Document:

Exhibit 4.9

 

 

BUNGE LIMITED FINANCE CORP.,

as Issuer

 

 

BUNGE LIMITED,

as Guarantor

 

 

AND

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

8.50% Senior Notes Due 2019

 

 

INDENTURE

 

Dated as of June 9, 2009

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1

  	
   

  	
   

  
	
  Definitions and Incorporation by Reference

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 1.01.
  Definitions

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.02.
  Incorporation by Reference of Trust Indenture Act

  	
   

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 1.03.
  Rules of Construction

  	
   

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2

  	
   

  	
   

  
	
  The Notes

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 2.01.
  Form, Dating and Terms

  	
   

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 2.02.
  Execution and Authentication

  	
   

  	
  15

  
	
   

  	
   

  	
   

  
	
  Section 2.03.
  Registrar and Paying Agent

  	
   

  	
  16

  
	
   

  	
   

  	
   

  
	
  Section 2.04.
  Paying Agent to Hold Money in Trust

  	
   

  	
  17

  
	
   

  	
   

  	
   

  
	
  Section 2.05.
  Noteholder Lists

  	
   

  	
  17

  
	
   

  	
   

  	
   

  
	
  Section 2.06.
  Transfer and Exchange

  	
   

  	
  17

  
	
   

  	
   

  	
   

  
	
  Section 2.07.
  Mutilated, Destroyed, Lost or Stolen Notes

  	
   

  	
  19

  
	
   

  	
   

  	
   

  
	
  Section 2.08.
  Outstanding Notes

  	
   

  	
  19

  
	
   

  	
   

  	
   

  
	
  Section 2.09.
  Temporary Notes

  	
   

  	
  20

  
	
   

  	
   

  	
   

  
	
  Section 2.10.
  Cancellation

  	
   

  	
  20

  
	
   

  	
   

  	
   

  
	
  Section 2.11.
  Payment of Interest; Defaulted Interest

  	
   

  	
  20

  
	
   

  	
   

  	
   

  
	
  Section 2.12.
  Computation of Interest

  	
   

  	
  21

  
	
   

  	
   

  	
   

  
	
  Section 2.13.
  CUSIP and ISIN Numbers

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 2.14.
  Tax Treatment

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
   

  	
   

  
	
  Covenants

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 3.01.
  Payment of Notes

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 3.02.
  Limitation and Restrictions on Activities of the Company

  	
   

  	
  22

  

 

i

 

	
  Section 3.03.
  Limitation on Liens

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 3.04.
  Limitation on Sale-Leaseback Transactions

  	
   

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 3.05.
  Exclusion from Limitations

  	
   

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 3.06.
  Maintenance of Office or Agency

  	
   

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 3.07.
  Corporate Existence

  	
   

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 3.08.
  Maintenance of Properties; Insurance

  	
   

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 3.09.
  Payment of Taxes and Other Claims

  	
   

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 3.10.
  Payments for Consent

  	
   

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 3.11.
  Compliance Certificate

  	
   

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 3.12.
  Further Instruments and Acts

  	
   

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 3.13.
  Statement by Officers as to Default

  	
   

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 3.14.
  Notice of Change in Bermuda Law, Debt Ratings

  	
   

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 3.15.
  Offer to Repurchase Upon Change of Control

  	
   

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4

  	
   

  	
   

  
	
  Successor Guarantor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 4.01.
  Consolidation, Merger, Amalgamation and Sale of Assets by the Guarantor

  	
   

  	
  29

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
   

  	
   

  
	
  Optional Redemption of Notes

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 5.01.
  Optional Redemption by the Company

  	
   

  	
  30

  
	
   

  	
   

  	
   

  
	
  Section 5.02.
  Applicability of Article

  	
   

  	
  30

  
	
   

  	
   

  	
   

  
	
  Section 5.03.
  Election to Redeem; Notice to Trustee

  	
   

  	
  30

  
	
   

  	
   

  	
   

  
	
  Section 5.04.
  Selection by Trustee of Notes to Be Redeemed

  	
   

  	
  31

  
	
   

  	
   

  	
   

  
	
  Section 5.05.
  Notice of Redemption

  	
   

  	
  31

  
	
   

  	
   

  	
   

  
	
  Section 5.06.
  Deposit of Redemption Price

  	
   

  	
  32

  
	
   

  	
   

  	
   

  
	
  Section 5.07.
  Notes Payable on Redemption Date

  	
   

  	
  32

  
	
   

  	
   

  	
   

  
	
  Section 5.08.
  Notes Redeemed in Part

  	
   

  	
  32

  

 

ii

 

	
  ARTICLE 6

  	
   

  	
   

  
	
  Defaults and Remedies

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 6.01.
  Events of Default

  	
   

  	
  33

  
	
   

  	
   

  	
   

  
	
  Section 6.02.
  Acceleration

  	
   

  	
  34

  
	
   

  	
   

  	
   

  
	
  Section 6.03.
  Other Remedies

  	
   

  	
  35

  
	
   

  	
   

  	
   

  
	
  Section 6.04.
  Waiver of Past Defaults

  	
   

  	
  35

  
	
   

  	
   

  	
   

  
	
  Section 6.05.
  Control by Majority

  	
   

  	
  35

  
	
   

  	
   

  	
   

  
	
  Section 6.06.
  Limitation on Suits

  	
   

  	
  35

  
	
   

  	
   

  	
   

  
	
  Section 6.07.
  Rights of Holders to Receive Payment

  	
   

  	
  36

  
	
   

  	
   

  	
   

  
	
  Section 6.08.
  Collection Suit by Trustee

  	
   

  	
  36

  
	
   

  	
   

  	
   

  
	
  Section 6.09.
  Trustee May File Proofs of Claim

  	
   

  	
  36

  
	
   

  	
   

  	
   

  
	
  Section 6.10.
  Priorities

  	
   

  	
  36

  
	
   

  	
   

  	
   

  
	
  Section 6.11.
  Undertaking for Costs

  	
   

  	
  37

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7

  	
   

  	
   

  
	
  Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 7.01.
  Duties of Trustee

  	
   

  	
  37

  
	
   

  	
   

  	
   

  
	
  Section 7.02.
  Rights of Trustee

  	
   

  	
  38

  
	
   

  	
   

  	
   

  
	
  Section 7.03.
  Individual Rights of Trustee

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 7.04.
  Trustee’s Disclaimer

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 7.05.
  Notice of Defaults

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 7.06.
  Report by Trustee to Holders

  	
   

  	
  40

  
	
   

  	
   

  	
   

  
	
  Section 7.07.
  Compensation and Indemnity

  	
   

  	
  41

  
	
   

  	
   

  	
   

  
	
  Section 7.08.
  Replacement of Trustee

  	
   

  	
  41

  
	
   

  	
   

  	
   

  
	
  Section 7.09.
  Successor Trustee by Merger

  	
   

  	
  42

  
	
   

  	
   

  	
   

  
	
  Section 7.10.
  Eligibility; Disqualification

  	
   

  	
  42

  
	
   

  	
   

  	
   

  
	
  Section 7.11.
  Preferential Collection of Claims Against Company

  	
   

  	
  43

  

 

iii

 

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

  	
   

  	
  43

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8

  	
   

  	
   

  
	
  Discharge of Indenture; Defeasance

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 8.01.
  Discharge of Liability on Notes; Defeasance

  	
   

  	
  43

  
	
   

  	
   

  	
   

  
	
  Section 8.02.
  Conditions to Defeasance

  	
   

  	
  44

  
	
   

  	
   

  	
   

  
	
  Section 8.03.
  Application of Trust Money

  	
   

  	
  46

  
	
   

  	
   

  	
   

  
	
  Section 8.04.
  Repayment to Company

  	
   

  	
  46

  
	
   

  	
   

  	
   

  
	
  Section 8.05.
  Indemnity for U.S. Government Securities

  	
   

  	
  46

  
	
   

  	
   

  	
   

  
	
  Section 8.06.
  Reinstatement

  	
   

  	
  46

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9

  	
   

  	
   

  
	
  Amendments

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 9.01.
  Without Consent of Holders

  	
   

  	
  46

  
	
   

  	
   

  	
   

  
	
  Section 9.02.
  With Consent of Holders

  	
   

  	
  47

  
	
   

  	
   

  	
   

  
	
  Section 9.03.
  Compliance with Trust Indenture Act

  	
   

  	
  48

  
	
   

  	
   

  	
   

  
	
  Section 9.04.
  Revocation and Effect of Consents and Waivers

  	
   

  	
  48

  
	
   

  	
   

  	
   

  
	
  Section 9.05.
  Notation on or Exchange of Notes

  	
   

  	
  49

  
	
   

  	
   

  	
   

  
	
  Section 9.06.
  Trustee to Sign Amendments

  	
   

  	
  49

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10

  	
   

  	
   

  
	
  Guarantee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 10.01.
  Guarantee

  	
   

  	
  49

  
	
   

  	
   

  	
   

  
	
  Section 10.02.
  No Subrogation

  	
   

  	
  50

  
	
   

  	
   

  	
   

  
	
  Section 10.03.
  Consideration

  	
   

  	
  51

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11

  	
   

  	
   

  
	
  Miscellaneous

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 11.01.
  Trust Indenture Act Controls

  	
   

  	
  51

  
	
   

  	
   

  	
   

  
	
  Section 11.02.
  Notices

  	
   

  	
  51

  
	
   

  	
   

  	
   

  
	
  Section 11.03.
  Communication by Holders with Other Holders

  	
   

  	
  52

  

 

iv

 

	
  Section 11.04.
  Certificate and Opinion as to Conditions Precedent

  	
   

  	
  53

  
	
   

  	
   

  	
   

  
	
  Section 11.05.
  Statements Required in Certificate or Opinion

  	
   

  	
  53

  
	
   

  	
   

  	
   

  
	
  Section 11.06.
  When Notes Disregarded

  	
   

  	
  53

  
	
   

  	
   

  	
   

  
	
  Section 11.07.
  Rules by Trustee, Paying Agent and Registrar

  	
   

  	
  53

  
	
   

  	
   

  	
   

  
	
  Section 11.08.
  Legal Holidays

  	
   

  	
  53

  
	
   

  	
   

  	
   

  
	
  Section 11.09.
  Governing Law

  	
   

  	
  54

  
	
   

  	
   

  	
   

  
	
  Section 11.10.
  No Recourse Against Others

  	
   

  	
  54

  
	
   

  	
   

  	
   

  
	
  Section 11.11.
  Successors

  	
   

  	
  54

  
	
   

  	
   

  	
   

  
	
  Section 11.12.
  Consent to Jurisdiction

  	
   

  	
  54

  
	
   

  	
   

  	
   

  
	
  Section 11.13.
  Appointment for Agent for Service of Process

  	
   

  	
  54

  
	
   

  	
   

  	
   

  
	
  Section 11.14.
  Waiver of Immunities

  	
   

  	
  54

  
	
   

  	
   

  	
   

  
	
  Section 11.15.
  Additional Amounts

  	
   

  	
  55

  
	
   

  	
   

  	
   

  
	
  Section 11.16.
  Judgment Currency

  	
   

  	
  55

  
	
   

  	
   

  	
   

  
	
  Section 11.17.
  No Bankruptcy Petition Against the Company; Liability of the Company

  	
   

  	
  55

  
	
   

  	
   

  	
   

  
	
  Section 11.18.
  Multiple Originals

  	
   

  	
  56

  
	
   

  	
   

  	
   

  
	
  Section 11.19.
  Qualification of Indenture

  	
   

  	
  56

  
	
   

  	
   

  	
   

  
	
  Section 11.20. Table of Contents;
  Headings

  	
   

  	
  56

  

 

	
  EXHIBIT
  A

  	
  Form of
  the Initial Notes and Subsequent Notes

  
	
  SCHEDULE
  1.1

  	
  Designated
  Obligors and Material Subsidiaries

  
	
  SCHEDULE
  3.4

  	
  Existing
  Liens

  

 

v

 

CROSS-REFERENCE TABLE

 

	
  Trust
  Indenture

  	
   

  	
   

  	
   

  	
   

  
	
  Act
  Section

  	
   

  	
   

  	
   

  	
  Indenture

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  310(a)

  	
  (1)

  	
   

  	
   

  	
   

  	
  Section 7.10.

  
	
  (a)

  	
  (2)

  	
   

  	
   

  	
   

  	
  Section 7.10.

  
	
  (a)

  	
  (3)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (a)

  	
  (4)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (b)

  	
   

  	
   

  	
   

  	
   

  	
  Section 7.08.,
  Section 7.10.

  
	
  (c)

  	
   

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  311(a)

  	
   

  	
   

  	
   

  	
   

  	
  Section 7.11.

  
	
  (b)

  	
   

  	
   

  	
   

  	
   

  	
  Section 7.11.

  
	
  (c)

  	
   

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  312(a)

  	
   

  	
   

  	
   

  	
   

  	
  Section 2.05.

  
	
  (b)

  	
   

  	
   

  	
   

  	
   

  	
  Section 11.03.

  
	
  (c)

  	
   

  	
   

  	
   

  	
   

  	
  Section 11.03.

  
	
  313(a)

  	
   

  	
   

  	
   

  	
   

  	
  Section 11.06.

  
	
  (b)

  	
  (1)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (b)

  	
  (2)

  	
   

  	
   

  	
   

  	
  Section 7.06.

  
	
  (c)

  	
   

  	
   

  	
   

  	
   

  	
  Section 7.06.

  
	
  (d)

  	
   

  	
   

  	
   

  	
   

  	
  Section 7.06.

  
	
  314(a)

  	
   

  	
   

  	
   

  	
   

  	
  Section 3.10.,
  Section 11.02.

  Section 11.05.

  
	
  (b)

  	
   

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (c)

  	
  (1)

  	
   

  	
   

  	
   

  	
  Section 11.04.

  
	
  (c)

  	
  (2)

  	
   

  	
   

  	
   

  	
  Section 11.04.

  
	
  (c)

  	
  (3)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (d)

  	
   

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (e)

  	
   

  	
   

  	
   

  	
   

  	
  Section 11.05.

  
	
  315(a)

  	
   

  	
   

  	
   

  	
   

  	
  Section 7.01.

  
	
  (b)

  	
   

  	
   

  	
   

  	
   

  	
  Section 7.05.,
  Section 11.02.

  
	
  (c)

  	
   

  	
   

  	
   

  	
   

  	
  Section 7.01.

  
	
  (d)

  	
   

  	
   

  	
   

  	
   

  	
  Section 7.01.

  
	
  (e)

  	
   

  	
   

  	
   

  	
   

  	
  Section 6.11.

  
	
  316(a)

  	
  (last sentence)

  	
   

  	
   

  	
   

  	
  Section 11.06.

  
	
  (a)

  	
  (1)(A)

  	
   

  	
   

  	
   

  	
  Section 6.05.

  
	
  (a)

  	
  (1)(B)

  	
   

  	
   

  	
   

  	
  Section 6.04.

  
	
  (a)

  	
  (2)

  	
   

  	
   

  	
   

  	
  N.A.

  
	
  (b)

  	
   

  	
   

  	
   

  	
   

  	
  Section 6.08.

  
	
  317(a)

  	
  (1)

  	
   

  	
   

  	
   

  	
  Section 6.08.

  
	
  (a)

  	
  (2)

  	
   

  	
   

  	
   

  	
  Section 6.09.

  
	
  (b)

  	
   

  	
   

  	
   

  	
   

  	
  Section 2.04.

  
	
  318(a)

  	
   

  	
   

  	
   

  	
   

  	
  Section 11.01.

  

 

N.A.
means Not Applicable.

Note:
This Cross-Reference Table shall not, for any purpose, be deemed to be part of
this Indenture.

 

i

 

INDENTURE
dated as of June 9, 2009, among BUNGE 
LIMITED FINANCE CORP., a Delaware corporation (the “Company”),
as issuer, BUNGE LIMITED, a company formed under the laws of Bermuda with
limited liability (the “Guarantor”), as
guarantor, and U.S. BANK NATIONAL ASSOCIATION, a national banking association
(the “Trustee”), as trustee.

 

Each
party agrees as follows for the benefit of the other parties and for the equal
and ratable benefit of the Holders of (i) the Company’s 8.50% Senior Notes
Due 2019 issued on the date hereof and the guarantees thereof by the Guarantor
(the “2019 Notes” or the “Initial Notes”) and (ii) if and when issued, additional
2019 Notes which may be offered subsequent to the Issue Date and the guarantees
thereof by the Guarantor (the “Subsequent Notes”
and together with the Initial Notes, the “Notes”).

 

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01.  Definitions.

 

“Affiliate” means, with
respect to any specified Person, 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 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; provided, however,
that the existence of a management contract by the Company or an Affiliate of
the Company to manage another entity shall not be deemed to be control.

 

“Agent Member” has the meaning ascribed to it in Section 2.01(d)(iii) hereof.

 

“Attributable
Indebtedness” means, when used with respect to any Sale-Leaseback
Transaction, as at the time of determination, the present value (discounted at
the rate of interest set forth in or implicit in the terms of the lease) of the
total obligations of the lessee for rental payments (other than amounts
required to be paid on account of property taxes, maintenance, repairs,
insurance, assessments, utilities, operating and labor costs and other items
that do not constitute payments for property rights) during the remaining term
of the lease included in such Sale-Leaseback Transaction (including any period
for which such lease has been extended).

 

“Authenticating
Agent” has the meaning ascribed to it in Section 2.02 hereof.

 

“Below Investment Grade Rating Event” means the Notes are
rated below an Investment Grade Rating by both Rating Agencies on any date from
the date of the public notice of an event that would, if consummated, result in
a Change of Control until the end of the sixty (60) day period following public
notice of the occurrence of the Change of Control, which sixty (60) day period
shall be extended so long as the rating of the Notes is under publicly
announced consideration for possible downgrade by both of the Rating Agencies.

 

“Board
of Directors” means, with respect to any Person, the board of
directors of such Person or any duly authorized committee thereof.

 

 

“Bunge
Master Trust” means the trust created pursuant to the Pooling
Agreement, a beneficial interest in the assets of which the Company has
acquired through the Series 2002-1 VFC.

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which
commercial banking institutions are authorized or required by law to close in
The City of New York, New York.

 

“Capital
Stock” means, with respect to any Person, any and all shares, interests,
rights to purchase, warrants, options (whether or not currently exercisable),
participations or other equivalents of or interests in (however designated) the
equity (which includes, but is not limited to, common stock or shares,
preferred stock or shares and partnership and joint venture interests) of such
Person (excluding any debt securities convertible into, or exchangeable for,
such equity).

 

“Change of Control” means the occurrence of any of the
following:

 

(1)           the Guarantor becomes aware (by way
of report or any other filing pursuant to Section 13(d) of the
Exchange Act or written notice) of the acquisition by any Person or group
(within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act, or any successor provision), including any group acting for
the purpose of acquiring, holding or disposing of securities (within the
meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single
transaction or in a related series of transactions, by way of merger,
consolidation or other business combination, of 50% or more of the total voting
power of the Voting Stock of the Guarantor then outstanding;

 

(2)           the sale, lease or transfer of all or
substantially all of the assets of the Guarantor and its Subsidiaries, taken as
a whole, to any Person that is not a Subsidiary of the Guarantor; or

 

(3)           the first day on which a majority of
the members of the Guarantor’s Board of Directors are not Continuing Directors.

 

“Change of Control Offer” has the meaning ascribed to it in Section 3.15
hereof.

 

“Change of Control Payment” has the meaning ascribed to it in
Section 3.15 hereof.

 

“Change of Control Payment Date” has the meaning ascribed to
it in Section 3.15 hereof.

 

“Change of Control Triggering Event” means the occurrence of
both a Change of Control that results in a Below Investment Grade Rating Event.

 

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

 

“Company” means Bunge Limited Finance Corp. or its successor.

 

“Company Order” has the meaning ascribed to it in Section 2.02
hereof.

 

“Company Permitted Lien” means:

 

2

 

(1) Liens
for current taxes, assessments or other governmental charges which are not
delinquent or remain payable without any penalty, or the validity of which is
contested in good faith by appropriate proceedings upon stay of execution of
the enforcement thereof or upon posting a bond in connection therewith;

 

(2) any
Lien pursuant to any order or attachment or similar legal process arising in
connection with court proceedings; provided that the execution or other
enforcement thereof is effectively stayed or a sufficient bond had been posted
and the claims secured thereby are being contested at the time in good faith by
appropriate proceedings;

 

(3) any
Liens securing bonds posted with respect to and in compliance with clauses (1) and
(2) above;

 

(4) Liens
to secure bonds posted in order to obtain stays of judgments, attachments or
orders, the existence of which bonds would not otherwise constitute an Event of
Default; and

 

(5) Liens
securing obligations under a Hedge Agreement.

 

“Consolidated Net Tangible Assets” means, at any date of
determination, the total amount of assets of the Guarantor and its consolidated
Subsidiaries after deducting therefrom:

 

(1)           all current liabilities (excluding
any current liabilities that by their terms are extendable or renewable at the
option of the obligor thereon to a time more than 12 months after the time as
of which the amount thereof is being computed);

 

(2)           total prepaid expenses and deferred
charges; and

 

(3)           all goodwill, trade names,
trademarks, patents, licenses, copyrights and other intangible assets, all as
set forth, or on a pro forma basis would be set forth, on the consolidated
balance sheet of the Guarantor and its consolidated Subsidiaries for its most
recently completed fiscal quarter, prepared in accordance with U.S. GAAP.

 

“Continuing Directors” means, as of any date of
determination, any member of the Board of Directors of the Guarantor who (1) was
a member of such Board of Directors on the date of the issuance of the Initial
Notes; or (2) was nominated for election, appointed or elected to such
Board of Directors with the approval of a majority of the Continuing Directors
who were members of such Board of Directors at the time of such nomination or
election (either by a specific vote or by approval of the Guarantor’s proxy
statement in which such member was named as a nominee for election as a
director).

 

“Corporate Trust Office” has the meaning ascribed to it in Section 3.05
hereof.

 

“covenant defeasance option” has the meaning ascribed to it
in Section 8.01(b) hereof.

 

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

 

“Defaulted Interest” has the meaning ascribed to it in Section 2.11
hereof.

 

3

 

“Definitive Notes” means certificated Notes.

 

“Designated Obligor” means the Guarantor and the Subsidiaries
of the Guarantor set forth on Schedule 1.1 hereto and any other Subsidiary designated
by the Guarantor from time to time, and each of their successors.

 

“DTC” means The Depository Trust Company, its nominees and
their respective successors and assigns, or such other depository institution
hereinafter appointed by the Company.

 

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

 

“Event of Default” has the meaning ascribed to it in Section 6.01
hereof.

 

“Exchange Act” means the U.S. Securities Exchange Act of
1934, as amended.

 

“Fair Market Value” means, with respect to any property, the
sale value of such property that would be realized in an arms-length sale at
such time between an informed and willing buyer, and an informed and willing
seller, under no compulsion to buy or sell, respectively.

 

“Fiscal Year” means the fiscal year of the Company ending on December 31
of each year.

 

“Global Note” has the meaning ascribed to it in Section 2.01(a) hereof.

 

“guarantee” means any obligation, contingent or otherwise, of
any Person directly or indirectly guaranteeing any Indebtedness of any other
Person and any obligation, direct or indirect, contingent or otherwise, of such
Person:

 

(1)           to purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness of such other
Person (whether arising by virtue of partnership arrangements, or by agreement
to keep-well, to purchase assets, goods, securities or services, to take-or-pay,
or to maintain financial statement conditions or otherwise); or

 

(2)           entered into for purposes of assuring
in any other manner the obligee of such Indebtedness of the payment thereof or
to protect such obligee against loss in respect thereof (in whole or in part);

 

provided,
however, that the term “guarantee” will not include endorsements for collection
or deposit in the ordinary course of business. The term “guarantee,” when used
as a verb, has a corresponding meaning.

 

“Guarantee” means any guarantee of payment of the Notes and
any other obligations of the Company by the Guarantor pursuant to the terms of
this Indenture.

 

4

 

“Guarantor” means Bunge Limited.

 

“Guaranty” means the Sixth Amended and Restated Guaranty,
dated as of June 11, 2007, by the Guarantor to Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., JPMorgan Chase Bank, N.A. and the Master Trust
Trustee, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with its terms, subject to Section 3.02(f) hereof.

 

“Hedge Agreements” means all interest rate swaps, caps or
collar agreements or similar arrangements dealing with interest rates or
currency exchange rates or the exchange of nominal interest obligations, either
generally or under specific contingencies.

 

“Holder” or “Noteholder”
means the Person in whose name a Note is registered in the Note Register.

 

“Indebtedness” means, as to any Person, without duplication, (a) all
obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (c) all
obligations of such Person to pay the deferred purchase price of property,
except trade accounts payable arising in the ordinary course of business, (d) all
obligations of such Person as lessee which are capitalized in accordance with
U.S. GAAP, (e) all obligations of such Person created or arising under any
conditional sales or other title retention agreement with respect to any
property acquired by such Person (including without limitation, obligations
under any such agreement which provides that the rights and remedies of the
seller or lender thereunder in the event of default are limited to repossession
or sale of such property), (f) all obligations of such Person with respect
to letters of credit and similar instruments, including without limitation
obligations under reimbursement agreements, (g) all Indebtedness of others
secured by (or for which the holder of such Indebtedness has existing right,
contingent or otherwise, to be secured by) a Lien on any asset of such Person,
whether or not such Indebtedness is assumed by such Person and (h) all
guarantees of such Person (other than guarantees of obligations of direct or indirect
Subsidiaries of such Person).

 

“Indenture” means this Indenture, as amended or supplemented
from time to time in accordance with its terms.

 

“Initial Notes” has the meaning ascribed to it in the second
introductory paragraph of this Indenture.

 

“Investment Grade Rating” means a rating equal to or higher
than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by
S&P, or an equivalent rating by any other Rating Agency.

 

“Issue Date” means the date on which the Initial Notes are
originally issued.

 

“legal defeasance option” has the meaning ascribed to it in Section 8.01(b) hereof.

 

“Legal Holiday” has the meaning ascribed to it in Section 11.08
hereof.

 

“Lien” means any mortgage, lien, security interest, pledge,
charge or other encumbrance.

 

5

 

“Master Trust Transaction Documents” means the collective
reference to the Pooling Agreement, the Series 2002-1 Supplement, the Series 2002-1
VFC, the Sale Agreement, the Servicing Agreement and the Guaranty.

 

“Master Trust Trustee” means The Bank of New York Mellon, as
trustee under, and for the purposes of, the Master Trust Transaction Documents,
and any successor thereto.

 

“Material Adverse Effect” means a material adverse effect, or
any development involving a prospective material adverse effect, in the
condition, financial or otherwise, or in the earnings, business or operations
of the Guarantor and its consolidated Subsidiaries taken as a whole.

 

“Material Subsidiary” means, at any time, any Subsidiary of
the Guarantor which at such time is a “Significant Subsidiary” under Regulation
S-X of the Exchange Act.  The Material
Subsidiaries as of the date hereof are set forth on Schedule 1.1 hereto.

 

“Moody’s” means Moody’s Investors Service, Inc. and any
successor to its rating agency business.

 

“Note Register” means the register of Notes, maintained by
the Registrar, pursuant to Section 2.03 hereof.

 

“Notes” means the collective reference to the Initial Notes
and the Subsequent Notes.

 

“Obligations” has the meaning ascribed to it in Section 10.01
hereof.

 

“Officer” means the Chairman of the Board of Directors, the
Chief Executive Officer, the President, the Chief Financial Officer, any Vice
President, the Treasurer, the Controller or the Secretary of the Company or the
Guarantor, as applicable.

 

“Officer’s Certificate” means a certificate signed by an
Officer or attorney-in-fact of the Company or the Guarantor, as applicable.

 

“Opinion of Counsel” means a written opinion from legal
counsel, which counsel may be an employee of or counsel to the Company, who
shall be acceptable to the Trustee.  The
form and substance of such Opinion of Counsel shall likewise be acceptable to
the Trustee.

 

“Pari Passu Indebtedness” means Indebtedness for borrowed
money, the proceeds of which are used to either purchase interests in the Series 2002-1
VFC, refinance Indebtedness originally used for such purpose and/or pay
expenses incurred in connection with this Indenture or any such other
Indebtedness, and indebtedness incurred in connection with Hedge Agreements, in
each case which ranks not greater than pari passu (in priority of payment) with
the Notes.

 

“Paying Agent” means the Person (including the Company, the
Guarantor or any Subsidiary) authorized by the Company to pay the principal of
(or premium, if any) or interest, if any, on any Notes on behalf of the
Company.

 

6

 

“Permitted Indebtedness” means (a) Indebtedness of the
Company under the Notes and (b) Pari Passu Indebtedness.

 

“Permitted Liens” means:

 

(1)           Liens for current taxes, assessments
or other governmental charges which are not delinquent or remain payable
without any penalty, or the validity of which is contested in good faith by
appropriate proceedings upon stay of execution of the enforcement thereof or
upon posting a bond in connection therewith;

 

(2)           any Lien pursuant to any order or
attachment or similar legal process arising in connection with court
proceedings; provided that the execution or other enforcement thereof is
effectively stayed or a sufficient bond had been posted and the claims secured
thereby are being contested at the time in good faith by appropriate
proceedings;

 

(3)           any Liens securing bonds posted with
respect to and in compliance with clauses (1) and (2) above;

 

(4)           any Liens securing the claims of
mechanics, laborers, workmen, repairmen, materialmen, suppliers, carriers,
warehousemen, landlords, or vendors or other claims provided for by mandatory
provisions of law which are not yet due and delinquent, or are being contested
in good faith by appropriate proceedings;

 

(5)           any Lien on any Restricted Property
securing Indebtedness incurred or assumed solely for the purpose of financing
all or any part of the cost of constructing or acquiring such Restricted
Property, which Lien attaches to such Restricted Property concurrently with or
within 120 days after construction, acquisition or completion of a series of
related acquisitions thereof;

 

(6)           Liens existing immediately prior to
the execution and delivery of this Indenture (and listed on Schedule 3.4
hereto);

 

(7)           Liens to secure bonds posted in order
to obtain stays of judgments, attachments or orders, the existence of which
bonds would not otherwise constitute an Event of Default;

 

(8)           Liens on Restricted Property or with
respect to the shares of stock or Indebtedness of any Restricted Subsidiary,
that either (i) existed prior to the acquisition of (A) such
Restricted Property, (B) any Subsidiary that is the owner of such
Restricted Property or (C) with respect to the shares of stock or
Indebtedness of any Restricted Subsidiary, any such Restricted Subsidiary, or (ii) arises
as a result of contractual commitments to grant a Lien relating to (A) such
Restricted Property, (B) any Subsidiary that is the owner of such
Restricted Subsidiary or (C) with respect to the shares of stock or
Indebtedness of any Restricted Subsidiary, any such Restricted Subsidiary, in
each of (A), (B) and (C) existing prior to such acquisition;

 

(9)           Liens created by a Restricted
Subsidiary in favor of the Company, the Guarantor or a Subsidiary;

 

(10)         Liens on any accounts receivable from
or invoices to export customers (including, but not limited to, Subsidiaries)
and the proceeds thereof;

 

7

 

(11)         Liens on rights under contracts to
sell, purchase or receive commodities to or from export customers (including,
but not limited to, Subsidiaries) and the proceeds thereof;

 

(12)         Liens on cash deposited as collateral
in connection with financings where Liens are permitted under clause (10) and
(11) of this definition;

 

(13)         Liens extending, renewing or replacing,
in whole or in part Liens permitted pursuant to (i) clauses (1) through
(5) and (7) through (12), so long as the principal amount of the
Indebtedness secured by such Lien does not exceed its original principal amount
and (ii) in the case of clause (6), so long as the principal amount of the
Indebtedness secured by such Lien does not exceed the principal amount thereof
outstanding immediately prior to the execution and delivery of the Indenture;

 

(14)         minor survey exceptions or minor
encumbrances, easements or reservations, or rights of others for rights-of-way,
utilities and other similar purposes, or zoning or other restrictions as to the
use of real properties that constitute Restricted Property, which are necessary
for the conduct of the activities of the Guarantor or any Restricted Subsidiary
or which customarily exist on properties of corporations engaged in similar
activities and similarly situated and which do not in any event materially
impair their use in the operation of the business of the Guarantor or any
Restricted Subsidiary;

 

(15)         Liens on accounts receivable and other
related assets arising in connection with transfers thereof to the extent that
such transfers are treated as sales of financial assets under FASB Statement No. 140,
as in effect from time to time;

 

(16)         Liens on intercompany loans made to the
Guarantor or its Subsidiaries or on any notes or other instruments representing
an interest in such intercompany loans in each case as set forth in the Master
Trust Transaction Documents; and

 

(17)         Liens securing obligations under a
Hedge Agreement or swap, cap or collar agreement or similar arrangement related
to equity or commodities.

 

For
purposes of this definition above, (A) the phrases “accounts receivable
from or invoices to export customers” and “contracts to sell, purchase or
receive commodities to (from) export customers” shall refer to invoices or
accounts receivable derived from the sale of, or contracts to sell, purchase or
receive wheat, soybeans or other commodities or products derived from the
processing of wheat, soybeans or other commodities, by or to the Guarantor or a
Restricted Subsidiary that have been or are to be exported from the country of
origin whether or not such sale is made by a Restricted Subsidiary or to any of
its Subsidiaries; and (B) property of a party to a corporate
reorganization which is not the Guarantor or a Restricted Subsidiary shall be
deemed to be or have been “acquired” by the Guarantor or such Restricted
Subsidiary as part of such corporate reorganization even if the Guarantor or
such Restricted Subsidiary, as the case may be, is not the surviving or
continuing entity.

 

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

 

8

 

“Pooling Agreement” means the Fifth Amended and Restated
Pooling Agreement, dated as of June 28, 2004, among Bunge Funding, Inc.,
Bunge Management Services, Inc., as servicer, and The Bank of New York, in
its capacity as Master Trust Trustee, as amended, modified or supplemented from
time to time in accordance with its terms, subject to Section 3.02(f) hereof.

 

“Principal Trust Office” means the Corporate Trust Office or
such other trust office or agency as may be designated by the Trustee in
writing to the Company from time to time. 
The initial Principal Trust Office shall be the office of the Trustee to
which notices are to be sent as set forth in Section 11.02 hereof.

 

“Property” means any property, whether presently owned or
hereafter acquired, including any asset, revenue, or right to receive income or
any other property, whether tangible or intangible, real or personal.

 

“Rating Agencies” means Moody’s and S&P or if Moody’s or
S&P, or both, cease to rate the Notes or fails to make a rating of the
Notes publicly available, a nationally recognized statistical rating agency or
agencies, as the case may be, selected by Bunge Limited which shall be
substituted for Moody’s or S&P, or both of them, as the case may be.

 

“Redemption Date” means, with respect to any redemption of
Notes, the date of redemption with respect thereto.

 

“Redemption Price” has the meaning ascribed to it under the
section entitled “Optional Redemption by the Company” on the reverse side of
the Notes, the forms of which are attached as Exhibits A and B hereto.

 

“Registrar” has the meaning ascribed to it in Section 2.03
hereof.

 

“Representatives to the Underwriters” means J.P. Morgan
Securities Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and
RBS Securities Inc.

 

“Restricted Property” means any building, mine, structure or
other facility (together with the land on which it is erected and fixtures
comprising a part thereof) and inventories now owned or hereafter acquired by
the Guarantor or any Subsidiary and used for oilseed or grain origination,
processing, transportation or storage, mining or fertilizer refining or
storage.

 

“Restricted Subsidiary” means (a) any Subsidiary that
has been designated by the Guarantor as eligible for intercompany loans to be
made by the master trust under the Master Trust Transaction Documents, (b) any
other Subsidiary which is a “significant subsidiary” under Regulation S-X under
the Securities Act, or (c) any other Subsidiary that owns or leases any
Restricted Property the aggregate Fair Market Value of which, as determined by
the Board of Directors of the Guarantor, exceeds three percent of Consolidated
Net Tangible Assets.  Notwithstanding the
foregoing, Fertilizantes Fosfatados S.A.-Fosfertil shall not be deemed a
Restricted Subsidiary of the Guarantor for the purpose of the covenants
described under Section 3.02 and Section 3.03.

 

“Sale-Leaseback Transaction” means the sale or transfer by
the Guarantor or any Restricted Subsidiary of any Restricted Property to a
Person (other than the Guarantor or a 

 

9

 

Restricted Subsidiary) and the taking back by the Guarantor or any
Restricted Subsidiary, as the case may be, of a lease of such Restricted
Property.

 

“S&P” means Standard & Poor’s Ratings Services,
a Standard & Poor’s Financial Services LLC business, and any successor
to its rating agency business.

 

“SEC” means the U.S. Securities and Exchange Commission.

 

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

 

“Securities Custodian” means the custodian with respect to
the Global Note (as appointed by DTC), or any successor Person thereto and
shall initially be the Trustee.

 

“Series 2002-1
Supplement” means the Fourth Amended and Restated Series 2002-1
Supplement to the Pooling Agreement, dated as of February 15, 2008, among
the Company, Bunge Funding, Inc., Bunge Management Services, Inc. and
the Master Trust Trustee, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms, subject to Section 3.02(f) hereof.

 

“Series 2002-1 VFC”
means the interest in the Bunge Master Trust created and authorized pursuant to
a supplement to the Pooling Agreement that is designated as the “Series 2002-1
VFC Certificate” in which the Company will acquire a beneficial interest with
the net proceeds of the Notes and other Permitted Indebtedness.

 

“Servicing Agreement”
means the Third Amended and Restated Servicing Agreement, dated as of December 23,
2003 among Bunge Funding, Inc., Bunge Management Services, Inc., as
the servicer, and The Bank of New York, in its capacity as the Master Trust
Trustee, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with its terms, subject to Section 3.02(f) hereof.

 

“Special Interest Payment Date” has the meaning ascribed to
it in Section 2.11 hereof.

 

“Special Record Date” has the meaning ascribed to it in Section 2.11
hereof.

 

“Stated Maturity” means, with respect to any security, the date
specified in such security as the fixed date on which the payment of principal
of such security is due and payable, including pursuant to any mandatory
redemption provision, but shall not include any contingent obligations to
repay, redeem or repurchase any such principal prior to the date originally
scheduled for the payment thereof.

 

“Subsequent Notes” has the meaning ascribed to it in the
second introductory paragraph of this Indenture.

 

“Subsidiary” means any corporation, limited liability company
or other business entity of which the requisite number of shares of stock or
other equity ownership interests having ordinary voting power (without regard
to the occurrence of any contingency) to elect a majority of the directors,
managers or trustees thereof, or any partnership of which more than 50% of the
partners’ equity interests (considering all partners’ equity interests as a
single class) is, in each 

 

10

 

case, at the time owned or controlled, directly or indirectly, by a
Person, one or more of the Subsidiaries of such Person, or combination thereof.

 

“Substitute Rating Agency” means a ‘‘nationally recognized
statistical rating organization’’ within the meaning of Rule 15c3-1(c)(2)(vi)(F) under
the Exchange Act, selected by the Company (as certified by an officer of the
Company and reasonably acceptable to the Trustee) as a replacement agency for
Moody’s or S&P, or both of them, as the case may be.

 

“Successor Guarantor” has the meaning ascribed to it in Section 4.01
hereof.

 

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

 

“Trust Officer” means, with respect to the Trustee, any
officer within the corporate trust department of the Trustee, including any
vice president, assistant vice president, assistant treasurer, trust officer or
any other officer of the Trustee who customarily performs functions similar to
those performed by the individuals who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of such
individual’s knowledge of and familiarity with the particular subject and who
shall have direct responsibility for the administration of this Indenture.

 

“Trustee” means the party named as such in this Indenture
until a successor replaces it and, thereafter, such successor.

 

“Underwriters” means, collectively, J.P. Morgan Securities
Inc., HSBC Securities (USA) Inc., BNP Paribas Securities Corp., RBS Securities
Inc., BBVA Securities Inc., Calyon Securities (USA) Inc., Citigroup Global
Markets, Inc., ING Financial Markets LLC, Mitsubishi UFJ Securities (USA), Inc.,
Rabo Securities USA, Inc., SG Americas Securities, LLC and Standard
Chartered Bank.

 

“U.S. GAAP” means generally accepted accounting principles in
the United States, as in effect from time to time.

 

“U.S. Government Securities” means securities that are (a) direct
obligations of the United States of America for the timely payment of which its
full faith and credit is pledged or (b) obligations of a Person controlled
or supervised by and acting as an agency or instrumentality of the United
States of America the timely payment of which is unconditionally guaranteed as
a full faith and credit obligation by the United States of America, which, in
either case, are not callable or redeemable at the option of the issuer
thereof, and shall also include a depository receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act), as custodian with
respect to any such U.S. Government Securities or a specific payment of
principal of or interest on any such U.S. Government Securities held by such
custodian for the account of the holder of such depository receipt; provided
that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the U.S. Government
Securities or the specific payment of principal of or interest on the U.S.
Government Securities evidenced by such depository receipt.

 

11

 

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

 

Section 1.02.  Incorporation by Reference
of Trust Indenture Act.  This
Indenture is subject to the mandatory provisions of the Trust Indenture Act
which are incorporated by reference in and made a part of this Indenture.  The following Trust Indenture Act terms have
the following meanings:

 

“Commission”
means the SEC.

 

“indenture
securities” means the Notes.

 

“indenture
security holder” means a Noteholder.

 

“indenture
to be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Company and any other obligor on the
indenture securities.

 

All
other Trust Indenture Act terms used in this Indenture that are defined by the
Trust Indenture Act, defined in the Trust Indenture Act by reference to another
statute or defined by SEC rule have the meanings assigned to them by such
definitions.

 

Section 1.03.  Rules of
Construction.  Unless
the context otherwise requires:

 

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

 

(2)                                  an accounting
term not otherwise defined has the meaning assigned to it in accordance with
U.S. GAAP;

 

(3)                                  “or” is not
exclusive;

 

(4)                                  “including”
means including without limitation;

 

(5)                                  words in the
singular include the plural and words in the plural include the singular; and

 

(6)                                  the principal
amount of any noninterest bearing or other discount security at any date shall
be the principal amount thereof that would be shown on a balance sheet of the
issuer dated such date and prepared in accordance with U.S. GAAP.

 

ARTICLE 2

THE NOTES

 

Section 2.01.  Form, Dating and Terms.  (a) 
The Initial Notes are being offered and sold by the Company pursuant to an
Underwriting Agreement, dated June 4, 2009 among the Company, the
Guarantor and Representatives to the Underwriters.

 

12

 

The
Initial Notes offered and sold to the Underwriters will be issued on the Issue
Date in the form of a permanent global Note, without interest coupons,
substantially in the form of Exhibit A hereto, which is hereby
incorporated by reference and made a part of this Indenture, including
appropriate legends as set forth in Section 2.01(c) hereof (the “Global Note”), deposited with the Trustee, as custodian for
DTC, duly executed by the Company and authenticated by the Trustee as
hereinafter provided.  The Global Note
may be represented by more than one certificate, if so required by DTC’s rules regarding
the maximum principal amount to be represented by a single certificate.  The aggregate principal amount of the Global
Note may from time to time be increased or decreased by adjustments made on the
records of the Trustee, as custodian for DTC or its nominee, as hereinafter
provided.

 

Except
as described in the succeeding two sentences, the principal of and premium, if
any, and interest on the Notes shall be payable at the office or agency of the
Company maintained for such purpose in The City of New York, or at such other
office or agency of the Company as may be maintained for such purpose pursuant
to Section 2.03 hereof; provided, however, that, at the option of the
Company, each installment of interest may be paid by check mailed to addresses
of the Persons entitled thereto as such addresses shall appear on the Note
Register.  Payments in respect of Notes
represented by a Global Note (including principal, premium and interest) will
be made by wire transfer of immediately available funds to the accounts
specified by DTC.  Payments in respect of
Notes represented by Definitive Notes (including principal, premium, if any,
and interest) held by a Holder of at least U.S.$1,000,000 aggregate principal
amount of Notes represented by Definitive Notes will be made by wire transfer
to a U.S. dollar account maintained by the payee with a bank in the United
States if such Holder elects payment by wire transfer by giving written notice to
the Trustee or the Paying Agent to such effect designating such account no
later than 15 days immediately preceding the relevant due date for payment (or
such other date as the Trustee may accept in its discretion).

 

Any
Subsequent Notes shall be in the form of Exhibit A hereto.

 

The
Notes may have notations, legends or endorsements required by law, stock
exchange rule or usage, in addition to those set forth on Exhibit A
hereto and in Section 2.01(c) hereof. 
The Company and the Trustee shall approve the forms of the Notes and any
notation, endorsement or legend on them. 
Each Note shall be dated the date of its authentication.  The terms of the Notes set forth in Exhibit A
hereto are part of the terms of this Indenture and, to the extent applicable,
the Company and the Trustee, by their execution and delivery of this Indenture,
expressly agree to be bound by such terms.

 

The
Notes shall be subject to repurchase by the Company pursuant to a Change of
Control Offer as provided in Section 3.15 hereof.  The Notes shall not be redeemable, other than
as provided in Article V.

 

(b)                                                         Denominations.  The Notes shall be issuable only in fully
registered form, without coupons, and only in denominations of U.S.$1,000 and
any integral multiple thereof.

 

(c)                                                          Legends.  Each of the Global Notes, whether or not an
Initial Note, shall bear the following legend on the face thereof:

 

13

 

“UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT 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.

 

TRANSFERS OF THIS GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF
DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.”

 

(d)                                                         Book-Entry
Provisions.  (i) This
Section 2.01(d) shall apply only to Global Notes deposited with the
Trustee, as custodian for DTC.

 

(ii)                                                          Each Global
Note initially shall (A) be registered in the name of DTC or the nominee
of DTC, (B) be delivered to the Trustee as custodian for DTC and (C) bear
legends as set forth in Section 2.01(c) hereof.

 

(iii)                                                       Members of, or
participants in, DTC (“Agent Members”)
shall have no rights under this Indenture with respect to any Global Note held
on their behalf by DTC or by the Trustee as the custodian of DTC or under such
Global Note, and DTC may be treated by the Company, the Trustee and any agent
of the Company or the Trustee as the absolute owner of such Global Note for all
purposes whatsoever.  Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent
of the Company or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by DTC or impair, as between DTC and its
Agent Members, the operation of customary practices of DTC governing the
exercise of the rights of a Holder of a beneficial interest in any Global Note.

 

(iv)                                                      In connection
with any transfer of a portion of the beneficial interest in a Global Note
pursuant to Section 2.01(e) hereof to beneficial owners who are
required to hold Definitive Notes, the Securities Custodian shall reflect on
its books and records the date and a decrease in the principal amount of such
Global Note in an amount equal to the principal amount of the beneficial
interest in the Global Note to be transferred, and the Company shall execute,
and the Trustee shall authenticate and deliver, one or more Definitive Notes of
like tenor and amount.

 

(v)                                                         In connection
with the transfer of an entire Global Note to beneficial owners pursuant to Section 2.01(e) hereof,
such Global Note shall be deemed to be surrendered to the Trustee for
cancellation, and the Company shall execute, and the Trustee shall authenticate
and deliver, to each beneficial owner identified by DTC in 

 

14

 

exchange for its beneficial interest in such
Global Note, an equal aggregate principal amount of Definitive Notes of
authorized denominations.

 

(vi)                                                      The registered
Holder of a Global Note may grant proxies and otherwise authorize any person,
including Agent Members and persons that may hold interests through Agent
Members, to take any action which a Holder is entitled to take under this
Indenture or the Notes.

 

(e)                                                          Definitive
Notes.

 

(i)                                                             Except as
provided below, owners of beneficial interests in Global Notes will not be
entitled to receive Definitive Notes.  If
required to do so pursuant to any applicable law or regulation, beneficial
owners may obtain Definitive Notes in exchange for their beneficial interests
in a Global Note upon written request in accordance with DTC’s and the
Registrar’s procedures.  In addition,
Definitive Notes shall be transferred to all beneficial owners in exchange for
their beneficial interests in a Global Note if (a) DTC notifies the
Company that it is unwilling or unable to continue as depositary for such
Global Note or DTC ceases to be a clearing agency registered under the Exchange
Act, at a time when DTC is required to be so registered in order to act as
depositary, and in each case a successor depositary is not appointed by the
Company within 90 days of such notice, or (b) subject to the procedures of
DTC, the Company or the Guarantor executes and delivers to the Trustee and
Registrar an Officer’s Certificate stating that such Global Note shall be so
exchangeable or (c) an Event of Default has occurred and is continuing and
the Registrar has received a request from DTC.

 

(ii)                                                          In connection
with the exchange of a portion of a Definitive Note for a beneficial interest
in a Global Note, the Trustee shall cancel such Definitive Note, and the
Company shall execute, and the Trustee shall authenticate and deliver, to the
transferring Holder a new Definitive Note representing the principal amount not
so transferred.

 

Section 2.02.  Execution and Authentication.  One
Officer shall execute the Notes, on behalf of the Company, by manual or
facsimile signature.  If an Officer whose
signature is on a Note no longer holds that office at the time the Trustee
authenticates the Note, the Note shall be valid nevertheless.

 

A
Note shall not be valid until an authorized signatory of the Trustee manually
authenticates the Note.  The signature of
the Trustee on a Note shall be conclusive evidence that such Note has been duly
and validly authenticated and issued under this Indenture.  A Note shall be dated the date of its
authentication.

 

The
Trustee shall authenticate and make available for delivery: (1) at any
time and from time to time after the execution and delivery of this Indenture,
the Initial Notes for original issue on the Issue Date initially in an
aggregate principal amount of U.S. $600,000,000; and (2) if and when
issued, the Subsequent Notes, in each case upon a written order of the Company
signed by two Officers or by an Officer and an Assistant Treasurer or an
Assistant Secretary of the Company (the “Company Order”).  Such Company Order shall specify the amount
of the Notes to be authenticated and the date on which the original issue of
Notes is to be authenticated and 

 

15

 

whether the Notes are to be Initial Notes or Subsequent Notes.  The aggregate principal amount of Notes which
may be authenticated and delivered under this Indenture is initially limited to
U.S. $600,000,000 outstanding (plus any Subsequent Notes), except for Notes
authenticated and delivered upon registration or transfer of, or in exchange
for, or in lieu of, other Notes of the same class pursuant to Section 2.06,
Section 2.07, Section 2.09, Section 5.08 or Section 9.05
hereof.  All Notes issued on the Issue
Date and all Subsequent Notes shall be identical in all respects other than
issue date, issue price and the date from which interest accrues and any
changes relating thereto. 
Notwithstanding anything to the contrary contained in this Indenture,
the Initial Notes and any Subsequent Notes of the same class will be treated as
a single class of securities under this Indenture.  Without limiting the generality of the
foregoing sentence, unless otherwise provided in this Indenture, all Notes issued
under this Indenture shall vote and consent together on all matters as one
class and no Notes will have the right to vote or consent as a separate class
on any matter.

 

The
Trustee may appoint an agent (the “Authenticating Agent”)
reasonably acceptable to the Company to authenticate the Notes.  Unless limited by the terms of such
appointment, any such Authenticating Agent may authenticate Notes whenever the
Trustee may do so.  Each reference in
this Indenture to authentication by the Trustee includes authentication by the
Authenticating Agent.  An Authenticating
Agent has the same rights as a Paying Agent to deal with Holders or an
Affiliate of the Company.

 

Section 2.03.  Registrar and Paying
Agent.  The
Company shall cause to be kept a register for the Notes (the “Note Register”) in which, subject to such reasonable
regulations as the Company may prescribe, the Company shall provide for the
registration of the Notes and of all transfers and exchanges with respect
thereto.  The Note Register shall be maintained
by the Trustee or such other Person (including the Company or the Guarantor)
appointed by the Company as the registrar (the “Registrar”).  The Company shall maintain an office or
agency where Notes may be presented for registration of transfer or for
exchange and an office or agency where Notes may be presented for payment (the “Place of Payment”). 
The Company shall cause each of the Registrar and the Paying Agent to
maintain an office or agency in the Borough of Manhattan, The City of New
York.  The Company may have one or more
co-registrars and one or more additional paying agents.  The term “Paying Agent” includes any
additional paying agent.

 

The
Company shall enter into an appropriate agency agreement with any Registrar and
Paying Agent that is not a party to this Indenture, which shall incorporate the
terms of the Trust Indenture Act.  The
agreement shall implement the provisions of this Indenture that relate to such
agent.  The Company shall notify the
Trustee of the name and address of each such agent.  If the Company fails to maintain a Registrar
or Paying Agent, the Trustee shall act as such and shall be entitled to
appropriate compensation therefor pursuant to Section 7.07 hereof.  The Company, the Guarantor or any Subsidiary
of the Company or the Guarantor may act as Paying Agent, Registrar, co
registrar or transfer agent.

 

The
Company initially appoints DTC to act as depository with respect to the Global
Notes.  The Trustee is authorized to
enter into a letter of representations with DTC in the form provided to the
Trustee by the Company and to act in accordance with such letter.

 

16

 

The
Company initially appoints the Trustee as Registrar and Paying Agent for the
Notes.

 

Section 2.04.  Paying Agent to Hold Money
in Trust.  By at
least 10:00 a.m. (New York City time) on the date on which any principal
of and premium, if any, or interest on any Note is due and payable, the Company
shall deposit with the Paying Agent a sum sufficient to pay such principal,
premium, if any, or interest when due. 
The Company shall require each Paying Agent (other than the Trustee) to
agree in writing that such Paying Agent shall hold in trust for the benefit of
Noteholders or the Trustee all money held by such Paying Agent for the payment
of principal of and premium, if any, or interest on the Notes and shall notify
the Trustee in writing of any default by the Company or the Guarantor in making
any such payment.  If the Company, the
Guarantor or a Subsidiary of the Company or the Guarantor acts as Paying Agent,
it shall segregate the money held by it as Paying Agent and hold it as a
separate trust fund.  The Company at any
time may require a Paying Agent (other than the Trustee) to pay all money held
by it to the Trustee and to account for any funds disbursed by such Paying
Agent.  Upon complying with this Section 2.04,
the Paying Agent (if other than the Company or a Subsidiary of the Company or
the Guarantor) shall have no further liability for the money delivered to the
Trustee.  Upon any bankruptcy,
reorganization or similar proceeding with respect to the Company, the Trustee
shall serve as Paying Agent for the Notes.

 

Section 2.05.  Noteholder Lists.  The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Noteholders and
shall otherwise comply with Trust Indenture Act, Section 312(a).  If the Trustee is not the Registrar, or to
the extent otherwise required under the Trust Indenture Act, the Company, on
its own behalf and on behalf of the Guarantor, shall furnish to the Trustee, in
writing at least seven Business Days before each interest payment date and at
such other times as the Trustee may request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and
addresses of Noteholders and the Company shall otherwise comply with Trust
Indenture Act, Section 312(a).

 

Section 2.06.  Transfer and Exchange.

 

(a)                                                          The Registrar
shall retain copies of all letters, notices and other written communications
received pursuant to Section 2.01 hereof or this Section 2.06.  The Company shall have the right to inspect
and make copies of all such letters, notices or other written communications at
any reasonable time upon the giving of reasonable prior written notice to the
Registrar.

 

(b)                                                         Obligations
with Respect to Transfers and Exchanges of Notes.

 

(i)                                                             To permit
registrations of transfers and exchanges, the Company shall, subject to the
other terms and conditions of this Article 2, execute and the Trustee
shall authenticate Definitive Notes and Global Notes at the Registrar’s or
co-registrar’s request.

 

(ii)                                                          No service
charge shall be made to a Holder for any registration of transfer or exchange,
but the Company or the Guarantor may require from a Holder payment of a sum
sufficient to cover any transfer tax, assessments, or similar 

 

17

 

governmental charge payable in connection
therewith (other than any such transfer taxes, assessments or similar
governmental charges payable upon exchange or transfer pursuant to Section 3.15
and Section 9.05 hereof).

 

(iii)                                                       The Registrar
or co-registrar shall not be required to register the transfer of, or exchange
of, any Note for a period beginning (1) 15 days before the mailing of a
notice of an offer to repurchase or redeem Notes and ending at the close of
business on the day of such mailing or (2) 15 days before an interest
payment date and ending on such interest payment date.

 

(iv)                                                      Prior to the
due presentation for registration of transfer of any Note, the Company, the
Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat
the person in whose name a Note is registered as the absolute owner of such
Note for the purpose of receiving payment of principal of and premium, if any,
and interest on such Note and for all other purposes whatsoever, whether or not
such Note is overdue, and none of the Company, the Trustee, the Paying Agent,
the Registrar or any co registrar shall be affected by notice to the contrary.

 

(v)                                                         All Notes
issued upon any transfer or exchange pursuant to the terms of this Indenture
shall evidence the same debt, and shall be entitled to the same benefits under
this Indenture, as the Notes surrendered upon such transfer or exchange.

 

(vi)                                                      All Global
Notes shall be registered in the name of DTC, or a nominee thereof, and all
transfers of beneficial ownership interests therein will be made in accordance
with the rules of DTC.  No investor
or other party purchasing, selling or otherwise transferring beneficial
ownership interests in Global Notes shall receive, hold or deliver any
certificate representing the same.  The
Company, the Guarantor and the Trustee shall have no responsibility or
liability for transfers of beneficial ownership interests in any Global Note.

 

(c)                                                          No Obligation
of the Trustee.

 

(i)                                                             The Trustee
shall have no responsibility or obligation to any beneficial owner of a Global
Note, an Agent Member or any other Person with respect to (A) the accuracy
of the records of DTC or its nominee or of any participant or member thereof,
with respect to any ownership interest in the Notes, (B) the delivery to
any participant, member, beneficial owner or other Person (other than DTC) of
any notice (including any notice of redemption) or the payment of any amount or
delivery of any Notes (or other security or property) under or with respect to
such Notes, or (C) the selection of the particular Notes or portions
thereof to be redeemed or refunded in the event of a partial redemption or
refunding of the Notes.  All notices and
communications to be given to the Holders and all payments to be made to
Holders in respect of the Notes shall be given or made only to or upon the
order of the registered Holders (which shall be DTC or its nominee in the case
of a Global Note).  The rights of
beneficial owners in any Global Note shall be exercised only through DTC
subject to the applicable rules and procedures of DTC.  The Trustee may rely and shall be fully
protected in relying upon information furnished by DTC with respect to its
members, participants and any beneficial owners.

 

18

 

(ii)                                                          The Trustee
shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Note
(including any transfers between or among DTC, its Agent Members or beneficial owners
in any Global Note) other than to require delivery of such certificates and
other documentation or evidence as are expressly required by, and to do so if
and when expressly required by, the terms of this Indenture with respect to
transfers between Holders, and to examine the same to determine substantial
compliance as to form with the express requirements hereof.

 

Section 2.07.  Mutilated, Destroyed, Lost
or Stolen Notes.  If
a mutilated Note is surrendered to the Registrar or if the Holder of a Note
claims that the Note has been lost, destroyed or wrongfully taken, the Company
shall issue and the Trustee shall authenticate a replacement Note if the
requirements of Section 8-405 of the New York Uniform Commercial Code are
met and the Holder satisfies any other reasonable requirements of the
Trustee.  If required by the Trustee or
the Company, such Holder shall furnish an indemnity bond sufficient in the
judgment of the Company and the Trustee to protect the Company, the Trustee,
the Paying Agent, the Registrar and any co-registrar from any loss which any of
them may suffer if a Note is replaced, and, in the absence of notice to the
Company, the Guarantor or the Trustee that such Note has been acquired by a
bona fide purchaser, the Company shall execute and upon Company Order the
Trustee shall authenticate and make available for delivery, in exchange for any
such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a
new Note of like tenor and principal amount, bearing a number not contemporaneously
outstanding.

 

In
case any such mutilated, destroyed, lost or stolen Note has become or is about
to become due and payable, the Company in its discretion may, instead of
issuing a new Note, pay such Note.

 

Upon
the issuance of any new Note under this Section 2.07, 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) in connection therewith.

 

Every
new Note issued pursuant to this Section 2.07 in lieu of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Company, the Guarantor (if applicable) and any
other obligor upon the Notes, whether or not the mutilated, destroyed, lost or
stolen Note shall be at any time enforceable by anyone, and shall be entitled
to all benefits of this Indenture equally and proportionately with any and all
other Notes duly issued hereunder.

 

The
provisions of this Section 2.07 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 Notes.

 

Section 2.08.  Outstanding Notes.  Notes
outstanding at any time are all Notes authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation and those
described in this Section 2.08 as not outstanding.  A Note ceases to be outstanding in 

 

19

 

the event
the Company holds the Note, provided, however, that (i) for purposes of
determining which are outstanding for consent or voting purposes hereunder,
Notes shall cease to be outstanding in the event the Company or an Affiliate of
the Company holds the Note and (ii) in determining whether the Trustee
shall be protected in making a determination whether the Holders of the
requisite principal amount of outstanding Notes are present at a meeting of
Holders of Notes for quorum purposes or have consented to or voted in favor of
any request, demand, authorization, direction, notice, consent, waiver,
amendment or modification hereunder, or relying upon any such quorum, consent
or vote, only Notes which a Trust Officer of the Trustee actually knows to be
held by the Company or an Affiliate of the Company shall not be considered
outstanding.

 

If
a Note is replaced pursuant to Section 2.07 hereof, it ceases to be
outstanding unless the Trustee and the Company receive proof satisfactory to them
that the replaced Note is held by a bona fide purchaser.

 

If
the Paying Agent segregates and holds in trust, in accordance with this
Indenture, on a redemption date or maturity date money sufficient to pay all
principal, premium, if any, and interest payable on that date with respect to
the Notes (or portions thereof) to be redeemed or maturing, as the case may be,
and the Paying Agent is not prohibited from paying such money to the
Noteholders on that date pursuant to the terms of this Indenture, then on and
after that date such Notes (or portions thereof) cease to be outstanding and
interest on them ceases to accrue.

 

Section 2.09.  Temporary Notes.  Until
Definitive Notes are ready for delivery, the Company may prepare and the
Trustee shall authenticate temporary Notes. 
Temporary Notes shall be substantially in the form of Definitive Notes
but may have variations that the Company considers appropriate for temporary
Notes.  Without unreasonable delay, the
Company shall prepare and the Trustee shall authenticate Definitive Notes.  After the preparation of Definitive Notes,
the temporary Notes shall be exchangeable for Definitive Notes upon surrender
of the temporary Notes at any office or agency maintained by the Company for
that purpose and such exchange shall be without charge to the Holder.  Upon surrender for cancellation of any one or
more temporary Notes, the Company shall execute, and the Trustee shall
authenticate and make available for delivery in exchange therefor, one or more
Definitive Notes representing an equal principal amount of Notes.  Until so exchanged, the Holder of temporary
Notes shall in all respects be entitled to the same benefits under this
Indenture as a holder of Definitive Notes.

 

Section 2.10.  Cancellation.  The
Company at any time may deliver Notes to the Trustee for cancellation.  The Registrar and the Paying Agent shall
forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment.  The
Trustee, and no one else, shall cancel and destroy all Notes surrendered for
registration of transfer, exchange, payment or cancellation, in its customary
manner.  The Company may not issue new
Notes to replace Notes it has paid or delivered to the Trustee for cancellation
for any reason other than in connection with a transfer or exchange.

 

Section 2.11.  Payment of Interest;
Defaulted Interest. 
Interest on any Note which is payable, and is punctually paid or duly
provided for, on any interest payment date shall be paid to the Person in whose
name such Note (or one or more predecessor Notes) is registered at the close of
business on the regular record date for such interest at the office or agency
of the 

 

20

 

Company
maintained for such purpose pursuant to Section 2.03 hereof.

 

Any
interest on any Note which is payable, but is not paid when the same becomes
due and payable and such nonpayment continues for a period of 30 days shall
forthwith cease to be payable to the Holder on the regular record date by virtue
of having been such Holder, and such defaulted interest and (to the extent
lawful) interest on such defaulted interest at the rate borne by the Notes
(such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) shall be paid by the Company, at its
election in each case, as provided in clause (a) or (b) below:

 

(a)                                                          The Company may
elect to make payment of any Defaulted Interest to the Persons in whose names
the Notes (or their respective predecessor Notes) are registered at the close
of business on a Special Record Date (as defined below) for the payment of such
Defaulted Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each Note
and the date (not less than 30 days after such notice) of the proposed payment
(the “Special Interest Payment Date”), and at
the same time the Company shall deposit with the Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to
be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this clause provided. 
Thereupon the Trustee shall fix a record date (the “Special
Record Date”) for the payment of such Defaulted Interest which shall
be not more than 15 days and not less than 10 days prior to the Special
Interest Payment Date and not less than 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 and
Special Interest Payment Date therefor to be given in the manner provided for
in Section 11.02 hereof, not less than 10 days prior to such Special
Record Date.  Notice of the proposed
payment of such Defaulted Interest and the Special Record Date and Special
Interest Payment Date therefor having been so given, such Defaulted Interest
shall be paid on the Special Interest Payment Date to the Persons in whose names
the Notes (or their respective predecessor Notes) are registered at the close
of business on such Special Record Date and shall no longer be payable pursuant
to the following clause (b).

 

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

 

Subject
to the foregoing provisions of this Section 2.11, each Note delivered
under this Indenture upon registration of, transfer of or in exchange for or in
lieu of any other Note shall carry the rights to interest accrued and unpaid,
and to accrue, which were carried by such other Note.

 

Section 2.12.  Computation of
Interest.  Interest
on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.

 

21

 

Section 2.13.  CUSIP and ISIN Numbers.  The Company in issuing the Notes may use “CUSIP”
and “ISIN” numbers (if then generally in use) and, if so, the Trustee shall use
“CUSIP” and “ISIN” numbers in notices of redemption as a convenience to
Holders; provided, however, that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Notes or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Notes,
and any such redemption shall not be affected by any defect in or omission of
such CUSIP or ISIN numbers.  The Company
shall promptly notify the Trustee of any change in the CUSIP and ISIN numbers.

 

Section 2.14.  Tax Treatment.  The Company and the Holders intend, and will
take all actions consistent with the intention, that the Notes be treated as
indebtedness for all federal, state, local, and foreign income and franchise
tax purposes.  The Company, by entering
into this Indenture, and each Holder, by its acceptance of its Note, agree to
treat the Notes as indebtedness for federal, state, local and foreign income
and franchise tax purposes.

 

ARTICLE 3

COVENANTS

 

Section 3.01.  Payment of Notes.  The
Company shall promptly pay the principal of and premium, if any, and interest
on the Notes on the dates and in the manner provided in the Notes and in this
Indenture.  Principal and interest shall
be considered paid on the date due if on such date the Trustee or the Paying
Agent holds in accordance with this Indenture money sufficient to pay all
principal and interest then due and the Trustee or the Paying Agent, as the
case may be, is not prohibited from paying such money to the Noteholders on
that date.

 

The
Company shall pay interest on overdue principal and premium, if any, at the
rate specified therefor in the Notes, and it shall pay interest on overdue
installments of interest at the same rate to the extent lawful.

 

Notwithstanding
anything to the contrary contained in this Indenture and subject to Section 11.15,
the Company may, to the extent it is required to do so by law, deduct or
withhold income or other taxes imposed by the United States of America (or any
political subdivision thereof) from principal or interest payments hereunder.

 

Section 3.02.  Limitation and Restrictions
on Activities of the Company.  (a) The Company shall not engage in any
business or enterprise or enter into or be a party to any transaction or
agreement other than in connection with (i) the issuance and sale of the
Notes, (ii) the incurrence of other Permitted Indebtedness, (iii) the
entering into of Hedge Agreements relating to the Notes or the other Permitted
Indebtedness having a notional amount not exceeding the aggregate principal
amount of the Notes and such other Permitted Indebtedness then outstanding and (iv) the
use of the net proceeds from the issuance of the Notes or the other Permitted
Indebtedness to either increase its investment in the Series 2002-1 VFC,
repay the Notes or other Permitted Indebtedness outstanding from time to time
or pay expenses incurred in connection with such Permitted Indebtedness.

 

22

 

(b)                                 The Company
shall not acquire or own any subsidiary or other assets or property (either
real or personal), except for (i) the Series 2002-1 VFC, (ii) Hedge
Agreements, and (iii) instruments evidencing the interests in the
foregoing.

 

(c)                                  The Company shall
not create, incur, assume or suffer to exist any Indebtedness other than
Permitted Indebtedness.

 

(d)                                 The Company
shall not create, assume, incur or suffer to exist any Lien (other than Company
Permitted Liens) upon or with respect to any of its Property; provided,
however, it being understood, for the avoidance of doubt, that the Company
shall not create, incur, assume or suffer to exist any Lien, including any Lien
which would otherwise constitute a Permitted Lien in the case of the Guarantor
or any Restricted Subsidiary, other than Company Permitted Liens.

 

(e)                                  The Company
shall not enter into any consolidation, merger, amalgamation, joint venture,
syndicate or other form of combination with any Person, and shall not sell,
lease, convey or otherwise dispose of any of its assets or receivables,
including, without limitation, the Series 2002-1 VFC or any interest in
the Series 2002-1 VFC.

 

(f)                                    The Company
shall not amend, supplement, waive or modify, or consent to any amendment,
supplement, waiver or modification of, any Master Trust Transaction Document
except in accordance with the provisions of this Section 3.02(f).  Any provision of any Master Trust Transaction
Document may be amended, waived, supplemented, restated, discharged or
terminated without the consent of the Holders so long as in each case, the
Trustee shall have received prior notice thereof together with copies of any
documentation related thereto; provided that such amendment, waiver, supplement
or restatement does not (i) render the Series 2002-1 VFC subordinate
in payment to any other Series under the Bunge Master Trust or otherwise
adversely discriminate against the Series 2002-1 VFC relative to any other
Series under the Bunge Master Trust, (ii) reduce in any manner the
amount of, or delay the timing of, distributions which are required to be made
on or in respect of the Series 2002-1 VFC, (iii) change the
definition of, the manner of calculating, or in any way the amount of, the
interest of the Company in the assets of the Bunge Master Trust, (iv) change
the definition of “Eligible Loans” or, to the extent used in such definition,
other defined terms used in such definition, (v) result in a Default or
Event of Default, or (vi) terminate the Bunge Master Trust with respect to
less than all of the then outstanding Series issued by the Bunge Master
Trust; and provided, further, that, the Bunge Master Trust may be terminated at
any time with respect to all Series then outstanding without the consent
of the Holders.  Any amendment, waiver,
supplement or restatement of a Master Trust Transaction Document (including any
exhibit thereto) of the type described in clauses (i), (ii), (iii), (iv), (v) or
(vi) of this Section 3.02(f) shall require the written consent
of the Holders of at least a majority in principal amount of the Notes then
outstanding, including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Notes.

 

Section 3.03.  Limitation on Liens.  The Guarantor shall not, and shall not permit
any Restricted Subsidiary to, create, assume, incur or suffer to exist any
Lien, other than a Permitted Lien, upon or with respect to any Restricted
Property or upon any shares of stock or Indebtedness of any Restricted
Subsidiary, to secure any Indebtedness incurred or guaranteed by 

 

23

 

the
Guarantor or any Restricted Subsidiary (other than the Notes), unless all of
the outstanding Notes and the Guarantee are secured equally and ratably with,
or prior to, such Indebtedness for so long as such Indebtedness shall be so
secured.

 

Section 3.04.  Limitation on Sale-Leaseback
Transactions.  The
Guarantor shall not, and shall not permit any Restricted Subsidiary to, enter
into any Sale-Leaseback Transaction unless:

 

(a)                                                          the
Sale-Leaseback Transaction occurs within six months from the date of the
acquisition of the Restricted Property subject 
thereto or the date of the completion of construction or commencement of
full operations of such Restricted Property, whichever is later; or

 

(b)                                                         the
Sale-Leaseback Transaction is between the Guarantor and a Restricted Subsidiary
of the Guarantor, or between Restricted Subsidiaries of the Guarantor; or

 

(c)                                                          the
Sale-Leaseback Transaction involves a lease for a period, including renewals,
of not more than three years; or

 

(d)                                                         the
Sale-Leaseback Transaction constitutes a Permitted Lien for the purposes of Section 3.03
hereof; or

 

(e)                                                          the Guarantor
or such Restricted Subsidiary, within a one year period after such Sale-Leaseback
Transaction, (i) applies or causes to be applied an amount not less than
the Attributable Indebtedness from such Sale-Leaseback Transaction to the
prepayment, repayment, redemption, reduction or retirement of any Indebtedness
of the Guarantor or any Subsidiary having a maturity of more than one year that
is not subordinated to the Notes or the Guarantee or (ii) enters into a
bona fide commitment to expend an amount not less than the Attributable
Indebtedness for such Sale-Leaseback Transaction during such one-year period to
the acquisition, construction or development of other similar Property.

 

Section 3.05.  Exclusion from
Limitations.  Notwithstanding
Sections 3.03 and 3.04 hereof, the Guarantor may, and may permit any Restricted
Subsidiary to, create, assume, incur or suffer to exist any Lien (other than a
Permitted Lien) upon any Restricted Property or the shares of stock or
Indebtedness of any Restricted Subsidiary to secure Indebtedness incurred or
guaranteed by the Guarantor or any Restricted Subsidiary (other than the Notes)
or effect any Sale-Leaseback Transaction of a Restricted Property that is not
excepted by Section 3.04(a), (b), (c), (d) or (e) hereof,
without equally and ratably securing the Notes or the Guarantee provided that,
after giving effect thereto, the aggregate principal amount of outstanding
Indebtedness (other than the Notes) secured by Liens (other than Permitted
Liens) upon Restricted Property and the shares of stock or Indebtedness of any
Restricted Subsidiary plus the Attributable Indebtedness from Sale-Leaseback
Transactions of Restricted Property not so excepted, do not exceed 15% of the
Consolidated Net Tangible Assets.

 

Section 3.06.  Maintenance of Office or
Agency.  The Company
will maintain in The City of New York, an office or agency where the Notes may
be presented or surrendered for payment, where, if applicable, the Notes may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of the Notes and this Indenture may
be served.  The office or agency (the “Corporate Trust Office”) used by the Trustee in The 

 

24

 

City of
New York as its office or agency for receiving securities, as the same may from
time to time be designated by the Trustee, shall be such office or agency of
the Company, unless the Company shall designate and maintain some other office
or agency for one or more of such purposes. 
The Company will give prompt written notice to the Trustee of any change
in the location of any such office or agency. 
If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

 

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

 

Section 3.07.  Corporate Existence.  Subject to Article 4 hereof, each of the
Company and the Guarantor will do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its corporate existence and
take all reasonable action to maintain its corporate rights (charter and
statutory), licenses, privileges and franchises; provided, however, that the
Company and the Guarantor shall not be required to preserve any such right, license,
privilege or franchise if the Board of Directors of the Company  or the Guarantor, as applicable, shall
determine that the preservation thereof is no longer desirable in the conduct
of its business and that the loss thereof is not, and will not be,
disadvantageous in any material respect to the Holders; and provided further,
the Guarantor may amalgamate or merge in accordance with Section 4.01
hereof.

 

Section 3.08.  Maintenance of Properties;
Insurance.  The
Guarantor shall, and shall cause each of its Subsidiaries to, keep all property
useful and necessary in its business in good working order and condition,
except where failure to do so would not have a Material Adverse Effect; and the
Guarantor shall maintain with financially sound and reputable insurance
companies insurance on all its property in at least such amounts and against at
least such risks as are customary for the Guarantor’s type of business.

 

Section 3.09.  Payment of Taxes and Other
Claims.  Each of
the Company and the Guarantor shall pay, discharge or otherwise satisfy at or
before maturity or before they become delinquent, as the case may be, all
federal income and other material taxes, assessments and similar governmental
charges imposed on it, except where (i) the amount or validity thereof is
currently being contested in good faith by appropriate proceedings and reserves
to the extent required by U.S. GAAP with respect thereto have been provided on
the books of the Company or the Guarantor or (ii) the nonpayment of such
federal income and other material taxes, assessments and claims in the
aggregate could not reasonably be expected to have a Material Adverse Effect.

 

Section 3.10.  Payments for Consent.  Neither
the Company, the Guarantor nor any 

 

25

 

Subsidiaries
of the Company or the Guarantor will, directly or indirectly, pay or cause to
be paid any consideration, whether by way of interest, fees or otherwise, to
any Holder of any Notes for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Notes
unless such consideration is offered to be paid or is paid to all Holders of
the Notes that consent, waive or agree to amend in the time frame set forth in
the solicitation documents relating to such consent, waiver or agreement.

 

Section 3.11.  Compliance Certificate.  The
Company and the Guarantor shall deliver to the Trustee within 120 days after
the end of each Fiscal Year of the Company and the Guarantor a certificate
signed by the principal executive officer, principal financial officer or
principal accounting officer of the Company and the Guarantor, respectively,
stating that in the course of the performance by the signer of his or her
duties as an officer of the Company and the Guarantor he or she would normally
have knowledge of any Default or Event of Default and whether or not the signer
knows of any Default or Event of Default that occurred during such period.  If he or she does, the certificate shall
describe the Default or Event of Default, its status and what action the
Company is taking or proposes to take with respect thereto.  The Company also shall comply with Trust
Indenture Act, Section 314(a)(4).

 

Section 3.12.  Further Instruments and
Acts.  Upon request
of the Trustee, the Company will execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.

 

Section 3.13.  Statement by Officers as to
Default.  The Company
shall deliver to the Trustee, as soon as possible and in any event within 10
days after the Company becomes aware of the occurrence of any Event of Default
or an event which, with notice or the lapse of time or both, would constitute
an Event of Default, an Officer’s Certificate setting forth the details of such
Event of Default or default and the action which the Company proposes to take
with respect thereto.

 

Section 3.14.  Notice of Change in Bermuda
Law, Debt Ratings.  The
Guarantor shall give notice to the Trustee promptly after becoming aware of (i) any
changes in taxes, duties or other fees of Bermuda or any political subdivision
or taxing authority thereof or any change in any laws of Bermuda, in each case,
that may affect any payment due under this Indenture, (ii) any change in
such Guarantor’s public or private debt ratings by a “nationally recognized
statistical rating organization,” as such term is defined by the SEC for
purposes of Rule 436(g)(2) under the Securities Act, and (iii) any
development or event which has had, or which the Guarantor in its good faith
judgment believes will have, a Material Adverse Effect; provided that the
Trustee shall have no responsibilities or duties with respect to any such
notice.  Delivery of any such notice to
the Trustee is for informational purposes only and the Trustee’s receipt of
such notice shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officer’s Certificates).

 

Section 3.15.  Offer to Repurchase Upon
Change of Control.  (a) 
If a Change of Control Triggering Event occurs, unless the Company has
previously or concurrently irrevocably exercised its right to redeem all the
outstanding Notes as described under Section 5.05 hereof 

 

26

 

without
such redemption being subject to any conditions precedent, the Company shall
make an offer to purchase all of the Notes pursuant to the offer described
below (the “Change of Control Offer”) at a
price in cash (the “Change of Control Payment”)
equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest, if any, to, but excluding, the date of purchase, subject to the right
of Holders of the Notes of record on the relevant record date to receive
interest due on the relevant interest payment date.  Within 60 days following any Change of
Control Triggering Event, the Company shall send notice of such Change of
Control Offer by first-class mail, with a copy to the Trustee, to each Holder
of Notes to the address of such Holder appearing in the security register or
otherwise in accordance with the procedures of DTC with a copy to the Trustee,
with the following information:

 

(i)                                                             that a Change
of Control Offer is being made pursuant to this Section 3.15 and that all
Notes properly tendered pursuant to such Change of Control Offer will be accepted
for payment by the Company;

 

(ii)                                                          the date of the
Change of Control Triggering Event;

 

(iii)                                                       the date, which
will be no earlier than 30 days nor later than 60 days from the date such
notice is mailed, by which the Company must purchase the Notes (the “Change of Control Payment Date”);

 

(iv)                                                      the price that
the Company must pay for the Notes it is obligated to purchase;

 

(v)                                                         the name and
address of the Trustee;

 

(vi)                                                      that any Note
not properly tendered will remain outstanding and continue to accrue interest;

 

(vii)                                                   that unless the
Company defaults in the payment of the Change of Control Payment, all Notes
accepted for payment pursuant to the Change of Control Offer will cease to
accrue interest on the Change of Control Payment Date;

 

(viii)                                                that Holders
electing to have any Notes purchased pursuant to a Change of Control Offer will
be required to surrender such Notes, with the form entitled “Option of Holder
to Elect Purchase” on the reverse of such Notes completed, to the paying agent
specified in the notice at the address specified in the notice prior to the
close of business on the third Business Day preceding the Change of Control
Payment Date;

 

(ix)                                                        that Holders
shall be entitled to withdraw their tendered Notes and their election to
require the Company to purchase such Notes; provided that the paying agent
receives, not later than the close of business on the 30th day following the
date of the Change of Control notice, a telegram, telex, facsimile transmission
or letter setting forth the name of the Holder of the Notes, the principal
amount of Notes tendered for purchase, and a statement that such Holder is
withdrawing its tendered Notes and its election to have such Notes purchased;

 

27

 

(x)                                                           that if the
Company is repurchasing less than all of the Notes, the Holders of the
remaining Notes will be issued new Notes and such new Notes will be equal in
principal amount to the unpurchased portion of the Notes surrendered.  The unpurchased portion of the Notes must be
equal to $1,000 or an integral multiple of $1,000 in excess thereof; and

 

(xi)                                                        the other
instructions, as determined by the Company, consistent with this Section 3.15,
that a Holder must follow.

 

The
notice, if mailed in a manner herein provided, shall be conclusively presumed
to have been given, whether or not the Holder receives such notice.  If (a) the notice is mailed in a manner
herein provided and (b) any Holder fails to receive such notice or a
Holder receives such notice but it is defective, such Holder’s failure to
receive such notice or such defect shall not affect the validity of the
proceedings for the purchase of the Notes as to all other Holders that properly
received such notice without defect.  The
Company shall comply with all federal and state securities laws, including,
specifically, Rule 13e-4, if applicable, under the Exchange Act, and any
related Schedule 13E-4 required to be submitted under that rule, to the extent
such laws or regulations are applicable in connection with the repurchase of
Notes pursuant to a Change of Control Offer. 
To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Section 3.15, the Company shall
comply with the applicable securities laws and regulations and shall not be
deemed to have breached its obligations under this Section 3.15 by virtue
thereof.

 

(b)                                                         On the Change
of Control Payment Date, the Company shall, to the extent permitted by law,

 

(i)                                                             accept for
payment all Notes issued by it or portions thereof properly tendered pursuant
to the Change of Control Offer,

 

(ii)                                                          deposit with
the Paying Agent an amount equal to the aggregate Change of Control Payment in
respect of all Notes or portions thereof so tendered, and

 

(iii)                                                       deliver, or
cause to be delivered, to the Trustee for cancellation the Notes so accepted
together with an Officer’s Certificate to the Trustee stating the aggregate
principal amount of such Notes or portions thereof that have been tendered to,
and purchased by, the Company.

 

(c)                                                          The Company
shall not be required to make a Change of Control Offer following a Change of
Control Triggering Event if a third party makes the Change of Control Offer in
the manner, at the times and otherwise in compliance with the requirements set
forth in this Section 3.15 applicable to a Change of Control Offer made by
the Company and purchases all Notes validly tendered and not withdrawn under
such Change of Control Offer. 
Notwithstanding anything to the contrary herein, a Change of Control
Offer may be made in advance of a Change of Control Triggering Event,
conditional upon such Change of Control Triggering Event, if a definitive
agreement is in place for the Change of Control at the time of making of the
Change of Control Offer.

 

28

 

(d)                                                         Other than as
specifically provided in this Section 3.15, any purchase pursuant to this Section 3.15
shall be made pursuant to the provisions of Section 5.04, 5.06 and 5.08
hereof.

 

(e)                                                          Notwithstanding
any provision to the contrary in this Indenture, the Company shall not purchase
any Notes if there has occurred and is continuing an Event of Default, unless
such Event of Default results from the Company’s failure to pay the Change of
Control Payment following the occurrence of a Change of Control Triggering
Event.

 

ARTICLE 4

SUCCESSOR GUARANTOR

 

Section 4.01.  Consolidation, Merger,
Amalgamation and Sale of Assets by the Guarantor.  The
Guarantor shall not, and shall not cause or permit any Subsidiary to,
consolidate with or merge or amalgamate with or into, or sell, lease, or convey
all or substantially all its assets to, any Person, unless:

 

(a)                                                          in the case of
the Guarantor:

 

(i)                                                             the resulting,
surviving or transferee Person (the “Successor Guarantor”)
shall be either the Guarantor or a Person organized under the laws of Bermuda,
the United States of America, any State thereof or the District of Columbia,
any full member state of the European Union, Canada, Australia or Switzerland,
and the Successor Guarantor (if not the Guarantor) shall expressly assume, by
supplemental indenture, executed and delivered to the Trustee, all the
obligations of the Guarantor under the Guarantee and this Indenture; and

 

(ii)                                                          immediately
after giving effect to such transaction, no Event of Default or event which
with notice or lapse of time would be an Event of Default has occurred and is
continuing; or

 

(b)                                                         in the case of
any Subsidiary of the Guarantor (other than the Company):

 

(i)                                                             such
transaction is a merger or amalgamation of such Subsidiary with or into, or a
consolidation of such Subsidiary with, the Guarantor (so long as the Guarantor
is the surviving, continuing or resulting entity) or another Subsidiary or the
sale or other disposition by such Subsidiary of all or substantially all of its
property to the Guarantor or another Subsidiary; or

 

(ii)                                                          such
transaction is the merger or amalgamation of such Subsidiary with or into, the
consolidation of such Subsidiary with, or the sale or other disposition by such
Subsidiary of all or substantially all of its property to, another Person
(provided that such Person is not an Affiliate of such Subsidiary), so long as
immediately prior to, and after giving effect to such transaction, no Default
or Event of Default exists or would exist.

 

For
purposes of this Section 4.01, the sale, lease, conveyance, assignment,
transfer, or other disposition of all or substantially all of the properties
and assets of one or more 

 

29

 

Subsidiaries of the Guarantor, which properties and assets, if held by
the Guarantor instead of such Subsidiaries, would constitute all or
substantially all of the properties and assets of the Guarantor on a
consolidated basis, shall be deemed to be the transfer of all or substantially
all of the properties and assets of the Guarantor.

 

If
the Guarantor engages in one of the transactions described above and complies
with the conditions listed above, the Successor Guarantor will succeed to, and
be substituted for, and may exercise every right and power of, the Guarantor
under this Indenture, but, in the case of a lease of all or substantially all
its assets, the Guarantor will not be released from the obligation to pay the
principal of and premium, if any, and interest on the Notes.

 

In
the event that the Guarantor consolidates with or merges or amalgamates with or
into, or sells, leases or conveys all or substantially all of its assets to,
another Person subject to the terms of this Section 4.01 (a “Transfer”) and the Successor Guarantor is a Person organized
under the laws of a member state of the European Union, Canada, Australia or
Switzerland, then the Guarantor and the Successor Guarantor shall, as a
condition to such Transfer, (A) enter into a supplemental indenture with
the Trustee providing for full, unconditional and irrevocable indemnification
of the Holders of the Notes and the Trustee against any tax or duty of whatever
nature (other than any tax imposed by reason of the Holder having some
connection with any such jurisdiction, other than its participation as a Holder
under this Indenture) which is incurred or otherwise suffered by such Holders
and the Trustee with respect to the Notes and which would not have been
incurred or otherwise suffered in the absence of such Transfer; and (B) deliver
to the Trustee, for the benefit of the Holders of the Notes, legal opinions of
independent legal counsel in New York and the applicable member state of the
European Union, Canada, Australia or Switzerland the laws of which the
Successor Guarantor is organized under, as applicable, to the effect that the
Obligations of the Successor Guarantor with respect to the Guarantee, as the
case may be, are legal, valid, binding and enforceable in accordance with their
terms.

 

ARTICLE 5

OPTIONAL REDEMPTION OF NOTES

 

Section 5.01.  Optional Redemption by the
Company.  The Notes may
be redeemed at any time as a whole or from time to time in part, subject to the
conditions and at the Redemption Prices specified in the form of Notes set
forth in Exhibit A hereto, which are hereby incorporated by reference and
made a part of this Indenture, together with accrued and unpaid interest to the
Redemption Date.

 

Section 5.02.  Applicability of Article.  Redemption of Notes at the election of the
Company or otherwise, as permitted or required by any provision of this
Indenture, shall be made in accordance with such provision and this Article 5.

 

Section 5.03.  Election to Redeem; Notice
to Trustee.  The election of the Company to redeem any
Notes pursuant to Section 5.01 hereof shall be evidenced by a resolution
of the Board of Directors of the Company. 
In case of any redemption at the election of the Company, the Company
shall, upon not later than the earlier of the date that is 30 days prior to the
Redemption Date fixed by the Company or the date on which notice is given to
the Holders (except as provided in Section 5.05 hereof or unless a shorter
notice shall be satisfactory to the 

 

30

 

Trustee),
notify the Trustee of such Redemption Date and of the principal amount of Notes
to be redeemed and shall deliver to the Trustee such documentation and records
as shall enable the Trustee to select the Notes to be redeemed pursuant to Section 5.04
hereof.

 

Section 5.04.  Selection by Trustee of
Notes to Be Redeemed. 
If less than all the Notes are to be redeemed at any time pursuant to an
optional redemption, the particular Notes to be redeemed shall be selected not
more than 60 days prior to the Redemption Date by the Trustee, from the
outstanding Notes not previously called for redemption, in compliance with the
requirements of the principal securities exchange, if any, on which such Notes
are listed, or, if such Notes are not so listed, on a pro rata basis, by lot or
by such other method as the Trustee shall deem fair and appropriate and which
may provide for the selection for redemption of portions of the principal of
the Notes; provided, however, that no such partial redemption shall reduce the
portion of the principal amount of a Note not redeemed to less than U.S.
$1,000.

 

The
Trustee shall promptly notify the Company in writing of the Notes selected for
redemption and, in the case of any Notes 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 redemption of Notes shall relate, in the case of any
Note redeemed or to be redeemed only in part, to the portion of the principal
amount of such Note which has been or is to be redeemed.

 

Section 5.05.  Notice of Redemption.  Notice of redemption shall be given in the
manner provided for in Section 11.02 hereof not less than 30 nor more than
60 days prior to the Redemption Date, to each Holder of Notes to be redeemed.  The Trustee shall give notice of redemption
in the Company’s name and at the Company’s expense; provided, however, that the
Company shall deliver to the Trustee, at least 15 days prior to the date the
notice of redemption is to be given (unless a shorter period shall be
acceptable to the Trustee), an Officer’s Certificate requesting that the
Trustee give such notice and setting forth the information to be stated in such
notice as provided in the following items.

 

All
notices of redemption shall state:

 

(1)                                  the Redemption
Date,

 

(2)                                  the Redemption
Price and the amount of accrued interest to the Redemption Date payable as
provided in Section 5.07 hereof, if any,

 

(3)                                  if less than
all outstanding Notes are to be redeemed, the identification of the particular
Notes (or portion thereof) to be redeemed, as well as the aggregate principal
amount of Notes to be redeemed and the aggregate principal amount of Notes to
be outstanding after such partial redemption,

 

(4)                                  in case any
Note is to be redeemed in part only, the notice which relates to such Note
shall state that on and after the Redemption Date, upon surrender of such Note,
the Holder will receive, without charge, a new Note or Notes of authorized
denominations for the principal amount thereof remaining unredeemed,

 

31

 

(5)           that on the Redemption Date the
Redemption Price (and accrued interest, if any, to the Redemption Date payable
as provided in Section 5.07 hereof) will become due and payable upon each
such Note, or the portion thereof, to be redeemed, and, unless the Company
defaults in making the redemption payment, that interest on Notes called for
redemption (or the portion thereof) will cease to accrue on and after said
date,

 

(6)           the place or places where such Notes
are to be surrendered for payment of the Redemption Price and accrued interest,
if any,

 

(7)           the name and address of the Paying
Agent,

 

(8)           that Notes called for redemption must
be surrendered to the Paying Agent to collect the Redemption Price,

 

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

 

(10)         any conditions applicable to such
redemption.

 

Section 5.06.  Deposit of Redemption
Price.  Prior to
any Redemption Date, the Company shall deposit with the Trustee or with a
Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 2.04 hereof) an amount of money
sufficient to pay the Redemption Price of, and accrued interest on, all the
Notes which are to be redeemed on that date.

 

Section 5.07.  Notes Payable on Redemption
Date.  Notice of
redemption having been given as aforesaid, the Notes to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price therein
specified (together with accrued interest, if any, to the Redemption Date), and
from and after such date (unless the Company shall default in the payment of
the Redemption Price and accrued interest) such Notes shall cease to bear
interest.  Upon surrender of any such
Note for redemption in accordance with said notice, such Note shall be paid by
the Company at the Redemption Price, together with accrued interest, if any, to
the Redemption Date (subject to the rights of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date).

 

If
any Note called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and premium, if any, shall, until paid, bear interest
from the Redemption Date at the rate borne by the Notes.

 

Section 5.08.  Notes Redeemed in Part.  Any Note
which is to be redeemed only in part (pursuant to the provisions of this Article 5)
shall be surrendered at the office or agency of the Company maintained for such
purpose pursuant to Section 3.05 hereof (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or such Holder’s attorney duly authorized in writing), and the Company
shall execute, and the Trustee shall authenticate and make available for
delivery to the Holder of such Note at the expense of the Company, a new Note
or Notes, of any authorized denomination as requested by such Holder, in an
aggregate principal amount equal to and in exchange for the unredeemed portion
of 

 

32

 

the
principal of the Note so surrendered, provided that each such new Note will be
in a principal amount of U.S.$1,000 or integral multiple thereof.  Notwithstanding the foregoing, DTC shall
select the Notes for redemption if evidenced by a Global Note according to DTC’s
stated procedures therefor.

 

ARTICLE 6

DEFAULTS AND REMEDIES

 

Section 6.01.  Events of Default.  With
respect to the Notes, an “Event of Default”
occurs if:

 

(1)           the Company defaults in any payment
of interest on any Note when the same becomes due and payable, and such default
continues for a period of 30 days;

 

(2)           the Company defaults in the payment
of the principal or premium, if any, on any Note when the same becomes due and
payable at its Stated Maturity, upon optional redemption, upon declaration of
acceleration or otherwise;

 

(3)           the Company or the Guarantor defaults
in the performance of or a breach by the Company or the Guarantor of any other
covenant or agreement in this Indenture or under any Note (other than those
referred to in (1) or (2) above) and such default continues for 60
days after written notice from the Trustee or the Holders of at least 25% in
principal amount of the outstanding Notes;

 

(4)           the Company, the Guarantor or any
Subsidiary shall (i) default in making any payment of any principal of any
indebtedness for borrowed money, including obligations evidenced by any
mortgage, indenture, bond, debenture, note, guarantee or other similar
instruments to which it is a party on the scheduled or original due date with
respect thereto; or (ii) default in making any payment of any interest on
any such indebtedness beyond the period of grace, if any, provided in the
instrument or agreement under which such indebtedness was created; or (iii) default
in the observance or performance of any other agreement or condition relating
to any such indebtedness or contained in any instrument or agreement
evidencing, securing or relating thereto, the effect of which default or
condition is to cause, or to permit the holder or beneficiary of such
indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to
cause, with the giving of notice if required, such indebtedness to become due
prior to its stated maturity or (in the case of any such indebtedness
constituting a guarantee) to become payable and such acceleration has not been
cured within 15 days after notice of acceleration; provided, that a default,
event or condition described in clause (i), (ii) or (iii) of this
paragraph (4) shall not at any time constitute an Event of Default unless,
at such time, one or more defaults, events or conditions of the type described
in clauses (i), (ii) and (iii) of this paragraph (4) shall have
occurred and be continuing with respect to such indebtedness in an amount
exceeding U.S. $50,000,000; or

 

(5)           (i) the Company, the Guarantor,
a Designated Obligor or any Material Subsidiary shall commence any case,
proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief
entered with respect to it, or seeking to adjudicate it 

 

33

 

bankrupt or insolvent, or seeking reorganization, arrangement,
adjustment, winding up, liquidation, dissolution, composition or other relief
with respect to it or its debts, or (B) seeking appointment of a receiver,
trustee, custodian, conservator or other similar official for it or for all or
any substantial part of its assets, or the Company, the Guarantor, a Designated
Obligor or any Material Subsidiary shall make a general assignment for the
benefit of its creditors; or (ii) there shall be commenced against the
Company, the Guarantor, a Designated Obligor or any Material Subsidiary any
case, proceeding or other action of a nature referred to in clause (i) above
that (A) results in the entry of an order for relief or any such
adjudication or appointment or (B) remains undismissed, undischarged or
unbonded for a period of 60 days; or (iii) there shall be commenced
against the Company, the Guarantor, a Designated Obligor or any Material
Subsidiary any case, proceeding or other action seeking issuance of a warrant
of attachment, execution, distraint or similar process against all or any
substantial part of its assets that results in the entry of an order for any
such relief that shall not have been vacated, discharged, or stayed or bonded
pending appeal within 60 days from the entry thereof; or (iv) the Company,
the Guarantor, a Designated Obligor or any Material Subsidiary shall take any
action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above;
or (v) the Company, the Guarantor, a Designated Obligor or any Material
Subsidiary shall generally not, or shall be unable to, or shall admit in
writing its inability to, pay its debts as they become due.

 

The
foregoing will constitute Events of Default whatever the reason for any such
Event of Default and whether it is voluntary or involuntary or is 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.

 

The
Company shall deliver to the Trustee, within 10 days after becoming aware of
the occurrence thereof, written notice in the form of an Officer’s Certificate
of any Default or Event of Default under clauses (3), (4) or (5) of
this Section 6.01, which such notice shall contain the status thereof and
a description of the action being taken or proposed to be taken by the Company
in respect thereof.

 

Section 6.02.  Acceleration.  (a) If
an Event of Default occurs and is continuing with respect to the Notes, the
Trustee by written notice to the Company, or the Holders of at least 25% in
outstanding principal amount of the Notes by written notice to the Company and
the Trustee, may, and the Trustee at the request of such Holders shall, declare
the principal of and premium, if any, and accrued and unpaid interest on all
the Notes to be due and payable.  Upon
such a declaration, such principal, premium, if any, and accrued and unpaid
interest shall be immediately due and payable. 
If an Event of Default described in paragraph (5) of Section 6.01
hereof occurs and is continuing with respect to the Notes, then in each and
every such case, the principal amount of the Notes, the premium, if any, and
all accrued and unpaid interest on all the Notes shall be immediately due and
payable without any declaration or other act on the part of the Trustee or the
Holders.

 

(b)           In the event the principal of and premium, if any, and
accrued and unpaid interest on the Notes becomes due and payable pursuant to Section 6.02(a) hereof,
the Trustee shall instruct the Company, and the Company shall instruct the
Master Trust Trustee, to declare due 

 

34

 

and payable the principal and accrued
interest in respect of the intercompany loans that had been made using the net
proceeds from the sale of such Notes invested in the Series 2002-1 VFC.

 

Section 6.03.  Other Remedies.  If an
Event of Default occurs and is continuing, the Trustee may pursue any available
remedy to collect the payment of principal of and premium, if any, or interest
on the Notes or to enforce the performance of any provision of the Notes or this
Indenture.

 

The
Trustee may maintain a proceeding even if it does not possess any of the Notes
or does not produce any of them in the proceeding.  A delay or omission by the Trustee or any
Noteholder in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence
in the Event of Default.  No remedy is
exclusive of any other remedy.  All
available remedies are cumulative.

 

Section 6.04.  Waiver of Past
Defaults.  The
Holders of a majority in aggregate principal amount of the outstanding Notes
that have been accelerated (voting as a single class) by notice to the Trustee
may (a) waive, by their consent (including, without limitation consents
obtained in connection with a purchase of, or tender offer or exchange offer
for, Notes), an existing Default or Event of Default and its consequences with
respect to the Notes except (i) a Default or Event of Default in the
payment of the principal of and premium, if any, or interest on a Note or (ii) a
Default or Event of Default in respect of a provision that under Section 9.02
hereof cannot be amended without the consent of each Noteholder affected and (b) rescind
any such acceleration with respect to the Notes and its consequences if (1) rescission
would not conflict with any judgment or decree of a court of competent
jurisdiction and (2) all existing Events of Default, other than the
nonpayment of the principal of and premium, if any, and interest on the Notes
that have become due solely by such declaration of acceleration, have been
cured or waived.  When a Default or Event
of Default is waived, it is deemed cured, but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any consequent
right.

 

Section 6.05.  Control by Majority.  The
Holders of a majority in principal amount of the outstanding Notes may direct
the time, method and place of conducting any proceeding for any remedy
available to the Trustee or of exercising any trust or power conferred on the
Trustee.  However, the Trustee may refuse
to follow any direction that conflicts with law or this Indenture or, subject
to Section 7.01 and Section 7.02 hereof, that the Trustee determines
is unduly prejudicial to the rights of other Noteholders or would involve the
Trustee in personal liability; provided, however, that the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with such
direction.  Prior to taking any action hereunder,
the Trustee shall be entitled to indemnification satisfactory to it in its sole
discretion against all losses and expenses caused by taking or not taking such
action.

 

Section 6.06.  Limitation on Suits.  Subject to Section 6.07 hereof, a
Noteholder may not pursue any remedy with respect to this Indenture or any of
the Notes unless:

 

(1)           the Holder gives to the Trustee
written notice stating that an Event of Default is continuing;

 

35

 

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

 

(3)           such Holder or Holders offer to the
Trustee reasonable security or indemnity satisfactory to the Trustee against
any loss, liability or expense;

 

(4)           the Trustee does not comply with the
request within 60 days after receipt of the request and the offer of security
or indemnity; and

 

(5)           the Holders of a majority in
principal amount of the Notes do not give the Trustee a direction that, in the
opinion of the Trustee, is inconsistent with such request during such 60-day
period.

 

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

 

Section 6.07.  Rights of Holders to Receive
Payment.  Notwithstanding
any other provision of this Indenture (including, without limitation, Section 6.06
hereof), the right of any Holder to receive payment of principal of and premium,
if any, or interest on the Notes held by such Holder, on or after the respective
due dates expressed in the Notes (including in connection with a Change of
Control Offer), or to bring suit for the enforcement of any such payment on or
after such respective dates, shall not be impaired or affected without the
consent of such Holder.

 

Section 6.08.  Collection Suit by
Trustee.  If an
Event of Default specified in Section 6.01 (1) or (2) hereof
occurs and is continuing, the Trustee may recover judgment in its own name and
as trustee of an express trust against the Company for the whole amount then
due and owing (together with interest on any unpaid interest to the extent
lawful) and the amounts provided for in Section 6.07 hereof.

 

Section 6.09.  Trustee May File Proofs
of Claim.  The Trustee
may file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim
for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Noteholders allowed in any judicial
proceedings relative to the Company, the Guarantor, any of the Subsidiaries or
their respective creditors or properties and, unless prohibited by law or
applicable regulations, may be entitled and empowered to participate as a
member of any official committee of creditors appointed in such matter and, may
vote on behalf of the Holders in any election of a trustee in bankruptcy or
other Person performing similar functions, and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and its counsel, and any other amounts due the Trustee
under Section 7.07 hereof.

 

Section 6.10.  Priorities.  If the
Trustee collects any money or property pursuant to this Article 6, it
shall pay out the money or property in the following order:

 

FIRST:  to the Trustee for amounts due under Section 7.07
hereof;

 

36

 

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

 

THIRD:  to the Company.

 

The
Trustee may fix a record date and payment date for any payment to Noteholders
pursuant to this Section 6.10.  At
least 15 days before such record date, the Company shall mail to each
Noteholder and the Trustee a notice that states the record date, the payment
date and amount to be paid.

 

Section 6.11.  Undertaking for Costs.  In any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any
action taken or omitted by it as Trustee, a court in its discretion may require
the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant
in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. 
This Section 6.11 does not apply to a suit by the Trustee, a suit
by the Company, a suit by a Holder pursuant to Section 6.07 hereof or a
suit by Holders of more than 10% in outstanding principal amount of the Notes.

 

ARTICLE 7

TRUSTEE

 

Section 7.01.  Duties of Trustee.  (a) If
an Event of Default has occurred and is continuing, the Trustee shall exercise
the rights and powers vested in it by this Indenture and use the same degree of
care and skill in their exercise as a prudent Person would exercise or use
under the circumstances in the conduct of such Person’s own affairs; provided
that if an Event of Default occurs and is continuing, the Trustee will be under
no obligation to exercise any of the rights or powers under this Indenture at
the request or direction of any of the Holders unless such Holders have offered
to the Trustee indemnity or security reasonably satisfactory to it against
loss, liability or expense.

 

Except
during the continuance of an Event of Default:

 

(1)           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

 

(2)           in the absence of bad faith on its
part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or
opinions furnished to the Trustee and conforming to the requirements of this
Indenture.  However, in the case of any
such certificates or opinions which by any provisions hereof are specifically
required to be furnished to the Trustee, the Trustee shall examine such
certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).

 

37

 

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

 

(1)           this paragraph does not limit the
effect of the second paragraph of Section 7.01(a);

 

(2)           the Trustee shall not be liable for
any error of judgment made in good faith by a Trust Officer unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and

 

(3)           the Trustee shall not be liable with
respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.05 hereof.

 

(c)                   Every provision of this
Indenture that in any way relates to the Trustee is subject to paragraphs Section 7.01(a) and
(b) hereof.

 

(d)                   The Trustee shall not be
liable for interest on any money received by it except as the Trustee may agree
in writing with the Company.

 

(e)                   Money held in trust by the
Trustee need not be segregated from other funds except to the extent required
by law.

 

(f)                    No provision of this
Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur 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 to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

 

(g)                   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 7.01
and to the provisions of the Trust Indenture Act.

 

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

 

(i)                    The Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders unless such Holders
shall have offered to the Trustee security or indemnity reasonably satisfactory
to 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.

 

Section 7.02.  Rights of Trustee.  Subject to Section 7.01 hereof:

 

(a)                   The Trustee may conclusively
rely on any document (whether in its original or facsimile form) reasonably
believed by it to be genuine and to have been signed or presented by the proper
person.  The Trustee need not investigate
any fact or matter stated in the document. 
The Trustee shall receive and retain financial reports and statements of
the Company as provided herein, but shall have no duty to review or analyze
such reports or statements to determine compliance under covenants or other
obligations of the Company;

 

38

 

(b)                   Before the Trustee acts or
refrains from acting, it may require an Officer’s Certificate and/or an Opinion
of Counsel.  The Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on an
Officer’s Certificate or Opinion of Counsel;

 

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

 

(d)                   The Trustee shall not be
liable for any action it takes or omits to take in good faith which it believes
to be authorized or within its rights or powers, provided however, that the
Trustee’s conduct does not constitute willful misconduct or negligence;

 

(e)                   The Trustee may consult with
counsel of its selection, and the advice or opinion of counsel with respect to
legal matters relating to this Indenture and the Notes shall be full and
complete authorization and protection from liability in respect to any action
taken, omitted or suffered by it hereunder in good faith and in accordance with
the advice or opinion of such counsel;

 

(f)                    The Trustee shall not be
deemed to have notice of any Default or Event of Default unless a Trust Officer
of the Trustee has actual knowledge thereof or unless written notice of any
event which is in fact such a default is received by the Trustee at the
Principal Trust Office of the Trustee, and such notice references the Notes and
this Indenture;

 

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

 

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

 

(i)                    The Trustee is not required
to give any bond or surety with respect to the performance of its duties or the
exercise of its powers under this Indenture;

 

(j)                    The Trustee’s rights,
powers, indemnities, immunities and protections from liability and its rights
to compensation and indemnification in connection with the performance of its
duties under this Indenture shall extend to (1) the Trustee, whether
serving in any other capacity hereunder, including without limitation, in the
capacity of Paying Agent or Registrar and (2) the Trustee’s officers,
directors, agents, counsel and employees. 
Such immunities and protections and rights to indemnification, together
with the Trustee’s right to compensation, shall survive the Trustee’s
resignation or removal, the discharge of this Indenture and final payment of
the Notes;

 

(k)                   The Trustee shall have no
responsibility for any information in any offering document or other disclosure
material distributed with respect to the Notes, and the Trustee shall have no
responsibility for compliance with any state or federal securities laws in
connection with 

 

39

 

the Notes, other than the
filing of any documents required to be filed by an indenture trustee pursuant
to the Trust Indenture Act or otherwise required in this Indenture; and

 

(l)                    Notwithstanding anything
else herein contained, whenever any provision of this Indenture indicates that
any confirmation of a condition or event is qualified by the words “to the
knowledge of” or “known to” the Trustee or other words of similar meaning, said
words shall mean and refer to the current awareness of one or more Trust
Officers who are located at the Principal Trust Office of the Trustee or who
are otherwise responsible for administering the trusts created under this
Indenture.

 

Section 7.03.  Individual Rights of
Trustee.  The Trustee
in its individual or any other capacity may become the owner or pledgee of
Notes and may otherwise deal with the Company or its Affiliates with the same
rights it would have if it were not Trustee. 
Any Paying Agent, Registrar, co-registrar or co-paying agent may do the
same with like rights.  However, the
Trustee must comply with Section 7.10 and Section 7.11 hereof.  In addition, the Trustee shall be permitted
to engage in transactions with the Company; provided, however, that if the
Trustee acquires any conflicting interest the Trustee must (i) eliminate
such conflict within 90 days of acquiring such conflicting interest, (ii) apply
to the Commission for permission to continue acting as Trustee or (iii) resign.

 

Section 7.04.  Trustee’s Disclaimer.  The
Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture or the Notes, shall not be accountable
for the Company’s use of the proceeds from the Notes, shall not be responsible
for the use or application of any money received by any Paying Agent other than
the Trustee and shall not be responsible for any statement of the Company in
this Indenture or in any document issued in connection with the sale of the Notes
or in the Notes other than the Trustee’s certificate of authentication.

 

Section 7.05.  Notice of Defaults.  If a
Default or Event of Default occurs and is continuing and if a Trust Officer has
actual knowledge thereof, the Trustee shall mail to each Noteholder at the
address set forth in the Note Register notice of the Default or Event of
Default within 90 days after it occurs. 
Except in the case of a Default or Event of Default in payment of
principal of and premium, if any, or interest on any Note (including payments
pursuant to the optional redemption or required repurchase provisions of such
Note, if any), the Trustee may withhold the notice if and so long as the
Trustee’s Board of Directors or an executive committee thereof or a trust
committee of its directors and/or officers in good faith determines that
withholding the notice is in the interests of Noteholders.

 

Section 7.06.  Report by Trustee to
Holders.  Within 60
days after each December 15 beginning with the December 15 following
the date of this Indenture, and in any event prior to March 15 in each
year, the Trustee shall mail to each Noteholder a brief report dated as of such
December 15  that complies with
Trust Indenture Act, Section 313(a), but only if required under such
Section.  The Trustee also shall comply
with Trust Indenture Act, Section 313(b). 
The Trustee shall also transmit by mail all reports required by Trust
Indenture Act, Section 313(c).

 

A
copy of each report at the time of its mailing to Noteholders shall be filed
with the SEC and each stock exchange (if any) on which the Notes are
listed.  The Company agrees to notify 

 

40

 

promptly the Trustee whenever the Notes become listed on any stock
exchange and of any delisting thereof.

 

Section 7.07.  Compensation and
Indemnity.  The
Company shall pay to the Trustee such compensation for its acceptance of this
Indenture and for its services hereunder as Trustee, Paying Agent, Registrar
and in all other capacities in which it is serving hereunder as the Company and
the Trustee shall from time to time agree in writing.  The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon
request for all reasonable out-of-pocket expenses incurred or made by it,
including costs of collection, costs of preparing and reviewing reports,
certificates and other documents, costs of preparation and mailing of notices
to Noteholders and reasonable costs of counsel retained by the Trustee, in
addition to the compensation for its services. 
Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and
experts.  The Company shall indemnify the
Trustee, and any predecessor Trustee and their respective officers, directors,
employees, counsel and agents, against any and all loss, liability, damages,
claims or expense (including reasonable attorneys’ fees and expenses) incurred
by it without negligence or willful misconduct on its part in connection with
the administration of this trust or the performance of its duties hereunder,
including the costs and expenses of enforcing this Indenture (including this Section 7.07)
and of defending itself against any claims (whether asserted by any Noteholder,
the Company or otherwise).  The Trustee
shall notify the Company promptly of any claim for which it may seek
indemnity.  Failure by the Trustee to so
notify the Company shall not relieve the Company of its obligations
hereunder.  The Company shall defend the
claim and the Trustee may have separate counsel and the Company shall pay the
fees and expenses of such counsel, provided that the Company shall not be required
to pay such fees and expenses if it assumes the obligation for defending the
Trustee, and, in the reasonable judgment of the Trustee, there is no conflict
of interest between the Company and the Trustee in connection with such action
and there is no defense that could not be adequately raised if the Company
assumes such obligation.  The Company
need not reimburse any expense or indemnify against any loss, liability or
expense incurred by the Trustee through the Trustee’s own willful misconduct,
negligence or bad faith.

 

To
secure the Company’s payment obligations in this Section 7.07, the Trustee
shall have a lien prior to the Notes on all money or property held or collected
by the Trustee other than money or property held in trust to pay principal of
and premium, if any, and interest on particular Notes.  Such lien shall survive the satisfaction and
discharge of this Indenture.  The Trustee’s
right to receive payment of any amounts due under this Section 7.07 shall
not be subordinate to any other liability or Indebtedness of the Company.

 

The
Company’s payment obligations pursuant to this Section 7.07 shall survive
the discharge of this Indenture.  When
the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(5) hereof
with respect to the Company, the expenses are intended to constitute expenses
of administration under any bankruptcy law.

 

Section 7.08.  Replacement of Trustee.  The
Trustee may resign at any time by so notifying the Company.  The Holders of a majority in principal amount
of the Notes (voting as a single class) may remove the Trustee by so notifying
the Trustee and may appoint a successor Trustee.  The Company shall remove the Trustee if:

 

41

 

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

 

(2)           the Trustee is adjudged bankrupt or
insolvent;

 

(3)           a receiver or other public officer
takes charge of the Trustee or its property; or

 

(4)           the Trustee otherwise becomes
incapable of acting.

 

If
the Trustee resigns or is removed by the Company or by the Holders of a
majority in principal amount of the Notes (voting as a single class) and such
Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy
exists in the office of the Trustee for any reason (the Trustee in such event
being referred to herein as the retiring Trustee), the Company shall promptly
appoint a successor Trustee.

 

A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. 
Thereupon the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee under this Indenture. 
The successor Trustee shall mail a notice of its succession to
Noteholders.  The retiring Trustee shall
promptly transfer all property held by it as Trustee to the successor Trustee,
subject to the lien provided for in Section 7.07 hereof.

 

If
a successor Trustee does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in
principal amount of the Notes may petition, at the Company’s expense, any court
of competent jurisdiction for the appointment of a successor Trustee.

 

If
the Trustee fails to comply with Section 7.10 hereof, any Noteholder may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee.

 

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

 

Section 7.09.  Successor Trustee by Merger.
 If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee.

 

In
case at the time such successor or successors by merger, conversion,
consolidation or transfer of assets to the Trustee shall succeed to the trusts
created by this Indenture, any of the Notes shall have been authenticated but
not delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Trustee may authenticate such Notes either
in the name of any predecessor hereunder or in the name of the successor to the
Trustee.

 

Section 7.10.  Eligibility;
Disqualification.  The
Trustee shall at all times satisfy the 

 

42

 

requirements
of Trust Indenture Act, Section 310(a). 
The Trustee shall have a combined capital and surplus of at least U.S.
$50,000,000 as set forth in its most recent filed annual report of
condition.  The Trustee shall comply with
Trust Indenture Act, Section 310(b); provided, however, that there shall
be excluded from the operation of Trust Indenture Act, Section 310(b)(1) any
indenture or indentures under which other securities or certificates of
interest or participation in other securities of the Company are outstanding if
the requirements for such exclusion set forth in Trust Indenture Act, Section 310(b)(1) are
met.

 

Section 7.11.  Preferential Collection of
Claims Against Company. 
The Trustee shall comply with Trust Indenture Act, Section 311(a),
excluding any creditor relationship listed in Trust Indenture Act, Section 311(b).  A Trustee who has resigned or been removed
shall be subject to Trust Indenture Act, Section 311(a) to the extent
indicated.

 

Section 7.12.  Trustee’s Application for
Instruction from the Company.  Any application by the Trustee for written
instructions from the Company may, at the option of the Trustee, set forth in
writing any action proposed to be taken or omitted by the Trustee under this
Indenture and the date on and/or after which such action shall be taken or such
omission shall be effective.  The Trustee
shall not be liable for any action taken by, or omission of, the Trustee in
accordance with a proposal included in such application on or after the date
specified in such application (which date shall not be less than three Business
Days after the date any officer of the Company actually receives such
application, unless any such officer shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date in
the case of an omission), the Trustee shall have received written instructions
in response to such application specifying the action to be taken or omitted.

 

ARTICLE 8

DISCHARGE OF INDENTURE; DEFEASANCE

 

Section 8.01.  Discharge of Liability on
Notes; Defeasance.  (a) Subject to Section 8.01(b) hereof,
when (i)(x) the Company delivers to the Trustee all outstanding Notes
(other than Notes replaced pursuant to Section 2.07 hereof) for
cancellation or (y) all outstanding Notes not theretofore delivered for
cancellation have become due and payable, whether at maturity or upon
redemption or will become due and payable within one year or 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 or the Guarantor irrevocably deposits or
causes to be deposited with the Trustee as trust funds in trust solely for the
benefit of the Holders money in U.S. dollars, non-callable U.S. Government
Securities, or a combination thereof, in such amounts as will be sufficient
without consideration of any reinvestment of interest to pay and discharge the
entire indebtedness on such Notes not theretofore delivered to the Trustee for
cancellation for principal and premium, if any, and accrued interest to the
date of maturity or redemption, (ii) no Default or Event of Default shall
have occurred and be continuing on the date of such deposit or shall occur as a
result of such deposit and such deposit will not result in a breach or
violation of, or constitute a default under, any other instrument to which the
Company or the Guarantor is a party or by which the Company or the Guarantor is
bound; (iii) the Company or the Guarantor has paid or caused to be paid
all sums payable by it under this Indenture and the Notes; and (iv) the
Company has delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited 

 

43

 

money
toward the payment of such Notes at maturity or the Redemption Date, as the
case may be, then the Trustee shall acknowledge satisfaction and discharge of
this Indenture on demand of the Company (accompanied by an Officer’s
Certificate and an Opinion of Counsel stating that all conditions precedent
specified herein relating to the satisfaction and discharge of this Indenture
have been complied with) and at the cost and expense of the Company.

 

(b)                   Subject to Section 8.01(c) and
Section 8.02 hereof, the Company at any time may terminate (i) all
its obligations under the Notes and this Indenture (“legal
defeasance option”), and after giving effect to such legal
defeasance, any omission to comply with such obligations shall no longer
constitute a Default or Event of Default or (ii) its obligations under, Section 3.02,
Section 3.03, Section 3.04, Section 3.05, Section 3.08, Section 3.09
and Section 3.15 hereof, and the Company may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in
any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document, and the operation
of Section 6.01(3) (only with respect to the covenants terminated
pursuant to this Section 8.01(b)(ii)), Section 6.01(4) and Section 6.01(5) hereof,
and the events specified in such Sections shall no longer constitute an Event
of Default (clause (ii) being referred to as the “covenant
defeasance option”), but except as specified above, the remainder of
this Indenture and the Notes shall be unaffected thereby.  The Company may exercise its legal defeasance
option notwithstanding its prior exercise of its covenant defeasance option. If
the Company exercises its covenant defeasance option, the Company may elect to
have the Guarantee terminate.

 

If
the Company exercises its legal defeasance option with respect to the Notes,
payment of the Notes may not be accelerated because of an Event of Default, and
the Guarantee shall terminate.  If the
Company exercises its covenant defeasance option with respect to the Notes,
payment of the Notes may not be accelerated because of an Event of Default
specified in Section 6.01(3) (only with respect to the covenants
terminated pursuant to Section 8.01(b)(ii) above), Section 6.01(4) and
Section 6.01(5) hereof.

 

Upon
satisfaction of the conditions set forth herein and upon request of the
Company, the Trustee shall acknowledge in writing the discharge of those
obligations that the Company terminates.

 

(c)                   Notwithstanding the
provisions of Section 8.01(a) and (b) hereof, the Company’s
obligations in Section 2.02, Section 2.03, Section 2.04, Section 2.05,
Section 2.06, Section 2.07, Section 2.08, Section 2.09, Section 2.10,
Section 3.01, Section 3.06, Section 3.07, Section 3.10, Section 3.11,
Section 3.12, Section 3.13, Section 3.14, Section 3.15, Section 6.07,
Section 7.07, Section 7.08 hereof and in this Article 8 shall
survive until the Notes have been paid in full. 
Thereafter, the Company’s obligations in Section 7.07, Section 8.04
and Section 8.05 hereof shall survive.

 

Section 8.02.  Conditions to Defeasance.  The Company may exercise its legal defeasance
option or its covenant defeasance option with respect to the Notes only if:

 

(1)           the Company irrevocably deposits in
trust with the Trustee for the benefit of the Holders money in U.S. dollars or
U.S. Government Securities or a combination thereof for the 

 

44

 

payment of principal of and premium, if any, and interest on the Notes
to maturity or redemption, as the case may be;

 

(2)           the Company delivers to the Trustee a
certificate from a firm of independent accountants expressing their opinion
that the payments of principal and interest when due and without reinvestment
on the deposited U.S. Government Securities plus any deposited money without
investment will provide cash at such times and in such amounts as will be
sufficient to pay principal and interest when due on all the Notes to maturity;

 

(3)           no Default or Event of Default shall
have occurred and be continuing on the date of such deposit or, with respect to
certain bankruptcy or insolvency Events of Default, on the 91st day after such
date of deposit;

 

(4)           such legal defeasance or covenant
defeasance shall not result in a breach or violation of, or constitute a
Default under, this Indenture or any other material agreement or instrument to
which the Company, the Guarantor or any of its Subsidiaries is a party or by
which the Company, the Guarantor or any of its Subsidiaries is bound;

 

(5)           the Company shall have delivered to
the Trustee an Opinion of Counsel (subject to customary assumptions and
exclusions) to the effect that (A) the Notes and (B) assuming no
intervening bankruptcy of the Company between the date of deposit and the 91st
day following the deposit and that no Holder of the Notes is an insider of the
Company, after the 91st day following the deposit, the trust funds will not be
subject to the effect of any applicable bankruptcy, insolvency, reorganization
or similar laws affecting creditors’ right generally;

 

(6)           the deposit does not constitute a
default under any other agreement binding on the Company;

 

(7)           the Company delivers to the Trustee
an Opinion of Counsel (subject to customary assumptions and exclusions) to the
effect that the trust resulting from the deposit does not constitute, or is
qualified as, a regulated investment company under the U.S. Investment Company
Act of 1940, as amended;

 

(8)           in the case of the legal defeasance
option, the Company shall have delivered to the Trustee an Opinion of Counsel
(subject to customary assumptions and exclusions) in the United States stating
that (i) the Company has received from, or there has been published by,
the U.S. Internal Revenue Service a ruling, or (ii) since the date of this
Indenture there has been a change in the applicable federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel shall
confirm that, the Noteholders will not recognize income, gain or loss for
federal income tax purposes as a result of such defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such legal defeasance had not occurred;

 

(9)           in the case of the covenant
defeasance option, the Company shall have delivered to the Trustee an Opinion
of Counsel (subject to customary assumptions and exclusions) in the United
States to the effect that the Noteholders will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit and covenant
defeasance and will be subject to 

 

45

 

federal income tax on the same amount, in the same manner and at the
same times as would have been the case if such deposit and covenant defeasance
had not occurred; and

 

(10)         the Company delivers to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance and discharge of the Notes and this
Indenture as contemplated by this Article 8 have been complied with.

 

Section 8.03.  Application of Trust
Money.  The
Trustee shall hold in trust money or U.S. Government Securities deposited with
it pursuant to this Article 8.  It
shall apply the deposited money and the money from U.S. Government Securities
through the Paying Agent and in accordance with this Indenture to the payment
of principal of and premium, if any, and interest on the Notes.

 

Section 8.04.  Repayment to Company.  The Trustee and the Paying Agent shall
promptly turn over to the Company upon request any excess money or securities
held by them upon payment of all the obligations under this Indenture.

 

Subject
to any applicable abandoned property law, the Trustee and the Paying Agent
shall pay to the Company upon request any money held by them for the payment of
principal of and premium, if any, or interest on the Notes that remains
unclaimed for two years, and, thereafter, Noteholders entitled to the money
must look to the Company for payment as general creditors.

 

Section 8.05.  Indemnity for U.S.
Government Securities.  The
Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against deposited U.S. Government Securities or
the principal and interest received on such U.S. Government Securities.

 

Section 8.06.  Reinstatement.  If the
Trustee or Paying Agent is unable to apply any money or U.S. Government
Securities in accordance with this Article 8 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
obligations of the Company under this Indenture and the Notes shall be revived
and reinstated as though no deposit had occurred pursuant to this Article 8
until such time as the Trustee or Paying Agent is permitted to apply all such
money or U.S. Government Securities in accordance with this Article 8;
provided, however, that, if the Company has made any payment of interest on or
principal of any Notes because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Notes to
receive such payment from the money or U.S. Government Securities held by the
Trustee or Paying Agent.

 

The
Trustee’s rights under this Article 8 shall survive termination of this
Indenture and the resignation or removal of the Trustee.

 

ARTICLE 9

AMENDMENTS

 

Section 9.01.  Without Consent of
Holders.  The
Company, the Guarantor and the Trustee may amend this Indenture or the Notes
without notice to or consent of any Noteholder:

 

46

 

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

 

(2)           to comply with Article 4 in
respect of the assumption by a Successor Guarantor or Successor Issuer of the
respective obligation of the Guarantor or the Company under this Indenture;

 

(3)           to provide for uncertificated Notes
in addition to or in place of certificated Notes; provided, however, that the
uncertificated Notes are issued in registered form for purposes of Section 163(f) of
the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of
the Code;

 

(4)           to add guarantees with respect to the
Notes;

 

(5)           to secure the Notes;

 

(6)           to add to the covenants of the
Company or the Guarantor for the benefit of the Holders or to surrender any
right or power herein conferred upon the Company or the Guarantor;

 

(7)           to make any change that does not
adversely affect the interests of any Noteholder;

 

(8)           to provide for the issuance of any
Subsequent Notes; or

 

(9)           to comply with any requirement of the
SEC in connection with the qualification of this Indenture under the Trust
Indenture Act.

 

After
an amendment under this Section 9.01 becomes effective, the Company shall
mail to Noteholders a notice briefly describing such amendment.  The failure to give such notice to all
Noteholders at the address set forth in the Note Register, or any defect
therein, shall not impair or affect the validity of an amendment under this Section 9.01.

 

Section 9.02.  With Consent of
Holders.  The
Company, the Guarantor and the Trustee may amend this Indenture or the Notes
without notice to any Noteholder but with the written consent of the Holders of
at least a majority in principal amount of the Notes then outstanding,
including, without limitation, consents obtained in connection with a purchase
of, or tender offer or exchange offer for, Notes.  However, without the consent of each
Noteholder affected, an amendment may not:

 

(1)           reduce the percentage in principal
amount of outstanding Notes whose Holders must consent to an amendment of this
Indenture or the Notes;

 

(2)           reduce the percentage in principal
amount of outstanding Notes whose Holders must consent to an amendment of
provisions of the Master Trust Transaction Documents pursuant to Section 3.02(f) hereof;

 

(3)           reduce the stated rate of or extend
the stated time for payment of interest on any Note;

 

(4)           reduce the principal of, or extend
the Stated Maturity of, any Note;

 

47

 

(5)           reduce the premium payable upon the
redemption of any Note as described above under Article 5 hereof or any
similar provision, whether through an amendment to or waiver of Article 5
hereof, a definition or otherwise;

 

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

 

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

 

(8)           make any change to the amendment
provisions which require each Holder’s consent or to the waiver provisions; or

 

(9)           release the Guarantor or modify the
Guarantee other than in accordance with the provisions of this Indenture.

 

It
shall not be necessary for the consent of the Holders under this Section 9.02
to approve the particular form of any proposed amendment, but it shall be
sufficient if such consent approves the substance thereof.

 

After
an amendment under this Section 9.02 becomes effective, the Company shall
mail to Noteholders a notice briefly describing such amendment.  The failure to give such notice to all
Noteholders, or any defect therein, shall not impair or affect the validity of
an amendment under this Section 9.02.

 

Section 9.03.  Compliance with Trust
Indenture Act.  Every
amendment to this Indenture or the Notes shall comply with the Trust Indenture
Act as then in effect.

 

Section 9.04.  Revocation and Effect of
Consents and Waivers.  A
consent to an amendment or a waiver by a Holder of a Note shall bind the Holder
and every subsequent Holder of that Note or portion of the Note that evidences
the same debt as the consenting Holder’s Note, even if notation of the consent
or waiver is not made on the Note. 
However, any such Holder or subsequent Holder may revoke the consent or
waiver as to such Holder’s Note or portion of the Note if the Trustee receives
the notice of revocation before the date the amendment or waiver becomes
effective or otherwise in accordance with any related solicitation
documents.  After an amendment or waiver
becomes effective, it shall bind every Noteholder.  An amendment or waiver shall become effective
upon receipt by the Trustee of the requisite number of written consents under Section 9.01
or 9.02 hereof, as applicable.

 

The
Company may, but shall not be obligated to, fix a record date for the purpose
of determining the Noteholders entitled to give their consent or take any other
action described above or required or permitted to be taken pursuant to this
Indenture.  If a record date is fixed,
then notwithstanding the immediately preceding paragraph, those Persons who
were Noteholders at such record date (or their duly designated proxies), and
only those Persons, shall be entitled to give such consent or to revoke any
consent previously given or to take any such action, whether or not such
Persons continue to be Holders after such record date.  No such consent shall become valid or
effective more than 120 days after such record date.

 

48

 

Section 9.05.  Notation on or Exchange of
Notes.  If an
amendment changes the terms of a Note, the Trustee may require the Holder of
the Note to deliver it to the Trustee. 
The Trustee may place an appropriate notation on the Note regarding the
changed terms and return it to the Holder. 
Alternatively, if the Company or the Trustee so determines, the Company
in exchange for the Note shall issue and the Trustee shall authenticate a new
Note that reflects the changed terms. 
Failure to make the appropriate notation or to issue a new Note shall
not affect the validity of such amendment.

 

Section 9.06.  Trustee to Sign Amendments.  The Trustee shall sign any amendment
authorized pursuant to this Article 9 if the amendment does not affect the
rights, duties, protections, privileges, indemnities, powers, liabilities or
immunities of the Trustee.  If it does,
the Trustee may but need not sign it.  In
signing such amendment the Trustee shall be entitled to receive indemnity
reasonably satisfactory to it and shall be provided with, and (subject to
Sections 7.01 and 7.02 hereof), shall be fully protected in relying upon an
Officer’s Certificate and an Opinion of Counsel stating that such amendment is
authorized or permitted by this Indenture, that it conforms to the applicable
requirements of the Trust Indenture Act and that such amendment is the legal,
valid and binding obligation of the Company and any Guarantors, enforceable
against them in accordance with its terms, subject to customary exceptions and
complies with the provisions hereof (including Section 9.03 hereof).

 

ARTICLE 10

GUARANTEE

 

Section 10.01.  Guarantee.  The Guarantor hereby fully, unconditionally
and irrevocably guarantees, as primary obligor and not merely as surety, to
each Holder of the Notes and the Trustee the full and punctual payment when
due, whether at maturity, by acceleration, by redemption or otherwise, of the
principal of and premium, if any, and interest on the Notes and all other
obligations of the Company under this Indenture, including, without limitation,
the obligations of the Company under Section 7.07 hereof (all the
foregoing being hereinafter collectively called the “Obligations”).  The Guarantor further agrees (to the extent
permitted by law) that the Obligations may be extended or renewed, in whole or
in part, without notice or further assent from it, and that it will remain
bound under this Article 10 notwithstanding any extension or renewal of
any Obligation.

 

The
Guarantor waives presentation to, demand of payment from and protest to the Company
of any of the Obligations and also waives notice of protest for
nonpayment.  The Guarantor waives notice
of any default under the Notes or the Obligations.  The obligations of the Guarantor hereunder
shall not be affected by (a) the failure of the Trustee or any Holder to
assert any claim or demand or to enforce any right or remedy against the
Company or any other person under this Indenture, the Notes or any other
agreement or otherwise; (b) any extension or renewal of any thereof; (c) any
rescission, waiver, amendment or modification of any of the terms or provisions
of this Indenture, the Notes or any other agreement; (d) the release of
any security held by any Holder or the Trustee for the Obligations or any of
them; or (e) any change in the ownership of the Company.

 

49

 

The
Guarantor further agrees that the Guarantee herein constitutes a guarantee of
payment when due (and not a guarantee of collection) and waives any right to
require that any resort be had by any Holder or the Trustee to any security
held for payment of the Obligations.

 

The
obligations of the Guarantor hereunder shall not be subject to any reduction,
limitation, impairment or termination for any reason (other than payment of the
Obligations in full), including any claim of waiver, release, surrender, alteration
or compromise, and shall not be subject to any defense of setoff, counterclaim,
recoupment or termination whatsoever or by reason of the invalidity, illegality
or unenforceability of the Obligations or otherwise.  Without limiting the generality of the
foregoing, the obligations of the Guarantor herein shall not be discharged or
impaired or otherwise affected by the failure of any Holder to assert any claim
or demand or to enforce any remedy under this Indenture, the Notes or any other
agreement, by any waiver or modification of any thereof, by any default,
failure or delay, willful or otherwise, in the performance of the Obligations,
or by any other act or thing or omission or delay to do any other act or thing
which may or might in any manner or to any extent vary the risk of the
Guarantor or would otherwise operate as a discharge of the Guarantor as a
matter of law or equity.

 

The
Guarantor further agrees that the Guarantee herein shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any
part thereof, of principal of and premium, if any, or interest on any of the
Obligations is rescinded or must otherwise be restored by any Holder upon the
bankruptcy or reorganization of the Company or otherwise.

 

In
furtherance of the foregoing and not in limitation of any other right which any
Holder has at law or in equity against the Guarantor by virtue hereof, upon the
failure of the Company to pay any of the Obligations when and as the same shall
become due, whether at maturity, by acceleration, by redemption or otherwise,
the Guarantor hereby promises to and will, upon receipt of written demand by
the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an
amount equal to the sum of (i) the unpaid amount of such Obligations then
due and owing and (ii) accrued and unpaid interest on such Obligations
then due and owing (but only to the extent not prohibited by law).

 

The
Guarantor further agrees that, as between the Guarantor, on the one hand, and
the Holders, on the other hand, (x) the maturity of the Obligations
guaranteed hereby may be accelerated as provided in this Indenture for the
purposes of the Guarantee herein, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Obligations
guaranteed hereby and (y) in the event of any such declaration of
acceleration of such Obligations, such Obligations (whether or not due and
payable) shall forthwith become due and payable by the Guarantor for the
purposes of this Guarantee.

 

The
Guarantor also agrees to pay any and all reasonable costs and expenses
(including reasonable attorneys’ fees) incurred by the Trustee or the Holders
in enforcing any rights under this Section.

 

Section 10.02.  No Subrogation.  Notwithstanding any payment or payments made
by the Guarantor hereunder, the Guarantor shall not be entitled to be
subrogated to any of the rights of the Trustee or any Holder against the
Company or any collateral security or guarantee or right of offset held by the
Trustee or any Holder for the payment of the Obligations, nor shall the 

 

50

 

Guarantor
seek or be entitled to seek any contribution or reimbursement from the Company
in respect of payments made by the Guarantor hereunder, until all amounts owing
to the Trustee and the Holders, as well as the holders of any other Permitted
Indebtedness, by the Company on account of the Obligations are paid in
full.  If any amount shall be paid to the
Guarantor on account of such subrogation rights at any time when all of the
Obligations shall not have been paid in full, such amount shall be held by the
Guarantor in trust for the Trustee and the Holders, segregated from other funds
of the Guarantor, and shall, forthwith upon receipt by the Guarantor, be turned
over to the Trustee in the exact form received by the Guarantor (duly indorsed
by the Guarantor to the Trustee, if required), to be applied against the
Obligations.

 

Section 10.03.  Consideration.  The Guarantor has received, or will receive,
direct or indirect benefits from the making of the Guarantee.

 

ARTICLE 11

MISCELLANEOUS

 

Section 11.01.  Trust Indenture Act
Controls.  If any
provision of this Indenture limits, qualifies or conflicts with another
provision which is required to be included in this Indenture by the Trust
Indenture Act, the provision required by the Trust Indenture Act shall
control.  The Guarantor in addition to
performing its obligations under the Guarantee shall perform such other
obligations as may be imposed upon it with respect to this Indenture under the
Trust Indenture Act.

 

Section 11.02.  Notices.  Any notice
or communication shall be in writing and (a) delivered in person, (b) sent
by a recognized overnight delivery service (with charges prepaid), or (c) sent
by telecopy if the sender on the same day sends a confirming copy of such
notice by a recognized overnight delivery service (charges prepaid), addressed
as follows:

 

51

 

If to the Company:

Bunge Limited Finance Corp.

11720 Borman Drive

St. Louis, Missouri 63146

Attention: John Gilsinn

Telephone No: (314) 292-2314

Telecopy: (314) 292-4314

 

with a copy to:

 

Hunter Smith

Telecopy:  (914) 684-3283

 

If to the Guarantor:

 

Bunge Limited

50 Main Street

White Plains, New York  10606

Attention:  Hunter Smith

Telephone:  (914) 684-3440

Telecopy:  (914) 684-3283

 

if to the Trustee:

 

U.S. Bank National
Association

1349 W. Peachtree Street NW

Town Mid-Town Plaza, Suite 1050

Atlanta, Georgia 30309

Attention: Esther Fannin

Telephone: (404) 898-8823

Telecopy: (404) 898-8844

 

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

 

Any
notice or communication mailed to a registered Noteholder shall be mailed to
the Noteholder at the Noteholder’s address as it appears on the registration
books of the Registrar and shall be sufficiently given if so mailed within the
time prescribed.

 

Failure
to mail a notice or communication to a Noteholder or any defect in it shall not
affect its sufficiency with respect to other Noteholders.  If a notice or communication is sent in the
manner provided above, it is duly given, whether or not the addressee receives
it, except that notices to the Trustee shall be effective only upon receipt.

 

Section 11.03.  Communication by Holders
with Other Holders.  Noteholders
may communicate pursuant to Trust Indenture Act, Section 312(b) with
other Noteholders with respect to their rights under this Indenture or the
Notes.  The Company, the Trustee, the
Registrar 

 

52

 

and anyone
else shall have the protection of Trust Indenture Act, Section 312(c).

 

Section 11.04.  Certificate and Opinion as
to Conditions Precedent.  Upon
any request or application by the Company to the Trustee to take or refrain
from taking any action under this Indenture, the Company shall furnish to the
Trustee:

 

(1)                                  an Officer’s
Certificate in form and substance reasonably satisfactory to the Trustee
stating that, in the opinion of the signer, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been
complied with; and

 

(2)                                  an Opinion of
Counsel in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent have been
complied with.

 

Section 11.05.  Statements Required in
Certificate or Opinion.  Each
certificate or opinion with respect to compliance with a covenant or condition
provided for in this Indenture shall include:

 

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

 

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

 

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

 

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

 

In
giving such Opinion of Counsel, counsel may rely as to factual matters on an
Officer’s Certificate or on certificates of public officials.

 

Section 11.06.  When Notes Disregarded.  In
determining whether the Holders of the required principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Company or by
an Affiliate of the Company shall be disregarded and deemed not to be
outstanding, except that, for the purpose of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Notes which a Trust Officer of the Trustee actually knows are so owned shall be
so disregarded.  Also, subject to the
foregoing, only Notes outstanding at the time shall be considered in any such
determination.

 

Section 11.07.  Rules by Trustee,
Paying Agent and Registrar.  The
Trustee may make reasonable rules for action by, or a meeting of,
Noteholders.  The Registrar and the
Paying Agent may make reasonable rules for their functions.

 

Section 11.08.  Legal Holidays.  A “Legal
Holiday” is a Saturday, a Sunday or other day on which commercial banking
institutions are authorized or required to be closed in New York, 

 

53

 

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

 

Section 11.09.  GOVERNING LAW.  THIS INDENTURE AND THE NOTES SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 11.10.  No Recourse Against
Others.  An
incorporator, director, officer, employee, affiliate or stockholder of the
Company or the Guarantor, solely by reason of this status, shall not have any
liability for any obligations of the Company under the Notes, this Indenture or
the Guarantee or for any claim based on, in respect of or by reason of such
obligations or their creation.  By
accepting a Note, each Noteholder shall waive and release all such
liability.  The waiver and release shall
be part of the consideration for the issue of the Notes.

 

Section 11.11.  Successors.  All
agreements of the Company in this Indenture and the Notes shall bind their
respective successors.  All agreements of
the Trustee in this Indenture shall bind its successors.

 

Section 11.12.  Consent to Jurisdiction.  The Guarantor irrevocably submits to the
non-exclusive jurisdiction of any New York state or U.S. federal court sitting
in the Borough of Manhattan, The City of New York, in any action or proceeding
relating to its obligations, liabilities or any other matter arising out of or
in connection with this Indenture or the Notes. 
The Guarantor hereby irrevocably agrees that all claims in respect of
any such action or proceeding may be heard and determined in such New York
state or U.S. federal court.  The
Guarantor also hereby irrevocably waives, to the fullest extent permitted by
law, any objection to venue or the defense of an inconvenient forum to the
maintenance of any such action or proceeding in any such court.

 

Section 11.13.  Appointment for Agent for
Service of Process.  The
Guarantor hereby (i) irrevocably designates and appoints its Chief
Financial Officer (from time to time) at its principal executive offices at 50
Main Street, White Plains, New York 10606 (the “Authorized
Agent”), as its agent upon which process may be served in any suit,
action or proceeding described in the first sentence of Section 11.12
hereof and represents and warrants that the Authorized Agent has accepted such
designation and (ii) agrees that service of process upon the Authorized
Agent and written notice of said service to the Guarantor mailed or delivered
to its Secretary at its registered office at 2 Church Street, Hamilton,
Bermuda, shall be deemed in every respect effective service of process upon the
Guarantor in any such suit or proceeding. 
The Guarantor further agrees to take any and all action, including the
execution and filing of any and all such documents and instruments, as may be
necessary to continue such designation and appointment of the Authorized Agent
in full force and effect so long as any of the Notes shall be outstanding.

 

Section 11.14.  Waiver of Immunities.  To the
extent that the Guarantor or any of its properties, assets or revenues may have
or may hereafter become entitled to, or have attributed to them, any right of
immunity, on the grounds of sovereignty, from any legal action, suit or 

 

54

 

proceeding,
from set-off or counterclaim, from the jurisdiction of any court, from service
of process, from attachment upon or prior to judgment, or from attachment in
aid of execution of judgment, or from execution of judgment, or other legal
process or proceeding for the giving of any relief or for the enforcement of
any judgment, in any jurisdiction in which proceedings may at any time be
commenced, with respect to its obligations, liabilities or any other matter
under or arising out of or in connection with this Indenture or the Notes, the
Guarantor hereby irrevocably and unconditionally, to the extent permitted by
applicable law, waives and agrees not to plead or claim any such immunity and
consents to such relief and enforcement.

 

Section 11.15.  Additional Amounts.  In the
event that payments are required to be made by the Guarantor pursuant to its
obligations under the Guarantee, the Guarantor will pay to the Holder of any
Note additional amounts as may be necessary so that every net payment made by
the Guarantor of the principal of and premium, if any, and interest on such
Note, after deducting or withholding for or on account of any present or future
tax, duty, assessment or other similar governmental charge duly imposed by
Bermuda, will not be less than the amount provided in that Note to be then due
and payable.  The Guarantor will not be
required, however, to make any payment of additional amounts for or on account
of any such tax imposed by reason of the Holder having some connection with
Bermuda, other than its participation as a Holder under this Indenture.

 

Section 11.16.  Judgment Currency.  If for the
purposes of obtaining judgment in any court it is necessary to convert a sum
due hereunder into any currency other than U.S. dollars, the parties hereto
agree, to the fullest extent permitted by law, that the rate of exchange used
shall be the rate at which in accordance with normal banking procedures the
Trustee or any Holder, as the case may be, could purchase U.S. dollars with
such other currency in New York City on the Business Day preceding that on
which final judgment is given.  The
obligation of the Guarantor with respect to any sum due from it to the Trustee
or any Holder shall, notwithstanding any judgment in a currency other than U.S.
dollars, be discharged only if and to the extent that on the first Business Day
following receipt by the Trustee or such Holder, as the case may be, of any sum
adjudged to be so due in such other currency, the Trustee or such Holder may in
accordance with normal banking procedures purchase U.S. dollars with such other
currency.  If the U.S. dollars so
purchased are less than the sum originally due to the Trustee or such Holder
hereunder, the Guarantor agrees, as a separate obligation and notwithstanding
any such judgment, to indemnify the Trustee or such Holder against such
loss.  If the U.S. dollars so purchased
are greater than the sum originally due to the Trustee or such Holder
hereunder, the Trustee or such Holder, as the case may be, agrees to pay to the
Guarantor an amount equal to the excess of the U.S. dollars so purchased over
the sum originally due to the Trustee or such Holder hereunder.

 

Section 11.17.  No Bankruptcy Petition
Against the Company; Liability of the Company. 
Each of the Noteholders and the Trustee hereby
covenants and agrees that, prior to the date which is one year and one day
after the payment in full of the last maturing Note and all other Indebtedness
of the Company ranking equal with or junior to the Notes in right of payment,
it will not institute against, or join with or assist any other Person in
instituting against, the Company, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any
applicable insolvency laws.

 

55

 

Notwithstanding
any other provision hereof, the sole remedy of any Noteholder, the Trustee or
any other Person against the Company in respect of any obligation, covenant,
representation, warranty or agreement of the Company under or related to this
Indenture or the Notes shall be against the assets of the Company.  Neither the Trustee, nor any Noteholder nor
any other Person shall have any claim against the Company to the extent that
such assets are insufficient to meet such obligations, covenant,
representation, warranty or agreement (the difference being referred to herein
as a “shortfall”) and all claims in respect
of the shortfall shall be extinguished; provided, however, that the provisions of
this Section 11.17 apply solely to the obligations of the Company and
shall not extinguish such shortfall or otherwise restrict such Person’s rights
or remedies against the Guarantor for purposes of the obligations of the
Guarantor to any Person under the Guarantee.

 

The
provisions of this Section 11.17 shall survive the termination of this
Indenture and the resignation or removal of the Trustee .

 

Section 11.18.  Multiple Originals.  The
parties may sign any number of copies of this Indenture.  Each signed copy shall be an original, but
all of them together represent the same agreement.  One signed copy is enough to prove this
Indenture.

 

Section 11.19.  Qualification of Indenture.  The Company shall qualify this Indenture
under the Trust Indenture Act and shall pay all reasonable costs and expenses
(including attorneys’ fees and expenses for the Company, the Trustee and the
Holders) incurred in connection therewith, including, but not limited to, costs
and expenses of qualification of this Indenture and the Notes and printing this
Indenture and the Notes.  The Trustee
shall be entitled to receive from the Company any such Officer’s Certificates,
Opinions of Counsel or other documentation as it may reasonably request in
connection with any such qualification of this Indenture under the Trust
Indenture Act.

 

Section 11.20.  Table of Contents; Headings.  The table of contents, cross-reference sheet
and headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not intended to be considered a part
hereof and shall not modify or restrict any of the terms or provisions hereof.

 

56

 

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

 

	
   

  	
  BUNGE
  LIMITED FINANCE CORP., as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Hunter Smith

  
	
   

  	
   

  	
  Name:

  	
  Hunter
  Smith

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BUNGE
  LIMITED, as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Hunter Smith

  
	
   

  	
   

  	
  Name:

  	
  Hunter
  Smith

  
	
   

  	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jacqualyn A Fouse

  
	
   

  	
   

  	
  Name:

  	
  Jacqualyn
  A Fouse

  
	
   

  	
   

  	
  Title:

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Esther Fannin

  
	
   

  	
   

  	
  Name:

  	
  Esther
  Fannin

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

57

 

EXHIBIT
A

 

[FORM OF FACE OF INITIAL NOTE AND SUBSEQUENT NOTE]

 

[Depository Legend, if applicable]

 

	
  No. [          ]

  	
  Principal
  Amount U.S.
  $[                  ],
  as revised by the Schedule of Increases and Decreases in Global Note attached
  hereto 

  
	
   

  	
   

  
	
   

  	
  CUSIP NO.
  [                  ]

  ISIN:
  [                  ]

  	
   

  

 

8.50% Senior Notes Due 2019

 

Bunge
Limited Finance Corp., a Delaware corporation, promises to pay to CEDE &
CO., or registered assigns, the principal sum of
U.S.$[                  ],
as revised by the Schedule of Increases and Decreases in Note attached hereto,
on June 15, 2019.

 

Interest
Payment Dates: June 15 and December 15

 

Record
Dates: June 1 and December 1

 

Additional
provisions of this Note are set forth on the reverse side hereof.

 

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

	
   

  	
  BUNGE
  LIMITED FINANCE CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

TRUSTEE’S
CERTIFICATE OF

AUTHENTICATION

 

U.S.
BANK NATIONAL ASSOCIATION,

as Trustee,
certifies that this is one of

the Notes referred
to in the Indenture.

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  

 

Date: 
                      
        , 20

 

 

[FORM OF REVERSE SIDE OF INITIAL NOTE AND SUBSEQUENT NOTE]

 

8.50% Senior Note Due 2019

 

1.                                       General

 

Bunge
Limited Finance Corp., a Delaware corporation (such corporation, and its
successors and assigns under the Indenture hereinafter referred to, being
herein called the “Company”),
issued the Notes under an Indenture, dated as of June 9, 2009, among the
Company, the Guarantor and the Trustee (as such Indenture may be amended or
supplemented from time to time in accordance with the terms thereof, the “Indenture”).  The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the U.S. Trust Indenture Act of 1939 as in effect
on the date of the Indenture (the “Trust Indenture Act”).  Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Indenture.  The Notes are subject to all such terms, and
Noteholders are referred to the Indenture and the Trust Indenture Act for a
statement of those terms.

 

The
Notes are general unsecured senior obligations of the Company, including (a) U.S.
$600,000,000 in aggregate principal amount of 2019 Notes being offered on the
Issue Date (subject to Section 2.07 of the Indenture) and (b) any
Subsequent Notes.  The Notes rank equally
with all other unsecured and unsubordinated indebtedness of the Company.  This Note is one of the [Initial Notes]
[Subsequent Notes] referred to in the Indenture.

 

The
Company may from time to time, without the consent of existing Holders, create
and issue Subsequent Notes having the same terms and conditions as the Initial
Notes in all respects, except for the Issue Date, issue price and first payment
of interest thereon.  Subsequent Notes
issued in this manner will be consolidated with and will form a single class
with the previously outstanding Notes.

 

Except as otherwise provided in the Indenture, the Initial Notes and
any Subsequent Notes will be treated as a single class of securities under the
Indenture.  The
Indenture includes various covenants that limit the ability of the Company,
among other things, to engage in any business or transaction, acquire assets or
subsidiaries, incur Indebtedness or Liens or enter into any consolidations, mergers, amalgamations or sales of assets. In addition, the
Indenture imposes certain limitations on, among other things, (i) the
incurrence of Liens by the Guarantor or any Restricted Subsidiary, (ii) Sale-Leaseback
Transactions by the Guarantor or any Restricted Subsidiary and (iii) consolidations,
mergers, amalgamations and sales of assets of the Guarantor, the Company or any
Subsidiary.

 

To
guarantee the due and punctual payment of the principal of and premium, if any,
and interest on the Notes and all other amounts payable by the Company under
the Indenture and the Notes when and as the same shall be due and payable,
whether at maturity, by acceleration or otherwise, according to the terms of
the Notes and the Indenture, the Guarantor has unconditionally guaranteed such
obligations pursuant to the terms of the Indenture.  The Guarantee is an unsecured and
unsubordinated obligation of the Guarantor and ranks equally with all other
unsecured and unsubordinated indebtedness and obligations of the Guarantor.

 

 

2.                                       Interest

 

The
Company promises to pay interest on the principal amount of this Note at the
rate per annum shown above, subject to adjustment as described below.

 

The
Company will pay interest semi-annually on June 15 and December 15 of
each year commencing December 15, 2009. 
Interest on the Notes will accrue from the most recent date to which
interest has been paid on the Notes or, if no interest has been paid, from June 9,
2009.  The Company shall pay interest on
overdue principal or premium, if any, plus interest on such interest to the
extent lawful, at the rate borne by the Notes to the extent lawful.  Interest will be computed on the basis of a
360-day year of twelve 30-day months.

 

The
interest rate payable on the Notes will be subject to adjustments from time to
time if either of Moody’s or S&P or, in either case, any Substitute Rating
Agency thereof, downgrades (or subsequently upgrades) the rating assigned to
the Notes in the manner described below.

 

If
the rating of the Notes from Moody’s or any Substitute Rating Agency thereof is
decreased to a rating set forth in the immediately following table, the
interest rate on the Notes will increase from the interest rate payable on the
Notes on the date of their initial issuance by the percentage points set forth
below opposite that rating.

 

	
  Moody’s
  Rating*

  	
   

  	
  Percentage Points

  	
   

  
	
  Baa3

  	
   

  	
  0.25

  	
   

  
	
  Ba1

  	
   

  	
  0.50

  	
   

  
	
  Ba2

  	
   

  	
  0.75

  	
   

  
	
  Ba3 or below

  	
   

  	
  1.00

  	
   

  

 

*
Including the equivalent ratings of any Substitute Rating Agency.

 

If
the rating of the Notes from S&P or any Substitute Rating Agency thereof is
decreased to a rating set forth in the immediately following table, the
interest rate on the Notes will increase from the interest rate payable on the
Notes on the date of their initial issuance by the percentage points set forth
below opposite that rating.

 

	
  S&P
  Rating*

  	
   

  	
  Percentage Points

  	
   

  
	
  BB+

  	
   

  	
  0.25

  	
   

  
	
  BB

  	
   

  	
  0.50

  	
   

  
	
  BB-

  	
   

  	
  0.75

  	
   

  
	
  B+ or below

  	
   

  	
  1.00

  	
   

  

 

*
Including the equivalent ratings of any Substitute Rating Agency.

 

If
at any time the interest rate on the Notes has been adjusted upward and either
Moody’s or S&P (or, in either case, a Substitute Rating Agency thereof), as
the case may be, subsequently increases its rating of the Notes to any of the
ratings set forth in the tables above, the interest rate on the Notes will be
decreased such that the interest rate for the Notes equals the interest rate
payable on the Notes on the date of their initial issuance plus the applicable
percentage points set

 

 

forth opposite the
ratings in the tables above in effect immediately following the increase.  If (a) Moody’s, or any Substitute Rating
Agency thereof, subsequently increases its rating of the Notes to “Baa2” or
higher (or its equivalent, in the case of a Substitute Rating Agency) or (b) S&P,
or any Substitute Rating Agency thereof, increases its rating to “BBB-” or
higher (or its equivalent, in the case of a Substitute Rating Agency), the
interest rate on the Notes will be decreased to the interest rate payable on
the Notes on the date of their initial issuance.

 

Each
adjustment required by any decrease or increase in a rating set forth above,
whether occasioned by the action of Moody’s or S&P (or, in either case, any
Substitute Rating Agency thereof), will be made independent of any and all
other adjustments.  For example, if the
Notes are rated Baa3 by Moody’s and BB+ by S&P, the interest rate on the
Notes would increase to a rate equal to the interest rate payable on the Notes
on the date of their initial issuance plus 0.50 percentage points in the
aggregate.  In no event shall (1) the
interest rate on the Notes be reduced to below the interest rate payable on the
Notes on the date of their initial issuance or (2) the total increase in
the interest rate on the Notes exceed 2.00 percentage points above the interest
rate payable on the Notes on the date of their initial issuance.

 

No
adjustments in the interest rate of the Notes will be made solely as a result
of a Rating Agency ceasing to provide a rating of the Notes. If at any time
less than two Rating Agencies provide a rating of the Notes for reasons beyond
the control of the Company, the Company will use its commercially reasonable
efforts to obtain a rating of the Notes from a Substitute Rating Agency, to the
extent one exists, and if a Substitute Rating Agency exists, for purposes of
determining any increase or decrease in the interest rate on the Notes pursuant
to the table above (a) such Substitute Rating Agency will be substituted
for the last Rating Agency to provide a rating of the Notes but which has since
ceased to provide such rating, (b) the relative ratings scale used by such
Substitute Rating Agency to assign ratings to senior unsecured debt will be
determined in good faith by an independent investment banking institution of
national standing appointed by the Company and, for purposes of determining the
applicable ratings included in the applicable table above with respect to such
Substitute Rating Agency, such ratings will be deemed to be the equivalent
ratings used by Moody’s or S&P, as applicable, in such table and (c) the
interest rate on the Notes will increase or decrease, as the case may be, such
that the interest rate equals the interest rate payable on the Notes on the
date of their initial issuance plus the appropriate percentage points, if any,
set forth opposite the rating from such Substitute Rating Agency in the
applicable table above (taking into account the provisions of clause (b) above)
(plus or minus any applicable percentage points resulting from a decreased or
increased rating by the other Rating Agency).

 

For
so long as only one Rating Agency provides a rating of the Notes, any
subsequent increase or decrease in the interest rate of the Notes necessitated
by a reduction or increase in the rating by such Rating Agency shall be twice
the percentage points set forth in the applicable table above.

 

For
so long as no Rating Agency provides a rating of the Notes, the interest rate
on the Notes will increase to, or remain at, as the case may be, 2.00
percentage points above the interest rate payable on the notes on the date of
their initial issuance.

 

 

In
addition, the interest rate on the Notes will permanently cease to be subject
to any adjustment described above (notwithstanding any subsequent decrease in
the ratings by either or both Rating Agencies) if the Notes become rated “A3”
or higher by Moody’s (or its equivalent, in the case of a Substitute Rating
Agency) or “A-” or higher by S&P (or its equivalent, in the case of a
Substitute Rating Agency).

 

Any
interest rate increase or decrease described above will take effect from the
first day of the interest period during which a rating change requires an
adjustment in the interest rate. If Moody’s or S&P or any Substitute Rating
Agency thereof changes its rating of the Notes more than once during any
particular interest period, the last change by such agency during such period
will control for purposes of any interest rate increase or decrease with
respect to the Notes described above relating to such Rating Agency’s action.

 

3.                                       Method of
Payment

 

By
at least 10:00 a.m. (New York City time) on the date on which any
principal of and premium, if any, or interest on any Note is due and payable,
the Company shall irrevocably deposit with the Trustee or the Paying Agent
money sufficient to pay such principal, premium, if any, and/or interest.  The Company will pay interest (except
Defaulted Interest) to the Persons who are registered Holders of Notes at the
close of business on the June 1 or December 1 next preceding the
interest payment date even if Notes are cancelled, repurchased or redeemed
after the record date and on or before the interest payment date.  Holders must surrender Notes to a Paying
Agent to collect principal payments.  The
Company will pay principal, premium, if any, and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts.  Except as described
in the succeeding two sentences, the principal of and premium, if any, and
interest on the Notes shall be payable at the office or agency of the Company
maintained for such purpose in The City of New York, or at such other office or
agency of the Company as may be maintained for such purpose pursuant to Section 2.03
of the Indenture; provided, however, that, at the option of the Company, each
installment of interest may be paid by check mailed to addresses of the Persons
entitled thereto as such addresses shall appear on the Note Register.  Payments in respect of Notes represented by a
Global Note (including principal, premium, if any, and interest) will be made
by wire transfer of immediately available funds to the account specified by The
Depository Trust Company.  Payments in
respect of Notes represented by Definitive Notes (including principal, premium,
if any, and interest) held by a Holder of at least U.S.$1,000,000 aggregate
principal amount of Notes will be made by wire transfer to a U.S. dollar
account maintained by the payee with a bank in the United States if such Holder
elects payment by wire transfer by giving written notice to the Trustee or the
Paying Agent to such effect designating such account no later than 15 days
immediately preceding the relevant due date for payment (or such other date as
the Trustee may accept in its discretion).

 

4.                                       Paying Agent
and Registrar

 

Initially,
U.S. Bank National Association (the “Trustee”), will
act as Trustee, Paying Agent and Registrar. 
The Company may appoint and change any Paying Agent, Registrar or
co-registrar without notice to any Noteholder. 
The Company, the Guarantor or any Subsidiary may act as Paying Agent,
Registrar or co-registrar.

 

 

5.                                       Optional
Redemption by the Company

 

The
Notes will be redeemable at the option of the Company, in whole at any time or
in part from time to time, on at least 30 days but not more than 60 days’ prior
notice mailed to the registered address of each Holder of Notes to be so
redeemed, at a redemption price equal to (a) the greater of (i) 100%
of their principal amount to be redeemed or (ii) the sum of the present
values of the remaining scheduled payments of principal and interest thereon
from the date of redemption to the date of maturity (except for currently
accrued but unpaid interest) discounted to the date of redemption, on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months),
at the applicable Treasury Yield (as defined below), plus 50 basis points (such
greater amount, the “Redemption Price”),
plus (b) accrued and unpaid interest, if any, to the date of redemption.

 

For
purposes of determining the Redemption Price, the following definitions are
applicable:

 

“Comparable Treasury Issue” means the United States Treasury
security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes that would be utilized, at the
time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Notes.

 

“Comparable Treasury Price” means, with respect to any
Redemption Date, (a) the bid price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) at 4:00 P.M. on the
third business day preceding such Redemption Date, as set forth on “Telerate Page 500”
(or such other page as may replace Telerate Page 500), or (b) if
such page (or any successor page) is not displayed or does not contain
such bid prices at such time, (i) the average of the Reference Treasury
Dealer Quotations obtained by the Trustee for such date, after excluding the
highest and lowest of four such Reference Treasury Dealer Quotations or (ii) if
the Trustee is unable to obtain at least four such Reference Treasury Dealer
Quotations, the average of all Reference Treasury Dealer Quotations obtained by
the Trustee.

 

“Independent Investment Banker” means any of J.P. Morgan
Securities Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc. or
RBS Securities Inc., or, if none of such firms are willing or able to select
the applicable Comparable Treasury Issue, a leading independent investment
banking institution appointed by the Trustee and reasonably acceptable to the
Company.

 

“Reference Treasury Dealer” means J.P. Morgan Securities
Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and RBS
Securities Inc., and two other primary U.S. Government securities dealer in New
York City selected by the Independent Investment Banker (each, a “Primary
Treasury Dealer”); provided however, that if any of the foregoing shall cease
to be a Primary Treasury Dealer, the Company will substitute another Primary
Treasury Dealer.

 

“Reference Treasury Dealer Quotations” means, with respect to
each Reference Treasury Dealer and any Redemption Date for the Notes, an
average, as determined by the 

 

 

Trustee, of the bid and asked prices for the Comparable Treasury Issue
for the Notes (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third business day preceding such Redemption Date.

 

“Treasury Yield” means, with respect to any Redemption Date
applicable to the Notes, the rate per annum equal to the semi-annual equivalent
yield to maturity (computed as of the third Business Day immediately preceding
such Redemption Date) of the Comparable Treasury Issue, assuming a price for
the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the applicable Comparable Treasury Price for such Redemption
Date.

 

In
the case of any partial redemption, selection of the Notes for redemption will
be made by the Trustee in compliance with the requirements of the principal
national securities exchange, if any, on which the Notes are listed or, if the
Notes are not listed, then on a pro rata basis, by lot or by such other method
as the Trustee in its sole discretion shall deem to be fair and appropriate,
although no Notes of U.S. $1,000 in original principal amount or less will be
redeemed in part.  If any Note is to be
redeemed in part only, the notice of redemption relating to such Note shall
state the portion of the principal amount thereof to be redeemed.  A new Note in principal amount equal to the
unredeemed portion thereof will be issued in the name of the Holder thereof upon
cancellation of the original Note.  On
and after the Redemption Date, interest will cease to accrue on Notes or
portions thereof called for redemption as long as the Company has deposited
with the Paying Agent funds in satisfaction of the applicable Redemption Price
pursuant to the Indenture.

 

6.                                       Offers to
Repurchase

 

Upon
the occurrence of a Change of Control Triggering Event, the Company shall make
an offer (a “Change of Control Offer”) to each
Holder to repurchase all or any part (equal to $1,000 or an integral multiple
of $1,000 thereof) of each Holder’s Notes at a purchase price equal to 101% of
the aggregate principal amount thereof plus accrued and unpaid interest
thereon, if any, to, but excluding, the date of purchase (the “Change of Control Payment”). 
The Change of Control Offer shall be made in accordance with Section 3.15
of the Indenture.

 

7.                                       Additional
Amounts

 

The
Guarantor will pay to the Holder of any Note additional amounts as may be
necessary so that every net payment made by the Guarantor of principal of and
premium, if any, and interest on such Note, after deducting or withholding for
or on account of any present or future tax, duty, fee, assessment or other
similar governmental charge duly imposed on that Holder by Bermuda, will not be
less than the amount provided in such Note to be then due and payable.  The Guarantor will not be required, however,
to make any payment of additional amounts for or on account of any such tax
imposed by reason of the Holder having some connection with Bermuda, other than
its participation as a Holder under the Indenture.

 

 

8.                                       Denominations;
Transfer; Exchange

 

The
Notes are in registered form without coupons in denominations of principal
amount of U.S. $1,000 and whole multiples of U.S. $1,000.  A Holder may transfer or exchange Notes in
accordance with the Indenture.  The
Registrar may require a Holder, among other things, to furnish appropriate
endorsements or transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture.  The
Registrar need not register the transfer of or exchange (i) any Notes
selected for redemption (except, in the case of a Note to be redeemed in part,
the portion of the Note not to be redeemed) for a period beginning 15 days
before the mailing of a notice of Notes to be redeemed and ending on the date
of such mailing or (ii) any Notes for a period beginning 15 days before an
interest payment date and ending on such interest payment date.

 

9.                                       Persons Deemed
Owners

 

The
registered Holder of this Note may be treated as the owner of it for all
purposes.

 

10.                                 Unclaimed Money

 

If
money for the payment of principal or interest remains unclaimed for two years,
the Trustee or Paying Agent shall pay the money back to the Company at its
request unless an abandoned property law designates another Person.  After any such payment, Holders entitled to
the money must look only to the Company and not to the Trustee for payment.

 

11.                                 Defeasance

 

Subject
to certain conditions set forth in the Indenture, the Company at any time may
terminate some or all of its obligations under the Notes and the Indenture if
the Company deposits with the Trustee money or U.S. Government Securities for
the payment of principal and interest on such Notes to redemption or maturity,
as the case may be.

 

12.                                 Amendment,
Waiver

 

The
Indenture or the Notes may be amended with the written consent of the Holders
of at least a majority in principal amount of the then outstanding Notes;
provided, however, that the consent of each Noteholder affected is required to (i) reduce
the amount of Notes whose Holders must consent to an amendment of the
Indenture, the Notes or specified provisions of the Master Trust Transaction
Documents, (ii) reduce the stated rate or extend the stated time for
payment of interest on a Note, (iii) reduce the principal of or extend the
Stated Maturity of a Note, (iv) reduce the premium payable upon redemption
of a Note, (v) make any Note payable in money other than that stated
herein, (vi) impair the right of a Holder to receive payment under the
Note or institute suit for the enforcement of such payment, (vii) make any
change to the amendment provisions which require each Holder’s consent or the
waiver provisions, or (viii) release the Guarantor or modify the
Guarantee.

 

Subject
to certain exceptions set forth in the Indenture, without the consent of any
Noteholder, the Company and the Trustee may amend the Indenture or the Notes to
cure any ambiguity, omission, defect or inconsistency, or to comply with Article 4
of the Indenture, or to provide for uncertificated Notes in addition to or in
place of certificated Notes, or to add 

 

 

guarantees with respect to the Notes, or to secure the Notes, or to add
additional covenants of the Company, the Guarantor or any Subsidiary, or surrender
rights and powers conferred on the Company, the Guarantor or any Subsidiary,
issue Subsequent Notes, or to comply with any requirement of the SEC in
connection with qualifying the Indenture under the Trust Indenture Act, or to
make any change that does not adversely affect the rights of any Noteholder.

 

Subject
to certain exceptions set forth in the Indenture, any default (other than with
respect to nonpayment or in respect of a provision that cannot be amended
without the written consent of each Noteholder affected) or noncompliance with
any provision may be waived with the written consent of the Holders of a
majority in principal amount of the then outstanding Notes, on behalf of all
Holders of the Notes.

 

13.                                 Defaults and
Remedies

 

Under
the Indenture, Events of Default include (1) default for 30 days in
payment of interest or additional interest when due on the Notes; (2) default
in payment of principal of or premium, if any, on the Notes at Stated Maturity,
upon optional redemption, upon declaration or otherwise; (3)  the failure
by the Company or the Guarantor to comply for 60 days after written notice with
its other agreements contained in the Indenture or under the Notes (other than
those referred to in (1) or (2) above); (4) the failure of the
Company, the Guarantor or any Subsidiary (a) to pay the principal of any
indebtedness for borrowed money, including obligations evidenced by any
mortgage, indenture, bond, debenture, note, guarantee or other similar
instruments, on the scheduled or original date due; (b) to pay interest on
any such indebtedness beyond any provided grace period; or (c) to observe
or perform any agreement or condition relating to such indebtedness, the effect
of which is to cause such indebtedness to become due prior to its stated
maturity and such acceleration has not been cured within 15 days after notice
of acceleration; provided that an event described in clause (a), (b) or (c) above
shall not constitute an Event of Default unless, at such time, one or more
events of the type described in clauses (a), (b) or (c) shall have
occurred or be continuing with respect to indebtedness in an amount exceeding
U.S. $50,000,000; or (5) certain events of bankruptcy, insolvency or
reorganization of the Company, the Guarantor, a Designated Obligor or any
Material Subsidiary (the “bankruptcy events”).  However, a default under clause (3) with
respect to the Notes will not constitute an Event of Default with respect to
the Notes until the Trustee or the Holders of at least 25% in principal amount
of the outstanding Notes notify the Company or the Guarantor, as the case may
be, of the default and the Company or the Guarantor, as the case may be, does
not cure such default within the time specified in clause (3) hereof after
receipt of such notice.

 

If
an Event of Default other than a bankruptcy event occurs and is continuing with
respect to the Notes, the Trustee or the Holders of at least 25% in principal
amount of the Notes may declare all the Notes by written notice to the Company
to be due and payable immediately.  If an
Event of Default in connection with a bankruptcy event occurs and is
continuing, the principal amount of the Notes, the premium, if any, and all
accrued and unpaid interest shall be immediately due and payable without any action
or other act on the part of the Trustee or the Holders.

 

Noteholders
may not enforce the Indenture or the Notes except as provided in the
Indenture.  The Trustee may refuse to
enforce the Indenture or the Notes unless it receives 

 

 

reasonable indemnity or security.  Subject to certain limitations, Holders of a
majority in principal amount of the Notes (voting as a single class) may direct
the Trustee in its exercise of any trust or power.  The Trustee may withhold from Noteholders
notice of any continuing Default or Event of Default (except a Default or Event
of Default in payment of principal or interest) if it determines that
withholding notice is in their interest.

 

14.                                 Trustee
Dealings with the Company

 

Subject
to certain limitations set forth in the Indenture, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with and collect obligations owed to it
by the Company or its Affiliates and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee.

 

15.                                 No Recourse Against Others

 

An
incorporator, director, officer, employee, affiliate or stockholder of each of
the Company or the Guarantor, solely by reason of this status, shall not have
any liability for any obligations of the Company under the Notes, the Indenture
or the Guarantee or for any claim based on, in respect of or by reason of such
obligations or their creation.  By
accepting a Note, each Noteholder waives and releases all such liability.  The waiver and release are part of the
consideration for the issue of the Notes.

 

16.                                 No Petition

 

By
its acquisition of this Note, each Holder hereof agrees that neither it nor the
Trustee on its behalf may commence, or join with any other person in the
commencement of, a bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding with respect to the Company under any applicable
insolvency laws until one year and one date after the Notes and all other
Indebtedness of the Company ranking equal with or junior to the Notes in right
of payment, including all interest and premium thereon, if any, are paid in
full.

 

17.                                 Authentication

 

This
Note shall not be valid until an authorized signatory of the Trustee (or an
authenticating agent acting on its behalf) manually signs the certificate of
authentication appearing on this Note.

 

18.                                 Abbreviations

 

Customary
abbreviations may be used in the name of a Noteholder or an assignee, such as
TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN
(=joint tenants with rights of survivorship and not as tenants in common), CUST
(=custodian) and U/G/M/A (=Uniform Gift to Minors Act).

 

 

19.                                 CUSIP Numbers

 

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

 

20.                                 Governing Law

 

This
Note shall be governed by, and construed in accordance with, the laws of the
State of New York.

 

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

 

Bunge Limited Finance Corp.

11720 Borman Drive

St. Louis, Missouri 63146

Attention: John Gilsinn

Telephone
No: (314) 292-2314

Telecopy: (314) 292-4314

 

 

ASSIGNMENT FORM

 

To
assign this Note, fill in the form below:

 

I
or we assign and transfer this Note to

 

	
   

  	
   

  	
   

  

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

 

	
   

  	
   

  	
   

  

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

 

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

 

 

	
  Date:

  	
   

  	
   

  	
  Your
  Signature

  	
   

  
	
   

  
	
  Signature
  Guarantee:

  	
   

  
						

(Signature must be guaranteed)

 

 

Sign
exactly as your name appears on the other side of this Note.

 

The
signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

 

 

[TO BE ATTACHED TO NOTES]

SCHEDULE OF INCREASES OR DECREASES IN NOTE

 

The following increases or decreases in this Note have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount
  of decrease in

  Principal Amount of this

  Note

  	
   

  	
  Amount
  of increase in

  Principal Amount of this

  Note

  	
   

  	
  Principal
  Amount of this

  Note following such

  decrease or increase

  	
   

  	
  Signature
  of authorized

  signatory of Trustee or

  Securities Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

OPTION OF HOLDER TO ELECT
PURCHASE

 

If you want to elect to have this Note purchased by
the Company pursuant to Section 3.15 of the Indenture, check the box
below:

 

o Section 3.15

 

If you want to elect to have only part of this Note
purchased by the Issuer pursuant to Section 3.15 of the Indenture, state
the amount you elect to have purchased:

 

$                   

 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Your
  Signature:

  	
   

  
	
   

  	
   

  	
  (Sign
  exactly as your name appears on the face of this Note)

  
	
   

  	
   

  
	
   

  	
  Tax
  Identification No.:

  	
   

  
	
   

  	
   

  
	
  Signature
  Guarantee*:

  	
   

  	
   

  	
   

  
								

 

*
Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Trustee).

 

 

SCHEDULE
1.1

 

The following Subsidiaries
constitute all of the Designated Obligors as of the date hereof:

 

·                  Bunge Global Markets Inc.

 

·                  Bunge N.A. Holdings, Inc.

 

·                  Bunge North America, Inc.

 

·                  Koninklijke Bunge B.V.

 

·                  Bunge Alimentos S.A.

 

·                  Bunge Argentina S.A.

 

·                  Bunge Fertilizantes International Limited

 

·                  Bunge Fertilizantes S.A. (Brazil)

 

·                  Ceval International Limited

 

·                  Bunge Brasil S.A.

 

·                  Bunge S.A.

 

The following Subsidiaries constitute all of the Material Subsidiaries
as of the date hereof:

 

·              Bunge Fertilizantes S.A.

 

·              Bunge Alimentos S.A.

 

·              Bunge North America, Inc.

 

·              Bunge N.A. Holdings, Inc.

 

·              Fertilizantes
Fosfatados S.A. - Fosfertil

 

·              Koninklijke Bunge
B.V.

 

 

SCHEDULE 3.4

 

Existing Liens

 

	
  Subsidiary/Joint

  Ventures

  	
   

  	
  Facility

  	
   

  	
  Amount

  Outstanding

  	
   

  	
  Description of Collateral

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Terminal
  6 and

  Terminal 6i

  (unconsolidated joint ventures in Argentina)

  	
   

  	
  Bank
  (Bunge’s share)

  

  Bank (Bunge’s share)

  	
   

  	
  $4.3
  million

  

  $7.5 million

  	
   

  	
  Shares
  of Terminal 6

  

  Shares of Terminal 6

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bunge
  Alimentos S.A.

  	
   

  	
  Bank

  

  BNDES

  	
   

  	
  $1.4
  million

  

  $8.8 million

  	
   

  	
  Land,
  buildings and equipment

  

  Land, buildings and equipment

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TGG
  (consolidated JV)

  	
   

  	
  BNDES

  	
   

  	
  $72.0
  million

  	
   

  	
  Shares
  of TGG

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fosfertil S.A.

  	
   

  	
  Bank

  	
   

  	
  $0.9
  million

  	
   

  	
  Land
  and buildings

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Black Sea Industries

  Ukraine

  	
   

  	
  EBRD
  Loan

  	
   

  	
  $21.4
  million

  	
   

  	
  Extraction
  plant, Preparation plant and Boiler house (buildings and equipment) of BSIU
  crushing plant at Illychevsk, Ukraine

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Southwest
  Iowa Renewable Energy, LLC

  	
   

  	
  Bank

  	
   

  	
  $27.8
  million

  	
   

  	
  Cash
  Collateral

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Baria
  Joint Stock Co. of Services

  	
   

  	
  Bank

  	
   

  	
  $5.1
  million

  	
   

  	
  EquipmentExhibit 4.1

 

EXECUTION
COPY

 

AMC ENTERTAINMENT
INC.

 

AND

U.S. BANK NATIONAL ASSOCIATION

AS TRUSTEE

8.75% SENIOR NOTES DUE 2019

INDENTURE

DATED AS OF JUNE 9, 2009

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
   

  	
  Definitions and
  Incorporation by Reference

  	
   

  	
  1

  
	
  Section 1.01.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.02.

  	
   

  	
  Other
  Definitions

  	
   

  	
  22

  
	
  Section 1.03.

  	
   

  	
  Incorporation
  by Reference of Trust Indenture Act

  	
   

  	
  22

  
	
  Section 1.04.

  	
   

  	
  Rules of
  Construction

  	
   

  	
  23

  
	
  ARTICLE II

  	
   

  	
  The Securities

  	
   

  	
  23

  
	
  Section 2.01.

  	
   

  	
  Amount
  of Securities; Issuable in Series

  	
   

  	
  23

  
	
  Section 2.02.

  	
   

  	
  Form and
  Dating

  	
   

  	
  24

  
	
  Section 2.03.

  	
   

  	
  Execution
  and Authentication

  	
   

  	
  25

  
	
  Section 2.04.

  	
   

  	
  Registrar
  and Paying Agent

  	
   

  	
  25

  
	
  Section 2.05.

  	
   

  	
  Paying
  Agent To Hold Money in Trust

  	
   

  	
  26

  
	
  Section 2.06.

  	
   

  	
  Holder
  Lists

  	
   

  	
  26

  
	
  Section 2.07.

  	
   

  	
  Replacement
  Securities

  	
   

  	
  26

  
	
  Section 2.08.

  	
   

  	
  Outstanding
  Securities

  	
   

  	
  26

  
	
  Section 2.09.

  	
   

  	
  Temporary
  Securities

  	
   

  	
  27

  
	
  Section 2.10.

  	
   

  	
  Cancellation

  	
   

  	
  27

  
	
  Section 2.11.

  	
   

  	
  Defaulted
  Interest

  	
   

  	
  28

  
	
  Section 2.12.

  	
   

  	
  CUSIPs
  Numbers, Common Codes or ISINs

  	
   

  	
  28

  
	
  Section 2.13.

  	
   

  	
  Computation
  of Interest

  	
   

  	
  29

  
	
  ARTICLE III

  	
   

  	
  Redemption

  	
   

  	
  29

  
	
  Section 3.01.

  	
   

  	
  Notices
  to Trustee

  	
   

  	
  29

  
	
  Section 3.02.

  	
   

  	
  Selection
  of Securities To Be Redeemed

  	
   

  	
  29

  
	
  Section 3.03.

  	
   

  	
  Notice
  of Redemption

  	
   

  	
  29

  
	
  Section 3.04.

  	
   

  	
  Effect
  of Notice of Redemption

  	
   

  	
  30

  
	
  Section 3.05.

  	
   

  	
  Deposit
  of Redemption Price

  	
   

  	
  30

  
	
  Section 3.06.

  	
   

  	
  Securities
  Redeemed in Part

  	
   

  	
  30

  
	
  ARTICLE IV

  	
   

  	
  Covenants

  	
   

  	
  31

  
	
  Section 4.01.

  	
   

  	
  Payment
  of Securities

  	
   

  	
  31

  
	
  Section 4.02.

  	
   

  	
  Corporate
  Existence

  	
   

  	
  31

  
	
  Section 4.03.

  	
   

  	
  Payment
  of Taxes and Other Claims

  	
   

  	
  31

  
	
  Section 4.04.

  	
   

  	
  Maintenance
  of Properties

  	
   

  	
  32

  

 

i

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.05.

  	
   

  	
  Limitation
  on Consolidated Indebtedness

  	
   

  	
  32

  
	
  Section 4.06.

  	
   

  	
  Limitation
  on Restricted Payments

  	
   

  	
  32

  
	
  Section 4.07.

  	
   

  	
  Limitation
  on Transactions with Affiliates

  	
   

  	
  35

  
	
  Section 4.08.

  	
   

  	
  Limitation
  on Liens

  	
   

  	
  36

  
	
  Section 4.09.

  	
   

  	
  Future
  Guarantors

  	
   

  	
  36

  
	
  Section 4.10.

  	
   

  	
  Change
  of Control

  	
   

  	
  36

  
	
  Section 4.11.

  	
   

  	
  Provision
  of Financial Information

  	
   

  	
  37

  
	
  Section 4.12.

  	
   

  	
  Statement
  as to Compliance

  	
   

  	
  37

  
	
  Section 4.13.

  	
   

  	
  Waiver
  of Certain Covenants

  	
   

  	
  38

  
	
  Section 4.14.

  	
   

  	
  Further
  Instruments and Acts

  	
   

  	
  38

  
	
  Section 4.15.

  	
   

  	
  Payment
  for Consent

  	
   

  	
  38

  
	
  ARTICLE V

  	
   

  	
  Successor Company

  	
   

  	
  38

  
	
  Section 5.01.

  	
   

  	
  Consolidation

  	
   

  	
  38

  
	
  Section 5.02.

  	
   

  	
  Successor
  Substituted

  	
   

  	
  39

  
	
  ARTICLE VI

  	
   

  	
  Defaults and Remedies

  	
   

  	
  39

  
	
  Section 6.01.

  	
   

  	
  Events
  of Default

  	
   

  	
  39

  
	
  Section 6.02.

  	
   

  	
  Acceleration;
  Rescission and Annulment

  	
   

  	
  41

  
	
  Section 6.03.

  	
   

  	
  Other
  Remedies

  	
   

  	
  43

  
	
  Section 6.04.

  	
   

  	
  Waiver
  of Past Defaults

  	
   

  	
  43

  
	
  Section 6.05.

  	
   

  	
  Control
  by Majority

  	
   

  	
  43

  
	
  Section 6.06.

  	
   

  	
  Limitation
  on Suits

  	
   

  	
  43

  
	
  Section 6.07.

  	
   

  	
  Rights
  of Holders to Receive Payment

  	
   

  	
  44

  
	
  Section 6.08.

  	
   

  	
  Collection
  Suit by Trustee

  	
   

  	
  44

  
	
  Section 6.09.

  	
   

  	
  Trustee
  May File Proofs of Claim

  	
   

  	
  44

  
	
  Section 6.10.

  	
   

  	
  Priorities

  	
   

  	
  44

  
	
  Section 6.11.

  	
   

  	
  Undertaking
  for Costs

  	
   

  	
  45

  
	
  Section 6.12.

  	
   

  	
  Waiver
  of Stay or Extension Laws

  	
   

  	
  45

  
	
  ARTICLE VII

  	
   

  	
  Trustee

  	
   

  	
  45

  
	
  Section 7.01.

  	
   

  	
  Duties
  of Trustee

  	
   

  	
  45

  
	
  Section 7.02.

  	
   

  	
  Rights
  of Trustee

  	
   

  	
  46

  

 

ii

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.03.

  	
   

  	
  Individual
  Rights of Trustee

  	
   

  	
  47

  
	
  Section 7.04.

  	
   

  	
  Trustee’s
  Disclaimer

  	
   

  	
  47

  
	
  Section 7.05.

  	
   

  	
  Notice
  of Defaults

  	
   

  	
  47

  
	
  Section 7.06.

  	
   

  	
  Reports
  by Trustee to Holders

  	
   

  	
  47

  
	
  Section 7.07.

  	
   

  	
  Compensation
  and Indemnity

  	
   

  	
  47

  
	
  Section 7.08.

  	
   

  	
  Replacement
  of Trustee

  	
   

  	
  48

  
	
  Section 7.09.

  	
   

  	
  Successor
  Trustee by Merger

  	
   

  	
  49

  
	
  Section 7.10.

  	
   

  	
  Eligibility;
  Disqualification

  	
   

  	
  49

  
	
  Section 7.11.

  	
   

  	
  Preferential
  Collection of Claims Against Company

  	
   

  	
  50

  
	
  ARTICLE VIII

  	
   

  	
  Discharge of Indenture;
  Defeasance

  	
   

  	
  50

  
	
  Section 8.01.

  	
   

  	
  Discharge
  of Liability on Securities; Defeasance

  	
   

  	
  50

  
	
  Section 8.02.

  	
   

  	
  Conditions
  to Defeasance

  	
   

  	
  51

  
	
  Section 8.03.

  	
   

  	
  Application
  of Trust Money

  	
   

  	
  52

  
	
  Section 8.04.

  	
   

  	
  Repayment
  to Company

  	
   

  	
  52

  
	
  Section 8.05.

  	
   

  	
  Indemnity
  for Government Obligations

  	
   

  	
  53

  
	
  Section 8.06.

  	
   

  	
  Reinstatement

  	
   

  	
  53

  
	
  ARTICLE IX

  	
   

  	
  Amendments

  	
   

  	
  53

  
	
  Section 9.01.

  	
   

  	
  Without
  Consent of Holders

  	
   

  	
  53

  
	
  Section 9.02.

  	
   

  	
  With
  Consent of Holders

  	
   

  	
  54

  
	
  Section 9.03.

  	
   

  	
  Compliance
  with Trust Indenture Act

  	
   

  	
  54

  
	
  Section 9.04.

  	
   

  	
  Revocation
  and Effect of Consents and Waivers

  	
   

  	
  55

  
	
  Section 9.05.

  	
   

  	
  Notation
  on or Exchange of Securities

  	
   

  	
  55

  
	
  Section 9.06.

  	
   

  	
  Trustee
  To Sign Amendments

  	
   

  	
  55

  
	
  ARTICLE X

  	
   

  	
  Guarantee

  	
   

  	
  56

  
	
  Section 10.01.

  	
   

  	
  Subsidiary
  Guarantee

  	
   

  	
  56

  
	
  Section 10.02.

  	
   

  	
  Execution
  and Delivery of Subsidiary Guarantee for Future Guarantors

  	
   

  	
  57

  
	
  Section 10.03.

  	
   

  	
  Limitation
  on Liability; Termination, Release and Discharge

  	
   

  	
  58

  
	
  Section 10.04.

  	
   

  	
  Right
  of Contribution

  	
   

  	
  59

  
	
  Section 10.05.

  	
   

  	
  No
  Subrogation

  	
   

  	
  59

  
	
  ARTICLE XI

  	
   

  	
  Miscellaneous

  	
   

  	
  60

  

 

iii

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.01.

  	
   

  	
  Trust
  Indenture Act Controls

  	
   

  	
  60

  
	
  Section 11.02.

  	
   

  	
  Notices

  	
   

  	
  60

  
	
  Section 11.03.

  	
   

  	
  Communication
  by Holders with Other Holders

  	
   

  	
  60

  
	
  Section 11.04.

  	
   

  	
  Certificate
  and Opinion as to Conditions

  	
   

  	
  61

  
	
  Section 11.05.

  	
   

  	
  Statements
  Required in Certificate or Opinions

  	
   

  	
  61

  
	
  Section 11.06.

  	
   

  	
  When
  Securities Disregarded

  	
   

  	
  62

  
	
  Section 11.07.

  	
   

  	
  Rules by
  Trustee, Paying Agent and Registrar

  	
   

  	
  62

  
	
  Section 11.08.

  	
   

  	
  Legal
  Holidays

  	
   

  	
  62

  
	
  Section 11.09.

  	
   

  	
  Governing
  Law

  	
   

  	
  62

  
	
  Section 11.10.

  	
   

  	
  No
  Recourse Against Others

  	
   

  	
  62

  
	
  Section 11.11.

  	
   

  	
  Successors

  	
   

  	
  62

  
	
  Section 11.12.

  	
   

  	
  Separability
  Clause

  	
   

  	
  62

  
	
  Section 11.13.

  	
   

  	
  Reliance
  on Financial Data

  	
   

  	
  62

  
	
  Section 11.14.

  	
   

  	
  Multiple
  Originals

  	
   

  	
  63

  
	
  Section 11.15.

  	
   

  	
  Table of Contents; Headings

  	
   

  	
  63

  

 

	
  Annex 4.07

  	
  Agreements Regarding
  Related Party Transactions

  
	
  Exhibit A

  	
  Provisions Relating to
  Initial Securities and Exchange Securities

  
	
  Appendix I to
  Exhibit A

  	
  Form of Initial
  Security

  
	
  Exhibit B

  	
  Form of
  Certificate to Be Delivered in Connection with Transfers Pursuant to
  Regulation S

  
	
  Exhibit C

  	
  Form of
  Supplemental Indenture to Add Guarantors

  
	
  Exhibit D

  	
  Form of Subsidiary
  Guarantee

  

 

iv

 

INDENTURE
dated as of June 9, 2009, among AMC ENTERTAINMENT INC., a Delaware corporation (the “Company”),
the Guarantors party hereto from time to time and U.S. Bank National
Association, as Trustee (the “Trustee”).

 

For
and in consideration of the premises and the purchase of the Securities by the
Holders thereof, each party agrees as follows for the benefit of the other
party and for the equal and ratable benefit of the Holders of (i) the
Company’s 8.75% Senior Notes due 2019, issued on the date hereof and the
guarantees thereof by certain of the Company’s subsidiaries (the “Initial
Securities”), (ii) if and when issued, an unlimited principal amount
of additional 8.75% Senior Notes due 2019 that may be offered from time to time
in one or more series subsequent to the Issue Date as provided for in this
Indenture and the guarantees thereof by certain of the Company’s subsidiaries
(the “Additional Securities”) and (iii) if and when issued, the
Company’s 8.75% Senior Notes due 2019 and the guarantees thereof by certain of
the Company’s subsidiaries, that may be issued from time to time in exchange
for Initial Securities or for Additional Securities each in offers registered
under the Securities Act as provided in a Registration Rights Agreement (as
hereinafter defined) (the “Exchange Securities”) or if and when issued
pursuant to a private exchange of Initial Securities or Additional Securities
(the “Private Exchange Securities”, and together with the Exchange
Securities, the Initial Securities and Additional Securities, the “Securities”):

 

ARTICLE I

 

Definitions and Incorporation by Reference

 

Section 1.01.                Definitions.

 

“Acquired Indebtedness” of any particular Person means
Indebtedness of any other Person existing at the time such other Person merged
with or into or became a Subsidiary of such particular Person or assumed by
such particular Person in connection with the acquisition of assets from any
other Person, and not incurred by such other Person in connection with, or in
contemplation of, such other Person merging with or into such particular Person
or becoming a Subsidiary of such particular Person or such acquisition.

 

“Affiliate” means, with respect to any specified Person: (i) any
other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person; or (ii) any
other Person that owns, directly or indirectly, 10% or more of such Person’s
Capital Stock or any officer or director of any such Person or other Person or
with respect to any natural Person, any person having a relationship with such
Person by blood, marriage or adoption not more remote than first cousin.  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.

 

“Apollo” means Apollo Management V, L.P., a Delaware limited
partnership.

 

 

“Apollo Group” means: (i) Apollo; (ii) the Apollo
Holders; and (iii) any Affiliate of Apollo (including the Apollo Holders).

 

“Apollo Holders” means (i) Apollo Investment
Fund V, L.P. (“AIF V”), Apollo Overseas Partners V, L.P. (“AOP V”),
Apollo Netherlands Partners V (A), L.P. (“Apollo
Netherlands A”), Apollo Netherlands Partners V (B), L.P. (“Apollo
Netherlands B”), and Apollo German Partners V GmbH & Co KG (“Apollo
German Partners”) and any other partnership or entity affiliated with and
managed by Apollo or its Affiliates to which AIF V, AOP V, Apollo
Netherlands A, Apollo Netherlands B or Apollo German Partners assigns
any of their respective interests in the Company.

 

“Bain Capital
Group” means
(i) Bain Capital Holdings (Loews) I, L.P., (ii) Bain
Capital AIV (Loews) II, L.P. and (iii) any Affiliates of Bain
Capital Holdings (Loews) I, L.P. and Bain Capital AIV
(Loews) II, L.P.

 

“Bankruptcy Laws” means the bankruptcy laws of the United
States and the law of any other jurisdiction relating to bankruptcy,
insolvency, winding up, liquidation, reorganization or relief of debtors.

 

“Board of Directors” means the Board of Directors of the
Company or any committee of such Board of Directors duly authorized to act
under this Indenture.

 

“Board Resolution” means a copy of a resolution, certified by
the Secretary of the Company to have been duly adopted by the Board of
Directors and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

 

“Business Day” means any day other than a Saturday or Sunday
or other day on which banks in New York, New York, Kansas City, Missouri, or
the city in which the Corporate Trust Office is located, or, if no Security is
outstanding, the city in which the principal corporate trust office of the
Trustee is located, are authorized or required to be closed.

 

“Capital Lease Obligations” of any Person means any
obligations of such Person and its Subsidiaries on a consolidated basis under
any capital lease or financing lease of real or personal property which, in
accordance with GAAP, has been recorded as a capitalized lease obligation
(together with Indebtedness in the form of operating leases entered into by the
Company or its Subsidiaries after May 21, 1998 and required to be
reflected on a consolidated balance sheet pursuant to EITF 97-10 or any
subsequent pronouncement having similar effect).

 

“Capital Stock” of any Person means any and all shares,
interests, participations or other equivalents (however designated) of such
Person’s capital stock, including preferred stock, any rights (other than debt
securities convertible into capital stock), warrants or options to acquire such
capital stock, whether now outstanding or issued after the date of this
Indenture.

 

“Carlyle Group”
means (i) TC
Group, L.L.C., (ii) Carlyle Partners III Loews, L.P., (iii) CP II
Coinvestment, L.P. and (iv) any Affiliates of TC Group, L.L.C.,
Carlyle Partners III Loews, L.P. and CP II
Coinvestment, L.P.

 

2

 

“Cash Equivalents” means: (i) United States dollars; (ii) securities
issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality; (iii) certificates of deposit
and eurodollar time deposits with maturities of six months or less from the
date of acquisition, bankers’ acceptances with maturities not exceeding six
months and overnight bank deposits, in each case with any United States
domestic commercial bank having capital and surplus in excess of $500.0 million
and a Keefe Bank Watch Rating of “B” or better; (iv) repurchase
obligations with a term of not more than seven days for underlying securities
of the types described in clauses (ii) and (iii) above entered into
with any financial institution meeting the qualifications specified in clause (iii) above;
(v) commercial paper having one of the two highest rating categories
obtainable from Moody’s or S&P in each case maturing within six months
after the date of acquisition; (vi) readily marketable direct obligations
issued by any State of the United States of America or any political
subdivision thereof having one of the two highest rating categories obtainable
from Moody’s or S&P; and (vii) investments in money market funds which
invest at least 95% of their assets in securities of the types described in
clauses (i) through (vi) of this definition.

 

“Change of Control” means the occurrence of, after the date
of this Indenture, any of the following events: (i) any “person” or “group”
as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act other than one or more Permitted Holders is or becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except
that such person or group shall be deemed to have “beneficial ownership” of all
shares that any such person or group has the right to acquire, whether such
right is exercisable immediately or only after the passage of time), directly
or indirectly, by way of merger, consolidation or other business combination or
purchase of 50% or more of the total voting power of the Voting Stock of the
Company; (ii) the adoption of a plan relating to the liquidation or
dissolution of the Company; (iii) the sale, lease, transfer or other
conveyance, in one or a series of related transactions, of all or substantially
all of the assets of the Company and its Subsidiaries, taken as a whole, to any
Person other than one or more Permitted Holders or; (iv) a change of
control under any of the indentures relating to the Existing Notes.

 

“Co-Investors” means Weston Presidio
Capital IV, L.P., WPC Entrepreneur Fund II, L.P., SSB
Capital Partners (Master Fund) I, L.P., Caisse de Depot et Placement
du Quebec, Co-Investment Partners, L.P., CSFB Strategic Partners Holdings II, L.P.,
CSFB Strategic Partners Parallel Holdings II, L.P., CSFB Credit
Opportunities Fund (Employee), L.P., CSFB Credit Opportunities Fund
(Helios), L.P., Credit Suisse Anlagestiftung, Pearl Holding Limited,
Partners Group Private Equity Performance Holding Limited, Vega Invest (Guernsey)
Limited, Alpinvest Partners CS Investments 2003 C.V., Alpinvest Partners Later
Stage Co-Investments Custodian II B.V., Alpinvest Partners Later
Stage Co-Investments Custodian IIA B.V. and Screen Investors
2004, LLC and their respective Affiliates.

 

“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.  To the
extent necessary to comply with the requirements of the provisions of Sections
310 through 317 of the TIA as they are applicable to the Company, the term “Company”
shall include any other obligor with respect to the Securities for the purposes
of complying with such provisions.

 

3

 

“Consolidated EBITDA” means, with respect to any Person for
any period, the Consolidated Net Income (Loss) of such Person for such period
increased (to the extent deducted in determining Consolidated Net Income
(Loss)) by the sum of:

 

(i)            all income taxes of such Person and its
Subsidiaries paid or accrued in accordance with GAAP for such period (other
than income taxes attributable to extraordinary, unusual or non-recurring gains
or losses);

 

(ii)           Consolidated Interest Expense of such
Person and its Subsidiaries for such period;

 

(iii)          depreciation expense of such Person and
its Subsidiaries for such period;

 

(iv)          amortization expense of such Person and
its Subsidiaries for such period including amortization of capitalized debt
issuance costs;

 

(v)           any other non-cash charges of such Person
and its Subsidiaries for such period (including non-cash expenses recognized in
accordance with Financial Accounting Standard Number 106), all determined
on a consolidated basis in accordance with GAAP; and

 

(vi)          any fees, expenses, charges or premiums
relating to any issuance of Capital Stock or issuance, repayment, refinancing,
amendment or modification of Indebtedness (in each case, whether or not
successful), including, without limitation any fees, expenses or charges
related to the offering of the Securities;

 

provided, however,
that corporate overhead expenses payable by Holdings described in Section 4.06(b)(vi)(B),
the funds of which are provided by the Company and/or its Subsidiaries shall be
deducted in calculating the Consolidated EBITDA of the Company.

 

For purposes of this
definition, all transactions involving the acquisition of any Person or motion
picture theatre by another Person shall be accounted for on a “pooling of
interests” basis and not as a purchase; provided, further,
that, solely with respect to calculations of the Consolidated EBITDA Ratio:

 

(i)            Consolidated EBITDA shall include the
effects of incremental contributions the Company reasonably believes in good
faith could have been achieved during the relevant period as a result of a
Theatre Completion had such Theatre Completion occurred as of the beginning of
the relevant period; provided, however, that such incremental contributions were identified
and quantified in good faith in an Officers’ Certificate delivered to the
Trustee at the time of any calculation of the Consolidated EBITDA Ratio;

 

(ii)           Consolidated EBITDA shall be calculated
on a pro forma basis after giving effect to any motion picture theatre or
screen that was permanently or indefinitely closed for business, at any time on
or subsequent to the first day of such period as if such theatre or screen was
closed for the entire period; and

 

4

 

(iii)          All preopening expense and theatre
closure expense which reduced (increased) Consolidated Net Income (Loss) during
any applicable period shall be added to Consolidated EBITDA.

 

“Consolidated EBITDA Ratio” of any Person means, for any
period, the ratio of Consolidated EBITDA to Consolidated Interest Expense for
such period (other than any non-cash Consolidated Interest Expense attributable
to any amortization or write-off of deferred financing costs); provided that, in making such computation:

 

(i)            if the Company or any Subsidiary:

 

(a)           has Incurred any Indebtedness since the
beginning of such period that remains outstanding on such date of determination
or if the transaction giving rise to the need to calculate the Consolidated
EBITDA Ratio is an Incurrence of Indebtedness, Indebtedness at the end of such
period, Consolidated EBITDA and Consolidated Interest Expense for such period
will be calculated after giving effect on a pro forma basis to such
Indebtedness as if such Indebtedness had been Incurred on the first day of such
period (except that in making such computation, the amount of Indebtedness
under any revolving credit facility outstanding on the date of such calculation
will be deemed to be:

 

(1)           the average daily balance of such
Indebtedness during such four fiscal quarters or such shorter period for which
such facility was outstanding; or

 

(2)           if such facility was created after the
end of such four fiscal quarters, the average daily balance of such Indebtedness
during the period from the date of creation of such facility to the date of
such calculation); and

 

the discharge of any other Indebtedness repaid,
repurchased, defeased or otherwise discharged with the proceeds of such new
Indebtedness as if such discharge had occurred on the first day of such period;
or

 

(b)           has repaid, repurchased, defeased or
otherwise discharged any Indebtedness since the beginning of the period that is
no longer outstanding on such date of determination or if the transaction giving
rise to the need to calculate the Consolidated EBITDA Ratio involves a
discharge of Indebtedness (in each case other than Indebtedness Incurred under
any revolving credit facility unless such Indebtedness has been permanently
repaid and the related commitment terminated), Indebtedness, Consolidated
EBITDA and Consolidated Interest Expense for such period will be calculated
after giving effect on a pro forma basis to such discharge of such
Indebtedness, including with the proceeds of such new Indebtedness, as if such
discharge had occurred on the first day of such period.

 

(ii)           the Consolidated Interest Expense attributable to
interest on any Indebtedness computed on a pro forma basis and bearing a
floating interest rate shall be 

 

5

 

computed as if the rate
in effect on the date of computation had been the applicable rate for the
entire period; and

 

(iii)          with respect to any Indebtedness which bears, at the
option of such Person, a fixed or floating rate of interest, such Person shall
apply, at its option, either the fixed or floating rate.

 

“Consolidated Interest Expense” of any Person means, without
duplication, for any period, as applied to any Person: (i) the sum of (a) the
aggregate of the interest expense on Indebtedness of such Person and its
consolidated Subsidiaries for such period, on a consolidated basis, including,
without limitation: (1) amortization of debt discount; (2) the net
cost under Interest Rate Protection Agreements (including amortization of
discounts); (3) the interest portion of any deferred payment obligation;
and (4) accrued interest; plus (b) the
interest component of the Capital Lease Obligations paid, accrued and/or
scheduled to be paid or accrued by such Person and its consolidated
Subsidiaries during such period, minus (ii) the
cash interest income (exclusive of deferred financing fees) of such Person and
its consolidated Subsidiaries during such period, in each case as determined in
accordance with GAAP consistently applied.

 

“Consolidated Net Income (Loss)” of any Person means, for any
period, the consolidated net income (loss) of such Person and its consolidated
Subsidiaries for such period as determined in accordance with GAAP, adjusted,
to the extent included in calculating such net income (loss), by excluding all
extraordinary gains or losses (net of reasonable fees and expenses relating to
the transaction giving rise thereto) of such Person and its Subsidiaries.

 

“Construction Indebtedness” means Indebtedness incurred by
the Company or its Subsidiaries in connection with the construction of motion
picture theatres or screens.

 

“Corporate Trust Office” means the office of the Trustee at
which at any particular time its corporate trust business shall be principally
administered, which office at the date of execution of this Indenture is
located at 60 Livingston Avenue, St. Paul, MN 55107-1419, Attention: Raymond S.
Haverstock.

 

“Credit Agreement” means that certain Credit Agreement, dated
January 26, 2006, among the Company, as Borrower, the lenders and issuers
party thereto, Citicorp North America, Inc., as Administrative Agent,
JPMorgan Chase Bank, N.A., as Syndication Agent, and Credit Suisse Securities
(USA) LLC, Bank of America, N.A. and General Electric Capital Corporation, as
Co-Documentation Agents, and any related notes, collateral documents, letters
of credit, guarantees and other documents, and any appendices, exhibits or
schedules to any of the foregoing, as any or all of such agreements may be
amended, restated, modified or supplemented from time to time, together with
any extensions, revisions, increases, refinancings, renewals, refundings,
restructurings or replacements thereof.

 

“Credit Facilities” means one or more (i) debt
facilities or commercial paper facilities, providing for revolving credit
loans, term loans, receivables financing (including through the sale of
receivables to lenders or to special purpose entities formed to borrow from
lenders against such receivables) or letters of credit, including, without limitation,
the Credit Agreement, (ii) debt securities, indentures or other forms of
debt financing (including convertible 

 

6

 

or exchangeable debt instruments or bank guarantees or
bankers’ acceptances), or (iii) instruments or agreements evidencing any
other Indebtedness, in each case, with the same or different borrowers or
issuers and, in each case, as amended, supplemented, modified, extended,
restructured, renewed, refinanced, restated, replaced or refunded in whole or
in part from time to time.

 

“Currency Hedging Obligations” means the obligations of any
Person pursuant to an arrangement designed to protect such Person against
fluctuations in currency exchange rates.

 

“Debt Rating” means the rating assigned to the Securities by
Moody’s or S&P, as the case may be.

 

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

 

“DTC” means The Depository Trust Company, a New York
corporation, and its successors.

 

“Equity Offering” means a public or private sale for cash by
the Company or of a direct or indirect parent of the Company (the proceeds of
which have been contributed to the Company) of common stock or preferred stock
(other than Redeemable Capital Stock), or options, warrants or rights with
respect to such Person’s common stock or preferred stock (other than Redeemable
Capital Stock), other than public offerings with respect to such Person’s
common stock, preferred stock (other than Redeemable Capital Stock), or
options, warrants or rights, registered on Form S-4 or S-8.

 

“Exchange Act” means the Securities Exchange Act of 1934, as
amended.

 

“Existing Notes” means the Existing AMCE Senior Notes and the
Existing AMCE Senior Subordinated Notes.

 

“Existing AMCE Senior Notes” means the
Company’s 85/8%
Senior Notes due 2012.

 

“Existing AMCE Senior Subordinated Notes”
means the Company’s 8% Senior Subordinated Notes due 2014 and 11% Senior
Subordinated Notes due 2016.

 

“Fair Market Value” means, with respect to any asset or
property, the sale value that would be obtained in an arm’s-length transaction
between an informed and willing seller under no compulsion to sell and an
informed and willing buyer under no compulsion to buy.

 

“Generally Accepted Accounting Principles” or “GAAP” means generally accepted accounting principles in the
United States as in effect on the Issue Date, consistently applied.

 

“Government Securities” means direct obligations (or
certificates representing an ownership interest in such obligations) of, or
obligations guaranteed by, the United States of America (including any agency
or instrumentality thereof) for the payment of which the full faith 

 

7

 

and credit of the United States of America is pledged
and which are not callable or redeemable at the issuer’s option.

 

“Guarantee” means, with respect to any Person, any
obligation, contingent or otherwise, of such Person directly or indirectly
guaranteeing any Indebtedness or other obligation of any other Person and,
without limiting the generality of the foregoing, any obligation, direct or
indirect, contingent or otherwise, of such Person: (i) to purchase or pay
(or advance or supply funds for the purchase or payment of) such Indebtedness
or other obligation of such other Person (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets,
goods, securities or services, to take-or-pay, or to maintain financial
statement conditions or otherwise); or (ii) entered into for purposes of
assuring in any other manner the obligee of such Indebtedness or other
obligation of the payment thereof or to protect such obligee against loss in
respect thereof (in whole or in part); provided that
the term “Guarantee” shall not include endorsements for collection or deposit
in the ordinary course of business. The term “Guarantee” used as a verb has a
corresponding meaning.

 

“Guaranteed Indebtedness” of any Person means, without
duplication, all Indebtedness of any other Person referred to in the definition
of Indebtedness and all dividends of other Persons for the payment of which, in
either case, such Person is directly or indirectly responsible or liable as
obligor, guarantor or otherwise.

 

“Guarantor” means each Subsidiary of the Company that
provides a Subsidiary Guarantee on the Issue Date and any other Subsidiary of
the Company that provides a Subsidiary Guarantee in accordance with this
Indenture; provided that upon the release or
discharge of such Subsidiary from its Subsidiary Guarantee in accordance with
this Indenture, such Subsidiary shall cease to be a Guarantor.

 

“Guarantor Subordinated Obligation” means, with respect to a
Guarantor, any Indebtedness of such Guarantor (whether outstanding on the Issue
Date or thereafter Incurred) which is expressly subordinate in right of payment
to the obligations of such Guarantor under its Subsidiary Guarantee pursuant to
a written agreement.

 

“Hedging Obligation” of any Person means any Currency Hedging
Obligation entered into solely to protect the Company or any of its
Subsidiaries from fluctuations in currency exchange rates and not to speculate
on such fluctuations and any obligations of such Person pursuant to any
Permitted Interest Rate Protection Agreement.

 

“Holder” means the Person in whose name a Security is
registered on the Security register described in Section 2.04 as the
registered holder of any Security.

 

“Holdings” means Marquee Holdings Inc., the direct parent
company of the Company.

 

“Incur” means, with respect to any Indebtedness or other
obligation of any Person, to create, issue, incur (by merger, conversion,
exchange or otherwise), extend, assume, Guarantee or become liable in respect
of such Indebtedness or other obligation or the recording, as required pursuant
to GAAP or otherwise, of any such Indebtedness or obligation on the balance
sheet of such Person (and “Incurrence” and
“Incurred” shall have meanings
correlative 

 

8

 

to the foregoing); provided,
however, that a change in GAAP
that results in an obligation (including, without limitation, preferred stock,
temporary equity, mezzanine equity or similar classification) of such Person
that exists at such time, and is not theretofore classified as Indebtedness,
becoming Indebtedness shall not be deemed an Incurrence of such Indebtedness; provided further, however, that any Indebtedness or other
obligations of a Person existing at the time such Person becomes a Subsidiary
(whether by merger, consolidation, acquisition or otherwise) shall be deemed to
be Incurred by such Subsidiary at the time it becomes a Subsidiary; and provided further, however, that solely for purposes of
determining compliance with Section 4.05 amortization of debt discount
shall not be deemed to be the Incurrence of Indebtedness, provided that in the case of Indebtedness
sold at a discount, the amount of such Indebtedness Incurred shall at all times
be the aggregate principal amount at stated maturity.

 

“Indebtedness” means, with respect to any Person, without
duplication: (i) all indebtedness of such Person for borrowed money or for
the deferred purchase price of property or services, excluding any trade
payables and other accrued current liabilities Incurred in the ordinary course
of business, but including, without limitation, all obligations of such Person
in connection with any letters of credit and acceptances issued under letter of
credit facilities, acceptance facilities or other similar facilities, now or
hereafter outstanding; (ii) all obligations of such Person evidenced by
bonds, notes, debentures or other similar instruments; (iii) all
indebtedness created or arising under any conditional sale or other title
retention agreement with respect to property acquired by such Person (even if
the rights and remedies of the seller or lender under such agreement in the
event of default are limited to repossession or sale of such property), but
excluding trade accounts payable arising in the ordinary course of business; (iv) every
obligation of such Person issued or contracted for as payment in consideration
of the purchase by such Person or a Subsidiary of such Person of the Capital
Stock or substantially all of the assets of another Person or in consideration
for the merger or consolidation with respect to which such Person or a
Subsidiary of such Person was a party; (v) all indebtedness referred to in
clauses (i) through (iv) above of other Persons and all
dividends of other Persons, the payment of which is secured by (or for which the
holder of such indebtedness has an existing right, contingent or otherwise, to
be secured by) any Lien upon or in property (including, without limitation,
accounts and contract rights) owned by such Person, even though such Person has
not assumed or become liable for the payment of such indebtedness; (vi) all
Guaranteed Indebtedness of such Person; (vii) all obligations under
Interest Rate Protection Agreements of such Person; (viii) all Currency
Hedging Obligations of such Person; (ix) all Capital Lease Obligations of
such Person; and (x) any amendment, supplement, modification, deferral,
renewal, extension or refunding of any liability of the types referred to in
clauses (i) through (ix) above.

 

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

 

“Interest Rate Protection Agreement” means any interest rate
protection agreement, interest rate future agreement, interest rate option
agreement, interest rate swap agreement, interest rate cap agreement, interest
rate collar agreement, interest rate hedge agreement, option or future contract
or other similar agreement or arrangement designed to protect the Company or
any of its Subsidiaries against fluctuations in interest rates.

 

9

 

“Issue Date” means June 9, 2009.

 

“J.P. Morgan Partners Group” means (i) J.P. Morgan
Partners, LLC and (ii) any Affiliates of J.P. Morgan Partners, LLC.

 

“Lien” means any mortgage, lien (statutory or other), pledge,
security interest, encumbrance, claim, hypothecation, assignment for security,
deposit arrangement or preference or other security agreement of any kind or
nature whatsoever. A Person shall be deemed to own subject to a Lien any
property which it has acquired or holds subject to the interest of a vendor or
lessor under any conditional sale agreement, capital lease or other title
retention agreement relating to Indebtedness of such Person. The right of a
distributor to the return of its film held by a Person under a film licensing
agreement is not a Lien as used herein. Reservation of title under an operating
lease by the lessor and the interest of the lessee therein are not Liens as
used herein.

 

“Maturity” means, with respect to any Security, the date on
which the principal of such Security becomes due and payable as provided in
such Security or this Indenture, whether at the Stated Maturity or by
declaration of acceleration, call for redemption or otherwise.

 

“Moody’s” means Moody’s Investors Service, Inc. or any
successor to the rating agency business thereof.

 

“Net Cash Proceeds,” with respect to any issuance or sale of
Capital Stock, means the cash proceeds of such issuance or sale net of
attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees,
listing fees, discounts or commissions and brokerage, consultant and other fees
and charges actually Incurred in connection with such issuance or sale and net
of taxes paid or payable as a result of such issuance or sale (after taking
into account any available tax credit or deductions and any tax sharing
arrangements).

 

“Net Senior Indebtedness” of any Person
means, as of any date of determination (a) the aggregate amount of Senior
Indebtedness of the Company and its Subsidiaries as of such date less (b) cash
and Cash Equivalents of the Company and its Subsidiaries, in each case
determined on a consolidated basis in accordance with GAAP.

 

“Net Senior Secured Indebtedness” of any
Person means, as of any date of determination, (a) the aggregate amount of
Senior Indebtedness secured by a Lien (other than up to $125.0 million of
Capital Lease Obligations) of the Company and its Subsidiaries as of such date
less (b) cash and Cash Equivalents of the Company and its Subsidiaries, in
each case determined on a consolidated basis in accordance with GAAP.

 

“Non-Recourse Indebtedness” means Indebtedness as to which: (i) none
of the Company or any of its Subsidiaries: (a) provides credit support
(including any undertaking, agreement or instrument which would constitute
Indebtedness); or (b) is directly or indirectly liable; and (ii) no
default with respect to such Indebtedness (including any rights which the
holders thereof may have to take enforcement action against the relevant
Unrestricted Subsidiary or its assets) would permit (upon notice, lapse of time
or both) any holder of any other Indebtedness of the Company or its
Subsidiaries (other than Non-Recourse Indebtedness) to declare a default on
such other Indebtedness or cause the payment thereof to be accelerated or
payable prior to its stated maturity.

 

10

 

“Obligations” means any principal (including reimbursement
obligations and guarantees), premium, if any, interest (including interest
accruing on or after the filing of, or which would have accrued but for the
filing of, any petition in bankruptcy or for reorganization relating to the
Company whether or not a claim for post-filing interest is allowed in such
proceedings), penalties, fees, expenses, indemnifications, reimbursements,
claims for rescission, damages, gross-up payments and other liabilities payable
under the documentation governing any Indebtedness or otherwise.

 

“Officer” means the Chairman of the Board, any Co-Chairman of
the Board, President, the Chief Executive Officer, any Executive Vice
President, any Senior Vice President and the Chief Financial Officer of the
Company.

 

“Officers’ Certificate” means a certificate signed by two
Officers.  Each such certificate shall
include the statements provided for in TIA Section 314(e) to the
extent applicable.

 

“Opinion of Counsel” means a written opinion of counsel to
the Company or any other Person reasonably satisfactory to the Trustee.

 

“Permitted Holder” means: (i) any member of the Apollo
Group; (ii) any member of the J.P. Morgan Partners Group; (iii) any
member of the Bain Capital Group; (iv) any member of the Carlyle Group; (v) any
member of the Spectrum Group; (vi) any “Co-Investor;” provided that
to the extent any Co-Investor acquires securities of the Company in excess of
the amount of such securities held by such Co-Investor on the Issue Date, such
excess securities shall not be deemed to be held by a Permitted Holder; and (vii) any
Subsidiary, any employee stock purchase plan, stock option plan or other stock
incentive plan or program, retirement plan or automatic reinvestment plan or
any substantially similar plan of the Company or any Subsidiary or any Person
holding securities of the Company for or pursuant to the terms of any such
employee benefit plan; provided that
if any lender or other Person shall foreclose on or otherwise realize upon or
exercise any remedy with respect to any security interest in or Lien on any
securities of the Company held by any Person listed in this clause (vii),
then such securities shall no longer be deemed to be held by a Permitted
Holder.

 

“Permitted Indebtedness” means the following:

 

(i)            Indebtedness of the Company in respect of the Initial
Securities and the Indebtedness of the Guarantors in respect of the Subsidiary
Guarantees, in each case issued on the Issue Date, upon an exchange of such
Initial Securities for Exchange Securities or Private Exchange Securities, or
upon an exchange of such Subsidiary Guarantees for exchange Subsidiary
Guarantees issued in any registered exchange offer;

 

(ii)           Indebtedness of the Company or any Guarantor under
Credit Facilities together with the Guarantees thereunder and the issuance and
creation of letters of credit and bankers’ acceptances thereunder (with letters
of credit and bankers’ acceptances being deemed to have a principal amount
equal to the face amount thereof) in an aggregate principal amount at any one
time outstanding not to exceed $1,150.0 million;

 

11

 

(iii)          Indebtedness of the Company or any Guarantor under the
Existing Notes and the Guarantees thereof;

 

(iv)          Indebtedness of the Company or any of its Subsidiaries
outstanding on the Issue Date (other than the Existing Notes or Indebtedness
outstanding under the Credit Agreement);

 

(v)           Indebtedness of the Company or any of its Subsidiaries
consisting of Permitted Interest Rate Protection Agreements;

 

(vi)          Indebtedness of the Company or any of its Subsidiaries
to any one or the other of them;

 

(vii)         Indebtedness Incurred to renew, extend, refinance or
refund (each, a “refinancing”) the Securities, the Existing Notes or any other
Indebtedness outstanding on the Issue Date in an aggregate principal amount not
to exceed the principal amount of the Indebtedness so refinanced plus the
amount of any premium required to be paid in connection with such refinancing
pursuant to the terms of the Indebtedness so refinanced or the amount of any
premium reasonably determined by the Company as necessary to accomplish such
refinancing by means of a tender offer or privately negotiated repurchase, plus
the expenses of the Company incurred in connection with such refinancing;

 

(viii)        Indebtedness of any Subsidiary Incurred in connection
with the Guarantee of any Indebtedness of the Company or the Guarantors in
accordance with the provisions of this Indenture; provided that in the event such Indebtedness that is being
Guaranteed is a Subordinated Obligation or Guarantor Subordinated Obligation,
then the related Guarantee shall be subordinated in right of payment to the
Subsidiary Guarantee;

 

(ix)           Indebtedness relating to Currency Hedging Obligations entered
into solely to protect the Company or any of its Subsidiaries from fluctuations
in currency exchange rates and not to speculate on such fluctuations;

 

(x)            Capital Lease Obligations of the Company or any of its
Subsidiaries;

 

(xi)           Indebtedness of the Company or any of its Subsidiaries
in connection with one or more standby letters of credit or performance bonds
issued in the ordinary course of business or pursuant to self-insurance
obligations;

 

(xii)          Indebtedness represented by property, liability and
workers’ compensation insurance (which may be in the form of letters of
credit);

 

(xiii)         Acquired Indebtedness; provided that
such Indebtedness, if incurred by the Company, would be in compliance with Section 4.05;

 

(xiv)        Indebtedness of the Company or any of its Subsidiaries
to an Unrestricted Subsidiary for money borrowed; provided that
such Indebtedness is subordinated in right

 

12

 

of payment to the
Securities and the Weighted Average Life of such Indebtedness is greater than
the Weighted Average Life of the Securities;

 

(xv)                            Construction Indebtedness in an aggregate
principal amount that does not exceed $100.0 million at any time outstanding;
and

 

(xvi)                         Indebtedness of the Company or a
Subsidiary Guarantor not otherwise permitted to be Incurred pursuant to clauses
(i) through (xv) above which, together with any other Indebtedness
pursuant to this clause (xvi), has an aggregate principal amount that does not
exceed $350.0 million at any time outstanding.

 

“Permitted Interest Rate Protection Agreements” means, with
respect to any Person, Interest Rate Protection Agreements entered into in the
ordinary course of business by such Person that are designed to protect such
Person against fluctuations in interest rates with respect to Permitted
Indebtedness and that have a notional amount no greater than the payment due
with respect to Permitted Indebtedness hedged thereby.

 

“Permitted Liens” means, with respect to
any Person:

 

(i)                                     Liens on the property and assets of the
Company and the Guarantors securing Indebtedness and Guarantees permitted to be
Incurred under the Indenture (other than Subordinated Obligations and Guarantor
Subordinated Obligations) in an aggregate principal amount not to exceed the
greater of (a) the maximum principal amount of Indebtedness that, as of
the date such Indebtedness was Incurred, and after giving effect to the
Incurrence of such Indebtedness and the application of proceeds therefrom on
such date, would not cause the Senior Secured Leverage Ratio of the Company to
exceed 2.75 to 1.00 and (b) the aggregate principal amount of Indebtedness
permitted to be Incurred pursuant to clause (2) of the definition of
Permitted Indebtedness; provided that in each case the Company may elect
pursuant to an Officer’s Certificate delivered to the Trustee to treat all or
any portion of the commitment under any Indebtedness as being Incurred at such
time, in which case any subsequent Incurrence of Indebtedness under such
commitment shall not be deemed, for purposes of this clause (1), to be an
Incurrence at such subsequent time;

 

(ii)                                  pledges or deposits by such Person under
workmen’s compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts
(other than for the payment of Indebtedness) or leases to which such Person is
a party, or deposits to secure public or statutory obligations of such Person
or deposits of cash or United States government bonds to secure surety or
appeal bonds to which such Person is a party, or deposits as security for
contested taxes or import or customs duties or for the payment of rent, in each
case Incurred in the ordinary course of business;

 

(iii)                               Liens imposed by law, including carriers’,
warehousemen’s and mechanics’ Liens and other similar Liens, on the property of
the Company or any Subsidiary, in each case arising in the ordinary course of
business and securing payment of obligations that are not more than 60 days
past due, or are being contested in good 

 

13

 

faith by
appropriate proceedings if a reserve or other appropriate provisions, if any,
as shall be required by GAAP shall have been made in respect thereof;

 

(iv)                              Liens for taxes, assessments or other
governmental charges not yet subject to penalties for non-payment or which are
being contested in good faith by appropriate proceedings provided appropriate
reserves required pursuant to GAAP have been made in respect thereof;

 

(v)                                 Liens in favor of issuers of surety or
performance bonds or letters of credit or bankers’ acceptances issued pursuant
to the request of and for the account of such Person in the ordinary course of
its business; provided, however,
that such letters of credit do not constitute Indebtedness;

 

(vi)                              encumbrances, ground leases, easements or
reservations of, or rights of others for, licenses, rights of way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or
zoning, building codes or other restrictions (including, without limitation,
minor defects or irregularities in title and similar encumbrances) as to the
use of real properties or liens incidental to the conduct of the business of
such Person or to the ownership of its properties which do not in the aggregate
materially adversely affect the value of said properties or materially impair
their use in the operation of the business of such Person;

 

(vii)                           Liens securing Hedging Obligations so
long as the related Indebtedness is, and is permitted to be under the
Indenture, secured by a Lien on the same property securing such Hedging
Obligation;

 

(viii)                        leases, licenses, subleases and
sublicenses of assets (including, without limitation, real property and
intellectual property rights) which do not materially interfere with the
ordinary conduct of the business of the Company or any of its Subsidiaries;

 

(ix)                                judgment Liens not giving rise to an
Event of Default so long as such Lien is adequately bonded and any appropriate
legal proceedings which may have been duly initiated for the review of such
judgment have not been finally terminated or the period within which such
proceedings may be initiated has not expired;

 

(x)                                   Liens for the purpose of securing the
payment of all or a part of the purchase price of, or Capital Lease
Obligations, purchase money obligations or other payments Incurred to finance
the acquisition, improvement or construction of, assets or property acquired or
constructed in the ordinary course of business provided that:

 

(a)                               the aggregate principal amount of
Indebtedness secured by such Liens does not exceed the cost of the assets or
property so acquired or constructed and such Indebtedness does not exceed $85.0
million in the aggregate at any one time outstanding and does not exceed the
cost of assets or property so acquired or constructed (provided, however, that
financing lease obligations reflected on a consolidated balance sheet pursuant
to EITF 97-10 or any subsequent pronouncement having similar effect shall not
be subject to this clause (x)(a)); and

 

14

 

(b)                                 such Liens are created within 180 days of
construction or acquisition of such assets or property and do not encumber any
other assets or property of the Company or any Subsidiary other than such
assets or property and assets affixed or appurtenant thereto;

 

(xi)                                Liens arising solely by virtue of any
statutory or common law provisions relating to banker’s Liens, rights of
set-off or similar rights and remedies as to deposit accounts or other funds
maintained with a depositary institution;

 

(xii)                             Liens arising from Uniform Commercial
Code financing statement filings regarding operating leases entered into by the
Company and its Subsidiaries in the ordinary course of business;

 

(xiii)                          Liens existing on the Issue Date
(excluding Liens relating to obligations under the Credit Facilities and Liens
of the kind referred to in clause (x) above);

 

(xiv)                         Liens on property or shares of stock of a
Person at the time such Person becomes a Subsidiary; provided, however, that
such Liens are not created, Incurred or assumed in connection with, or in
contemplation of, such other Person becoming a Subsidiary; provided
further, however, that
any such Lien may not extend to any other property owned by the Company or any
Subsidiary;

 

(xv)                            Liens on property at the time the Company
or a Subsidiary acquired the property, including any acquisition by means of a
merger or consolidation with or into the Company or any Subsidiary; provided,
however, that such Liens are not created, Incurred or assumed in connection
with, or in contemplation of, such acquisition; provided further, however, that
such Liens may not extend to any other property owned by the Company or any
Subsidiary;

 

(xvi)                         Liens securing Indebtedness or other
obligations of a Subsidiary owing to the Company or another Subsidiary;

 

(xvii)                      Liens securing the Securities and the
Subsidiary Guarantees;

 

(xviii)                   Liens securing Indebtedness Incurred to
refinance Indebtedness that was previously so secured (other than Liens
Incurred pursuant to clauses (i), (xxi) or (xxii)), provided that any such Lien
is limited to all or part of the same property or assets (plus improvements,
accessions, proceeds or dividends or distributions in respect thereof) that
secured (or, under the written arrangements under which the original Lien
arose, could secure) the Indebtedness being refinanced;

 

(xix)                           any interest or title of a lessor under
any Capital Lease Obligation or operating lease;

 

(xx)                              Liens securing Construction Indebtedness
not to exceed $100.0 million;

 

(xxi)                           Liens securing letters of credit in an
amount not to exceed $25.0 million in the aggregate at any one time; and

 

15

 

(xxii)                        other Liens securing Indebtedness in an
amount not to exceed $50.0 million in the aggregate at any one time.

 

“Permitted Senior Indebtedness” means the following:

 

(i)                                     Senior Indebtedness of the Company under
the Credit Facilities in an aggregate principal amount at any one time
outstanding not to exceed $1,150.0 million and any related Guarantees by the
Guarantors;

 

(ii)                                  Indebtedness of the Company or any of its
Subsidiaries consisting of Permitted Interest Rate Protection Agreements;

 

(iii)                               Indebtedness incurred to renew, extend,
refinance or refund (each, a “refinancing”)
any Senior Indebtedness outstanding on the Issue Date, including the Initial
Securities, in an aggregate principal amount not to exceed the principal amount
of the Indebtedness so refinanced plus the amount of any premium required to be
paid in connection with such refinancing pursuant to the terms of the
Indebtedness so refinanced or the amount of any premium reasonably determined
by the Company as necessary to accomplish such refinancing by means of a tender
offer or privately negotiated repurchase, plus the
expenses of the Company incurred in connection with such refinancing;

 

(iv)                              Indebtedness of any Subsidiary incurred
in connection with the Guarantee of any Indebtedness of the Company or
Guarantors in accordance with the provisions of this Indenture;

 

(v)                                 Indebtedness relating to Currency Hedging
Obligations entered into solely to protect the Company or any of its
Subsidiaries from fluctuations in currency exchange rates and not to speculate
on such fluctuations;

 

(vi)                              Capital Lease Obligations of the Company
or any of its Subsidiaries;

 

(vii)                           Indebtedness of the Company or any of its
Subsidiaries in connection with one or more standby letters of credit or
performance bonds issued in the ordinary course of business or pursuant to
self-insurance obligations;

 

(viii)                        Indebtedness represented by property,
liability and workers’ compensation insurance (which may be in the form of
letters of credit);

 

(ix)                                Construction Indebtedness in an aggregate
principal amount that does not exceed $100.0 million at any time outstanding;

 

(x)                                   Letters of credit in an amount not to
exceed $25.0 million in the aggregate at any one time; and

 

(xi)                                Indebtedness of the Company or a
Subsidiary Guarantor not otherwise permitted to be Incurred pursuant to clauses
(i) through (x) above which, together with 

 

16

 

any other
Indebtedness Incurred pursuant to this clause (xi), has an aggregate principal
amount that does not exceed $350.0 million at any time outstanding.

 

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

 

“Preferred Stock” as applied to the Capital Stock of any
corporation, means Capital Stock of any class or classes (however designated)
which is preferred as to the payment of dividends, or as to the distribution of
assets upon any voluntary or involuntary liquidation or dissolution of such
corporation, over shares of Capital Stock of any other class of such
corporation.

 

“Redeemable Capital Stock” means any Capital Stock that,
either by its terms, by the terms of any security into which it is convertible
or exchangeable or otherwise, is or upon the happening of an event or passage
of time would be required to be redeemed prior to the final Stated Maturity of
the Securities or is mandatorily redeemable at the option of the holder thereof
at any time prior to such final Stated Maturity (except for any such Capital
Stock that would be required to be redeemed or is redeemable at the option of
the holder if the issuer thereof may redeem such Capital Stock for
consideration consisting solely of Capital Stock that is not Redeemable Capital
Stock), or is convertible into or exchangeable for debt securities at any time
prior to such final Stated Maturity at the option of the holder thereof.

 

“Registration
Rights Agreement” means the registration rights agreement among the
Company, the Guarantors, Credit Suisse Securities (USA) LLC, Citigroup Global
Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc.
entered into on the Issue Date regarding the Initial Securities and any similar
registration rights agreements executed in connection with an offering of any
additional Securities.

 

“Restricted Payments” has the meaning set forth in Section 4.06.

 

“Restricted Payments Computation Period” means the period
(taken as one accounting period) from the beginning of the first fiscal quarter
commencing after April 2, 2009 to the last day of the Company’s fiscal
quarter preceding the date of the applicable proposed Restricted Payment.

 

“S&P” means Standard & Poor’s Ratings Service or
any successor to the rating agency business thereof.

 

“SEC” means the Securities and Exchange Commission.

 

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

 

“Senior Indebtedness” means, whether outstanding on the Issue
Date or thereafter issued, created, Incurred or assumed, all amounts payable by
the Company and its Subsidiaries under or in respect of Indebtedness of the
Company and its Subsidiaries, including the Securities, and premiums and
accrued and unpaid interest (including interest accruing on or after the filing
of any petition in bankruptcy or for reorganization relating to the Company or
any of its 

 

17

 

Subsidiaries at the rate specified in the
documentation with respect thereto whether or not a claim for post filing
interest is allowed in such proceeding) and fees relating to the Securities; provided, however, that
Senior Indebtedness will not include:

 

(i)                                     any obligation of the Company to any Subsidiary
or any obligation of a Subsidiary to the Company or another Subsidiary;

 

(ii)                                  any liability for Federal, state,
foreign, local or other taxes owed or owing by the Company or any of its
Subsidiaries;

 

(iii)                               any accounts payable or other liability
to trade creditors arising in the ordinary course of business (including
Guarantees thereof or instruments evidencing such liabilities);

 

(iv)                              any Indebtedness, Guarantee or obligation
of the Company or any of its Subsidiaries that is expressly subordinate or
junior in right of payment to any other Indebtedness, Guarantee or obligation
of the Company or any of its Subsidiaries, as the case may be, including,
without limitation, any Subordinated Obligations or Guarantor Subordinated
Obligations;

 

(v)                                 any Capital Stock; or

 

(vi)                              the Existing Notes.

 

“Senior Leverage Ratio,” as of any date of
determination, means the ratio of:

 

(i)                                     the sum of the aggregate outstanding Net
Senior Indebtedness of the Company and its Subsidiaries as of the date of
calculation less cash and Cash Equivalents of the Company and its Subsidiaries
as of the date of calculation, in each case on a consolidated basis in
accordance with GAAP to

 

(ii)                                  Consolidated EBITDA of the Company and
its Subsidiaries for the four full fiscal quarters for which internal financial
statements are available immediately preceding the date of such determination; provided, however, that
if the Company or any Subsidiary:

 

(a)                                  has Incurred any Indebtedness since the
beginning of such period that remains outstanding on such date of determination
or if the transaction giving rise to the need to calculate the Senior Leverage
Ratio is an Incurrence of Indebtedness, Indebtedness at the end of such period,
Consolidated EBITDA and Consolidated Interest Expense for such period will be
calculated after giving effect on a pro forma basis to such Indebtedness as if
such Indebtedness had been Incurred on the first day of such period (except
that in making such computation, the amount of Indebtedness under any revolving
credit facility outstanding on the date of such calculation will be deemed to
be:

 

18

 

(i)                                     the average daily balance of such
Indebtedness during such four fiscal quarters or such shorter period for which
such facility was outstanding; or

 

(ii)                                  if such facility was created after the
end of such four fiscal quarters, the average daily balance of such
Indebtedness during the period from the date of creation of such facility to
the date of such calculation);

 

and the discharge of any
other Indebtedness repaid, repurchased, defeased or otherwise discharged with
the proceeds of such new Indebtedness as if such discharge had occurred on the
first day of such period; or

 

(b)                                 has repaid, repurchased, defeased or
otherwise discharged any Indebtedness since the beginning of the period that is
no longer outstanding on such date of determination or if the transaction
giving rise to the need to calculate the Senior Leverage Ratio involves a
discharge of Indebtedness (in each case other than Indebtedness Incurred under
any revolving credit facility unless such Indebtedness has been permanently
repaid and the related commitment terminated), Indebtedness, Consolidated
EBITDA and Consolidated Interest Expense for such period will be calculated
after giving effect on a pro forma basis to such discharge of such
Indebtedness, including with the proceeds of such new Indebtedness, as if such
discharge had occurred on the first day of such period.

 

“Senior Secured
Leverage Ratio” of any Person means, for any period, the ratio of (a) Net
Senior Secured Indebtedness of such Person and its Subsidiaries as of the date
of determination to (b) Consolidated EBITDA of such Person for the four
fiscal quarters for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness is
Incurred; provided, however, that
if the Company or any Subsidiary:

 

(i)                                     has Incurred any Indebtedness since the
beginning of such period that remains outstanding on such date of determination
or if the transaction giving rise to the need to calculate the Senior Secured
Leverage Ratio is an Incurrence of Indebtedness, Indebtedness at the end of
such period, Consolidated EBITDA and Consolidated Interest Expense for such
period will be calculated after giving effect on a pro forma basis to such
Indebtedness as if such Indebtedness had been Incurred on the first day of such
period (except that in making such computation, the amount of Indebtedness
under any revolving credit facility outstanding on the date of such calculation
will be deemed to be:

 

(a)                                  the average daily balance of such
Indebtedness during such four fiscal quarters or such shorter period for which
such facility was outstanding; or

 

(b)                                 if such facility was created after the
end of such four fiscal quarters, the average daily balance of such
Indebtedness during the period from the date of creation of such facility to
the date of such calculation);

 

and the discharge of any
other Indebtedness repaid, repurchased, defeased or otherwise discharged with
the proceeds of such new Indebtedness as if such discharge had occurred on the
first day of such period; or

 

19

 

(ii)                                  has repaid, repurchased, defeased or
otherwise discharged any Indebtedness since the beginning of the period that is
no longer outstanding on such date of determination or if the transaction
giving rise to the need to calculate the Senior Secured Leverage Ratio involves
a discharge of Indebtedness (in each case other than Indebtedness Incurred
under any revolving credit facility unless such Indebtedness has been
permanently repaid and the related commitment terminated), Indebtedness,
Consolidated EBITDA and Consolidated Interest Expense for such period will be calculated
after giving effect on a pro forma basis to such discharge of such
Indebtedness, including with the proceeds of such new Indebtedness, as if such discharge had occurred on the first day
of such period.

 

“Significant Subsidiary” means any Subsidiary that would be a
“Significant Subsidiary” of the Company within the meaning of Rule 1-02
under Regulation S-X promulgated by the SEC.

 

“Special Interest” means the additional interest, if any, to
be paid on the Initial Securities or any Additional Securities pursuant to any
Registration Rights Agreement as described in Exhibit A.

 

“Spectrum Group”
means (i) Spectrum
Equity Investors IV, L.P., (ii) Spectrum Equity Investors Parallel IV,
L.P., (iii) Spectrum IV Investment Managers’ Fund, L.P. and (iv) any
Affiliates of Spectrum Equity Investors IV, L.P., Spectrum Equity Investors
Parallel IV, L.P. and Spectrum IV Investment Managers’ Fund, L.P.

 

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

 

“Subordinated Obligation” means any Indebtedness of the
Company (whether outstanding on the Issue Date or thereafter Incurred) which is
subordinate or junior in right of payment to the Securities pursuant to a
written agreement.

 

“Subsidiary” of any person means: (i) any corporation of
which more than 50% of the outstanding shares of Capital Stock having ordinary
voting power for the election of directors is owned directly or indirectly by
such Person; and (ii) any partnership, limited liability company,
association, joint venture or other entity in which such Person, directly or
indirectly, has more than a 50% equity interest, and, except as otherwise
indicated herein, references to Subsidiaries shall refer to Subsidiaries of the
Company.  Notwithstanding the foregoing,
for purposes hereof, an Unrestricted Subsidiary shall not be deemed a
Subsidiary of the Company other than for purposes of the definition of “Unrestricted
Subsidiary” unless the Company shall have designated in writing to the Trustee
an Unrestricted Subsidiary as a Subsidiary. 
A designation of an Unrestricted Subsidiary as a Subsidiary may not
thereafter be rescinded.

 

“Subsidiary Guarantee” means, individually, any Guarantee of
payment of the Securities and Exchange Securities issued in a registered
exchange offer for the Initial Securities pursuant to the Registration Rights
Agreement and this Indenture by a Guarantor and any supplemental indenture
applicable thereto (including pursuant to Exhibit C), and,
collectively, all 

 

20

 

such Guarantees. 
Each such Subsidiary Guarantee will be substantially in the form prescribed
in this Indenture.

 

“Surviving Entity” has the meaning set forth in Section 5.01.

 

“Theatre Completion” means any motion picture theatre or
screen which was first opened for business by the Company or a Subsidiary
during any applicable period.

 

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

 

“Trust Officer” means any officer within the [Corporate Trust
Administration] department of the Trustee (or any successor group 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 to whom such matter is referred because of his knowledge of and
familiarity with the particular subject.

 

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

 

“U.S. Dollars,” “United States Dollars,”
“US$” and the symbol “$” each mean currency of the United States of America.

 

“Uniform Commercial Code” means the New York Uniform
Commercial Code as in effect from time to time.

 

“Unrestricted Subsidiary” means a Subsidiary of the Company
designated in writing to the Trustee: (i) whose properties and assets, to
the extent they secure Indebtedness, secure only Non-Recourse Indebtedness; (ii) that
has no Indebtedness other than Non-Recourse Indebtedness; and (iii) that
has no Subsidiaries.

 

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

 

“Weighted Average Life” means, as of any date, with respect
to any debt security, the quotient obtained by dividing (i) the sum of the
products of the number of years from such date to the dates of each successive
scheduled principal payment (including any sinking fund payment requirements)
of such debt security multiplied by the amount of such principal payment, by (ii) the
sum of all such principal payments.

 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of
such Person, all of the Capital Stock (other than directors’ qualifying shares)
or other ownership interests of 

 

21

 

which shall at the time be owned by such Person or by
one or more Wholly Owned Subsidiaries of such Person or by such Person and one
or more Wholly Owned Subsidiaries of such Person.

 

Section 1.02.                                                 Other Definitions.

 

	
  Term

  	
   

  	
  Defined in Section

  
	
   

  	
   

  	
   

  
	
  “Additional Securities”

  	
   

  	
  Exhibit A

  
	
  “Bankruptcy Order”

  	
   

  	
  6.01

  
	
  “Change of Control
  Offer”

  	
   

  	
  4.10

  
	
  “Change of Control
  Payment Date”

  	
   

  	
  4.10

  
	
  “Change of Control
  Purchase Price”

  	
   

  	
  4.10

  
	
  “covenant defeasance
  option”

  	
   

  	
  8.01

  
	
  “Custodian”

  	
   

  	
  6.01

  
	
  “Event of Default”

  	
   

  	
  6.01

  
	
  “Exchange Securities”

  	
   

  	
  Exhibit A

  
	
  “Global Security”

  	
   

  	
  Exhibit A

  
	
  “Guarantor Obligations”

  	
   

  	
  10.01

  
	
  “legal defeasance
  option”

  	
   

  	
  8.01

  
	
  “Legal Holiday”

  	
   

  	
  11.08

  
	
  “OID”

  	
   

  	
  2.01

  
	
  “Paying Agent”

  	
   

  	
  2.04

  
	
  “Private Exchange
  Securities”

  	
   

  	
  Exhibit A

  
	
  “QIB”

  	
   

  	
  Exhibit A

  
	
  “Registered Exchange
  Offer”

  	
   

  	
  Exhibit A

  
	
  “Registrar”

  	
   

  	
  2.04

  
	
  “Restricted Payments”

  	
   

  	
  4.06

  
	
  “Securities Custodian”

  	
   

  	
  Exhibit A

  
	
  “Shelf Registration
  Statement”

  	
   

  	
  Exhibit A

  
	
  “Special Interest
  Payment Date”

  	
   

  	
  2.11

  
	
  “Special Record Date”

  	
   

  	
  2.11

  
	
  “Surviving Entity”

  	
   

  	
  5.01

  

 

Section 1.03.                                                 Incorporation by Reference
of Trust Indenture Act.  Prior to the
effectiveness of the registration statement relating to the Registered Exchange
Offer or the Shelf Registration Statement, this Indenture shall incorporate and
be governed by the provisions of the TIA. 
After the effectiveness of either the registration statement relating to
the Registered Exchange Offer or the Shelf Registration Statement, this
Indenture shall be subject to the provisions of the TIA that are required to be
a part of this Indenture and shall, to the extent applicable, be governed by
such provisions.  The following TIA terms
have the following meanings:

 

“Commission”
means the SEC.

 

“Indenture
securities” means the Securities.

 

“indenture
Security Holder” means a Holder.

 

22

 

“indenture
to be Qualified” means this Indenture.

 

“Indenture
Trustee” or “institutional Trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Company and any other obligor on the
indenture securities.

 

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

 

Section 1.04.                                                 Rules of Construction. 
Unless the context otherwise requires:

 

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

 

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

 

(c)                                  “or” is not exclusive;

 

(d)                                 “including” means including without
limitation;

 

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

 

(f)                                    unsecured Indebtedness shall not be
deemed to be subordinate or junior to secured Indebtedness merely by virtue of
its nature as unsecured Indebtedness; and

 

(g)                                 the principal amount of any non-interest
bearing or other discount security at any date shall be the principal amount
thereof that would be shown on a balance sheet of the issuer dated such date
prepared in accordance with GAAP.

 

ARTICLE II

The Securities

 

Section 2.01.                                                 Amount of Securities; Issuable
in Series.  As provided for in Exhibit A
hereto, the aggregate principal amount of the Securities which may be
authenticated and delivered under this Indenture is unlimited.  All Securities shall be substantially
identical in all respects other than issue prices, issuance dates and
denominations.  The Securities may be
issued in one or more series; provided, however, that any Securities issued with original issue
discount (“OID”) for Federal income tax purposes shall not be issued as
part of the same series as any Securities that are issued with a different
amount of OID or are not issued with OID.

 

Subject
to Section 2.03, the Trustee shall authenticate Initial Securities for
original issue on the Issue Date in the aggregate principal amount of $600,000,000.  With respect to any Securities issued after
the Issue Date (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, Initial
Securities pursuant to 

 

23

 

Section 2.07, 2.09 or 3.06 or Exhibit A),
there shall be established in or pursuant to a resolution of the Board of
Directors, and subject to Section 2.03, set forth, or determined in the
manner provided in an Officers’ Certificate, or established in one or more
indentures supplemental hereto, prior to the issuance of such Securities:

 

(a)                                  whether such Securities shall be issued
as part of a new or existing series of Securities and the title of such
Securities (which shall distinguish the Securities of the series from
Securities of any other series);

 

(b)                                 the aggregate principal amount of such
Securities that may be authenticated and delivered under this Indenture (which
shall be calculated without reference to any Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Securities of the same series pursuant to Section 2.07, 2.09 or 3.06
or Exhibit A or any Securities which, pursuant to Section 2.03,
are deemed never to have been authenticated and delivered hereunder);

 

(c)                                  the issue price and issuance date of such
Securities, including the date from which interest on such Securities shall
accrue;

 

(d)                                 if applicable, that such Securities shall
be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective depositories for such Global Securities, the
form of any legend or legends that shall be borne by any such Global Security
in addition to or in lieu of that set forth in Appendix I to Exhibit A
and any circumstances in addition to or in lieu of those set forth in Section 2.3
of Exhibit A in which any such Global Security may be exchanged in
whole or in part for Securities registered, and any transfer of such Global
Security in whole or in part may be registered, in the name or names of Persons
other than the depository for such Global Security or a nominee thereof; and

 

(e)                                  if applicable, that such Securities shall
not be issued in the form of Initial Securities or Additional Securities, but
shall be issued in the form of Private Exchange Securities or Exchange
Securities.

 

If any
of the terms of any series are established by action taken pursuant to a
resolution of the Board of Directors, a copy of an appropriate record of such
action shall be certified by the Secretary or any Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the
Officers’ Certificate or the trust indenture supplemental hereto setting forth
the terms of the series.

 

Section 2.02.                                                 Form and Dating. 
Provisions relating to the Securities are set forth in Exhibit A,
which is hereby incorporated in and expressly made part of this Indenture.   The Securities of each series and the
Trustee’s certificate of authentication shall be substantially in the form of Appendix
I to Exhibit A which is hereby incorporated in and expressly made a
part of this Indenture. Without limiting the generality of the foregoing,
Securities offered and sold to QIBs in reliance on Rule 144A shall include
the form of assignment set forth in Appendix I to Exhibit A and
Securities offered and sold in offshore transactions in reliance on Regulation
S (other than Initial Securities offered on the Issue Date) shall include the
form of certificate set forth in Exhibit B.  The Securities of each series may have
notations, legends or endorsements 

 

24

 

required by law, stock exchange rule, agreements to
which the Company is subject, if any, or usage; provided that
any such notation, legend or endorsement is in a form reasonably acceptable to
the Company.  Each Security shall be
dated the date of its authentication. 
The terms of the Securities of each series set forth in Appendix I to
Exhibit A are part of the terms of this Indenture.

 

Section 2.03.                                                 Execution and
Authentication.  Two Officers (or one Officer and the Vice
President and Secretary of the Company) shall sign the Securities for the
Company by manual or facsimile signature.

 

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

 

At any
time and from time to time after the execution and delivery of this Indenture,
the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a written order of the Company in the
form of an Officers’ Certificate for the authentication and delivery of such
Securities, and the Trustee in accordance with such written order of the
Company shall authenticate and deliver such Securities.

 

A
Security shall not be valid until an authorized signatory of the Trustee
manually signs the certificate of authentication on the Security.  The signature shall be conclusive evidence
that the Security has been authenticated under this Indenture.

 

The
Trustee may appoint an authenticating agent reasonably acceptable to the
Company to authenticate the Securities. 
Unless limited by the terms of such appointment, an authenticating agent
may authenticate Securities whenever the Trustee may do so.  Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights
as any Registrar, Paying Agent or agent for service of notices and demands.

 

The
Trustee shall not be required to authenticate such Securities if the issue
thereof will adversely affect the Trustee’s own rights, duties, indemnities or
immunities under the Securities and this Indenture.

 

Section 2.04.                                                 Registrar and Paying Agent. 
The Company shall maintain an office or agency where Securities may be
presented for registration of transfer or for exchange (the “Registrar”)
and an office or agency where Securities may be presented for payment (the “Paying
Agent”).  The Registrar shall keep a
register of the Securities and of their transfer and exchange.  The Company may have one or more
co-registrars and one or more additional paying agents.  The term “Paying Agent” includes any
additional paying agent and “Registrar” includes any co-registrar.

 

The
Company shall enter into an appropriate agency agreement with any Registrar or
Paying Agent not a party to this Indenture, which shall incorporate the terms
of the TIA.  The agreement shall
implement the provisions of this Indenture that relate to such agent.  The Company shall notify the Trustee of the
name and address of any such agent.  If
the Company fails to maintain a Registrar or Paying Agent, the Trustee shall
act as such and shall be 

 

25

 

entitled to appropriate compensation therefor pursuant
to Section 7.07.  The Company or any
of its domestic Wholly Owned Subsidiaries may act as Paying Agent, Registrar or
transfer agent.

 

The
Company initially appoints the Trustee as Registrar and Paying Agent in
connection with the Securities.

 

Section 2.05.                                                 Paying Agent To Hold Money
in Trust.  Prior to each due date of the principal and
interest on any Security, the Company shall deposit with the Paying Agent a sum
sufficient to pay such principal and interest so becoming due.  The Company shall require each Paying Agent
(other than the Trustee) to agree in writing that the Paying Agent shall hold
in trust for the benefit of Holders or the Trustee all money held by the Paying
Agent for the payment of principal of or interest on the Securities and shall
notify the Trustee of any default by the Company or any Guarantor in making any
such payment.  If the Company or a
domestic Wholly Owned Subsidiary acts as Paying Agent, it shall segregate the
money held by it as Paying Agent and hold it as a separate trust fund.  The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee and to account for any funds
disbursed by the Paying Agent.  Upon complying
with this Section, the Paying Agent (if other than the Company or a domestic
Wholly Owned Subsidiary) shall have no further liability for the money
delivered to the Trustee.

 

Section 2.06.                                                 Holder Lists. 
The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
Holders and shall otherwise comply with TIA Section 312(a).  If the Trustee is not the Registrar, the
Company on its own behalf and on the behalf of each of the Guarantors shall
furnish to the Trustee, in writing at least five Business Days before each
interest payment date and at such other times as the Trustee may request in
writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of Holders and the Company and the
Guarantors shall otherwise comply with TIA Section 312(a).

 

Section 2.07.                                                 Replacement Securities. 
If a mutilated security is surrendered to the Registrar or if the Holder
of a Security claims that such Security has been lost, destroyed or wrongfully
taken, the Company shall issue and the Trustee shall authenticate a replacement
Security if the requirements of Section 8-405 of the Uniform Commercial
Code are met and the Holder satisfies any other reasonable requirements of the
Trustee.  If required by the Trustee or
the Company, such Holder shall furnish an indemnity bond sufficient in the
judgment of the Company and the Trustee to protect the Company, the Trustee,
the Paying Agent, the Registrar and any co-registrar from any loss which any of
them may suffer if a Security is replaced. 
The Company and the Trustee may charge the Holder for their expenses in
replacing a Security.

 

Every
replacement Security is an additional obligation of Company.

 

Section 2.08.                                                 Outstanding Securities. 
Securities outstanding at any time are all Securities authenticated by
the Trustee except for those canceled by it, those delivered to it for
cancellation and those described in this Section as not outstanding.  A Security does not cease to be outstanding
because the Company or an Affiliate of the Company holds the Security.

 

26

 

If a
Security is replaced pursuant to Section 2.07, it ceases to be outstanding
unless the Trustee and the Company receive proof satisfactory to them that the
replaced Security is held by a protected purchaser.

 

If the
Paying Agent segregates and holds in trust, in accordance with this Indenture,
on a redemption date or maturity date money sufficient to pay all principal and
interest payable on that date with respect to the Securities (or portions
thereof) to be redeemed or maturing, as the case may be, and the Paying Agent
is not prohibited from paying such money to the Holders on that date pursuant
to the terms of this Indenture, then on and after that date such Securities (or
portions thereof) cease to be outstanding and interest, on them ceases to
accrue.

 

Section 2.09.                                                 Temporary Securities. 
Until definitive Securities are ready for delivery, the Company may
prepare and the Trustee shall authenticate temporary Securities.  Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Company
considers appropriate for temporary Securities. 
Without unreasonable delay, the Company shall prepare and the Trustee
shall authenticate definitive Securities and deliver them in exchange for
temporary Securities.  After the
preparation of definitive Securities, the temporary Securities shall be
exchangeable for definitive Securities upon surrender of the temporary
Securities at any office or agency maintained by the Company far that purpose
and such exchange shall be 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 make available for delivery in exchange therefor, one or more
definitive Securities representing an equal principal amount of
Securities.  Until so exchanged, the
Holder of temporary Securities shall in all respects be entitled to the same
benefits under this Indenture as a Holder of definitive Securities.

 

Section 2.10.                                                 Cancellation. 
The Company at any time may deliver Securities to the Trustee for
cancellation.  The Registrar and the
Paying Agent shall forward to the Trustee any Securities surrendered to them
for registration of transfer, exchange or payment.  The Trustee and no one else shall cancel
(subject to the record retention requirements of the Exchange Act) all Securities
surrendered for registration of transfer, exchange, payment or cancellation and
deliver cancelled Securities to the Company upon a written direction of the
Company.  Except as expressly permitted
herein, the Company may not issue new Securities to replace Securities it has
redeemed, paid or delivered to the Trustee for cancellation.

 

If the
Company or any Guarantor acquires any of the Securities, such acquisition shall
not operate as a redemption or satisfaction of the Indebtedness represented by
such Securities unless and until the same are surrendered to the Trustee for
cancellation pursuant to this Section 2.10.  The Company may not issue new Securities to
replace Securities it has paid or delivered to the Trustee for cancellation for
any reason other than in connection with a registration of transfer or exchange
of such Securities.

 

At
such time as all beneficial interests in a Global Security have either been
exchanged for definitive Securities, transferred, redeemed, repurchased or
canceled, such Global Security shall be returned by DTC to the Trustee for
cancellation or retained and canceled by the Trustee.  At any time prior to such cancellation, if
any beneficial interest in a Global Security is exchanged for definitive
Securities, transferred in exchange for an interest in another Global 

 

27

 

Security, redeemed, repurchased or canceled, the
principal amount of Securities represented by such Global Security shall be
reduced and an adjustment shall be made on the books and records of the Trustee
(if it is then the Securities Custodian for such Global Security) with respect
to such Global Security, by the Trustee or the Securities Custodian, to reflect
such reduction.

 

Section 2.11.                                                 Defaulted Interest. 
If the Company defaults in a payment of interest on the Securities, the
Company shall pay the defaulted interest (plus interest on such defaulted
interest at the rate borne by the Securities to the extent lawful) in any
lawful manner.  The Company shall notify
the Trustee in writing of the amount of defaulted interest proposed to be paid
on each Security and the date (not less than 30 days after such notice) of the
proposed payment (the “Special Interest Payment Date”), and at the same
time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such defaulted interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such defaulted interest as in this
clause provided.  Thereupon the Trustee
shall fix a record date (the “Special Record Date”) for the payment of
such defaulted interest, which date shall be not more than 15 days and not less
than 10 days prior to the Special Interest Payment Date and not less than 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 and Special Interest Payment
Date therefor to be given in the manner provided for in Section 11.02, not
less than 10 days prior to such Special Record Date.  Notice of the proposed payment of such
defaulted interest and the Special Record Date and Special Interest Payment
Date therefor having been so given, such defaulted interest shall be paid on
the Special Interest Payment Date to the Persons in whose names the Securities
(or their respective predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable.

 

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

 

Subject
to the foregoing provisions of this Section, each Security delivered under this
Indenture upon registration of, 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, which were carried by such other Security.

 

Section 2.12.                                                 CUSIPs Numbers, Common
Codes or ISINs.  The Company in issuing the Securities may use
“CUSIP” numbers, “Common Codes” or “ISINs” (if then generally in use) and, if
so, the Trustee shall use “CUSIP” numbers, “Common Codes” or “ISINs” in notices
of redemption as a convenience to Holders; provided, however, that neither the Company nor the Trustee shall
have any responsibility for any defect in the “CUSIP” number, “Common Code” or “ISIN”
that appears on any Security, check, advice of payment or redemption notice,
and any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained
in any notice of a 

 

28

 

redemption and that reliance may be placed only on the
other identification numbers printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers.  The Company shall promptly notify the Trustee
in writing of any change in the CUSIP number, Common Code or ISIN.

 

Section 2.13.                                                 Computation of Interest. 
Interest on the Securities shall be computed on the basis of a 360-day
year of twelve 30-day months.

 

ARTICLE III

Redemption

 

Section 3.01.                                                 Notices to Trustee. 
If the Company elects to redeem Securities pursuant to paragraph 5 of
the Securities, it shall notify the Trustee in writing of the redemption date,
the principal amount of Securities to be redeemed, the redemption price and
that such redemption is being made pursuant to paragraph 5 of the Securities.

 

The
Company shall give notice to the Trustee provided for in this Section 3.01
at least 45 days but not more than 60 days before the redemption date unless
the Trustee consents to a shorter period. 
Such notice shall be accompanied by an Officers’ Certificate and an
Opinion of Counsel from the Company to the effect that such redemption will
comply with the conditions herein.

 

Section 3.02.                                                 Selection of Securities To
Be Redeemed.  If fewer than all the Securities are to be
redeemed at any time, not more than 60 days prior to the redemption date, the
Trustee shall select the Securities to be redeemed pro rata or by lot or by a
method that complies with applicable legal and securities exchange
requirements, if any, and that the Trustee considers fair and appropriate and
in accordance with methods generally used at the time of selection by
fiduciaries in similar circumstances. 
The Trustee shall make the selection from outstanding Securities not
previously called for redemption.  The
Trustee may select for redemption portions of the principal of Securities that
have denominations larger than $1,000. 
Securities and portions of them the Trustee selects shall be in amounts
of $1,000 or a whole multiple of $1,000. 
Provisions of this Indenture that apply to Securities called for
redemption also apply to portions of Securities called for redemption.  The Trustee shall notify the Company promptly
of the Securities or portions of Securities to be redeemed.

 

Section 3.03.                                                 Notice of Redemption. 
At least 30 days but not more than 60 days before a date for redemption
of Securities, the Company shall mail a notice of redemption by first-class
mail to each Holder of Securities to be redeemed at its registered address.

 

The
notice shall identify the Securities (or portion thereof) to be redeemed
(including CUSIP numbers if any) and shall state:

 

(a)                                  the redemption date;

 

(b)                                 the redemption price;

 

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

 

29

 

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

 

(e)                                  if fewer than all the outstanding
Securities are to be redeemed, or if a Security is to be redeemed in part only,
the identification and principal amounts of the particular Securities (or
portion thereof) to be redeemed;

 

(f)                                    that, unless the Company defaults in
making such redemption payment or the Paying Agent is prohibited from making
such payment pursuant to the terms of this Indenture, interest on Securities
(or portion thereof) called for redemption ceases to accrue on and after the
redemption date; and

 

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

 

At the
Company’s written request, the Trustee shall give the notice of redemption in
the Company’s name and at the Company’s expense.  In such event, the Company shall provide the
Trustee with the information required by this Section at least 45 days
before the redemption date, unless the Trustee consents to a shorter period.

 

Section 3.04.                                                 Effect of Notice of
Redemption.  Once notice of redemption is mailed,
Securities called for redemption become due and payable on the redemption date
and at the redemption price stated in the notice.  Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price stated in the notice, plus
accrued interest to the redemption date (subject to the right of Holders of
record on the relevant record date to receive interest due on the related interest
payment date that is on or prior to the date of redemption).  Failure to give notice or any defect in the
notice to any Holder shall not affect the validity of the notice to any other
Holder.

 

Section 3.05.                                                 Deposit of Redemption
Price.  Prior to 10:00 a.m., New York City time,
on the redemption date, the Company shall deposit with the Paying Agent (or, if
the Company or a domestic Wholly Owned Subsidiary is the Paying Agent, shall
segregate and hold in trust) money sufficient to pay the redemption price of
and accrued interest (subject to the right of Holders of record on the relevant
record date to receive interest due on the related interest payment date that
is on or prior to the date of redemption) on all Securities to be redeemed on
that date other than Securities or portions of Securities called for redemption
that have been delivered by the Company to the Trustee for cancellation.

 

Section 3.06.                                                 Securities Redeemed in
Part.  Upon surrender of a Security that is redeemed
in part, the Company shall execute and the Trustee shall authenticate for the
Holder (at the Company’s expense) a new Security equal in principal amount to
the unredeemed portion of the Security surrendered.

 

30

 

ARTICLE IV

 

Covenants

 

Section 4.01.                                                 Payment of Securities. 
The Company shall promptly pay the principal of, premium, if any, and
interest on the Securities, in immediately available funds, on the dates and in
the manner provided in the Securities and in this Indenture.  Principal, premium, if any, and interest
shall be considered paid on the date due if on such date the Trustee or the
Paying Agent holds in accordance with this Indenture money sufficient to pay
all principal, premium, if any, and interest then due and the Trustee or the
Paying Agent, as the case may be, is not prohibited from paying such money to
the Holders on that date pursuant to the terms of this Indenture.

 

The
Company shall pay interest on overdue principal at the rate specified therefore
in the Securities, and it shall pay interest on overdue installments of
interest at the rate borne by the Securities to the extent lawful.

 

The
Company and the Guarantors will pay any present or future stamp, court or
documentary taxes or any other excise or property taxes, charges or similar
levies that arise in any jurisdiction from the execution, delivery, enforcement
or registration of the Securities, the Subsidiary Guarantees, this Indenture or
any other document or instrument in relation thereof, or the receipt of any
payments with respect to the Securities or the Subsidiary Guarantees, excluding
such taxes, charges or similar levies imposed by any jurisdiction outside of
the United States, the jurisdiction of incorporation of any successor of the
Company or any Guarantor or any jurisdiction in which a Paying Agent is
located, other than those resulting from, or required to be paid in connection
with, the enforcement of the Securities, the Subsidiary Guarantees or any other
such document or instrument following the occurrence of any Event of Default
with respect to the Securities.  The
Company or the Guarantors will indemnify the Holders for any such taxes paid by
such Holders.

 

Section 4.02.                                                 Corporate Existence. 
Subject to Article Five, the Company will do or cause to be done
all things necessary to preserve and keep in full force and effect the
corporate existence and corporate power and authority of the Company and each
Subsidiary; provided, however,
that the Company shall not be required to preserve any such corporate existence
and corporate power and authority if the Company shall determine that the
preservation thereof is no longer desirable in the conduct of the business of
the Company and its Subsidiaries taken as a whole.

 

Section 4.03.                                                 Payment of Taxes and Other
Claims.  The Company will pay or discharge or cause to
be paid or discharged, before the same shall become delinquent,

 

(a)                                  all material taxes, assessments and
governmental charges levied or imposed upon the Company or any Subsidiary or
upon the income, profits or property of the Company or any Subsidiary; and

 

(b)                                 all material lawful claims for labor,
materials and supplies, which, if unpaid, might by law become a Lien upon the
property of the Company or any Subsidiary 

 

31

 

that could produce
a material adverse effect on the consolidated financial condition of the
Company; provided, however,
that the Company shall not be required to pay or discharge or cause to be paid
or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings.

 

Section 4.04.                                                 Maintenance of Properties. 
The Company will cause all properties owned by the Company or any
Subsidiary or used or held for use in the conduct of its business or the
business of any Subsidiary to be maintained and kept in good condition, repair
and working order and supplied with all necessary equipment and will cause to
be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as in the judgment of the Company may be necessary so
that the business carried on in connection therewith may be properly and
advantageously conducted at all times, except, in every case, as and to the
extent that the Company may be prevented by fire, strikes, lockouts, acts of
God, inability to obtain labor or materials, governmental restrictions, enemy
action, civil commotion or unavoidable casualty or similar causes beyond the
control of the Company; provided, however, that nothing in this Section 4.04 shall
prevent the Company from discontinuing the maintenance of any such properties
if such discontinuance is, in the judgment of the Company, desirable in the
conduct of its business or the business of any Subsidiary and not
disadvantageous in any material respect to the Holders.

 

Section 4.05.                                                 Limitation on Consolidated
Indebtedness.  (a) The Company shall not, and shall not
permit any of its Subsidiaries to, Incur any Indebtedness unless after giving
effect to such event on a pro forma basis, each of the following conditions are
satisfied: (i) the Company’s Consolidated EBITDA Ratio for the four full
fiscal quarters immediately preceding such event for which internal financial
statements are available, taken as one period, is greater than or equal to 2.00
to 1.00 (such condition not being applicable to the Incurrence of Permitted
Indebtedness); and (ii) with respect to the Incurrence of Senior
Indebtedness, the Company’s Senior Leverage Ratio is less than or equal to 3.50
to 1.00 (such condition not being applicable to the Incurrence of Permitted
Senior Indebtedness).

 

(b)                                 For purposes of determining compliance
with this Section 4.05, in the event that an item of Indebtedness (or any
portion thereof) meets the criteria of one or more of the categories of
Permitted Indebtedness and/or Permitted Senior Indebtedness or is entitled to
be Incurred pursuant to the ratios set forth in Section 4.05(a) hereof,
the Company shall, in its sole discretion, classify or reclassify, or later
divide, classify or reclassify, such item of Indebtedness (or any portion
thereof) in any manner that complies with this Section 4.05.

 

Section 4.06.                                                 Limitation on Restricted
Payments.  (a) The Company shall not, and shall not
permit its Subsidiaries to, directly or indirectly:

 

(i)                                     declare or pay any dividend on, or make
any distribution in respect of, any shares of the Company’s or any Subsidiary’s
Capital Stock (excluding dividends or distributions payable in shares of the
Company’s Capital Stock or in options, warrants or other rights to purchase
such Capital Stock, but including dividends or distributions payable in
Redeemable Capital Stock or in options, warrants or other rights to purchase
Redeemable Capital Stock (other than dividends on such Redeemable Capital Stock

 

32

 

payable in shares of such
Redeemable Capital Stock)) held by any Person other than the Company or any of
its Wholly Owned Subsidiaries;

 

(ii)                                  purchase, redeem or acquire or retire for
value any Capital Stock of the Company or any Affiliate thereof (other than any
Wholly Owned Subsidiary of the Company) or any options, warrants or other
rights to acquire such Capital Stock; or

 

(iii)                               purchase, repurchase, redeem, defease or
otherwise acquire or retire for value, prior to scheduled maturity, scheduled
repayment or scheduled sinking fund payment, any Subordinated Obligations or
Guarantor Subordinated Obligations (other than the purchase, repurchase,
redemption, defeasance or other acquisition or retirement of Subordinated
Obligations or Guarantor Subordinated Obligations purchased in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity,
in each case due within one year of the date of purchase, repurchase,
redemption, defeasance or other acquisition or retirement);

 

(such payments or any other actions described in (i), (ii) and (iii) above
are collectively referred to as “Restricted Payments”) unless at the
time of and after giving effect to the proposed Restricted Payment (the amount
of any such Restricted Payment, if other than cash, as determined by the Board
of Directors, whose determination shall be conclusive and evidenced by a Board
Resolution): (A) no Default or Event of Default shall have occurred and be
continuing; (B) the Company could incur $1.00 of additional Indebtedness
(other than Permitted Indebtedness) under the provisions of Section 4.05;
and (C) the aggregate amount of all Restricted Payments (other than
Restricted Payments permitted by Section 4.06(b)(vi)) declared or made
after the Issue Date (including the proposed Restricted Payment) does not
exceed the sum of:

 

(1)                                  (x) Consolidated EBITDA for the
Restricted Payments Computation Period, minus (y) 1.70 times Consolidated
Interest Expense for the Restricted Payments Computation Period (which
commenced on April 2, 2009); plus

 

(2)                                  the aggregate net proceeds, including the
Fair Market Value of property other than cash (as determined by the Board of
Directors, whose determination shall be conclusive, except that for any
property whose Fair Market Value exceeds $10.0 million such Fair Market Value
shall be confirmed by an independent appraisal obtained by the Company),
received after the Issue Date by the Company from the issuance or sale (other
than to any of its Subsidiaries) of shares of Capital Stock of the Company
(other than Redeemable Capital Stock) or warrants, options or rights to
purchase such shares of Capital Stock; plus

 

(3)                                  the aggregate net proceeds, including the
Fair Market Value of property other than cash (as determined by the Board of
Directors, whose determination shall be conclusive, except that for any
property whose Fair Market Value exceeds $10.0 million such Fair Market Value
shall be confirmed by an independent appraisal obtained by the Company),
received after the Issue Date by the Company from debt securities that have
been converted into or exchanged for Capital Stock of the Company (other than
Redeemable Capital Stock) to the extent such debt securities were originally
sold for such net proceeds plus the aggregate cash received by the Company at
the time of such conversion.

 

33

 

(b) Notwithstanding
Section 4.06(a), the Company or any of its Subsidiaries may:

 

(i)                                     pay dividends on its Capital Stock within
60 days of the declaration thereof if, on the declaration date, such dividends
could have been paid in compliance with the foregoing limitation;

 

(ii)                                  acquire, redeem or retire Capital Stock
in exchange for, or in connection with a substantially concurrent issuance of,
Capital Stock of the Company (other than Redeemable Capital Stock);

 

(iii)                               make any purchase, repurchase,
redemption, defeasance or other acquisition or retirement of Subordinated
Obligations of the Company or Guarantor Subordinated Obligations of any
Guarantor made by exchange for, or out of the proceeds of the substantially
concurrent sale of, Capital Stock of the Company (other than Redeemable Capital
Stock and other than Capital Stock issued or sold to a Subsidiary or an
employee stock ownership plan or similar trust to the extent such sale to an
employee stock ownership plan or similar trust is financed by loans from or
Guaranteed by the Company or any Subsidiary unless such loans have been repaid
with cash on or prior to the date of determination); provided,
however, that the net proceeds from such
sale of Capital Stock will be excluded from clause (C)(2) of Section 4.06(a) hereof;

 

(iv)                              make any purchase, repurchase,
redemption, defeasance or other acquisition or retirement of Subordinated
Obligations of the Company or Guarantor Subordinated Obligations of any
Guarantor made by exchange for, or out of the proceeds of the substantially
concurrent sale of, Subordinated Obligations of the Company or any purchase,
repurchase, redemption, defeasance or other acquisition or retirement of
Guarantor Subordinated Obligations made by exchange for or out of the proceeds
of the substantially concurrent sale of Guarantor Subordinated Obligations
that, in each case, is permitted to be Incurred pursuant to Section 4.05
hereof and that in each case constitutes Refinancing Indebtedness;

 

(v)                                 in the case of a Subsidiary, pay
dividends (or in the case of any partnership or limited liability company, any
similar distribution) to the holders of its Capital Stock on a pro rata basis;

 

(vi)                              make Restricted Payments in amounts equal
to:

 

(A)                              the amounts required for any direct or
indirect parent to pay franchise taxes and other fees required to maintain its
legal existence; and

 

(B)                                an amount not to exceed $3.5 million
in any fiscal year to permit any direct or indirect parent to pay its corporate
overhead expenses Incurred in the ordinary course of business, and to pay
salaries or other compensation of employees who perform services for any such
parent and the Company;make any purchase, repurchase, redemption, defeasance or
other acquisition or retirement for value of any Subordinated Obligation at a
purchase price not greater than 

 

34

 

101% of the
principal amount of such Subordinated Obligation plus accrued and unpaid
interest in the event of a Change of Control in accordance Section 4.10
hereof; provided that, prior to or simultaneously with such purchase,
repurchase, redemption, defeasance or other acquisition or retirement, the
Company has made the Change of Control Offer (as defined herein) as provided in
such covenant with respect to the Securities and has completed the repurchase
or redemption of all such Securities validly tendered for payment in connection
with such Change of Control Offer;

 

(vii)                           the payment of dividends on the Company’s common stock
(or a Restricted Payment to any direct or indirect parent of the Company to
fund the payment by such direct or indirect parent of the Company of dividends
on such entity’s common stock) of up to 6% per annum of the net proceeds
received by the Company from any public offering of common stock of the Company
or any direct or indirect parent of the Company, other than public offerings
with respect to the Company’s (or such direct or indirect parent’s) common
stock registered on Form S-4 or Form S-8; and

 

(viii)                        make other Restricted Payments in an aggregate amount
not to exceed $350.0 million.

 

Section 4.07.                                                 Limitation on Transactions
with Affiliates.  (a) The Company shall not, and shall not
permit any of its Subsidiaries to, directly or indirectly, enter into or suffer
to exist any transaction or series of related transactions (including, without
limitation, the sale, purchase, exchange or lease of assets, property or
services) with any Affiliate of the Company (other than a Wholly Owned
Subsidiary of the Company) involving aggregate consideration in excess of
$5.0 million, unless: (i) such transaction or series of transactions
is on terms that are no less favorable to the Company or such Subsidiary, as
the case may be, than would be available at the time of such transaction or
series of transactions in a comparable transaction in an arm’s-length dealing
with an unaffiliated third party; (ii) such transaction or series of
transactions is in the best interests of the Company; and (iii) with
respect to a transaction or series of transactions involving aggregate payments
equal to or greater than $50.0 million, a majority of disinterested members of
the Board of Directors determines that such transaction or series of
transactions complies with clauses (i) and (ii) above, as evidenced
by a Board Resolution.

 

(b)                                 Notwithstanding the foregoing limitation,
the Company and its Subsidiaries may enter into or suffer to exist the
following:

 

(i)                                     any transaction pursuant to any contract
in existence on the Issue Date;

 

(ii)                                  any Restricted Payment permitted to be
made pursuant to the provisions of Section 4.06;

 

(iii)                               any transaction or series of transactions
between the Company and one or more of its Subsidiaries or between two or more
of its Subsidiaries (provided that
no 

 

35

 

more than 5% of
the equity interest in any such Subsidiary is owned, directly or indirectly
(other than by direct or indirect ownership of an equity interest in the
Company), by any Affiliate of the Company other than a Subsidiary);

 

(iv)                              the payment of compensation (including
amounts paid pursuant to employee benefit plans) for the personal services of
officers, directors and employees of the Company or any of its Subsidiaries;
and

 

(v)                                 the existence of, or the performance by
the Company or any of its Subsidiaries of its obligations under the terms of,
any agreements that are described in the Company’s annual report on Form 10-K
for the fiscal year ended April 2, 2009 listed on Annex 4.07 hereto and
any amendments thereto; provided, however, that the existence of, or the performance by the
Company or any of its Subsidiaries of its obligations under, any future
amendment to such agreements shall only be permitted by this clause (v) to
the extent that the terms of any such amendment, taken as a whole, are not more
disadvantageous to the Holders of the Securities in any material respect than
the terms of such agreements in effect on the Issue Date.

 

Section 4.08.                                                 Limitation on Liens. 
The
Company shall not, and shall not permit any of its Subsidiaries to, directly or
indirectly, create, Incur or suffer to exist any Lien (other than Permitted
Liens) upon any of its property or assets (including Capital Stock of
Subsidiaries of the Company), whether owned on the date of this Indenture or
acquired after that date, which Lien is securing any Indebtedness, unless
contemporaneously with the Incurrence of such Liens effective provision is made
to secure the Indebtedness due under this Indenture and the Securities or, in
respect of Liens on any Guarantor’s property or assets, any Subsidiary
Guarantee of such Subsidiary, equally and ratably with (or prior to in the case
of Liens with respect to Subordinated Obligations or Guarantor Subordinated
Obligations) the Indebtedness secured by such Lien for so long as such
Indebtedness is so secured.

 

Section 4.09.                                                 Future Guarantors. 
After the Issue Date, the Company will cause each Subsidiary which
guarantees obligations under the Credit Facility, the Existing Notes or any
other Indebtedness of the Company or any Guarantor to execute and deliver to
the Trustee a supplemental indenture pursuant to which such Guarantor will
unconditionally Guarantee, on a joint and several basis, the full and prompt
payment of the principal of, premium, if any, interest and Special Interest, if
any, on the Securities on a senior unsecured basis. Each Subsidiary Guarantee
will be limited to an amount not to exceed the maximum amount that can be
guaranteed by that Subsidiary without rendering the Subsidiary Guarantee as it
relates to such Subsidiary, voidable under applicable law relating to
fraudulent conveyance or fraudulent transfer or similar laws affecting the
rights of creditors generally. Notwithstanding the foregoing, if a Guarantor is
released and discharged in full from its obligations under its Guarantees of (a) the
Credit Agreement and related documentation and (b) all other Indebtedness
of the Company and its Subsidiaries, then the Subsidiary Guarantee of such
Guarantor shall be automatically and unconditionally released and discharged.

 

Section 4.10.                                                 Change of Control. 
Upon the occurrence of a Change of Control, the Company will be required
to make an offer (a “Change of Control Offer”) to purchase all
outstanding Securities at a purchase price (the “Change of Control Purchase
Price”) 

 

36

 

equal to 101% of their principal amount plus accrued
and unpaid interest, if any, to the date of purchase (subject to the right of
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date).

 

Within
30 days following the date upon which the Change of Control occurred, the
Company must send, by first class mail, a notice to each Holder, with a copy to
the Trustee, which notice shall govern the terms of the Change of Control
Offer.  Such notice will state, among
other things, the purchase date, which must be no earlier than 30 days nor
later than 60 days from the date such notice is mailed, other than as may be
required by law (the “Change of Control Payment Date”).  The Change of Control Offer is required to
remain open for at least 20 Business Days and until the close of business on
the Change of Control Payment Date.

 

In the
event that the Company makes a Change of Control Offer to purchase the
Securities pursuant to this Section 4.10, the Company will comply with any
applicable securities laws and regulations, including any applicable
requirements of Section 14(e) of, and Rule 14e-1 under, the
Exchange Act.

 

Section 4.11.                                                 Provision of Financial
Information.

 

(a)                                  Notwithstanding that the Company may not
be subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act, the Company shall file with the SEC and provide the Trustee
and the Holders with such annual reports and such information, documents and
other reports as are specified in Sections 13 and 15(d) of the Exchange
Act and applicable to a U.S. corporation subject to such Sections, such
information, documents and reports to be so filed and provided at the times
specified for the filing of such information, documents and reports under such
Sections; provided, however,
that the Company shall not be so obligated to file such information, documents
and reports with the SEC if the SEC does not permit such filings but shall
still be obligated to provide such information, documents and reports to the
Trustee and the Holders.  Delivery of
such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
any information contained therein, including the Company’s compliance with any
of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates).

 

(b)                                 In addition, unless it is then subject to
the reporting requirements of Section 13(d) or 15 of the Exchange
Act, the Company will, upon request, furnish to any prospective purchaser of
Securities or beneficial owner of Securities in connection with any sale
thereof the information required by Rule 144A(d)(4) under the
Securities Act, until such time as the Company has either exchanged the Securities
for the Exchange Securities or until such time as the Holders thereof have
disposed of such Securities pursuant to a Shelf Registration Statement.

 

Section 4.12.                                                 Statement as to Compliance. 
The Company shall deliver to the Trustee, within 90 days after the end
of each fiscal year ending after the date hereof (the fiscal year as of the
date hereof is the 52/53 week period ending on the Thursday nearest March 31),
a brief certificate of its principal executive officer, principal financial
officer or principal accounting officer stating whether, to such officer’s
knowledge, the Company is in compliance 

 

37

 

with all covenants and conditions to be complied with
by it under this Indenture in accordance with TIA Section 314(a)(4).  For purposes of this Section 4.12, such
compliance shall be determined without regard to any period of grace or
requirement of notice under this Indenture.

 

When a
Default has occurred and is continuing or if the Trustee, any Holder or the
trustee for or the Holder of any other evidence of Indebtedness of the Company
or any Subsidiary gives any notice or takes any other action with respect to a
claimed Default, the Company shall deliver to the Trustee an Officers’
Certificate specifying such Default, notice or other action within 10 Business
Days of its occurrence.

 

Section 4.13.                                                 Waiver of Certain
Covenants.  The Company may omit in any particular
instance to comply with any covenant or condition set forth in Sections 4.03 to
4.10 and Section 4.11(a), if before the time for such compliance, the
Holders of a majority in aggregate principal amount of the Securities at the
time outstanding shall, by written direction of such Holders, waive such
compliance in such instance 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 and the duties of the Trustee in respect of any such
covenant or condition shall remain in full force and effect.

 

Section 4.14.                                                 Further Instruments and
Acts.  Upon request of the Trustee, the Company
shall execute and deliver such further instruments and do such further acts as
may be reasonably necessary or proper to carry out more effectively the purpose
of this Indenture.

 

Section 4.15.                                                 Payment for Consent. 
The Company shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly, pay or cause to be paid any consideration, whether by
way of interest, fee or otherwise, to any Holder for or as an inducement to any
consent, waiver or amendment of any of the terms or provisions of this
Indenture or the Securities unless such consideration is offered to be paid to
all Holders that so consent, waive or agree to amend in the time frame set
forth in solicitation documents relating to such consent, waiver or agreement.

 

ARTICLE V

Successor Company

 

Section 5.01.                                                 Consolidation. 
The Company shall not, in a single transaction or through a series of
related transactions, consolidate with or merge with or into any other Person
(other than any Wholly Owned Subsidiary) or sell, assign, transfer, lease or
otherwise dispose of all or substantially all of its properties and assets to
any Person (other than any Wholly Owned Subsidiary) or group of affiliated
Persons unless at the time and after giving effect thereto:

 

(a)                                  either: (i) the Company shall be the
continuing corporation; or (ii) the Person (if other than the Company)
formed by such consolidation or into which the Company is merged or the Person
which acquires by conveyance, transfer, lease or disposition the properties and
assets of the Company substantially as an entirety (the 

 

38

 

“Surviving
Entity”) shall be a corporation duly organized and validly existing under
the laws of the United States of America, any state thereof or the District of
Columbia and shall, in either case, expressly assume all the Obligations of the
Company under the Securities and the Indenture;

 

(b)                                 immediately after giving effect to such
transaction on a pro forma basis, no Default or Event of Default shall have
occurred and be continuing;

 

(c)                                  immediately after giving effect to such
transaction on a pro forma basis, except in the case of the consolidation or
merger of any Subsidiary with or into the Company, the Company (or the
Surviving Entity if the Company is not the continuing corporation) could incur
$1.00 of additional Indebtedness (other than Permitted Indebtedness) pursuant
to Section 4.05; and

 

(d)                                 each Guarantor (unless it is the other
party to the transactions above, in which case clause (a)(ii) shall apply)
shall have by supplemental indenture confirmed that its Subsidiary Guarantee
shall apply to such Person’s obligations in respect of the Securities
outstanding and the Indenture and its obligations under any Registration Rights
Agreement shall continue to be in effect.

 

In
connection with any consolidation, merger, transfer or lease contemplated
hereby, the Company shall deliver, or cause to be delivered, to the Trustee, in
form and substance reasonably satisfactory to the Trustee, an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, transfer or lease and the supplemental indenture in respect thereto
comply with the provisions described herein and that all conditions precedent
herein provided for or relating to such transaction have been complied with.

 

Section 5.02.                                                 Successor Substituted. 
Upon any consolidation or merger or any transfer of all or substantially
all of the assets of the Company in accordance with Section 5.01, the
successor corporation formed by such a consolidation or into which the Company
is merged or to which such transfer is made shall succeed to, shall be
substituted for and may exercise every right and power of the Company under the
Securities and this Indenture, with the same effect as if such successor
corporation had been named as the Company herein.  In the event of any transaction (other than a
lease) described and listed in Section 5.01 in which the Company is not
the continuing corporation, the successor Person formed or remaining shall
succeed to, be substituted for and may exercise every right and power of the
Company, and the Company shall be discharged from all obligations and covenants
under the Securities and this Indenture.

 

ARTICLE VI

 

Defaults and Remedies

 

Section 6.01.                                                 Events of Default.  “Event
of Default,” wherever used herein, means 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 

 

39

 

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
(including any Special Interest) on any Security when it becomes due and
payable and continuance of such default for a period of 30 days;

 

(b)                                 default in the payment of the principal
of or premium, if any, on any Security at its Maturity (upon acceleration,
optional redemption, required purchase or otherwise);

 

(c)                                  failure to comply with the requirements
of Article Five;

 

(d)                                 default in the performance, or breach, of
any covenant or warranty of the Company contained in this Indenture (other than
a default in the performance, or breach, of a covenant or warranty which is
specifically dealt with in clause (a), (b) or (c) above) and
continuance of such default or breach for a period of 60 days after written
notice shall have been given to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in aggregate principal amount of
the Securities then outstanding;

 

(e)                                  (i) one or more defaults in the
payment of principal of or premium, if any, on Indebtedness of the Company or
any Significant Subsidiary, aggregating $5.0 million or more, when the same
becomes due and payable at the stated maturity thereof, and such default or
defaults shall have continued after any applicable grace period and shall not
have been cured or waived or (ii) Indebtedness of the Company or any
Significant Subsidiary, aggregating $5.0 million or more, shall have been
accelerated or otherwise declared due and payable, or required to be prepaid or
repurchased (other than by regularly scheduled prepayment) prior to the stated
maturity thereof;

 

(f)                                    any holder of any Indebtedness in excess
of $5.0 million in the aggregate of the Company or any Significant Subsidiary shall
notify the Trustee of the intended sale or disposition of any assets of the
Company or any Significant Subsidiary that have been pledged to or for the
benefit of such Person to secure such Indebtedness or shall commence
proceedings, or take action (including by way of set-off) to retain in
satisfaction of any such Indebtedness, or to collect on, seize, dispose of or
apply, any such asset of the Company or any Significant Subsidiary pursuant to
the terms of any agreement or instrument evidencing any such Indebtedness of
the Company or any Significant Subsidiary or in accordance with applicable law;

 

(g)                                 one or more final judgments or orders
shall be rendered against the Company or any Significant Subsidiary for the
payment of money, either individually or in an aggregate amount, in excess of
$5.0 million and shall not be discharged and either (i) an enforcement
proceeding shall have been commenced by any creditor upon such judgment or
order or (ii) there shall have been a period of 60 consecutive days during
which a stay of enforcement of such judgment or order, by reason of a pending
appeal or otherwise, was not in effect;

 

40

 

(h)                                 the Company or any Significant Subsidiary
pursuant to or under or within the meaning of any Bankruptcy Law:

 

(i)                                     commences a voluntary case or proceeding;

 

(ii)                                  consents to the entry of a Bankruptcy
Order in an involuntary case or proceeding or the commencement of any case
against it;

 

(iii)                               consents to the appointment of a Custodian
of it or for any substantial part of its property;

 

(iv)                              makes a general assignment for the
benefit of its creditors or files a proposal or other scheme of arrangement
involving the rescheduling or composition of its indebtedness;

 

(v)                                 files a petition in bankruptcy or an
answer or consent seeking reorganization or relief; or

 

(vi)                              consents to the filing of such petition
in bankruptcy or the appointment of or taking possession by a Custodian;

 

(i)                                     a court of competent jurisdiction in any
involuntary case or proceeding enters a Bankruptcy Order against the Company or
any Significant Subsidiary, and such Bankruptcy Order remains unstayed and in
effect for 60 consecutive days;

 

(j)                                     a Custodian shall be appointed out of
court with respect to the Company or any Significant Subsidiary, or with
respect to all or any substantial part of the property of the Company or any
Significant Subsidiary; and

 

(k)                                  except as permitted by this Indenture,
any Subsidiary Guarantee shall be held in any judicial proceeding to be unenforceable
or invalid or cease for any reason to be in full force and effect or any
Guarantor, or any Person acting on behalf of any Guarantor, shall deny or
disaffirm its obligations under its Subsidiary Guarantee.

 

“Custodian”
means any receiver, interim receiver, receiver and manager, trustee, assignee,
liquidator, sequestrate or similar official under any Bankruptcy Law or any
other person with like powers.  “Bankruptcy
Order” means any court order made in a proceeding pursuant to or within the
meaning of any Bankruptcy Law, containing an adjudication of bankruptcy or
insolvency, or providing for liquidation, winding up, dissolution or
reorganization, or appointing a Custodian of a debtor or of all or any
substantial part of a debtor’s property, or providing for the staying,
arrangement, adjustment or composition of indebtedness or other relief of a
debtor.

 

Section 6.02.                                                 Acceleration; Rescission
and Annulment.  (a)  If an Event of Default (other than
an Event of Default specified in Section 6.01(h), (i) or (j)) occurs
and is continuing, then and in every such case the Trustee, by notice to the
Company, or the Holders of not less than 25% in aggregate principal amount of
the Securities outstanding, by notice to the Company and the Trustee, may
declare the principal of, premium, if any, and accrued and unpaid 

 

41

 

interest, if any, on, all the Securities to be due and
payable.  If an Event of Default
specified in Section 6.01(h), (i) or (j) occurs and is continuing,
then the principal of, premium, if any, and accrued and unpaid interest, if
any, on, all the Securities shall automatically become and be immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holder.  The Company will deliver to
the Trustee, within 10 days after the occurrence thereof, notice of any default
or acceleration referred to in Sections 6.01(d) and 6.01(e).

 

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

 

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

 

(A)                              all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel;

 

(B)                                all overdue interest (including Special
Interest) on all Securities;

 

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

 

(D)                               to the extent that payment of such
interest is lawful, interest upon overdue interest at the rate borne by the
Securities; and

 

(ii)                                  all Events of Default, other than the
non-payment of principal of the Securities which have become due solely by such
declaration of acceleration, have been cured or waived as provided in Section 6.04.

 

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

 

(c)                                  Notwithstanding clause (b) above, in
the event of a declaration of acceleration in respect of the Securities because
an Event of Default specified in Section 6.01(e) shall have occurred
and be continuing, such declaration of acceleration shall be automatically
annulled if the Indebtedness that is the subject of such Event of Default (i) is
Indebtedness in the  form of an operating
lease entered into by the Company or its Subsidiaries after May 21, 1998
and required to be reflected on a consolidated balance sheet pursuant to EITF
97-10 or any subsequent pronouncement having similar effect, (ii) has been
discharged or the holders thereof have rescinded their declaration of
acceleration in respect of such Indebtedness, and (iii) written notice of
such discharge or rescission, as the case may be, shall have been given to the
Trustee by the Company and countersigned by the holders of such Indebtedness or
a trustee, fiduciary or agent for such holders, within 30 days after such declaration
of acceleration in respect of the

 

42

 

Securities, and no other Event of Default has occurred
during such 30-day period which has not been cured or waived during such
period.

 

Section 6.03.                                                 Other Remedies. 
If an Event of Default occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal of or interest on the
Securities or to enforce the performance of any provision of the Securities or
this Indenture.

 

The
Trustee may maintain a proceeding even if it does not possess any of the
Securities or does not produce any of them in the proceeding.  A delay or omission by the Trustee or any
Holder in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence
in the Event of Default.  No remedy is
exclusive of any other remedy.  All
available remedies are cumulative.

 

Section 6.04.                                                 Waiver of Past Defaults. 
Subject to Section 6.02, the Holders of a majority in aggregate
principal amount of the Securities then outstanding by notice to the Trustee
may waive an existing Default and its consequences except (a) a Default in
the payment of the principal of or interest on a Security, (b) a Default
arising from a failure to make or consummate a Change of Control Offer in
accordance with the provisions of Section 4.10, or (c) a Default in
respect of a provision that under Section 9.02 cannot be amended without
the consent of each Holder affected. 
When a Default is waived, it is deemed cured, but no such waiver shall
extend to any subsequent or other Default or impair any consequent right.

 

Section 6.05.                                                 Control by Majority. 
The Holders of a majority in aggregate principal amount of the
Securities then outstanding may direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or of exercising any
trust or power conferred on the Trustee with respect to the Securities.  However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture or, subject to Section 7.01,
that the Trustee determines is unduly prejudicial to the rights of other
Holders or would involve the Trustee in personal liability; provided, however, that
subject to Section 315 of the TIA, the Trustee may take any other action
deemed proper by the Trustee that is not inconsistent with such direction.  Prior to taking any action hereunder, the
Trustee shall be entitled to reasonable indemnification against all losses and
expenses caused by taking or not taking such action.

 

Section 6.06.                                                 Limitation on Suits. 
A Holder may not pursue any remedy with respect to this Indenture or the
Securities unless:

 

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

 

(b)                                 the Holders of at least 25% in aggregate
principal amount of the Securities then outstanding shall have made a written
request, and such Holder of or Holders shall have offered reasonable indemnity,
to the Trustee to pursue such proceeding as trustee; and

 

(c)                                  the Trustee has failed to institute such
proceeding and has not received from the Holders of at least a majority in
aggregate principal amount of

 

43

 

the Securities
outstanding a direction inconsistent with such request, within 60 days after
such notice, request and offer.

 

The
foregoing limitations on the pursuit of remedies by a Holder shall not apply to
a suit instituted by a Holder of Securities for the enforcement of payment of
the principal of or interest on such Security on or after the applicable due
date specified in such Security.  A
Holder may not use this Indenture to prejudice the rights of another Holder or
to obtain a preference or priority over another Holder.

 

Section 6.07.                                                 Rights of Holders to
Receive Payment.  Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal of and
interest on the securities held by such Holder, on or after the respective due
dates expressed in the Securities, or to bring suit for the enforcement of any
such payment on or after such respective dates, shall not be impaired or
affected without the consent of such Holder.

 

Section 6.08.                                                 Collection Suit by Trustee. 
If an Event of Default specified in Section 6.01(a) or (b) occurs
and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount then due
and owing (together with interest on any unpaid interest to the extent lawful)
and the amounts provided for in Section 7.07.

 

Section 6.09.                                                 Trustee May File
Proofs of Claim.  The Trustee may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee and the Holders allowed in any judicial proceedings
relative to the Company, its creditors or its property and, unless prohibited
by law or applicable regulations, may vote on behalf of the Holders in any
election of a trustee in bankruptcy or other Person performing similar
functions, and any Custodian in any such judicial proceeding is hereby
authorized by each Holder to make payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and its
counsel, and any other amounts due the Trustee under Section 7.07.

 

Section 6.10.                                                 Priorities. 
If the Trustee collects any money or property pursuant to this Article Six,
it shall pay out the money or property in the following order:

 

FIRST: to the
Trustee for amounts due under Section 7.07;

 

SECOND: to Holders
for amounts due and unpaid on the securities for principal and interest,
ratably, without preference or priority of any kind, according to the amounts
due and payable on the Securities for principal and interest respectively; and

 

THIRD: to the
Company.

 

The Trustee may fix a record date and payment date for
any payment to Holders pursuant to this Section.  At least 15 days before such record date, the
Company shall mail to each Holder and the Trustee a notice that states the
record date, the payment date and amount to be paid.

 

44

 

Section 6.11.                                                 Undertaking for Costs. 
In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party
litigant.  This Section does not
apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07
or a suit by Holders of more than 10% in aggregate principal amount of the
Securities.

 

Section 6.12.                                                 Waiver of Stay or
Extension Laws.  The Company (to the extent it may lawfully do
so) shall not at any time insist upon, or plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, that may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any
such law, and shall not hinder, delay or impede the execution of any power
herein granted to the Trustee, but shall suffer and permit the execution of
every such power as though no such law had been enacted.

 

ARTICLE VII

Trustee

 

Section 7.01.                                                 Duties of Trustee.  (a) 
If an Event of Default has occurred and is continuing, the Trustee shall
exercise the rights and powers vested in it by this Indenture and use the same
degree of care and skill in their exercise as a prudent Person would exercise
or use under the circumstances in the conduct of such Person’s own affairs.

 

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

 

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

 

(ii)                                  in the absence of bad faith on its part,
the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this
Indenture.  However, the Trustee shall
examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).

 

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

 

(i)                                     this subsection (c) does not limit
the effect of subsection (b) of this Section;

 

45

 

(ii)                                  the Trustee shall not be liable for any
error of judgment made in good faith by a Trust Officer unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and

 

(iii)                               the Trustee shall not be liable with
respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.05.

 

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

 

(e)                                  The Trustee shall not be liable for
interest on any money received by it except as the Trustee may agree in writing
with the Company.

 

(f)                                    Money held in trust by the Trustee need
not be segregated from other funds except to the extent required by law.

 

(g)                                 No provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder or in the
exercise of any of its rights or powers.

 

(h)                                 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 and to
the provisions of the TIA, and the provisions of this Article Seven shall
apply to the Trustee in its role as Registrar, Paying Agent and Security
Custodian.

 

(i)                                     The Trustee shall not be deemed to have
notice of a Default or an Event of Default unless (a) the Trustee has
received written notice thereof from the Company or any Holder or (b) a
Trust Officer shall have actual knowledge thereof.

 

Section 7.02.                                                 Rights of Trustee. 
Subject to 315(a) through 315(d) of the TIA:

 

(a)                                  The Trustee may rely on any document
believed by it to be genuine and to have been signed or presented by the proper
person.  The Trustee need not investigate
any fact or matter stated in the document. 
The Trustee may, however, in its discretion make such further inquiry or
investigation into such facts or matters as it may see fit and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally
or by agent or attorney.

 

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

 

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

 

46

 

(d)                                 The Trustee shall not be liable for any
action it takes or omits to take in good faith that it believes to be
authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute
willful misconduct or negligence.

 

(e)                                  The Trustee may consult with counsel of
its selection, and the advice or opinion of counsel with respect to legal
matters relating to this Indenture and the Securities shall be full and
complete authorization and protection from liability in respect to any action
taken, omitted or suffered by it hereunder in good faith and in accordance with
the advice or opinion of such counsel.

 

(f)                                    The permissive rights of the Trustee to
do things enumerated in this Indenture shall not be construed as a duty unless
so specified herein.

 

Section 7.03.                                                 Individual Rights of
Trustee.  The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal
with the Company or its Affiliate with the same rights it would have if it were
not Trustee.  Any Paying Agent, Registrar
or co-registrar may do the same with like rights.  However, the Trustee must comply with
Sections 7.10 and 7.11.

 

Section 7.04.                                                 Trustee’s Disclaimer. 
The Trustee shall not be responsible for and makes no representation as
to the validity, priority or adequacy of this Indenture or the Securities, it
shall not be accountable for the Company’s use of the proceeds from the
Securities, and it shall not be responsible for any statement of the Company in
this Indenture or in any document issued in connection with the sale of the
Securities or in the Securities other than the Trustee’s certificate of
authentication.

 

Section 7.05.                                                 Notice of Defaults. 
If a Default or Event of Default occurs and is continuing and if it is
known to the Trustee, the Trustee shall mail to each Holder notice of the
Default or Event of Default within 90 days after it is known to a Trust Officer
or written notice of it is received by the Trustee.  Except in the case of a Default or Event of
Default in payment of principal of or interest on any Security, the Trustee may
withhold the notice if and so long as a committee of its Trust Officers in good
faith determines that withholding the notice is in the interests of Holders.

 

Section 7.06.                                                 Reports by Trustee to
Holders.  As promptly as practicable after each December 31
beginning with December 31, 2009, and in any event prior to March 31
in each year thereafter, the Trustee shall mail to each Holder a brief report
dated as of March 31 each year that complies with TIA Section 313(a),
if and to the extent required by such subsection.  The Trustee shall also comply with TIA Section 313(b) and
(c).

 

A copy
of each report at the time of its mailing to Holders shall be filed with the
SEC and each stock exchange (if any) on which the Securities are listed.  The Company agrees to notify promptly the
Trustee whenever the Securities become listed on any stock exchange and of any
delisting thereof.

 

Section 7.07.                                                 Compensation and Indemnity. 
The Company shall pay to the Trustee and any predecessor Trustee from
time to time such compensation for its services as shall from time to time be
agreed to in writing by the Company and the Trustee.  The Trustee’s 

 

47

 

compensation shall not be limited by any law on
compensation of a trustee of an express trust. 
The Company shall reimburse the Trustee upon request for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection,
in addition to the compensation for its services.  Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents,
counsel, accountants and experts.  The
Company shall indemnify the Trustee against any and all loss, liability or
expense (including reasonable attorneys’ fees) incurred by it in connection
with the acceptance and administration of this trust and the performance of its
duties hereunder.  The Trustee shall
notify the Company promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the Company
shall not relieve the Company of its obligations hereunder.  The Company shall defend the claim and the
Trustee may have separate counsel and the Company shall pay the fees and
expenses of such counsel.  The Company
need not reimburse any expenses or indemnify against any loss, liability or
expense incurred by the Trustee through the Trustee’s own willful misconduct,
negligence or bad faith.  The Company
need not pay for any settlement made by the Trustee without the Company’s
consent, such consent not to be unreasonably withheld.  All indemnifications and releases from
liability granted hereunder to the Trustee shall extend to its officers,
directors, employees, agents, successors and assigns.

 

To
secure the Company’s payment obligations in this Section, 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 of
and interest on particular Securities.

 

The
Company’s payment obligations pursuant to this Section shall survive the
resignation or removal of the Trustee and the discharge of this Indenture.  When the Trustee incurs expenses after the
occurrence of a Default specified in Section 6.01(h), (i) or (j) with
respect to the Company, the expenses are intended to constitute expenses of
administration under the Bankruptcy Law.

 

The
provisions of this Section shall survive the resignation or removal of the
Trustee and the termination of this Indenture.

 

Section 7.08.                                                 Replacement of Trustee.  The Trustee may resign at any time by so
notifying the Company.  The Holders of a
majority in aggregate principal amount of the Securities then outstanding may
remove the Trustee by so notifying the Trustee and may appoint a successor
Trustee.  The Company shall remove the
Trustee if:

 

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

 

(b)                                 the Trustee is adjudged bankrupt or
insolvent;

 

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

 

(d)                                 the Trustee otherwise becomes incapable
of acting.

 

If the
Trustee resigns, is removed by the Company or by the Holders a majority in
aggregate principal amount of the Securities then outstanding and such Holders
do not reasonably promptly appoint a successor Trustee, or if a vacancy exists
in the office of Trustee 

 

48

 

for any reason (the Trustee in such event being
referred to herein as the retiring Trustee), the Company shall promptly appoint
a successor Trustee.

 

A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. 
Thereupon the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee under this Indenture. 
The successor Trustee shall mail a notice of its succession to
Holders.  The retiring Trustee shall
promptly transfer all property held by it as Trustee to the successor Trustee,
subject to the lien provided for in Section 7.07.

 

If a
successor Trustee does not take office within 30 days after the retiring
Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in
aggregate principal amount of the Securities then outstanding may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

 

If the
Trustee fails to comply with Section 7.10, any Holder who has been a bona
fide Holder of a Security for at least six months may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee.

 

Notwithstanding
the replacement of the Trustee pursuant to this Section, the Company’s
obligations under Section 7.07 shall continue for the benefit of the
retiring Trustee.

 

Section 7.09.                                                 Successor Trustee by
Merger.  If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust
business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation or banking association without
any further act shall be the successor Trustee. 
In case at the time such successor or successors by merger, conversion
or consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Securities shall have been authenticated but not
delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Securities so
authenticated; and in case at that time any of the Securities shall not have
been authenticated; any such successor to the Trustee may authenticate such
Securities either in the name of any predecessor hereunder or in the name of
the successor to the Trustee; and in all such cases such certificates shall
have the full force which it is anywhere in the Securities or in this Indenture
provided  that the certificate of the Trustee
shall have.

 

Section 7.10.                                                 Eligibility;
Disqualification.  The Trustee shall at all times satisfy the
requirements of TIA Section 310(a). 
The Trustee shall have (or, in the case of a corporation included in a
bank holding company system, the related bank holding company shall have) a
combined capital and surplus of at least $50,000,000 as set forth in its (or
its related bank holding company’s) most recent published annual report of
condition.  The Trustee shall comply with
TIA Section 310(b), subject to the penultimate paragraph thereof; provided, however, that
there shall be excluded from the operation of TIA Section 310(b)(1) any
indenture or indentures under which other securities or certificates of
interest or participation in other securities of the Company are outstanding if
the requirements for such exclusion set forth in TIA Section 310(b)(1) are
met.

 

49

 

For
purposes of this Section 7.10 and clause (i) of the first proviso
contained in TIA Section 310(b); the indenture, dated August 18,
2004, as amended, among Marquee Holdings Inc. and HSBC Bank USA, National
Association providing for the issuance of the 12% Senior Discount Notes due
2014; the indenture, dated August 18, 2004, as amended, among Marquee Inc.
and HSBC Bank USA, National Association providing for the issuance of the 85/8% Senior
Notes due 2012; the indenture, dated as of February 24, 2004, as amended,
among AMC Entertainment Inc. and HSBC Bank USA, National Association providing
for the issuance of the 8% Senior Subordinated Notes due 2014; and the
indenture, dated as of January 26, 2006, as amended, among AMC
Entertainment Inc. and HSBC Bank USA, National Association providing for the
issuance of the 11% Senior Subordinated Notes due 2016 are hereby deemed to be
specifically described.

 

Section 7.11.                                                 Preferential Collection of
Claims Against Company.  The Trustee
shall comply with TIA Section 311(a), excluding any creditor relationship
listed in TIA Section 311(b):  A
Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to
the extent indicated.

 

ARTICLE VIII

 

Discharge of Indenture; Defeasance

 

Section 8.01.                                                 Discharge of Liability on
Securities; Defeasance.  (a) When
(i) either (A) all outstanding Securities that have been
authenticated (other than Securities replaced pursuant to Section 2.07 and
Securities for whose payment money has been deposited in trust and thereafter
repaid to the Company) have been delivered by the Company to the Trustee for
cancellation or (B) all outstanding Securities that have not been
delivered by the Company to the Trustee for cancellation have become due and
payable, whether at Maturity or upon redemption or will become due and payable
within one year or are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption
pursuant to Article Three and the Company irrevocably deposits or causes
to be deposited with the Trustee funds in trust solely for the benefit of the
Holders cash in U.S. dollars, non-callable Government Securities, or a
combination thereof, in such amounts as will be sufficient without consideration
of any reinvestment of interest, to pay and discharge the entire Indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation
for principal, premium, if any, and accrued interest (including Special
Interest, if any) to the date of Maturity or redemption; (ii) no Default
or Event of Default shall have occurred and be continuing on the date of such
deposit or shall occur as a result of such deposit and such deposit will not
result in a breach or violation of, or constitute a default under, any other
instrument to which the Company or any Guarantor is a party or by which the
Company or any Guarantor is bound; (iii) the Company or any Guarantor has
paid or caused to be paid all sums payable by it under this Indenture and the
Securities; and (iv) the Company has delivered irrevocable instructions to
the Trustee under this Indenture to apply the deposited money toward the
payment of such Securities at Maturity or the redemption date, as the case may
be, then upon demand of the Company (accompanied by an Officers’ Certificate
and an Opinion of Counsel to the Trustee stating that all conditions precedent
specified herein relating to the satisfaction and discharge of this Indenture
have been complied with) this Indenture shall cease to be of further effect
with 

 

50

 

respect to the Securities and the Trustee shall
acknowledge satisfaction and discharge of this Indenture, at the cost and
expense of the Company.

 

(b)                                 Subject to Sections 8.01(c) and
8.02, the Company may, at its option, and at any time elect to terminate (i) all
of its and the Guarantors’ obligations under the Securities, the Subsidiary
Guarantees and this Indenture (“legal defeasance option”) or (ii) its
and the Guarantors’ obligations under Section 5.01(c) and Sections
4.05, 4.06, 4.07, 4.08, 4.09, 4.10 and 4.11, and the operation of Section 6.01(c) (with
respect to a Event of Default due to a failure to meet obligations under Section 5.01(c))
and Sections 6.01(d), (e), (f) and (g) (“covenant defeasance
option”).  The Company may exercise
its legal defeasance option notwithstanding its prior exercise of its covenant
defeasance option.

 

If the
Company exercises its legal defeasance option, payment of the Securities may not
be accelerated because of an Event of Default. 
If the Company exercises its covenant defeasance option, payment of the
Securities may not be accelerated because of an Event of Default specified in
Sections 6.01(d) (with respect to Sections 4.05, 4.06, 4.07, 4.08, 4.09,
4.10, 4.11(a) and 5.01(c)), (e), (f) or (g).

 

Upon
satisfaction of the conditions set forth herein and upon request of the
Company, the Trustee shall acknowledge in writing the discharge of those
obligations that the Company terminates.

 

(c)                                  Notwithstanding subsections (a) and (b) above,
the Company’s obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 2.09,
4.01, 4.02, 4.03, 4.12, 7.07, 7.08, 8.03, 8.04, 8.05 and 8.06 shall survive
until the Securities have been paid in full. 
Thereafter, the Company’s obligations in Sections 7.07, 8.04, 8.05 and
8.06 shall survive.

 

Section 8.02.                                                 Conditions to Defeasance. 
The Company may exercise its legal defeasance option or its covenant
defeasance option only if:

 

(a)                                  The Company shall irrevocably have
deposited or caused to be deposited with the Trustee (or another trustee
satisfying the requirements of Section 7.10 who shall agree to comply with
the provisions of this Article Eight applicable to it) as trust funds in
trust for the benefit of the Holders of the Securities, cash in U.S. Dollars,
non-callable Government Securities or a combination thereof, in such amounts as
will be sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge and which shall be applied by
the Trustee (or other qualifying trustee) to pay the principal of (and premium,
if any) and interest (including any Special Interest) on the outstanding Securities
on the Stated Maturity (or redemption date, if applicable) of such principal
(and premium, if any) or installment of interest; provided that
the Trustee shall have been irrevocably instructed to apply such money or the
proceeds of such Government Securities to said payments with respect to the
Securities.  Before such a deposit, the
Company may give the Trustee, in accordance with Section 3.01 hereof, a
notice of its election to redeem all of the outstanding Securities at a future
date in accordance with Article Three, which notice shall be irrevocable;

 

51

 

(b)                                 No Default or Event of Default shall have
occurred and be continuing on the date of such deposit or, insofar as Section 6.01(h),
(i) or (j) is concerned, at any time during the period ending on the
91st day after the date of such deposit (it being understood that this
condition shall not be deemed satisfied until the expiration of such period);

 

(c)                                  the deposit does not constitute a default
hereunder or under any other material agreement binding on the Company;

 

(d)                                 the Company delivers to the Trustee an
Opinion of Counsel to the effect that the trust resulting from the deposit does
not constitute, or is qualified as, a regulated investment company under the
Investment Company Act of 1940;

 

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

 

(f)                                    in the case of the covenant defeasance
option, the Company shall have delivered to the Trustee an Opinion of Counsel
to the effect that the Holders will not recognize income, gain or loss for U.S.
Federal income tax purposes as a result of such covenant defeasance and will be
subject to U.S. Federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such covenant defeasance had
not occurred; and

 

(g)                                 the Company delivers to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance and discharge of the Securities as
contemplated by this Article Eight have been complied with.

 

Section 8.03.                                                 Application of Trust Money.

 

The
Trustee shall hold in trust money or Government Securities deposited with it
pursuant to this Article Eight.  It
shall apply the deposited money and the money from Government Securities
through the Paying Agent and in accordance with this Indenture to the payment
of principal of and interest on the Securities.

 

Section 8.04.                                                 Repayment to Company. 
The Trustee and the Paying Agent shall promptly turn over to the Company
upon request any excess money or securities held by them at any time.

 

Subject
to any applicable abandoned property law, the Trustee and the Paying Agent
shall pay to the Company upon request any money held by them for the payment of

 

52

 

principal, premium, if any, or interest that remains
unclaimed for two years, and, thereafter, Holders entitled to the money must
look to the Company for payment as general creditors.

 

Section 8.05.                                                 Indemnity for Government
Obligations.  The Company shall pay and shall indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against
deposited Government Securities or the principal and interest received on such
Government Securities.

 

Section 8.06.                                                 Reinstatement. 
If the Trustee or Paying Agent is unable to apply any money or
Government Securities in accordance with this Article Eight by reason of
any legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under this Indenture and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to
this Article Eight until such time as the Trustee or Paying Agent is
permitted to apply all such money or Government Securities in accordance with
this Article Eight; provided, however, that, if the Company has made any payment of
interest on or principal of any Securities because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.

 

ARTICLE IX

Amendments

 

Section 9.01.                                                 Without Consent of Holders. 
The Company and the Trustee may amend this Indenture or the Securities
without notice to or consent of any Holder:

 

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

 

(b)                                 to comply with Article Five;

 

(c)                                  to provide for uncertificated Securities
in addition to or in place of certificated Securities; provided, however, that the uncertificated Securities are issued in
registered form for purposes of Section 163(f) of Title 26 of the
United States Code or in a manner such that the uncertificated Securities are
described in Section 163(f)(2)(B) of Title 26 of the United States
Code;

 

(d)                                 to add Guarantees with respect to the
Securities or to secure the Securities;

 

(e)                                  to add to the covenants of the Company
for the benefit of the Holders or to surrender any right or power herein
conferred upon the Company;

 

(f)                                    to comply with any requirements of the
SEC in connection with qualifying, or maintaining the qualification of, this
Indenture under the TIA; or

 

(g)                                 to make any change that does not
adversely affect the rights of any Holder.

 

53

 

After
an amendment under this Section becomes effective, the Company shall mail
to Holders a notice briefly describing such amendment.  The failure to give such notice to all
Holders, or any defect therein, shall not impair or affect the validity of an
amendment under this Section.

 

Section 9.02.                                                 With Consent of Holders. 
The Company and the Trustee may modify or amend this Indenture or the
Securities without notice to any Holder but with the written consent of the
Holders of not less than a majority in aggregate principal amount of the
Securities then outstanding (including consents obtained in connection with a
tender offer or exchange offer for the Securities).  However, without the consent of each Holder
affected thereby, a modification or amendment may not:

 

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

 

(b)                                 reduce the amount of, or change the coin
or currency of, or impair the right to institute suit for the enforcement of,
the Change of Control Purchase Price;

 

(c)                                  reduce the percentage in 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 certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture; or

 

(d)                                 modify any of the provisions of this Section or
Sections 6.04, 6.07 and 4.13, except to increase the percentage of outstanding
Securities the consent of whose Holders is required for such actions or to
provide that certain other provisions of this Indenture cannot be modified or
waived without the consent of the Holder of each Security affected thereby.

 

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

 

After
an amendment under this Section becomes effective, the Company shall mail
to Holders a notice briefly describing such amendment.  The failure to give such notice to all
Holders, or any defect therein, shall not impair or affect the validity of an amendment
under this Section.

 

Section 9.03.                                                 Compliance with Trust
Indenture Act.  Every amendment to this Indenture or the
Securities shall comply with the TIA as then in effect.

 

54

 

Section 9.04.                                                 Revocation and Effect of
Consents and Waivers.  A consent to an amendment or a
waiver by a Holder of a Security shall bind the Holder and every subsequent
Holder of that Security or portion of the Security that evidences the same debt
as the consenting Holder’s Security, even if notation of the consent or waiver
is not made on the Security.  However,
any such Holder or subsequent Holder may revoke the consent or waiver as to
such Holder’s Security or portion of the Security if the Trustee receives the
notice of revocation before the date the amendment or waiver becomes
effective.  After an amendment or waiver
becomes effective, it shall bind every Holder. 
An amendment or waiver becomes effective upon the execution of such
amendment or waiver by the Trustee.

 

The
Company may, but shall not be obligated to, fix a record date for the purpose
of determining the Holders entitled to give their consent or take any other
action described above or required or permitted to be taken pursuant to this
Indenture.  Such record date shall be a date
not more than 30 days prior to the first solicitation of Holders generally in
connection therewith and no later than the date such solicitation is
completed.  If a record date is fixed,
then notwithstanding the immediately preceding paragraph or Section 316(c) of
the TIA, those Persons who were Holders at such record date (or their duly
designated proxies), and only those Persons, shall be entitled to give such
consent or to revoke any consent previously given or to take any such action,
whether or not such Persons continue to be Holders after such record date.  No such consent shall be valid or effective
for more than 180 days after such record date.

 

For
all purposes of this Indenture, all Initial Securities, Additional Securities
of the same series, Exchange Securities for the same series of Securities and
Private Exchange Securities for the same series of Securities shall vote
together as one series of Securities under this Indenture.

 

Section 9.05.                                                 Notation on or Exchange of
Securities.  If an amendment changes the terms of a
Security, the Trustee may require the Holder of the Security to deliver such
Security to the Trustee.  The Trustee may
place an appropriate notation on the Security regarding the changed terms and
return such Security to the Holder. 
Alternatively, if the Company or the Trustee so determines, the Company
in exchange for the Security shall issue and the Trustee shall authenticate a
new Security that reflects the changed terms. 
Failure to make the appropriate notation or to issue a new Security
shall not affect the validity of such amendment.

 

Section 9.06.                                                 Trustee To Sign Amendments. 
The Trustee shall sign any amendment authorized pursuant to this Article Nine
if the amendment does not adversely affect the rights, duties, liabilities or
immunities of the Trustee.  If it does,
the Trustee may but need not sign it.  In
signing such amendment the Trustee shall be entitled to receive indemnity
reasonably satisfactory to it and to receive, in addition to the documents
required by Section 11.04 and (subject to Section 7.01) shall be
fully protected in relying upon, an Officers’ Certificate and an Opinion of
Counsel stating that such amendment is authorized or permitted by this
Indenture.

 

55

 

ARTICLE X

Guarantee

 

Section 10.01.                                          Subsidiary Guarantee. 
Subject to the provisions of this Article Ten, each Guarantor
hereby fully, unconditionally and irrevocably guarantees, as primary obligor
and not merely as surety, jointly and severally with each other Guarantor, to
each Holder of the Securities and the Trustee, the full and punctual payment
when due, whether at maturity, by acceleration, by redemption or otherwise, of
the principal of, premium, if any, and interest, including Special Interest, if
any, on the Securities and all other obligations and liabilities of the Company
under this Indenture (including without limitation interest accruing after the
filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to the Company or any Guarantor
whether or not a claim for post-filing or post-petition interest is allowed in
such proceeding and the obligations under Section 7.07) (all the foregoing
being hereinafter collectively called the “Guarantor Obligations”).  Each Guarantor agrees that the Guarantor
Obligations will rank equally in right of payment with other indebtedness of
such Guarantor, except to the extent such other Indebtedness is subordinate to
the Guarantor Obligations.  Each Guarantor
further agrees (to the extent permitted by law) that the Guarantor Obligations
may be extended or renewed, in whole or in part, without notice or further
assent from it, and that it will remain bound under this Article Ten
notwithstanding any extension or renewal of any Guarantor Obligation.

 

Each
Guarantor waives presentation to, demand of payment from and protest to the
Company of any of the Guarantor Obligations and also waives notice of protest
for non-payment.  Each Guarantor waives
notice of any default under the Securities or the Guarantor Obligations.

 

Each
Guarantor further agrees that its Subsidiary Guarantee herein constitutes a
Guarantee of payment when due (and not a Guarantee of collection) and waives
any right to require that any resort be had by any Holder to any security held
for payment of the Guarantor Obligations.

 

Except
as set forth in Section 10.02, the obligations of each Guarantor hereunder
shall not be subject to any reduction, limitation, impairment or termination
for any reason (other than payment of the Guarantor Obligations in full),
including any claim of waiver, release, surrender, alteration or compromise,
and shall not be subject to any defense of setoff, counterclaim, recoupment or
termination whatsoever or by reason of the invalidity, illegality or
unenforceability of the Guarantor Obligations or otherwise.  Without limiting the generality of the
foregoing, the obligations of each Guarantor herein shall not be discharged or
impaired or otherwise affected by (a) the failure of any Holder to assert
any claim or demand or to enforce any right or remedy against the Company or
any other person under, this Indenture, the Securities or any other agreement
or otherwise; (b) any extension or renewal granted; (c) any rescission,
waiver, amendment or modification of any of the terms or provisions of this
Indenture, the Securities or any other agreement; (d) the release of any
security held by any Holder or the Trustee for the Guarantor Obligations or any
of them; (e) the failure of any Holder to exercise any right or remedy
against any other Guarantor; (f) any change in the ownership of the
Company; (g) any default, failure or delay, willful or otherwise, in the
performance of the 

 

56

 

Guarantor Obligations; or (h) any other act or thing or omission
or delay to do any other act or thing which may or might in any manner or to
any extent vary the risk of any Guarantor or would otherwise operate as a
discharge of such Guarantor as a matter of law or equity.

 

Subject
to the provisions of Section 4.09, each Guarantor agrees that its
Subsidiary Guarantee herein shall remain in full force and effect until payment
in full of all the Guarantor Obligations or such Guarantor is released from its
Subsidiary in compliance with Section 10.03 hereof.  Each Guarantor further agrees that its
Subsidiary Guarantee herein shall continue to be effective or be reinstated, as
the case may be, if at any time payment, or any part thereof, of principal of
or interest on any of the Guarantor Obligations is rescinded or must otherwise
be restored by any Holder upon the bankruptcy or reorganization of the Company
or otherwise.

 

In
furtherance of the foregoing and not in limitation of any other right which any
Holder has at law or in equity against any Guarantor by virtue hereof, upon the
failure of the Company to pay any of the Guarantor Obligations when and as the
same shall become due, whether at maturity, by acceleration, by redemption or
otherwise, each Guarantor hereby promises to and will, upon receipt of written
demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the
Holders an amount equal to the sum of (i) the unpaid amount of such
Guarantor Obligations then due and owing and (ii) accrued and unpaid
interest on such Guarantor Obligations then due and owing (but only to the
extent not prohibited by law).

 

Each
Guarantor further agrees that, as between such Guarantor, on the one hand, and
the Holders, on the other hand, (x) the maturity of the Guarantor
Obligations guaranteed hereby may be accelerated as provided in this Indenture
for the purposes of its Subsidiary Guarantee herein, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the
Guarantor Obligations guaranteed hereby and (y) in the event of any such
declaration of acceleration of such Guarantor Obligations, such Guarantor
Obligations (whether or not due and payable) shall forthwith become due and
payable by the Guarantor for the purposes of this Subsidiary Guarantee.

 

Each
Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees and expenses) incurred by the Trustee or the Holders
in enforcing any rights under this Section.

 

Section 10.02.                                          Execution and Delivery of
Subsidiary Guarantee for Future Guarantors.

 

To
further evidence its Subsidiary Guarantee, each Subsidiary and other Person
that is required to become a Guarantor hereby agrees to execute a supplement to
this Indenture, substantially in the form of Exhibit C hereto, or a
Subsidiary Guarantee, substantially in the form of Exhibit D
hereto, and deliver it to the Trustee. 
Such Subsidiary Guarantee or supplement to this Indenture shall be
executed on behalf of each Guarantor by either manual or facsimile signature of
one Officer or other person duly authorized by all necessary corporate action
of each Guarantor who shall have been duly authorized to so execute by all
requisite corporate action.  The validity
and enforceability of any Subsidiary Guarantee shall not be affected by the
fact that it is not affixed to any particular Security.

 

57

 

Each
of the Guarantors hereby agrees that its Subsidiary Guarantee shall remain in
full force and effect notwithstanding any failure to endorse on each Security a
notation of such Subsidiary Guarantee.

 

If an
Officer of a Guarantor whose signature is on this Indenture or a Subsidiary
Guarantee no longer holds that office at the time the Trustee authenticates the
Security on which such Subsidiary Guarantee is endorsed or at any time
thereafter, such Guarantor’s Subsidiary Guarantee of such Security shall
nevertheless be valid,

 

The
delivery of any Security by the Trustee, after the authentication thereof hereunder,
shall constitute due delivery of any Subsidiary Guarantee set forth in this
Indenture on behalf of each Guarantor.

 

Section 10.03.                                          Limitation on Liability;
Termination, Release and Discharge.  (a)  Any
term or provision of this Indenture to the contrary notwithstanding, the
obligations of each Guarantor hereunder will be limited to the maximum amount
as will, after giving effect to all other contingent and fixed liabilities of
such Guarantor (including, without limitation, any Guarantees under the Credit
Agreement) and after giving effect to any collections from or payments made by
or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under its Subsidiary Guarantee or pursuant to its contribution
obligations under this Indenture, result in the obligations of such Guarantor
under its Subsidiary Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under federal or state law and not otherwise being void or
voidable under any similar laws affecting the rights of creditors generally.

 

(b)                                 In addition, the Company shall not permit
any Guarantor to consolidate with or merge with or into any person (other than
another Guarantor) and shall not permit the conveyance, transfer or lease of
substantially all of the assets of any Guarantor unless:

 

(i)                                     the resulting, surviving or transferee
Person shall be a corporation, partnership, trust or limited liability company
organized and existing under the laws of the United States of America, any
State of the United States or the District of Columbia and such Person (if not
such Guarantor) shall expressly assume, by supplemental indenture, executed and
delivered to the Trustee, all the obligations of such Guarantor under its
Subsidiary Guarantee;

 

(ii)                                  immediately after giving effect to such
transaction (and treating any Indebtedness that becomes an obligation of the
resulting, surviving or transferee Person or any Subsidiary as a result of such
transaction as having been Incurred by such Person or such Subsidiary at the
time of such transaction), no Default or Event of Default shall have occurred
and be continuing;

 

(iii)                               the Company shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger or transfer and such supplemental indenture (if any)
comply with this Indenture; or

 

58

 

(iv)                              the transaction is made in compliance
with Section 5.01 (other than clause (c) of Section 5.01).

 

Upon
the sale or disposition of a Guarantor (by merger, consolidation, the sale of
its Capital Stock or the sale of all or substantially all of its assets (other
than by lease)) and whether or not the Guarantor is the surviving corporation
in such transaction to a Person which is not the Company or a Subsidiary, such
Guarantor will be automatically released from all its obligations under this
Indenture and its Subsidiary Guarantee and the Registration Rights Agreement
and such Subsidiary Guarantee will terminate; provided, however, that (1) the sale or other disposition is in
compliance with this Indenture, including Section 5.01 (other than clause (c) thereof);
and (2) all the obligations of such Guarantor under the Credit Agreement
and related documentation and any other obligations of such Guarantor relating
to any other Indebtedness of the Company or its Subsidiaries terminate upon
consummation of such transaction.

 

(c)                                  Each Guarantor shall be deemed released
from all its obligations under this Indenture and the Registration Rights
Agreement and such Subsidiary Guarantee shall terminate upon the legal
defeasance of the Securities pursuant to the provisions of Article Eight
hereof.

 

(d)                                 Each Guarantor shall be released from its
obligations under this Indenture, its Subsidiary Guarantee and the Registration
Rights Agreement if the Company designates such Guarantor as an Unrestricted
Subsidiary and such designation complies with the other applicable provisions
of this Indenture.

 

Section 10.04.                                          Right of Contribution. 
Each Guarantor hereby agrees that to the extent that any Guarantor shall
have paid more than its proportionate share of any payment made on the
obligations under the Subsidiary Guarantees, such Guarantor shall be entitled
to seek and receive contribution from and against the Company, or any other
Guarantor who has not paid its proportionate share of such payment.  The provisions of this Section 10.04
shall in no respect limit the obligations and liabilities of each Guarantor to
the Trustee and the Holders and each Guarantor shall remain liable to the
Trustee and the Holders for the full amount guaranteed by such Guarantor
hereunder.

 

Section 10.05.                                          No Subrogation. 
Notwithstanding any payment or payments made by each Guarantor
hereunder, no Guarantor shall be entitled to be subrogated to any of the rights
of the Trustee or any Holder against the Company or any other Guarantor or any
collateral security or guarantee or right of offset held by the Trustee or any
Holder for the payment of the Guarantor Obligations, nor shall any Guarantor
seek or be entitled to seek any contribution or reimbursement from the Company
or any other Guarantor in respect of payments made by such Guarantor hereunder,
until all amounts owing to the Trustee and the Holders by the Company on account
of the Guarantor Obligations are paid in full. 
If any amount shall be paid to any Guarantor on account of such
subrogation rights at any time when all of the Guarantor Obligations shall not
have been paid in full, such amount shall be held by such Guarantor in trust
for the Trustee and the Holders, segregated from other funds of such Guarantor,
and shall, forthwith upon receipt by such Guarantor, be turned over to the
Trustee in the exact form received by such Guarantor (duly indorsed by such
Guarantor to the Trustee, if required), to be applied against the Guarantor
Obligations.

 

59

 

ARTICLE XI

 

Miscellaneous

 

Section 11.01.                                          Trust Indenture Act
Controls.  If any provision of this Indenture limits,
qualifies or conflicts with another provision that is required to be included
in this Indenture by the TIA, the required provision shall control.

 

Section 11.02.                                          Notices. 
Any notice or communication shall be in writing and delivered in person
or mailed by first-class mail or sent by facsimile (with a hard copy delivered
in person or by mail promptly thereafter) and addressed as follows:

 

if to
the Company:

 

AMC
Entertainment Inc.

920
Main Street

Kansas City, MO 64105

Attention: General
Counsel

 

if to
the Trustee:

 

U.S.
Bank National Association

Corporate
Trust Services

60
Livingston Avenue

St.
Paul, MN 55107-1419

	
  Attention of:

  	
  Raymond S. Haverstock

  
	
   

  	
  Vice President and
  Account Manager

  

 

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

 

Any
notice or communication mailed to a Holder shall be mailed to the Holder at the
Holder’s address as it appears on the registration books of the Registrar and
shall be sufficiently given if so mailed within the time prescribed.

 

Failure
to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders.  If a notice or communication is mailed in the
manner provided above, it is duly given, whether or not. the addressee receives
it.

 

Section 11.03.                                          Communication by Holders
with Other Holders.  Holders may communicate
pursuant to TIA Section 312(b) with other Holders with respect to
their rights under this Indenture or the Securities.  The Company, the Trustee, the Registrar and
anyone else shall have the protection of TIA Section 312(c).

 

60

 

Section 11.04.                                          Certificate and Opinion as
to Conditions.  Upon any request or application by the
Company to the Trustee to take or refrain from taking any action under this
Indenture, the Company shall furnish to the Trustee:

 

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

 

(b)                                 an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion
of such counsel, all such conditions precedent have been complied with.

 

Section 11.05.                                          Statements Required in
Certificate or Opinions.  Each
certificate or opinion with respect to compliance with a covenant or condition
provided for in this Indenture shall include:

 

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

 

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

 

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

 

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

 

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.

 

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

 

61

 

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.

 

Section 11.06.                                          When Securities
Disregarded.  In determining whether the Holders of the
required principal amount of Securities have concurred in any direction, waiver
or consent, Securities owned by Holdings, the Company or the Guarantors or by
any Person directly or indirectly controlling or controlled by or under direct
or indirect common control with of them shall be disregarded and deemed not to
be outstanding, except that, for the purpose of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Securities that a Trust Officer knows are so owned shall be so
disregarded.  Also, subject to the
foregoing, only Securities outstanding at the time shall be considered in any
such determination.

 

Section 11.07.                                          Rules by Trustee,
Paying Agent and Registrar.  The Trustee
may make reasonable rules for action by or a meeting of Holders.  The Registrar and the Paying Agent or
co-registrar may make reasonable rules for their functions.

 

Section 11.08.                                          Legal Holidays. 
A “Legal Holiday” is a Saturday, a Sunday or a day on which
banking institutions are not required to be open in the States of New York or
Missouri.  If a payment date is a Legal
Holiday, payment shall be made on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period.  If a regular record date is a Legal Holiday,
the record date shall not be affected.

 

Section 11.09.                                          Governing Law. 
THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 11.10.                                          No Recourse Against Others. 
A director, officer, employee or stockholder, as such, of Holdings, the
Company and the Guarantors shall not have any liability for any obligations of
the Company or the Guarantors under the Securities or this Indenture or for any
claim based on, in respect of or by reason of such obligations or their
creation.  By accepting a Security, each
Holder shall waive and release all such liability.  The waiver and release shall be part of the
consideration for the issue of the Securities.

 

Section 11.11.                                          Successors. 
All agreements of the Company any each Guarantor in this Indenture and
the Securities shall bind their respective successors.  All agreements of the Trustee in this
Indenture shall bind its successors.

 

Section 11.12.                                          Separability Clause. 
In case any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 11.13.                                          Reliance on Financial Data. 
In computing any amounts under this Indenture: (a) to the extent
relevant, the Company shall use audited financial statements of the Company,
its Subsidiaries, any Person that would become a Subsidiary in connection with
the transaction that requires the computation and any Person from which the
Company or a Subsidiary has acquired an operating business, or is acquiring an
operating business in

 

62

 

connection with the transaction that requires the
computation (each such Person whose financial statements are relevant in
computing any particular amount, a “Relevant Person”) for the period or
portions of the period to which the computation relates for which audited
financial statements are available on the date of computation and unaudited
financial statements and other current financial data based on the books and
records of the Relevant Person or Relevant Persons, as the case may be, to the
extent audited financial statements for the period or any portion of the period
to which the computation relates are not available on the date of computation;
and (b) the Company shall be permitted to rely in good faith on the
financial statements and other financial data derived from the books and
records of any Relevant Person that are available on the date of the
computation.

 

Section 11.14.                                          Multiple Originals. 
The parties may sign any number of copies of this Indenture.  Each signed copy shall be an original, but
all of them together represent the same agreement.  One signed copy is enough to prove this
Indenture.

 

Section 11.15.                                          Table of Contents;
Headings.  The table of contents, cross-reference sheet
and headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not intended to be considered a part
hereof and shall not modify or restrict any of the terms or provisions hereof.

 

63

 

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

 

	
   

  	
  AMC
  ENTERTAINMENT INC., as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Craig R. Ramsey

  
	
   

  	
   

  	
  Name: Craig R.
  Ramsey

  
	
   

  	
   

  	
  Title:
  Executive Vice President and Chief Financial
  Officer

  

 

 

SIGNATURE PAGE TO
INDENTURE

 

 

AMC
CARD PROCESSING SERVICES, INC.

AMC
ENTERTAINMENT INTERNATIONAL, INC.

AMC
LICENSE SERVICES, INC.

AMERICAN
MULTI-CINEMA, INC.

CLUB
CINEMA OF MAZZA, INC.

LCE
ACQUISITIONSUB, INC.

LCE
MEXICAN HOLDINGS, INC.

LOEWS
CINEPLEX U.S. CALLCO, LLC

LOEWS
CITYWALK THEATRE CORPORATION

LOEWS
THEATRE MANAGEMENT CORP.

PREMIUM
THEATER OF FRAMINGHAM, INC.,

as
Guarantors

 

 

	
   

  	
  By:

  	
  /s/
  Craig R. Ramsey

  
	
   

  	
  Name:

  	
  Craig
  R. Ramsey

  
	
   

  	
  Title:

  	
  Executive Vice President and Chief Financial Officer

  

 

2

 

	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION,

  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Raymond S. Haverstock

  
	
   

  	
   

  	
  Name: Raymond S.
  Haverstock

  
	
   

  	
   

  	
  Title:
  Vice President

  

 

3

 

ANNEX 4.07

 

Agreements Regarding
Related Party Transactions

 

1.                                       Stockholders Agreement of AMC
Entertainment Holdings, Inc., dated June 11, 2007, among AMC
Entertainment Holdings, Inc. and the stockholders of AMC Entertainment
Holdings, Inc. party thereto.

 

2.                                       Management Stockholders Agreement of AMC
Entertainment Holdings, Inc., dated June 11, 2007, among AMC
Entertainment Holdings, Inc. and the stockholders of AMC Entertainment
Holdings, Inc. party thereto.

 

3.                                       Continuing Service Agreement, dated January 26,
2006, among AMC Entertainment Inc. (as successor to Loews Cineplex
Entertainment Corporation) and Travis Reid, and, solely for the purposes of its
repurchase obligations under Section 7 thereto, Marquee Holding Inc.

 

4.                                       Non-Qualified Stock Option Agreement,
dated January 26, 2006, between Marquee Holdings Inc. and Travis Reid.

 

5.                                       Fee Agreement, dated June 11, 2007,
by and among AMC Entertainment Holdings, Inc., Marquee Holdings Inc.,
AMC Entertainment Inc., J.P. Morgan Partners (BHCA), L.P., Apollo
Management V, L.P., Apollo Investment Fund V, L.P., Apollo Overseas
Partners V, L.P., Apollo Netherlands Partners V(A), L.P., Apollo
Netherlands partners V(B), L.P., Apollo German Partners V GmbH &
Co KG, Bain Capital Partners, LLC, TC Group, L.L.C., a Delaware limited
liability company and Applegate and Collatos, Inc.

 

6.                                       Retainer agreement with Raymond F. Beagle, Jr.
dated October 1, 2002.

 

7.                                       Contribution and Unit Holders Agreement,
dated as of March 29, 2005, among National Cinema Network, Inc.,
Regal CineMedia Corporation and National CineMedia, LLC.

 

8.                                       Exhibitor Services Agreement, dated February 13,
2007 between National CineMedia, LLC and American Multi-Cinema, Inc.

 

9.                                       First Amended and Restated Loews Screen
Integration Agreement, dated February 13, 2007 between National CineMedia, LLC
and American Multi-Cinema, Inc.

 

10.                                 Third Amended and Restated Limited
Liability Company Operating Agreement, dated February 13, 2007 between
American Multi- Cinema, Inc., Cinemark Media, Inc., Regal CineMedia
Holdings, LLC and National CineMedia, Inc.

 

11.                                 Voting and Irrevocable Proxy Agreement,
dated June 11, 2007, among AMC 

 

1

 

Entertainment Holdings, Inc., Carlyle Partners
III Loews, L.P., CP III Coinvestment, L.P., Bain Capital Holdings
(Loews) I, L.P., Bain Capital AIV (Loews) II, L.P., Spectrum Equity
Investors IV, L.P., Spectrum Equity Investors Parallel IV, L.P. and
Spectrum IV Investment Managers’ Fund, L.P.

 

12.                                 Voting and Irrevocable Proxy Agreement,
dated June 11, 2007, among AMC Entertainment Holdings, Inc., J.P.
Morgan Partners (BHCA), L.P., J.P. Morgan Partners Global
Investors, L.P., J.P. Morgan Partners Global Investors
(Cayman), L.P., J.P. Morgan Partners Global Investors (Cayman)
II, L.P., J.P. Morgan Partners Global Investors (Selldown), L.P.,
J.P. Morgan Partners Global Investors (Selldown) II, L.P., JPMP Global
Fund/AMC/Selldown II, L.P., J.P. Morgan Partners Global Investors
(Selldown) II-C, L.P., AMCE (Ginger), L.P., AMCE (Luke), L.P.,
AMCE (Scarlett), L.P., Apollo Investment Fund V, L.P., Apollo
Overseas Partners V, L.P., Apollo Netherlands Partners V(A), L.P., Apollo
Netherlands Partners V(B), L.P., Apollo German Partners V GmbH &
Co KG and other co-investors.

 

13.                                 Amendment to Exhibitor Services Agreement
dated as of November 5, 2008, by and between National CineMedia, LLC and
American Multi-Cinema, Inc.

 

2

 

EXHIBIT A

 

PROVISIONS
RELATING TO INITIAL

SECURITIES AND EXCHANGE SECURITIES

 

I.                                         DEFINITIONS

 

For
the purposes of this Exhibit A the following terms shall have the meanings
indicated below:

 

“Additional Securities” means the 8.75% Senior Notes due
2019, to be originally issued from time to time, excluding Exchange Securities
and Private Exchange Securities, in one or more series as provided for in this
Indenture.

 

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

 

“Clearstream” means Clearstream Luxembourg, a société
anonyme.

 

“Definitive Security” means a certificated Initial Security
or an Exchange Security or Private Exchange Security bearing, if required, the
restricted securities legend set forth in Section 2.3(e)(i).

 

“Depository” means The Depository Trust Company, its nominees
and their respective successors.

 

“Distribution Compliance Period”, with respect to any
Securities, means the period of 40 consecutive days beginning on and including
the later of (i) the day on which such Securities are first offered to
persons other than distributors (as defined in Regulation S under the Securities
Act) in reliance on Regulation S, notice of which day shall be promptly given
by the Company to the Trustee and (ii) the Issue Date, and with respect to
any Additional Securities that are Transfer Restricted Securities, it means the
comparable 40 consecutive days.

 

“Euroclear” means Euroclear Clearance System Plc.

 

“Exchange Securities” means the 8.75% Senior Notes due 2019
to be issued pursuant to this Indenture in connection with a Registered
Exchange Offer pursuant to the Registration Rights Agreement.

 

“Global Securities Legend” means the legend appearing under
such title on Appendix 1 to this Exhibit A.

 

“Initial Purchasers” means Credit Suisse Securities (USA)
LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan
Securities Inc., Banc of America Securities LLC, Barclays Capital Inc., Morgan
Stanley & Co. Incorporated.

 

A-1

 

“Initial Securities” means the 8.75% Senior Notes due 2019 in
the aggregate principal amount of $600,000,000 issued on June 9, 2009.

 

“New Securities” shall have the meaning set forth in Section 1
of the Registration Rights Agreement.

 

“Private Exchange” means the offer by the Company, pursuant
to Section 2(f) of the Registration Rights Agreement, dated June 9,
2009, or pursuant to any similar provision of any other Registration Rights
Agreement, to issue and deliver to certain purchasers, in exchange for the
Initial Securities held by such purchasers as part of their initial
distribution, a like aggregate principal amount of Private Exchange Securities.

 

“Private Exchange Securities” means those New Securities to
be issued pursuant to this Indenture in connection with a Private Exchange
pursuant to a Registration Rights Agreement.

 

“Purchase Agreement” means the Purchase Agreement, dated May 27,
2009, between the Company, the Guarantors listed on Schedule II thereto and the
Initial Purchasers relating to the Initial Securities, or any similar agreement
relating to any future sale of Additional Securities by the Company.

 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A.

 

“Registered Exchange Offer” means the offer by the Company,
pursuant to a Registration Rights Agreement, to certain Holders of Initial
Securities, to issue and deliver to such Holders, in exchange for the Initial
or Additional Securities, as the case may be, a like aggregate principal amount
of Exchange Securities registered under the Securities Act.

 

“Registration Rights Agreement” means the Registration Rights
Agreement, dated June 9, 2009, between the Company, the Guarantors and the
Initial Purchasers relating to the Initial Securities, or any similar agreement
relating to any Additional Securities.

 

“Regulation S” means Regulation S under the Securities Act.

 

“Regulation S Securities” means all Initial Securities
offered and sold outside the United States in reliance on Regulation S.

 

“Restricted Securities Legend” means any of the restricted
securities legends set forth in Section 2.3(e)(i) herein.

 

“Rule 144A” means Rule 144A under the Securities
Act.

 

“Rule 144A Securities” means all Initial Securities
offered and sold to QIBs in reliance on Rule 144A.

 

“Securities” means the Initial Securities, the Additional
Securities, the Exchange Securities and the Private Exchange Securities,
treated as a single class.

 

A-2

 

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

 

“Securities Custodian” means the custodian with respect to a
Global Security (as appointed by the Depository) or any successor person
thereto, who shall initially be the Trustee.

 

“Shelf Registration Statement” means a registration statement
issued by the Company in connection with the offer and sale of Initial
Securities, Additional Securities or Private Exchange Securities pursuant to a
Registration Rights Agreement.

 

“Transfer Restricted Securities” means Definitive Securities
and any other Securities that bear or are required to bear the legend set forth
in Section 2.3(e)(i) hereto.

 

1.1                                 Other Definitions.

 

	
  Term

  	
   

  	
  Defined in Section

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  “Agent
  Members”

  	
   

  	
  2.1(b)

  	
   

  
	
  “Global
  Security”

  	
   

  	
  2.1(b)

  	
   

  
	
  “Regulation
  S Global Security”

  	
   

  	
  2.1(b)

  	
   

  
	
  “Rule 144A
  Global Security”

  	
   

  	
  2.1(b)

  	
   

  

 

II.                                     THE SECURITIES

 

2.1                                 Form and
Dating.  (a)  The Initial
Securities and any Additional Securities will be offered and sold by the
Company, from time to time, pursuant to one or more Purchase Agreements.  Unless registered or exempt from registration
under the Securities Act, the Initial Securities and any Additional Securities
will be resold, initially only to QIBs in reliance on Rule 144A and to
non-U.S. persons in reliance on Regulation S. 
Initial Securities and Additional Securities so issued may thereafter be
transferred to, among others, QIBs and purchasers in reliance on Regulation S,
subject to the restrictions on transfers set forth herein.

 

(b)                                 Global
Securities.  Rule 144A
Securities shall be issued initially in the form of one or more permanent
global Securities in definitive, fully registered form (collectively, the “Rule 144A
Global Security”) and Regulation S Securities shall be issued initially in
the form of one or more global Regulation S Global Securities (collectively,
the “Regulation S Global Security”), in each case without interest
coupons and bearing the Global Securities Legend and Restricted Securities
Legend, which shall be deposited on behalf of the purchasers of the Securities
represented thereby with the Securities Custodian, and registered in the name
of the Depositary or a nominee of the Depositary, duly executed by the Company
and authenticated by the Trustee as provided in this Indenture.  The Rule 144A Global Security and the
Regulation S Global Security are each referred to herein as a “Global
Security” and are collectively referred to herein as “Global Securities”;
provided that the term “Global Security”
when used in Sections 2.1(b), 2.1(c), 2.3(g)(i), 2.3(h)(i) and 2.4 shall
also include any Security in global form issued in connection with a Registered
Exchange Offer.  The aggregate principal
amount of the Global Securities may from time to time be increased or decreased
by adjustments made on the records of the Trustee and the Depositary or its
nominee and on the schedules thereto as hereinafter provided.

 

A-3

 

(c)                                  Book-Entry
Provisions.  This Section 2.1(c) shall
apply only to a Global Security deposited with or on behalf of the Depositary.

 

The
Company shall execute and the Trustee shall, in accordance with this Section 2.1(c) and
pursuant to an order of the Company, authenticate and deliver initially one or
more Global Securities that (a) shall be registered in the name of the
Depository for such Global Security or Global Securities or the nominee of such
Depository and (b) shall be delivered by the Trustee to such Depository or
pursuant to such Depository’s instructions or held by the Trustee as Securities
Custodian.

 

Members
of, or participants in, the Depository (“Agent Members”) shall have no
rights under this indenture with respect to any Global Security held on their
behalf by the Depository or by the Trustee as Securities Custodian or under
such Global Security, and the Depository may be treated by the Company, the
Trustee and any agent of the Company or the Trustee as the absolute owner of
such Global Security for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein
shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository or impair, as between the Depository
and its Agent Members, the operation of customary practices of such Depository
governing the exercise of the rights of a holder of a beneficial interest in
any Global Security.

 

(d)                                 Definitive
Securities.  Except as
provided in Section 2.3, owners of beneficial interests in Global
Securities will not be entitled to receive physical delivery of certificated
Securities.

 

2.2                                 Authentication.  The Trustee shall authenticate and deliver: (a) Initial
Securities for original issue in an aggregate principal amount of $600,000,000,
(b) any Additional Securities, if and when issued pursuant to the
Indenture; and (c) the Exchange Securities for issue only in a Registered
Exchange Offer or a Private Exchange, respectively, pursuant to a Registration
Rights Agreement, for a like principal amount of Initial Securities or
Additional Securities, in each case upon a written order of the Company signed
by two Officers or by an Officer and either a Treasurer or an Assistant
Treasurer or a Secretary or an Assistant Secretary of the Company.  Such order shall specify the amount of the
Securities to be authenticated and the date on which the original issue of
Securities is to be authenticated and whether the Securities are to be Initial
Securities, Additional Securities, Exchange Securities or Private Exchange
Securities.

 

2.3                                 Transfer and
Exchange.  (a)  Transfer and Exchange of Definitive Securities.  When Definitive Securities are presented to
the Registrar or a co-registrar with a request:

 

(i)                                     to register the
transfer of such Definitive Securities; or

 

(ii)                                  to exchange
such Definitive Securities for an equal principal amount of Definitive
Securities of other authorized denominations, the Registrar or co-registrar
shall register the transfer or make the exchange as requested if its reasonable
requirements for

 

A-4

 

such transaction are met; provided, however, that the Definitive Securities surrendered for
transfer or exchange:

 

(1)           shall
be duly endorsed or accompanied by a written instrument of transfer in form
reasonably satisfactory to the Company and the Registrar or co-registrar, duly
executed by the Holder thereof or his attorney duly authorized in writing; and

 

(2)           are
being transferred, or exchanged pursuant to an effective registration statement
under the Securities Act or pursuant to clause (A), (B) or (C) below,
and are accompanied by the following additional information and documents, as
applicable:

 

(A)          if
such Definitive Securities are being delivered to the Registrar by a Holder for
registration in the name of such Holder, without transfer, a certification from
such Holder to that effect; or

 

(B)           if
such Definitive Securities are being transferred to the Company, a
certification to that effect; or

 

(C)           if
such Definitive Securities are being transferred pursuant to an exemption from
registration in accordance with Rule 144 under the Securities Act or
pursuant to or in compliance with an exemption from the registration
requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904,
(i) a certification to that effect and (ii) if the Company so
requests, an opinion of counsel or other evidence reasonably satisfactory to it
as to the compliance with the restrictions set forth in the legend set forth in
Section 2.3(e)(i).

 

(b)           Restrictions on Transfer
of a Definitive Security for a Beneficial Interest in a Global Security.  A Definitive Security may not be exchanged
for a beneficial interest in a Global Security except upon satisfaction of the
requirements set forth below.  Upon
receipt by the Trustee of a Definitive Security, duly endorsed or accompanied
by a written instrument of transfer in form reasonably satisfactory to the
Company and the Registrar, together with;

 

(i)            certification
(in the form set forth on the reverse side of the Initial Security) that such
Definitive Security is being transferred (1) to a QIB in accordance with Rule 144A
or (2) outside the United States in an offshore transaction within the
meaning of Regulation S and in compliance with Rule 904 under the
Securities Act, which certification shall be accompanied by a signed letter
substantially in the form of Exhibit B; and

 

(ii)           written
instructions directing the Trustee to make, or to direct the Securities
Custodian to make, an adjustment on its books and records with respect to such
Global Security to reflect an increase in the aggregate principal amount of the
Securities represented by the Global Security, such instructions to contain
information regarding the Depositary account to be credited with such increase,

 

A-5

 

then the Trustee shall cancel such Definitive Security and cause, or
direct the Securities Custodian to cause, in accordance with the standing
instructions and procedures existing between the Depositary and the Securities
Custodian, the aggregate principal amount of Securities represented by the
Global Security to be increased by the aggregate principal amount of the
Definitive Security to be exchanged and shall credit or cause to be credited to
the account of the Person specified in such instructions a beneficial interest
in the Global Security equal to the principal amount of the Definitive Security
so canceled.  If no Global Securities are
then outstanding and the Global Security has not been previously exchanged for
certificated securities pursuant to Section 2.4, the Company shall issue
and the Trustee shall authenticate, upon written order of the Company in the
form of an Officers’ Certificate, a new Global Security in the appropriate
principal amount.

 

(c)           Transfer and Exchange of Global Securities.

 

(i)            The
transfer and exchange of Global Securities or beneficial interests therein
shall be effected through the Depository, in accordance with this Indenture
(including applicable restrictions on transfer set forth herein, if any) and
the procedures of the Depository therefor. 
A transferor of a beneficial interest in a Global Security shall deliver
a written order given in accordance with the Depository’s procedures containing
information regarding the participant account of the Depository to be credited
with a beneficial interest in the Global Security and such account shall be
credited in accordance with such instructions with a beneficial interest in the
Global Security and the account of the Person making the transfer shall be
debited by an amount equal to the beneficial interest in the Global Security
being transferred.  Transfers by an owner
of a beneficial interest in the Rule 144A Global Security to a transferee
who takes delivery of such interest through the Regulation S Global Security,
whether before or after the expiration of the Distribution Compliance Period,
shall be made only upon receipt by the Trustee of a certification in the form
provided on the reverse of the Initial Securities from the transferor to the
effect that such transfer is being made in accordance with Regulation S or (if
available) Rule 144 under the Securities Act or pursuant to and in
compliance with the registration requirements of the Securities Act other than Rule 144,
Rule 903 or Rule 904 and that, if such transfer is being made prior
to the expiration of the Distribution Compliance Period, the interest
transferred shall be held immediately thereafter through Euroclear or
Clearstream.

 

(ii)           If
the proposed transfer is a transfer of a beneficial interest in one Global
Security to a beneficial interest in another Global Security, the Registrar
shall reflect on its books and records the date and an increase in the
principal amount of the Global Security to which such interest is being
transferred in an amount equal to the principal amount of the interest to be so
transferred, and the Registrar shall reflect on its books and records the date
and a corresponding decrease in the principal amount of Global Security from
which such interest is being transferred.

 

(iii)          Notwithstanding
any other provisions of this Exhibit A (other than the provisions
set forth in Section 2.4), a Global Security may not be transferred as a
whole except by the Depository to a nominee of the Depository or by a nominee
of the Depository to the Depository or another nominee of the Depository or by
the Depository 

 

A-6

 

or any such nominee to a successor Depository or a nominee of such
successor Depository.

 

(iv)          In
the event that a Global Security is exchanged for Securities in definitive
registered form pursuant to Section 2.4 prior to the consummation of a
Registered Exchange Offer or the effectiveness of a Shelf Registration
Statement with respect to such Securities, such Securities may be exchanged
only in accordance with such procedures as are substantially consistent with
the provisions of this Section 2.3 (including the certification
requirements set forth on the reverse of the Initial Securities or Additional
Securities intended to ensure that such transfers comply with Rule 144A,
Regulation S or such other applicable exemption from registration under the
Securities Act, as the case may be) and such other procedures as may from time
to time be adopted by the Company.

 

(d)           Restrictions on Transfer
of Regulation S Global Security. 
(i)  Prior to the expiration of the Distribution Compliance Period,
interests in the Regulation S Global Security may only be held through
Euroclear or Clearstream.  During the
Distribution Compliance Period, beneficial ownership interests in the
Regulation S Global Security may only be sold, pledged or transferred through
Euroclear or Clearstream in accordance with the Applicable Procedures and only (1) so
long as such security is eligible for resale pursuant to Rule 144A, to a
person whom the selling holder reasonably believes is a QIB that purchases for
its own account or for the account of a QIB to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, (2) in
an offshore transaction in accordance with Regulation S, (3) pursuant to
an exemption from registration under the Securities Act provided by Rule 144
(if applicable) under the Securities Act, or (4) pursuant to an effective
registration statement under the Securities Act, in each case in accordance
with any applicable securities laws of any state of the United States.  Prior to the expiration of the Distribution
Compliance Period, transfers by an owner of a beneficial interest in the
Regulation S Global Security to a transferee who takes delivery of such
interest through the Rule 144A Global Security shall be made only in
accordance with Applicable Procedures and upon receipt by the Trustee of a
written certification from the transferor of the beneficial interest in the
form provided on the reverse of the Initial Security to the effect that such
transfer is being made to a QIB within the meaning of Rule 144A in a
transaction meeting the requirements of Rule 144A.  Such written certification shall no longer be
required after the expiration of the Distribution Compliance Period.

 

(ii)           Upon
the expiration of the Distribution Compliance Period, beneficial ownership
interests in the Regulation S Global Security shall be transferable in
accordance with applicable law and the other terms of this Indenture.

 

(e)           Legend.

 

(i)            Except
as permitted by the following paragraphs (ii), (iii), (iv) and (v), each
certificate evidencing the Global Securities and the Definitive Securities and
the Regulation S Global Security (prior to the expiration of the Distribution
Compliance Period) (and all Securities issued in exchange therefor or in
substitution thereof), shall bear a legend in substantially the following form:

 

A-7

 

THIS
SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE
RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

 

THE
HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS
SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN
THE UNITED STATES 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, (II) OUTSIDE
THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904
UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR
(IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE
HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF
THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

Prior
to the Distribution Compliance Period, each Regulation S Global Security will
also bear the following additional legend:

 

THIS
SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY
EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR
TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS
GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

Each
Definitive Security will also bear the following additional legend:

 

IN
CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND
TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

(ii)           Upon
any sale or transfer of a, Transfer Restricted Security (including any Transfer
Restricted Security represented by a Global Security) pursuant to Rule 144
under the Securities Act or pursuant to and in compliance with an exemption
from the 

 

A-8

 

registration requirements of the Securities Act other than Rule 144,
Rule 903 or Rule 904:

 

(A)          in
the case of any Transfer Restricted Security that is a Definitive Security, the
Registrar shall permit the Holder thereof to exchange such Transfer Restricted
Security for a Definitive Security that does not bear the legends set forth
above and rescind any restriction on the transfer of such Transfer Restricted
Security; and

 

(B)           in
the case of any Transfer Restricted Security that is represented by a Global
Security, the Registrar shall permit the beneficial owner thereof to exchange
such Transfer Restricted Security for a beneficial interest in a Global
Security that does not bear the legends set forth above and rescind any
restriction on the transfer of such Transfer Restricted Security, in either
case, if the Holder certifies in writing to the Registrar that its request for
such exchange was made in reliance on Rule 144 or in reliance on an
exemption from the registration requirements of the Securities Act other than Rule 144,
Rule 903 or Rule 904 (such certification to be in the form set forth
on the reverse of the Initial Security).

 

(iii)          After
a transfer of any Initial Securities, Additional Securities or Private Exchange
Securities, as the case may be, during the period of the effectiveness of a
Shelf Registration Statement with respect to such Initial Securities,
Additional Securities or Private Exchange Securities, all requirements
pertaining to restricted legends on such Initial Security or such Private
Exchange Securities will cease to apply, and a global Initial Security or
Private Exchange Security without restricted legends will be available to the
transferee of the beneficial interests in such Initial Securities, Additional
Securities or Private Exchange Securities. 
Upon the occurrence of any of the circumstances described in this paragraph,
the Company will deliver an Officers’ Certificate to the Trustee instructing
the Trustee to issue Securities without legends.

 

(iv)          Upon
the consummation of a Registered Exchange Offer with respect to the Initial
Securities or Additional Securities pursuant to which certain Holders of such
Initial Securities or Additional Securities are offered Exchange Securities in
exchange for their Initial Securities, Additional Securities, or Exchange
Securities in global form without restrictive legends will be available to
Holders or beneficial owners that exchange such Initial Securities or
Additional Securities (or beneficial interests therein) in such Registered
Exchange Offer.  Upon the occurrence of
any of the circumstances described in this paragraph, the Company will deliver
an Officers’ Certificate to the Trustee instructing the Trustee to issue
Securities without restricted legends.

 

(v)           Upon
the consummation of a Private Exchange with respect to the Initial Securities
or Additional Securities pursuant to which Holders of such Initial Securities
or Additional Securities are offered Private Exchange Securities in exchange
for their Initial Securities or Additional Securities, as the case may be, all
requirements pertaining to such Initial Securities that Initial Securities
issued to certain Holders be issued in global form will continue to apply, and
Private Exchange Securities in global form with, to the extent required by
applicable law, the Restricted Securities Legend set forth in Appendix I

 

A-9

 

hereto will be available to Holders that exchange such Initial
Securities or Additional Securities in such Private Exchange.

 

(vi)          Upon
a sale or transfer after the expiration of the Distribution Compliance Period
of any Initial Security acquired pursuant to Regulation S, all requirements
that such Initial Security bear any Restricted Securities Legend shall cease to
apply and the requirements requiring any such Initial Security be issued in
global form shall continue to apply.

 

(f)            Cancellation or Adjustment
of Global Security.  At
such time as all beneficial interests in a Global Security have either been
exchanged for certificated or Definitive Securities, redeemed, repurchased or
canceled, such Global Security shall be returned by the Depository to the
Trustee for cancellation or retained and canceled by the Trustee.  At any time prior to such cancellation, if
any beneficial interest in a Global Security is exchanged for certificated or
Definitive Securities, redeemed, repurchased or canceled, the principal amount
of Securities represented by such Global Security shall be reduced and an
adjustment shall be made on the books and records of the Trustee (if it is then
the Securities Custodian for such Global. 
Security) with respect to such Global Security, by the Trustee or the
Securities Custodian, to reflect such reduction.

 

(g)           Obligations with Respect
to Transfers and Exchanges of Securities.

 

(i)            To
permit registrations of transfers and exchanges, the Company shall execute and
the Trustee shall authenticate certificated Securities, Definitive Securities
and Global Securities at the Registrar’s or co-registrar’s request.

 

(ii)           No
service charge shall be made for any registration of transfer or exchange, but
the Company or the Trustee may require payment of a sum sufficient to cover any
transfer tax, assessments, or similar governmental charge payable in connection
therewith (other than any such transfer taxes, assessments or similar
governmental charge payable upon exchange or registration of transfer pursuant
to Sections 3.06, 4.10 and 9.05 of this Indenture).

 

(iii)          The
Registrar or co-registrar shall not be required to register the transfer of or
exchange of any Security for a period beginning 15 days before the mailing of a
notice of redemption or an offer to repurchase Securities or 15 days before an
interest payment date.

 

(iv)          Prior
to the due presentation for registration of transfer of any Security, the
Company, the Trustee, the Paying Agent, the Registrar or any co-registrar may
deem and treat the person in whose name a Security is registered as the
absolute owner of such Security for the purpose of receiving payment of
principal of and interest on such Security and for all other purposes
whatsoever, whether or not such Security is overdue, and none of the Company,
the Trustee, the Paying Agent, the Registrar or any co-registrar shall be
affected by notice to the contrary.

 

(v)           All
Securities issued upon any registration of transfer or exchange pursuant to the
terms of this Indenture shall evidence the same debt and shall be entitled 

 

A-10

 

to the same benefits under this Indenture as the Securities surrendered
upon such registration of transfer or exchange.

 

(h)           No Obligation of the
Trustee.

 

(i)            The
Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Security, a member of, or a participant in the Depository or any other
Person with respect to the accuracy of the records of the Depository or its
nominee or of any participant or member thereof, with respect to any ownership
interest in the Securities or with respect to the delivery to any participant,
member, beneficial owner or other Person (other than the Depository) of any notice
(including any notice of redemption or repurchase) or the payment of any
amount, under or with respect to such Securities.  All notices and communications to be given to
the Holders and all payments to be made to Holders under the Securities shall
be given or made only to the registered Holders (which shall be the Depository
or its nominee in the case of a Global Security).  The rights of beneficial owners in any Global
Security shall be exercised only through the Depository subject to the
applicable rules and procedures of the Depository.  The Trustee may rely and shall be fully
protected in relying upon information furnished by the Depository with respect
to its members, participants and any beneficial owners.

 

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

 

2.4           Certificated Securities.

 

(a)           Any Global Security deposited with the Depository or with
the Trustee as Securities Custodian pursuant to Section 2.1(b) shall
be transferred to the beneficial owners thereof in the form of certificated
Securities in an aggregate principal amount equal to the principal amount of
such Global Security, in exchange for such Global Security, only if (i) the
Depository notifies the Company that it is unwilling or unable to continue as a
Depository for such Global Security or if at any time the Depository ceases to
be a “clearing agency” registered under the Exchange Act, and a successor
depositary is not appointed by the Company within 90 days of such notice, or (ii) a
Default or an Event of Default has occurred and is continuing under the
Indenture or (iii) the Company, in its sole discretion, notifies the
Trustee in writing that it elects to cause the issuance of certificated
Securities under this Indenture.

 

(b)           Any Global Security that is transferable to the beneficial
owners thereof pursuant to this Section 2.4 shall be surrendered by the
Depository to the Trustee located in the Borough of Manhattan, The City of New
York, to be so transferred, in whole or from time to time in part, without
charge (although the Company may require payment of a sum sufficient to 

 

A-11

 

cover any tax or
governmental charge imposed in connection therewith), and the Trustee shall
authenticate and deliver, upon such transfer of each portion of such Global
Security, an equal aggregate principal amount of certificated Securities of
authorized denominations.  Certificated
Securities issued in exchange for any portion of a Global Security transferred
pursuant to this Section shall be executed, authenticated and delivered
only in denominations of $1,000 and any integral multiple thereof and
registered in such names as the Depository shall direct.  Any certificated Initial Security delivered
in exchange for an interest in the Global Security shall, except as otherwise
provided by Section 2.3(c), bear the restricted securities legend set
forth in Appendix I hereto.

 

(c)           The registered Holder of a Global Security may grant
proxies and otherwise authorize any Person, including Agent Members and Persons
that may hold interests through Agent Members, to take any action that a Holder
is entitled to take under this Indenture or the Securities.

 

(d)           In the event of the occurrence of any of the events
specified in Section 2.4(a)(i), (ii) or (iii), the Company will
promptly make available to the Trustee a reasonable supply of certificated
Securities in definitive, fully registered form without interest coupons.

 

A-12

 

APPENDIX I

To EXHIBIT A

 

[FORM OF FACE OF
INITIAL SECURITY]

[Global Securities Legend]

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.  OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT 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.

 

TRANSFERS
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
ON THE REVERSE HEREOF.

 

[Transfer Restricted
Securities Legend]

 

THIS
SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE
RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

 

THE HOLDER OF THIS
SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED
STATES 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, (II) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER
THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF
CASES (I) 

 

A-13

 

THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS
SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

[Regulation
S Legend]

 

THIS
SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY
EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR
TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS
GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

[Definitive
Securities Legend]

 

IN
CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND
TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

A-14

 

[FORM OF
FACE OF INITIAL SECURITY]

 

8.75%
Senior Notes due 2019

 

	
  No.  R-

  	
   

  	
  CUSIP No.

  
	
   

  	
   

  	
  ISIN

  

 

AMC
ENTERTAINMENT INC., a Delaware corporation, promises to pay to Cede &
Co., or registered assigns, the principal sum of
                       
Dollars (         ) on June 1,
2019.

 

Interest
Payment Dates: June 1 and December 1, commencing December 1.
2009.

 

Record
Dates:  May 15 and November 15.

 

A-15

 

IN
WITNESS WHEREOF, the parties have caused this instrument to be duly executed as
of the          day of
                        ,
2009.

 

	
   

  	
  AMC ENTERTAINMENT INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

 

U.S. Bank National Association as Trustee, certifies that

this is one of the Securities referred to in the

Indenture.

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  

 

Additional provisions of
this Security are set forth on the other side of this Security.

 

A-16

 

[FORM OF
REVERSE SIDE OF INITIAL SECURITY]

 

8.75%
Senior Note due 2019

 

1.             Interest.
(a).  AMC Entertainment Inc., a Delaware
corporation (the “Company”), promises to pay interest on the principal
amount of this Security at the rate per annum shown above.  The Company will pay interest semiannually,
in arrears, on June 1 and December 1 of each year, commencing December 1,
2009, in immediately available funds. 
Interest on the Securities will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from the date of
issuance.  Interest shall be computed on
the basis of a 360-day year of twelve 30-day months.  The Company shall pay interest on overdue
principal at the rate borne by the Securities plus 1% per annum, and it shall
pay interest on overdue installments of interest at the rate borne by the
Securities to the extent lawful.

 

(b)           [Special Interest.  The holder of this Security is entitled to
the benefits of a Registration Rights Agreement, dated as of June 9, 2009,
among the Company, the Guarantors party thereto and the Initial Purchasers
named therein (the “Registration Rights Agreement”).  The Special Interest (as defined in the
Registration Rights Agreement), if any, will be payable in cash semiannually in
arrears each June 1 and December 1, in immediately available
funds.](1)

 

2.             Method of
Payment

 

The
Company will pay interest on the Securities (except defaulted interest) to the
Persons who are registered holders of Securities at the close of business on
the May 15 or November 15 next preceding the interest payment date
even if Securities are canceled after the record date and on or before the
interest payment date.  Holders must
surrender Securities to a Paying Agent to collect principal payments.  The Company will pay principal and interest
in money of the United States of America that at the time of payment is legal
tender for payment of public and private debts. 
Payments in respect of the Securities represented by a Global Security
(including principal, premium and interest) will be made by wire transfer of
immediately available funds to the accounts specified by The Depository Trust
Company.  The Company will make all
payments in respect of a certificated Security (including principal, premium
and interest) by mailing a check to the registered address of each Holder
thereof; provided, however,
that payments on the Securities may also be made, in the case of a Holder of at
least $1,000,000 aggregate principal amount of Securities, by wire transfer to
a U.S. dollar account maintained by the payee with a bank in the United States
if such Holder elects payment by wire transfer by giving written notice to the
Trustee or the Paying Agent to such effect designating such account no later
than 30 days immediately preceding the relevant due date for payment (or such
other date as the Trustee may accept in its discretion).

 

3.             Paying Agent
and Registrar

 

Initially,
U.S. Bank National Association (the “Trustee”), will act as Paying Agent
and Registrar.  The Company may appoint
and change any Paying Agent, Registrar or co-registrar 

 

(1) Section 1(b) to be included only in
Initial Securities.

 

A-17

 

without notice. 
The Company or any of its domestic Wholly Owned Subsidiaries may act as
Paying Agent, Registrar or co-registrar.

 

4.             Indenture

 

The
Company issued the Securities under an Indenture dated as of June 9, 2009
(the “Indenture”), among the Company, the Guarantors party thereto from
time to time and the Trustee.  The terms
of the Securities include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”).  Terms defined in the Indenture and not
defined herein have the meanings ascribed thereto in the Indenture.  The Securities are subject to all such terms,
and Holders are referred to the Indenture and the TIA for a statement of those
terms.

 

The
Securities are senior unsecured obligations of the Company and can be issued in
an initial amount of up to $600,000,000 and additional amounts as part of the
same series or new series under the Indenture which are unlimited (subject to
Sections 2.01 and 2.10 of the Indenture). 
The Indenture imposes certain limitations on the ability of the Company
and its Subsidiaries to, among other things, incur additional indebtedness, pay
dividends or make distributions in respect of their capital stock, purchase or
redeem capital stock, enter into transactions with stockholders or certain
affiliates, create liens or consolidate, merge or sell all or substantially all
of the Company’s assets, other than in certain transactions between the Company
and one or more of its Wholly Owned Subsidiaries.  These limitations are subject to significant
exceptions.

 

5.             Optional
Redemption

 

Except
as set forth below, the Securities may not be redeemed prior to June 1,
2014.  On and after that date, the
Company may redeem the Securities in whole at any time or in part from time to
time at the following redemption prices (expressed in percentages of principal
amount), plus accrued and unpaid interest, if any, to the redemption date
(subject to the right of Holders of record on the relevant record date to
receive interest due on the relevant interest payment date that is on or prior
to the date of redemption), if redeemed during the 12-month period beginning on
or after June 1 of the years set forth below:

 

	
  Period

  	
   

  	
  Redemption Price

  	
   

  
	
  2014

  	
   

  	
  104.375

  	
  %

  
	
  2015

  	
   

  	
  102.917

  	
  %

  
	
  2016

  	
   

  	
  101.458

  	
  %

  
	
  2017
  and thereafter

  	
   

  	
  100.000

  	
  %

  

 

Prior
to June 1, 2012, the Company may on any one or more occasions redeem up to
35% of the original aggregate principal amount of the Securities with the Net
Cash Proceeds of one or more Equity Offerings at a redemption price of 108.750%
of the principal amount thereof, plus accrued and unpaid interest, if any, to
the redemption date (subject to the right of holders of record on the relevant
record date to receive interest due on the relevant interest payment date); provided that

 

A-18

 

(1)                                  at least 65% of the original aggregate
principal amount of the Securities remains outstanding after each such
redemption; and

 

(2)                                  the redemption occurs within 90 days
after the closing of such Equity Offering.

 

6.             Sinking Fund

 

The
Securities are not subject to any sinking fund.

 

7.             Notice of
Redemption

 

Notice
of redemption will be mailed by first class mail at least 30 days but not more
than 60 days before the redemption date to each Holder of Securities to be
redeemed at its registered address. 
Securities in denominations larger than $1,000 may be redeemed in part
but only in whole multiples of $1,000. 
If money sufficient to pay the redemption price of and accrued interest
on all Securities (or portions thereof) to be redeemed on the redemption date
is deposited with the Paying Agent on or before the redemption date and certain
other conditions are satisfied, on and after such date interest ceases to
accrue on such Securities (or such portions thereof) called for redemption.

 

8.             Repurchase
of Securities at the Option of Holders upon Change of Control

 

Upon a
Change of Control, the Company will be required to make an offer, subject to
certain conditions specified in the Indenture, to repurchase all the Securities
of each Holder at a purchase price equal to 101% of the principal amount of
Securities to be repurchased plus accrued and unpaid interest, if any, to the
date of purchase (subject to the right of Holders of record on the relevant record
date to receive interest due on the interest payment date that is on or prior
to the date of purchase) as provided in, and subject to the terms of, the
Indenture.

 

9.             Denominations;
Transfer; Exchange

 

The
Securities are in registered form without coupons in denominations of $1,000
and whole multiples of $1,000.  A Holder
may transfer or exchange Securities in accordance with the Indenture.  Upon any transfer or exchange, the Registrar
and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes required by
law or permitted by the Indenture.  The
Registrar need not register the transfer of or exchange any Securities selected
for redemption (except, in the case of a Security to be redeemed in part, the
portion of the Security not to be redeemed) or to transfer or exchange any
Securities for a period of 15 days prior to a selection of Securities to be
redeemed or 15 days before an interest payment date.

 

10.           Persons Deemed Owners

 

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

 

A-19

 

11.           Unclaimed Money

 

If
money for the payment of principal, premium or interest remains unclaimed for
two years, the Trustee or Paying Agent shall pay the money back to the Company
at its written request unless an abandoned property law designates another
Person.  After any such payment, Holders
entitled to the money must look only to the Company and not to the Trustee for
payment.

 

12.           Discharge and Defeasance

 

Subject
to certain conditions set forth in the Indenture, the Company at any time may
terminate some of or all its obligations under the Securities and the Indenture
if the Company deposits with the Trustee money or Government Securities for the
payment of principal and interest on the Securities to redemption or maturity,
as the case may be.

 

13.           Amendment, Waiver

 

Subject
to certain exceptions set forth in the Indenture, (i) the Indenture or the
Securities may be amended without prior notice to any Holder but with the
written consent of the Holders of at least a majority in aggregate principal
amount of the outstanding Securities and (ii) any default or noncompliance
with any provision may be waived with the written consent of the Holders of at
least a majority in aggregate principal amount of the outstanding
Securities.  Subject to certain
exceptions set forth in the Indenture, without the consent of any Holder of Securities,
the Company and the Trustee may amend the Indenture or the Securities: (i) to
cure any ambiguity, omission, defect or inconsistency; (ii) to comply with
Article Five of the Indenture; (iii) to provide for uncertificated
Securities in addition to or in place of certificated Securities; (iv) to
add Guarantees with respect to the Securities; (v) to secure the
Securities; (vi) to add additional covenants of the Company or to
surrender rights and powers conferred on the Company; (vii) to make any
change that does not adversely affect the rights of any Holder; or (viii) to
comply with the requirements of the SEC in order to effect or maintain the
qualification of the Indenture under the TIA.

 

14.           Defaults and Remedies

 

If an
Event of Default occurs and is continuing, the Trustee or the Holders of at
least 25% in aggregate principal amount of the Securities then outstanding,
subject to certain limitations, may declare all the Securities to be
immediately due and payable.  Certain
events of bankruptcy or insolvency are Events of Default and shall result in
the Securities being immediately due and payable upon the occurrence of such
Events of Default without any further act of the Trustee or any Holder.

 

Holders
of Securities may not enforce the Indenture or the Securities except as
provided in the Indenture.  The Trustee
may refuse to enforce the Indenture or the Securities unless it receives
reasonable indemnity or security. 
Subject to certain limitations, Holders of a majority in aggregate
principal amount of the Securities then outstanding may direct the Trustee in
its exercise of any trust or power under the Indenture.  The Holders of a majority in aggregate
principal amount of the Securities then outstanding, by written notice to the
Company and the Trustee, may rescind any declaration of acceleration and its
consequences if the rescission would 

 

A-20

 

not conflict with any judgment or decree, and if all
existing Events of Default have been cured or waived except non-payment of
principal or interest that has become due solely because of the acceleration.

 

15.           Trustee Dealings with the
Company

 

Subject
to certain limitations imposed by the TIA, the Trustee under the Indenture, in
its individual or any other capacity, may become the owner or pledgee of
Securities and may otherwise deal with and collect obligations owed to it by
the Company or its Affiliates and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee.

 

16.           No Recourse Against Others

 

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

 

17.           Authentication

 

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

 

18.           Abbreviations

 

Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN
COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint
tenants with rights of survivorship and not as tenants in common), CUST
(=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

 

19.           Governing Law

 

THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

 

A-21

 

20.           ISINs and CUSIP Numbers

 

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

 

A
Holder of Securities may upon written request and without charge to the Holder
receive a copy of the Indenture which has in it the text of this Security.  Requests may be made to: Kevin M. Connor,
General Counsel, 920 Main Street, Kansas City, Missouri 64105-1977.

 

A-22

 

ASSIGNMENT
FORM

 

To assign
this Security, fill in the form below: I or we assign and transfer this
Security to

 

	
   

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

  

 

 

	
   

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

  

 

and irrevocably appoint                                 
agent to transfer this Security on the books of the Company.  The agent may substitute another to act for
him.

 

 

	
  Date:

  	
   

  	
   

  
	
   

  
	
  Your Signature:

  	
   

  	
   

  
				

 

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

 

A-23

 

In
connection with any transfer of any of the Securities evidenced by this
certificate occurring while the Securities are Transfer Restricted Securities
after the later of the date of original issuance of such Securities and the
last date, if any, on which such Securities were owned by the Company or any
Affiliate of the Company, the undersigned confirms that such Securities are
being transferred in accordance with its terms:

 

CHECK
ONE BOX BELOW

 

o       (1) pursuant
to an effective registration statement under the Securities Act of 1933; or

 

o       (2) to
a “qualified institutional buyer” (as defined in Rule 144A under the
Securities Act of 1933) that purchases for its own account or for the account
of a qualified institutional buyer to whom notice is given that such transfer
is being made in reliance on Rule 144A, in each case pursuant to and in
compliance with Rule 144A under the Securities Act of 1933; or

 

o       (3) outside
the United States in an offshore transaction within the meaning of Regulation S
under the Securities Act of 1933 in compliance with Rule 904 under the
Securities Act of 1933; or

 

o       (4) pursuant
to another available exemption from registration provided by Rule 144
under the Securities Act of 1933; or

 

o       (5) (i) pursuant
to and in compliance with an exemption from the registration requirements of
the Securities Act of 1933 other than Rule 144, Rule 903 or Rule 904
and in compliance with the transfer restrictions contained in the Indenture and
any applicable blue sky securities laws of any State in the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities
Act.

 

Unless
one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any person other than
the registered holder thereof; provided, however, that if boxes (4) or (5) are checked,
the Trustee may require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information as the
Company has reasonably requested to confirm that such transfer is being made
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act of 1933.

 

	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
  Your
  Signature:

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  	
   

  
						

 

Signature must be guaranteed by a participant
in a recognized signature guaranty medallion program or other signature
guarantor acceptable to the Trustee.

 

A-24

 

[TO
BE ATTACHED TO GLOBAL SECURITIES]

 

SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL SECURITY

 

The
initial principal amount of this Global Security is
$        .  The following increases or decreases in this
Global Security have been made:

 

	
  Date
  of

  Exchange

  	
   

  	
  Amount of decrease

  in Principal Amount

  of this Global

  Security

  	
   

  	
  Amount of

  increase in

  Principal Amount

  of this Global

  Security

  	
   

  	
  Principal amount

  of this Global

  Security

  following such

  decrease or

  increase

  	
   

  	
  Signature of

  authorized signatory

  of Trustee or

  Securities Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-25

 

OPTION
OF HOLDER TO ELECT PURCHASE

 

If you
want to elect to have this Security purchased by the Company pursuant to Section 4.10
(Change of Control) of the Indenture, check the box:  o

 

If you
want to elect to have only part of this Security purchased by the Company
pursuant to Section 4.10 of the Indenture, state the amount:

 

$                                      

 

 

	
  Date:

  	
   

  	
   

  	
  Your Signature:

  	
   

  

 

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

 

	
  Signature Guarantee:

  	
   

  	
   

  

 

Signature must be guaranteed by a participant in a recognized signature
guaranty medallion program or other signature guarantor acceptable to the
Trustee.

 

TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

 

The
undersigned represents and warrants that it is purchasing this Security for its
own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as
amended, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as
the undersigned has requested pursuant to Rule 144A or has determined not
to request such information and that it is aware that the transferor is relying
upon the undersigned’s foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

 

 

	
   

  	
   

  
	
   

  	
  Dated:

  	
   

  

 

A-26

 

EXHIBIT B

 

Form of
Certificate To Be Delivered

in Connection with Transfers

Pursuant to Regulation S

 

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota, 55107-1419

Attention:
[                   ]

 

Re:                               AMC Entertainment Inc. (the “Company”)
8.75% Senior Notes due 2019 (the “Securities”)

 

Ladies and Gentlemen:

 

In
connection with our proposed sale of $[     ]
aggregate principal amount of the Securities, we confirm that such sale has
been effected pursuant to and in accordance with Regulation S under the U.S.
Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, we represent that:

 

(1)                                  the offer of the Securities was not made
to a person in the United States;

 

(2)                                  either (a) at the time the buy offer
was originated, the transferee was outside the United States or we and any
person acting on our behalf reasonably believed that the transferee was outside
the United States, or (b) the transaction was executed in, on or through
the facilities of a designated offshore securities market and neither we nor
any person acting on our behalf knows that the transaction has been prearranged
with a buyer in the United States;

 

(3)                                  no directed selling efforts have been
made in the United States in contravention of the requirements of Rule 903(b) or
Rule 904(b) of Regulation S, as applicable;

 

(4)                                  the transaction is not part of a plan or
scheme to evade the registration requirements of the Securities Act; and

 

(5)                                  we have advised the transferee of the
transfer restrictions applicable to the Securities.

 

B-1

 

You,
the Company and counsel for the Company are entitled to rely upon this letter
and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. 
Terms used in this certificate have the meanings set forth in Regulation
S.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [Name of Transferor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signature

  	
   

  
					

 

B-2

 

EXHIBIT C

 

FORM OF
SUPPLEMENTAL INDENTURE TO ADD GUARANTORS

 

This
Supplemental Indenture, dated as of
[              
      ], 20      
(this “Supplemental Indenture” or “Guarantee”), among [name of future Guarantor] (the “Subsidiary Guarantor”),
AMC Entertainment Inc. (together with its successors and assigns, the “Company”),
each other then existing Guarantor under the Indenture referred to below, and
U.S. Bank National Association, as Trustee under the Indenture referred to
below.

 

W
I T N E S S E T H:

 

WHEREAS,
the Company, the Guarantors and the Trustee have heretofore executed and delivered
an Indenture, dated as of June 9, 2009 (as amended, supplemented, waived
or otherwise modified, the “Indenture”), providing for the issuance of
8.75% Senior  Notes due 2019 of the
Company (the “Securities”);

 

WHEREAS,
Section 4.09 of the Indenture provides that the Company is required to
cause each Subsidiary that Guarantees obligations under the Credit Agreement,
the Existing Notes or other Indebtedness of the Company or any of its
Guarantors to execute and deliver to the Trustee a supplemental indenture
pursuant to which such Subsidiary will unconditionally Guarantee, on a joint
and several basis with the other Guarantors, the full and prompt payment of the
principal of, premium, if any, and interest on the Securities on a senior
basis; and

 

WHEREAS,
pursuant to Section 9.01 of the Indenture, the Trustee, the Company and
the Guarantors are authorized to execute and deliver this Supplemental
Indenture to amend or supplement the Indenture, without the consent of any
Holder;

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Subsidiary
Guarantor, the Company, the other Guarantors and the Trustee mutually covenant
and agree for the equal and ratable benefit of the Holders of the Securities as
follows:

 

ARTICLE
I

 

Definitions

 

SECTION 1.1                                                  Defined Terms. 
As used in this Supplemental Indenture, terms defined in the Indenture
or in the preamble or recital hereto are used herein as therein defined, except
that the term “Holders” in this Guarantee shall refer to the term “Holders”
as defined in the Indenture and the Trustee acting on behalf or for the benefit
of such Holders.  The words “herein,” “hereof”
and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any
particular section hereof.

 

C-1

 

ARTICLE
II

 

Agreement
to be Bound; Guarantee

 

SECTION 2.1                                                  Agreement to be Bound. 
The Subsidiary Guarantor hereby becomes a party to the Indenture as a
Guarantor and as such will have all of the rights and be subject to all of the
obligations and agreements of a Guarantor under the Indenture.  The Subsidiary Guarantor agrees to be bound
by all of the provisions of the Indenture applicable to a Guarantor and to
perform all of the obligations and agreements of a Guarantor under the
Indenture.

 

SECTION 2.2                                                  Guarantee.  The
Subsidiary Guarantor agrees, on a joint and several basis with all the existing
Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder
of the Securities and the Trustee the Guarantor Obligations pursuant to Article Ten
of the Indenture on a senior basis.

 

ARTICLE
III

 

Miscellaneous

 

SECTION 3.1                                                  Notices.  All notices
and other communications to the Subsidiary Guarantor shall be given as provided
in the Indenture to the Subsidiary Guarantor, at its address set forth below,
with a copy to the Company as provided in the Indenture for notices to the
Company.

 

SECTION 3.2                                                  Parties.  Nothing
expressed or mentioned herein is intended or shall be construed to give any
Person, firm or corporation, other than the Holders and the Trustee, any legal
or equitable right, remedy or claim under or in respect of this Supplemental  indenture or the Indenture or any provision
herein or therein contained.

 

SECTION 3.3                                                  Governing Law. 
This Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York.

 

SECTION 3.4                                                  Ratification of Indenture; Supplemental
Indentures Part of Indenture.  Except as
expressly amended hereby, the Indenture is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect.  This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder
of Securities heretofore or hereafter authenticated and delivered shall be
bound hereby.

 

SECTION 3.5                                                  Trustee not Responsible. 
The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this [First] Supplemental Indenture
or for or in respect of the recitals contained herein, all of which are made
solely by the Company and the Guarantors.

 

SECTION 3.6                                                  Counterparts. 
The parties hereto may sign one or more copies of this Supplemental
Indenture in counterparts, all of which together shall constitute one and the
same agreement.

 

C-2

 

SECTION 3.7                                                  Headings.  The headings
of the Articles and the Sections in this Guarantee are for convenience of
reference only and shall not be deemed to alter or affect the meaning or
interpretation of any provisions hereof.

 

C-3

 

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

 

	
   

  	
  [GUARANTOR],

  
	
   

  	
  as a Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
  [Address]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

C-4

 

EXHIBIT D

 

SUBSIDIARY
GUARANTEE

 

Each
of the undersigned (the “Guarantors”) hereby jointly and severally
unconditionally guarantees, to the extent set forth in the Indenture dated as
of June 9, 2009 by and among AMC Entertainment Inc., a Delaware
corporation, as issuer (the “Company”) and HSBC Bank USA, National
Association as Trustee (as amended, restated or supplemented from time to  time, the “Indenture”), and subject to
the provisions of the Indenture, (a) the due and punctual  payment of the principal of, and premium, if
any, and interest on the Securities, when and as the same shall become due and
payable, whether at maturity, by acceleration or otherwise, the due and
punctual payment of interest on overdue principal of, and premium and, to the
extent permitted by law, interest, and the due and punctual performance of all
other obligations of the Company to the Holders or the Trustee, all in
accordance with the terms set forth in Article Ten of the Indenture, and (b) in
case of any extension of time of payment or renewal of any Securities or any of
such other obligations, that the same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise.

 

The
obligations of the Guarantors to the Holders and to the Trustee pursuant to
this Subsidiary Guarantee and the Indenture are expressly set forth in Article Ten
of the Indenture, and reference is hereby made to the Indenture for the precise
terms and limitations of this Subsidiary Guarantee.  This Guarantee is subject to release as and
to the extent set forth in Sections 8.01, 8.02 and 10.03 of the Indenture.  Each Holder of the Security to which this
Subsidiary Guarantee is endorsed, by accepting such Security, agrees to and
shall be bound by such provisions. 
Capitalized terms used herein and not defined are used herein as so
defined in the Indenture.

 

[Signatures on
Following Pages]

 

D-1

 

IN WITNESS WHEREOF, each
of the Guarantors has caused this Subsidiary Guarantee to be signed by a duly
executed officer.

 

 

	
   

  	
  [GUARANTOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

D-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]