Form
                of Officer’s Certificate pursuant to Section
                10.3

            

    

    

    
      
        
        

      

      
        -v-

        
          

        

      

      
        
        

      

    

     

    JUNIOR
      SUBORDINATED
      INDENTURE,
      dated
      as of June 7, 2007, between NorthStar Realty Finance Limited Partnership, a
      Delaware limited partnership (the “Company”),
      NorthStar Realty Finance Corp., a Maryland corporation (the “Guarantor”), and
      Wilmington Trust Company, a Delaware banking corporation, as Trustee (in such
      capacity, the “Trustee”).

     

    
      RECITALS
        OF
        THE
COMPANY

    

     

    

      WHEREAS,
        the
        Company has duly authorized the execution and delivery of this Indenture
        to
        provide for the issuance of its unsecured junior subordinated notes (the
        “Securities”)
        issued
        to evidence loans made to the Company of the proceeds from the issuance by
        NorthStar Realty Finance Trust VIII, a Delaware statutory trust (the
“Trust”),
        of
        undivided preferred beneficial interests in the assets of the Trust (the
        “Preferred
        Securities”)
        and
        undivided common beneficial interests in the assets of the Trust (the
“Common
        Securities”
and,
        collectively with the Preferred Securities, the “Trust
        Securities”),
        and
        to provide the terms and conditions upon which the Securities are to be
        authenticated, issued and delivered; and the Guarantor has duly authorized
        the
        issuance of its guarantee of the Securities (the “Guarantee”)
        under
        this Indenture; and

    

     

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

     

    Now,
      therefore, this Indenture Witnesseth:

     

    For
      and
      in consideration of the premises and the purchase of the Securities by the
      Holders thereof, it is mutually covenanted and agreed, for the equal and
      proportionate benefit of all Holders of the Securities, as follows:

     

    ARTICLE
      I

     

    Definitions
      and Other Provisions of General Application

     

    SECTION
      1.1. Definitions.

     

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

     

    (a) the
      terms
      defined in this Article
      I
      have the
      meanings assigned to them in this Article
      I;

     

    (b) the
      words
“include”, “includes” and “including” shall be deemed to be followed by the
      phrase “without limitation”;

     

    (c) all
      accounting terms not otherwise defined herein have the meanings assigned to
      them
      in accordance with GAAP;

     

    (d) unless
      the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this
      Indenture;

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

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

     

    (f) a
      reference to the singular includes the plural and vice versa; and

     

    (g) the
      masculine, feminine or neuter genders used herein shall include the masculine,
      feminine and neuter genders.

     

    “Act”
when
      used with respect to any Holder, has the meaning specified in Section
      1.4.

     

    “Additional
      Interest”
means
      the interest, if any, that shall accrue on any amounts payable on the
      Securities, the payment of which has not been made on the applicable Interest
      Payment Date and which shall accrue at the rate per annum specified or
      determined as specified in such Security, in each case to the extent legally
      enforceable.

     

    “Additional
      Tax Sums”
has
      the
      meaning specified in Section
      10.5.

     

    “Additional
      Taxes”
means
      taxes, duties or other governmental charges imposed on the Trust as a result
      of
      a Tax Event (which, for the sake of clarity, does not include amounts required
      to be deducted or withheld by the Trust from payments made by the Trust to
      or
      for the benefit of the Holder of, or any Person that acquires a beneficial
      interest in, the Securities).

     

    “Administrative
      Trustee”
means,
      with respect to the Trust, a Person identified as an “Administrative Trustee” in
      the Trust Agreement, solely in its capacity as Administrative Trustee of the
      Trust under the Trust Agreement and not in its individual capacity, or its
      successor in interest in such capacity, or any successor Administrative Trustee
      appointed as therein provided.

     

    “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,” when used with respect
      to any specified Person, means the power to direct the management and policies
      of such Person, directly or indirectly, whether through the ownership of voting
      securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

     

    “Applicable
      Depositary Procedures”
means,
      with respect to any transfer or transaction involving a Global Security or
      beneficial interest therein, the rules and procedures of the Depositary for
      such
      Security, in each case to the extent applicable to such transaction and as
      in
      effect from time to time.

     

    “Authenticating
      Agent”
means
      any Person authorized by the Trustee pursuant to Section
      6.11
      to act
      on behalf of the Trustee to authenticate the Securities.

     

    “Board
      of Directors”
means
      the board of directors of the Company or the Guarantor, as the context requires,
      or any duly authorized committee of that board.

     

    “Board
      Resolution”
means
      a
      copy of a resolution certified by the Secretary or an Assistant Secretary of
      the
      Company or the Guarantor, as the context requires, to have been duly adopted
      by
      the Board of Directors and to be in full force and effect on the date of such
      certification.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Business
      Day”
means
      any day other than (i) a Saturday or Sunday, (ii) a day on which banking
      institutions in the City of New York are authorized or required by law or
      executive order to remain closed or (iii) a day on which the Corporate Trust
      Office of the Trustee is closed for business.

     

    “Calculation
      Agent”
has
      the
      meaning specified in Section
      10.4.

     

    “Change
      of Control” shall
      be
      deemed to have occurred at such a time as

     

    (i) the
      date
      a “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the
      Exchange Act) becomes the ultimate “beneficial owner” (as defined in Rule 13d-3
      and 13d-5 under the Exchange Act, except that a person or group shall be deemed
      to have beneficial ownership of all shares of Voting Stock that such a person
      or
      group has the right to acquire regardless of when such right is first
      exercisable), directly or indirectly, of Voting Stock representing more than
      50%
      of the total voting power of the total Voting Stock of the Guarantor;

     

    (ii) the
      date
      the Guarantor sells, transfers or otherwise disposes of all or substantially
      all
      of its assets; or

     

    (iii) the
      date
      of the consummation of a merger or share exchange of the Guarantor with another
      entity where stockholders of the Guarantor immediately prior to the merger
      or
      share exchange would not beneficially own, immediately after the merger or
      share
      exchange, Voting Stock representing 50% or more of all votes (without
      consideration of the rights of any class of stock to elect directors by a
      separate group vote) to which all stockholders of the entity issuing cash or
      securities in the merger or share exchange would be entitled in the election
      of
      directors, or where members of the Board of Directors of the Guarantor
      immediately prior to the merger or share exchange would not immediately after
      the merger or share exchange constitute a majority of the board of directors
      of
      the entity issuing cash or securities in the merger or share exchange.

     

    “Change
      of Control Event”
      means
      the occurrence of a Change of Control immediately following which securities
      of
      the Surviving Entity are not listed on a national securities exchange registered
      pursuant to Section 6 of the Exchange Act. 

     

    “Code”
means
      the Internal Revenue Code of 1986, as amended.

     

    “Commission”
means
      the Securities and Exchange Commission. 

     

    “Common
      Securities”
has
      the
      meaning specified in the first recital of this Indenture.

     

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

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Company
      Request”
and
      “Company
      Order”
mean,
      respectively, the written request or order signed in the name of the Company
      by
      its Chairman of the Board of Directors, its Vice Chairman of the Board of
      Directors, its Chief Executive Officer, its President, its Chief Financial
      Officer, its Treasurer, its Secretary, a Vice President, an Assistant Treasurer
      or an Assistant Secretary, and delivered to the Trustee.

     

    “Corporate
      Trust Office”
means
      the principal office of the Trustee at which at any particular time its
      corporate trust business shall be administered, which office at the date of
      this
      Indenture is located at Rodney Square North, 1100 North Market Street,
      Wilmington, Delaware 19890-0001, Attention: Corporate Capital
      Markets.

     

    “Debt”
means,
      with respect to any Person, whether recourse is to all or a portion of the
      assets of such Person, whether currently existing or hereafter incurred and
      whether or not contingent and without duplication, (i) every obligation of
      such
      Person for money borrowed; (ii) every obligation of such Person evidenced by
      bonds, debentures, notes or other similar instruments, including obligations
      incurred in connection with the acquisition of property, assets or businesses;
      (iii) every reimbursement obligation of such Person with respect to letters
      of
      credit, bankers’ acceptances or similar facilities issued for the account of
      such Person; (iv) every obligation of such Person issued or assumed as the
      deferred purchase price of property or services (but excluding trade accounts
      payable or other accrued liabilities arising in the ordinary course of
      business); (v) every capital lease obligation of such Person; (vi) all
      indebtedness of such Person, whether incurred on or prior to the date of this
      Indenture or thereafter incurred, for claims in respect of derivative products,
      including interest rate, foreign exchange rate and commodity forward contracts,
      options and swaps and similar arrangements; (vii) every obligation of the type
      referred to in clauses (i) through (vi) of another Person and all dividends
      of
      another Person the payment of which, in either case, such Person has guaranteed
      or is responsible or liable for, directly or indirectly, as obligor or
      otherwise; and (viii) any renewals, extensions, refundings, amendments or
      modifications of any obligation of the type referred to in clauses (i) through
      (vii).

     

    “Defaulted
      Interest”
has
      the
      meaning specified in Section
      3.1.

     

    “Delaware
      Trustee”
means,
      with respect to the Trust, the Person identified as the “Delaware Trustee” in
      the Trust Agreement, solely in its capacity as Delaware Trustee of the Trust
      under the Trust Agreement and not in its individual capacity, or its successor
      in interest in such capacity, or any successor Delaware Trustee appointed as
      therein provided.

     

    “Depositary”
means
      an organization registered as a clearing agency under the Exchange Act that
      is
      designated as Depositary by the Company or any successor thereto. DTC will
      be
      the initial Depositary.

     

    “Depositary
      Participant”
means
      a
      broker, dealer, bank, other financial institution or other Person for whom
      from
      time to time a Depositary effects book-entry transfers and pledges of securities
      deposited with the Depositary.

     

    “Distributions”
means
      amounts payable in respect of the Trust Securities as provided in the Trust
      Agreement and referred to therein as “Distributions.”

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    “Dollar”
or
“$”
      means the currency of the United States of America that, as at the time of
      payment, is legal tender for the payment of public and private
      debts.

     

    “DTC”
means
      The Depository Trust Company, a New York corporation, or any successor
      thereto.

     

    “EDGAR”
      means
      the
      Commission’s Electronic Data Gathering, Analysis and Retrieval
      system.

     

    “Equity
      Interests”
means
      any of (a) the partnership interests (general or limited) in a partnership,
      (b)
      the membership interests in a limited liability company or (c) the shares or
      stock interests (both common stock and preferred stock) in a
      corporation.

     

    “Event
      of Default”
has
      the
      meaning specified in Section
      5.1.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934 or any statute successor thereto, in each
      case as amended from time to time.

     

    “Expiration
      Date”
has
      the
      meaning specified in Section
      1.4.

     

    “GAAP”
means
      United States generally accepted accounting principles, consistently applied,
      from time to time in effect.

     

    “Global
      Security”
means
      a
      Security that evidences all or part of the Securities, the ownership and
      transfers of which shall be made through book entries by a
      Depositary.

     

    “Government
      Obligation”
means
      (a) any security that is (i) a direct obligation of the United States of America
      of which the full faith and credit of the United States of America is pledged
      or
      (ii) an obligation of a Person controlled or supervised by and acting as an
      agency or instrumentality of the United States of America or the payment of
      which is unconditionally guaranteed as a full faith and credit obligation by
      the
      United States of America, which, in either case (i) or (ii), is not callable
      or
      redeemable at the option of the issuer thereof, and (b) any depositary receipt
      issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as
      custodian with respect to any Government Obligation that is specified in clause
      (a) above and held by such bank for the account of the holder of such depositary
      receipt, or with respect to any specific payment of principal of or interest
      on
      any Government Obligation that is so specified and held, provided,
      that
      (except as required by law) such custodian is not authorized to make any
      deduction from the amount payable to the holder of such depositary receipt
      from
      any amount received by the custodian in respect of the Government Obligation
      or
      the specific payment of principal or interest evidenced by such depositary
      receipt.

     

    “Guarantee”
has
      the
      meaning specified in the first recital of this Indenture.

     

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

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    “Holder”
means
      a
      Person in whose name a Security is registered in the Securities
      Register.

     

    “Indenture”
means
      this instrument as originally executed or as it may from time to time be amended
      or supplemented by one or more amendments or indentures supplemental hereto
      entered into pursuant to the applicable provisions hereof.

     

    “Interest
      Payment Date”
means
      January 30th,
      April
      30th,
      July
      30th
      and
      October 30th
      of each
      year, commencing on July 30, 2007, during the term of this
      Indenture.

     

    “Interest
      Period”
      means
      any period from (but excluding) an Interest Payment Date to (but including)
      the
      next succeeding Interest Payment Date. 

     

    “Investment
      Company Act”
means
      the Investment Company Act of 1940 or any successor statute thereto, in each
      case as amended from time to time.

     

    “Investment
      Company Event”
means
      the receipt by the Company of an Opinion of Counsel experienced in such matters
      to the effect that, as a result of the occurrence of a change in law or
      regulation (including any announced prospective change) or a written change
      in
      interpretation or application of law or regulation by any legislative body,
      court, governmental agency or regulatory authority, there is more than an
      insubstantial risk that the Trust is or, within ninety (90) days of the date
      of
      such opinion will be, considered an “investment company” that is required to be
      registered under the Investment Company Act, which change or prospective change
      becomes effective or would become effective, as the case may be, on or after
      the
      date of the issuance of the Securities.

     

    “LIBOR”
has
      the
      meaning specified in Schedule
      A.

     

    “LIBOR
      Business Day”
has
      the
      meaning specified in Schedule
      A.

     

    “LIBOR
      Determination Date”
has
      the
      meaning specified in Schedule
      A.

     

    “Liquidation
      Amount” has
      the
      meaning specified in the Trust Agreement.

     

    “Margin”
      means,
      for any Interest Period prior to and during which a Change of Control Event
      has
      occurred, 2.70% and for any Interest Period thereafter, 3.70%; provided
      that if
      following a Change of Control Event, securities of the Surviving Entity are
      listed on a national securities exchange registered pursuant to Section 6 of
      the
      Exchange Act, the Margin shall be 2.70% for the Interest Period in which such
      securities are listed on a national securities exchange registered pursuant
      to
      Section 6 of the Exchange Act and thereafter, and if at any time thereafter
      such
      securities are not so listed, the Margin shall once again be 3.70%.

     

    “Maturity,”
when
      used with respect to any Security, means the date on which the principal of
      such
      Security or any 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 or otherwise.

     

    “Notice
      of Default”
means
      a
      written notice of the kind specified in Section
      5.1(d).

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    “Officer’s
      Certificate”
means
      a
      certificate signed by the Chairman of the Board, a Vice Chairman of the Board,
      the Chief Executive Officer, the President, the Chief Financial Officer, the
      Treasurer, the Secretary, a Vice President, an Assistant Treasurer or an
      Assistant Secretary, of the Company or the Guarantor, as applicable, and
      delivered to the Trustee.

     

    “Opinion
      of Counsel”
means
      a
      written opinion of counsel, who may be counsel for or an employee of the Company
      or the Guarantor or any Affiliate of the Company or the Guarantor.

     

    “Original
      Issue Date”
means
      the date of original issuance of each Security.

     

    “Outstanding”
means,
      when used in reference to any Securities, as of the date of determination,
      all
      Securities theretofore authenticated and delivered under this Indenture,
      except:

     

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

     

    (ii) Securities
      for whose payment or redemption money in the necessary amount has been
      theretofore deposited with the Trustee or any Paying Agent (other than the
      Company or the Guarantor) in trust or set aside and segregated in trust by
      the
      Company (if the Company shall act as its own Paying Agent) for the Holders
      of
      such Securities; provided,
      that,
      if such Securities are to be redeemed, notice of such redemption has been duly
      given pursuant to this Indenture or provision therefor satisfactory to the
      Trustee has been made; and

     

    (iii) Securities
      that have been paid, or in substitution for or in lieu of which other Securities
      have been authenticated and delivered pursuant to the provisions of this
      Indenture, unless proof satisfactory to the Trustee is presented that any such
      Securities are held by Holders in whose hands such Securities are valid, binding
      and legal obligations of the Company;

     

    provided,
      that,
      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, Securities owned by the Company, the
      Guarantor or any other obligor upon the Securities or any Affiliate of the
      Company, the Guarantor or such other obligor shall be disregarded and deemed
      not
      to be Outstanding, except that, in determining whether the Trustee shall be
      protected in relying upon any such request, demand, authorization, direction,
      notice, consent or waiver, only Securities that a Responsible Officer of the
      Trustee actually knows to be so owned shall be so disregarded. Securities so
      owned that have been pledged in good faith may be regarded as Outstanding if
      the
      pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to
      act with respect to such Securities and that the pledgee is not the Company,
      the
      Guarantor or any other obligor upon the Securities or any Affiliate of the
      Company, the Guarantor or such other obligor. Notwithstanding anything herein
      to
      the contrary, Securities initially issued to the Trust that are owned by the
      Trust shall be deemed to be Outstanding notwithstanding the ownership by the
      Company or an Affiliate of any beneficial interest in the Trust.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    “Paying
      Agent”
means
      the Trustee or any Person authorized by the Company to pay the principal of
      or
      any premium or interest on, or other amounts in respect of, any Securities
      on
      behalf of the Company.

     

    “Person”
means
      a
      legal person, including any individual, corporation, company, estate,
      partnership, joint venture, association, joint stock company, limited liability
      company, trust, unincorporated association, government or any agency or
      political subdivision thereof, or any other entity of whatever
      nature.

     

    “Place
      of Payment”
means,
      with respect to the Securities, the Corporate Trust Office of the
      Trustee.

     

    “Preferred
      Securities”
has
      the
      meaning specified in the first recital of this Indenture.

     

    “Predecessor
      Security”
of
      any
      particular Security means every previous Security evidencing all or a portion
      of
      the same debt as that evidenced by such particular Security. For the purposes
      of
      this definition, any security authenticated and delivered under Section
      3.6
      in lieu
      of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence
      the same debt as the mutilated, destroyed, lost or stolen Security.

     

    “Proceeding”
has
      the
      meaning specified in Section
      12.2.

     

    “Property
      Trustee”
means
      the Person identified as the “Property Trustee” in the Trust Agreement, solely
      in its capacity as Property Trustee of the Trust under the Trust Agreement
      and
      not in its individual capacity, or its successor in interest in such capacity,
      or any successor Property Trustee appointed as therein provided.

     

    “Purchase
      Agreement”
means
      the Purchase Agreement, dated June 7, 2007, among the Company, the Guarantor,
      the Trust and the Purchaser.

     

    “Purchaser”
means
      Obsidian CDO Warehouse LLC, as purchaser of the Preferred Securities pursuant
      to
      the Purchase Agreement.

     

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

     

    “Redemption
      Price”
means,
      when used with respect to any Security to be redeemed, in whole or in part,
      the
      price at which such Security or portion thereof is to be redeemed as fixed
      by or
      pursuant to this Indenture.

     

    “Reference
      Banks”
has
      the
      meaning specified in Schedule
      A.

     

    “Regular
      Record Date”
for
      the
      interest payable on any Interest Payment Date with respect to the Securities
      means the date that is fifteen (15) days preceding such Interest Payment Date
      (whether or not a Business Day).

     

    “Responsible
      Officer”
means,
      with respect to the Trustee, any Senior Vice President, any Vice President,
      any
      Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer,
      any Assistant Treasurer, any Trust Officer or Assistant Trust Officer, or any
      other officer in the Corporate Trust Office of the Trustee with direct
      responsibility for the administration of this Indenture and also means, with
      respect to a particular corporate trust matter, any other officer of the Trustee
      to whom such matter is referred because of that officer’s knowledge of and
      familiarity with the particular subject.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    “Rights
      Plan”
means
      a
      plan of the Company or the Guarantor providing for the issuance by the Company
      or the Guarantor to all holders of its Equity Interests of rights entitling
      the
      holders thereof to subscribe for or purchase Equity Interests of the Company
      or
      the Guarantor, as applicable, which rights (i) are deemed to be transferred
      with
      such Equity Interests and (ii) are also issued in respect of future issuances
      of
      such Equity Interests, in each case until the occurrence of a specified event
      or
      events.

     

    “Securities”
or
      “Security”
means
      any debt securities or debt security, as the case may be, authenticated and
      delivered under this Indenture.

     

    “Securities
      Act”
means
      the Securities Act of 1933 or any successor statute thereto, in each case as
      amended from time to time.

     

    “Securities
      Register”
and
      “Securities
      Registrar”
have
      the respective meanings specified in Section
      3.5.

     

    “Senior
      Credit Facility”
means
      the Revolving Credit Agreement, dated as of November 3, 2006, between NorthStar
      Realty Finance Corp., NorthStar Realty Finance Limited Partnership, NRFC
      Sub-REIT Corp., NS Advisors, LLC, Keybanc Capital Markets and Bank of America,
      N.A., as in effect on the date hereof and as such agreement may be amended,
      extended, refinanced or replaced from time to time.

     

    “Senior
      Debt”
means
      the principal of and any premium and interest on (including interest accruing
      on
      or after the filing of any petition in bankruptcy or for reorganization relating
      to the Company, or the Guarantor, as the context requires, whether or not such
      claim for post-petition interest is allowed in such proceeding) all Debt of
      the
      Company, or the Guarantor, as the context requires, (including, without
      limitation, the Senior Credit Facility) whether incurred on or prior to the
      date
      of this Indenture or thereafter incurred, unless it is provided in the
      instrument creating or evidencing the same or pursuant to which the same is
      outstanding, that such obligations are not superior in right of payment to
      the
      Securities; provided,
      however,
      that
      Senior Debt shall not include any other debt securities, and guarantees in
      respect of such debt securities, issued to any trust other than the Trust (or
      a
      trustee of such trust), partnership or other entity affiliated with the Company
      or the Guarantor that is a financing vehicle of the Company or the Guarantor
      (a
“financing entity”), in connection with the issuance by such financing entity of
      equity securities or other securities that rank pari passu with or junior in
      right of payment to the Securities, including, without limitation, (i) the
      debt
      securities of the Company issued under the Indenture, dated April 12, 2005,
      between the Company and JPMorgan Chase Bank, National Association, as trustee,
      (ii) the debt securities of the Company issued under the Indenture, dated May
      25, 2005, between the Company and JPMorgan Chase Bank, National Association,
      as
      trustee, (iii) the debt securities of the Company issued under the Indenture,
      dated November 22, 2005, between the Company and JPMorgan Chase Bank, National
      Association, as trustee, (iv) the debt securities of the Company issued under
      the Indenture, dated March 10, 2006, between the Company and Wilmington Trust
      Company, as trustee, (v) the debt securities of the Company issued under the
      Indenture, dated August 1, 2006, between the Company and Wilmington Trust
      Company, as trustee, (vi) debt securities of the Company issued under the
      Indenture, dated October 6, 2006, between the Company and Wilmington Trust
      Company, as trustee, and (vii) the debt securities of the Company issued under
      the Indenture, dated March 30, 2007, between the Company and Wilmington Trust
      Company, as trustee.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    “Special
      Event”
means
      the occurrence of an Investment Company Event or a Tax Event.

     

    “Special
      Event Redemption Price”
has
      the
      meaning specified in Section
      11.2.

     

    “Special
      Record Date”
for
      the
      payment of any Defaulted Interest means a date fixed by the Trustee pursuant
      to
Section
      3.1.

     

    “Stated
      Maturity”
means
      July 30, 2037.

     

    “Subsidiary”
means
      a
      Person more than fifty percent (50%) of the outstanding voting stock or other
      voting interests of which is owned, directly or indirectly, by the Company
      or by
      one or more other Subsidiaries, or by the Company and one or more other
      Subsidiaries. For purposes of this definition, “voting stock” means stock that
      ordinarily has voting power for the election of directors, whether at all times
      or only so long as no senior class of stock has such voting power by reason
      of
      any contingency.

     

    “Surviving
      Entity”
      means
      the Guarantor, the entity to which the Guarantor has sold, transferred or
      otherwise disposed of all or substantially all of its assets, or the entity
      surviving a merger or share exchange transaction with the Guarantor described
      in
      clause (iii) of the definition of Change of Control. 

     

    “Tax
      Event”
means
      the receipt by the Company of an Opinion of Counsel experienced in such matters
      to the effect that, as a result of (a) any amendment to or change (including
      any
      announced prospective change) in the laws or any regulations thereunder of
      the
      United States or any political subdivision or taxing authority thereof or
      therein or (b) any judicial decision or any official administrative
      pronouncement (including any private letter ruling, technical advice memorandum
      or field service advice) or regulatory procedure, including any notice or
      announcement of intent to adopt any such pronouncement or procedure (an
“Administrative Action”), regardless of whether such judicial decision or
      Administrative Action is issued to or in connection with a proceeding involving
      the Company or the Trust and whether or not subject to review or appeal, which
      amendment, change, judicial decision or Administrative Action is enacted,
      promulgated or announced, in each case, on or after the date of issuance of
      the
      Securities, there is more than an insubstantial risk that (i) the Trust is,
      or
      will be within ninety (90) days of the date of such opinion, subject to United
      States federal income tax with respect to income received or accrued on the
      Securities, (ii) interest payable by the Company on the Securities is not,
      or
      within ninety (90) days of the date of such opinion, will not be, deductible
      by
      the Company, in whole or in part, for United States federal income tax purposes,
      or (iii) the Trust is, or will be within ninety (90) days of the date of such
      opinion, subject to more than a de
      minimis
      amount
      of other taxes, duties or other governmental charges.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    “Trust”
has
      the
      meaning specified in the first recital of this Indenture.

     

    “Trust
      Agreement”
means
      the Amended and Restated Trust Agreement executed and delivered by the Company,
      the Guarantor, the Property Trustee, the Delaware Trustee and the Administrative
      Trustees named therein, contemporaneously with the execution and delivery of
      this Indenture, for the benefit of the holders of the Trust Securities, as
      amended or supplemented from time to time.

     

    “Trustee”
means
      the Person named as the “Trustee”
in
      the
      first paragraph of this instrument, solely in its capacity as such and not
      in
      its individual capacity, 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.

     

    “Trust
      Indenture Act”
means
      the Trust Indenture Act of 1939, as amended and as in effect on the date as
      of
      this Indenture.

     

    “Trust
      Securities”
has
      the
      meaning specified in the first recital of this Indenture.

     

    “Voting
      Stock”
      means
      the stock of any class or kind of the Guarantor having the power to vote
      generally in the election of directors. 

     

    SECTION
      1.2. Compliance
      Certificate and Opinions.

     

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

     

    (b) Every
      certificate delivered to the Trustee with respect to compliance with a condition
      or covenant provided for in this Indenture (other than the certificate provided
      pursuant to Section
      10.3)
      shall
      include:

     

    (i) a
      statement by each individual signing such certificate or opinion that such
      individual has read such covenant or condition and the definitions herein
      relating thereto;

     

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

     

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

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (iv) a
      statement as to whether, in the opinion of such individual, such condition
      or
      covenant has been complied with.

     

    SECTION
      1.3. Forms
      of
      Documents Delivered to Trustee.

     

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

     

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

     

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

     

    (d) Whenever,
      subsequent to the receipt by the Trustee of any Board Resolution, Officer’s
      Certificate, Opinion of Counsel or other document or instrument, a clerical,
      typographical or other inadvertent or unintentional error or omission shall
      be
      discovered therein, a new document or instrument may be substituted therefor
      in
      corrected form with the same force and effect as if originally received in
      the
      corrected form and, irrespective of the date or dates of the actual execution
      and/or delivery thereof, such substitute document or instrument shall be deemed
      to have been executed and/or delivered as of the date or dates required with
      respect to the document or instrument for which it is substituted. Without
      limiting the generality of the foregoing, any Securities issued under the
      authority of such defective document or instrument shall nevertheless be the
      valid obligations of the Company entitled to the benefits of this Indenture
      equally and ratably with all other Outstanding Securities.

     

    SECTION
      1.4. Acts
      of
      Holders.

     

    (a) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given to or taken by Holders may be
      embodied in and evidenced by one or more instruments of substantially similar
      tenor signed by such Holders in person or by an agent thereof duly appointed
      in
      writing; and, except as herein otherwise expressly provided, such action shall
      become effective when such instrument or instruments (including any appointment
      of an agent) is or are delivered to the Trustee, and, where it is hereby
      expressly required, to the Company or the Guarantor. Such instrument or
      instruments (and the action embodied therein and evidenced thereby) are herein
      sometimes referred to as the “Act”
of
      the
      Holders signing such instrument or instruments. Proof of execution of any such
      instrument or of a writing appointing any such agent shall be sufficient for
      any
      purpose of this Indenture and conclusive in favor of the Trustee and the Company
      or the Guarantor, if made in the manner provided in this Section
      1.4.

     

    
      
        
        

      

      
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    (b) The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by the certificate
      of
      any notary public or other officer authorized by law to take acknowledgments
      of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him or her the execution thereof. Where such execution is by
      a
      Person acting in other than his or her individual capacity, such certificate
      or
      affidavit shall also constitute sufficient proof of his or her authority. The
      fact and date of the execution by any Person of any such instrument or writing,
      or the authority of the Person executing the same, may also be proved in any
      other manner that the Trustee deems sufficient and in accordance with such
      reasonable rules as the Trustee may determine.

     

    (c) The
      ownership of Securities shall be proved by the Securities Register.

     

    (d) Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action by the Holder of any Security shall bind every future Holder of the
      same
      Security and the Holder of every Security issued upon the registration of
      transfer thereof or in exchange therefor or in lieu thereof in respect of
      anything done or suffered to be done by the Trustee, the Company or the
      Guarantor in reliance thereon, whether or not notation of such action is made
      upon such Security.

     

    (e) Without
      limiting the foregoing, a Holder entitled to take any action hereunder with
      regard to any particular Security may do so with regard to all or any part
      of
      the principal amount of such Security or by one or more duly appointed agents
      each of which may do so pursuant to such appointment with regard to all or
      any
      part of such principal amount.

     

    (f) Except
      as
      set forth in paragraph (g) of this Section
      1.4,
      the
      Company may set any day as a record date for the purpose of determining the
      Holders of Outstanding Securities entitled to give, make or take any request,
      demand, authorization, direction, notice, consent, waiver or other action
      provided or permitted by this Indenture to be given, made or taken by Holders
      of
      Securities. If any record date is set pursuant to this paragraph, the Holders
      of
      Outstanding Securities on such record date, and no other Holders, shall be
      entitled to take the relevant action, whether or not such Holders remain Holders
      after such record date; provided,
      that no
      such action shall be effective hereunder unless taken on or prior to the
      applicable Expiration Date (as defined below) by Holders of the requisite
      principal amount of Outstanding Securities on such record date. Nothing in
      this
      paragraph shall be construed to prevent the Company from setting a new record
      date for any action for which a record date has previously been set pursuant
      to
      this paragraph (whereupon the record date previously set shall automatically
      and
      with no action by any Person be canceled and of no effect). Promptly after
      any
      record date is set pursuant to this paragraph, the Company, at its own expense,
      shall cause notice of such record date, the proposed action by Holders and
      the
      applicable Expiration Date to be given to the Trustee in writing and to each
      Holder of Securities in the manner set forth in Section
      1.6.

     

    
      
        
        

      

      
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    (g) The
      Trustee may set any day as a record date for the purpose of determining the
      Holders of Outstanding Securities entitled to join in the giving or making
      of
      (i) any Notice of Default, (ii) any declaration of acceleration or rescission
      or
      annulment thereof referred to in Section
      5.2,
      (iii)
      any request to institute proceedings referred to in Section
      5.7(b)
      or (iv)
      any direction referred to in Section
      5.12.
      If any
      record date is set pursuant to this paragraph, the Holders of Outstanding
      Securities on such record date, and no other Holders, shall be entitled to
      join
      in such notice, declaration, request or direction, whether or not such Holders
      remain Holders after such record date; provided,
      that no
      such action shall be effective hereunder unless taken on or prior to the
      applicable Expiration Date by Holders of the requisite principal amount of
      Outstanding Securities on such record date. Nothing in this paragraph shall
      be
      construed to prevent the Trustee from setting a new record date for any action
      for which a record date has previously been set pursuant to this paragraph
      (whereupon the record date previously set shall automatically and with no action
      by any Person be canceled and of no effect). Promptly after any record date
      is
      set pursuant to this paragraph, the Trustee, at the Company’s expense, shall
      cause notice of such record date, the proposed action by Holders and the
      applicable Expiration Date to be given to the Company in writing and to each
      Holder of Securities in the manner set forth in Section
      1.6.

     

    (h) With
      respect to any record date set pursuant to paragraph (f) or (g) of this
Section
      1.4,
      the
      party hereto that sets such record date may designate any day as the
“Expiration
      Date”
and
      from time to time may change the Expiration Date to any earlier or later day;
      provided,
      that no
      such change shall be effective unless notice of the proposed new Expiration
      Date
      is given to the other party hereto in writing, and to each Holder of Securities
      in the manner set forth in Section
      1.6,
      on or
      prior to the existing Expiration Date. If an Expiration Date is not designated
      with respect to any record date set pursuant to this Section
      1.4,
      the
      party hereto that set such record date shall be deemed to have initially
      designated the ninetieth (90th)
      day
      after such record date as the Expiration Date with respect thereto, subject
      to
      its right to change the Expiration Date as provided in this paragraph.
      Notwithstanding the foregoing, no Expiration Date shall be later than the one
      hundred and eightieth (180th)
      day
      after the applicable record date.

     

    SECTION
      1.5. Notices,
      Etc.

     

    Any
      request, demand, authorization, direction, notice, consent, waiver, Act of
      Holders, or other document provided or permitted by this Indenture to be made
      upon, given or furnished to, or filed with:

     

    (a) the
      Trustee by any Holder, any holder of Preferred Securities, the Company or the
      Guarantor shall be sufficient for every purpose hereunder if made, given,
      furnished or filed in writing to or with the Trustee at its Corporate Trust
      Office,

     

    (b) the
      Company or the Guarantor by the Trustee, any Holder or any holder of Preferred
      Securities shall be sufficient for every purpose hereunder if in writing and
      mailed, first class, postage prepaid, to the Company addressed to it at c/o
      NorthStar Realty Finance Corp., 399 Park Avenue, 18th
      Floor,
      New York, New York 10022, Attn: Chief Financial Officer, or at any other address
      previously furnished in writing to the Trustee by the Company, or to the
      Guarantor addressed to it at 399 Park Avenue, 18th
      Floor,
      New York, New York 10022, Attn: Chief Financial Officer, or at any other address
      previously furnished in writing to the Trustee by the Guarantor, or

     

    
      
        
        

      

      
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    (c) the
      Purchaser by the Trustee, the Company, the Guarantor, any Holder or any holder
      or beneficial owner of the Preferred Securities, shall be sufficient for every
      purpose hereunder if in writing and mailed first-class postage prepaid to the
      Purchaser at Obsidian CDO Warehouse LLC, Puglisi & Associates, 850 Library
      Avenue, Suite 204, Newark, Delaware 19711, Attention: Donald Puglisi, or any
      other address previously furnished
      by
the
      Purchaser.

     

    SECTION
      1.6. Notice
      to
      Holders; Waiver.

     

    Where
      this Indenture provides for notice to Holders of any event, such notice shall
      be
      sufficiently given (unless otherwise herein expressly provided) if in writing
      and mailed, first class, postage prepaid, to each Holder affected by such event
      to the address of such Holder as it appears in the Securities Register, not
      later than the latest date, and not earlier than the earliest date, prescribed
      for the giving of such notice. If, by reason of the suspension of or
      irregularities in regular mail service or for any other reason, it shall be
      impossible or impracticable to mail notice of any event to Holders when said
      notice is required to be given pursuant to any provision of this Indenture,
      then
      any manner of giving such notice as shall be satisfactory to the Trustee shall
      be deemed to be a sufficient giving of such notice. In any case where notice
      to
      Holders is given by mail, neither the failure to mail such notice, nor any
      defect in any notice so mailed, to any particular Holder shall affect the
      sufficiency of such notice with respect to other Holders. Where this Indenture
      provides for notice in any manner, such notice may be waived in writing by
      the
      Person entitled to receive such notice, either before or after the event, and
      such waiver shall be the equivalent of such notice. Waivers of notice by Holders
      shall be filed with the Trustee, but such filing shall not be a condition
      precedent to the validity of any action taken in reliance upon such
      waiver.

     

    SECTION
      1.7. Effect
      of
      Headings and Table of Contents.

     

    The
      Article and Section headings herein and the Table of Contents are for
      convenience only and shall not affect the construction of this
      Indenture.

     

    SECTION
      1.8. Successors
      and Assigns.

     

    This
      Indenture shall be binding upon and shall inure to the benefit of any successor
      to the Company, the Guarantor and the Trustee, including any successor by
      operation of law. Except in connection with a transaction involving the Company
      that is permitted under Article
      VIII
      and
      pursuant to which the assignee agrees in writing to perform the Company’s
      obligations hereunder, the Company shall not assign its obligations
      hereunder.

     

    SECTION
      1.9. Separability
      Clause.

     

    If
      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, and there
      shall
      be deemed substituted for the provision at issue a valid, legal and enforceable
      provision as similar as possible to the provision at issue.

     

    
      
        
        

      

      
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    SECTION
      1.10. Benefits
      of Indenture.

     

    Nothing
      in this Indenture or in the Securities, express or implied, shall give to any
      Person, other than the parties hereto and their successors and assigns, the
      holders of Senior Debt, the Holders of the Securities and, to the extent
      expressly provided in Sections
      5.2,
      5.8,
      5.9,
      5.11,
      5.13,
      9.2
      and
10.7,
      the
      holders of Preferred Securities, any benefit or any legal or equitable right,
      remedy or claim under this Indenture.

     

    SECTION
      1.11. Governing
      Law.

     

    This
      Indenture and the rights and obligations of each of the Holders, the Company,
      the Guarantor and the Trustee shall be construed and enforced in accordance
      with
      and governed by the laws of the State of New York without reference to its
      conflict of laws provisions (other than Section 5-1401 of the General
      Obligations Law).

     

    SECTION
      1.12. Submission
      to Jurisdiction.

     

    ANY
      LEGAL
      ACTION OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT TO OR
      ARISING OUT OF THIS INDENTURE MAY BE BROUGHT IN OR REMOVED TO THE COURTS OF
      THE
      STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES
      OF
      AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK (IN EACH CASE SITTING IN THE
      BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF THIS INDENTURE, EACH PARTY
      ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
      UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS (AND COURTS OF APPEALS
      THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS
      INDENTURE.

     

    SECTION
      1.13. Non-Business
      Days.

     

    If
      any
      Interest Payment Date, Redemption Date or Stated Maturity of any Security shall
      not be a Business Day, then (notwithstanding any other provision of this
      Indenture or the Securities) payment of interest, premium, if any, or principal
      or other amounts in respect of such Security shall not be made on such date,
      but
      shall be made on the next succeeding Business Day (and no interest shall accrue
      in respect of the amounts whose payment is so delayed for the period from and
      after such Interest Payment Date, Redemption Date or Stated Maturity, as the
      case may be, until such next succeeding Business Day) except that, if such
      Business Day falls in the next succeeding calendar year, such payment shall
      be
      made on the immediately preceding Business Day, in each case with the same
      force
      and effect as if made on the Interest Payment Date or Redemption Date or at
      the
      Stated Maturity.

     

    
      
        
        

      

      
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    ARTICLE
      II

     

    Security
      Forms

     

    SECTION
      2.1. Form
      of
      Security.

     

    Any
      Security issued hereunder shall be in substantially the form attached hereto
      as
Exhibit
      A.
      

     

    SECTION
      2.2. Restricted
      Legend.

     

    (a) Any
      Security issued hereunder shall bear a legend in substantially the form
      contained in Exhibit
      A
      attached
      hereto.

     

    (b) Such
      legend shall not be removed from any Security unless there is delivered to
      the
      Company satisfactory evidence, which may include an Opinion of Counsel, as
      may
      be reasonably required to ensure that any future transfers thereof may be made
      without restriction under or violation of the provisions of the Securities
      Act
      and other applicable law. Upon provision of such satisfactory evidence, the
      Company shall execute and deliver to the Trustee, and the Trustee shall deliver,
      at the written direction of the Company, a Security that does not bear the
      legend.

     

    SECTION
      2.3. Form
      of
      Trustee’s Certificate of Authentication.

     

    The
      Trustee’s certificates of authentication shall be in substantially the form
      contained in Exhibit
      A
      attached
      hereto.

     

    SECTION
      2.4. Temporary
      Securities.

     

    (a) Pending
      the preparation of definitive Securities, the Company may execute, and upon
      Company Order the Trustee shall authenticate and deliver, temporary Securities
      that are printed, lithographed, typewritten, mimeographed or otherwise produced,
      in any denomination, substantially of the tenor of the definitive Securities
      in
      lieu of which they are issued and with such appropriate insertions, omissions,
      substitutions and other variations as the officers executing such Securities
      may
      determine, as evidenced by their execution of such Securities.

     

    (b) If
      temporary Securities are issued, the Company will cause definitive Securities
      to
      be prepared without unreasonable delay. After the preparation of definitive
      Securities, the temporary Securities shall be exchangeable for definitive
      Securities upon surrender of the temporary Securities at the office or agency
      of
      the Company designated for that purpose without charge to the Holder. Upon
      surrender for cancellation of any one or more temporary Securities, the Company
      shall execute and the Trustee shall authenticate and deliver in exchange
      therefor one or more definitive Securities of any authorized denominations
      having the same Original Issue Date and Stated Maturity and having the same
      terms as such temporary Securities. Until so exchanged, the temporary Securities
      shall in all respects be entitled to the same benefits under this Indenture
      as
      definitive Securities.

     

    
      
        
        

      

      
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    SECTION
      2.5. Definitive
      Securities.

     

    The
      Securities issued on the Original Issue Date shall be in definitive form. The
      definitive Securities shall be printed, lithographed or engraved, or produced
      by
      any combination of these methods, if required by any securities exchange on
      which the Securities may be listed, on a steel engraved border or steel engraved
      borders or may be produced in any other manner permitted by the rules of any
      securities exchange on which the Securities may be listed, all as determined
      by
      the officers executing such Securities, as evidenced by their execution of
      such
      Securities.

     

    ARTICLE
      III

     

    The
      Securities

     

    SECTION
      3.1. Payment
      of Principal and Interest.

     

    (a) The
      unpaid principal amount of the Securities shall bear interest at a variable
      rate
      per annum, reset quarterly, equal to LIBOR plus the Margin until paid or duly
      provided for, such interest to accrue from the Original Issue Date or from
      the
      most recent Interest Payment Date to which interest has been paid or duly
      provided for, and any overdue principal, premium, if any, or Additional Tax
      Sums
      and any overdue installment of interest shall bear Additional Interest (to
      the
      extent payment of such interest would be legally enforceable) at a variable
      rate
      per annum, reset quarterly, equal to LIBOR plus the Margin, from the dates
      such
      amounts are due until they are paid or funds for the payment thereof are made
      available for payment.

     

    (b) Interest
      and Additional Interest on any Security that is payable, and is punctually
      paid
      or duly provided for, on any Interest Payment Date shall be paid to the Person
      in whose name that Security (or one or more Predecessor Securities) is
      registered at the close of business on the Regular Record Date for such
      interest, except that interest and any Additional Interest payable on the Stated
      Maturity (or any date of principal repayment upon early maturity) of the
      principal of a Security or on a Redemption Date shall be paid to the Person
      to
      whom principal is paid. The initial payment of interest on any Security that
      is
      issued between a Regular Record Date and the related Interest Payment Date
      shall
      be payable as provided in such Security.

     

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

     

    (i) The
      Company may elect to make payment of any Defaulted Interest to the Persons
      in
      whose names the Securities (or their respective Predecessor Securities) are
      registered at the close of business on a special record date for the payment
      of
      such Defaulted Interest (a “Special
      Record Date”),
      which
      shall be fixed in the following manner. At least thirty (30) days prior to
      the
      date of the proposed payment, the Company shall notify the Trustee in writing
      of
      the amount of Defaulted Interest proposed to be paid on each Security and the
      date of the proposed payment, and at the same time the Company shall deposit
      with the Trustee an amount of money equal to the aggregate amount proposed
      to be
      paid in respect of such Defaulted Interest or shall make arrangements
      satisfactory to the Trustee for such deposit prior to the date of the proposed
      payment, such money when deposited to be held in trust for the benefit of the
      Persons entitled to such Defaulted Interest. Thereupon the Trustee shall fix
      a
      Special Record Date for the payment of such Defaulted Interest, which shall
      be
      not more than fifteen (15) days and not less than ten (10) days prior to the
      date of the proposed payment and not less than ten (10) days after the receipt
      by the Trustee of the notice of the proposed payment. The Trustee shall promptly
      notify the Company of such Special Record Date and, in the name and at the
      expense of the Company, shall cause notice of the proposed payment of such
      Defaulted Interest and the Special Record Date therefor to be mailed, first
      class, postage prepaid, to each Holder of a Security at the address of such
      Holder as it appears in the Securities Register not less than ten (10) days
      prior to such Special Record Date. Notice of the proposed payment of such
      Defaulted Interest and the Special Record Date therefor having been so mailed,
      such Defaulted Interest shall be paid to the Persons in whose names the
      Securities (or their respective Predecessor Securities) are registered on such
      Special Record Date; or

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

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

     

    (d) Payments
      of interest on the Securities shall include interest accrued to but excluding
      the respective Interest Payment Dates. The amount of interest payable for any
      interest period shall be computed and paid on the basis of a 360-day year and
      the actual number of days elapsed in the relevant interest period.

     

    (e) Payment
      of principal of, premium, if any, and interest on the Securities shall be made
      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. Payments of
      principal, premium, if any, and interest due at the Maturity of such Securities
      shall be made at the Place of Payment upon surrender of such Securities to
      the
      Paying Agent and payments of interest shall be made subject to such surrender
      where applicable, by wire transfer at such place and to such account at a
      banking institution in the United States as may be designated in writing to
      the
      Paying Agent at least ten (10) Business Days prior to the date for payment
      by
      the Person entitled thereto unless proper written transfer instructions have
      not
      been received by the relevant record date, in which case such payments shall
      be
      made by check mailed to the address of such Person as such address shall appear
      in the Security Register. Notwithstanding the foregoing, so long as the holder
      of the Security is the Property Trustee, the payment of the principal of (and
      premium if any) and interest (including any overdue installment of interest
      and
      Additional Tax Sums, if any) on the Security will be made at such place and
      to
      such account as may be designated by the Property Trustee.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    (f) Subject
      to the foregoing provisions of this Section
      3.1,
      each
      Security delivered under this Indenture upon transfer of or in exchange for
      or
      in lieu of any other Security shall carry the rights to interest accrued and
      unpaid, and to accrue, that were carried by such other Security.

     

    SECTION
      3.2. Denominations.

     

    The
      Securities shall be in registered form without coupons and shall be issuable
      in
      minimum denominations of $100,000 and any integral multiple of $1,000 in excess
      thereof.

     

    SECTION
      3.3. Execution,
      Authentication, Delivery and Dating.

     

    (a) At
      any
      time and from time to time after the execution and delivery of this Indenture,
      the Company may deliver Securities in an aggregate principal amount (including
      all then Outstanding Securities) not in excess of $35,100,000 executed by the
      Company to the Trustee for authentication, together with a Company Order for
      the
      authentication and delivery of such Securities, and the Trustee in accordance
      with the Company Order shall authenticate and deliver such Securities. In
      authenticating such Securities, and accepting the additional responsibilities
      under this Indenture in relation to such Securities, the Trustee shall be
      entitled to receive, and shall be fully protected in relying upon:

     

    (i) a
      copy of
      any Board Resolution relating thereto; and

     

    (ii) an
      Opinion of Counsel stating that (1) such Securities, when authenticated and
      delivered by the Trustee and issued by the Company in the manner and subject
      to
      any conditions specified in such Opinion of Counsel, will constitute valid
      and
      legally binding obligations of the Company, subject to bankruptcy, insolvency,
      fraudulent transfer, reorganization, moratorium and similar laws of general
      applicability relating to or affecting creditors’ rights and to general equity
      principles; (2) the Securities have been duly authorized and executed by the
      Company and have been delivered to the Trustee for authentication in accordance
      with this Indenture; and (3) the Securities are not required to be registered
      under the Securities Act.

     

    (b) The
      Securities shall be executed on behalf of the Company by its Chairman of the
      Board, its Vice Chairman of the Board, its Chief Executive Officer, its
      President or one of its Vice Presidents. The signature of any of these officers
      on the Securities may be manual or facsimile. Securities bearing the manual
      or
      facsimile signatures of individuals who were at any time the proper officers
      of
      the Company shall bind the Company, notwithstanding that such individuals or
      any
      of them have ceased to hold such offices prior to the authentication and
      delivery of such Securities or did not hold such offices at the date of such
      Securities.

     

    (c) No
      Security shall be entitled to any benefit under this Indenture or be valid
      or
      obligatory for any purpose, unless there appears on such Security a certificate
      of authentication substantially in the form provided for herein executed by
      the
      Trustee by the manual signature of one of its authorized officers, and such
      certificate upon any Security shall be conclusive evidence, and the only
      evidence, that such Security has been duly authenticated and delivered
      hereunder. Notwithstanding the foregoing, if any Security shall have been
      authenticated and delivered hereunder but never issued and sold by the Company,
      and the Company shall deliver such Security to the Trustee for cancellation
      as
      provided in Section
      3.8,
      for all
      purposes of this Indenture such Security shall be deemed never to have been
      authenticated and delivered hereunder and shall never be entitled to the
      benefits of this Indenture.

     

    
      
        
        

      

      
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    (d) Each
      Security shall be dated the date of its authentication.

     

    SECTION
      3.4. Global
      Securities.

     

    (a) Upon
      the
      election of the Holder after the Original Issue Date, which election need not
      be
      in writing, the Securities owned by such Holder shall be issued in the form
      of
      one or more Global Securities registered in the name of the Depositary or its
      nominee. Each Global Security issued under this Indenture shall be registered
      in
      the name of the Depositary designated by the Company for such Global Security
      or
      a nominee thereof and delivered to such Depositary or a nominee thereof or
      custodian therefor, and each such Global Security shall constitute a single
      Security for all purposes of this Indenture.

     

    (b) Notwithstanding
      any other provision in this Indenture, no Global Security may be exchanged
      in
      whole or in part for registered Securities, and no transfer of a Global Security
      in whole or in part may be registered, in the name of any Person other than
      the
      Depositary for such Global Security or a nominee thereof unless (i) such
      Depositary advises the Trustee and the Company in writing that such Depositary
      is no longer willing or able to properly discharge its responsibilities as
      Depositary with respect to such Global Security, and no qualified successor
      is
      appointed by the Company within ninety (90) days of receipt by the Company
      of
      such notice, (ii) such Depositary ceases to be a clearing agency registered
      under the Exchange Act and no successor is appointed by the Company within
      ninety (90) days after obtaining knowledge of such event, (iii) the Company
      executes and delivers to the Trustee a Company Order stating that the Company
      elects to terminate the book-entry system through the Depositary or (iv) an
      Event of Default shall have occurred and be continuing. Upon the occurrence
      of
      any event specified in clause (i), (ii), (iii) or (iv) above, the Trustee shall
      notify the Depositary and instruct the Depositary to notify all owners of
      beneficial interests in such Global Security of the occurrence of such event
      and
      of the availability of Securities to such owners of beneficial interests
      requesting the same. Upon the issuance of such Securities and the registration
      in the Securities Register of such Securities in the names of the Holders of
      the
      beneficial interests therein, the Trustees shall recognize such holders of
      beneficial interests as Holders.

     

    (c) If
      any
      Global Security is to be exchanged for other Securities or canceled in part,
      or
      if another Security is to be exchanged in whole or in part for a beneficial
      interest in any Global Security, then either (i) such Global Security shall
      be
      so surrendered for exchange or cancellation as provided in this Article
      III
      or (ii)
      the principal amount thereof shall be reduced or increased by an amount equal
      to
      the portion thereof to be so exchanged or canceled, or equal to the principal
      amount of such other Security to be so exchanged for a beneficial interest
      therein, as the case may be, by means of an appropriate adjustment made on
      the
      records of the Securities Registrar, whereupon the Trustee, in accordance with
      the Applicable Depositary Procedures, shall instruct the Depositary or its
      authorized representative to make a corresponding adjustment to its records.
      Upon any such surrender or adjustment of a Global Security by the Depositary,
      accompanied by registration instructions, the Company shall execute and the
      Trustee shall authenticate and deliver any Securities issuable in exchange
      for
      such Global Security (or any portion thereof) in accordance with the
      instructions of the Depositary. The Trustee shall not be liable for any delay
      in
      delivery of such instructions and may conclusively rely on, and shall be fully
      protected in relying on, such instructions.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    (d) Every
      Security authenticated and delivered upon registration of transfer of, or in
      exchange for or in lieu of, a Global Security or any portion thereof shall
      be
      authenticated and delivered in the form of, and shall be, a Global Security,
      unless such Security is registered in the name of a Person other than the
      Depositary for such Global Security or a nominee thereof.

     

    (e) Securities
      distributed to holders of Book-Entry Preferred Securities (as defined in the
      Trust Agreement) upon the dissolution of the Trust shall be distributed in
      the
      form of one or more Global Securities registered in the name of a Depositary
      or
      its nominee, and deposited with the Securities Registrar, as custodian for
      such
      Depositary, or with such Depositary, for credit by the Depositary to the
      respective accounts of the beneficial owners of the Securities represented
      thereby (or such other accounts as they may direct). Securities distributed
      to
      holders of Preferred Securities other than Book-Entry Preferred Securities
      upon
      the dissolution of the Trust shall not be issued in the form of a Global
      Security or any other form intended to facilitate book-entry trading in
      beneficial interests in such Securities.

     

    (f) The
      Depositary or its nominee, as the registered owner of a Global Security, shall
      be the Holder of such Global Security for all purposes under this Indenture
      and
      the Securities, and owners of beneficial interests in a Global Security shall
      hold such interests pursuant to the Applicable Depositary Procedures.
      Accordingly, any such owner’s beneficial interest in a Global Security shall be
      shown only on, and the transfer of such interest shall be effected only through,
      records maintained by the Depositary or its nominee or its Depositary
      Participants. The Securities Registrar and the Trustee shall be entitled to
      deal
      with the Depositary for all purposes of this Indenture relating to a Global
      Security (including the payment of principal and interest thereon and the giving
      of instructions or directions by owners of beneficial interests therein and
      the
      giving of notices) as the sole Holder of the Security and shall have no
      obligations to the owners of beneficial interests therein. Neither the Trustee
      nor the Securities Registrar shall have any liability in respect of any
      transfers effected by the Depositary.

     

    (g) The
      rights of owners of beneficial interests in a Global Security shall be exercised
      only through the Depositary and shall be limited to those established by law
      and
      agreements between such owners and the Depositary and/or its Depositary
      Participants.

     

    (h) No
      holder
      of any beneficial interest in any Global Security held on its behalf by a
      Depositary shall have any rights under this Indenture with respect to such
      Global Security, and such Depositary may be treated by the Company, the
      Guarantor, the Trustee and any agent of the Company, the Guarantor or the
      Trustee as the owner of such Global Security for all purposes whatsoever. None
      of the Company, the Guarantor, the Trustee nor any agent of the Company, the
      Guarantor or the Trustee will have any responsibility or liability for any
      aspect of the records relating to or payments made on account of beneficial
      ownership interests of a Global Security or maintaining, supervising or
      reviewing any records relating to such beneficial ownership interests.
      Notwithstanding the foregoing, nothing herein shall prevent the Company, the
      Guarantor, the Trustee or any agent of the Company, the Guarantor or the Trustee
      from giving effect to any written certification, proxy or other authorization
      furnished by a Depositary or impair, as between a Depositary and such holders
      of
      beneficial interests, the operation of customary practices governing the
      exercise of the rights of the Depositary (or its nominee) as Holder of any
      Security.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.5. Registration,
      Transfer and Exchange Generally.

     

    (a) The
      Trustee shall cause to be kept at the Corporate Trust Office a register (the
      “Securities
      Register”)
      in
      which the registrar and transfer agent with respect to the Securities (the
      “Securities
      Registrar”),
      subject to such reasonable regulations as it may prescribe, shall provide for
      the registration of Securities and of transfers and exchanges of Securities.
      The
      Trustee shall at all times also be the Securities Registrar. The provisions
      of
Article
      VI
      shall
      apply to the Trustee in its role as Securities Registrar.

     

    (b) Subject
      to compliance with Section 2.2(b), upon surrender for registration of transfer
      of any Security at the offices or agencies of the Company designated for that
      purpose the Company shall execute, and the Trustee shall authenticate and
      deliver, in the name of the designated transferee or transferees, one or more
      new Securities of any authorized denominations of like tenor and aggregate
      principal amount.

     

    (c) At
      the
      option of the Holder, Securities may be exchanged for other Securities of any
      authorized denominations, of like tenor and aggregate principal amount, upon
      surrender of the Securities to be exchanged at such office or agency. Whenever
      any Securities are so surrendered for exchange, the Company shall execute,
      and
      upon receipt thereof the Trustee shall authenticate and deliver, the Securities
      that the Holder making the exchange is entitled to receive.

     

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

     

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

     

    (f) No
      service charge shall be made to a Holder for any transfer or exchange of
      Securities, but the Company may require payment of a sum sufficient to cover
      any
      tax or other governmental charge that may be imposed in connection with any
      transfer or exchange of Securities.

     

    (g) Neither
      the Company nor the Trustee shall be required pursuant to the provisions of
      this
Section
      3.5
      (i) to
      issue, register the transfer of or exchange any Security during a period
      beginning at the opening of business fifteen (15) days before the day of
      selection for redemption of Securities pursuant to Article
      XI
      and
      ending at the close of business on the day of mailing of the notice of
      redemption or (ii) to register the transfer of or exchange any Security so
      selected for redemption in whole or in part, except, in the case of any such
      Security to be redeemed in part, any portion thereof not to be
      redeemed.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    (h) The
      Company shall designate an office or offices or agency or agencies where
      Securities may be surrendered for registration or transfer or exchange. The
      Company initially designates the Corporate Trust Office as its office and agency
      for such purposes. The Company shall give prompt written notice to the Trustee
      and to the Holders of any change in the location of any such office or
      agency.

     

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

     

    (a) If
      any
      mutilated Security is surrendered to the Trustee together with such security
      or
      indemnity as may be required by the Company or the Trustee to save each of
      them
      harmless, the Company shall execute and upon receipt thereof the Trustee shall
      authenticate and deliver in exchange therefor a new Security of like tenor
      and
      aggregate principal amount and bearing a number not contemporaneously
      outstanding.

     

    (b) If
      there
      shall be delivered to the Company and to the Trustee (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 harmless,
      then, in the absence of notice to the Company or the Trustee that such Security
      has been acquired by a bona
      fide
      purchaser, the Company shall execute and upon its written request the Trustee
      shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
      Security, a new Security of like tenor and aggregate principal amount as such
      destroyed, lost or stolen Security, and bearing a number not contemporaneously
      outstanding.

     

    (c) If
      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.

     

    (d) Upon
      the
      issuance of any new Security under this Section
      3.6,
      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.

     

    (e) Every
      new
      Security issued pursuant to this Section
      3.6
      in lieu
      of any mutilated, destroyed, lost or stolen Security shall constitute an
      original additional contractual obligation of the Company, whether or not the
      mutilated, 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 duly issued
      hereunder.

     

    (f) The
      provisions of this Section
      3.6
      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.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.7. Persons
      Deemed Owners.

     

    The
      Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor
      or the Trustee shall treat the Person in whose name any Security is registered
      as the owner of such Security for the purpose of receiving payment of principal
      of and any interest on such Security and for all other purposes whatsoever,
      and
      neither the Company, the Guarantor, the Trustee nor any agent of the Company,
      the Guarantor or the Trustee shall be affected by notice to the
      contrary.

     

    SECTION
      3.8. Cancellation.

     

    All
      Securities surrendered for payment, redemption, transfer or exchange shall,
      if
      surrendered to any Person other than the Trustee, be delivered to the Trustee,
      and any such Securities and Securities surrendered directly to the Trustee
      for
      any such purpose shall be promptly canceled by it. The Company may at any time
      deliver to the Trustee for cancellation any Securities previously authenticated
      and delivered hereunder that the Company may have acquired in any manner
      whatsoever, and all Securities so delivered shall be promptly canceled by the
      Trustee. No Securities shall be authenticated in lieu of or in exchange for
      any
      Securities canceled as provided in this Section
      3.8,
      except
      as expressly permitted by this Indenture. All canceled Securities shall be
      disposed of by the Trustee in accordance with its customary practices and the
      Trustee shall deliver to the Company a certificate of such
      disposition.

     

    SECTION
      3.9. RESERVED.

     

    SECTION
      3.10. RESERVED.

     

    SECTION
      3.11. Agreed
      Tax Treatment.

     

    Each
      Security issued hereunder shall provide that the Company and, by its acceptance
      or acquisition of a Security or a beneficial interest therein, the Holder of,
      and any Person that acquires a direct or indirect beneficial interest in, such
      Security, intend and agree to treat such Security as indebtedness of the Company
      for United States Federal, state and local tax purposes and to treat the
      Preferred Securities (including but not limited to all payments and proceeds
      with respect to the Preferred Securities) as an undivided beneficial ownership
      interest in the Securities (and payments and proceeds therefrom, respectively)
      for United States Federal, state and local tax purposes. The provisions of
      this
      Indenture shall be interpreted to further this intention and agreement of the
      parties.

     

    SECTION
      3.12. CUSIP
      Numbers.

     

    The
      Company in issuing the Securities may use “CUSIP” numbers (if then generally in
      use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption
      and other similar or related materials as a convenience to Holders; provided,
      that
      any such notice or other materials 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 redemption or other materials and that reliance
      may
      be placed only on the other identification numbers printed on the Securities,
      and any such redemption shall not be affected by any defect in or omission
      of
      such numbers.

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      IV

     

    Satisfaction
      and Discharge

     

    SECTION
      4.1. Satisfaction
      and Discharge of Indenture.

     

    This
      Indenture shall, upon Company Request, cease to be of further effect (except
      as
      to any surviving rights of registration of transfer or exchange of Securities
      herein expressly provided for and as otherwise provided in this Section
      4.1)
      and the
      Trustee, on 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 (A) Securities
      that have been mutilated, destroyed, lost or stolen and that have been replaced
      or paid as provided in Section
      3.6
      and (B)
      Securities for whose payment money has theretofore been deposited in trust
      or
      segregated and held in trust by the Company and thereafter repaid to the Company
      or discharged from such trust as provided in Section 10.2) have been delivered
      to the Trustee for cancellation; or

     

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

     

    
      	 	
              (A)

            	
              have
                become due and payable, or

            

    

     

    
      	 	
              (B)

            	
              will
                become due and payable at their Stated Maturity within one year of
                the
                date of deposit, or

            

    

     

    
      	 	
              (C)

            	
              are
                to be called for redemption within one year 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,

            

    

     

    and
      the
      Company, in the case of subclause (ii)(A), (B) or (C) above, has deposited
      or
      caused to be deposited with the Trustee as trust funds in trust for such purpose
      (x) an amount in the currency or currencies in which the Securities are payable,
      (y) Government Obligations which through the scheduled payment of principal
      and
      interest in respect thereof in accordance with their terms will provide, not
      later than the due date of any payment, money in an amount or (z) a combination
      thereof, in each case sufficient, in the opinion of a nationally recognized
      firm
      of independent public accountants expressed in a written certification thereof
      delivered to the Trustee, to pay and discharge the entire indebtedness on such
      Securities not theretofore delivered to the Trustee for cancellation, for
      principal and any premium, if any, and interest (including any Additional
      Interest) to the date of such deposit (in the case of Securities that have
      become due and payable) or to the Stated Maturity (or any date of principal
      repayment upon early maturity) or Redemption Date, as the case may
      be;

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

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

     

    (c) the
      Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
      Counsel each stating that all conditions precedent herein provided for relating
      to the satisfaction and discharge of this Indenture have been complied
      with.

     

    Notwithstanding
      the satisfaction and discharge of this Indenture, the obligations of the Company
      to the Trustee under Section
      6.6,
      the
      obligations of the Company to any Authenticating Agent under Section
      6.11
      and, if
      money shall have been deposited with the Trustee pursuant to subclause (a)(ii)
      of this Section
      4.1,
      the
      obligations of the Trustee under Section 4.2 and Section
      10.2(e)
      shall
      survive.

     

    SECTION
      4.2. Application
      of Trust Money.

     

    Subject
      to the provisions of Section
      10.2(e),
      all
      money deposited with the Trustee pursuant to Section
      4.1
      shall be
      held in trust and applied by the Trustee, in accordance with the provisions
      of
      the Securities and this Indenture, to the payment in accordance with
Section
      3.1,
      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 any premium, if any, and interest (including any Additional
      Interest) for the payment of which such money or obligations have been deposited
      with or received by the Trustee. Moneys held by the Trustee under this
Section
      4.2
      shall
      not be subject to the claims of holders of Senior Debt under Article
      XII.

     

    ARTICLE
      V

     

    Remedies

     

    SECTION
      5.1. Events
      of
      Default.

     

    “Event
      of Default”
means,
      wherever used herein with respect to the Securities, any one of the following
      events (whatever the reason for such Event of Default and whether it shall
      be
      voluntary or involuntary or be effected by operation of law or pursuant to
      any
      judgment, decree or order of any court or any order, rule or regulation of
      any
      administrative or governmental body):

     

    (a) default
      in the payment of any interest upon any Security, including any Additional
      Interest in respect thereof, when it becomes due and payable, and continuance
      of
      such default for a period of thirty (30) days; or

     

    (b) default
      in the payment of the principal of or any premium, if any, on any Security
      at
      its Maturity; or

     

    (c) default
      in the performance, or breach, of any covenant or warranty of the Company or
      the
      Guarantor in this Indenture and continuance of such default or breach for a
      period of thirty (30) days after there has been given, by registered or
      certified mail, to the Company and the Guarantor by the Trustee or to the
      Company, the Guarantor and the Trustee by the Holders of at least twenty five
      percent (25%) in aggregate principal amount of the Outstanding Securities a
      written notice specifying such default or breach and requiring it to be remedied
      and stating that such notice is a “Notice of Default” hereunder; or

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    (d) the
      entry
      by a court having jurisdiction in the premises of a decree or order adjudging
      the Company or the Guarantor a bankrupt or insolvent, or approving as properly
      filed a petition seeking reorganization, arrangement, adjustment or composition
      of or in respect of the Company or the Guarantor under any applicable Federal
      or
      state bankruptcy, insolvency, reorganization or other similar law, or appointing
      a custodian, receiver, liquidator, assignee, trustee, sequestrator or other
      similar official of the Company or the Guarantor or of any substantial part
      of
      its property, or ordering the winding up or liquidation of its affairs, and
      the
      continuance of any such decree or order for relief or any such other decree
      or
      order unstayed and in effect for a period of sixty (60) consecutive days;
      or

     

    (e) the
      institution by the Company or the Guarantor of proceedings to be adjudicated
      a
      bankrupt or insolvent, or the consent by the Company or the Guarantor to the
      institution of bankruptcy or insolvency proceedings against it, or the filing
      by
      the Company or the Guarantor of a petition or answer or consent seeking
      reorganization or relief under any applicable Federal or state bankruptcy,
      insolvency, reorganization or other similar law, or the consent by it to the
      filing of such petition or to the appointment of or taking possession by a
      custodian, receiver, liquidator, assignee, trustee, sequestrator or other
      similar official of the Company or of any substantial part of its property
      or
      the Guarantor or of any substantial part of its property, or the making by
      the
      Company or the Guarantor of an assignment for the benefit of creditors, or
      the
      admission by the Company or the Guarantor in writing of its inability to pay
      its
      debts generally as they become due and its willingness to be adjudicated a
      bankrupt or insolvent, or the taking of corporate action by the Company or
      the
      Guarantor in furtherance of any such action; or

     

    (f) the
      Trust
      shall have voluntarily or involuntarily liquidated, dissolved, wound-up its
      business or otherwise terminated its existence, except in connection with (1)
      the distribution of the Securities to holders of the Preferred Securities in
      liquidation of their interests in the Trust, (2) the redemption of all of the
      outstanding Preferred Securities or (3) certain mergers, consolidations or
      amalgamations, each as and to the extent permitted by the Trust Agreement;
      or

     

    (g)
      the
      Guarantee shall cease to be in full force and effect or the Guarantor shall,
      in
      writing to the Trustee, to a Holder or a holder of the Preferred Securities
      or
      to any governmental agency or regulatory authority, deny or disaffirm its
      obligations under the Guarantee.

     

    SECTION
      5.2. Acceleration
      of Maturity; Rescission and Annulment.

     

    (a) If
      an
      Event of Default occurs and is continuing, then and in every such case the
      Trustee or the Holders of not less than twenty five percent (25%) in principal
      amount of the Outstanding Securities may declare the principal amount of all
      the
      Securities to be due and payable immediately, by a notice in writing to the
      Company and the Guarantor (and to the Trustee if given by Holders), provided,
      that if, upon an Event of Default, the Trustee or the Holders of not less than
      twenty five percent (25%) in principal amount of the Outstanding Securities
      fail
      to declare the principal of all the Outstanding Securities to be immediately
      due
      and payable, the holders of at least twenty five percent (25%) in aggregate
      Liquidation Amount of the Preferred Securities then outstanding shall have
      the
      right to make such declaration by a notice in writing to the Property Trustee,
      the Company and the Guarantor and the Trustee; and upon any such declaration
      the
      principal amount of and the accrued interest (including any Additional Interest)
      on all the Securities shall become immediately due and payable.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    (b) At
      any
      time after such a declaration of acceleration with respect to Securities has
      been made and before a judgment or decree for payment of the money due has
      been
      obtained by the Trustee as hereinafter provided in this Article
      V,
      the
      Holders of a majority in principal amount of the Outstanding Securities, by
      written notice to the Indenture Trustee, or the holders of a majority in
      aggregate Liquidation Amount of the Preferred Securities, by written notice
      to
      the Property Trustee, the Company, the Guarantor and the Trustee, may rescind
      and annul such declaration and its consequences if:

     

    (i) the
      Company or the Guarantor has paid or deposited with the Trustee a sum sufficient
      to pay:

     

    
      	 	
              (A)

            	
              all
                overdue installments of interest on all
                Securities,

            

    

     

    
      	 	
              (B)

            	
              any
                accrued Additional Interest on all
                Securities,

            

    

     

    
      	 	
              (C)

            	
              the
                principal of and any premium, if any, on any Securities that have
                become
                due otherwise than by such declaration of acceleration and interest
                (including any Additional Interest) thereon at the rate borne by
                the
                Securities, and

            

    

     

    
      	 	
              (D)

            	
              all
                sums paid or advanced by the Trustee hereunder and the reasonable
                compensation, expenses, disbursements and advances of the Trustee,
                the
                Property Trustee and their agents and counsel;
                and

            

    

     

    (ii) all
      Events of Default with respect to Securities, other than the non-payment of
      the
      principal of Securities that has become due solely by such acceleration, have
      been cured or waived as provided in Section
      5.13;

     

    provided,
      that if
      the Holders of such Securities fail to annul such declaration and waive such
      default, the holders of not less than a majority in aggregate Liquidation Amount
      of the Preferred Securities then outstanding shall also have the right to
      rescind and annul such declaration and its consequences by written notice to
      the
      Property Trustee, the Company, the Guarantor and the Trustee, subject to the
      satisfaction of the conditions set forth in paragraph (b) of this Section
      5.2.
      No such
      rescission shall affect any subsequent default or impair any right consequent
      thereon.

     

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

     

    (a) Each
      of
      the Company and the Guarantor covenants that if:

     

    (i) default
      is made in the payment of any installment of interest (including any Additional
      Interest) on any Security when such interest becomes due and payable and such
      default continues for a period of thirty (30) days, or

     

    
      
        
        

      

      
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    (ii) default
      is made in the payment of the principal of and any premium on any Security
      at
      the Maturity thereof,

     

    the
      Company and the Guarantor will, upon demand of the Trustee, pay to the Trustee,
      for the benefit of the Holders of such Securities, the whole amount then due
      and
      payable on such Securities for principal and any premium and interest (including
      any Additional Interest) and, in addition thereto, all amounts owing the Trustee
      under Section
      6.6.

     

    (b) If
      the
      Company or the Guarantor fails to pay such amounts forthwith upon such demand,
      the Trustee, in its own name and as trustee of an express trust, may institute
      a
      judicial proceeding for the collection of the sums so due and unpaid, and may
      prosecute such proceeding to judgment or final decree, and may enforce the
      same
      against the Company, the Guarantor or any other obligor upon such Securities
      and
      collect the moneys adjudged or decreed to be payable in the manner provided
      by
      law out of the property of the Company, the Guarantor or any other obligor
      upon
      the Securities, wherever situated.

     

    (c) If
      an
      Event of Default with respect to Securities 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 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.

     

    SECTION
      5.4. Trustee
      May File Proofs of Claim.

     

    In
      case
      of any receivership, insolvency, liquidation, bankruptcy, reorganization,
      arrangement, adjustment, composition or similar judicial proceeding relative
      to
      the Company or the Guarantor (or any other obligor upon the Securities), its
      property or its creditors, the Trustee shall be entitled and empowered, by
      intervention in such proceeding or otherwise, to take any and all actions
      authorized hereunder in order to have claims of the Holders and the Trustee
      allowed in any such proceeding. In particular, the Trustee shall be authorized
      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 first 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 owing
      the
      Trustee, any predecessor Trustee and other Persons under Section
      6.6.

     

    
      
        
        

      

      
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    SECTION
      5.5. Trustee
      May Enforce Claim 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, subject to
      Article
      XII
      and
      after provision for the payment of all the amounts owing the Trustee, any
      predecessor Trustee and other Persons under Section
      6.6,
      be for
      the ratable benefit of the Holders of the Securities in respect of which such
      judgment has been recovered.

     

    SECTION
      5.6. Application
      of Money Collected.

     

    Any
      money
      or property collected or to be applied by the Trustee with respect to the
      Securities pursuant to this Article
      V
      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 or property on account of principal
      or
      any premium or interest (including any Additional Interest), upon presentation
      of the Securities and the notation thereon of the payment if only partially
      paid
      and upon surrender thereof if fully paid:

     

    FIRST:
      To
      the payment of all amounts due the Trustee, any predecessor Trustee and other
      Persons under Section
      6.6;

     

    SECOND:
      To the payment of all Senior Debt of the Company if and to the extent required
      by Article
      XII
      or by
Article
      XIV.

     

    THIRD:
      Subject to Article
      XII
      and
Article
      XIV,
      to the
      payment of the amounts then due and unpaid upon the Securities for principal
      and
      any premium and interest (including any Additional Interest) 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
      the Securities for principal and any premium and interest (including any
      Additional Interest), respectively; and

     

    FOURTH:
      The balance, if any, to the Person or Persons entitled thereto.

     

    SECTION
      5.7. Limitation
      on Suits.

     

    Subject
      to Section
      5.8,
      no
      Holder of any Securities shall have any right to institute any proceeding,
      judicial or otherwise, with respect to this Indenture or for the appointment
      of
      a custodian, receiver, assignee, trustee, liquidator, sequestrator (or other
      similar official) or for any other remedy hereunder, unless:

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (e) no
      direction inconsistent with such written request has been given to the Trustee
      during such sixty (60)-day period by the Holders of a majority in aggregate
      principal amount of the Outstanding Securities;

     

    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 itself of, any provision
      of
      this Indenture to affect, disturb or prejudice the rights of any other Holders
      of Securities, 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.

     

    SECTION
      5.8. Unconditional
      Right of Holders to Receive Principal, Premium and Interest; Direct Action
      by
      Holders of Preferred Securities.

     

    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 any premium on such Security at its Maturity and payment of interest
      (including any Additional Interest) on such Security when due and payable and
      to
      institute suit for the enforcement of any such payment, and such right shall
      not
      be impaired without the consent of such Holder. Any registered holder of the
      Preferred Securities shall have the right, upon the occurrence of an Event
      of
      Default described in Section
      5.1(a)
      or
Section
      5.1(b)
      to
      institute a suit directly against the Company or the Guarantor for enforcement
      of payment to such holder of principal of and any premium and interest
      (including any Additional Interest) on the Securities having a principal amount
      equal to the aggregate Liquidation Amount of the Preferred Securities held
      by
      such holder.

     

    SECTION
      5.9. Restoration
      of Rights and Remedies.

     

    If
      the
      Trustee, any Holder or any holder of Preferred Securities 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, such Holder or such holder of Preferred
      Securities, then and in every such case the Company, the Guarantor, the Trustee,
      such Holders and such holder of Preferred Securities shall, subject to any
      determination in such proceeding, be restored severally and respectively to
      their former positions hereunder, and thereafter all rights and remedies of
      the
      Trustee, such Holder and such holder of Preferred Securities shall continue
      as
      though no such proceeding had been instituted.

     

    SECTION
      5.10. Rights
      and Remedies Cumulative.

     

    Except
      as
      otherwise provided in Section
      3.6(f),
      no
      right or remedy herein conferred upon or reserved to the Trustee or 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.

     

    
      
        
        

      

      
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    SECTION
      5.11. Delay
      or
      Omission Not Waiver.

     

    No
      delay
      or omission of the Trustee, any Holder of any Securities or any holder of any
      Preferred Security 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
      V
      or by
      law to the Trustee or to the Holders and the right and remedy given to the
      holders of Preferred Securities by Section
      5.8
      may be
      exercised from time to time, and as often as may be deemed expedient, by the
      Trustee, the Holders or the holders of Preferred Securities, as the case may
      be.

     

    SECTION
      5.12. Control
      by Holders.

     

    The
      Holders of not less than a majority in aggregate principal amount of the
      Outstanding Securities (or, as the case may be, the holders of a majority in
      aggregate Liquidation Amount of the Preferred Securities) 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; 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 that is not
      inconsistent with such direction, and

     

    (c) subject
      to the provisions of Section
      6.2,
      the
      Trustee shall have the right to decline to follow such direction if a
      Responsible Officer or Officers of the Trustee shall, in good faith, reasonably
      determine that the proceeding so directed would be unjustly prejudicial to
      the
      Holders not joining in any such direction or would involve the Trustee in
      personal liability.

     

    SECTION
      5.13. Waiver
      of
      Past Defaults.

     

    (a) The
      Holders of not less than a majority in aggregate principal amount of the
      Outstanding Securities and the holders of not less than a majority in aggregate
      Liquidation Amount of the Preferred Securities may waive any past Event of
      Default hereunder and its consequences except an Event of Default:

     

    (i) in
      the
      payment of the principal of or any premium or interest (including any Additional
      Interest) on any Security (unless such Event of Default has been cured and
      the
      Company or the Guarantor has paid to or deposited with the Trustee a sum
      sufficient to pay all installments of interest (including any Additional
      Interest) due and past due and all principal of and any premium on all
      Securities due otherwise than by acceleration), or

     

    (ii) in
      respect of a covenant or provision hereof that under Article
      IX
      cannot
      be modified or amended without the consent of each Holder of any Outstanding
      Security.

     

    
      
        
        

      

      
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    (b) Any
      such
      waiver shall be deemed to be on behalf of the Holders of all the Securities
      or,
      in the case of a waiver by holders of Preferred Securities issued by such Trust,
      by all holders of Preferred Securities.

     

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

     

    SECTION
      5.14. Undertaking
      for Costs.

     

    All
      parties to this Indenture agree, and each Holder of any Security by his or
      her
      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 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 and
      expenses, 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
      5.14
      shall
      not apply to any suit instituted by the Trustee, to any suit instituted by
      any
      Holder, or group of Holders, holding in the aggregate more than ten percent
      (10%) in aggregate principal amount of the Outstanding Securities, or to any
      suit instituted by any Holder for the enforcement of the payment of the
      principal of or any premium on the Security after the Stated Maturity or any
      interest (including any Additional Interest) on any Security after it is due
      and
      payable.

     

    SECTION
      5.15. Waiver
      of
      Usury, Stay or Extension Laws.

     

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

     

    ARTICLE
      VI

     

    The
      Trustee

     

    SECTION
      6.1. Corporate
      Trustee Required.

     

    There
      shall at all times be a Trustee hereunder with respect to the Securities. The
      Trustee shall be a corporation organized and doing business under the laws
      of
      the United States or of any state thereof, authorized to exercise corporate
      trust powers, having a combined capital and surplus of at least $50,000,000,
      subject to supervision or examination by Federal or state authority and having
      an office within the United States. If such corporation publishes reports of
      condition at least annually, pursuant to law or to the requirements of such
      supervising or examining authority, then, for the purposes of this Section
      6.1,
      the
      combined capital and surplus of such corporation shall be deemed to be its
      combined capital and surplus as set forth in its most recent report of condition
      so published. If at any time the Trustee shall cease to be eligible in
      accordance with the provisions of this Section
      6.1,
      it
      shall resign immediately in the manner and with the effect hereinafter specified
      in this Article
      VI.

     

    
      
        
        

      

      
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    SECTION
      6.2. Certain
      Duties and Responsibilities.

     

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

     

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

     

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

     

    (b) If
      an
      Event of Default known to the Trustee has occurred and is continuing, the
      Trustee shall, prior to the receipt of directions, if any, from the Holders
      of
      at least a majority in aggregate principal amount of the Outstanding Securities
      (or,
      if
      applicable, from the holders of a majority in aggregate Liquidation Amount
      of
      the Preferred Securities), exercise
      such of the rights and powers vested in it by this Indenture, and use the same
      degree of care and skill in its exercise, as a prudent person would exercise
      or
      use under the circumstances in the conduct of such person’s own
      affairs.

     

    (c) Notwithstanding
      the foregoing, no provision of this Indenture shall require the Trustee to
      expend or risk its own funds or otherwise incur any financial liability in
      the
      performance of any of its duties hereunder, or in the exercise of any of its
      rights or powers, if it shall have reasonable grounds for believing that
      repayment of such funds or adequate indemnity against such risk or liability
      is
      not reasonably assured to it. Whether or not therein expressly so provided,
      every provision of this Indenture relating to the conduct or affecting the
      liability of or affording protection to the Trustee shall be subject to the
      provisions of this Section
      6.2.
      To the
      extent that, at law or in equity, the Trustee has duties and liabilities
      relating to the Holders, the Trustee shall not be liable to any Holder for
      the
      Trustee’s good faith reliance on the provisions of this Indenture. The
      provisions of this Indenture, to the extent that they restrict the duties and
      liabilities of the Trustee otherwise existing at law or in equity, are agreed
      by
      the Company and the Holders to replace such other duties and liabilities of
      the
      Trustee.

     

    (d) No
      provisions of this Indenture shall be construed to relieve the Trustee from
      liability with respect to matters that are within the authority of the Trustee
      under this Indenture for its own negligent action, negligent failure to act
      or
      willful misconduct, except that:

     

    (i) the
      Trustee shall not be liable for any error or judgment made in good faith by
      an
      authorized officer of the Trustee, unless it shall be proved that the Trustee
      was negligent in ascertaining the pertinent facts;

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    (ii) the
      Trustee shall not be liable with respect to any action taken or omitted to
      be
      taken by it in good faith in accordance with the direction of the Holders of
      at
      least a majority in aggregate principal amount of the Outstanding Securities
      (or, if applicable, from the holders of a majority in aggregate Liquidation
      Amount of the Preferred Securities), relating to the time, method and place
      of
      conducting any proceeding for any remedy available to the Trustee under this
      Indenture; and

     

    (iii) the
      Trustee shall be under no liability for interest on any money received by it
      hereunder and money held by the Trustee in trust hereunder need not be
      segregated from other funds except to the extent required by law.

     

    SECTION
      6.3. Notice
      of
      Defaults.

     

    Within
      ninety (90) days after the occurrence of any default actually known to the
      Trustee, the Trustee shall give the Holders notice of such default unless such
      default shall have been cured or waived; provided,
      that
      except in the case of a default in the payment of the principal of or any
      premium or interest on any Securities, the Trustee shall be fully protected
      in
      withholding the notice if and so long as the board of directors, the executive
      committee or a trust committee of directors and/or Responsible Officers of
      the
      Trustee in good faith determines that withholding the notice is in the interest
      of holders of Securities; and provided
      further,
      that in
      the case of any default of the character specified in Section
      5.1(c),
      no such
      notice to Holders shall be given until at least thirty (30) days after the
      occurrence thereof. For the purpose of this Section
      6.3,
      the
      term “default” means any event which is, or after notice or lapse of time or
      both would become, an Event of Default.

     

    SECTION
      6.4. Certain
      Rights of Trustee.

     

    Subject
      to the provisions of Section
      6.2:

     

    (a) the
      Trustee may conclusively rely and shall be fully protected in acting or
      refraining from acting in good faith and in accordance with the terms hereof
      upon any resolution, certificate, statement, instrument, opinion, report,
      notice, request, direction, consent, order, bond, debenture, note or other
      paper
      or document believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties;

     

    (b) if
      (i) in
      performing its duties under this Indenture the Trustee is required to decide
      between alternative courses of action, (ii) in construing any of the provisions
      of this Indenture the Trustee finds ambiguous or inconsistent with any other
      provisions contained herein or (iii) the Trustee is unsure of the application
      of
      any provision of this Indenture, then, except as to any matter as to which
      the
      Holders are entitled to decide under the terms of this Indenture, the Trustee
      shall deliver a notice to the Company requesting the Company’s written
      instruction as to the course of action to be taken and the Trustee shall take
      such action, or refrain from taking such action, as the Trustee shall be
      instructed in writing to take, or to refrain from taking, by the Company;
provided,
      that if
      the Trustee does not receive such instructions from the Company within ten
      Business Days after it has delivered such notice or such reasonably shorter
      period of time set forth in such notice the Trustee may, but shall be under
      no
      duty to, take such action, or refrain from taking such action, as the Trustee
      shall deem advisable and in the best interests of the Holders, in which event
      the Trustee shall have no liability except for its own negligence, bad faith
      or
      willful misconduct;

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

    (c) any
      request or direction of the Company shall be sufficiently evidenced by a Company
      Request or Company Order and any resolution of the Board of Directors may be
      sufficiently evidenced by a Board Resolution;

     

    (d) the
      Trustee may consult with counsel (which counsel may be counsel to the Trustee,
      the Company, the Guarantor or any of their Affiliates, and may include any
      of
      its employees) 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;

     

    (e) the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Indenture at the request or direction of any of the Holders
      or any holder of Preferred Securities pursuant to this Indenture, unless such
      Holders (or such holders of Preferred Securities) shall have offered to the
      Trustee security or indemnity reasonably satisfactory to it against the costs,
      expenses (including reasonable attorneys’ fees and expenses) and liabilities
      that might be incurred by it in compliance with such request or direction,
      including reasonable advances as may be requested by the Trustee;

     

    (f) the
      Trustee shall not be bound to make any investigation into the facts or matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, direction, consent, order, bond, indenture, note or other
      paper
      or document, but the Trustee in its discretion may make such inquiry or
      investigation into such facts or matters as it may see fit, and, if the Trustee
      shall determine to make such inquiry or investigation, it shall be entitled
      to
      examine the books, records and premises of the Company and the Guarantor,
      personally or by agent or attorney;

     

    (g) the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, attorneys, custodians or
      nominees and the Trustee shall not be responsible for any misconduct or
      negligence on the part of any such agent, attorney, custodian or nominee
      appointed with due care by it hereunder;

     

    (h) whenever
      in the administration of this Indenture the Trustee shall deem it desirable
      to
      receive instructions with respect to enforcing any remedy or right or taking
      any
      other action with respect to enforcing any remedy or right hereunder, the
      Trustees (i) may request instructions from the Holders (which instructions
      may
      only be given by the Holders of the same aggregate principal amount of
      Outstanding Securities as would be entitled to direct the Trustee under this
      Indenture in respect of such remedy, right or action), (ii) may refrain from
      enforcing such remedy or right or taking such action until such instructions
      are
      received and (iii) shall be protected in acting in accordance with such
      instructions;

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

     

    (i) except
      as
      otherwise expressly provided by this Indenture, the Trustee shall not be under
      any obligation to take any action that is discretionary under the provisions
      of
      this Indenture;

     

    (j) without
      prejudice to any other rights available to the Trustee under applicable law,
      when the Trustee incurs expenses or renders services in connection with any
      bankruptcy, insolvency or other proceeding referred to in clauses (d) or (e)
      of
      the definition of Event of Default, such expenses (including legal fees and
      expenses of its agents and counsel) and the compensation for such services
      are
      intended to constitute expenses of administration under any bankruptcy laws
      or
      law relating to creditors rights generally;

     

    (k) whenever
      in the administration of this Indenture the Trustee shall deem it desirable
      that
      a matter be proved or established prior to taking, suffering or omitting any
      action hereunder, the Trustee (unless other evidence be herein specifically
      prescribed) may, in the absence of bad faith on its part, conclusively rely
      upon
      an Officer’s Certificate addressing such matter, which, upon receipt of such
      request, shall be promptly delivered by the Company or the
      Guarantor;

     

    (l) the
      Trustee shall not be charged with knowledge of any default or Event of Default
      unless either (i) a Responsible Officer of the Trustee shall have actual
      knowledge or (ii) the Trustee shall have received written notice thereof from
      the Company, the Guarantor or a Holder; and

     

    (m) in
      the
      event that the Trustee is also acting as Paying Agent, Authenticating Agent
      or
      Securities Registrar hereunder, the rights and protections afforded to the
      Trustee pursuant to this Article
      VI
      shall
      also be afforded such Paying Agent, Authenticating Agent, or Securities
      Registrar.

     

    SECTION
      6.5. May
      Hold
      Securities.

     

    The
      Trustee, any Authenticating Agent, any Paying Agent, any Securities Registrar
      or
      any other agent of the Company, in its individual or any other capacity, may
      become the owner or pledgee of Securities and may otherwise deal with the
      Company and the Guarantor with the same rights it would have if it were not
      Trustee, Authenticating Agent, Paying Agent, Securities Registrar or such other
      agent.

     

    SECTION
      6.6. Compensation;
      Reimbursement; Indemnity.

     

    (a) The
      Company agrees

     

    (i) to
      pay to
      the Trustee from time to time reasonable compensation for all services rendered
      by it hereunder in such amounts as the Company and the Trustee shall agree
      from
      time to time (which compensation shall not be limited by any provision of law
      in
      regard to the compensation of a trustee of an express trust);

     

    (ii) to
      reimburse the Trustee upon its request for all reasonable expenses,
      disbursements and advances incurred or made by the Trustee in accordance with
      any provision of this Indenture (including the reasonable compensation and
      the
      expenses and disbursements of its agents and counsel), except any such expense,
      disbursement or advance as may be attributable to its negligence, bad faith
      or
      willful misconduct; and

     

    
      
        
        

      

      
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    (iii) to
      the
      fullest extent permitted by applicable law, to indemnify the Trustee (including
      in its individual capacity) and its Affiliates, and their officers, directors,
      shareholders, agents, representatives and employees for, and to hold them
      harmless against, any loss, damage, liability, tax (other than income, franchise
      or other taxes imposed on amounts paid pursuant to (i) or (ii) hereof), penalty,
      expense or claim of any kind or nature whatsoever incurred without negligence,
      bad faith or willful misconduct on its part arising out of or in connection
      with
      the acceptance or administration of this trust or the performance of the
      Trustee’s duties hereunder, including the advancement of funds to cover the
      costs and expenses of defending itself against any claim or liability in
      connection with the exercise or performance of any of its powers or duties
      hereunder.

     

    (b) To
      secure
      the Company’s payment obligations in this Section 6.6, the Company hereby grants
      and pledges to the Trustee and the Trustee shall have a lien prior to the
      Securities on all money or property held or collected by the Trustee, other
      than
      money or property held in trust to pay principal and interest on particular
      Securities. Such lien shall survive the satisfaction and discharge of this
      Indenture or the resignation or removal of the Trustee.

     

    (c) The
      obligations of the Company and the Guarantor under this Section
      6.6
      shall
      survive the satisfaction and discharge of this Indenture and the earlier
      resignation or removal of the Trustee.

     

    (d) In
      no
      event shall the Trustee be liable for any indirect, special, punitive or
      consequential loss or damage of any kind whatsoever, including, but not limited
      to, lost profits, even if the Trustee has been advised of the likelihood of
      such
      loss or damage and regardless of the form of action.

     

    (e) In
      no
      event shall the Trustee be liable for any failure or delay in the performance
      of
      its obligations hereunder because of circumstances beyond its control,
      including, but not limited to, acts of God, flood, war (whether declared or
      undeclared), terrorism, fire, riot, embargo, government action, including any
      laws, ordinances, regulations, governmental action or the like which delay,
      restrict or prohibit the providing of the services contemplated by this
      Indenture.

     

    SECTION
      6.7. Resignation
      and Removal; Appointment of Successor.

     

    (a) No
      resignation or removal of the Trustee and no appointment of a successor Trustee
      pursuant to this Article
      VI
      shall
      become effective until the acceptance of appointment by the successor Trustee
      under Section
      6.8.

     

    (b) The
      Trustee may resign at any time by giving written notice thereof to the
      Company.

     

    
      
        
        

      

      
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    (c) Unless
      an
      Event of Default shall have occurred and be continuing, the Trustee may be
      removed at any time by the Company by a Board Resolution. If an Event of Default
      shall have occurred and be continuing, the Trustee may be removed by Act of
      the
      Holders of a majority in aggregate principal amount of the Outstanding
      Securities, delivered to the Trustee and to the Company and to the
      Guarantor.

     

    (d) If
      the
      Trustee shall resign, be removed or become incapable of acting, or if a vacancy
      shall occur in the office of Trustee for any reason, at a time when no Event
      of
      Default shall have occurred and be continuing, the Company, by a Board
      Resolution, shall promptly appoint a successor Trustee, and such successor
      Trustee and the retiring Trustee shall comply with the applicable requirements
      of Section
      6.8.
      If the
      Trustee shall resign, be removed or become incapable of acting, or if a vacancy
      shall occur in the office of Trustee for any reason, at a time when an Event
      of
      Default shall have occurred and be continuing, the Holders, by Act of the
      Holders of a majority in aggregate principal amount of the Outstanding
      Securities, shall promptly appoint a successor Trustee, and such successor
      Trustee and the retiring Trustee shall comply with the applicable requirements
      of Section
      6.8.
      If no
      successor Trustee shall have been so appointed by the Company or the Holders
      and
      accepted appointment within sixty (60) days after the giving of a notice of
      resignation by the Trustee or the removal of the Trustee in the manner required
      by Section
      6.8,
      any
      Holder who has been a bona fide Holder of a Security for at least six months
      may, on behalf of such Holder and all others similarly situated, and any
      resigning Trustee may, at the expense of the Company, petition any court of
      competent jurisdiction for the appointment of a successor Trustee.

     

    (e) The
      Company shall give notice to all Holders in the manner provided in Section
      1.6
      of each
      resignation and each removal of the Trustee and each appointment of a successor
      Trustee. Each notice shall include the name of the successor Trustee and the
      address of its Corporate Trust Office.

     

    SECTION
      6.8. Acceptance
      of Appointment by Successor.

     

    (a) In
      case
      of the appointment hereunder of a successor Trustee, each successor Trustee
      so
      appointed shall execute, acknowledge and deliver to the Company and to the
      retiring Trustee an instrument accepting such appointment, and thereupon the
      resignation or removal of the retiring Trustee shall become effective and such
      successor Trustee, without any further act, deed or conveyance, shall become
      vested with all the rights, powers, trusts and duties of the retiring Trustee;
      but, on the request of the Company or the successor Trustee, such retiring
      Trustee shall, upon payment of its charges, execute and deliver an instrument
      transferring to such successor Trustee all the rights, powers and trusts of
      the
      retiring Trustee and shall duly assign, transfer and deliver to such successor
      Trustee all property and money held by such retiring Trustee
      hereunder.

     

    (b) Upon
      request of any such successor Trustee, the Company shall execute any and all
      instruments for more fully and certainly vesting in and confirming to such
      successor Trustee all rights, powers and trusts referred to in paragraph (a)
      of
      this Section
      6.8.

     

    (c) No
      successor Trustee shall accept its appointment unless at the time of such
      acceptance such successor Trustee shall be qualified and eligible under this
      Article
      VI.

     

    
      
        
        

      

      
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    SECTION
      6.9. Merger,
      Conversion, Consolidation or Succession to Business.

     

    Any
      Person into which the Trustee may be merged or converted or with which it may
      be
      consolidated, or any Person resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any Person succeeding
      to
      all or substantially all of the corporate trust business of the Trustee, shall
      be the successor of the Trustee hereunder, without the execution or filing
      of
      any paper or any further act on the part of any of the parties hereto,
provided,
      that
      such Person shall be otherwise qualified and eligible under this Article
      VI.
      In case
      any Securities shall have been authenticated, but not delivered, by the Trustee
      then in office, any successor by merger, conversion or consolidation or as
      otherwise provided above in this Section
      6.9
      to such
      authenticating Trustee may adopt such authentication and deliver the Securities
      so authenticated, and in case any Securities shall not have been authenticated,
      any successor to the Trustee may authenticate such Securities either in the
      name
      of any predecessor Trustee or in the name of such successor Trustee, and in
      all
      cases the certificate of authentication shall have the full force which it
      is
      provided anywhere in the Securities or in this Indenture that the certificate
      of
      the Trustee shall have.

     

    SECTION
      6.10. Not
      Responsible for Recitals or Issuance of Securities.

     

    The
      recitals contained herein and in the Securities, except the Trustee’s
      certificates of authentication, shall be taken as the statements of the Company
      or the Guarantor, and neither the Trustee nor any Authenticating Agent assumes
      any responsibility for their correctness. The Trustee makes no representations
      as to the validity or sufficiency of this Indenture or of the Securities.
      Neither the Trustee nor any Authenticating Agent shall be accountable for the
      use or application by the Company of the Securities or the proceeds
      thereof.

     

    SECTION
      6.11. Appointment
      of Authenticating Agent.

     

    (a) The
      Trustee may appoint an Authenticating Agent or Agents with respect to the
      Securities, which shall be authorized to act on behalf of the Trustee to
      authenticate Securities issued upon original issue and upon exchange,
      registration of transfer or partial redemption thereof or pursuant to
Section
      3.6,
      and
      Securities so authenticated shall be entitled to the benefits of this Indenture
      and shall be valid and obligatory for all purposes as if authenticated by the
      Trustee hereunder. Wherever reference is made in this Indenture to the
      authentication and delivery of Securities by the Trustee or the Trustee’s
      certificate of authentication, such reference shall be deemed to include
      authentication and delivery on behalf of the Trustee by an Authenticating Agent.
      Each Authenticating Agent shall be acceptable to the Company and shall at all
      times be a corporation organized and doing business under the laws of the United
      States of America, or of any State or Territory thereof or the District of
      Columbia, authorized under such laws to act as Authenticating Agent, having
      a
      combined capital and surplus of not less than $50,000,000 and subject to
      supervision or examination by Federal or state authority. If such Authenticating
      Agent publishes reports of condition at least annually pursuant to law or to
      the
      requirements of said supervising or examining authority, then for the purposes
      of this Section
      6.11
      the
      combined capital and surplus of such Authenticating Agent shall be deemed to
      be
      its combined capital and surplus as set forth in its most recent report of
      condition so published. If at any time an Authenticating Agent shall cease
      to be
      eligible in accordance with the provisions of this Section
      6.11,
      such
      Authenticating Agent shall resign immediately in the manner and with the effect
      specified in this Section
      6.11.

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    (b) Any
      Person into which an Authenticating Agent may be merged or converted or with
      which it may be consolidated, or any Person resulting from any merger,
      conversion or consolidation to which such Authenticating Agent shall be a party,
      or any Person succeeding to all or substantially all of the corporate trust
      business of an Authenticating Agent shall be the successor Authenticating Agent
      hereunder, provided such Person shall be otherwise eligible under this
Section
      6.11,
      without
      the execution or filing of any paper or any further act on the part of the
      Trustee or the Authenticating Agent.

     

    (c) An
      Authenticating Agent may resign at any time by giving written notice thereof
      to
      the Trustee and to the Company. The Trustee may at any time terminate the agency
      of an Authenticating Agent by giving written notice thereof to such
      Authenticating Agent and to the Company. Upon receiving such a notice of
      resignation or upon such a termination, or in case at any time such
      Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this Section
      6.11,
      the
      Trustee may appoint a successor Authenticating Agent eligible under the
      provisions of this Section
      6.11,
      which
      shall be acceptable to the Company, and shall give notice of such appointment
      to
      all Holders. Any successor Authenticating Agent upon acceptance of its
      appointment hereunder shall become vested with all the rights, powers and duties
      of its predecessor hereunder, with like effect as if originally named as an
      Authenticating Agent.

     

    (d) The
      Company or the Guarantor agrees to pay to each Authenticating Agent from time
      to
      time reasonable compensation for its services under this Section
      6.11
      in such
      amounts as the Company and the Authenticating Agent shall agree from time to
      time.

     

    (e) If
      an
      appointment of an Authenticating Agent is made pursuant to this Section
      6.11,
      the
      Securities may have endorsed thereon an alternative certificate of
      authentication in the following form:

     

    This
      represents Securities designated therein and referred to in the within mentioned
      Indenture.

     

    
      	
              Dated:

            	 	 
	 	 	 
	 	
              WILMINGTON
                TRUST
                COMPANY,
                not in its 

              individual
                capacity, but solely as Trustee

            
	 
 	 
 	 
 
	 	
              
Authenticating
              Agent
	 	 	 
	 	 	 
	
            	By:  	 
	
               

            	
              
                

                Authorized
                  Officer

              

            
	 	
            

    

     

    
      
        
        

      

      
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    ARTICLE
      VII

     

    Holders’
      Lists and Reports by Trustee and Company

     

    SECTION
      7.1. Company
      to Furnish Trustee Names and Addresses of Holders.

     

    The
      Company will furnish or cause to be furnished to the Trustee:

     

    (a) semi-annually,
      on or before June 30 and December 31 of each year, a list, in such form as
      the
      Trustee may reasonably require, of the names and addresses of the Holders as
      of
      a date not more than fifteen (15) days prior to the delivery thereof,
      and

     

    (b) at
      such
      other times as the Trustee may request in writing, within thirty (30) days
      after
      the receipt by the Company of any such request, a list of similar form and
      content as of a date not more than fifteen (15) days prior to the time such
      list
      is furnished, in each case to the extent such information is in the possession
      or control of the Company and has not otherwise been received by the Trustee
      in
      its capacity as Securities Registrar.

     

    SECTION
      7.2. Preservation
      of Information, Communications to Holders.

     

    (a) The
      Trustee shall preserve, in as current a form as is reasonably practicable,
      the
      names and addresses of Holders contained in the most recent list furnished
      to
      the Trustee as provided in Section
      7.1
      and the
      names and addresses of Holders received by the Trustee in its capacity as
      Securities Registrar. The Trustee may destroy any list furnished to it as
      provided in Section
      7.1
      upon
      receipt of a new list so furnished.

     

    (b) The
      rights of Holders to communicate with other Holders with respect to their rights
      under this Indenture or under the Securities, and the corresponding rights
      and
      privileges of the Trustee, shall be as provided in the Trust Indenture
      Act.

     

    (c) Every
      Holder of Securities, by receiving and holding the same, agrees with the Company
      and the Trustee that neither the Company nor the Trustee nor any agent of either
      of them shall be held accountable by reason of the disclosure of information
      as
      to the names and addresses of the Holders made pursuant to the Trust Indenture
      Act.

     

    SECTION
      7.3. Reports
      by Company and Trustee.

     

    (a) The
      Company shall furnish to the Holders and to prospective purchasers of
      Securities, upon their request, the information required to be furnished
      pursuant to Rule 144A(d)(4) under the Securities Act. 

     

    (b) The
      Company shall furnish to (i) the Holders and to subsequent holders of Securities
      reasonably identified to the Company, (ii) the Purchaser, (iii) any beneficial
      owner of the Securities reasonably identified to the Company (which
      identification may be made either by such beneficial owner or the Purchaser)
      and
      (iv) any designee of (i), (ii) or (iii) above, a duly completed and executed
      certificate in the form attached hereto as Exhibit A, including the financial
      statements referenced in such Exhibit, which certificate and financial
      statements shall be so furnished by the Company not later than forty-five (45)
      days after the end of each of the first three fiscal quarters of each fiscal
      year of the Company and not later than ninety (90) days after the end of each
      fiscal year of the Company.

     

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    (c) If
      the
      Company intends to file its annual and quarterly information with the Commission
      in electronic form pursuant to Regulation S-T of the Commission using the EDGAR
      system, the Company shall notify the Trustee in the manner prescribed herein
      of
      each such annual and quarterly filing. The Trustee is hereby authorized and
      directed to access the EDGAR system for purposes of retrieving the financial
      information so filed. The Trustee shall have no duty to search for or obtain
      any
      electronic or other filings that the Company makes with the Commission,
      regardless of whether such filings are periodic, supplemental or otherwise.
      Delivery of reports, information and documents to the Trustee pursuant to this
      Section
      7.3(c)
      shall be
      solely for purposes of compliance with this Section
      7.3
      and, if
      applicable, with Section 314(a) of the Trust Indenture Act, but shall not
      relieve the Company of the requirement to deliver the certificate referred
      to in
Section
      7.3(b).
      The
      Trustee’s receipt of such reports, information and documents shall not
      constitute notice to it of the content thereof or any matter determinable from
      the contents thereof, including the Company’s compliance with any of its
      covenants hereunder, as to which the Trustee is entitled to rely upon Officer’s
      Certificates. 

     

    (d) The
      Trustee shall receive all reports, certificates and information, which it is
      entitled to receive under each of the Operative Documents (as defined in the
      Trust Agreement), and deliver to the Purchaser, or its designees, as identified
      in writing to the Trustee, all such reports, certificates or information
      promptly upon receipt thereof.

     

    ARTICLE
      VIII

     

    Consolidation,
      Merger, Conveyance, Transfer or Lease

     

    SECTION
      8.1. Company
      and Guarantor May Consolidate, Etc., Only on Certain Terms.

     

    (a) The
      Company shall not consolidate with or merge into any other Person or convey,
      transfer or lease its properties and assets substantially as an entirety to
      any
      Person, and no Person shall consolidate with or merge into the Company or
      convey, transfer or lease its properties and assets substantially as an entirety
      to the Company, unless:

     

    (i) if
      the
      Company shall consolidate with or merge into another Person or convey, transfer
      or lease its properties and assets substantially as an entirety to any Person,
      the entity formed by such consolidation or into which the Company is merged
      or
      the Person that acquires by conveyance or transfer, or that leases, the
      properties and assets of the Company substantially as an entirety shall be
      an
      entity organized and existing under the laws of the United States of America
      or
      any State or Territory thereof or the District of Columbia and shall expressly
      assume, by an indenture supplemental hereto, executed and delivered to the
      Trustee, in form reasonably satisfactory to the Trustee, the due and punctual
      payment of the principal of and any premium and interest (including any
      Additional Interest) on all the Securities and the performance of every covenant
      of this Indenture on the part of the Company to be performed or
      observed;

     

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

     

    (ii) immediately
      after giving effect to such transaction, no Event of Default, and no event
      that,
      after notice or lapse of time, or both, would constitute an Event of Default,
      shall have happened and be continuing; and

     

    (iii) the
      Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
      Counsel, each stating that such consolidation, merger, conveyance, transfer
      or
      lease and, if a supplemental indenture is required in connection with such
      transaction, any such supplemental indenture comply with this Article
      VIII
      and that
      all conditions precedent herein provided for relating to such transaction have
      been complied with; and the Trustee may rely upon such Officer’s Certificate and
      Opinion of Counsel as conclusive evidence that such transaction complies with
      this Section
      8.1.

     

    (b) The
      Guarantor shall not consolidate with or merge into any other Person or convey,
      transfer or lease its properties and assets substantially as an entirety to
      any
      Person, and no Person shall consolidate with or merge into the Guarantor or
      convey, transfer or lease its properties and assets substantially as an entirety
      to the Guarantor, unless: 

     

    (i) if
      the
      Guarantor shall consolidate with or merge into another Person or convey,
      transfer or lease its properties and assets substantially as an entirety to
      any
      Person, the entity formed by such consolidation or into which the Guarantor
      is
      merged or the Person that acquires by conveyance or transfer, or that leases,
      the properties and assets of the Guarantor substantially as an entirety shall
      be
      an entity organized and existing under the laws of the United States of America
      or any State or Territory thereof or the District of Columbia and shall
      expressly assume, by an indenture supplemental hereto, executed and delivered
      to
      the Trustee, in form reasonably satisfactory to the Trustee, the due and
      punctual payment of the principal of and any premium and interest (including
      any
      Additional Interest) on all the Securities and the performance of every covenant
      of this Indenture on the part of the Guarantor to be performed or
      observed;

     

    (ii) immediately
      after giving effect to such transaction, no Event of Default, and no event
      that,
      after notice or lapse of time, or both, would constitute an Event of Default,
      shall have happened and be continuing; and

     

    (iii) the
      Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion
      of Counsel, each stating that such consolidation, merger, conveyance, transfer
      or lease and, if a supplemental indenture is required in connection with such
      transaction, any such supplemental indenture comply with this Article
      VIII
      and that
      all conditions precedent herein provided for relating to such transaction have
      been complied with; and the Trustee may rely upon such Officer’s Certificate and
      Opinion of Counsel as conclusive evidence that such transaction complies with
      this Section
      8.1.

     

    SECTION
      8.2. Successor
      Company or Guarantor Substituted.

     

    (a) Upon
      any
      consolidation or merger by the Company or the Guarantor with or into any other
      Person, or any conveyance, transfer or lease by the Company or Guarantor of
      its
      properties and assets substantially as an entirety to any Person in accordance
      with Section
      8.1
      and the
      execution and delivery to the Trustee of the supplemental indenture described
      in
Section
      8.1(a),
      the
      successor entity formed by such consolidation or into which the Company is
      merged or to which such conveyance, transfer or lease is made shall succeed
      to,
      and be substituted for, and may exercise every right and power of, the Company
      or the Guarantor under this Indenture with the same effect as if such successor
      Person had been named as the Company or the Guarantor herein; and in the event
      of any such conveyance or transfer, following the execution and delivery of
      such
      supplemental indenture, the Company or the Guarantor shall be discharged from
      all obligations and covenants under the Indenture and the
      Securities.

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    (b) Such
      successor Person to the Company may cause to be executed, and may issue either
      in its own name or in the name of the Company, any or all of the Securities
      issuable hereunder that theretofore shall not have been signed by the Company
      and delivered to the Trustee; and, upon the order of such successor Person
      instead of the Company and subject to all the terms, conditions and limitations
      in this Indenture prescribed, the Trustee shall authenticate and shall deliver
      any Securities that previously shall have been signed and delivered by the
      officers of the Company to the Trustee for authentication, and any Securities
      that such successor Person thereafter shall cause to be executed and delivered
      to the Trustee on its behalf. All the Securities so issued shall in all respects
      have the same legal rank and benefit under this Indenture as the Securities
      theretofore or thereafter issued in accordance with the terms of this
      Indenture.

     

    (c) In
      case
      of any such consolidation, merger, sale, conveyance or lease, such changes
      in
      phraseology and form may be made in the Securities thereafter to be issued
      as
      may be appropriate to reflect such occurrence.

     

    ARTICLE
      IX

     

    Supplemental
      Indentures

     

    SECTION
      9.1. Supplemental
      Indentures without Consent of Holders.

     

    Without
      the consent of any Holders, the Company and the Guarantor, when authorized
      by
      Board Resolutions, and the Trustee, at any time and from time to time, may
      enter
      into one or more indentures supplemental hereto, in form reasonably satisfactory
      to the Trustee, for any of the following purposes:

     

    (a) to
      evidence the succession of another Person to the Company or the Guarantor,
      and
      the assumption by any such successor of the covenants of the Company or the
      Guarantor herein and in the Securities; or

     

    (b) to
      cure
      any ambiguity, to correct or supplement any provision herein that may be
      defective or inconsistent with any other provision herein, or to make or amend
      any other provisions with respect to matters or questions arising under this
      Indenture, which shall not be inconsistent with the other provisions of this
      Indenture, provided,
      that
      such action pursuant to this clause (b) shall not adversely affect in any
      material respect the interests of any Holders or the holders of the Preferred
      Securities; or

     

    (c) to
      add to
      the covenants, restrictions or obligations of the Company or the Guarantor
      or to
      add to the Events of Default, provided,
      that
      such action pursuant to this clause (c) shall not adversely affect in any
      material respect the interests of any Holders or the holders of the Preferred
      Securities; or

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

    (d) to
      modify, eliminate or add to any provisions of the Indenture or the Securities
      to
      such extent as shall be necessary to ensure that the Securities are treated
      as
      indebtedness of the Company for United States Federal income tax purposes,
      provided,
      that
      such action pursuant to this clause (d) shall not adversely affect in any
      material respect the interests of any Holders or the holders of the Preferred
      Securities; or

     

    (e) to
      evidence and provide for the acceptance of appointment hereunder by a successor
      trustee, provided,
      that
      such action pursuant to this clause (e) shall not adversely affect in any
      material respect the interests of any Holders or the holders of the Preferred
      Securities; or

     

    (f) to
      comply
      with the rules and regulations of any securities exchange or automatic quotation
      system on which any of the Securities may be listed, traded or quoted,
provided,
      that
      such action pursuant to this clause (f) shall not adversely affect in any
      material respect the interests of any Holders or the holders of the Preferred
      Securities.

     

    SECTION
      9.2. Supplemental
      Indentures with Consent of Holders.

     

    (a) With
      the
      consent of the Holders of not less than a majority in aggregate principal amount
      of the Outstanding Securities, by Act of said Holders delivered to the Company,
      the Guarantor and the Trustee, the Company and the Guarantor, when authorized
      by
      Board Resolutions, and the Trustee may enter into an indenture or indentures
      supplemental hereto for the purpose of adding any provisions to or changing
      in
      any manner or eliminating any of the provisions of this Indenture or of
      modifying in any manner the rights of the Holders of Securities under this
      Indenture; provided,
      that no
      such supplemental indenture shall, without the consent of the Holder of each
      Outstanding Security,

     

    (i) change
      the Stated Maturity of the principal or any premium of any Security or change
      the date of payment of any installment of interest (including any Additional
      Interest) on any Security, or reduce the principal amount thereof or the rate
      of
      interest thereon or any premium payable upon the redemption thereof or change
      the place of payment where, or the coin or currency in which, any Security
      or
      interest thereon is payable, or restrict or impair the right to institute suit
      for the enforcement of any such payment on or after such date, or

     

    (ii) reduce
      the percentage in aggregate principal amount of the Outstanding Securities,
      the
      consent of whose Holders is required for any such supplemental indenture, or
      the
      consent of whose Holders is required for any waiver of compliance with any
      provision of this Indenture or of defaults hereunder and their consequences
      provided for in this Indenture, or

     

    (iii) modify
      any of the provisions of this Section
      9.2,
      Section
      5.13
      or
Section
      10.7,
      except
      to increase any percentage in aggregate principal amount of the Outstanding
      Securities, the consent of whose Holders is required for any reason, or to
      provide that certain other provisions of this Indenture cannot be modified
      or
      waived without the consent of the Holder of each Security;

     

    
      
        
        

      

      
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    provided,
      further,
      that, so
      long as any Preferred Securities remain outstanding, no amendment under this
      Section
      9.2
      shall be
      effective until the holders of a majority in Liquidation Amount of the Trust
      Securities shall have consented to such amendment; provided,
      further,
      that if
      the consent of the Holder of each Outstanding Security is required for any
      amendment under this Indenture, such amendment shall not be effective until
      the
      holder of each Outstanding Trust Security shall have consented to such
      amendment.

     

    (b) It
      shall
      not be necessary for any Act of Holders under this Section
      9.2
      to
      approve the particular form of any proposed supplemental indenture, but it
      shall
      be sufficient if such Act shall approve the substance thereof.

     

    SECTION
      9.3. Execution
      of Supplemental Indentures.

     

    In
      executing or accepting the additional trusts created by any supplemental
      indenture permitted by this Article
      IX
      or the
      modifications thereby of the trusts created by this Indenture, the Trustee
      shall
      be entitled to receive, and shall be fully protected in conclusively relying
      upon, an Officer’s Certificate and an Opinion of Counsel stating that the
      execution of such supplemental indenture is authorized or permitted by this
      Indenture, and that all conditions precedent herein provided for relating to
      such action have been complied with. The Trustee may, but shall not be obligated
      to, enter into any such supplemental indenture that affects the Trustee’s own
      rights, duties, indemnities or immunities under this Indenture or otherwise.
      Copies of the final form of each supplemental indenture shall be delivered
      by
      the Trustee at the expense of the Company to each Holder, and, if the Trustee
      is
      the Property Trustee, to each holder of Preferred Securities, promptly after
      the
      execution thereof.

     

    SECTION
      9.4. Effect
      of
      Supplemental Indentures.

     

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

     

    SECTION
      9.5. Reference
      in Securities to Supplemental Indentures.

     

    Securities
      authenticated and delivered after the execution of any supplemental indenture
      pursuant to this Article
      IX
      may, and
      shall if required by the Company, bear a notation in form approved by the
      Company as to any matter provided for in such supplemental indenture. If the
      Company shall so determine, new Securities so modified as to conform, in the
      opinion of the Company, to any such supplemental indenture may be prepared
      and
      executed by the Company and the Guarantor and authenticated and delivered by
      the
      Trustee in exchange for Outstanding Securities.

     

    
      
        
        

      

      
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    ARTICLE
      X

     

    Covenants

     

    SECTION
      10.1. Payment
      of Principal, Premium and Interest.

     

    The
      Company covenants and agrees for the benefit of the Holders of the Securities
      that it will duly and punctually pay the principal of and any premium and
      interest (including any Additional Interest) on the Securities in accordance
      with the terms of the Securities and this Indenture.

     

    SECTION
      10.2. Money
      for
      Security Payments to be Held in Trust.

     

    (a) If
      the
      Company shall at any time act as its own Paying Agent with respect to the
      Securities, it will, on or before each due date of the principal of and any
      premium or interest (including any Additional Interest) on the Securities,
      segregate and hold in trust for the benefit of the Persons entitled thereto
      a
      sum sufficient to pay the principal and any premium or interest (including
      Additional Interest) so becoming due until such sums shall be paid to such
      Persons or otherwise disposed of as herein provided, and will promptly notify
      the Trustee in writing of its failure so to act.

     

    (b) Whenever
      the Company shall have one or more Paying Agents, it will, prior to 10:00 a.m.,
      New York City time, on each due date of the principal of or any premium or
      interest (including any Additional Interest) on any Securities, deposit with
      a
      Paying Agent a sum sufficient to pay such amount, such sum to be held as
      provided in the Trust Indenture Act and (unless such Paying Agent is the
      Trustee) the Company will promptly notify the Trustee of its failure so to
      act.

     

    (c) The
      Company will cause each Paying Agent for the Securities other than the Trustee
      to execute and deliver to the Trustee an instrument in which such Paying Agent
      shall agree with the Trustee, subject to the provisions of this Section
      10.2,
      that
      such Paying Agent will (i) comply with the provisions of this Indenture and
      the
      Trust Indenture Act applicable to it as a Paying Agent and (ii) during the
      continuance of any default by the Company (or any other obligor upon the
      Securities) in the making of any payment in respect of the Securities, upon
      the
      written request of the Trustee, forthwith pay to the Trustee all sums held
      in
      trust by such Paying Agent for payment in respect of the
      Securities.

     

    (d) The
      Company may at any time, for the purpose of obtaining the satisfaction and
      discharge of this Indenture or for any other purpose, pay, or by Company Order
      direct any Paying Agent to pay, to the Trustee all sums held in trust by the
      Company or such Paying Agent, such sums to be held by the Trustee upon the
      same
      terms as those upon which such sums were held by the Company or such Paying
      Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
      Agent shall be released from all further liability with respect to such
      money.

     

    (e) Any
      money
      deposited with the Trustee or any Paying Agent, or then held by the Company
      in
      trust for the payment of the principal of and any premium or interest (including
      any Additional Interest) on any Security and remaining unclaimed for two years
      after such principal and any premium or interest has become due and payable
      shall (unless otherwise required by mandatory provision of applicable escheat
      or
      abandoned or unclaimed property law) be paid on Company Request to the Company,
      or (if then held by the Company) shall (unless otherwise required by mandatory
      provision of applicable escheat or abandoned or unclaimed property law) be
      discharged from such trust; and the Holder of such Security shall thereafter,
      as
      an unsecured general creditor, look only to the Company for payment thereof,
      and
      all liability of the Trustee or such Paying Agent with respect to such trust
      money, and all liability of the Company as trustee thereof, shall thereupon
      cease; provided,
      that
      the Trustee or such Paying Agent, before being required to make any such
      repayment, may at the expense of the Company cause to be published once, in
      a
      newspaper published in the English language, customarily published on each
      Business Day and of general circulation in the Borough of Manhattan, The City
      of
      New York, notice that such money remains unclaimed and that, after a date
      specified therein, which shall not be less than thirty (30) days from the date
      of such publication, any unclaimed balance of such money then remaining will
      be
      repaid to the Company.

     

    
      
        
        

      

      
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    SECTION
      10.3. Statement
      as to Compliance.

     

    The
      Company shall deliver to the Trustee, within one hundred and twenty (120) days
      after the end of each fiscal year of the Company ending after the date hereof,
      an Officer’s Certificate (substantially in the form attached hereto as
Exhibit
      B)
      covering the preceding fiscal year, stating whether or not to the knowledge
      of
      the signers thereof the Company is in default in the performance or observance
      of any of the terms, provisions and conditions of this Indenture (without regard
      to any period of grace or requirement of notice provided hereunder), and if
      the
      Company shall be in default, specifying all such defaults and the nature and
      status thereof of which they may have knowledge.

     

    SECTION
      10.4. Calculation
      Agent.

     

    (a) The
      Company hereby agrees that for so long as any of the Securities remain
      Outstanding, there will at all times be an agent appointed to calculate LIBOR
      in
      respect of each Interest Payment Date in accordance with the terms of
Schedule
      A
      (the
“Calculation
      Agent”).
      The
      Company has initially appointed the Property Trustee as Calculation Agent for
      purposes of determining LIBOR for each Interest Payment Date. The Calculation
      Agent may be removed by the Company at any time. Except as described in the
      immediately preceding sentence, so long as the Property Trustee holds any of
      the
      Securities, the Calculation Agent shall be the Property Trustee. If the
      Calculation Agent is unable or unwilling to act as such or is removed by the
      Company, the Company will promptly appoint as a replacement Calculation Agent
      the London office of a leading bank which is engaged in transactions in
      Eurodollar deposits in the international Eurodollar market and which does not
      control or is not controlled by or under common control with the Company or
      its
      Affiliates. The Calculation Agent may not resign its duties without a successor
      having been duly appointed.

     

    (b) The
      Calculation Agent shall be required to agree that, as soon as possible after
      11:00 a.m. (London time) on each LIBOR Determination Date (as defined in
Schedule
      A),
      but in
      no event later than 11:00 a.m. (London time) on the Business Day immediately
      following each LIBOR Determination Date, the Calculation Agent will calculate
      the interest rate and dollar amount (rounded to the nearest cent, with half
      a
      cent being rounded upwards) for the related Interest Payment Date, and will
      communicate such rate and amount to the Company, the Trustee, each Paying Agent
      and the Depositary. The Calculation Agent will also specify to the Company
      the
      quotations upon which the foregoing rates and amounts are based and, in any
      event, the Calculation Agent shall notify the Company before 5:00 p.m. (London
      time) on each LIBOR Determination Date that either: (i) it has determined or
      is
      in the process of determining the foregoing rates and amounts or (ii) it has
      not
      determined and is not in the process of determining the foregoing rates and
      amounts, together with its reasons therefor. The Calculation Agent’s
      determination of the foregoing rates and amounts for any Interest Payment Date
      will (in the absence of manifest error) be final and binding upon all parties.
      For the sole purpose of calculating the interest rate for the Securities,
“Business Day” shall be defined as any day on which dealings in deposits in
      Dollars are transacted in the London interbank market.

     

    
      
        
        

      

      
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    SECTION
      10.5. Additional
      Tax Sums.

     

    So
      long
      as no Event of Default has occurred and is continuing, if (a) the Trust is
      the
      Holder of all of the Outstanding Securities and (b) a Tax Event described in
      clause (i) or (iii) in the definition of Tax Event in Section
      1.1
      hereof
      has occurred and is continuing, the Company shall pay to the Trust (and its
      permitted successors or assigns under the related Trust Agreement) for so long
      as the Trust (or its permitted successor or assignee) is the registered holder
      of the Outstanding Securities, such amounts as may be necessary in order that
      the amount of Distributions (including any Additional Interest Amount (as
      defined in the Trust Agreement)) then due and payable by the Trust on the
      Preferred Securities and Common Securities that at any time remain outstanding
      in accordance with the terms thereof shall not be reduced as a result of any
      Additional Taxes arising from such Tax Event (additional such amounts payable
      by
      the Company to the Trust, the “Additional
      Tax Sums”).
      Whenever in this Indenture or the Securities there is a reference in any context
      to the payment of principal of or interest on the Securities, such mention
      shall
      be deemed to include mention of the payments of the Additional Tax Sums provided
      for in this Section
      10.5
      to the
      extent that, in such context, Additional Tax Sums are, were or would be payable
      in respect thereof pursuant to the provisions of this Section
      10.5
      and
      express mention of the payment of Additional Tax Sums (if applicable) in any
      provisions hereof shall not be construed as excluding Additional Tax Sums in
      those provisions hereof where such express mention is not made.

     

    SECTION
      10.6. Additional
      Covenants.

     

    (a) The
      Company and Guarantor covenant and agree with each Holder of Securities that
      if
      an Event of Default shall have occurred and be continuing, it shall not (i)
      declare or pay any dividends or distributions on, or redeem, purchase, acquire
      or make a liquidation payment with respect to, any shares of the Company’s or
      the Guarantor’s Equity Interests, (ii) vote in favor of or permit or otherwise
      allow any of its respective Subsidiaries to declare or pay any dividends or
      distributions on, or redeem, purchase, acquire or make a liquidation payment
      with respect to or otherwise retire, any shares of any such Subsidiary’s
      preferred stock or other Equity Interests entitling the holders thereof to
      a
      stated rate of return, other than dividends or distributions on Equity Interests
      payable to the Guarantor, the Company or any Subsidiary thereof (for the
      avoidance of doubt, whether such preferred stock or other Equity Interests
      are
      perpetual or otherwise), or (iii) make any payment of principal of or any
      interest or premium on or repay, repurchase or redeem any debt securities of
      the
      Company or Guarantor that rank pari
      passu in
      all
      respects with or junior in interest to the Securities (other than (A)
      repurchases, redemptions or other acquisitions of shares of Equity Interests
      of
      the Company or Guarantor in connection with any employment contract, benefit
      plan or other similar arrangement with or for the benefit of any one or more
      employees, officers, directors or consultants, in connection with a dividend
      reinvestment or stockholder stock purchase plan or in connection with the
      issuance of Equity Interests of the Company or Guarantor (or securities
      convertible into or exercisable for such Equity Interests) as consideration
      in
      an acquisition transaction entered into prior to the applicable Event of
      Default, (B) as a result of an exchange or conversion of any class or series
      of
      the Company’s or the Guarantor’s Equity Interests (or any Equity Interests of a
      Subsidiary of the Company or Guarantor) for any class or series of the Company’s
      or the Guarantor’s Equity Interests or of any class or series of the Company’s
      or the Guarantor’s indebtedness for any class or series of the Company’s or the
      Guarantor’s Equity Interests, (C) the purchase of fractional interests in shares
      of the Company’s or the Guarantor’s Equity Interests pursuant to the conversion
      or exchange provisions of such Equity Interests or the security being converted
      or exchanged, (D) any declaration of a dividend in connection with any Rights
      Plan, the issuance of rights, stock or other property under any Rights Plan
      or
      the redemption or repurchase of rights pursuant thereto, or (E) any dividend
      in
      the form of Equity Interests, warrants, options or other rights where the
      dividend Equity Interest or the Equity Interest issuable upon exercise of such
      warrants, options or other rights is the same stock as that on which the
      dividend is being paid or rank pari
      passu with
      or
      junior to such Equity Interests).

     

    
      
        
        

      

      
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    (b) The
      Company also covenants with each Holder of Securities (i) to hold, directly
      or
      indirectly, one hundred percent (100%) of the Common Securities of the Trust,
      provided,
      that
      any permitted successor of the Company hereunder may succeed to the Company’s
      ownership of such Common Securities, (ii) as holder of such Common Securities,
      not to voluntarily dissolve, wind-up or liquidate the Trust other than (A)
      in
      connection with a distribution of the Securities to the holders of the Preferred
      Securities in liquidation of the Trust or (B) in connection with certain
      mergers, consolidations or amalgamations permitted by the Trust Agreement and
      (iii) to use its reasonable commercial efforts, consistent with the terms and
      provisions of the Trust Agreement, to cause the Trust to continue to be taxable
      as a grantor trust and not as a corporation for United States Federal income
      tax
      purposes.

     

    (c) The
      Guarantor agrees that the Guarantor will use its commercially reasonable efforts
      to meet the requirements to qualify as a REIT under Sections 856 through 860
      of
      the Code for the taxable year ending December 31, 2007, and unless and until
      the
      Board of Directors of the Guarantor determines that it is in the best interests
      of the Guarantor not to be organized as a REIT, the Guarantor will be organized
      in conformity with the requirements for qualification as a REIT under the
      Code.

     

    (d) The
      Surviving Entity shall notify in writing the Trustee and each holder of
      Securities of the occurrence of a Change of Control Event not more than twenty
      (20) Business Days following the occurrence thereof. 

     

    
      
        
        

      

      
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    SECTION
      10.7. Waiver
      of
      Covenants.

     

    The
      Company may omit in any particular instance to comply with any covenant or
      condition contained in Section
      10.6
      if,
      before or after the time for such compliance, the Holders of at least a majority
      in aggregate principal amount of the Outstanding Securities shall, by Act of
      such Holders, and at least a majority of the aggregate Liquidation Amount of
      the
      Preferred Securities then outstanding, by consent of such holders, either waive
      such compliance in such instance or generally waive compliance with such
      covenant or condition, but no such waiver shall extend to or affect such
      covenant or condition except to the extent so expressly waived, and, until
      such
      waiver shall become effective, the obligations of the Company in respect of
      any
      such covenant or condition shall remain in full force and effect.

     

    SECTION
      10.8. Treatment
      of Securities.

     

    The
      Company will treat the Securities as indebtedness, and the amounts, other than
      payments of principal, payable in respect of the principal amount of such
      Securities as interest, for all U.S. federal income tax purposes. All payments
      in respect of the Securities will be made free and clear of U.S. withholding
      tax
      to any beneficial owner thereof that has provided an Internal Revenue Service
      Form W-9 or W-8BEN (or any substitute or successor form) establishing its U.S.
      or non-U.S. status for U.S. federal income tax purposes and establishing that
      no
      withholding is required for U.S. federal income tax purposes, or any other
      applicable form establishing an exemption from U.S. withholding
      tax.

     

    ARTICLE
      XI

     

    Redemption
      of Securities

     

    SECTION
      11.1. Optional
      Redemption.

     

    The
      Company may, at its option, on any Interest Payment Date, on or after the
      earlier to occur of (i) a Change of Control Event or (ii) July 30, 2012, redeem
      the Securities in whole at any time or in part from time to time, at a
      Redemption Price equal to one hundred percent (100%) of the principal amount
      thereof (or of the redeemed portion thereof, as applicable), together, in the
      case of any such redemption, with accrued interest, including any Additional
      Interest, to but excluding the date fixed for redemption.

     

    SECTION
      11.2. Special
      Event Redemption.

     

    Upon
      the
      occurrence and during the continuation of a Special Event, the Company may,
      at
      its option, redeem the Securities, in whole but not in part, at a redemption
      price equal to one hundred five percent (105%) of the principal amount thereof,
      together, in the case of any such redemption, with accrued interest, including
      any Additional Interest, to but excluding the date fixed for redemption (the
      “Special Event Redemption Price”).

     

    
      
        
        

      

      
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    SECTION
      11.3. Election
      to Redeem; Notice to Trustee.

     

    The
      election of the Company to redeem any Securities, in whole or in part, shall
      be
      evidenced by or pursuant to a Board Resolution. In case of any redemption at
      the
      election of the Company, the Company shall, not less than thirty (30) days
      and
      not more than sixty (60) days prior to the Redemption Date (unless a shorter
      notice shall be satisfactory to the Trustee), notify the Trustee and the
      Property Trustee under the Trust Agreement in writing of such date and of the
      principal amount of the Securities to be redeemed and provide the additional
      information required to be included in the notice or notices contemplated by
      Section
      11.5.
      In the
      case of any redemption of Securities, in whole or in part, (a) prior to the
      expiration of any restriction on such redemption provided in this Indenture
      or
      the Securities or (b) pursuant to an election of the Company which is subject
      to
      a condition specified in this Indenture or the Securities, the Company shall
      furnish the Trustee with an Officer’s Certificate and an Opinion of Counsel
      evidencing compliance with such restriction or condition.

     

    SECTION
      11.4. Selection
      of Securities to be Redeemed.

     

    (a) If
      less
      than all the Securities are to be redeemed, the particular Securities to be
      redeemed shall be selected and redeemed on a pro rata basis not more than sixty
      (60) days prior to the Redemption Date by the Trustee from the Outstanding
      Securities not previously called for redemption, provided,
      that
      the unredeemed portion of the principal amount of any Security shall be in
      an
      authorized denomination (which shall not be less than the minimum authorized
      denomination) for such Security.

     

    (b) The
      Trustee shall promptly notify the Company in writing of the Securities selected
      for redemption and, in the case of any Securities selected for partial
      redemption, the principal amount thereof to be redeemed. For all purposes of
      this Indenture, unless the context otherwise requires, all provisions relating
      to the redemption of Securities shall relate, in the case of any Security
      redeemed or to be redeemed only in part, to the portion of the principal amount
      of such Security that has been or is to be redeemed.

     

    (c) The
      provisions of paragraphs (a) and (b) of this Section
      11.4
      shall
      not apply with respect to any redemption affecting only a single Security,
      whether such Security is to be redeemed in whole or in part. In the case of
      any
      such redemption in part, the unredeemed portion of the principal amount of
      the
      Security shall be in an authorized denomination (which shall not be less than
      the minimum authorized denomination) for such Security.

     

    SECTION
      11.5. Notice
      of
      Redemption.

     

    (a) Notice
      of
      redemption shall be given not later than the thirtieth (30th) day, and not
      earlier than the sixtieth (60th) day, prior to the Redemption Date to each
      Holder of Securities to be redeemed, in whole or in part (unless a shorter
      notice shall be satisfactory to the Property Trustee under the related Trust
      Agreement).

     

    (b) With
      respect to Securities to be redeemed, in whole or in part, each notice of
      redemption shall state:

     

    (i) the
      Redemption Date;

     

    
      
        
        

      

      
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    (ii) the
      Redemption Price or, if the Redemption Price cannot be calculated prior to
      the
      time the notice is required to be sent, the estimate of the Redemption Price,
      as
      calculated by the Company, together with a statement that it is an estimate
      and
      that the actual Redemption Price will be calculated on the fifth Business Day
      prior to the Redemption Date (and if an estimate is provided, a further notice
      shall be sent of the actual Redemption Price on the date that such Redemption
      Price is calculated);

     

    (iii) if
      less
      than all Outstanding Securities are to be redeemed, the identification (and,
      in
      the case of partial redemption, the respective principal amounts) of the
      particular Securities to be redeemed;

     

    (iv) that
      on
      the Redemption Date, the Redemption Price will become due and payable upon
      each
      such Security or portion thereof, and that any interest (including any
      Additional Interest) on such Security or such portion, as the case may be,
      shall
      cease to accrue on and after said date; and

     

    (v) the
      place
      or places where such Securities are to be surrendered for payment of the
      Redemption Price.

     

    (c) Notice
      of
      redemption of Securities to be redeemed, in whole or in part, at the election
      of
      the Company shall be given by the Company or, at the Company’s request, by the
      Trustee in the name and at the expense of the Company and shall be irrevocable.
      The notice if mailed in the manner provided above shall be conclusively presumed
      to have been duly given, whether or not the Holder receives such notice. In
      any
      case, a failure to give such notice by mail or any defect in the notice to
      the
      Holder of any Security designated for redemption as a whole or in part shall
      not
      affect the validity of the proceedings for the redemption of any other
      Security.

     

    SECTION
      11.6. Deposit
      of Redemption Price.

     

    Prior
      to
      10:00 a.m., New York City time, on the Redemption Date specified in the notice
      of redemption given as provided in Section
      11.5,
      the
      Company will deposit with the Trustee or with one or more Paying Agents (or
      if
      the Company is acting as its own Paying Agent, the Company will segregate and
      hold in trust as provided in Section
      10.2)
      an
      amount of money sufficient to pay the Redemption Price of, and any accrued
      interest (including any Additional Interest) on, all the Securities (or portions
      thereof) that are to be redeemed on that date.

     

    SECTION
      11.7. Payment
      of Securities Called for Redemption.

     

    (a) If
      any
      notice of redemption has been given as provided in Section
      11.5,
      the
      Securities or portion of Securities with respect to which such notice has been
      given shall become due and payable on the date and at the place or places stated
      in such notice at the applicable Redemption Price, together with accrued
      interest (including any Additional Interest) to the Redemption Date. On
      presentation and surrender of such Securities at a Place of Payment specified
      in
      such notice, the Securities or the specified portions thereof shall be paid
      and
      redeemed by the Company at the applicable Redemption Price, together with
      accrued interest (including any Additional Interest) to the Redemption
      Date.

     

    
      
        
        

      

      
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    (b) Upon
      presentation of any Security redeemed in part only, the Company shall execute
      and upon receipt thereof the Trustee shall authenticate and deliver to the
      Holder thereof, at the expense of the Company, a new Security or Securities,
      of
      authorized denominations, in aggregate principal amount equal to the unredeemed
      portion of the Security so presented and having the same Original Issue Date,
      Stated Maturity and terms.

     

    (c) If
      any
      Security called for redemption shall not be so paid upon surrender thereof
      for
      redemption, the principal of and any premium on such Security shall, until
      paid,
      bear interest from the Redemption Date at the rate prescribed therefor in the
      Security.

     

    ARTICLE
      XII

     

    Subordination
      of Securities

     

    SECTION
      12.1. Securities
      Subordinate to Senior Debt of the Company.

     

    The
      Company covenants and agrees, and each Holder of a Security, by its acceptance
      thereof, likewise covenants and agrees, that, to the extent and in the manner
      hereinafter set forth in this Article
      XII,
      the
      payment of the principal of and any premium and interest (including any
      Additional Interest) on each and all of the Securities are hereby expressly
      made
      subordinate and subject in right of payment to the prior payment in full of
      all
      Senior Debt of the Company. Notwithstanding anything herein to the contrary,
      the
      Securities shall be senior to the trade debt of the Company incurred in the
      ordinary course of business.

     

    SECTION
      12.2. No
      Payment When Senior Debt of the Company in Default; Payment Over of Proceeds
      Upon Dissolution, Etc.

     

    (a) In
      the
      event and during the continuation of any default by the Company in the payment
      of any principal of or any premium or interest on any Senior Debt of the Company
      (following any grace period, if applicable) when the same becomes due and
      payable, whether at maturity or at a date fixed for prepayment or by declaration
      of acceleration or otherwise, then, upon written notice of such default to
      the
      Company by the holders of such Senior Debt of the Company or any trustee
      therefor, unless and until such default shall have been cured or waived or
      shall
      have ceased to exist, no direct or indirect payment (in cash, property,
      securities, by set-off or otherwise) shall be made or agreed to be made on
      account of the principal of or any premium or interest (including any Additional
      Interest) on any of the Securities, or in respect of any redemption, repayment,
      retirement, purchase or other acquisition of any of the Securities.

     

    (b) In
      the
      event of a bankruptcy, insolvency or other proceeding described in clause (d)
      or
      (e) of the definition of Event of Default (each such event, if any, herein
      sometimes referred to as a “Proceeding”),
      all
      Senior Debt of the Company (including any interest thereon accruing after the
      commencement of any such proceedings) shall first be paid in full before any
      payment or distribution, whether in cash, securities or other property, shall
      be
      made to any Holder of any of the Securities on account thereof. Any payment
      or
      distribution, whether in cash, securities or other property (other than
      securities of the Company or any other entity provided for by a plan of
      reorganization or readjustment the payment of which is subordinate, at least
      to
      the extent provided in these subordination provisions with respect to the
      indebtedness evidenced by the Securities, to the payment of all Senior Debt
      of
      the Company at the time outstanding and to any securities issued in respect
      thereof under any such plan of reorganization or readjustment), which would
      otherwise (but for these subordination provisions) be payable or deliverable
      in
      respect of the Securities shall be paid or delivered directly to the holders
      of
      Senior Debt of the Company in accordance with the priorities then existing
      among
      such holders until all Senior Debt of the Company (including any interest
      thereon accruing after the commencement of any Proceeding) shall have been
      paid
      in full.

     

    
      
        
        

      

      
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    (c) In
      the
      event of any Proceeding, after payment in full of all sums owing with respect
      to
      Senior Debt of the Company, the Holders of the Securities, together with the
      holders of any obligations of the Company ranking on a parity with the
      Securities, shall be entitled to be paid from the remaining assets of the
      Company the amounts at the time due and owing on account of unpaid principal
      of
      and premium, if any, and interest (including any Additional Interest) on the
      Securities and such other obligations before any payment or other distribution,
      whether in cash, property or otherwise, shall be made on account of any Equity
      Interests or any obligations of the Company ranking junior to the Securities
      and
      such other obligations. If, notwithstanding the foregoing, any payment or
      distribution of any character or any security, whether in cash, securities
      or
      other property (other than securities of the Company or any other entity
      provided for by a plan of reorganization or readjustment the payment of which
      is
      subordinate, at least to the extent provided in these subordination provisions
      with respect to the indebtedness evidenced by the Securities, to the payment
      of
      all Senior Debt of the Company at the time outstanding and to any securities
      issued in respect thereof under any such plan of reorganization or readjustment)
      shall be received by the Trustee or any Holder in contravention of any of the
      terms hereof and before all Senior Debt of the Company shall have been paid
      in
      full, such payment or distribution or security shall be received in trust for
      the benefit of, and shall be paid over or delivered and transferred to, the
      holders of the Senior Debt of the Company at the time outstanding in accordance
      with the priorities then existing among such holders for application to the
      payment of all Senior Debt of the Company remaining unpaid, to the extent
      necessary to pay all such Senior Debt of the Company (including any interest
      thereon accruing after the commencement of any Proceeding) in full. In the
      event
      of the failure of the Trustee or any Holder to endorse or assign any such
      payment, distribution or security, each holder of Senior Debt of the Company
      is
      hereby irrevocably authorized to endorse or assign the same.

     

    (d) The
      Trustee and the Holders, at the expense of the Company, shall take such
      reasonable action (including the delivery of this Indenture to an agent for
      any
      holders of Senior Debt of the Company or consent to the filing of a financing
      statement with respect hereto) as may, in the opinion of counsel designated
      by
      the holders of a majority in principal amount of the Senior Debt of the Company
      at the time outstanding, be necessary or appropriate to assure the effectiveness
      of the subordination effected by these provisions.

     

    (e) The
      provisions of this Section
      12.2
      shall
      not impair any rights, interests, remedies or powers of any secured creditor
      of
      the Company in respect of any security interest the creation of which is not
      prohibited by the provisions of this Indenture.

     

    
      
        
        

      

      
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    (f) The
      securing of any obligations of the Company, otherwise ranking on a parity with
      the Securities or ranking junior to the Securities, shall not be deemed to
      prevent such obligations from constituting, respectively, obligations ranking
      on
      a parity with the Securities or ranking junior to the Securities.

     

    SECTION
      12.3. Payment
      Permitted If No Default.

     

    Nothing
      contained in this Article
      XII
      or
      elsewhere in this Indenture or in any of the Securities shall prevent (a) the
      Company, at any time, except during the pendency of the conditions described
      in
      paragraph (a) of Section
      12.2
      or of
      any Proceeding referred to in Section 12.2,
      from
      making payments at any time of principal of and any premium or interest
      (including any Additional Interest) on the Securities or (b) the application
      by
      the Trustee of any moneys deposited with it hereunder to the payment of or
      on
      account of the principal of and any premium or interest (including any
      Additional Interest) on the Securities or the retention of such payment by
      the
      Holders, if, at the time of such application by the Trustee, it did not have
      knowledge (in accordance with Section
      12.8)
      that
      such payment would have been prohibited by the provisions of this Article
      XII,
      except
      as provided in Section
      12.8.

     

    SECTION
      12.4. Subrogation
      to Rights of Holders of Senior Debt of the Company.

     

    Subject
      to the payment in full of all amounts due or to become due on all Senior Debt
      of
      the Company, or the provision for such payment in cash or cash equivalents
      or
      otherwise in a manner satisfactory to the holders of Senior Debt of the Company,
      the Holders of the Securities shall be subrogated to the extent of the payments
      or distributions made to the holders of such Senior Debt of the Company pursuant
      to the provisions of this Article
      XII
      (equally
      and ratably with the holders of all indebtedness of the Company that by its
      express terms is subordinated to Senior Debt of the Company to substantially
      the
      same extent as the Securities are subordinated to the Senior Debt of the Company
      and is entitled to like rights of subrogation by reason of any payments or
      distributions made to holders of such Senior Debt of the Company) to the rights
      of the holders of such Senior Debt of the Company to receive payments and
      distributions of cash, property and securities applicable to the Senior Debt
      of
      the Company until the principal of and any premium and interest (including
      any
      Additional Interest) on the Securities shall be paid in full. For purposes
      of
      such subrogation, no payments or distributions to the holders of the Senior
      Debt
      of the Company of any cash, property or securities to which the Holders of
      the
      Securities or the Trustee would be entitled except for the provisions of this
      Article
      XII,
      and no
      payments made pursuant to the provisions of this Article
      XII
      to the
      holders of Senior Debt of the Company by Holders of the Securities or the
      Trustee, shall, as among the Company, its creditors other than holders of Senior
      Debt of the Company, and the Holders of the Securities, be deemed to be a
      payment or distribution by the Company to or on account of the Senior Debt
      of
      the Company.

     

    SECTION
      12.5. Provisions
      Solely to Define Relative Rights.

     

    The
      provisions of this Article
      XII
      are and
      are intended solely for the purpose of defining the relative rights of the
      Holders of the Securities on the one hand and the holders of Senior Debt of
      the
      Company on the other hand. Nothing contained in this Article
      XII
      or
      elsewhere in this Indenture or in the Securities is intended to or shall (a)
      impair, as between the Company and the Holders of the Securities, the
      obligations of the Company, which are absolute and unconditional, to pay to
      the
      Holders of the Securities the principal of and any premium and interest
      (including any Additional Interest) on the Securities as and when the same
      shall
      become due and payable in accordance with their terms, (b) affect the relative
      rights against the Company of the Holders of the Securities and creditors of
      the
      Company other than their rights in relation to the holders of Senior Debt of
      the
      Company or (c) prevent the Trustee or the Holder of any Security (or to the
      extent expressly provided herein, the holder of any Preferred Security) from
      exercising all remedies otherwise permitted by applicable law upon default
      under
      this Indenture, including filing and voting claims in any Proceeding, subject
      to
      the rights, if any, under this Article
      XII
      of the
      holders of Senior Debt of the Company to receive cash, property and securities
      otherwise payable or deliverable to the Trustee or such Holder.

     

    
      
        
        

      

      
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    SECTION
      12.6. Trustee
      to Effectuate Subordination.

     

    Each
      Holder of a Security by his or her acceptance thereof authorizes and directs
      the
      Trustee on his or her behalf to take such action as may be necessary or
      appropriate to acknowledge or effectuate the subordination provided in this
      Article
      XII
      and
      appoints the Trustee his or her attorney-in-fact for any and all such
      purposes.

     

    SECTION
      12.7. No
      Waiver
      of Subordination Provisions.

     

    (a) No
      right
      of any present or future holder of any Senior Debt of the Company to enforce
      subordination as herein provided shall at any time in any way be prejudiced
      or
      impaired by any act or failure to act on the part of the Company or by any
      act
      or failure to act, in good faith, by any such holder, or by any noncompliance
      by
      the Company with the terms, provisions and covenants of this Indenture,
      regardless of any knowledge thereof that any such holder may have or be
      otherwise charged with.

     

    (b) Without
      in any way limiting the generality of paragraph (a) of this Section
      12.7,
      the
      holders of Senior Debt of the Company may, at any time and from to time, without
      the consent of or notice to the Trustee or the Holders of the Securities,
      without incurring responsibility to such Holders of the Securities and without
      impairing or releasing the subordination provided in this Article
      XII
      or the
      obligations hereunder of such Holders of the Securities to the holders of Senior
      Debt of the Company, do any one or more of the following: (i) change the manner,
      place or terms of payment or extend the time of payment of, or renew or alter,
      Senior Debt of the Company, or otherwise amend or supplement in any manner
      Senior Debt of the Company or any instrument evidencing the same or any
      agreement under which Senior Debt of the Company is outstanding, (ii) sell,
      exchange, release or otherwise deal with any property pledged, mortgaged or
      otherwise securing Senior Debt of the Company, (iii) release any Person liable
      in any manner for the payment of Senior Debt of the Company and (iv) exercise
      or
      refrain from exercising any rights against the Company and any other
      Person.

     

    SECTION
      12.8. Notice
      to
      Trustee.

     

    (a) The
      Company shall give prompt written notice to a Responsible Officer of the Trustee
      of any fact known to the Company that would prohibit the making of any payment
      to or by the Trustee in respect of the Securities. Notwithstanding the
      provisions of this Article
      XII
      or any
      other provision of this Indenture, the Trustee shall not be charged with
      knowledge of the existence of any facts that would prohibit the making of any
      payment to or by the Trustee in respect of the Securities, unless and until
      a
      Responsible Officer of the Trustee shall have received written notice thereof
      from the Company or a holder of Senior Debt of the Company or from any trustee,
      agent or representative therefor; provided,
      that if
      the Trustee shall not have received the notice provided for in this Section
      12.8
      at least
      two Business Days prior to the date upon which by the terms hereof any monies
      may become payable for any purpose (including, the payment of the principal
      of
      and any premium on or interest (including any Additional Interest) on any
      Security), then, anything herein contained to the contrary notwithstanding,
      the
      Trustee shall have full power and authority to receive such monies and to apply
      the same to the purpose for which they were received and shall not be affected
      by any notice to the contrary that may be received by it within two Business
      Days prior to such date.

     

    
      
        
        

      

      
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    (b) The
      Trustee shall be entitled to rely on the delivery to it of a written notice
      by a
      Person representing himself or herself to be a holder of Senior Debt of the
      Company (or a trustee, agent, representative or attorney-in-fact therefor)
      to
      establish that such notice has been given by a holder of Senior Debt of the
      Company (or a trustee, agent, representative or attorney-in-fact therefor).
      With
      respect to any Senior Debt that is a syndicated loan, all rights of the holders
      of such Senior Debt (including, without limitation, the rights to give and
      receive notices) may be taken or exercised on behalf of the holders of such
      Senior Debt by an administrative agent for such holders or an equivalent party
      to the extent set forth therein. In the event that the Trustee determines in
      good faith that further evidence is required with respect to the right of any
      Person as a holder of Senior Debt of the Company to participate in any payment
      or distribution pursuant to this Article
      XII,
      the
      Trustee may request such Person to furnish evidence to the reasonable
      satisfaction of the Trustee as to the amount of Senior Debt of the Company
      held
      by such Person, the extent to which such Person is entitled to participate
      in
      such payment or distribution and any other facts pertinent to the rights of
      such
      Person under this Article
      XII,
      and if
      such evidence is not furnished, the Trustee may defer any payment to such Person
      pending judicial determination as to the right of such Person to receive such
      payment.

     

    SECTION
      12.9. Reliance
      on Judicial Order or Certificate of Liquidating Agent.

     

    Upon
      any
      payment or distribution of assets of the Company referred to in this
Article
      XII,
      the
      Trustee and the Holders of the Securities shall be entitled to conclusively
      rely
      upon any order or decree entered by any court of competent jurisdiction in
      which
      such Proceeding is pending, or a certificate of the trustee in bankruptcy,
      receiver, liquidating trustee, custodian, assignee for the benefit of creditors,
      agent or other Person making such payment or distribution, delivered to the
      Trustee or to the Holders of Securities, for the purpose of ascertaining the
      Persons entitled to participate in such payment or distribution, the holders
      of
      the Senior Debt of the Company and other indebtedness of the Company, the amount
      thereof or payable thereon, the amount or amounts paid or distributed thereon
      and all other facts pertinent thereto or to this Article
      XII.

     

    SECTION
      12.10. Trustee
      Not Fiduciary for Holders of Senior Debt of the Company.

     

    The
      Trustee, in its capacity as trustee under this Indenture, shall not owe or
      be
      deemed to owe any fiduciary duty to the holders of Senior Debt of the Company
      and shall not be liable to any such holders if it shall in good faith mistakenly
      pay over or distribute to Holders of Securities or to the Company or to any
      other Person cash, property or securities to which any holders of Senior Debt
      of
      the Company shall be entitled by virtue of this Article
      XII
      or
      otherwise.

     

    
      
        
        

      

      
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    SECTION
      12.11. Rights
      of
      Trustee as Holder of Senior Debt of the Company; Preservation of Trustee’s
      Rights.

     

    The
      Trustee in its individual capacity shall be entitled to all the rights set
      forth
      in this Article
      XII
      with
      respect to any Senior Debt of the Company that may at any time be held by it,
      to
      the same extent as any other holder of Senior Debt of the Company, and nothing
      in this Indenture shall deprive the Trustee of any of its rights as such holder.
      With respect to the holders of Senior Debt of the Company, the Trustee
      undertakes to perform only such of its obligations as are specifically set
      forth
      in this Article XII, and no implied covenants or obligations with respect to
      the
      holders of such Senior Debt of the Company shall be read into this Indenture
      against the Trustee. Nothing in this Article XII shall apply to claims of,
      or
      payments to, the Trustee under or pursuant to Section 6.6.

     

    SECTION
      12.12. Article
      Applicable to Paying Agents.

     

    If
      at any
      time any Paying Agent other than the Trustee shall have been appointed by the
      Company and be then acting hereunder, the term “Trustee”
as
      used
      in this Article
      XII
      shall in
      such case (unless the context otherwise requires) be construed as extending
      to
      and including such Paying Agent within its meaning as fully for all intents
      and
      purposes as if such Paying Agent were named in this Article
      XII
      in
      addition to or in place of the Trustee; provided,
      that
Sections 12.8
      and
12.11
      shall
      not apply to the Company or any Affiliate of the Company if the Company or
      such
      Affiliate acts as Paying Agent.

     

    ARTICLE
      XIII

     

    Guarantee

     

    SECTION
      13.1. The
      Guarantee.

     

    The
      Guarantor hereby fully, unconditionally and irrevocably guarantees to each
      holder of a Security authenticated and delivered by the Trustee the due and
      punctual payment of the principal of and premium, if any, and interest
      (including Additional Interest) on such Security, when and as the same shall
      become due and payable, whether at maturity, by acceleration, upon redemption
      or
      otherwise, in accordance with the terms of such Security and this Indenture,
      as
      well as the due and punctual performance of all other obligations contained
      in
      the Securities and this Indenture. In case of the failure of the Company to
      punctually pay its obligations on any Security, the Guarantor hereby agrees
      to
      cause any such payment to be made punctually when and as the same shall become
      due and payable, whether at maturity, by acceleration, upon redemption or
      otherwise, and as if such payment were made by the Company.

     

    SECTION
      13.2. Guarantee
      Unconditional, etc.

     

    The
      Guarantor hereby agrees that it shall be liable as principal and as debtor
      hereunder with respect to its obligations under this Article. This Article
      creates a guarantee of payment and not of collection on the part of the
      Guarantor. The Guarantor’s obligations hereunder shall be absolute, irrevocable
      and unconditional, irrespective of, and shall be unaffected by, any invalidity,
      irregularity or unenforceability of any Security or this Indenture, any failure
      to enforce the provisions of any Security or this Indenture, or any waiver,
      modification, consent or indulgence granted with respect thereto by the holder
      of such Security or the Trustee, the recovery of any judgment against the
      Company or any action to enforce the same, or any other circumstances which
      may
      otherwise constitute a legal or equitable discharge of a surety or guarantor.
      The Guarantor hereby waives diligence, presentment, demand of payment, filing
      of
      claims with a court in the event of merger, insolvency or bankruptcy of the
      Company, any right to require a proceeding first against the Company, protest
      or
      notice with respect to any such Security or the indebtedness evidenced thereby
      and all demands whatsoever, and covenants that this Guarantee will not be
      discharged except by payment in full of the principal of and premium, if any,
      and interest (including Additional Interest) on the Securities and the complete
      performance of all other obligations contained in the Securities and this
      Indenture. The Guarantor further agrees, to the fullest extent that it lawfully
      may do so, that, as between the Guarantor, on the one hand, and the Holders
      and
      the Trustee, on the other hand, the maturity of the Securities shall or may,
      as
      the case may be, be accelerated as provided in this Indenture for purposes
      of
      the Guarantor’s obligations under this Guarantee, notwithstanding any stay,
      injunction or prohibition existing under any bankruptcy, insolvency,
      reorganization or other similar law of any jurisdiction preventing such
      acceleration in respect of the obligations guaranteed hereby.

     

    
      
        
        

      

      
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    SECTION
      13.3. Reinstatement.

     

    This
      Guarantee shall continue to be effective or be reinstated, as the case may
      be,
      if at any time a payment in respect of any Security, in whole or in part, is
      rescinded or must otherwise be restored to the Company or the Guarantor upon
      the
      bankruptcy, liquidation or reorganization of the Company or
      otherwise.

     

    SECTION
      13.4. Subrogation.

     

    The
      Guarantor shall be subrogated to all rights of the Holder of any Security
      against the Company in respect of any amounts paid to such Holder by the
      Guarantor pursuant to the provisions of this Guarantee; provided,
      however,
      that
      the Guarantor shall not be entitled to enforce, or to receive any payments
      arising out of or based upon, such right of subrogation as a result of payment
      under this Guarantee, if, after giving effect to any such payment, any amounts
      are due and unpaid under this Guarantee. If any amount shall be paid to the
      Guarantor in violation of the preceding sentence, the Guarantor agrees to hold
      such amount in trust for the Holders and to pay such amount to the
      Holders.

     

    
      
        
        

      

      
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    ARTICLE
      XIV

     

    Subordination
      of Guarantee

     

    SECTION
      14.1. Securities
      Subordinate to Senior Debt of the Guarantor.

     

    The
      Guarantor covenants and agrees, and each Holder of a Security, by its acceptance
      thereof, likewise covenants and agrees, that, to the extent and in the manner
      hereinafter set forth in this Article
      XIV,
      the
      payment of the principal of and any premium and interest (including any
      Additional Interest) on each and all of the Securities are hereby expressly
      made
      subordinate and subject in right of payment to the prior payment in full of
      all
      Senior Debt of the Guarantor. Notwithstanding anything herein to the contrary,
      the guarantee of the Securities shall be senior to the trade debt of the
      Guarantor incurred in the ordinary course of business.

     

    SECTION
      14.2. No
      Payment When Senior Debt of the Guarantor in Default; Payment Over of Proceeds
      Upon Dissolution, Etc.

     

    (a) In
      the
      event and during the continuation of any default by the Guarantor in the payment
      of any principal of or any premium or interest on any Senior Debt of the
      Guarantor (following any grace period, if applicable) when the same becomes
      due
      and payable, whether at maturity or at a date fixed for prepayment or by
      declaration of acceleration or otherwise, then, upon written notice of such
      default to the Guarantor by the holders of such Senior Debt of the Guarantor
      or
      any trustee therefor, unless and until such default shall have been cured or
      waived or shall have ceased to exist, no direct or indirect payment (in cash,
      property, securities, by set-off or otherwise) shall be made or agreed to be
      made on account of the principal of or any premium or interest (including any
      Additional Interest) on any of the Securities, or in respect of any redemption,
      repayment, retirement, purchase or other acquisition of any of the
      Securities.

     

    (b) In
      the
      event of a bankruptcy, insolvency or other proceeding described in clause (d)
      or
      (e) of the definition of Event of Default (each such event, if any, herein
      sometimes referred to as a “Proceeding”),
      all
      Senior Debt of the Guarantor (including any interest thereon accruing after
      the
      commencement of any such proceedings) shall first be paid in full before any
      payment or distribution, whether in cash, securities or other property, shall
      be
      made to any Holder of any of the Securities on account thereof. Any payment
      or
      distribution, whether in cash, securities or other property (other than
      securities of the Guarantor or any other entity provided for by a plan of
      reorganization or readjustment the payment of which is subordinate, at least
      to
      the extent provided in these subordination provisions with respect to the
      indebtedness evidenced by the Securities, to the payment of all Senior Debt
      of
      the Guarantor at the time outstanding and to any securities issued in respect
      thereof under any such plan of reorganization or readjustment), which would
      otherwise (but for these subordination provisions) be payable or deliverable
      in
      respect of the Securities shall be paid or delivered directly to the holders
      of
      Senior Debt of the Guarantor in accordance with the priorities then existing
      among such holders until all Senior Debt of the Guarantor (including any
      interest thereon accruing after the commencement of any Proceeding) shall have
      been paid in full.

     

    (c) In
      the
      event of any Proceeding, after payment in full of all sums owing with respect
      to
      Senior Debt of the Guarantor, the Holders of the Securities, together with
      the
      holders of any obligations of the Guarantor ranking on a parity with the
      Securities, shall be entitled to be paid from the remaining assets of the
      Guarantor the amounts at the time due and owing on account of unpaid principal
      of and any premium and interest (including any Additional Interest) on the
      Securities and such other obligations before any payment or other distribution,
      whether in cash, property or otherwise, shall be made on account of any capital
      stock or any obligations of the Guarantor ranking junior to the Securities
      and
      such other obligations. If, notwithstanding the foregoing, any payment or
      distribution of any character or any security, whether in cash, securities
      or
      other property (other than securities of the Guarantor or any other entity
      provided for by a plan of reorganization or readjustment the payment of which
      is
      subordinate, at least to the extent provided in these subordination provisions
      with respect to the indebtedness evidenced by the Securities, to the payment
      of
      all Senior Debt of the Guarantor at the time outstanding and to any securities
      issued in respect thereof under any such plan of reorganization or readjustment)
      shall be received by the Trustee or any Holder in contravention of any of the
      terms hereof and before all Senior Debt of the Guarantor shall have been paid
      in
      full, such payment or distribution or security shall be received in trust for
      the benefit of, and shall be paid over or delivered and transferred to, the
      holders of the Senior Debt of the Guarantor at the time outstanding in
      accordance with the priorities then existing among such holders for application
      to the payment of all Senior Debt of the Guarantor remaining unpaid, to the
      extent necessary to pay all such Senior Debt of the Guarantor (including any
      interest thereon accruing after the commencement of any Proceeding) in full.
      In
      the event of the failure of the Trustee or any Holder to endorse or assign
      any
      such payment, distribution or security, each holder of Senior Debt of the
      Guarantor is hereby irrevocably authorized to endorse or assign the
      same.

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

     

    (d) The
      Trustee and the Holders, at the expense of the Guarantor, shall take such
      reasonable action (including the delivery of this Indenture to an agent for
      any
      holders of Senior Debt of the Guarantor or consent to the filing of a financing
      statement with respect hereto) as may, in the opinion of counsel designated
      by
      the holders of a majority in principal amount of the Senior Debt of the
      Guarantor at the time outstanding, be necessary or appropriate to assure the
      effectiveness of the subordination effected by these provisions.

     

    (e) The
      provisions of this Section
      14.2
      shall
      not impair any rights, interests, remedies or powers of any secured creditor
      of
      the Guarantor in respect of any security interest the creation of which is
      not
      prohibited by the provisions of this Indenture.

     

    (f) The
      securing of any obligations of the Guarantor, otherwise ranking on a parity
      with
      the Securities or ranking junior to the Securities, shall not be deemed to
      prevent such obligations from constituting, respectively, obligations ranking
      on
      a parity with the Securities or ranking junior to the Securities.

     

    SECTION
      14.3. Payment
      Permitted If No Default.

     

    Nothing
      contained in this Article
      XIV
      or
      elsewhere in this Indenture or in any of the Securities shall prevent (a) the
      Guarantor, at any time, except during the pendency of the conditions described
      in paragraph (a) of Section
      14.2
      or of
      any Proceeding referred to in Section 14.2,
      from
      making payments at any time of principal of and any premium or interest
      (including any Additional Interest) on the Securities or (b) the application
      by
      the Trustee of any moneys deposited with it hereunder to the payment of or
      on
      account of the principal of and any premium or interest (including any
      Additional Interest) on the Securities or the retention of such payment by
      the
      Holders, if, at the time of such application by the Trustee, it did not have
      knowledge (in accordance with Section
      14.8)
      that
      such payment would have been prohibited by the provisions of this Article
      XIV,
      except
      as provided in Section
      14.8.

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

     

    SECTION
      14.4. Subrogation
      to Rights of Holders of Senior Debt of the Guarantor.

     

    Subject
      to the payment in full of all amounts due or to become due on all Senior Debt
      of
      the Guarantor, or the provision for such payment in cash or cash equivalents
      or
      otherwise in a manner satisfactory to the holders of Senior Debt of the
      Guarantor, the Holders of the Securities shall be subrogated to the extent
      of
      the payments or distributions made to the holders of such Senior Debt of the
      Guarantor pursuant to the provisions of this Article
      XIV
      (equally
      and ratably with the holders of all indebtedness of the Guarantor that by its
      express terms is subordinated to Senior Debt of the Guarantor to substantially
      the same extent as the Securities are subordinated to the Senior Debt of the
      Guarantor and is entitled to like rights of subrogation by reason of any
      payments or distributions made to holders of such Senior Debt of the Guarantor)
      to the rights of the holders of such Senior Debt of the Guarantor to receive
      payments and distributions of cash, property and securities applicable to the
      Senior Debt of the Guarantor until the principal of and any premium and interest
      (including any Additional Interest) on the Securities shall be paid in full.
      For
      purposes of such subrogation, no payments or distributions to the holders of
      the
      Senior Debt of the Guarantor of any cash, property or securities to which the
      Holders of the Securities or the Trustee would be entitled except for the
      provisions of this Article
      XIV,
      and no
      payments made pursuant to the provisions of this Article
      XIV
      to the
      holders of Senior Debt of the Guarantor by Holders of the Securities or the
      Trustee, shall, as among the Guarantor, its creditors other than holders of
      Senior Debt of the Guarantor, and the Holders of the Securities, be deemed
      to be
      a payment or distribution by the Guarantor to or on account of the Senior Debt
      of the Guarantor.

     

    SECTION
      14.5. Provisions
      Solely to Define Relative Rights.

     

    The
      provisions of this Article
      XIV
      are
      intended solely for the purpose of defining the relative rights of the Holders
      of the Securities on the one hand and the holders of Senior Debt of the
      Guarantor on the other hand. Nothing contained in this Article
      XIV
      or
      elsewhere in this Indenture or in the Securities is intended to or shall (a)
      impair, as between the Guarantor and the Holders of the Securities, the
      obligations of the Guarantor, which are absolute and unconditional, to pay
      to
      the Holders of the Securities the principal of and any premium and interest
      (including any Additional Interest) on the Securities as and when the same
      shall
      become due and payable in accordance with their terms, (b) affect the relative
      rights against the Guarantor of the Holders of the Securities and creditors
      of
      the Guarantor other than their rights in relation to the holders of Senior
      Debt
      of the Guarantor or (c) prevent the Trustee or the Holder of any Security (or
      to
      the extent expressly provided herein, the holder of any Preferred Security)
      from
      exercising all remedies otherwise permitted by applicable law upon default
      under
      this Indenture, including filing and voting claims in any Proceeding, subject
      to
      the rights, if any, under this Article
      XIV
      of the
      holders of Senior Debt of the Guarantor to receive cash, property and securities
      otherwise payable or deliverable to the Trustee or such Holder.

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

     

    SECTION
      14.6. Trustee
      to Effectuate Subordination.

     

    Each
      Holder of a Security by such Holder’s acceptance thereof authorizes and directs
      the Trustee on such Holder’s behalf to take such action as may be necessary or
      appropriate to acknowledge or effectuate the subordination provided in this
      Article
      XIV
      and
      appoints the Trustee such Holder’s attorney-in-fact for any and all such
      purposes.

     

    SECTION
      14.7. No
      Waiver
      of Subordination Provisions.

     

    (a) No
      right
      of any present or future holder of any Senior Debt of the Guarantor to enforce
      subordination as herein provided shall at any time in any way be prejudiced
      or
      impaired by any act or failure to act on the part of the Guarantor or by any
      act
      or failure to act, in good faith, by any such holder, or by any noncompliance
      by
      the Guarantor with the terms, provisions and covenants of this Indenture,
      regardless of any knowledge thereof that any such holder may have or be
      otherwise charged with.

     

    (b) Without
      in any way limiting the generality of paragraph (a) of this Section
      14.7,
      the
      holders of Senior Debt of the Guarantor may, at any time and from to time,
      without the consent of or notice to the Trustee or the Holders of the
      Securities, without incurring responsibility to such Holders of the Securities
      and without impairing or releasing the subordination provided in this
Article
      XIV
      or the
      obligations hereunder of such Holders of the Securities to the holders of Senior
      Debt of the Guarantor, take or fail to take any action, including without
      limitation: (i) change the manner, place or terms of payment or extend the
      time
      of payment of, or renew or alter, Senior Debt of the Guarantor, or otherwise
      amend or supplement in any manner Senior Debt of the Guarantor or any instrument
      evidencing the same or any agreement under which Senior Debt of the Guarantor
      is
      outstanding, (ii) sell, exchange, release or otherwise deal with any property
      pledged, mortgaged or otherwise securing Senior Debt of the Guarantor, (iii)
      release any Person liable in any manner for the payment of Senior Debt of the
      Guarantor and (iv) exercise or refrain from exercising any rights against the
      Guarantor and any other Person.

     

    SECTION
      14.8. Notice
      to
      Trustee.

     

    (a) The
      Guarantor shall give prompt written notice to a Responsible Officer of the
      Trustee of any fact known to the Guarantor that would prohibit the making of
      any
      payment to or by the Trustee in respect of the Securities. Notwithstanding
      the
      provisions of this Article
      XIV
      or any
      other provision of this Indenture, the Trustee shall not be charged with
      knowledge of the existence of any facts that would prohibit the making of any
      payment to or by the Trustee in respect of the Securities, unless and until
      a
      Responsible Officer of the Trustee shall have received written notice thereof
      from the Guarantor or a holder of Senior Debt of the Guarantor or from any
      trustee, agent or representative therefor; provided,
      that if
      the Trustee shall not have received the notice provided for in this Section
      14.8
      at least
      two Business Days prior to the date upon which by the terms hereof any monies
      may become payable for any purpose (including, the payment of the principal
      of
      and any premium on or interest (including any Additional Interest) on any
      Security), then, anything herein contained to the contrary notwithstanding,
      the
      Trustee shall have full power and authority to receive such monies and to apply
      the same to the purpose for which they were received and shall not be affected
      by any notice to the contrary that may be received by it within two Business
      Days prior to such date.

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

     

    (b) The
      Trustee shall be entitled to rely on the delivery to it of a written notice
      by a
      Person representing himself or herself to be a holder of Senior Debt of the
      Guarantor (or a trustee, agent, representative or attorney-in-fact therefor)
      to
      establish that such notice has been given by a holder of Senior Debt of the
      Guarantor (or a trustee, agent, representative or attorney-in-fact therefor).
      In
      the event that the Trustee determines in good faith that further evidence is
      required with respect to the right of any Person as a holder of Senior Debt
      of
      the Guarantor to participate in any payment or distribution pursuant to this
      Article
      XIV,
      the
      Trustee may request such Person to furnish evidence to the reasonable
      satisfaction of the Trustee as to the amount of Senior Debt of the Guarantor
      held by such Person, the extent to which such Person is entitled to participate
      in such payment or distribution and any other facts pertinent to the rights
      of
      such Person under this Article
      XIV,
      and if
      such evidence is not furnished, the Trustee may defer any payment to such Person
      pending judicial determination as to the right of such Person to receive such
      payment.

     

    SECTION
      14.9. Reliance
      on Judicial Order or Certificate of Liquidating Agent.

     

    Upon
      any
      payment or distribution of assets of the Guarantor referred to in this
Article
      XIV,
      the
      Trustee and the Holders of the Securities shall be entitled to conclusively
      rely
      upon any order or decree entered by any court of competent jurisdiction in
      which
      such Proceeding is pending, or a certificate of the trustee in bankruptcy,
      receiver, liquidating trustee, custodian, assignee for the benefit of creditors,
      agent or other Person making such payment or distribution, delivered to the
      Trustee or to the Holders of Securities, for the purpose of ascertaining the
      Persons entitled to participate in such payment or distribution, the holders
      of
      the Senior Debt of the Guarantor and other indebtedness of the Guarantor, the
      amount thereof or payable thereon, the amount or amounts paid or distributed
      thereon and all other facts pertinent thereto or to this Article
      XIV.

     

    SECTION
      14.10. Trustee
      Not Fiduciary for Holders of Senior Debt of the Guarantor.

     

    The
      Trustee, in its capacity as trustee under this Indenture, shall not owe or
      be
      deemed to owe any fiduciary duty to the holders of Senior Debt of the Guarantor
      and shall not be liable to any such holders if it shall in good faith mistakenly
      pay over or distribute to Holders of Securities or to the Guarantor or to any
      other Person cash, property or securities to which any holders of Senior Debt
      of
      the Guarantor shall be entitled by virtue of this Article
      XIV
      or
      otherwise.

     

    SECTION
      14.11. Rights
      of
      Trustee as Holder of Senior Debt of the Guarantor; Preservation of Trustee’s
      Rights.

     

    The
      Trustee in its individual capacity shall be entitled to all the rights set
      forth
      in this Article
      XIV
      with
      respect to any Senior Debt of the Guarantor that may at any time be held by
      it,
      to the same extent as any other holder of Senior Debt of the Guarantor, and
      nothing in this Indenture shall deprive the Trustee of any of its rights as
      such
      holder. With respect to the holders of Senior Debt of the Guarantor, the Trustee
      undertakes to perform only such of its obligations as are specifically set
      forth
      in this Article XIV, and no implied covenants or obligations with respect to
      the
      holders of such Senior Debt of the Guarantor shall be read into this Indenture
      against the Trustee. Nothing in this Article XIV shall apply to claims of,
      or
      payments to, the Trustee under or pursuant to Section 6.6.

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

     

    SECTION
      14.12. Article
      Applicable to Paying Agents.

     

    If
      at any
      time any Paying Agent other than the Trustee shall have been appointed by the
      Guarantor and be then acting hereunder, the term “Trustee”
as
      used
      in this Article
      XIV
      shall in
      such case (unless the context otherwise requires) be construed as extending
      to
      and including such Paying Agent within its meaning as fully for all intents
      and
      purposes as if such Paying Agent were named in this Article
      XIV
      in
      addition to or in place of the Trustee; provided,
      that
Sections 14.8
      and
14.11
      shall
      not apply to the Guarantor or any Affiliate of the Guarantor if the Guarantor
      or
      such Affiliate acts as Paying Agent.

     

    This
      instrument may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument. Delivery of an executed
      signature page of this Indenture by facsimile transmission shall be effective
      as
      delivery of a manually executed counterpart hereof.

     

    *
      * *
      *

     

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

    

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

    
      	 	 	 
	 	
              NorthStar
                Realty
                Finance Limited Partnership, as Issuer

            
	 
 	 
 	 
 
	 	By:  	NorthStar Realty Finance Corp., its General
              Partner
	 	 	 
	 	 	 
	
            	By:  	/s/
              Albert Tylis
	 	
              
Name:
              Albert Tylis
	 	Title:
              Executive Vice President, General 
	 	
              Counsel
                and Assistant
                Secretary

            

    

     

    
      	 	 	 
	 	NorthStar
              Realty
              Finance Corp., as Guarantor
	 
 	 
 	 
 
	
            	By:  	/s/
              Albert Tylis
	 	
              
Name:
              Albert Tylis
	 	Title:
              Executive Vice President, General 
	 	
              Counsel
                and Assistant
                Secretary

            

    

     

    
      	 	 	 
	 	WILMINGTON
              TRUST
              COMPANY,
              as Trustee
	 
 	 
 	 
 
	
            	By:  	W.
              Thomas Morris, II
	 	
              

              Name:
                W. Thomas Morris, II

            
	 	Title:
              Assistant Vice President

    

     

    
      
        
        

      

      
        69AMENDED
      AND RESTATED TRUST AGREEMENT

    among

    

    NORTHSTAR
      REALTY FINANCE LIMITED PARTNERSHIP,

    as
      Depositor

    

    NORTHSTAR
      REALTY FINANCE CORP.,

    as
      Guarantor

    

    WILMINGTON
      TRUST COMPANY

    as
      Property Trustee

    

    WILMINGTON
      TRUST COMPANY

    as
      Delaware Trustee

    

    and

    

    THE
      ADMINISTRATIVE TRUSTEES NAMED HEREIN

    as
      Administrative Trustees

    

    
      
        

      

    

    

    Dated
      as
      of June 7, 2007

    

    NORTHSTAR
      REALTY FINANCE TRUST VIII

    

    
      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    Page

    
      	
              ARTICLE
                I.

            	
               

            	
              Defined
                Terms

            	
              1

            
	
               

            	
              SECTION
                1.1.

            	
              Definitions.

            	
              1

            
	
              ARTICLE
                II.

            	
               

            	
              The
                Trust

            	
              10

            
	
               

            	
              SECTION
                2.1.

            	
              Name.

            	
              10

            
	
               

            	
              SECTION
                2.2.

            	
              Office
                of the Delaware Trustee; Principal Place of Business.

            	
              10

            
	
               

            	
              SECTION
                2.3.

            	
              Initial
                Contribution of Trust Property; Fees, Costs and Expenses.

            	
              10

            
	
               

            	
              SECTION
                2.4.

            	
              Purposes
                of Trust.

            	
              11

            
	
               

            	
              SECTION
                2.5.

            	
              Authorization
                to Enter into Certain Transactions.

            	
              11

            
	
               

            	
              SECTION
                2.6.

            	
              Assets
                of Trust.

            	
              14

            
	
               

            	
              SECTION
                2.7.

            	
              Title
                to Trust Property.

            	
              14

            
	
              ARTICLE
                III.

            	
               

            	
              Payment
                Account; Paying Agents

            	
              14

            
	
               

            	
              SECTION
                3.1.

            	
              Payment
                Account.

            	
              14

            
	
               

            	
              SECTION
                3.2.

            	
              Appointment
                of Paying Agents.

            	
              15

            
	
              ARTICLE
                IV.

            	
               

            	
              Distributions;
                Redemption

            	
              15

            
	
               

            	
              SECTION
                4.1.

            	
              Distributions.

            	
              15

            
	
               

            	
              SECTION
                4.2.

            	
              Redemption.

            	
              16

            
	
               

            	
              SECTION
                4.3.

            	
              Subordination
                of Common Securities.

            	
              19

            
	
               

            	
              SECTION
                4.4.

            	
              Payment
                Procedures.

            	
              20

            
	
               

            	
              SECTION
                4.5.

            	
              Withholding
                Tax.

            	
              20

            
	
               

            	
              SECTION
                4.6.

            	
              Tax
                Returns and Other Reports.

            	
              20

            
	
               

            	
              SECTION
                4.7.

            	
              Payment
                of Taxes, Duties, Etc. of the Trust.

            	
              21

            
	
               

            	
              SECTION
                4.8.

            	
              Payments
                under Indenture or Pursuant to Direct Actions.

            	
              21

            
	
               

            	
              SECTION
                4.9.

            	
              Exchanges.

            	
              21

            
	
               

            	
              SECTION
                4.10.

            	
              Calculation
                Agent.

            	
              22

            
	
               

            	
              SECTION
                4.11.

            	
              Certain
                Accounting Matters.

            	
              22

            
	
              ARTICLE
                V.

            	
               

            	
              Securities

            	
              23

            
	
               

            	
              SECTION
                5.1.

            	
              Initial
                Ownership.

            	
              23

            
	
               

            	
              SECTION
                5.2.

            	
              Authorized
                Trust Securities.

            	
              23

            
	
               

            	
              SECTION
                5.3.

            	
              Issuance
                of the Common Securities; Subscription and Purchase of
                Notes.

            	
              23

            
	
               

            	
              SECTION
                5.4.

            	
              The
                Securities Certificates.

            	
              24

            
	
               

            	
              SECTION
                5.5.

            	
              Rights
                of Holders.

            	
              25

            
	
               

            	
              SECTION
                5.6.

            	
              Book-Entry
                Preferred Securities.

            	
              25

            
	
               

            	
              SECTION
                5.7.

            	
              Registration
                of Transfer and Exchange of Preferred Securities
                Certificates.

            	
              27

            
	
               

            	
              SECTION
                5.8.

            	
              Mutilated,
                Destroyed, Lost or Stolen Securities Certificates.

            	
              28

            
	
               

            	
              SECTION
                5.9.

            	
              Persons
                Deemed Holders.

            	
              29

            
	
               

            	
              SECTION
                5.10.

            	
              Cancellation.

            	
              29

            
	
               

            	
              SECTION
                5.11.

            	
              Ownership
                of Common Securities by Depositor.

            	
              29

            
	
               

            	
              SECTION
                5.12.

            	
              Restricted
                Legends.

            	
              30

            
	
               

            	
              SECTION
                5.13.

            	
              Form
                of Certificate of Authentication.

            	
              32

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

     

    
      	
              ARTICLE
                VI.

            	
               

            	
              Meetings;
                Voting; Acts of Holders

            	
              33

            
	
               

            	
              SECTION
                6.1.

            	
              Notice
                of Meetings.

            	
              33

            
	
               

            	
              SECTION
                6.2.

            	
              Meetings
                of Holders of the Preferred Securities.

            	
              33

            
	
               

            	
              SECTION
                6.3.

            	
              Voting
                Rights.

            	
              33

            
	
               

            	
              SECTION
                6.4.

            	
              Proxies,
                Etc.

            	
              34

            
	
               

            	
              SECTION
                6.5.

            	
              Holder
                Action by Written Consent.

            	
              34

            
	
               

            	
              SECTION
                6.6.

            	
              Record
                Date for Voting and Other Purposes.

            	
              34

            
	
               

            	
              SECTION
                6.7.

            	
              Acts
                of Holders.

            	
              34

            
	
               

            	
              SECTION
                6.8.

            	
              Inspection
                of Records.

            	
              35

            
	
               

            	
              SECTION
                6.9.

            	
              Limitations
                on Voting Rights.

            	
              35

            
	
               

            	
              SECTION
                6.10.

            	
              Acceleration
                of Maturity; Rescission of Annulment; Waivers of Past
                Defaults.

            	
              36

            
	
              ARTICLE
                VII.

            	
               

            	
              Representations
                and Warranties

            	
              39

            
	
               

            	
              SECTION
                7.1.

            	
              Representations
                and Warranties of the Property Trustee and the Delaware
                Trustee.

            	
              39

            
	
               

            	
              SECTION
                7.2.

            	
              Representations
                and Warranties of Depositor.

            	
              40

            
	
              ARTICLE
                VIII.

            	
               

            	
              The
                Trustees

            	
              41

            
	
               

            	
              SECTION
                8.1.

            	
              Number
                of Trustees.

            	
              41

            
	
               

            	
              SECTION
                8.2.

            	
              Property
                Trustee Required.

            	
              41

            
	
               

            	
              SECTION
                8.3.

            	
              Delaware
                Trustee Required.

            	
              41

            
	
               

            	
              SECTION
                8.4.

            	
              Appointment
                of Administrative Trustees.

            	
              42

            
	
               

            	
              SECTION
                8.5.

            	
              Duties
                and Responsibilities of the Trustees.

            	
              42

            
	
               

            	
              SECTION
                8.6.

            	
              Notices
                of Defaults and Extensions.

            	
              44

            
	
               

            	
              SECTION
                8.7.

            	
              Certain
                Rights of Property Trustee.

            	
              44

            
	
               

            	
              SECTION
                8.8.

            	
              Delegation
                of Power.

            	
              46

            
	
               

            	
              SECTION
                8.9.

            	
              May
                Hold Securities.

            	
              47

            
	
               

            	
              SECTION
                8.10.

            	
              Compensation;
                Reimbursement; Indemnity.

            	
              47

            
	
               

            	
              SECTION
                8.11.

            	
              Resignation
                and Removal; Appointment of Successor.

            	
              48

            
	
               

            	
              SECTION
                8.12.

            	
              Acceptance
                of Appointment by Successor.

            	
              49

            
	
               

            	
              SECTION
                8.13.

            	
              Merger,
                Conversion, Consolidation or Succession to Business.

            	
              49

            
	
               

            	
              SECTION
                8.14.

            	
              Not
                Responsible for Recitals or Issuance of Securities.

            	
              50

            
	
               

            	
              SECTION
                8.15.

            	
              Property
                Trustee May File Proofs of Claim.

            	
              50

            
	
               

            	
              SECTION
                8.16.

            	
              Reports
                to and from the Property Trustee.

            	
              51

            
	
              ARTICLE
                IX.

            	
               

            	
              Termination,
                Liquidation and Merger

            	
              51

            
	
               

            	
              SECTION
                9.1.

            	
              Dissolution
                Upon Expiration Date.

            	
              51

            
	
               

            	
              SECTION
                9.2.

            	
              Early
                Termination.

            	
              51

            
	
               

            	
              SECTION
                9.3.

            	
              Termination.

            	
              52

            
	
               

            	
              SECTION
                9.4.

            	
              Liquidation.

            	
              52

            
	
               

            	
              SECTION
                9.5.

            	
              Mergers,
                Consolidations, Amalgamations or Replacements of Trust.

            	
              53

            
	
              ARTICLE
                X.

            	
               

            	
              Information
                to Purchaser

            	
              55

            
	
               

            	
              SECTION
                10.1.

            	
              Depositor
                Obligations to Purchaser.

            	
              55

            
	
               

            	
              SECTION
                10.2.

            	
              Property
                Trustee’s Obligations to Purchaser.

            	
              55

            
	
              ARTICLE
                XI.

            	
               

            	
              Miscellaneous
                Provisions

            	
              55

            
	
               

            	
              SECTION
                11.1.

            	
              Limitation
                of Rights of Holders.

            	
              55

            
	
               

            	
              SECTION
                11.2.

            	
              Agreed
                Tax Treatment of Trust and Trust Securities.

            	
              55

            
	
               

            	
              SECTION
                11.3.

            	
              Amendment.

            	
              56

            
	
               

            	
              SECTION
                11.4.

            	
              Separability.

            	
              57

            

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

            	
              SECTION
                11.5.

            	
              Governing
                Law.

            	
              57

            
	
               

            	
              SECTION
                11.6.

            	
              Successors.

            	
              57

            
	
               

            	
              SECTION
                11.7.

            	
              Headings.

            	
              58

            
	
               

            	
              SECTION
                11.8.

            	
              Reports,
                Notices and Demands.

            	
              58

            
	
               

            	
              SECTION
                11.9.

            	
              Agreement
                Not to Petition.

            	
              58

            

    

     

    
      	
              Exhibit
                A

            	Certificate
              of Trust of NorthStar Realty Finance Trust VIII	 
	
              Exhibit
                B

            	
              Form
                of Common Securities Certificate

            	 
	
              Exhibit
                C

            	
              Form
                of Preferred Securities Certificate

            	 
	
              Exhibit
                D

            	
              Junior
                Subordinated Indenture

            	 
	
              Exhibit
                E

            	Form of Transferee Certificate to be
              Executed
              by Transferees other
              than QIBs	 
	
              Exhibit
                F

            	
              Form
                of Transferor Certificate to be Executed by QIBs

            	 
	
              Exhibit
                G

            	
              Form
                of Officer’s Financial Certificate

            	 
	
              Exhibit
                H

            	
              Form
                of Officer’s Certificate pursuant to Section 8.16(a)

            	 
	 	 	 
	Schedule
              A	
              Calculation
                of LIBOR

            	 

    

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    AMENDED
      AND RESTATED TRUST AGREEMENT, dated as of June 7, 2007, among (i) NorthStar
      Realty Finance Limited Partnership, a Delaware limited partnership (including
      any successors or permitted assigns, the “Depositor”), (ii) NorthStar Realty
      Finance Corp., a Maryland corporation (including any successors or permitted
      assigns, the “Guarantor”), (iii) Wilmington Trust Company, a Delaware banking
      corporation, as property trustee (in such capacity, the “Property Trustee”),
      (iv) Wilmington Trust Company, a Delaware banking corporation, as Delaware
      trustee (in such capacity, the “Delaware Trustee”), (v) David T. Hamamoto, an
      individual, Richard J. McCready, an individual, and Andrew C. Richardson, an
      individual, each of whose address is c/o NorthStar Realty Finance Limited
      Partnership, c/o NorthStar Realty Finance Corp., 399 Park Avenue, 18th
      Floor,
      New York, NY 10022, as administrative trustees (in such capacities, each an
      “Administrative Trustee” and, collectively, the “Administrative Trustees” and,
      together with the Property Trustee and the Delaware Trustee, the “Trustees”) and
      (vi) the several Holders, as hereinafter defined.

     

    
      WITNESSETH

       

    

    Whereas,
      the
      Depositor, the Property Trustee and the Delaware Trustee have heretofore created
      a Delaware statutory trust pursuant to the Delaware Statutory Trust Act by
      entering into a Trust Agreement, dated as of May 31, 2007 (the “Original Trust
      Agreement”), and by executing and filing with the Secretary of State of the
      State of Delaware the Certificate of Trust, substantially in the form attached
      as Exhibit
      A;
      and

     

    Whereas,
      the
Depositor
      and the Trustees desire to amend and restate the Original Trust Agreement in
      its
      entirety as set forth herein to provide for, among other things, (i) the
      issuance of the Common Securities by the Trust to the Depositor, (ii) the
      issuance and sale of the Preferred Securities by the Trust pursuant to the
      Purchase Agreement and (iii) the acquisition by the Trust from the Depositor
      of
      all of the right, title and interest in and to the Notes;

     

    Now,
      Therefore,
      in
      consideration of the agreements and obligations set forth herein and for other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, each party, for the benefit of the other parties and for the
      benefit of the Holders, hereby amends and restates the Original Trust Agreement
      in its entirety and agrees as follows:

     

    ARTICLE
      I.

     

    DEFINED
      TERMS

     

    SECTION
      1.1.  Definitions.

     

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

     

    (a) the
      terms
      defined in this Article
      I
      have the
      meanings assigned to them in this Article
      I;

     

    (b) the
      words
“include”, “includes” and “including” shall be deemed to be followed by the
      phrase “without limitation”;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) all
      accounting terms used but not defined herein have the meanings assigned to
      them
      in accordance with United States generally accepted accounting
      principles;

     

    (d) unless
      the context otherwise requires, any reference to an “Article”, a “Section”, a
“Schedule” or an “Exhibit” refers to an Article, a Section, a Schedule or an
      Exhibit, as the case may be, of or to this Trust Agreement;

     

    (e) the
      words
“hereby”, “herein”, “hereof” and “hereunder” and other words of similar import
      refer to this Trust Agreement as a whole and not to any particular Article,
      Section or other subdivision;

     

    (f) a
      reference to the singular includes the plural and vice versa; and

     

    (g) the
      masculine, feminine or neuter genders used herein shall include the masculine,
      feminine and neuter genders.

     

    “Act”
has
      the meaning specified in Section
      6.7.

     

    “Additional
      Interest” has the meaning specified in Section
      1.1
      of the
      Indenture.

     

    “Additional
      Interest Amount” means, with respect to Trust Securities of a given Liquidation
      Amount and/or a given period, the amount of Additional Interest paid by the
      Depositor on a Like Amount of Notes for such period.

     

    “Additional
      Taxes” has the meaning specified in Section
      1.1
      of the
      Indenture.

     

    “Additional
      Tax Sums” has the meaning specified in Section
      10.5
      of the
      Indenture.

     

    “Administrative
      Trustee” means each of the Persons identified as an “Administrative Trustee” in
      the preamble to this Trust Agreement, solely in each such Person’s capacity as
      Administrative Trustee of the Trust and not in such Person’s individual
      capacity, or any successor Administrative Trustee appointed as herein
      provided.

     

    “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” when used
      with respect to any specified Person means the power to direct the management
      and policies of such Person, directly or indirectly, whether through the
      ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the
      foregoing.

     

    “Applicable
      Depositary Procedures” means, with respect to any transfer or transaction
      involving a Book-Entry Preferred Security, the rules and procedures of the
      Depositary for such Book-Entry Preferred Security, in each case to the extent
      applicable to such transaction and as in effect from time to time.

     

    “Bankruptcy
      Event” means, with respect to any Person:

     

    (a)
      the
      entry of a decree or order by a court having jurisdiction in the premises (i)
      judging such Person a bankrupt or insolvent, (ii) approving as properly filed
      a
      petition seeking reorganization, arrangement, adjudication or composition of
      or
      in respect of such Person under any applicable Federal or state bankruptcy,
      insolvency, reorganization or other similar law, (iii) appointing a custodian,
      receiver, liquidator, assignee, trustee, sequestrator or other similar official
      of such Person or of any substantial part of its property or (iv) ordering
      the
      winding up or liquidation of its affairs, and the continuance of any such decree
      or order unstayed and in effect for a period of sixty (60) consecutive days;
      or

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b)
      the
      institution by such Person of proceedings to be adjudicated a bankrupt or
      insolvent, or the consent by it to the institution of bankruptcy or insolvency
      proceedings against it, or the filing by it of a petition or answer or consent
      seeking reorganization or relief under any applicable Bankruptcy Law, or the
      consent by it to the filing of any such petition or to the appointment of a
      custodian, receiver, liquidator, assignee, trustee, sequestrator or similar
      official of such Person or of any substantial part of its property, or the
      making by it of an assignment for the benefit of creditors, or the admission
      by
      it in writing of its inability to pay its debts generally as they become due
      and
      its willingness to be adjudicated a bankrupt or insolvent, or the taking of
      corporate action by such Person in furtherance of any such action.

     

    “Bankruptcy
      Law” means all Federal and state bankruptcy, insolvency, reorganization and
      other similar laws, including the United States Bankruptcy Code.

     

    “Book-Entry
      Preferred Security” means a Preferred Security, the ownership and transfers of
      which shall be made through book entries by a Depositary.

     

    “Business
      Day” means a day other than (a) a Saturday or Sunday, (b) a day on which banking
      institutions in the City of New York are authorized or required by law or
      executive order to remain closed or (c) a day on which the Corporate Trust
      Office is closed for business.

     

    “Calculation
      Agent” has the meaning specified in Section
      4.10.

     

    “Change
      of Control” has the meaning specified in the Indenture. 

     

    “Closing
      Date” has the meaning specified in the Purchase Agreement.

     

    “Code”
      means the United States Internal Revenue Code of 1986, as amended.

     

    “Commission”
      means the Securities and Exchange Commission, as from time to time constituted,
      created under the Exchange Act or, if at any time after the execution of this
      Trust Agreement such Commission is not existing and performing the duties
      assigned to it, then the body performing such duties at such time.

     

    “Common
      Securities Certificate” means a certificate evidencing ownership of Common
      Securities, substantially in the form attached as Exhibit
      B.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Common
      Security” means a common security of the Trust, denominated as such and
      representing an undivided beneficial interest in the assets of the Trust, having
      a Liquidation Amount of $1,000 and having the terms provided therefor in this
      Trust Agreement.

     

    “Corporate
      Trust Office” means the principal office of the Property Trustee at which any
      particular time its corporate trust business shall be administered, which office
      at the date of this Trust Agreement is located at Rodney Square North, 1100
      North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate
      Capital Markets.

     

    “Definitive
      Preferred Securities Certificates” means Preferred Securities issued in
      certificated, fully registered form that are not Global Preferred
      Securities.

     

    “Delaware
      Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
      Code § 3801 et seq., or any successor statute thereto, in each case as amended
      from time to time.

     

    “Delaware
      Trustee” means the Person identified as the “Delaware Trustee” in the preamble
      to this Trust Agreement, solely in its capacity as Delaware Trustee of the
      Trust
      and not in its individual capacity, or its successor in interest in such
      capacity, or any successor Delaware Trustee appointed as herein
      provided.

     

    “Depositary”
      means an organization registered as a clearing agency under the Exchange Act
      that is designated as Depositary by the Depositor or any successor thereto.
      DTC
      will be the initial Depositary.

     

    “Depositary
      Participant” means a broker, dealer, bank, other financial institution or other
      Person for whom from time to time the Depositary effects book-entry transfers
      and pledges of securities deposited with the Depositary.

     

    “Depositor”
      has the meaning specified in the preamble to this Trust Agreement and any
      successors and permitted assigns.

     

    “Depositor
      Affiliate” has the meaning specified in Section
      4.9.

     

    “Distribution
      Date” has the meaning specified in Section
      4.1(a)(i).

     

    “Distributions”
      means amounts payable in respect of the Trust Securities as provided in
Section
      4.1.

     

    “DTC”
      means The Depository Trust Company or any successor thereto.

     

    “Early
      Termination Event” has the meaning specified in Section
      9.2.

     

    “Event
      of
      Default” means any one of the following events (whatever the reason for such
      event and whether it shall be voluntary or involuntary or be effected by
      operation of law or pursuant to any judgment, decree or order of any court
      or
      any order, rule or regulation of any administrative or governmental
      body):

     

    (a)
      the
      occurrence of a Note Event of Default; or

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (b)
      default by the Trust in the payment of any Distribution when it becomes due
      and
      payable, and continuation of such default for a period of thirty (30) days;
      or

     

    (c)
      default by the Trust in the payment of any Redemption Price of any Trust
      Security when it becomes due and payable; or

     

    (d)
      default in the performance, or breach, in any material respect of any covenant
      or warranty of the Trustees in this Trust Agreement (other than those specified
      in clause (b) or (c) above) and continuation of such default or breach for
      a
      period of thirty (30) days after there has been given, by registered or
      certified mail, to the Trustees and to the Depositor by the Holders of at least
      twenty-five percent (25%) in aggregate Liquidation Amount of the Outstanding
      Preferred Securities a written notice specifying such default or breach and
      requiring it to be remedied and stating that such notice is a “Notice of
      Default” hereunder; or

     

    (e)
      the
      occurrence of a Bankruptcy Event with respect to the Property Trustee if a
      successor Property Trustee has not been appointed within ninety (90) days
      thereof.

     

    “Exchange
      Act” means the Securities Exchange Act of 1934, and any successor statute
      thereto, in each case as amended from time to time.

     

    “Expiration
      Date” has the meaning specified in Section
      9.1.

     

    “Fiscal
      Year” shall be the fiscal year of the Trust, which shall be the calendar year,
      or such other period as is required by the Code.

     

    “Global
      Preferred Security” means a Preferred Securities Certificate evidencing
      ownership of Book-Entry Preferred Securities.

     

    “Guarantor”
      has the meaning specified in the preamble to this Trust Agreement and any
      successors and permitted assigns.

     

    “Holder”
      means a Person in whose name a Trust Security or Trust Securities are registered
      in the Securities Register; any such Person shall be a beneficial owner within
      the meaning of the Delaware Statutory Trust Act.

     

    “Indemnified
      Person” has the meaning specified in Section
      8.10(c).

     

    “Indenture”
      means the Junior Subordinated Indenture executed and delivered by the Depositor,
      the Guarantor and the Note Trustee contemporaneously with the execution and
      delivery of this Trust Agreement, for the benefit of the holders of the Notes,
      a
      copy of which is attached hereto as Exhibit
      D,
      as
      amended or supplemented from time to time.

     

    “Indenture
      Redemption Price” has the meaning specified in Section
      4.2(c).

     

    “Interest
      Payment Date” has the meaning specified in Section
      1.1
      of the
      Indenture.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    “Investment
      Company Act” means the Investment Company Act of 1940, or any successor statute
      thereto, in each case as amended from time to time.

     

    “Investment
      Company Event” has the meaning specified in Section
      1.1
      of the
      Indenture.

     

    “LIBOR”
      has the meaning specified in Schedule
      A.

     

    “LIBOR
      Business Day” has the meaning specified in Schedule
      A.

     

    “LIBOR
      Determination Date” has the meaning specified in Schedule
      A.
      

     

    “Lien”
      means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse
      ownership interest, hypothecation, assignment, security interest or preference,
      priority or other security agreement or preferential arrangement of any kind
      or
      nature whatsoever.

     

    “Like
      Amount” means (a) with respect to a redemption of any Trust Securities, Trust
      Securities having a Liquidation Amount equal to the principal amount of Notes
      to
      be contemporaneously redeemed or paid at maturity in accordance with the
      Indenture, the proceeds of which will be used to pay the Redemption Price of
      such Trust Securities, (b) with respect to a distribution of Notes to Holders
      of
      Trust Securities in connection with a dissolution of the Trust, Notes having
      a
      principal amount equal to the Liquidation Amount of the Trust Securities of
      the
      Holder to whom such Notes are distributed and (c) with respect to any
      distribution of Additional Interest Amounts to Holders of Trust Securities,
      Notes having a principal amount equal to the Liquidation Amount of the Trust
      Securities in respect of which such distribution is made.

     

    “Liquidation
      Amount” means the stated amount of $1,000 per Trust Security.

     

    “Liquidation
      Date” means the date on which assets are to be distributed to Holders in
      accordance with Section
      9.4(a)
      hereunder following dissolution of the Trust.

     

    “Liquidation
      Distribution” has the meaning specified in Section
      9.4(d).

     

    “Majority
      in Liquidation Amount of the Preferred Securities” means Preferred Securities
      representing more than fifty percent (50%) of the aggregate Liquidation Amount
      of all (or a specified group of) then Outstanding Preferred
      Securities.

     

    “Note
      Event of Default” means any “Event of Default” specified in Section
      5.1
      of the
      Indenture.

     

    “Note
      Redemption Date” means, with respect to any Notes to be redeemed under the
      Indenture, the date fixed for redemption of such Notes under the
      Indenture.

     

    “Note
      Trustee” means the Person identified as the “Trustee” in the Indenture, solely
      in its capacity as Trustee pursuant to the Indenture and not in its individual
      capacity, or its successor in interest in such capacity, or any successor
      Trustee appointed as provided in the Indenture.

     

    “Notes”
      means the Depositor’s Junior Subordinated Notes issued pursuant to the
      Indenture.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    “Officer’s
      Certificate” means a certificate signed by the Chief Executive Officer, the
      President, an Executive Vice President, the Chief Financial Officer, the
      Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary,
      of the Depositor or the Guarantor, as applicable, and delivered to the Trustees.
      Any Officer’s Certificate delivered with respect to compliance with a condition
      or covenant provided for in this Trust Agreement (other than the certificate
      provided pursuant to Section
      8.16(a))
      shall
      include:

     

    (a)
      a
      statement by each officer signing the Officer’s Certificate that such officer
      has read the covenant or condition and the definitions relating
      thereto;

     

    (b)
      a
      brief statement of the nature and scope of the examination or investigation
      undertaken by such officer in rendering the Officer’s Certificate;

     

    (c)
      a
      statement that such officer has made such examination or investigation as,
      in
      such officer’s opinion, is necessary to enable such officer 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, in the opinion of such officer, such condition or
      covenant has been complied with.

     

    “Operative
      Documents” means the Purchase Agreement, the Indenture, the Trust Agreement, the
      Notes and the Trust Securities.

     

    “Opinion
      of Counsel” means a written opinion of counsel, who may be counsel for, or an
      employee of, the Depositor or the Guarantor or any Affiliate of the Depositor
      or
      the Guarantor.

     

    “Original
      Issue Date” means the date of original issuance of the Trust
      Securities.

     

    “Original
      Trust Agreement” has the meaning specified in the recitals to this Trust
      Agreement.

     

    “Outstanding,”
      when used with respect to any Trust Securities, means, as of the date of
      determination, all Trust Securities theretofore executed and delivered under
      this Trust Agreement, except:

     

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

     

    (b)
      Trust
      Securities for which payment or redemption money in the necessary amount has
      been theretofore deposited with the Property Trustee or any Paying Agent in
      trust for the Holders of such Trust Securities; provided, that if such Trust
      Securities are to be redeemed, notice of such redemption has been duly given
      pursuant to this Trust Agreement; and

     

    (c)
      Trust
      Securities that have been paid or in exchange for or in lieu of which other
      Trust Securities have been executed and delivered pursuant to the provisions
      of
      this Trust Agreement, unless proof satisfactory to the Property Trustee is
      presented that any such Trust Securities are held by Holders in whose hands
      such
      Trust Securities are valid, legal and binding obligations of the
      Trust;

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    provided,
      that in determining whether the Holders of the requisite Liquidation Amount
      of
      the Outstanding Preferred Securities have given any request, demand,
      authorization, direction, notice, consent or waiver hereunder, Preferred
      Securities owned by the Depositor, the Guarantor, any Trustee or any Affiliate
      of the Depositor, the Guarantor or of any Trustee shall be disregarded and
      deemed not to be Outstanding, except that (i) in determining whether any Trustee
      shall be protected in relying upon any such request, demand, authorization,
      direction, notice, consent or waiver, only Preferred Securities that such
      Trustee knows to be so owned shall be so disregarded and (ii) the foregoing
      shall not apply at any time when all of the Outstanding Preferred Securities
      are
      owned by the Depositor, the Guarantor, one or more of the Trustees and/or any
      such Affiliate. Preferred Securities so owned that have been pledged in good
      faith may be regarded as Outstanding if the pledgee establishes to the
      satisfaction of the Administrative Trustees the pledgee’s right so to act with
      respect to such Preferred Securities and that the pledgee is not the Depositor,
      the Guarantor, any Trustee or any Affiliate of the Depositor, the Guarantor
      or
      of any Trustee.

     

    “Owner”
      means each Person who is the beneficial owner of Book-Entry Preferred Securities
      as reflected in the records of the Depositary or, if a Depositary Participant
      is
      not the beneficial owner, then the beneficial owner as reflected in the records
      of the Depositary Participant.

     

    “Paying
      Agent” means any Person authorized by the Administrative Trustees to pay
      Distributions or other amounts in respect of any Trust Securities on behalf
      of
      the Trust.

     

    “Payment
      Account” means a segregated non-interest-bearing corporate trust account
      maintained by the Property Trustee for the benefit of the Holders in which
      all
      amounts paid in respect of the Notes will be held and from which the Property
      Trustee, through the Paying Agent, shall make payments to the Holders in
      accordance with Sections
      3.1,
      4.1
      and
4.2.

     

    “Person”
      means a legal person, including any individual, corporation, estate,
      partnership, joint venture, association, joint stock company, company, limited
      liability company, trust, unincorporated association or government, or any
      agency or political subdivision thereof, or any other entity of whatever
      nature.

     

    “Preferred
      Security” means a preferred security of the Trust, denominated as such and
      representing an undivided beneficial interest in the assets of the Trust, having
      a Liquidation Amount of $1,000 and having the terms provided therefor in this
      Trust Agreement.

     

    “Preferred
      Securities Certificate” means a certificate evidencing ownership of Preferred
      Securities, substantially in the form attached as Exhibit
      C.

     

    “Property
      Trustee” means the Person identified as the “Property Trustee” in the preamble
      to this Trust Agreement, solely in its capacity as Property Trustee of the
      Trust
      and not in its individual capacity, or its successor in interest in such
      capacity, or any successor Property Trustee appointed as herein
      provided.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    “Purchase
      Agreement” means the Purchase Agreement, dated as of June 7, 2007, executed and
      delivered by the Trust, the Depositor, the Guarantor, and the
      Purchaser.

     

    “Purchaser”
      means Obsidian CDO Warehouse LLC, whose address is Puglisi & Associates, 850
      Library Avenue, Suite 204, Newark, Delaware 19711, Attention: Donald Puglisi,
      as
      purchaser of the Preferred Securities pursuant to the Purchase
      Agreement.

     

    “QIB”
      means a “qualified institutional buyer” as defined in Rule 144A under the
      Securities Act.

     

    “Redemption
      Date” means, with respect to any Trust Security to be redeemed, the date fixed
      for such redemption by or pursuant to this Trust Agreement; provided, that
      each
      Note Redemption Date and the stated maturity (or any date of principal repayment
      upon early maturity) of the Notes shall be a Redemption Date for a Like Amount
      of Trust Securities.

     

    “Redemption
      Price” means, with respect to any Trust Security, the Liquidation Amount of such
      Trust Security, plus accumulated and unpaid Distributions to the Redemption
      Date, plus the related amount of the premium, if any, paid by the Depositor
      upon
      the concurrent redemption or payment at maturity of a Like Amount of
      Notes.

     

    “Reference
      Banks” has the meaning specified in Schedule
      A.

     

    “Responsible
      Officer” means, with respect to the Property Trustee, any Senior Vice President,
      any Vice President, any Assistant Vice President, the Secretary, any Assistant
      Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or
      Assistant Trust Officer or any other officer in the Corporate Trust Office
      of
      the Property Trustee with direct responsibility for the administration of this
      Trust Agreement and also means, with respect to a particular corporate trust
      matter, any other officer of the Property Trustee to whom such matter is
      referred because of that officer’s knowledge of and familiarity with the
      particular subject.

     

    “Securities
      Act” means the Securities Act of 1933, and any successor statute thereto, in
      each case as amended from time to time.

     

    “Securities
      Certificate” means any one of the Common Securities Certificates or the
      Preferred Securities Certificates.

     

    “Securities
      Register” and “Securities Registrar” have the respective meanings specified in
Section
      5.7.

     

    “Special
      Event Redemption Price” has the meaning specified in Section
      11.2
      of the
      Indenture.

     

    “Successor
      Securities” has the meaning specified in Section
      9.5(a).

     

    “Tax
      Event” has the meaning specified in Section
      1.1
      of the
      Indenture.

     

    “Trust”
      means the Delaware statutory trust known as “NorthStar Realty Finance Trust
      VIII,” which was created on May 31, 2007, under the Delaware Statutory Trust Act
      pursuant to the Original Trust Agreement and the filing of the Certificate
      of
      Trust, and continued pursuant to this Trust Agreement.

     

    
      
        
        

      

      
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    “Trust
      Agreement” means this Amended and Restated Trust Agreement, including all
      Schedules and Exhibits (other than Exhibit D), as the same may be modified,
      amended or supplemented from time to time in accordance with the applicable
      provisions hereof.

     

    “Trustees”
      means the Administrative Trustees, the Property Trustee and the Delaware
      Trustee, each as defined in this Article
      I.

     

    “Trust
      Property” means (a) the Notes, (b) any cash on deposit in, or owing to, the
      Payment Account and (c) all proceeds and rights in respect of the foregoing
      and
      any other property and assets for the time being held or deemed to be held
      by
      the Property Trustee pursuant to the trusts of this Trust
      Agreement.

     

    “Trust
      Security” means any one of the Common Securities or the Preferred
      Securities.

     

    ARTICLE
      II. 

     

    THE
      TRUEST

    SECTION
      2.1.  Name.

     

    The
      trust
      continued hereby shall be known as “NorthStar Realty Finance Trust VIII,” as
      such name may be modified from time to time by the Administrative Trustees
      following written notice to the Holders of Trust Securities and the other
      Trustees, in which name the Trustees may conduct the business of the Trust,
      make
      and execute contracts and other instruments on behalf of the Trust and sue
      and
      be sued.

     

    SECTION
      2.2.  Office
      of
      the Delaware Trustee; Principal Place of Business.

     

    The
      address of the Delaware Trustee in the State of Delaware is Rodney Square North,
      1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate
      Capital Markets, or such other address in the State of Delaware as the Delaware
      Trustee may designate by written notice to the Holders, the Depositor, the
      Guarantor, the Property Trustee and the Administrative Trustees. The principal
      executive office of the Trust is c/o NorthStar Realty Finance Corp., 399 Park
      Avenue, 18th
      Floor,
      New York, NY 10022, Attention: Chief Financial Officer, as such address may
      be
      changed from time to time by the Administrative Trustees following written
      notice to the Holders and the other Trustees.

     

    SECTION
      2.3.  Initial
      Contribution of Trust Property; Fees, Costs and Expenses.

     

    The
      Property Trustee acknowledges receipt from the Depositor in connection with
      the
      Original Trust Agreement of the sum of ten dollars ($10), which constituted
      the
      initial Trust Property. The Depositor shall pay all fees, costs and expenses
      of
      the Trust (except with respect to the Trust Securities) as they arise or shall,
      upon request of any Trustee, promptly reimburse such Trustee for any such fees,
      costs and expenses paid by such Trustee. The Depositor shall make no claim
      upon
      the Trust Property for the payment of such fees, costs or expenses.

     

    
      
        
        

      

      
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    SECTION
      2.4.  Purposes
      of Trust.

     

    (a)  The
      exclusive purposes and functions of the Trust are to (i) issue and sell Trust
      Securities and use the proceeds from such sale to acquire the Notes and (ii)
      engage in only those activities necessary or incidental thereto. The Delaware
      Trustee, the Property Trustee and the Administrative Trustees are trustees
      of
      the Trust, and have all the rights, powers and duties to the extent set forth
      herein. The Trustees hereby acknowledge that they are trustees of the
      Trust.

     

    (b)  So
      long
      as this Trust Agreement remains in effect, the Trust (or the Trustees acting
      on
      behalf of the Trust) shall not undertake any business, activities or transaction
      except as expressly provided herein or contemplated hereby. In particular,
      the
      Trust (or the Trustees acting on behalf of the Trust) shall not (i) acquire
      any
      investments or engage in any activities not authorized by this Trust Agreement,
      (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise
      dispose of any of the Trust Property or interests therein, including to Holders,
      except as expressly provided herein, (iii) incur any indebtedness for borrowed
      money or issue any other debt, (iv) take or consent to any action that would
      result in the placement of a Lien on any of the Trust Property, (v) take or
      consent to any action that would reasonably be expected to cause (or, in the
      case of the Property Trustee, to the actual knowledge of a Responsible Officer
      would cause) the Trust to become taxable as a corporation or classified as
      other
      than a grantor trust for United States federal income tax purposes, (vi) take
      or
      consent to any action that would cause (or, in the case of the Property Trustee,
      to the actual knowledge of a Responsible Officer would cause) the Notes to
      be
      treated as other than indebtedness of the Depositor for United States federal
      income tax purposes or (vii) take or consent to any action that would cause
      (or,
      in the case of the Property Trustee, to the actual knowledge of a Responsible
      Officer would cause) the Trust to be deemed to be an “investment company”
required to be registered under the Investment Company Act.

     

    SECTION
      2.5.  Authorization
      to Enter into Certain Transactions.

     

    (a)  The
      Trustees shall conduct the affairs of the Trust in accordance with and subject
      to the terms of this Trust Agreement. In accordance with the following
      provisions (i) and (ii), the Trustees shall have the authority to enter into
      all
      transactions and agreements determined by the Trustees to be appropriate in
      exercising the authority, express or implied, otherwise granted to the Trustees,
      under this Trust Agreement, and to perform all acts in furtherance thereof,
      including the following:

     

    (i)  As
      among
      the Trustees, each Administrative Trustee shall severally have the power,
      authority and authorization to act on behalf of the Trust with respect to the
      following matters:

     

    (A)  the
      issuance and sale of the Trust Securities;

     

    (B)  to
      cause
      the Trust to enter into, and to execute, deliver and perform on behalf of the
      Trust, such agreements, documents, instruments, certificates and other writings
      as may be necessary or desirable in connection with the purposes and function
      of
      the Trust, including, without limitation, a common securities subscription
      agreement and a junior subordinated note subscription agreement and to cause
      the
      Trust to perform under the Purchase Agreement;

     

    
      
        
        

      

      
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    (C)  assisting
      in the sale of the Preferred Securities in one or more transactions exempt
      from
      registration under the Securities Act, and in compliance with applicable state
      securities or blue sky laws;

     

    (D)  assisting
      in the sending of notices (other than notices of default) and other information
      regarding the Trust Securities and the Notes to the Holders in accordance with
      this Trust Agreement;

     

    (E)  the
      appointment of a successor Paying Agent and Calculation Agent in accordance
      with
      this Trust Agreement;

     

    (F)  execution
      and delivery of the Trust Securities on behalf of the Trust in accordance with
      this Trust Agreement;

     

    (G)  execution
      and delivery of closing certificates, if any, pursuant to the Purchase
      Agreement;

     

    (H)  preparation
      and filing of all applicable tax returns and tax information reports that are
      required to be filed on behalf of the Trust;

     

    (I)  establishing
      a record date with respect to all actions to be taken hereunder that require
      a
      record date to be established, except as provided in Section
      6.10(a);

     

    (J)  unless
      otherwise required by the Delaware Statutory Trust Act, to execute on behalf
      of
      the Trust (either acting alone or together with the other Administrative
      Trustees) any documents and other writings that such Administrative Trustee
      has
      the power to execute pursuant to this Trust Agreement; and

     

    (K)  the
      taking of any action incidental to the foregoing as such Administrative Trustee
      may from time to time determine is necessary or advisable to give effect to
      the
      terms of this Trust Agreement.

     

    (ii)  As
      among
      the Trustees, the Property Trustee shall have the power, authority and
      authorization to act on behalf of the Trust with respect to the following
      matters:

     

    (A)  the
      receipt and holding of legal title of the Notes;

     

    (B)  the
      establishment of the Payment Account;

     

    (C)  the
      receipt of interest, principal and any other payments made in respect of the
      Notes and the holding of such amounts in the Payment Account;

     

    
      
        
        

      

      
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    (D)  the
      distribution through the Paying Agent of amounts distributable to the Holders
      in
      respect of the Trust Securities;

     

    (E)  the
      exercise of all of the rights, powers and privileges of a holder of the Notes
      in
      accordance with the terms of this Trust Agreement;

     

    (F)  the
      sending of notices of default and other information regarding the Trust
      Securities and the Notes to the Holders in accordance with this Trust
      Agreement;

     

    (G)  the
      distribution of the Trust Property in accordance with the terms of this Trust
      Agreement;

     

    (H)  to
      the
      extent provided in this Trust Agreement, the winding up of the affairs of and
      liquidation of the Trust and the preparation, execution and filing of the
      certificate of cancellation of the Trust with the Secretary of State of the
      State of Delaware; 

     

    (I)  application
      for a taxpayer identification number for the Trust;

     

    (J)  the
      authentication of the Preferred Securities as provided in this Trust Agreement;
      and

     

    (K)  the
      taking of any action incidental to the foregoing as the Property Trustee may
      from time to time determine is necessary or advisable to give effect to the
      terms of this Trust Agreement and protect and conserve the Trust Property for
      the benefit of the Holders (without consideration of the effect of any such
      action on any particular Holder).

     

    (b)  In
      connection with the issue and sale of the Preferred Securities, the Depositor
      shall have the right and responsibility to assist the Trust with respect to,
      or
      effect on behalf of the Trust, the following (and any actions taken by the
      Depositor in furtherance of the following prior to the date of this Trust
      Agreement are hereby ratified and confirmed in all respects):

     

    (i)  the
      negotiation of the terms of, and the execution and delivery of, the Purchase
      Agreement providing for the sale of the Preferred Securities in one or more
      transactions exempt from registration under the Securities Act, and in
      compliance with applicable state securities or blue sky laws; and

     

    (ii)  the
      taking of any other actions necessary or desirable to carry out any of the
      foregoing activities.

     

    (c)  Notwithstanding
      anything herein to the contrary, the Administrative Trustees are authorized
      and
      directed to conduct the affairs of the Trust and to operate the Trust so that
      the Trust will not be taxable as a corporation or classified as other than
      a
      grantor trust for United States federal income tax purposes, so that the Notes
      will be treated as indebtedness of the Depositor for United States federal
      income tax purposes and so that the Trust will not be deemed to be an
“investment company” required to be registered under the Investment Company Act.
      In this connection, each Administrative Trustee is authorized to take any
      action, not inconsistent with applicable law, the Certificate of Trust or this
      Trust Agreement, that such Administrative Trustee determines in his or her
      discretion to be necessary or desirable for such purposes, as long as such
      action does not adversely affect in any material respect the interests of the
      Holders of the Outstanding Preferred Securities. In no event shall the
      Administrative Trustees be liable to the Trust or the Holders for any failure
      to
      comply with this Section
      2.5
      to the
      extent that such failure results solely from a change in law or regulation
      or in
      the interpretation thereof.

     

    
      
        
        

      

      
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    (d)  Any
      action taken by a Trustee in accordance with its powers shall constitute the
      act
      of and serve to bind the Trust. In dealing with any Trustee acting on behalf
      of
      the Trust, no Person shall be required to inquire into the authority of such
      Trustee to bind the Trust. Persons dealing with the Trust are entitled to rely
      conclusively on the power and authority of any Trustee as set forth in this
      Trust Agreement.

     

    SECTION
      2.6.  Assets
      of
      Trust.

     

    The
      assets of the Trust shall consist of the Trust Property.

     

    SECTION
      2.7.  Title
      to
      Trust Property.

     

    (a)  Legal
      title to all Trust Property shall be vested at all times in the Property Trustee
      and shall be held and administered by the Property Trustee in trust for the
      benefit of the Trust and the Holders in accordance with this Trust
      Agreement.

     

    (b)  The
      Holders shall not have any right or title to the Trust Property other than
      the
      undivided beneficial interest in the assets of the Trust conferred by their
      Trust Securities and they shall have no right to call for any partition or
      division of property, profits or rights of the Trust except as described below.
      The Trust Securities shall be personal property giving only the rights
      specifically set forth therein and in this Trust Agreement.

     

    ARTICLE
      III.

     

    PAYMENT
      ACCOUNT;
      PAYING
      AGENTS

     

    SECTION
      3.1.  Payment
      Account.

     

    (a)  On
      or
      prior to the Closing Date, the Property Trustee shall establish the Payment
      Account. The Property Trustee and the Paying Agent shall have exclusive control
      and sole right of withdrawal with respect to the Payment Account for the purpose
      of making deposits in and withdrawals from the Payment Account in accordance
      with this Trust Agreement. All monies and other property deposited or held
      from
      time to time in the Payment Account shall be held by the Property Trustee in
      the
      Payment Account for the exclusive benefit of the Holders and for Distribution
      as
      herein provided.

     

    (b)  The
      Property Trustee shall deposit in the Payment Account, promptly upon receipt,
      all payments of principal of or interest on, and any other payments with respect
      to, the Notes. Amounts held in the Payment Account shall not be invested by
      the
      Property Trustee pending distribution thereof.

     

    
      
        
        

      

      
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    SECTION
      3.2.  Appointment
      of Paying Agents.

     

    The
      Property Trustee is appointed as the initial Paying Agent and hereby accepts
      such appointment. The Paying Agent shall make Distributions to Holders from
      the
      Payment Account and shall report the amounts of such Distributions to the
      Property Trustee and the Administrative Trustees. Any Paying Agent shall have
      the revocable power to withdraw funds from the Payment Account solely for the
      purpose of making the Distributions referred to above. The Administrative
      Trustees may revoke such power and remove the Paying Agent in their sole
      discretion. Any Person acting as Paying Agent shall be permitted to resign
      as
      Paying Agent upon thirty (30) days’ written notice to the Administrative
      Trustees and the Property Trustee. If the Property Trustee shall no longer
      be
      the Paying Agent or a successor Paying Agent shall resign or its authority
      to
      act be revoked, the Administrative Trustees shall appoint a successor (which
      shall be a bank or trust company) to act as Paying Agent. Such successor Paying
      Agent appointed by the Administrative Trustees shall execute and deliver to
      the
      Trustees an instrument in which such successor Paying Agent shall agree with
      the
      Trustees that as Paying Agent, such successor Paying Agent will hold all sums,
      if any, held by it for payment to the Holders in trust for the benefit of the
      Holders entitled thereto until such sums shall be paid to such Holders. The
      Paying Agent shall return all unclaimed funds to the Property Trustee and upon
      removal of a Paying Agent such Paying Agent shall also return all funds in
      its
      possession to the Property Trustee. The provisions of Article
      VIII
      shall
      apply to the Property Trustee also in its role as Paying Agent, for so long
      as
      the Property Trustee shall act as Paying Agent and, to the extent applicable,
      to
      any other Paying Agent appointed hereunder. Any reference in this Trust
      Agreement to the Paying Agent shall include any co-paying agent unless the
      context requires otherwise.

     

    ARTICLE
      IV.

     

    DISTRIBUTIONS;
      REDEMPTION

     

    SECTION
      4.1.  Distributions.

     

    (a)  The
      Trust
      Securities represent undivided beneficial interests in the Trust Property,
      and
      Distributions (including any Additional Interest Amounts) will be made on the
      Trust Securities at the rate and on the dates that payments of interest
      (including any Additional Interest) are made on the Notes.
      Accordingly:

     

    (i)  Distributions
      on the Trust Securities shall be cumulative, and shall accumulate whether or
      not
      there are funds of the Trust available for the payment of Distributions.
      Distributions shall accumulate from June 7, 2007, and, except as provided in
      clause (ii) below, shall be payable quarterly in arrears on January
      30th,
      April
      30th,
      July
      30th
      and
      October 30th
      of each
      year, commencing on July 30, 2007. If any date on which a Distribution is
      otherwise payable on the Trust Securities is not a Business Day, then the
      payment of such Distribution shall be made on the next succeeding Business
      Day
      (and no interest shall accrue in respect of the amounts whose payment is so
      delayed for the period from and after each such date until the next succeeding
      Business Day), except that, if such Business Day falls in the next succeeding
      calendar year, such payment shall be made on the immediately preceding Business
      Day, in each case, with the same force and effect as if made on such date (each
      date on which Distributions are payable in accordance with this Section
      4.1(a)(i), a “Distribution Date”);

     

    
      
        
        

      

      
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    (ii)  Distributions
      shall accumulate in respect of the Trust Securities at a variable rate per
      annum, reset quarterly, equal to LIBOR plus the Margin (as defined in the
      Indenture) of the Liquidation Amount of the Trust Securities, such rate being
      the rate of interest payable on the Notes. LIBOR shall be determined by the
      Calculation Agent in accordance with Schedule
      A.
      The
      amount of Distributions payable for any Distribution period shall be computed
      and paid on the basis of a 360-day year and the actual number of days elapsed
      in
      the relevant Distribution period. The amount of Distributions payable for any
      period shall include any Additional Interest Amounts in respect of such period;
      and

     

    (iii)  Distributions
      on the Trust Securities shall be made by the Paying Agent from the Payment
      Account and shall be payable on each Distribution Date only to the extent that
      the Trust has funds then on hand and available in the Payment Account for the
      payment of such Distributions.

     

    (b)  Distributions
      on the Trust Securities with respect to a Distribution Date shall be payable
      to
      the Holders thereof as they appear on the Securities Register for the Trust
      Securities at the close of business on the relevant record date, which shall
      be
      at the close of business on the fifteenth day (whether or not a Business Day)
      preceding the relevant Distribution Date. Distributions payable on any Trust
      Securities that are not punctually paid on any Distribution Date as a result
      of
      the Depositor having failed to make an interest payment under the Notes will
      cease to be payable to the Person in whose name such Trust Securities are
      registered on the relevant record date, and such defaulted Distributions and
      any
      Additional Interest Amounts will instead be payable to the Person in whose
      name
      such Trust Securities are registered on the special record date, or other
      specified date for determining Holders entitled to such defaulted Distribution
      and Additional Interest Amount, established in the same manner, and on the
      same
      date, as such is established with respect to the Notes under the
      Indenture.

     

    (c)  As
      a
      condition to the payment of any principal of or interest on the Trust Securities
      without the imposition of withholding tax, the Administrative Trustees shall
      require the previous delivery of properly completed and signed applicable U.S.
      federal income tax certifications (generally, an Internal Revenue Service Form
      W-9 (or applicable successor form) in the case of a person that is a “United
      States person” within the meaning of Section 7701(a)(30) of the Code or an
      Internal Revenue Service Form W-8 (or applicable successor form) in the case
      of
      a person that is not a “United States person” within the meaning of Section
      7701(a)(30) of the Code) and any other certification acceptable to it to enable
      the Paying Agent to determine its duties and liabilities with respect to any
      taxes or other charges that it may be required to pay, deduct or withhold in
      respect of such Trust Securities.

     

    SECTION
      4.2.  Redemption.

     

    (a)  On
      each
      Note Redemption Date and on the stated maturity (or any date of principal
      repayment upon early maturity) of the Notes and on each other date on (or in
      respect of) which any principal on the Notes is repaid, the Trust will be
      required to redeem a Like Amount of Trust Securities at the Redemption
      Price.

     

    
      
        
        

      

      
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    (b)  Notice
      of
      redemption shall be given by the Property Trustee by first-class mail, postage
      prepaid, mailed not less than thirty (30) nor more than sixty (60) days prior
      to
      the Redemption Date to each Holder of Trust Securities to be redeemed, at such
      Holder’s address appearing in the Securities Register. All notices of redemption
      shall state:

     

    (i)  the
      Redemption Date;

     

    (ii)  the
      Redemption Price or, if the Redemption Price cannot be calculated prior to
      the
      time the notice is required to be sent, the estimate of the Redemption Price
      provided pursuant to the Indenture, as calculated by the Depositor, together
      with a statement that it is an estimate and that the actual Redemption Price
      will be calculated by the Calculation Agent on the fifth Business Day prior
      to
      the Redemption Date (and if an estimate is provided, a further notice shall
      be
      sent of the actual Redemption Price on the date that such Redemption Price
      is
      calculated);

     

    (iii)  if
      less
      than all the Outstanding Trust Securities are to be redeemed, the identification
      (and, in the case of partial redemption, the respective Liquidation Amounts)
      and
      Liquidation Amounts of the particular Trust Securities to be
      redeemed;

     

    (iv)  that
      on
      the Redemption Date, the Redemption Price will become due and payable upon
      each
      such Trust Security, or portion thereof, to be redeemed and that Distributions
      thereon will cease to accumulate on such Trust Security or such portion, as
      the
      case may be, on and after said date, except as provided in Section
      4.2(d);

     

    (v)  the
      place
      or places where the Trust Securities are to be surrendered for the payment
      of
      the Redemption Price; and

     

    (vi)  such
      other provisions as the Property Trustee deems relevant.

     

    (c)  The
      Trust
      Securities (or portion thereof) redeemed on each Redemption Date shall be
      redeemed at the Redemption Price with the proceeds from the contemporaneous
      redemption or payment at maturity of Notes. Redemptions of the Trust Securities
      (or portion thereof) shall be made and the Redemption Price shall be payable
      on
      each Redemption Date only to the extent that the Trust has funds then on hand
      and available in the Payment Account for the payment of such Redemption Price.
      Under the Indenture, the Notes may be redeemed by the Depositor on any Interest
      Payment Date, at the Depositor’s option, on or after the earlier to occur of (i)
      a Change of Control Event (as defined in the Indenture) or (ii) July 30, 2012,
      in whole or in part, from time to time at a redemption price equal to one
      hundred percent (100%) of the principal amount thereof, together, in the case
      of
      any such redemption, with accrued interest, including any Additional Interest,
      to but excluding the date fixed for redemption (the “Indenture Redemption
      Price”). The Notes may also be redeemed by the Depositor, at its option, in
      whole but not in part, upon the occurrence of an Investment Company Event or
      a
      Tax Event at the Special Event Redemption Price (as set forth in the
      Indenture).

     

    
      
        
        

      

      
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    (d)  If
      the
      Property Trustee gives a notice of redemption in respect of any Preferred
      Securities, then by 10:00 A.M., New York City time, on the Redemption Date,
      the
      Depositor shall deposit sufficient funds with the Property Trustee to pay the
      Redemption Price. If such deposit has been made by such time, then by 12:00
      noon, New York City time, on the Redemption Date, the Property Trustee will,
      with respect to Book-Entry Preferred Securities, irrevocably deposit with the
      Depositary for such Book-Entry Preferred Securities, to the extent available
      therefor, funds sufficient to pay the applicable Redemption Price and will
      give
      such Depositary irrevocable instructions and authority to pay the Redemption
      Price to the Holders of the Preferred Securities. With respect to Preferred
      Securities that are not Book-Entry Preferred Securities, the Property Trustee
      will irrevocably deposit with the Paying Agent, to the extent available
      therefor, funds sufficient to pay the applicable Redemption Price and will
      give
      the Paying Agent irrevocable instructions and authority to pay the Redemption
      Price to the Holders of the Preferred Securities upon surrender of their
      Preferred Securities Certificates. Notwithstanding the foregoing, Distributions
      payable on or prior to the Redemption Date for any Trust Securities (or portion
      thereof) called for redemption shall be payable to the Holders of such Trust
      Securities as they appear on the Securities Register on the relevant record
      dates for the related Distribution Dates. If notice of redemption shall have
      been given and funds deposited as required, then upon the date of such deposit,
      all rights of Holders holding Trust Securities (or portion thereof) so called
      for redemption will cease, except the right of such Holders to receive the
      Redemption Price and any Distribution payable in respect of the Trust Securities
      on or prior to the Redemption Date, but without interest, and, in the case
      of a
      partial redemption, the right of such Holders to receive a new Trust Security
      or
      Securities of authorized denominations, in aggregate Liquidation Amount equal
      to
      the unredeemed portion of such Trust Security or Securities, and such Securities
      (or portion thereof) called for redemption will cease to be Outstanding. In
      the
      event that any date on which any Redemption Price is payable is not a Business
      Day, then payment of the Redemption Price payable on such date will be made
      on
      the next succeeding Business Day (and no interest shall accrue in respect of
      the
      amounts whose payment is so delayed for the period from and after each such
      date
      until the next succeeding Business Day), except that, if such Business Day
      falls
      in the next succeeding calendar year, such payment shall be made on the
      immediately preceding Business Day, in each case, with the same force and effect
      as if made on such date. In the event that payment of the Redemption Price
      in
      respect of any Trust Securities (or portion thereof) called for redemption
      is
      improperly withheld or refused and not paid either by the Trust or by the
      Depositor or the Guarantor pursuant to the Indenture, Distributions on such
      Trust Securities (or portion thereof) will continue to accumulate, as set forth
      in Section
      4.1,
      from
      the Redemption Date originally established by the Trust for such Trust
      Securities(or portion thereof) to the date such Redemption Price is actually
      paid, in which case the actual payment date will be the date fixed for
      redemption for purposes of calculating the Redemption Price.

     

    (e)  Subject
      to Section
      4.3(a),
      if
      less than all the Outstanding Trust Securities are to be redeemed on a
      Redemption Date, then the aggregate Liquidation Amount of Trust Securities
      to be
      redeemed shall be allocated pro rata to the Common Securities and the Preferred
      Securities based upon the relative aggregate Liquidation Amounts of the Common
      Securities and the Preferred Securities. The Preferred Securities to be redeemed
      shall be selected on a pro rata basis based upon their respective Liquidation
      Amounts not more than sixty (60) days prior to the Redemption Date by the
      Property Trustee from the Outstanding Preferred Securities not previously called
      for redemption; provided, however, that with respect to Holders that would
      be
      required to hold less than one hundred (100) but more than zero (0) Trust
      Securities as a result of such redemption, the Trust shall redeem Trust
      Securities of each such Holder so that after such redemption such Holder shall
      hold either one hundred (100) Trust Securities or such Holder no longer holds
      any Trust Securities, and shall use such method (including, without limitation,
      by lot) as the Trust shall deem fair and appropriate; and provided, further,
      that so long as the Preferred Securities are Book-Entry Preferred Securities,
      such selection shall be made in accordance with the Applicable Depositary
      Procedures for the Preferred Securities by such Depositary. The Property Trustee
      shall promptly notify the Securities Registrar in writing of the Preferred
      Securities (or portion thereof) selected for redemption and, in the case of
      any
      Preferred Securities selected for partial redemption, the Liquidation Amount
      thereof to be redeemed. For all purposes of this Trust Agreement, unless the
      context otherwise requires, all provisions relating to the redemption of
      Preferred Securities shall relate, in the case of any Preferred Securities
      redeemed or to be redeemed only in part, to the portion of the aggregate
      Liquidation Amount of Preferred Securities that has been or is to be
      redeemed.

     

    
      
        
        

      

      
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    (f)  The
      Trust
      in issuing the Trust Securities may use “CUSIP” numbers (if then generally in
      use), and, if so, the Property Trustee shall indicate the “CUSIP” numbers of the
      Trust Securities in notices of redemption and related materials 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 Trust
      Securities or as contained in any notice of redemption and related
      materials.

     

    SECTION
      4.3.  Subordination
      of Common Securities.

     

    (a)  Payment
      of Distributions (including any Additional Interest Amounts) on, the Redemption
      Price of and the Liquidation Distribution in respect of, the Trust Securities,
      as applicable, shall be made, pro rata among the Common Securities and the
      Preferred Securities based on the Liquidation Amount of the respective Trust
      Securities; provided, that if on any Distribution Date, Redemption Date or
      Liquidation Date an Event of Default shall have occurred and be continuing,
      no
      payment of any Distribution (including any Additional Interest Amounts) on,
      Redemption Price of or Liquidation Distribution in respect of, any Common
      Security, and no other payment on account of the redemption, liquidation or
      other acquisition of Common Securities, shall be made unless payment in full
      in
      cash of all accumulated and unpaid Distributions (including any Additional
      Interest Amounts) on all Outstanding Preferred Securities for all Distribution
      periods terminating on or prior thereto, or in the case of payment of the
      Redemption Price the full amount of such Redemption Price on all Outstanding
      Preferred Securities then called for redemption, or in the case of payment
      of
      the Liquidation Distribution the full amount of such Liquidation Distribution
      on
      all Outstanding Preferred Securities, shall have been made or provided for,
      and
      all funds immediately available to the Property Trustee shall first be applied
      to the payment in full in cash of all Distributions (including any Additional
      Interest Amounts) on, or the Redemption Price of or the Liquidation Distribution
      in respect of, the Preferred Securities then due and payable.

     

    (b)  In
      the
      case of the occurrence of any Event of Default, the Holders of the Common
      Securities shall have no right to act with respect to any such Event of Default
      under this Trust Agreement until all such Events of Default with respect to
      the
      Preferred Securities have been cured, waived or otherwise eliminated. Until
      all
      such Events of Default under this Trust Agreement with respect to the Preferred
      Securities have been so cured, waived or otherwise eliminated, the Property
      Trustee shall act solely on behalf of the Holders of the Preferred Securities
      and not on behalf of the Holders of the Common Securities, and only the Holders
      of all the Preferred Securities will have the right to direct the Property
      Trustee to act on their behalf.

     

    
      
        
        

      

      
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    SECTION
      4.4.  Payment
      Procedures.

     

    Payments
      of Distributions (including any Additional Interest Amounts), the Redemption
      Price, Liquidation Amount or any other amounts in respect of the Preferred
      Securities shall be made by wire transfer at such place and to such account
      at a
      banking institution in the United States as may be designated in writing at
      least ten (10) Business Days prior to the date for payment by the Person
      entitled thereto unless proper written transfer instructions have not been
      received by the relevant record date, in which case such payments shall be
      made
      by check mailed to the address of such Person as such address shall appear
      in
      the Securities Register. If any Preferred Securities are held by a Depositary,
      such Distributions thereon shall be made to the Depositary in immediately
      available funds. Payments in respect of the Common Securities shall be made
      in
      such manner as shall be mutually agreed between the Property Trustee and the
      Holder of all the Common Securities.

     

    SECTION
      4.5.  Withholding
      Tax.

     

    The
      Trust
      and the Administrative Trustees shall comply with all withholding and backup
      withholding tax requirements under United States federal, state and local law.
      The Administrative Trustees on behalf of the Trust shall request, and the
      Holders shall provide to the Trust, such forms or certificates as are necessary
      to establish an exemption from withholding and backup withholding tax with
      respect to each Holder and any representations and forms as shall reasonably
      be
      requested by the Administrative Trustees on behalf of the Trust to assist it
      in
      determining the extent of, and in fulfilling, its withholding and backup
      withholding tax obligations. The Administrative Trustees shall file required
      forms with applicable jurisdictions and, unless an exemption from withholding
      and backup withholding tax is properly established by a Holder, shall remit
      amounts withheld with respect to the Holder to applicable jurisdictions. To
      the
      extent that the Trust is required to withhold and pay over any amounts to any
      jurisdiction with respect to Distributions or allocations to any Holder, the
      amount withheld shall be deemed to be a Distribution in the amount of the
      withholding to the Holder. In the event of any claimed overwithholding, Holders
      shall be limited to an action against the applicable jurisdiction. If the amount
      required to be withheld was not withheld from actual Distributions made, the
      Administrative Trustees on behalf of the Trust may reduce subsequent
      Distributions by the amount of such required withholding.

     

    SECTION
      4.6.  Tax
      Returns and Other Reports.

     

    (a)  The
      Administrative Trustees shall prepare (or cause to be prepared) at the principal
      office of the Trust in the United States, as defined for purposes of Treasury
      regulations section 301.7701-7, at the Depositor’s expense, and file, all United
      States federal, state and local tax and information returns and reports required
      to be filed by or in respect of the Trust. The Administrative Trustees shall
      prepare at the principal office of the Trust in the United States, as defined
      for purposes of Treasury regulations section 301.7701-7, and furnish (or cause
      to be prepared and furnished), by January 31 in each taxable year of the Trust
      to each Holder all Internal Revenue Service forms and returns required to be
      provided by the Trust. The Administrative Trustees shall provide the Depositor
      and the Property Trustee with a copy of all such returns and reports promptly
      after such filing or furnishing.

     

    
      
        
        

      

      
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    SECTION
      4.7.  Payment
      of Taxes, Duties, Etc. of the Trust.

     

    Upon
      receipt under the Notes of Additional Tax Sums and upon the written direction
      of
      the Administrative Trustees, the Property Trustee shall promptly pay, solely
      out
      of monies on deposit pursuant to this Trust Agreement, any Additional Taxes
      imposed on the Trust by the United States or any other taxing
      authority.

     

    SECTION
      4.8.  Payments
      under Indenture or Pursuant to Direct Actions.

     

    Any
      amount payable hereunder to any Holder of Preferred Securities shall be reduced
      by the amount of any corresponding payment such Holder (or any Owner with
      respect thereto) has directly received pursuant to Section
      5.8
      of the
      Indenture or Section
      6.10(b)
      of this
      Trust Agreement.

     

    SECTION
      4.9.  Exchanges.

     

    (a)  If
      at any
      time the Depositor or any of its Affiliates (in either case, a “Depositor
      Affiliate”) is the Owner or Holder of any Preferred Securities, such Depositor
      Affiliate shall have the right to deliver to the Property Trustee all or such
      portion of its Preferred Securities as it elects and, subject to compliance
      with
      Sections 2.2 and 3.5 of the Indenture, receive, in exchange therefor, a Like
      Amount of Notes. Such election (i) shall be exercisable effective on any
      Distribution Date by such Depositor Affiliate delivering to the Property Trustee
      a written notice of such election specifying the Liquidation Amount of Preferred
      Securities with respect to which such election is being made and the
      Distribution Date on which such exchange shall occur, which Distribution Date
      shall be not less than ten (10) Business Days after the date of receipt by
      the
      Property Trustee of such election notice and (ii) shall be conditioned upon
      such
      Depositor Affiliate having delivered or caused to be delivered to the Property
      Trustee or its designee the Preferred Securities that are the subject of such
      election by 10:00 A.M. New York time, on the Distribution Date on which such
      exchange is to occur. After the exchange, such Preferred Securities will be
      canceled and will no longer be deemed to be Outstanding and all rights of the
      Depositor Affiliate with respect to such Preferred Securities will
      cease.

     

    (b)  In
      the
      case of an exchange described in Section
      4.9(a),
      the
      Property Trustee on behalf of the Trust will, on the date of such exchange,
      exchange Notes having a principal amount equal to a proportional amount of
      the
      aggregate Liquidation Amount of the Outstanding Common Securities, based on
      the
      ratio of the aggregate Liquidation Amount of the Preferred Securities exchanged
      pursuant to Section
      4.9(a)
      divided
      by the aggregate Liquidation Amount of the Preferred Securities Outstanding
      immediately prior to such exchange, for such proportional amount of Common
      Securities held by the Depositor (which contemporaneously shall be canceled
      and
      no longer be deemed to be Outstanding); provided, that the Depositor delivers
      or
      causes to be delivered to the Property Trustee or its designee the required
      amount of Common Securities to be exchanged by 10:00 A.M. New York time, on
      the
      Distribution Date on which such exchange is to occur.

     

    
      
        
        

      

      
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    SECTION
      4.10.  Calculation
      Agent.

     

    (a)  The
      Property Trustee shall initially, and, subject to the immediately following
      sentence, for so long as it holds any of the Notes, be the Calculation Agent
      for
      purposes of determining LIBOR for each Distribution Date. The Calculation Agent
      may be removed by the Administrative Trustees at any time. If the Calculation
      Agent is unable or unwilling to act as such or is removed by the Administrative
      Trustees, the Administrative Trustees will promptly appoint as a replacement
      Calculation Agent the London office of a leading bank which is engaged in
      transactions in three-month U.S. dollar deposits in Europe and which does not
      control or is not controlled by or under common control with the Administrative
      Trustees or their Affiliates. The Calculation Agent may not resign its duties
      without a successor having been duly appointed.

     

    (b)  The
      Calculation Agent shall be required to agree that, as soon as possible after
      11:00 a.m. (London time) on each LIBOR Determination Date, but in no event
      later
      than 11:00 a.m. (London time) on the Business Day immediately following each
      LIBOR Determination Date, the Calculation Agent will calculate the interest
      rate
      and dollar amount (rounded to the nearest cent, with half a cent being rounded
      upwards) for the related Distribution Date, and will communicate such rate
      and
      amount to the Depositor, the Property Trustee, each Paying Agent and the
      Depositary. The Calculation Agent will also specify to the Administrative
      Trustees the quotations upon which the foregoing rates and amounts are based
      and, in any event, the Calculation Agent shall notify the Administrative
      Trustees before 5:00 p.m. (London time) on each LIBOR Determination Date that
      either: (i) it has determined or is in the process of determining the foregoing
      rates and amounts or (ii) it has not determined and is not in the process of
      determining the foregoing rates and amounts, together with its reasons therefor.
      The Calculation Agent’s determination of the foregoing rates and amounts for any
      Distribution Date will (in the absence of manifest error) be final and binding
      upon all parties. For the sole purpose of calculating the interest rate for
      the
      Trust Securities, “Business Day” shall be defined as any day on which dealings
      in deposits in Dollars are transacted in the London interbank
      market.

     

    SECTION
      4.11.  Certain
      Accounting Matters.

     

    (a)  At
      all
      times during the existence of the Trust, the Administrative Trustees shall
      keep,
      or cause to be kept at the principal office of the Trust in the United States,
      as defined for purposes of Treasury Regulations section 301.7701-7, full books
      of account, records and supporting documents, which shall reflect in reasonable
      detail each transaction of the Trust. The books of account shall be maintained
      on the accrual method of accounting, in accordance with generally accepted
      accounting principles, consistently applied.

     

    (b)  The
      Administrative Trustees shall either (i) if the Depositor is then subject to
      such reporting requirements, cause each Form 10-K and Form 10-Q prepared by
      the
      Depositor and filed with the Commission in accordance with the Exchange Act
      to
      be delivered to each Holder, with a copy to the Property Trustee, within thirty
      (30) days after the filing thereof or (ii) cause to be prepared at the principal
      office of the Trust in the United States, as defined for purposes of Treasury
      Regulations section 301.7701-7, and delivered to each of the Holders, with
      a
      copy to the Property Trustee, within ninety (90) days after the end of each
      Fiscal Year, annual financial statements of the Trust, including a balance
      sheet
      of the Trust as of the end of such Fiscal Year, and the related statements
      of
      income or loss.

     

    
      
        
        

      

      
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    (c)  The
      Trust
      shall maintain one or more bank accounts in the United States, as defined for
      purposes of Treasury Regulations section 301.7701-7, in the name and for the
      sole benefit of the Trust; provided,
      however,
      that
      all payments of funds in respect of the Notes held by the Property Trustee
      shall
      be made directly to the Payment Account and no other funds of the Trust shall
      be
      deposited in the Payment Account. The sole signatories for such accounts
      (including the Payment Account) shall be designated by the Property
      Trustee.

     

    ARTICLE
      V.

     

    SECURITIES

     

    SECTION
      5.1.  Initial
      Ownership.

     

    Upon
      the
      creation of the Trust and the contribution by the Depositor referred to in
      Section
      2.3
      and
      until the issuance of the Trust Securities, and at any time during which no
      Trust Securities are Outstanding, the Depositor shall be the sole beneficial
      owner of the Trust.

     

    SECTION
      5.2.  Authorized
      Trust Securities.

     

    The
      Trust
      shall be authorized to issue one series of Preferred Securities having an
      aggregate Liquidation Amount of thirty-five million dollars ($35,000,000) and
      one series of Common Securities having an aggregate Liquidation Amount of one
      hundred thousand dollars ($100,000).

     

    SECTION
      5.3.  Issuance
      of the Common Securities; Subscription and Purchase of Notes.

     

    On
      the
      Closing Date, an Administrative Trustee, on behalf of the Trust, shall execute
      and deliver to the Depositor Common Securities Certificates, registered in
      the
      name of the Depositor, evidencing an aggregate of 100 Common Securities having
      an aggregate Liquidation Amount of one hundred thousand dollars ($100,000),
      against receipt by the Trust of the aggregate purchase price of such Common
      Securities of one hundred thousand dollars ($100,000). Contemporaneously
      therewith and with the sale by the Trust to the Holders of an aggregate of
      thirty-five thousand (35,000) Preferred Securities having an aggregate
      Liquidation Amount of thirty-five million dollars ($35,000,000), an
      Administrative Trustee, on behalf of the Trust, shall subscribe for and purchase
      from the Depositor Notes, to be registered in the name of the Property Trustee
      on behalf of the Trust and having an aggregate principal amount equal to
      thirty-five million one hundred thousand dollars ($35,100,000), and, in
      satisfaction of the purchase price for such Notes, the Property Trustee, on
      behalf of the Trust, shall deliver to the Depositor the sum of thirty-five
      million one hundred thousand dollars ($35,100,000) (being the aggregate amount
      paid by the Holders for the Preferred Securities and the amount paid by the
      Depositor for the Common Securities).

     

    
      
        
        

      

      
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    SECTION
      5.4.  The
      Securities Certificates.

     

    (a)  The
      Preferred Securities Certificates shall be issued in minimum denominations
      of
      one hundred thousand dollars ($100,000) Liquidation Amount and integral
      multiples of one thousand dollars ($1,000) in excess thereof, and the Common
      Securities Certificates shall be issued in minimum denominations of ten thousand
      dollars ($10,000) Liquidation Amount and integral multiples of one thousand
      dollars ($1,000) in excess thereof. The Securities Certificates shall be
      executed on behalf of the Trust by manual or facsimile signature of at least
      one
      Administrative Trustee. Securities Certificates bearing the signatures of
      individuals who were, at the time when such signatures shall have been affixed,
      authorized to sign such Securities Certificates on behalf of the Trust shall
      be
      validly issued and entitled to the benefits of this Trust Agreement,
      notwithstanding that such individuals or any of them shall have ceased to be
      so
      authorized prior to the delivery of such Securities Certificates or did not
      have
      such authority at the date of delivery of such Securities
      Certificates.

     

    (b)  On
      the
      Closing Date, upon the written order of an authorized officer of the Depositor,
      the Administrative Trustees shall cause Securities Certificates to be executed
      on behalf of the Trust and delivered, without further corporate action by the
      Depositor, in authorized denominations.

     

    (c)  Preferred
      Securities issued on the Closing Date to QIBs shall be issued as directed by
      the
      Purchaser on or prior to the Closing Date, either (i) in the form of one or
      more
      Global Preferred Securities Certificates or (ii) in the form of one or more
      Definitive Preferred Securities Certificates. Global Preferred Securities shall
      be, except as provided in Section 5.6,
      Book-Entry Preferred Securities issued in the form of one or more Global
      Preferred Securities registered in the name of the Depositary, or its nominee
      and deposited with the Depositary or the Property Trustee as custodian for
      the
      Depositary for credit by the Depositary to the respective accounts of the
      Depositary Participants thereof (or such other accounts as they may direct).
      The
      Preferred Securities issued to a Person other than a QIB shall be issued in
      the
      form of Definitive Preferred Securities Certificates.

     

    (d)  A
      Preferred Security shall not be valid until authenticated by the manual
      signature of a Responsible Officer of the Property Trustee. Such signature
      shall
      be conclusive evidence that the Preferred Security has been authenticated under
      this Trust Agreement. Upon written order of the Trust signed by one
      Administrative Trustee, the Property Trustee shall authenticate and deliver
      one
      or more Preferred Security Certificates evidencing the Preferred Securities
      for
      original issue. The Property Trustee may appoint an authenticating agent that
      is
      a U.S. Person acceptable to the Trust to authenticate the Preferred Securities.
      A Common Security need not be so authenticated and shall be valid upon execution
      by one or more Administrative Trustees. The form of this certificate of
      authentication can be found in Section 5.13.

     

    (e)  Upon
      issuance of the Trust Securities as provided in this Trust Agreement, the Trust
      Securities so issued shall be deemed to be validly issued, fully paid and
      nonassessable, and each Holder thereof shall be entitled to the benefits
      provided by this Trust Agreement.

     

    
      
        
        

      

      
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    SECTION
      5.5.  Rights
      of
      Holders.

     

    The
      Trust
      Securities shall have no, and the issuance of the Trust Securities is not
      subject to, preemptive or similar rights and when issued and delivered to
      Holders against payment of the purchase price therefor will be fully paid and
      non-assessable by the Trust. Except as provided in Section
      5.11(b),
      the
      Holders of the Trust Securities, in their capacities as such, shall be entitled
      to the same limitation of personal liability extended to stockholders of private
      corporations for profit organized under the General Corporation Law of the
      State
      of Delaware.

     

    SECTION
      5.6.  Book-Entry
      Preferred Securities.

     

    (a)  A
      Global
      Preferred Security may be exchanged, in whole or in part, for Definitive
      Preferred Securities Certificates registered in the names of the Owners only
      if
      such exchange complies with Section
      5.7
      and (i)
      the Depositary advises the Administrative Trustees and the Property Trustee
      in
      writing that the Depositary is no longer willing or able properly to discharge
      its responsibilities with respect to the Global Preferred Security, and no
      qualified successor is appointed by the Administrative Trustees within ninety
      (90) days of receipt of such notice, (ii) the Depositary ceases to be a clearing
      agency registered under the Exchange Act and the Administrative Trustees fail
      to
      appoint a qualified successor within ninety (90) days of obtaining knowledge
      of
      such event, (iii) the Administrative Trustees at their option advise the
      Property Trustee in writing that the Trust elects to terminate the book-entry
      system through the Depositary or (iv) a Note Event of Default has occurred
      and
      is continuing. Upon the occurrence of any event specified in clause (i), (ii),
      (iii) or (iv) above, the Administrative Trustees shall notify the Depositary
      and
      instruct the Depositary to notify all Owners of Book-Entry Preferred Securities,
      the Delaware Trustee and the Property Trustee of the occurrence of such event
      and of the availability of the Definitive Preferred Securities Certificates
      to
      Owners of the Preferred Securities requesting the same. Upon the issuance of
      Definitive Preferred Securities Certificates, the Trustees shall recognize
      the
      Holders of the Definitive Preferred Securities Certificates as Holders.
      Notwithstanding the foregoing, if an Owner of a beneficial interest in a Global
      Preferred Security wishes at any time to transfer an interest in such Global
      Preferred Security to a Person other than a QIB, such transfer shall be
      effected, subject to the Applicable Depositary Procedures, in accordance with
      the provisions of this Section
      5.6
      and
Section
      5.7,
      and the
      transferee shall receive a Definitive Preferred Securities Certificate in
      connection with such transfer. A holder of a Definitive Preferred Securities
      Certificate that is a QIB may, upon request, and in accordance with the
      provisions of this Section
      5.6
      and
Section
      5.7,
      exchange such Definitive Preferred Securities Certificate for a beneficial
      interest in a Global Preferred Security.

     

    (b)  If
      any
      Global Preferred Security is to be exchanged for Definitive Preferred Securities
      Certificates or canceled in part, or if any Definitive Preferred Securities
      Certificate is to be exchanged in whole or in part for any Global Preferred
      Security, then either (i) such Global Preferred Security shall be so surrendered
      for exchange or cancellation as provided in this Article V
      or (ii)
      the aggregate Liquidation Amount represented by such Global Preferred Security
      shall be reduced, subject to Section
      5.4,
      or
      increased by an amount equal to the Liquidation Amount represented by that
      portion of the Global Preferred Security to be so exchanged or canceled, or
      equal to the Liquidation Amount represented by such Definitive Preferred
      Securities Certificates to be so exchanged for any Global Preferred Security,
      as
      the case may be, by means of an appropriate adjustment made on the records
      of
      the Securities Registrar, whereupon the Property Trustee, in accordance with
      the
      Applicable Depositary Procedures, shall instruct the Depositary or its
      authorized representative to make a corresponding adjustment to its records.
      Upon any such surrender to the Administrative Trustees or the Securities
      Registrar of any Global Preferred Security or Securities by the Depositary,
      accompanied by registration instructions, the Administrative Trustees, or any
      one of them, shall execute the Definitive Preferred Securities Certificates
      in
      accordance with the instructions of the Depositary, and the Property Trustee,
      upon receipt thereof, shall authenticate and deliver such Definitive Preferred
      Securities Certificates. None of the Securities Registrar or the Trustees shall
      be liable for any delay in delivery of such instructions and may conclusively
      rely on, and shall be fully protected in relying on, such
      instructions.

     

    
      
        
        

      

      
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    (c)  Every
      Securities Certificate executed and delivered upon registration of transfer
      of,
      or in exchange for or in lieu of, a Global Preferred Security or any portion
      thereof shall be executed and delivered in the form of, and shall be, a Global
      Preferred Security, unless such Securities Certificate is registered in the
      name
      of a Person other than the Depositary for such Global Preferred Security or
      a
      nominee thereof.

     

    (d)  The
      Depositary or its nominee, as registered owner of a Global Preferred Security,
      shall be the Holder of such Global Preferred Security for all purposes under
      this Trust Agreement and the Global Preferred Security, and Owners with respect
      to a Global Preferred Security shall hold such interests pursuant to the
      Applicable Depositary Procedures. The Securities Registrar and the Trustees
      shall be entitled to deal with the Depositary for all purposes of this Trust
      Agreement relating to the Global Preferred Securities (including the payment
      of
      the Liquidation Amount of and Distributions on the Book-Entry Preferred
      Securities represented thereby and the giving of instructions or directions
      by
      Owners of Book-Entry Preferred Securities represented thereby and the giving
      of
      notices) as the sole Holder of the Book-Entry Preferred Securities represented
      thereby and shall have no obligations to the Owners thereof. None of the
      Trustees nor the Securities Registrar shall have any liability in respect of
      any
      transfers effected by the Depositary.

     

    (e)  The
      rights of the Owners of the Book-Entry Preferred Securities shall be exercised
      only through the Depositary and shall be limited to those established by law,
      the Applicable Depositary Procedures and agreements between such Owners and
      the
      Depositary and/or the Depositary Participants; provided, that, solely for the
      purpose of determining whether the Holders of the requisite amount of Preferred
      Securities have voted on any matter provided for in this Trust Agreement, to
      the
      extent that Preferred Securities are represented by a Global Preferred Security,
      the Trustees may conclusively rely on, and shall be fully protected in relying
      on, any written instrument (including a proxy) delivered to the Property Trustee
      by the Depositary setting forth the Owners’ votes or assigning the right to vote
      on any matter to any other Persons either in whole or in part. To the extent
      that Preferred Securities are represented by a Global Preferred Security, the
      Depositary will make book-entry transfers among the Depositary Participants
      and
      receive and transmit payments on the Preferred Securities that are represented
      by a Global Preferred Security to such Depositary Participants, and none of
      the
      Depositor or the Trustees shall have any responsibility or obligation with
      respect thereto.

     

    (f)  To
      the
      extent that a notice or other communication to the Holders is required under
      this Trust Agreement, for so long as Preferred Securities are represented by
      a
      Global Preferred Security, the Trustees shall give all such notices and
      communications to the Depositary, and shall have no obligations to the
      Owners.

     

    
      
        
        

      

      
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    SECTION
      5.7.  Registration
      of Transfer and Exchange of Preferred Securities Certificates.

     

    (a)  The
      Property Trustee shall keep or cause to be kept, at the Corporate Trust Office,
      a register or registers (the “Securities Register”) in which the registrar and
      transfer agent with respect to the Trust Securities (the “Securities
      Registrar”), subject to such reasonable regulations as it may prescribe, shall
      provide for the registration of Preferred Securities Certificates and Common
      Securities Certificates and registration of transfers and exchanges of Preferred
      Securities Certificates as herein provided. The Property Trustee shall at all
      times also be the Securities Registrar. The provisions of Article
      VIII
      shall
      apply to the Property Trustee in its role as Securities Registrar.

     

    (b)  Subject
      to Section 5.7(d), upon surrender for registration of transfer of any Preferred
      Securities Certificate at the office or agency maintained pursuant to
Section
      5.7(f),
      the
      Administrative Trustees or any one of them shall execute by manual or facsimile
      signature and deliver to the Property Trustee, and upon receipt thereof the
      Property Trustee shall authenticate and deliver, in the name of the designated
      transferee or transferees, one or more new Preferred Securities Certificates
      in
      authorized denominations of a like aggregate Liquidation Amount as may be
      required by this Trust Agreement dated the date of execution by such
      Administrative Trustee or Trustees. At the option of a Holder, Preferred
      Securities Certificates may be exchanged for other Preferred Securities
      Certificates in authorized denominations and of a like aggregate Liquidation
      Amount upon surrender of the Preferred Securities Certificate to be exchanged
      at
      the office or agency maintained pursuant to Section 5.7(f).
      Whenever any Preferred Securities Certificates are so surrendered for exchange,
      the Administrative Trustees or any one of them shall execute by manual or
      facsimile signature and deliver to the Property Trustee, and upon receipt
      thereof the Property Trustee shall authenticate and deliver, the Preferred
      Securities Certificates that the Holder making the exchange is entitled to
      receive.

     

    (c)  The
      Securities Registrar shall not be required, (i) to issue, register the transfer
      of or exchange any Preferred Security during a period beginning at the opening
      of business fifteen (15) days before the day of selection for redemption of
      such
      Preferred Securities pursuant to Article
      IV
      and
      ending at the close of business on the day of mailing of the notice of
      redemption or (ii) to register the transfer of or exchange any Preferred
      Security so selected for redemption in whole or in part, except, in the case
      of
      any such Preferred Security to be redeemed in part, any portion thereof not
      to
      be redeemed.

     

    (d)  Every
      Preferred Securities Certificate presented or surrendered for registration
      of
      transfer or exchange shall be duly endorsed, or be accompanied by a written
      instrument of transfer in form satisfactory to the Securities Registrar duly
      executed by the Holder or such Holder’s attorney duly authorized in writing and
      (i) if such Preferred Securities Certificate is being transferred otherwise
      than
      to a QIB, accompanied by a certificate of the transferee substantially in the
      form set forth as Exhibit
      E
      hereto
      or (ii) if such Preferred Securities Certificate is being transferred to a
      QIB,
      accompanied by a certificate of the transferor substantially in the form set
      forth as Exhibit
      F
      hereto.

     

    
      
        
        

      

      
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    (e)  No
      service charge shall be made for any registration of transfer or exchange of
      Preferred Securities Certificates, but the Property Trustee on behalf of the
      Trust may require payment of a sum sufficient to cover any tax or governmental
      charge that may be imposed in connection with any transfer or exchange of
      Preferred Securities Certificates.

     

    (f)  The
      Administrative Trustees shall designate an office or offices or agency or
      agencies where Preferred Securities Certificates may be surrendered for
      registration of transfer or exchange, and initially designate the Corporate
      Trust Office as its office and agency for such purposes. The Administrative
      Trustees shall give prompt written notice to the Depositor, the Property Trustee
      and to the Holders of any change in the location of any such office or
      agency.

     

    SECTION
      5.8.  Mutilated,
      Destroyed, Lost or Stolen Securities Certificates.

     

    (a)  If
      any
      mutilated Securities Certificate shall be surrendered to the Securities
      Registrar together with such security or indemnity as may be required by the
      Securities Registrar and the Administrative Trustees to save each of them
      harmless, the Administrative Trustees, or any one of them, on behalf of the
      Trust, shall execute and make available for delivery and, with respect to
      Preferred Securities, the Property Trustee shall authenticate, in exchange
      therefor a new Securities Certificate of like class, tenor and
      denomination.

     

    (b)  If
      the
      Securities Registrar shall receive evidence to its satisfaction of the
      destruction, loss or theft of any Securities Certificate and there shall be
      delivered to the Securities Registrar and the Administrative Trustees such
      security or indemnity as may be required by them to save each of them harmless,
      then in the absence of notice that such Securities Certificate shall have been
      acquired by a protected purchaser, the Administrative Trustees, or any one
      of
      them, on behalf of the Trust, shall execute and make available for delivery,
      and, with respect to Preferred Securities, the Property Trustee shall
      authenticate, in exchange for or in lieu of any such destroyed, lost or stolen
      Securities Certificate, a new Securities Certificate of like class, tenor and
      denomination.

     

    (c)  In
      connection with the issuance of any new Securities Certificate under this
Section
      5.8,
      the
      Administrative Trustees or the Securities Registrar may require the payment
      of a
      sum sufficient to cover any tax or other governmental charge that may be imposed
      in connection therewith.

     

    (d)  Any
      duplicate Securities Certificate issued pursuant to this Section
      5.8
      shall
      constitute conclusive evidence of an undivided beneficial interest in the assets
      of the Trust corresponding to that evidenced by the mutilated, lost, stolen
      or
      destroyed Securities Certificate, as if originally issued, whether or not the
      lost, stolen or destroyed Securities Certificate shall be found at any
      time.

     

    (e)  If
      any
      such mutilated, destroyed, lost or stolen Securities Certificate has become
      or
      is about to become due and payable, the Depositor in its discretion may, instead
      of issuing a new Trust Security, pay such Trust Security.

     

    (f)  The
      provisions of this Section
      5.8
      are
      exclusive and shall preclude (to the extent lawful) all other rights and
      remedies with respect to the replacement of mutilated, destroyed, lost or stolen
      Securities Certificates.

     

    
      
        
        

      

      
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    (g)  With
      respect to Preferred Securities issued to QIBs in the form of one or more
      Definitive Preferred Securities Certificates as provided in Section 5.4(c),
      and
      any subsequent transfers thereof, the Depositor and the Trust shall use all
      commercially reasonable efforts to make such Preferred Securities eligible
      for
      clearance and settlement as Book-Entry Preferred Securities through the
      facilities of the Depositary and listed for trading through the PORTAL Market,
      and will execute, deliver and comply with all representations made to, and
      agreements with, the Depositary and the PORTAL Market in connection
      therewith.

     

    SECTION
      5.9.  Persons
      Deemed Holders.

     

    The
      Trustees and the Securities Registrar shall each treat the Person in whose
      name
      any Securities Certificate shall be registered in the Securities Register as
      the
      owner of the Trust Securities evidenced by such Securities Certificate for
      the
      purpose of receiving Distributions and for all other purposes whatsoever, and
      none of the Trustees and the Securities Registrar shall be bound by any notice
      to the contrary.

     

    SECTION
      5.10.  Cancellation.

     

    All
      Preferred Securities Certificates surrendered for registration of transfer
      or
      exchange or for payment shall, if surrendered to any Person other than the
      Property Trustee, be delivered to the Property Trustee, and any such Preferred
      Securities Certificates and Preferred Securities Certificates surrendered
      directly to the Property Trustee for any such purpose shall be promptly canceled
      by it. The Administrative Trustees may at any time deliver to the Property
      Trustee for cancellation any Preferred Securities Certificates previously
      delivered hereunder that the Administrative Trustees may have acquired in any
      manner whatsoever, and all Preferred Securities Certificates so delivered shall
      be promptly canceled by the Property Trustee. No Preferred Securities
      Certificates shall be executed and delivered in lieu of or in exchange for
      any
      Preferred Securities Certificates canceled as provided in this Section
      5.10,
      except
      as expressly permitted by this Trust Agreement. All canceled Preferred
      Securities Certificates shall be disposed of by the Property Trustee in
      accordance with its customary practices and the Property Trustee shall deliver
      to the Administrative Trustees a certificate of such disposition.

     

    SECTION
      5.11.  Ownership
      of Common Securities by Depositor.

     

    (a)  On
      the
      Closing Date, the Depositor shall acquire, and thereafter shall retain,
      beneficial and record ownership of the Common Securities. Neither the Depositor
      nor any successor Holder of the Common Securities may transfer less than all
      the
      Common Securities, and the Depositor or any such successor Holder may transfer
      the Common Securities only (i) in connection with a consolidation or merger
      of
      the Depositor into another Person, or any conveyance, transfer or lease by
      the
      Depositor of its properties and assets substantially as an entirety to any
      Person (in which event such Common Securities will be transferred to such
      surviving entity, transferee or lessee, as the case may be), pursuant to
Section
      8.1
      of the
      Indenture or (ii) to the Depositor or an Affiliate of the Depositor, in each
      such case in compliance with applicable law (including the Securities Act,
      and
      applicable state securities and blue sky laws). To the fullest extent permitted
      by law, any attempted transfer of the Common Securities other than as set forth
      in the immediately preceding sentence shall be void. The Administrative Trustees
      shall cause each Common Securities Certificate issued to the Depositor to
      contain a legend stating substantially “THIS CERTIFICATE IS NOT TRANSFERABLE
      EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE TRUST
      AGREEMENT.”

     

    
      
        
        

      

      
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    (b)  Any
      Holder of the Common Securities shall be liable for the debts and obligations
      of
      the Trust in the manner and to the extent set forth herein with respect to
      the
      Depositor and agrees that it shall be subject to all liabilities to which the
      Depositor may be subject and, prior to becoming such a Holder, shall deliver
      to
      the Administrative Trustees an instrument of assumption satisfactory to such
      Trustees.

     

    SECTION
      5.12.  Restricted
      Legends.

     

    (a)  Each
      Preferred Security Certificate shall bear a legend in substantially the
      following form:

     

    “[IF
      THIS SECURITY IS A GLOBAL SECURITY INSERT:
      THIS
      PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST
      AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
      DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS PREFERRED SECURITY IS
      EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
      THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
      TRUST
      AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER
      OF
      THIS PREFERRED SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE
      OF
      DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED
      CIRCUMSTANCES.

     

    UNLESS
      THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
      TO
      NORTHSTAR REALTY FINANCE TRUST VIII
      OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED
      SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
      NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON
      IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
      FOR
      VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
      OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

     

    THE
      PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED
      IN A
      TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST
      THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
      SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY
      PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED
      SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5
      OF
      THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    THE
      HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR
      THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES
      MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, (II)
      TO A
      PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING
      THE
      REQUIREMENTS OF RULE 144A, OR (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER
      THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR
      THE ACCOUNT OF AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)
      (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT, FOR INVESTMENT
      PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
      DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE
      WITH
      ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
      APPLICABLE JURISDICTION AND, IN THE CASE OF (III), SUBJECT TO THE RIGHT OF
      THE
      TRUST AND THE DEPOSITOR TO REQUIRE AN OPINION OF COUNSEL ADDRESSING COMPLIANCE
      WITH THE U.S. SECURITIES LAWS, AND OTHER INFORMATION SATISFACTORY TO EACH OF
      THEM AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES
      FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

     

    THE
      PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING
      AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT
      PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY
      INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS
      THAN
      $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID
      AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW,
      ANY
      SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED
      SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
      LIQUIDATION AMOUNT OF OR DISTRIBUTIONS ON SUCH PREFERRED SECURITIES, OR ANY
      INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO
      INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES.

     

    THE
      HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF
      OR
      THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT
      PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO
      TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
      (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN
      ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON
      INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY
      OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE
      EXEMPTIVE RELIEF AVAILABLE UNDER SECTION 408(b)(17) OF ERISA, U.S. DEPARTMENT
      OF
      LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14
      OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY,
      OR
      ANY INTEREST THEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION
      4975
      OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER
      OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE
      REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN
      EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975
      OF
      THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH
      EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN
      ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR
      (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER
      SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF
      IS NOT AVAILABLE UNDER AN APPLICABLE STATUTORY OR ADMINISTRATIVE
      EXEMPTION.

     

    
      
        
        

      

      
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    (b)  The
      above
      legend shall not be removed from any of the Preferred Securities Certificates
      unless there is delivered to the Property Trustee and the Depositor satisfactory
      evidence, which may include an Opinion of Counsel, as may be reasonably required
      to ensure that any future transfers thereof may be made without restriction
      under or violation of the provisions of the Securities Act and other applicable
      law. Upon provision of such satisfactory evidence, one or more of the
      Administrative Trustees on behalf of the Trust shall execute and deliver to
      the
      Property Trustee, and the Property Trustee shall authenticate and deliver,
      at
      the written direction of the Administrative Trustees and the Depositor,
      Preferred Securities Certificates that do not bear the legend.

     

    SECTION
      5.13.  Form
      of
      Certificate of Authentication.

     

    The
      Property Trustee’s certificate of authentication shall be in substantially the
      following form:

     

    This
      represents Preferred Securities referred to in the within-mentioned Trust
      Agreement.

     

    
      	 	 	 
	
              Dated:
                

            	
              WILMINGTON
                TRUST COMPANY, not in its individual capacity, but solely as Property
                Trustee

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Authorized
                officer

            

    

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI.

    
 

    
      MEETINGS;
        VOTING;
        ACTS
        OF
        HOLDERS

    

     

    SECTION
      6.1.  Notice
      of
      Meetings.

     

    Notice
      of
      all meetings of the Holders of the Preferred Securities, stating the time,
      place
      and purpose of the meeting, shall be given by the Property Trustee pursuant
      to
Section
      11.8
      to each
      Holder of Preferred Securities, at such Holder’s registered address, at least
      fifteen (15) days and not more than ninety (90) days before the meeting. At
      any
      such meeting, any business properly before the meeting may be so considered
      whether or not stated in the notice of the meeting. Any adjourned meeting may
      be
      held as adjourned without further notice.

     

    SECTION
      6.2.  Meetings
      of Holders of the Preferred Securities.

     

    (a)  No
      annual
      meeting of Holders is required to be held. The Property Trustee, however, shall
      call a meeting of the Holders of the Preferred Securities to vote on any matter
      upon the written request of the Holders of at least twenty-five percent (25%)
      in
      aggregate Liquidation Amount of the Outstanding Preferred Securities and the
      Administrative Trustees or the Property Trustee may, at any time in their
      discretion, call a meeting of the Holders of the Preferred Securities to vote
      on
      any matters as to which such Holders are entitled to vote.

     

    (b)  The
      Holders of at least a Majority in Liquidation Amount of the Preferred
      Securities, present in person or by proxy, shall constitute a quorum at any
      meeting of the Holders of the Preferred Securities.

     

    (c)  If
      a
      quorum is present at a meeting, an affirmative vote by the Holders present,
      in
      person or by proxy, holding Preferred Securities representing at least a
      Majority in Liquidation Amount of the Preferred Securities held by the Holders
      present, either in person or by proxy, at such meeting shall constitute the
      action of the Holders of the Preferred Securities, unless this Trust Agreement
      requires a lesser or greater number of affirmative votes.

     

    SECTION
      6.3.  Voting
      Rights.

     

    Holders
      shall be entitled to one vote for each $10,000 of Liquidation Amount represented
      by their Outstanding Trust Securities in respect of any matter as to which
      such
      Holders are entitled to vote.

     

    
      
        
        

      

      
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    SECTION
      6.4.  Proxies,
      Etc.

     

    At
      any
      meeting of Holders, any Holder entitled to vote thereat may vote by proxy,
      provided, that no proxy shall be voted at any meeting unless it shall have
      been
      placed on file with the Administrative Trustees, or with such other officer
      or
      agent of the Trust as the Administrative Trustees may direct, for verification
      prior to the time at which such vote shall be taken. Pursuant to a resolution
      of
      the Property Trustee, proxies may be solicited in the name of the Property
      Trustee or one or more officers of the Property Trustee. Only Holders of record
      shall be entitled to vote. When Trust Securities are held jointly by several
      Persons, any one of them may vote at any meeting in person or by proxy in
      respect of such Trust Securities, but if more than one of them shall be present
      at such meeting in person or by proxy, and such joint owners or their proxies
      so
      present disagree as to any vote to be cast, such vote shall not be received
      in
      respect of such Trust Securities. A proxy purporting to be executed by or on
      behalf of a Holder shall be deemed valid unless challenged at or prior to its
      exercise, and the burden of proving invalidity shall rest on the challenger.
      No
      proxy shall be valid more than three years after its date of
      execution.

     

    SECTION
      6.5.  Holder
      Action by Written Consent.

     

    Any
      action that may be taken by Holders at a meeting may be taken without a meeting
      and without prior notice if Holders holding at least a Majority in Liquidation
      Amount of all Preferred Securities entitled to vote in respect of such action
      (or such lesser or greater proportion thereof as shall be required by any other
      provision of this Trust Agreement) shall consent to the action in writing;
      provided, that notice of such action is promptly provided to the Holders of
      Preferred Securities that did not consent to such action. Any action that may
      be
      taken by the Holders of all the Common Securities may be taken without a meeting
      and without prior notice if such Holders shall consent to the action in
      writing.

     

    SECTION
      6.6.  Record
      Date for Voting and Other Purposes.

     

    Except
      as
      provided in Section
      6.10(a),
      for the
      purposes of determining the Holders who are entitled to notice of and to vote
      at
      any meeting or to act by written consent, or to participate in any distribution
      on the Trust Securities in respect of which a record date is not otherwise
      provided for in this Trust Agreement, or for the purpose of any other action,
      the Administrative Trustees may from time to time fix a date, not more than
      ninety (90) days prior to the date of any meeting of Holders or the payment
      of a
      Distribution or other action, as the case may be, as a record date for the
      determination of the identity of the Holders of record for such
      purposes.

     

    SECTION
      6.7.  Acts
      of
      Holders.

     

    (a)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided or permitted by this Trust Agreement to be given, made or taken
      by Holders may be embodied in and evidenced by one or more instruments of
      substantially similar tenor signed by such Holders in person or by an agent
      thereof duly appointed in writing; and, except as otherwise expressly provided
      herein, such action shall become effective when such instrument or instruments
      are delivered to an Administrative Trustee. Such instrument or instruments
      (and
      the action embodied therein and evidenced thereby) are herein sometimes referred
      to as the “Act” of the Holders signing such instrument or instruments. Proof of
      execution of any such instrument or of a writing appointing any such agent
      shall
      be sufficient for any purpose of this Trust Agreement and conclusive in favor
      of
      the Trustees, if made in the manner provided in this Section
      6.7.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    (b)  The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by a certificate
      of a
      notary public or other officer authorized by law to take acknowledgments of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Where such execution is by a signer
      acting in a capacity other than such signer’s individual capacity, such
      certificate or affidavit shall also constitute sufficient proof of such signer’s
      authority. The fact and date of the execution of any such instrument or writing,
      or the authority of the Person executing the same, may also be proved in any
      other manner that any Trustee receiving the same deems sufficient.

     

    (c)  The
      ownership of Trust Securities shall be proved by the Securities
      Register.

     

    (d)  Any
      request, demand, authorization, direction, notice, consent, waiver or other
      Act
      of the Holder of any Trust Security shall bind every future Holder of the same
      Trust Security and the Holder of every Trust Security issued upon the
      registration of transfer thereof or in exchange therefor or in lieu thereof
      in
      respect of anything done, omitted or suffered to be done by the Trustees, the
      Administrative Trustees or the Trust in reliance thereon, whether or not
      notation of such action is made upon such Trust Security.

     

    (e)  Without
      limiting the foregoing, a Holder entitled hereunder to take any action hereunder
      with regard to any particular Trust Security may do so with regard to all or
      any
      part of the Liquidation Amount of such Trust Security or by one or more duly
      appointed agents each of which may do so pursuant to such appointment with
      regard to all or any part of such Liquidation Amount.

     

    (f)  If
      any
      dispute shall arise among the Holders or the Trustees with respect to the
      authenticity, validity or binding nature of any request, demand, authorization,
      direction, notice, consent, waiver or other Act of such Holder or Trustee under
      this Article
      VI,
      then
      the determination of such matter by the Property Trustee shall be conclusive
      with respect to such matter.

     

    SECTION
      6.8.  Inspection
      of Records.

     

    Upon
      reasonable written notice to the Administrative Trustees and the Property
      Trustee, the records of the Trust shall be open to inspection by any Holder
      during normal business hours for any purpose reasonably related to such Holder’s
      interest as a Holder.

     

    SECTION
      6.9.  Limitations
      on Voting Rights.

     

    (a)  Except
      as
      expressly provided in this Trust Agreement and in the Indenture and as otherwise
      required by law, no Holder of Preferred Securities shall have any right to
      vote
      or in any manner otherwise control the administration, operation and management
      of the Trust or the obligations of the parties hereto, nor shall anything herein
      set forth, or contained in the terms of the Securities Certificates, be
      construed so as to constitute the Holders from time to time as partners or
      members of an association.

     

    
      
        
        

      

      
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    (b)  So
      long
      as any Notes are held by the Property Trustee on behalf of the Trust, the
      Property Trustee shall not (i) direct the time, method and place of conducting
      any proceeding for any remedy available to the Note Trustee, or exercise any
      trust or power conferred on the Property Trustee with respect to the Notes,
      (ii)
      waive any past default that may be waived under Section
      5.13
      of the
      Indenture, (iii) exercise any right to rescind or annul a declaration that
      the
      principal of all the Notes shall be due and payable or (iv) consent to any
      amendment, modification or termination of the Indenture or the Notes, where
      such
      consent shall be required, without, in each case, obtaining the prior approval
      of the Holders of at least a Majority in Liquidation Amount of the Preferred
      Securities; provided, that where a consent under the Indenture would require
      the
      consent of each holder of Notes (or each Holder of Preferred Securities)
      affected thereby, no such consent shall be given by the Property Trustee without
      the prior written consent of each Holder of Preferred Securities. The Property
      Trustee shall not revoke any action previously authorized or approved by a
      vote
      of the Holders of the Preferred Securities, except by a subsequent vote of
      the
      Holders of the Preferred Securities. In addition to obtaining the foregoing
      approvals of the Holders of the Preferred Securities, prior to taking any of
      the
      foregoing actions, the Property Trustee shall, at the expense of the Depositor,
      obtain an Opinion of Counsel experienced in such matters to the effect that
      such
      action shall not cause the Trust to be taxable as a corporation or classified
      as
      other than a grantor trust for United States federal income tax
      purposes.

     

    (c)  If
      any
      proposed amendment to the Trust Agreement provides for, or the Trustees
      otherwise propose to effect, (i) any action that would adversely affect in
      any
      material respect the powers, preferences or special rights of the Preferred
      Securities, whether by way of amendment to the Trust Agreement or otherwise
      or
      (ii) the dissolution, winding-up or termination of the Trust, other than
      pursuant to the terms of this Trust Agreement, then the Holders of Outstanding
      Preferred Securities as a class will be entitled to vote on such amendment
      or
      proposal and such amendment or proposal shall not be effective except with
      the
      approval of the Holders of at least a Majority in Liquidation Amount of the
      Preferred Securities. Notwithstanding any other provision of this Trust
      Agreement, no amendment to this Trust Agreement may be made if, as a result
      of
      such amendment, it would cause the Trust to be taxable as a corporation or
      classified as other than a grantor trust for United States federal income tax
      purposes.

     

    SECTION
      6.10.  Acceleration
      of Maturity; Rescission of Annulment; Waivers of Past Defaults.

     

    (a)  For
      so
      long as any Preferred Securities remain Outstanding, if, upon a Note Event
      of
      Default, the Note Trustee fails or the holders of not less than twenty-five
      percent (25%) in principal amount of the outstanding Notes fail to declare
      the
      principal of all of the Notes to be immediately due and payable, the Holders
      of
      at least twenty-five percent (25%) in Liquidation Amount of the Preferred
      Securities then Outstanding shall have the right to make such declaration by
      a
      notice in writing to the Property Trustee, the Depositor and the Note Trustee.
      At any time after a declaration of acceleration with respect to the Notes has
      been made and before a judgment or decree for payment of the money due has
      been
      obtained by the Note Trustee as provided in the Indenture, the Holders of at
      least a Majority in Liquidation Amount of the Preferred Securities, by written
      notice to the Property Trustee, the Depositor and the Note Trustee, may rescind
      and annul such declaration and its consequences if:

     

    (i)  the
      Depositor has paid or deposited with the Note Trustee a sum sufficient to
      pay:

     

    (A)  all
      overdue installments of interest on all of the Notes;

     

    
      
        
        

      

      
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    (B)  any
      accrued Additional Interest on all of the Notes;

     

    (C)  the
      principal of and premium, if any, on any Notes that have become due otherwise
      than by such declaration of acceleration and interest and Additional Interest
      thereon at the rate borne by the Notes; and

     

    (D)  all
      sums
      paid or advanced by the Note Trustee under the Indenture and the reasonable
      compensation, expenses, disbursements and advances of the Note Trustee, the
      Property Trustee and their agents and counsel; and

     

    (ii)  all
      Note
      Events of Default, other than the non-payment of the principal of the Notes
      that
      has become due solely by such acceleration, have been cured or waived as
      provided in Section
      5.13
      of the
      Indenture.

     

    Upon
      receipt by the Property Trustee of written notice requesting such an
      acceleration, or rescission and annulment thereof, by Holders of any part of
      the
      Preferred Securities, a record date shall be established for determining Holders
      of Outstanding Preferred Securities entitled to join in such notice, which
      record date shall be at the close of business on the day the Property Trustee
      receives such notice. The Holders on such record date, or their duly designated
      proxies, and only such Persons, shall be entitled to join in such notice,
      whether or not such Holders remain Holders after such record date; provided,
      that, unless such declaration of acceleration, or rescission and annulment,
      as
      the case may be, shall have become effective by virtue of the requisite
      percentage having joined in such notice prior to the day that is ninety (90)
      days after such record date, such notice of declaration of acceleration, or
      rescission and annulment, as the case may be, shall automatically and without
      further action by any Holder be canceled and of no further effect. Nothing
      in
      this paragraph shall prevent a Holder, or a proxy of a Holder, from giving,
      after expiration of such ninety (90)-day period, a new written notice of
      declaration of acceleration, or rescission and annulment thereof, as the case
      may be, that is identical to a written notice that has been canceled pursuant
      to
      the proviso to the preceding sentence, in which event a new record date shall
      be
      established pursuant to the provisions of this Section
      6.10(a).

     

    (b)  For
      so
      long as any Preferred Securities remain Outstanding, to the fullest extent
      permitted by law and subject to the terms of this Trust Agreement and the
      Indenture, upon a Note Event of Default specified in paragraph (a) or (b) of
      Section
      5.1
      of the
      Indenture, any Holder of Preferred Securities shall have the right to institute
      a proceeding directly against the Depositor or the Guarantor, pursuant to
Section
      5.8
      of the
      Indenture, for enforcement of payment to such Holder of any amounts payable
      in
      respect of Notes having an aggregate principal amount equal to the aggregate
      Liquidation Amount of the Preferred Securities of such Holder. Except as set
      forth in Section 6.10(a)
      and this
Section
      6.10(b),
      the
      Holders of Preferred Securities shall have no right to exercise directly any
      right or remedy available to the holders of, or in respect of, the
      Notes.

     

    
      
        
        

      

      
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    (c)  Notwithstanding
      paragraphs (a) and (b) of this Section
      6.10,
      the
      Holders of at least a Majority in Liquidation Amount of the Preferred Securities
      may, on behalf of the Holders of all the Preferred Securities, waive any Note
      Event of Default, except any Note Event of Default arising from the failure
      to
      pay any principal of or premium, if any, or interest on (including any
      Additional Interest) the Notes (unless such Note Event of Default has been
      cured
      and a sum sufficient to pay all matured installments of interest and all
      principal and premium, if any, on all Notes due otherwise than by acceleration
      has been deposited with the Note Trustee) or a Note Event of Default in respect
      of a covenant or provision that under the Indenture cannot be modified or
      amended without the consent of the holder of each outstanding Note. Upon any
      such waiver, such Note Event of Default shall cease to exist and any Note Event
      of Default arising therefrom shall be deemed to have been cured for every
      purpose of the Indenture; but no such waiver shall affect any subsequent Note
      Event of Default or impair any right consequent thereon.

     

    (d)  Notwithstanding
      paragraphs (a) and (b) of this Section
      6.10
      and
      subject to paragraph (c), the Holders of at least a Majority in Liquidation
      Amount of the Preferred Securities may, on behalf of the Holders of all the
      Preferred Securities, waive any Event of Default and its consequences. Upon
      such
      waiver, any such Event of Default shall cease to exist, and any Event of Default
      arising therefrom shall be deemed to have been cured, for every purpose of
      this
      Trust Agreement, but no such waiver shall extend to any subsequent or other
      Event of Default or impair any right consequent thereon.

     

    (e)  The
      Holders of a Majority in Liquidation Amount of the Preferred Securities shall
      have the right to direct the time, method and place of conducting any proceeding
      for any remedy available to the Property Trustee in respect of this Trust
      Agreement or the Notes or exercising any trust or power conferred upon the
      Property Trustee under this Trust Agreement; provided, that, subject to
Sections
      8.5
      and
8.7,
      the
      Property Trustee shall have the right to decline to follow any such direction
      if
      the Property Trustee being advised by counsel determines that the action so
      directed may not lawfully be taken, or if the Property Trustee in good faith
      shall, by an officer or officers of the Property Trustee, determine that the
      proceedings so directed would be illegal or involve it in personal liability
      or
      be unduly prejudicial to the rights of Holders not party to such direction,
      and
      provided, further, that nothing in this Trust Agreement shall impair the right
      of the Property Trustee to take any action deemed proper by the Property Trustee
      and which is not inconsistent with such direction.

     

    
      
        
        

      

      
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    ARTICLE
      VII.

     

    
      REPRESENTATIONS
        AND
        WARRANTIES

       

    

    SECTION
      7.1.  Representations
      and Warranties of the Property Trustee and the Delaware Trustee.

     

    The
      Property Trustee and the Delaware Trustee, each severally on behalf of and
      as to
      itself, hereby represents and warrants for the benefit of the Depositor, the
      Guarantor and the Holders that:

     

    (a)  the
      Property Trustee is a Delaware banking corporation with trust powers, duly
      organized, validly existing and in good standing under the laws of the State
      of
      Delaware;

     

    (b)  the
      Property Trustee has full corporate power, authority and legal right to execute,
      deliver and perform its obligations under this Trust Agreement and has taken
      all
      necessary action to authorize the execution, delivery and performance by it
      of
      this Trust Agreement;

     

    (c)  the
      Delaware Trustee is a Delaware banking corporation, duly organized with trust
      powers, validly existing and in good standing under the laws of the State of
      Delaware and with its principal place of business in the State of
      Delaware;

     

    (d)  the
      Delaware Trustee has full corporate power, authority and legal right to execute,
      deliver and perform its obligations under this Trust Agreement and has taken
      all
      necessary action to authorize the execution, delivery and performance by it
      of
      this Trust Agreement;

     

    (e)  this
      Trust Agreement has been duly authorized, executed and delivered by the Property
      Trustee and the Delaware Trustee and constitutes the legal, valid and binding
      agreement of each of the Property Trustee and the Delaware Trustee enforceable
      against each of them in accordance with its terms, subject to applicable
      bankruptcy, insolvency and similar laws affecting creditors’ rights generally
      and to general principles of equity and the discretion of the court (regardless
      of whether considered in a proceeding in equity or at law);

     

    (f)  the
      execution, delivery and performance of this Trust Agreement have been duly
      authorized by all necessary corporate or other action on the part of the
      Property Trustee and the Delaware Trustee and do not require any approval of
      stockholders of the Property Trustee and the Delaware Trustee and such
      execution, delivery and performance will not (i) violate the Charter or By-laws
      of the Property Trustee or the Delaware Trustee or (ii) violate any applicable
      law, governmental rule or regulation of the United States or the State of
      Delaware, as the case may be, governing the banking and trust powers of the
      Property Trustee or the Delaware Trustee or any order, judgment or decree
      applicable to the Property Trustee or the Delaware Trustee;

     

    (g)  neither
      the authorization, execution or delivery by the Property Trustee or the Delaware
      Trustee of this Trust Agreement nor the consummation of any of the transactions
      by the Property Trustee or the Delaware Trustee contemplated herein requires
      the
      consent or approval of, the giving of notice to, the registration with or the
      taking of any other action with respect to any governmental authority or agency
      under any existing law of the United States or the State of Delaware governing
      the banking and trust powers of the Property Trustee or the Delaware Trustee,
      as
      the case may be; and

     

    
      
        
        

      

      
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    (h)  to
      the
      best of each of the Property Trustee’s and the Delaware Trustee’s knowledge,
      there are no proceedings pending or threatened against or affecting the Property
      Trustee or the Delaware Trustee in any court or before any governmental
      authority, agency or arbitration board or tribunal that, individually or in
      the
      aggregate, would materially and adversely affect the Trust or would question
      the
      right, power and authority of the Property Trustee or the Delaware Trustee,
      as
      the case may be, to enter into or perform its obligations as one of the Trustees
      under this Trust Agreement.

     

    SECTION
      7.2.  Representations
      and Warranties of Depositor.

     

    The
      Depositor hereby represents and warrants for the benefit of the Holders
      that:

     

    (a)  the
      Depositor is a limited partnership duly organized, validly existing and in
      good
      standing under the laws of its state of organization;

     

    (b)  the
      Depositor has full power, authority and legal right to execute, deliver and
      perform its obligations under this Trust Agreement and has taken all necessary
      action to authorize the execution, delivery and performance by it of this Trust
      Agreement;

     

    (c)  this
      Trust Agreement has been duly authorized, executed and delivered by the
      Depositor and constitutes the legal, valid and binding agreement of the
      Depositor enforceable against the Depositor in accordance with its terms,
      subject to applicable bankruptcy, insolvency and similar laws affecting
      creditors’ rights generally and to general principles of equity;

     

    (d)  the
      Securities Certificates issued at the Closing Date on behalf of the Trust have
      been duly authorized and will have been duly and validly executed, issued and
      delivered by the applicable Trustees pursuant to the terms and provisions of,
      and in accordance with the requirements of, this Trust Agreement and the Holders
      will be, as of such date, entitled to the benefits of this Trust
      Agreement;

     

    (e)  the
      execution, delivery and performance of this Trust Agreement have been duly
      authorized by all necessary action on the part of the Depositor and do not
      require any approval of equity owners of the Depositor and such execution,
      delivery and performance will not (i) violate the organizational documents
      of
      the Depositor or (ii) violate any applicable law, governmental rule or
      regulation governing the Depositor or any material portion of its property
      or
      any order, judgment or decree applicable to the Depositor or any material
      portion of its property;

     

    (f)  neither
      the authorization, execution or delivery by the Depositor of this Trust
      Agreement nor the consummation of any of the transactions by the Depositor
      contemplated herein requires the consent or approval of, the giving of notice
      to, the registration with or the taking of any other action with respect to
      any
      governmental authority or agency under any existing law governing the Depositor
      or any material portion of its property; and

     

    (g)  there
      are
      no proceedings pending or, to the best of the Depositor’s knowledge, threatened
      against or affecting the Depositor or any material portion of its property
      in
      any court or before any governmental authority, agency or arbitration board
      or
      tribunal that, individually or in the aggregate, would materially and adversely
      affect the Trust or would question the right, power and authority of the
      Depositor, as the case may be, to enter into or perform its obligations under
      this Trust Agreement.

     

    
      
        
        

      

      
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    ARTICLE
      VIII.

    

    
      THE
        TRUSTEES

       

    

    SECTION
      8.1.  Number
      of
      Trustees.

     

    The
      number of Trustees shall be five (5), provided, that the Property Trustee and
      the Delaware Trustee may be the same Person, in which case the number of
      Trustees shall be four (4). The number of Trustees may be increased or decreased
      by Act of the Holder of the Common Securities subject to Sections
      8.2,
      8.3,
      and
8.4.
      The
      death, resignation, retirement, removal, bankruptcy, incompetence or incapacity
      to perform the duties of a Trustee shall not operate to annul, dissolve or
      terminate the Trust.

     

    SECTION
      8.2.  Property
      Trustee Required.

     

    There
      shall at all times be a Property Trustee hereunder with respect to the Trust
      Securities. The Property Trustee shall be a corporation organized and doing
      business under the laws of the United States or of any state thereof, authorized
      to exercise corporate trust powers, having a combined capital and surplus of
      at
      least fifty million dollars ($50,000,000), subject to supervision or examination
      by federal or state authority and having an office within the United States.
      If
      any such Person publishes reports of condition at least annually pursuant to
      law
      or to the requirements of its supervising or examining authority, then for
      the
      purposes of this Section 8.2,
      the
      combined capital and surplus of such Person shall be deemed to be its combined
      capital and surplus as set forth in its most recent report of condition so
      published. If at any time the Property Trustee shall cease to be eligible in
      accordance with the provisions of this Section 8.2,
      it
      shall resign immediately in the manner and with the effect hereinafter specified
      in this Article
      VIII.

     

    SECTION
      8.3.  Delaware
      Trustee Required.

     

    (a)  If
      required by the Delaware Statutory Trust Act, there shall at all times be a
      Delaware Trustee with respect to the Trust Securities. The Delaware Trustee
      shall either be (i) a natural person who is at least 21 years of age and a
      resident of the State of Delaware or (ii) a legal entity that has its principal
      place of business in the State of Delaware, otherwise meets the requirements
      of
      applicable Delaware law and shall act through one or more persons authorized
      to
      bind such entity. If at any time the Delaware Trustee shall cease to be eligible
      in accordance with the provisions of this Section
      8.3,
      it
      shall resign immediately in the manner and with the effect hereinafter specified
      in this Article
      VIII.

     

    (b)  The
      Delaware Trustee shall not be entitled to exercise any powers, nor shall the
      Delaware Trustee have any of the duties and responsibilities, of the Property
      Trustee or the Administrative Trustees set forth herein. The Delaware Trustee
      shall be one of the trustees of the Trust for the sole and limited purpose
      of
      fulfilling the requirements of Section 3807 of the Delaware Statutory Trust
      Act
      and for taking such actions as are required to be taken by a Delaware trustee
      under the Delaware Statutory Trust Act. The duties (including fiduciary duties),
      liabilities and obligations of the Delaware Trustee shall be limited to (a)
      accepting legal process served on the Trust in the State of Delaware and (b)
      the
      execution of any certificates required to be filed with the Secretary of State
      of the State of Delaware that the Delaware Trustee is required to execute under
      Section 3811 of the Delaware Statutory Trust Act and there shall be no other
      duties (including fiduciary duties) or obligations, express or implied, at
      law
      or in equity, of the Delaware Trustee.

     

    
      
        
        

      

      
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    SECTION
      8.4.  Appointment
      of Administrative Trustees.

     

    (a)  There
      shall at all times be one or more Administrative Trustees hereunder with respect
      to the Trust Securities. Each Administrative Trustee shall be either a natural
      person who is at least 21 years of age or a legal entity that shall act through
      one or more persons authorized to bind that entity. Each of the individuals
      identified as an “Administrative Trustee” in the preamble of this Trust
      Agreement hereby accepts his or her appointment as such.

     

    (b)  Except
      where a requirement for action by a specific number of Administrative Trustees
      is expressly set forth in this Trust Agreement, any act required or permitted
      to
      be taken by, and any power of the Administrative Trustees may be exercised
      by,
      or with the consent of, any one such Administrative Trustee. Whenever a vacancy
      in the number of Administrative Trustees shall occur, until such vacancy is
      filled by the appointment of an Administrative Trustee in accordance with
Section
      8.11,
      the
      Administrative Trustees in office, regardless of their number (and
      notwithstanding any other provision of this Trust Agreement), shall have all
      the
      powers granted to the Administrative Trustees and shall discharge all the duties
      imposed upon the Administrative Trustees by this Trust Agreement.

     

    SECTION
      8.5.  Duties
      and Responsibilities of the Trustees.

     

    (a)  The
      rights, immunities, duties and responsibilities of the Trustees shall be as
      provided by this Trust Agreement and there shall be no other duties (including
      fiduciary duties) or obligations, express or implied, at law or in equity,
      of
      the Trustees; provided, however, that if an Event of Default known to the
      Property Trustee has occurred and is continuing, the Property Trustee shall,
      prior to the receipt of directions, if any, from the Holders of at least a
      Majority in Liquidation Amount of the Preferred Securities, exercise such of
      the
      rights and powers vested in it by this Trust Agreement, and use the same degree
      of care and skill in its exercise, as a prudent person would exercise or use
      under the circumstances in the conduct of such person’s own affairs.
      Notwithstanding the foregoing, no provision of this Trust Agreement shall
      require any of the Trustees to expend or risk its own funds or otherwise incur
      any financial liability in the performance of any of its duties hereunder,
      or in
      the exercise of any of its or their rights or powers, if it or they shall have
      reasonable grounds for believing that repayment of such funds or adequate
      indemnity against such risk or liability is not reasonably assured to it.
      Whether or not herein expressly so provided, every provision of this Trust
      Agreement relating to the conduct or affecting the liability of or affording
      protection to the Trustees shall be subject to the provisions of this
Section
      8.5.
      To the
      extent that, at law or in equity, a Trustee has duties (including fiduciary
      duties) to the Trust or to the Holders, such Trustee’s duties may be restricted
      or eliminated by the provisions in this Trust Agreement, except that this Trust
      Agreement may not eliminate the implied contractual covenant of good faith
      and
      fair dealing. A Trustee shall not be liable to the Trust or a Holder or another
      Person that is party to or is otherwise bound by this Trust Agreement for breach
      of fiduciary duty if the Trustee has relied in good faith on the provisions
      of
      this Trust Agreement. The provisions of this Trust Agreement, to the extent
      that
      they limit or eliminate the liabilities of the Trustees otherwise existing
      at
      law or in equity, are agreed by the Depositor and the Holders to replace such
      other liabilities of the Trustees, except that no provision of this Trust
      Agreement may limit or eliminate liability for any act or omission that
      constitutes a bad faith violation of the implied contractual covenant of good
      faith and fair dealing.

     

    
      
        
        

      

      
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    (b)  All
      payments made by the Property Trustee or a Paying Agent in respect of the Trust
      Securities shall be made only from the revenue and proceeds from the Trust
      Property and only to the extent that there shall be sufficient revenue or
      proceeds from the Trust Property to enable the Property Trustee or a Paying
      Agent to make payments in accordance with the terms hereof. Each Holder, by
      its
      acceptance of a Trust Security, agrees that it will look solely to the revenue
      and proceeds from the Trust Property to the extent legally available for
      distribution to it as herein provided and that the Trustees are not personally
      liable to it for any amount distributable in respect of any Trust Security
      or
      for any other liability in respect of any Trust Security. This Section
      8.5(b)
      does not
      limit the liability of the Trustees expressly set forth elsewhere in this Trust
      Agreement.

     

    (c)  No
      provisions of this Trust Agreement shall be construed to relieve the Property
      Trustee from liability with respect to matters that are within the authority
      of
      the Property Trustee under this Trust Agreement for its own negligent action,
      negligent failure to act or willful misconduct, except that:

     

    (i)  the
      Property Trustee shall not be liable for any error or judgment made in good
      faith by an authorized officer of the Property Trustee, unless it shall be
      proved that the Property Trustee was negligent in ascertaining the pertinent
      facts;

     

    (ii)  the
      Property Trustee shall not be liable with respect to any action taken or omitted
      to be taken by it in good faith in accordance with the direction of the Holders
      of at least a Majority in Liquidation Amount of the Preferred Securities
      relating to the time, method and place of conducting any proceeding for any
      remedy available to the Property Trustee hereunder or under the Indenture,
      or
      exercising any trust or power conferred upon the Property Trustee under this
      Trust Agreement;

     

    (iii)  the
      Property Trustee’s sole duty with respect to the custody, safe keeping and
      physical preservation of the Notes and the Payment Account shall be to deal
      with
      such Property in a similar manner as the Property Trustee deals with similar
      property for its own account, subject to the protections and limitations on
      liability afforded to the Property Trustee under this Trust
      Agreement;

     

    (iv)  the
      Property Trustee shall not be liable for any interest on any money received
      by
      it; and money held by the Property Trustee need not be segregated from other
      funds held by it except in relation to the Payment Account maintained by the
      Property Trustee pursuant to Section 3.1 and except to the extent otherwise
      required by law; and

     

    
      
        
        

      

      
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    (v)  the
      Property Trustee shall not be responsible for monitoring the compliance by
      the
      Administrative Trustees, the Guarantor or the Depositor with their respective
      duties under this Trust Agreement, nor shall the Property Trustee be liable
      for
      the default or misconduct of any other Trustee, the Guarantor or the
      Depositor.

     

    SECTION
      8.6.  Notices
      of Defaults and Extensions.

     

    (a)  Within
      ninety (90) days after the occurrence of a default actually known to the
      Property Trustee, the Property Trustee shall transmit notice of such default
      to
      the Holders, the Administrative Trustees, the Guarantor and the Depositor,
      unless such default shall have been cured or waived; provided, that, except
      in
      the case of a default in the payment of the principal of or any premium or
      interest (including any Additional Interest) on any Trust Security, the Property
      Trustee shall be fully protected in withholding such notice if and so long
      as
      the board of directors, the executive committee or a trust committee of
      directors and/or Responsible Officers of the Property Trustee in good faith
      determines that the withholding of such notice is in the interests of the
      Holders of the Trust Securities. For the purpose of this Section
      8.6,
      the
      term “default” means any event that is, or after notice or lapse of time or both
      would become, an Event of Default.

     

    (b)  RESERVED.
      

     

    (c)  The
      Property Trustee shall not be deemed to have knowledge of any default or Event
      of Default unless the Property Trustee shall have received written notice
      thereof from the Depositor, the Guarantor, any Administrative Trustee or any
      Holder or unless a Responsible Officer of the Property Trustee shall have
      obtained actual knowledge of such default or Event of Default.

     

    (d)  The
      Property Trustee shall notify all Holders of the Preferred Securities of any
      notice of default received with respect to the Notes.

     

    SECTION
      8.7.  Certain
      Rights of Property Trustee.

     

    Subject
      to the provisions of Section
      8.5:

     

    (a)  the
      Property Trustee may conclusively rely and shall be protected in acting or
      refraining from acting in good faith and in accordance with the terms hereof
      upon any resolution, Opinion of Counsel, certificate, written representation
      of
      a Holder or transferee, certificate of auditors or any other resolution,
      certificate, statement, instrument, opinion, report, notice, request, direction,
      consent, order, appraisal, bond, debenture, note, other evidence of indebtedness
      or other paper or document believed by it to be genuine and to have been signed
      or presented by the proper party or parties;

     

    (b)  if
      (i) in
      performing its duties under this Trust Agreement the Property Trustee is
      required to decide between alternative courses of action, (ii) in construing
      any
      of the provisions of this Trust Agreement the Property Trustee finds a provision
      ambiguous or inconsistent with any other provisions contained herein or (iii)
      the Property Trustee is unsure of the application of any provision of this
      Trust
      Agreement, then, except as to any matter as to which the Holders of the
      Preferred Securities are entitled to vote under the terms of this Trust
      Agreement, the Property Trustee shall deliver a notice to the Depositor
      requesting the Depositor’s written instruction as to the course of action to be
      taken and the Property Trustee shall take such action, or refrain from taking
      such action, as the Property Trustee shall be instructed in writing to take,
      or
      to refrain from taking, by the Depositor; provided, that if the Property Trustee
      does not receive such instructions of the Depositor within ten (10) Business
      Days after it has delivered such notice or such reasonably shorter period of
      time set forth in such notice, the Property Trustee may, but shall be under
      no
      duty to, take such action, or refrain from taking such action, as the Property
      Trustee shall deem advisable and in the best interests of the Holders, in which
      event the Property Trustee shall have no liability except for its own
      negligence, bad faith or willful misconduct;

     

    
      
        
        

      

      
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    (c)  any
      direction or act of the Depositor or the Guarantor contemplated by this Trust
      Agreement shall be sufficiently evidenced by an Officer’s Certificate unless
      otherwise expressly provided herein;

     

    (d)  any
      direction or act of an Administrative Trustee contemplated by this Trust
      Agreement shall be sufficiently evidenced by a certificate executed by such
      Administrative Trustee and setting forth such direction or act;

     

    (e)  the
      Property Trustee shall have no duty to see to any recording, filing or
      registration of any instrument (including any financing or continuation
      statement or any filing under tax or securities laws) or any re-recording,
      re-filing or re-registration thereof;

     

    (f)  the
      Property Trustee may consult with counsel (which counsel may be counsel to
      the
      Property Trustee, the Depositor or the Guarantor or any of the Depositor’s or
      the Guarantor’s Affiliates, and may include any of its employees) and the advice
      of such 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 and in accordance with such advice; the Property Trustee
      shall have the right at any time to seek instructions concerning the
      administration of this Trust Agreement from any court of competent
      jurisdiction;

     

    (g)  the
      Property Trustee shall be under no obligation to exercise any of the rights
      or
      powers vested in it by this Trust Agreement at the request or direction of
      any
      of the Holders pursuant to this Trust Agreement, unless such Holders shall
      have
      offered to the Property Trustee reasonable security or indemnity against the
      costs, expenses (including reasonable attorneys’ fees and expenses) and
      liabilities that might be incurred by it in compliance with such request or
      direction, including reasonable advances as may be requested by the Property
      Trustee;

     

    (h)  the
      Property Trustee shall not be bound to make any investigation into the facts
      or
      matters stated in any resolution, certificate, statement, instrument, opinion,
      report, notice, request, direction, consent, order, approval, bond, debenture,
      note or other evidence of indebtedness or other paper or document, unless
      requested in writing to do so by one or more Holders, but the Property Trustee
      may make such further inquiry or investigation into such facts or matters as
      it
      may see fit, and, if the Property Trustee shall determine to make such inquiry
      or investigation, it shall be entitled to examine the books, records and
      premises of the Depositor, personally or by agent or attorney;

     

    
      
        
        

      

      
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    (i)  the
      Property Trustee may execute any of the trusts or powers hereunder or perform
      any duties hereunder either directly or by or through its agents, attorneys,
      custodians or nominees and the Property Trustee shall not be responsible for
      any
      negligence or misconduct on the part of any such agent, attorney, custodian
      or
      nominee appointed with due care by it hereunder;

     

    (j)  whenever
      in the administration of this Trust Agreement the Property Trustee shall deem
      it
      desirable to receive instructions with respect to enforcing any remedy or right
      hereunder, the Property Trustee (i) may request instructions from the Holders
      (which instructions may only be given by the Holders of the same proportion
      in
      Liquidation Amount of the Trust Securities as would be entitled to direct the
      Property Trustee under this Trust Agreement in respect of such remedy, right
      or
      action), (ii) may refrain from enforcing such remedy or right or taking such
      other action until such instructions are received and (iii) shall be protected
      in acting in accordance with such instructions;

     

    (k)  except
      as
      otherwise expressly provided by this Trust Agreement, the Property Trustee
      shall
      not be under any obligation to take any action that is discretionary under
      the
      provisions of this Trust Agreement;

     

    (l)  without
      prejudice to any other rights available to the Property Trustee under applicable
      law, when the Property Trustee incurs expenses or renders services in connection
      with a Bankruptcy Event, such expenses (including legal fees and expenses of
      its
      agents and counsel) and the compensation for such services are intended to
      constitute expenses of administration under any Bankruptcy Law or law relating
      to creditors rights generally; and

     

    (m)  whenever
      in the administration of this Trust Agreement the Property Trustee shall deem
      it
      desirable that a matter be proved or established prior to taking, suffering
      or
      omitting any action hereunder, the Property Trustee (unless other evidence
      be
      herein specifically prescribed) may, in the absence of bad faith on its part,
      request and rely on an Officer’s Certificate which, upon receipt of such
      request, shall be promptly delivered by the Depositor.

     

    No
      provision of this Trust Agreement shall be deemed to impose any duty or
      obligation on any Trustee to perform any act or acts or exercise any right,
      power, duty or obligation conferred or imposed on it, in any jurisdiction in
      which it shall be illegal, or in which such Person shall be unqualified or
      incompetent in accordance with applicable law, to perform any such act or acts,
      or to exercise any such right, power, duty or obligation.

     

    SECTION
      8.8.  Delegation
      of Power.

     

    Any
      Trustee may, by power of attorney or otherwise, delegate to any other Person
      its, his or her power for the purpose of executing any documents contemplated
      in
Section
      2.5.
      The
      Trustees shall have power to delegate from time to time to such of their number
      or to the Depositor the doing of such things and the execution of such
      instruments either in the name of the Trust or the names of the Trustees or
      otherwise as the Trustees may deem expedient, to the extent such delegation
      is
      not prohibited by applicable law or contrary to the provisions of this Trust
      Agreement.

     

    
      
        
        

      

      
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    SECTION
      8.9.  May
      Hold
      Securities.

     

    Any
      Trustee or any other agent of any Trustee or the Trust, in its individual or
      any
      other capacity, may become the owner or pledgee of Trust Securities and except
      as provided in the definition of the term “Outstanding” in Article
      I,
      may
      otherwise deal with the Trust with the same rights it would have if it were
      not
      a Trustee or such other agent.

     

    SECTION
      8.10.  Compensation;
      Reimbursement; Indemnity.

     

    The
      Depositor agrees:

     

    (a)  to
      pay to
      the Trustees from time to time such reasonable compensation for all services
      rendered by them hereunder as may be agreed by the Depositor and the Trustees
      from time to time (which compensation shall not be limited by any provision
      of
      law in regard to the compensation of a trustee of an express
      trust);

     

    (b)  to
      reimburse the Trustees upon request for all reasonable expenses, disbursements
      and advances incurred or made by the Trustees in accordance with any provision
      of this Trust Agreement (including the reasonable compensation and the expenses
      and disbursements of their agents and counsel), except any such expense,
      disbursement or advance as may be attributable to their gross negligence, bad
      faith or willful misconduct; and

     

    (c)  to
      the
      fullest extent permitted by applicable law, to indemnify and hold harmless
      (i)
      each Trustee (including in its individual capacity), (ii) any Affiliate of
      any
      Trustee, (iii) any officer, director, shareholder, employee, representative
      or
      agent of any Trustee or any Affiliate of any Trustee and (iv) any employee
      or
      agent of the Trust (referred to herein as an “Indemnified Person”) from and
      against any loss, damage, liability, tax (other than income, franchise or other
      taxes imposed on amounts paid pursuant to Section
      8.10(a)
      or
(b)
      hereof),
      penalty, expense or claim of any kind or nature whatsoever incurred without
      negligence, bad faith or willful misconduct on its part, arising out of or
      in
      connection with the acceptance or administration of the Trust hereunder,
      including the advancement of funds to cover the reasonable costs and expenses
      of
      defending itself against any claim or liability in connection with the exercise
      or performance of any of its powers or duties hereunder.

     

    The
      Trust
      shall have no payment, reimbursement or indemnity obligations to the Trustees
      under this Section
      8.10.
      The
      provisions of this Section
      8.10
      shall
      survive the termination of this Trust Agreement and the earlier removal or
      resignation of any Trustee.

     

    No
      Trustee may claim any Lien on any Trust Property whether before or after
      termination of the Trust as a result of any amount due pursuant to this
Section
      8.10.

     

    To
      the
      fullest extent permitted by law, in no event shall the Property Trustee and
      the
      Delaware Trustee be liable for any indirect, special, punitive or consequential
      loss or damage of any kind whatsoever, including, but not limited to, lost
      profits, even if the Trustee has been advised of the likelihood of such loss
      or
      damage and regardless of the form of action. 

     

    In
      no
      event shall the Property Trustee and the Delaware Trustee be liable for any
      failure or delay in the performance of its obligations hereunder because of
      circumstances beyond its control, including, but not limited to, acts of God,
      flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
      government action, including any laws, ordinances, regulations, governmental
      action or the like which delay, restrict or prohibit the providing of the
      services contemplated by this Trust Agreement. 

     

    
      
        
        

      

      
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    SECTION
      8.11.  Resignation
      and Removal; Appointment of Successor.

     

    (a)  No
      resignation or removal of any Trustee and no appointment of a successor Trustee
      pursuant to this Article
      VIII
      shall
      become effective until the acceptance of appointment by the successor Trustee
      in
      accordance with the applicable requirements of Section
      8.12.

     

    (b)  A
      Trustee
      may resign at any time by giving written notice thereof to the Depositor and,
      in
      the case of the Property Trustee and the Delaware Trustee, to the
      Holders.

     

    (c)  Unless
      an
      Event of Default shall have occurred and be continuing, the Property Trustee
      or
      the Delaware Trustee, or both of them, may be removed (with or without cause)
      at
      any time by Act of the Holder of Common Securities. If an Event of Default
      shall
      have occurred and be continuing, the Property Trustee or the Delaware Trustee,
      or both of them, may be removed (with or without cause) at such time by Act
      of
      the Holders of at least a Majority in Liquidation Amount of the Preferred
      Securities, delivered to the removed Trustee (in its individual capacity and
      on
      behalf of the Trust). An Administrative Trustee may be removed (with or without
      cause) only by Act of the Holder of the Common Securities at any
      time.

     

    (d)  If
      any
      Trustee shall resign, be removed or become incapable of acting as Trustee,
      or if
      a vacancy shall occur in the office of any Trustee for any reason, at a time
      when no Event of Default shall have occurred and be continuing, the Holder
      of
      the Common Securities, by Act of the Holder of the Common Securities, shall
      promptly appoint a successor Trustee or Trustees, and such successor Trustee
      and
      the retiring Trustee shall comply with the applicable requirements of
Section
      8.12.
      If the
      Property Trustee or the Delaware Trustee shall resign, be removed or become
      incapable of continuing to act as the Property Trustee or the Delaware Trustee,
      as the case may be, at a time when an Event of Default shall have occurred
      and
      be continuing, the Holders of the Preferred Securities, by Act of the Holders
      of
      a Majority in Liquidation Amount of the Preferred Securities, shall promptly
      appoint a successor Property Trustee or Delaware Trustee, and such successor
      Property Trustee or Delaware Trustee and the retiring Property Trustee or
      Delaware Trustee shall comply with the applicable requirements of Section
      8.12.
      If an
      Administrative Trustee shall resign, be removed or become incapable of acting
      as
      Administrative Trustee, at a time when an Event of Default shall have occurred
      and be continuing, the Holder of the Common Securities by Act of the Holder
      of
      Common Securities shall promptly appoint a successor Administrative Trustee
      and
      such successor Administrative Trustee and the retiring Administrative Trustee
      shall comply with the applicable requirements of Section
      8.12.
      If no
      successor Trustee shall have been so appointed by the Holder of the Common
      Securities or Holders of the Preferred Securities, as the case may be, and
      accepted appointment in the manner required by Section
      8.12
      within
      thirty (30) days after the giving of a notice of resignation by a Trustee,
      the
      removal of a Trustee, or a Trustee becoming incapable of acting as such Trustee,
      any Holder who has been a Holder of Preferred Securities for at least six (6)
      months may, on behalf of himself and all others similarly situated, and any
      resigning Trustee may, in each case, at the expense of the Depositor, petition
      any court of competent jurisdiction for the appointment of a successor Trustee.
      

     

    
      
        
        

      

      
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    (e)  The
      Depositor shall give notice of each resignation and each removal of the Property
      Trustee or the Delaware Trustee and each appointment of a successor Property
      Trustee or Delaware Trustee to all Holders in the manner provided in
Section
      10.8.
      Each
      notice shall include the name of the successor Property Trustee or Delaware
      Trustee and the address of its Corporate Trust Office if it is the Property
      Trustee.

     

    (f)  Notwithstanding
      the foregoing or any other provision of this Trust Agreement, in the event
      any
      Administrative Trustee or a Delaware Trustee who is a natural person dies or
      becomes, in the opinion of the Holder of Common Securities, incompetent or
      incapacitated, the vacancy created by such death, incompetence or incapacity
      may
      be filled by (i) the unanimous act of the remaining Administrative Trustees
      if
      there are at least two of them or (ii) otherwise by the Holder of the Common
      Securities (with the successor in each case being a Person who satisfies the
      eligibility requirement for Administrative Trustees or Delaware Trustee, as
      the
      case may be, set forth in Sections
      8.3
      and
8.4).

     

    (g)  Upon
      the
      appointment of a successor Delaware Trustee, such successor Delaware Trustee
      shall file a Certificate of Amendment to the Certificate of Trust in accordance
      with Section 3810 of the Delaware Statutory Trust Act.

     

    SECTION
      8.12.  Acceptance
      of Appointment by Successor.

     

    (a)  In
      case
      of the appointment hereunder of a successor Trustee, each successor Trustee
      shall execute and deliver to the Depositor and to the retiring Trustee an
      instrument accepting such appointment, and thereupon the resignation or removal
      of the retiring Trustee shall become effective and each such successor Trustee,
      without any further act, deed or conveyance, shall become vested with all the
      rights, powers, trusts and duties of the retiring Trustee; but, on request
      of
      the Trust or any successor Trustee such retiring Trustee shall, upon payment
      of
      its charges, duly assign, transfer and deliver to such successor Trustee all
      Trust Property, all proceeds thereof and money held by such retiring Trustee
      hereunder with respect to the Trust Securities and the Trust.

     

    (b)  Upon
      request of any such successor Trustee, the Trust (or the retiring Trustee if
      requested by the Depositor) shall execute any and all instruments for more
      fully
      and certainly vesting in and confirming to such successor Trustee all such
      rights, powers and trusts referred to in the preceding paragraph.

     

    (c)  No
      successor Trustee shall accept its appointment unless at the time of such
      acceptance such successor Trustee shall be qualified and eligible under this
      Article
      VIII.

     

    SECTION
      8.13.  Merger,
      Conversion, Consolidation or Succession to Business.

     

    Any
      Person into which the Property Trustee or the Delaware Trustee may be merged
      or
      converted or with which it may be consolidated, or any Person resulting from
      any
      merger, conversion or consolidation to which such Trustee shall be a party,
      or
      any Person succeeding to all or substantially all the corporate trust business
      of such Trustee, shall be the successor of such Trustee hereunder, without
      the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, provided, that such Person shall be otherwise qualified and
      eligible under this Article
      VIII.

     

    
      
        
        

      

      
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    SECTION
      8.14.  Not
      Responsible for Recitals or Issuance of Securities.

     

    The
      recitals contained herein and in the Securities Certificates shall be taken
      as
      the statements of the Trust and the Depositor, and the Trustees do not assume
      any responsibility for their correctness. The Trustees make no representations
      as to the title to, or value or condition of, the property of the Trust or
      any
      part thereof, nor as to the validity or sufficiency of this Trust Agreement,
      the
      Notes or the Trust Securities. The Trustees shall not be accountable for the
      use
      or application by the Depositor of the proceeds of the Notes.

     

    SECTION
      8.15.  Property
      Trustee May File Proofs of Claim.

     

    (a)  In
      case
      of any Bankruptcy Event (or event that with the passage of time would become
      a
      Bankruptcy Event) relative to the Trust or any other obligor upon the Trust
      Securities or the property of the Trust or of such other obligor or their
      creditors, the Property Trustee (irrespective of whether any Distributions
      on
      the Trust Securities shall then be due and payable and irrespective of whether
      the Property Trustee shall have made any demand on the Trust for the payment
      of
      any past due Distributions) shall be entitled and empowered, to the fullest
      extent permitted by law, by intervention in such proceeding or
      otherwise:

     

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

     

    (ii)  to
      collect and receive any monies 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 proceeding is hereby authorized by each Holder
      to
      make such payments to the Property Trustee and, in the event the Property
      Trustee shall consent to the making of such payments directly to the Holders,
      to
      pay to the Property Trustee first any amount due it for the reasonable
      compensation, expenses, disbursements and advances of the Property Trustee,
      its
      agents and counsel, and any other amounts due the Property Trustee.

     

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

     

    
      
        
        

      

      
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    SECTION
      8.16.  Reports
      to and from the Property Trustee.

     

    (a)  The
      Depositor, the Guarantor and the Administrative Trustees shall deliver to the
      Property Trustee, not later than forty five (45) days after the end of each
      of
      the first three fiscal quarters of the Depositor and the Guarantor and not
      later
      than ninety (90) days after the end of each fiscal year of the Depositor and
      the
      Guarantor ending after the date of this Trust Agreement, an Officer’s
      Certificate (substantially in the form attached hereto as Exhibit
      H)
      covering the preceding fiscal period, stating whether or not to the knowledge
      of
      the signers thereof the Depositor, the Guarantor, the Administrative Trustees
      or
      the Trust are in default in the performance or observance of any of the terms,
      provisions and conditions of this Trust Agreement (without regard to any period
      of grace or requirement of notice provided hereunder) and, if the Depositor,
      the
      Guarantor, the Administrative Trustees or the Trust shall be in default,
      specifying all such defaults and the nature and status thereof of which they
      have knowledge.

     

    (b)  The
      Depositor and the Guarantor shall furnish to (i) the Property Trustee, (ii)
      the
      Purchaser, (iii) any Owner of the Preferred Securities reasonably identified
      to
      the Depositor, the Guarantor or the Trust (which identification may be made
      either by such Owner or by the Purchaser) and (iv) any designee of (i), (ii)
      or
      (iii) above, a duly completed and executed certificate in the form attached
      hereto as Exhibit G, including the financial statements referenced in such
      Exhibit, which certificate and financial statements shall be so furnished by
      the
      Depositor and the Guarantor not later than forty five (45) days after the end
      of
      each of the first three fiscal quarters of each fiscal year of the Depositor
      and
      the Guarantor and not later than ninety (90) days after the end of each fiscal
      year of the Depositor and the Guarantor.

     

    (c)  The
      Property Trustee shall receive all reports, certificates and information, which
      it is entitled to obtain under each of the Operative Documents, and deliver
      to
      (i) the Purchaser, or a designee thereof, as identified in writing to the
      Property Trustee, copies of all such reports, certificates or information
      promptly upon receipt thereof.

     

    ARTICLE
      IX.

     

    TERMINATION,
      LIQUIDATION
      AND
      MERGER

     

    SECTION
      9.1.  Dissolution
      Upon Expiration Date.

     

    Unless
      earlier dissolved, the Trust shall automatically dissolve on July 30, 2042
      (the
“Expiration Date”), and the Trust Property shall be liquidated in accordance
      with Section
      9.4.

     

    SECTION
      9.2.  Early
      Termination.

     

    The
      first
      to occur of any of the following events is an “Early Termination Event”, upon
      the occurrence of which the Trust shall be dissolved:

     

    (a)  the
      occurrence of a Bankruptcy Event in respect of, or the dissolution or
      liquidation of, the Depositor, in its capacity as the Holder of the Common
      Securities, unless the Depositor shall have transferred the Common Securities
      as
      provided by Section
      5.11,
      in
      which case this provision shall refer instead to any such successor Holder
      of
      the Common Securities;

     

    
      
        
        

      

      
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    (b)  the
      written direction to the Property Trustee from the Holder of the Common
      Securities at any time to dissolve the Trust and, after satisfaction of any
      liabilities of the Trust as required by applicable law, to distribute the Notes
      to Holders in exchange for the Preferred Securities (which direction is optional
      and wholly within the discretion of the Holder of the Common
      Securities).

     

    (c)  the
      redemption of all of the Preferred Securities in connection with the payment
      at
      maturity or redemption of all the Notes; and

     

    (d)  the
      entry
      of an order for dissolution of the Trust by a court of competent
      jurisdiction.

     

    SECTION
      9.3.  Termination.

     

    The
      respective obligations and responsibilities of the Trustees and the Trust shall
      terminate upon the latest to occur of the following: (a) the distribution by
      the
      Property Trustee to Holders of all amounts required to be distributed hereunder
      upon the liquidation of the Trust pursuant to Section
      9.4,
      or upon
      the redemption of all of the Trust Securities pursuant to Section 4.2;
      (b) the
      satisfaction of any expenses owed by the Trust; and (c) the discharge of all
      administrative duties of the Administrative Trustees, including the performance
      of any tax reporting obligations with respect to the Trust or the
      Holders.

     

    SECTION
      9.4.  Liquidation.

     

    (a)  If
      an
      Early Termination Event specified in Section
      9.2(a),
      (b)
      or
(d)
      occurs
      or upon the Expiration Date, the Trust shall be liquidated by the Property
      Trustee as expeditiously as the Property Trustee shall determine to be possible
      by distributing, after satisfaction of liabilities to creditors of the Trust
      as
      provided by applicable law, to each Holder a Like Amount of Notes, subject
      to
Section
      9.4(d).
      Notice
      of liquidation shall be given by the Property Trustee not less than thirty
      (30)
      nor more than sixty (60) days prior to the Liquidation Date to each Holder
      of
      Trust Securities at such Holder’s address appearing in the Securities Register.
      All such notices of liquidation shall:

     

    (i)  state
      the
      Liquidation Date;

     

    (ii)  state
      that from and after the Liquidation Date, the Trust Securities will no longer
      be
      deemed to be Outstanding and (subject to Section
      9.4(d))
      any
      Securities Certificates not surrendered for exchange will be deemed to represent
      a Like Amount of Notes; and

     

    (iii)  provide
      such information with respect to the mechanics by which Holders may exchange
      Securities Certificates for Notes, or if Section
      9.4(d)
      applies,
      receive a Liquidation Distribution, as the Property Trustee shall deem
      appropriate.

     

    (b)  Except
      where Section
      9.2(c)
      or
9.4(d)
      applies,
      in order to effect the liquidation of the Trust and distribution of the Notes
      to
      Holders, the Property Trustee, either itself acting as exchange agent or through
      the appointment of a separate exchange agent, shall establish a record date
      for
      such distribution (which shall not be more than forty-five (45) days prior
      to
      the Liquidation Date nor prior to the date on which notice of such liquidation
      is given to the Holders) and establish such procedures as it shall deem
      appropriate to effect the distribution of Notes in exchange for the Outstanding
      Securities Certificates.

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

    (c)  Except
      where Section
      9.2(c)
      or
9.4(d)
      applies,
      after the Liquidation Date, (i) the Trust Securities will no longer be deemed
      to
      be Outstanding, (ii) certificates representing a Like Amount of Notes will
      be
      issued to Holders of Securities Certificates, upon surrender of such
      Certificates to the exchange agent for exchange, (iii) the Depositor shall
      use
      its best efforts to have the Notes listed on the New York Stock Exchange or
      on
      such other exchange, interdealer quotation system or self-regulatory
      organization on which the Preferred Securities are then listed, if any, (iv)
      Securities Certificates not so surrendered for exchange will be deemed to
      represent a Like Amount of Notes bearing accrued and unpaid interest in an
      amount equal to the accumulated and unpaid Distributions on such Securities
      Certificates until such certificates are so surrendered (and until such
      certificates are so surrendered, no payments of interest or principal will
      be
      made to Holders of Securities Certificates with respect to such Notes) and
      (v)
      all rights of Holders holding Trust Securities will cease, except the right
      of
      such Holders to receive Notes upon surrender of Securities
      Certificates.

     

    (d)  Notwithstanding
      the other provisions of this Section
      9.4,
      if
      distribution of the Notes in the manner provided herein is determined by the
      Property Trustee not to be permitted or practical, the Trust Property shall
      be
      liquidated, and the Trust shall be wound up by the Property Trustee in such
      manner as the Property Trustee determines. In such event, Holders will be
      entitled to receive out of the assets of the Trust available for distribution
      to
      Holders, after satisfaction of liabilities to creditors of the Trust as provided
      by applicable law, an amount equal to the Liquidation Amount per Trust Security
      plus accumulated and unpaid Distributions thereon to the date of payment (such
      amount being the “Liquidation Distribution”). If, upon any such winding up the
      Liquidation Distribution can be paid only in part because the Trust has
      insufficient assets available to pay in full the aggregate Liquidation
      Distribution, then, subject to the next succeeding sentence, the amounts payable
      by the Trust on the Trust Securities shall be paid on a pro rata basis (based
      upon Liquidation Amounts). The Holder of the Common Securities will be entitled
      to receive Liquidation Distributions upon any such winding up pro rata (based
      upon Liquidation Amounts) with Holders of all Trust Securities, except that,
      if
      an Event of Default has occurred and is continuing, the Preferred Securities
      shall have a priority over the Common Securities as provided in Section
      4.3.

     

    SECTION
      9.5.  Mergers,
      Consolidations, Amalgamations or Replacements of Trust.

     

    The
      Trust
      may not merge with or into, consolidate, amalgamate, or be replaced by, or
      convey, transfer or lease its properties and assets substantially as an entirety
      to, any Person except pursuant to this Article
      IX.
      At the
      request of the Holders of the Common Securities, without the consent of the
      Holders of the Preferred Securities, the Trust may merge with or into,
      consolidate, amalgamate, or be replaced by or convey, transfer or lease its
      properties and assets substantially as an entirety to a trust organized as
      such
      under the laws of any State; provided, that:

     

    (a)  such
      successor entity either (i) expressly assumes all of the obligations of the
      Trust under this Trust Agreement with respect to the Preferred Securities or
      (ii) substitutes for the Preferred Securities other securities having
      substantially the same terms as the Preferred Securities (such other Securities,
      the “Successor Securities”) so long as the Successor Securities have the same
      priority as the Preferred Securities with respect to distributions and payments
      upon liquidation, redemption and otherwise;

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

     

    (b)  a
      trustee
      of such successor entity possessing substantially the same powers and duties
      as
      the Property Trustee is appointed to hold the Notes;

     

    (c)  if
      the
      Preferred Securities or the Notes are rated, such merger, consolidation,
      amalgamation, replacement, conveyance, transfer or lease does not cause the
      Preferred Securities or the Notes (including any Successor Securities) to be
      downgraded by any nationally recognized statistical rating organization that
      then assigns a rating to the Preferred Securities or the Notes;

     

    (d)  the
      Preferred Securities are listed, or any Successor Securities will be listed
      upon
      notice of issuance, on any national securities exchange or interdealer quotation
      system on which the Preferred Securities are then listed, if any;

     

    (e)  such
      merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
      does not adversely affect the rights, preferences and privileges of the Holders
      of the Preferred Securities (including any Successor Securities) in any material
      respect;

     

    (f)  such
      successor entity has a purpose substantially identical to that of the
      Trust;

     

    (g)  prior
      to
      such merger, consolidation, amalgamation, replacement, conveyance, transfer
      or
      lease, the Depositor has received an Opinion of Counsel to the effect that
      (i)
      such merger, consolidation, amalgamation, replacement, conveyance, transfer
      or
      lease does not adversely affect the rights, preferences and privileges of the
      Holders of the Preferred Securities (including any Successor Securities) in
      any
      material respect; (ii) following such merger, consolidation, amalgamation,
      replacement, conveyance, transfer or lease, neither the Trust nor such successor
      entity will be required to register as an “investment company” under the
      Investment Company Act and (iii) following such merger, consolidation,
      amalgamation, replacement, conveyance, transfer or lease, the Trust (or the
      successor entity) will continue to be classified as a grantor trust for U.S.
      federal income tax purposes; and

     

    (h)  the
      Depositor or its permitted transferee owns all of the common securities of
      such
      successor entity and guarantees the obligations of such successor entity under
      the Successor Securities at least to the extent provided by the
      Indenture.

     

    Notwithstanding
      the foregoing, the Trust shall not, except with the consent of Holders of all
      of
      the Preferred Securities, consolidate, amalgamate, merge with or into, or be
      replaced by or convey, transfer or lease its properties and assets substantially
      as an entirety to any other Person or permit any other entity to consolidate,
      amalgamate, merge with or into, or replace, the Trust if such consolidation,
      amalgamation, merger, replacement, conveyance, transfer or lease would cause
      the
      Trust or the successor entity to be taxable as a corporation or classified
      as
      other than a grantor trust for United States federal income tax purposes or
      cause the Notes to be treated as other than indebtedness of the Depositor for
      United States federal income tax purposes.

     

    
      
        
        

      

      
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    ARTICLE
      X.

     

    
      INFORMATION
        TO
        PURCHASER

    

     

    SECTION
      10.1.  Depositor
      Obligations to Purchaser.

     

    Notwithstanding
      any other provision herein, the Depositor and the Guarantor shall furnish to
      (a)
      the Purchaser, (b) any Owner of the Preferred Securities reasonably identified
      to the Depositor, the Guarantor, or the Trust (which identification may be
      made
      either by such Owner or by the Purchaser) and (c) any designee of (a) or (b)
      above, copies of all correspondence, notices, forms, filings, reports and other
      documents required to be provided by the Depositor or the Guarantor, whether
      acting through an Administrative Trustee or otherwise, to the Property Trustee
      or Delaware Trustee under this Trust Agreement.

     

    SECTION
      10.2.  Property
      Trustee’s Obligations to Purchaser.

     

    Notwithstanding
      any other provision herein, the Property Trustee shall furnish to the Purchaser,
      and any a designee thereof as identified in writing to the Property Trustee,
      copies of all (i) correspondence, notices, forms, filings, reports and other
      documents received by the Property Trustee or Delaware Trustee from the
      Depositor, whether acting through an Administrative Trustee or otherwise, under
      this Trust Agreement, and (ii) all correspondence, notices, forms, filings,
      reports and other documents required to be provided to the Depositor or a Holder
      by the Property Trustee or Delaware Trustee under this Trust
      Agreement.

     

    ARTICLE
      XI.

     

    MISCELLANEOUS
      PROVISIONS

    SECTION
      11.1.  Limitation
      of Rights of Holders.

     

    Except
      as
      set forth in Section
      9.2,
      the
      death, bankruptcy, termination, dissolution or incapacity of any Person having
      an interest, beneficial or otherwise, in Trust Securities shall not operate
      to
      terminate this Trust Agreement, nor annul, dissolve or terminate the Trust
      nor
      entitle the legal representatives or heirs of such Person or any Holder for
      such
      Person, to claim an accounting, take any action or bring any proceeding in
      any
      court for a partition or winding up of the arrangements contemplated hereby,
      nor
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    SECTION
      11.2.  Agreed
      Tax Treatment of Trust and Trust Securities.

     

    The
      parties hereto and, by its acceptance or acquisition of a Trust Security or
      a
      beneficial interest therein, the Holder of, and any Person that acquires a
      beneficial interest in, such Trust Security intend and agree to treat the Trust
      as a grantor trust for United States federal, state and local tax purposes,
      and
      to treat the Trust Securities (including all payments and proceeds with respect
      to such Trust Securities) as undivided beneficial ownership interests in the
      Trust Property (and payments and proceeds therefrom, respectively) for United
      States federal, state and local tax purposes and to treat the Notes as
      indebtedness of the Depositor for United States federal, state and local tax
      purposes. The provisions of this Trust Agreement shall be interpreted to further
      this intention and agreement of the parties.

     

    
      
        
        

      

      
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    SECTION
      11.3.  Amendment.

     

    (a)  This
      Trust Agreement may be amended from time to time by the Property Trustee, the
      Administrative Trustees and the Holder of all the Common Securities, without
      the
      consent of any Holder of the Preferred Securities, (i) to cure any ambiguity,
      correct or supplement any provision herein that may be defective or inconsistent
      with any other provision herein, or to make or amend any other provisions with
      respect to matters or questions arising under this Trust Agreement, which shall
      not be inconsistent with the other provisions of this Trust Agreement, (ii)
      to
      modify, eliminate or add to any provisions of this Trust Agreement to such
      extent as shall be necessary to ensure that the Trust will neither be taxable
      as
      a corporation nor be classified as other than a grantor trust for United States
      federal income tax purposes at all times that any Trust Securities are
      Outstanding or to ensure that the Notes are treated as indebtedness of the
      Depositor for United States federal income tax purposes, or to ensure that
      the
      Trust will not be required to register as an “investment company” under the
      Investment Company Act or (iii) to add to the covenants, restrictions or
      obligations of the Depositor; provided, that in the case of clauses (i), (ii)
      or
      (iii), such action shall not adversely affect in any material respect the
      interests of any Holder.

     

    (b)  Except
      as
      provided in Section
      11.3(c),
      any
      provision of this Trust Agreement may be amended by the Property Trustee, the
      Administrative Trustees and the Holder of all of the Common Securities and
      with
      (i) the consent of Holders of at least a Majority in Liquidation Amount of
      the
      Preferred Securities and (ii) receipt by the Trustees of an Opinion of Counsel
      to the effect that such amendment or the exercise of any power granted to the
      Trustees in accordance with such amendment will not cause the Trust to be
      taxable as a corporation or classified as other than a grantor trust for United
      States federal income tax purposes or affect the treatment of the Notes as
      indebtedness of the Depositor for United States federal income tax purposes
      or
      affect the Trust’s exemption from status (or from any requirement to register)
      as an “investment company” under the Investment Company Act.

     

    (c)  Notwithstanding
      any other provision of this Trust Agreement, without the consent of each Holder,
      this Trust Agreement may not be amended to (i) change the accrual rate, amount,
      currency or timing of any Distribution on or the redemption price of the Trust
      Securities or otherwise adversely affect the amount of any Distribution or
      other
      payment required to be made in respect of the Trust Securities as of a specified
      date, (ii) restrict or impair the right of a Holder to institute suit for the
      enforcement of any such payment on or after such date, (iii) reduce the
      percentage of aggregate Liquidation Amount of Outstanding Preferred Securities,
      the consent of whose Holders is required for any such amendment, or the consent
      of whose Holders is required for any waiver of compliance with any provision
      of
      this Trust Agreement or of defaults hereunder and their consequences provided
      for in this Trust Agreement; (iv) impair or adversely affect the rights and
      interests of the Holders in the Trust Property, or permit the creation of any
      Lien on any portion of the Trust Property; or (v) modify the definition of
      “Outstanding,” this Section
      11.3(c),
      Sections
      4.1,
      4.2,
      4.3,
      6.10(e)
      or
Article
      IX.

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

     

    (d)  Notwithstanding
      any other provision of this Trust Agreement, no Trustee shall enter into or
      consent to any amendment to this Trust Agreement that would cause the Trust
      to
      be taxable as a corporation or to be classified as other than a grantor trust
      for United States federal income tax purposes or that would cause the Notes
      to
      fail or cease to be treated as indebtedness of the Depositor for United States
      federal income tax purposes or that would cause the Trust to fail or cease
      to
      qualify for the exemption from status (or from any requirement to register)
      as
      an “investment company” under the Investment Company Act.

     

    (e)  If
      any
      amendment to this Trust Agreement is made, the Administrative Trustees or the
      Property Trustee shall promptly provide to the Depositor and the Note Trustee
      a
      copy of such amendment.

     

    (f)  No
      Trustee shall be required to enter into any amendment to this Trust Agreement
      that affects its own rights, duties or immunities under this Trust Agreement.
      The Trustees shall be entitled to receive an Opinion of Counsel and an Officer’s
      Certificate stating that any amendment to this Trust Agreement is in compliance
      with this Trust Agreement and all conditions precedent herein provided for
      relating to such action have been met.

     

    (g)  No
      amendment or modification to this Trust Agreement that adversely affects in
      any
      material respect the rights, duties, liabilities, indemnities or immunities
      of
      the Delaware Trustee hereunder shall be permitted without the prior written
      consent of the Delaware Trustee.

     

    SECTION
      11.4.  Separability.

     

    If
      any
      provision in this Trust Agreement or in the Securities Certificates shall be
      invalid, illegal or unenforceable, the validity, legality and enforceability
      of
      the remaining provisions shall not in any way be affected or impaired thereby,
      and there shall be deemed substituted for the provision at issue a valid, legal
      and enforceable provision as similar as possible to the provision at
      issue.

     

    SECTION
      11.5.  Governing
      Law.

     

    THIS
      TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE
      TRUST, THE DEPOSITOR, THE GUARANTOR AND THE TRUSTEES WITH RESPECT TO THIS TRUST
      AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
      WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO
      ITS
      CONFLICTS OF LAWS PROVISIONS.

     

    SECTION
      11.6.  Successors.

     

    This
      Trust Agreement shall be binding upon and shall inure to the benefit of any
      successor to the Depositor, the Guarantor, the Trust and any Trustee, including
      any successor by operation of law. Except in connection with a transaction
      involving the Depositor that is permitted under Article
      VIII
      of the
      Indenture and pursuant to which the assignee agrees in writing to perform the
      Depositor’s obligations hereunder, the Depositor shall not assign its
      obligations hereunder.

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

     

    SECTION
      11.7.  Headings.

     

    The
      Article and Section headings are for convenience only and shall not affect
      the
      construction of this Trust Agreement.

     

    SECTION
      11.8.  Reports,
      Notices and Demands.

     

    (a)  Any
      report, notice, demand or other communication that by any provision of this
      Trust Agreement is required or permitted to be given or served to or upon any
      Holder, the Depositor or the Guarantor may be given or served in writing
      delivered in person, or by reputable, overnight courier, by telecopy or by
      deposit thereof, first-class postage prepaid, in the United States mail,
      addressed, (a) in the case of a Holder of Preferred Securities, to such Holder
      as such Holder’s name and address may appear on the Securities Register; (b) in
      the case of the Holder of all the Common Securities or the Depositor, to
      NorthStar Realty Finance Limited Partnership c/o NorthStar Realty Finance Corp.,
      399 Park Avenue, 18th
      Floor,
      New York, NY 10022, Attention: Chief Financial Officer, or to such other address
      as may be specified in a written notice by the Holder of all the Common
      Securities or the Depositor, as the case may be, to the Property Trustee; and
      (c) in the case of the Guarantor, to NorthStar Realty Finance Corp., 399 Park
      Avenue, 18th
      Floor,
      New York, NY 10022, Attention: Chief Financial Officer, or to such other address
      as may be specified in a written notice by the Guarantor to the Property
      Trustee. Such report, notice, demand or other communication to or upon a Holder,
      the Depositor or the Guarantor shall be deemed to have been given when received
      in person, within one (1) Business Day following delivery by overnight courier,
      when telecopied with receipt confirmed, or within three (3) Business Days
      following delivery by mail, except that if a notice or other document is refused
      delivery or cannot be delivered because of a changed address of which no notice
      was given, such notice or other document shall be deemed to have been delivered
      on the date of such refusal or inability to deliver.

     

    (b)  Any
      notice, demand or other communication that by any provision of this Trust
      Agreement is required or permitted to be given or served to or upon the Property
      Trustee, the Delaware Trustee, the Administrative Trustees or the Trust shall
      be
      given in writing by deposit thereof, first-class postage prepaid, in the U.S.
      mail, personal delivery or facsimile transmission, addressed to such Person
      as
      follows: (a) with respect to the Property Trustee and the Delaware Trustee
      to
      Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
      Wilmington, Delaware 19890-0001, Attention: Corporate Capital Markets, facsimile
      no. (302) 636-4140; (b) with respect to the Administrative Trustees, to them
      at
      the address above for notices to the Depositor, marked “Attention:
      Administrative Trustees of NorthStar Realty Finance Trust VIII,” and (c) with
      respect to the Trust, to its principal executive office specified in
Section
      2.2,
      with a
      copy to the Property Trustee. Such notice, demand or other communication to
      or
      upon the Trust, the Property Trustee or the Administrative Trustees shall be
      deemed to have been sufficiently given or made only upon actual receipt of
      the
      writing by the Trust, the Property Trustee or the Administrative
      Trustees.

     

    SECTION
      11.9.  Agreement
      Not to Petition.

     

    Each
      of
      the Trustees and the Depositor agree for the benefit of the Holders that, until
      at least one year and one day after the Trust has been terminated in accordance
      with Article
      IX,
      they
      shall not file, or join in the filing of, a petition against the Trust under
      any
      Bankruptcy Law or otherwise join in the commencement of any proceeding against
      the Trust under any Bankruptcy Law. If the Depositor takes action in violation
      of this Section
      11.9,
      the
      Property Trustee agrees, for the benefit of Holders, that at the expense of
      the
      Depositor, it shall file an answer with the applicable bankruptcy court or
      otherwise properly contest the filing of such petition by the Depositor against
      the Trust or the commencement of such action and raise the defense that the
      Depositor has agreed in writing not to take such action and should be estopped
      and precluded therefrom and such other defenses, if any, as counsel for the
      Property Trustee or the Trust may assert.

     

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

    

     

    This
      instrument may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument. Delivery of an executed
      signature page of this instrument by facsimile transmission shall be effective
      as delivery of a manually executed counterpart hereof.

     

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      OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the parties hereto have executed this Amended and Restated
      Trust Agreement as of the day and year first above written.

     

    
      
        	 	
                NorthStar
                  Realty Finance Limited Partnership, 

                as
                  Depositor

              
	 	 
	 	
                By:  
                  NorthStar Realty Finance Corp., its 

                 General
                  Partner

              

      

       

    

    
      	 	 	 
	
            	By:  	
              /s/
                Albert Tylis

            
	 	
              

              Name:
                Albert Tylis

            
	 	
              Title:
                Executive Vice President, General Counsel
                and Assistant Secretary

            

    

    
      	 	 	 
	 	
              NorthStar
                Realty Finance Corp., 

              as
                Guarantor

            
	 
 	 
 	 
 
	
            	By:  	
              /s/
                Albert Tylis

            
	 	
              

              Name:
                Albert Tylis

            
	 	
              Title:
                Executive Vice President, General Counsel
                and Assistant Secretary

            

    

    
      	 	 	 	 

    

    
    

     

    
      	
              Wilmington
                Trust Company, as Property Trustee

            	 	
              Wilmington
                Trust Company, as Delaware Trustee

            
	

              By: 
                /s/ W. Thomas Morris, II 

            	 	

              By:
                /s/ W. Thomas Morris, II

            
	
              
                

              

              Name:
                W. Thomas Morris, II

            	 	
              
                

              

              Name:
                W. Thomas Morris, II

            
	
              Title:
                Assistant Vice President

            	 	
              Title:
                Assistant Vice President

            

    

     

    
      	 	 	 	 
	
              /s/
                David T. Hamamoto 

            	 	
              /s/
                Richard J. McCready

            
	
              
                

              

              Administrative
                Trustee 

              Name:
                David T. Hamamoto

            	 	
              
                

              

              Administrative
                Trustee 

              
                Name:
                  Richard J. McCready

              

            

    

     

    
      	 	 	 	 
	

              /s/
                Andrew C. Richardson

            	 	 	
            
	
              
                

              

              Administrative
                Trustee 

              Name:
                Andrew C. Richardson

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