Document:

Blueprint

 

 

Exhibit 4.12

 

DYNATRONICS CORPORATION

 

FORM OF DEBT SECURITIES WARRANT AGREEMENT

 

This
DEBT SECURITIES WARRANT
AGREEMENT (this “Agreement”),
dated as of between DYNATRONICS
CORPORATION, a Utah corporation (the “Company”), and
[●], a [corporation] [national banking association] organized
and existing under the laws of and having a corporate trust office
in [●], as warrant
agent (the “Warrant
Agent”).

 

[WHEREAS, the Company has entered into an
indenture dated as of [●] (the “Indenture”),
with [●], as trustee (such trustee, and any successors to
such trustee, herein called the “Trustee”),
providing for the issuance from time to time of its
[unsubordinated][subordinated] debt securities, to be issued in one
or more series as provided in the Indenture (the
“Debt
Securities”);]

 

WHEREAS, the Company proposes to sell
[If Warrants are sold with other securities — title of such
other securities being offered (the “Other
Securities”) with] warrant certificates evidencing one
or more warrants (the “Warrants” or,
individually, a “Warrant”)
representing the right to purchase [title of Debt Securities
purchasable through exercise of Warrants] (the “Warrant Debt
Securities”), such warrant certificates and other
warrant certificates issued pursuant to this Agreement being herein
called the “Warrant
Certificates”; and

 

WHEREAS, the Company desires the Warrant
Agent to act on behalf of the Company, and the Warrant Agent is
willing so to act, in connection with the issuance, registration,
transfer, exchange, exercise and replacement of the Warrant
Certificates, and in this Agreement wishes to set forth, among
other things, the form and provisions of the Warrant Certificates
and the terms and conditions on which they may be issued,
registered, transferred, exchanged, exercised and
replaced.

 

NOW, THEREFORE, in consideration of the
premises and of the mutual agreements herein contained, the parties
hereto agree as follows:

 

ARTICLE 1

 

ISSUANCE OF WARRANTS AND EXECUTION AND

DELIVERY OF WARRANT CERTIFICATES

 

1.1           Issuance
of Warrants. [If Warrants alone — Upon issuance, each
Warrant Certificate shall evidence one or more Warrants.] [If Other
Securities and Warrants — Warrant Certificates shall be
[initially] issued in connection with the issuance of the Other
Securities [but shall be separately transferable on and after (the
“Detachable
Date”)] [and shall not be separately transferable] and
each Warrant Certificate shall evidence one or more Warrants.] Each
Warrant evidenced thereby shall represent the right, subject to the
provisions contained herein and therein, to purchase one Warrant
Debt Security. [If Other Securities and Warrants — Warrant
Certificates shall be initially issued in units with the Other
Securities and each Warrant Certificate included in such a unit
shall evidence Warrants for each [$[●] principal amount] [
shares] of Other Securities included in such unit].

 

1.2           Execution
and Delivery of Warrant Certificates. Each Warrant
Certificate, whenever issued, shall be in registered form
substantially in the form set forth in Exhibit A hereto, shall be dated the
date of its countersignature by the Warrant Agent and may have such
letters, numbers, or other marks of identification or designation
and such legends or endorsements printed, lithographed or engraved
thereon as the officers of the Company executing the same may
approve (execution thereof to be conclusive evidence of such
approval) and as are not inconsistent with the provisions of this
Agreement, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or
regulation of any securities exchange on which the Warrants may be
listed, or to conform to usage. The Warrant Certificates shall be
signed on behalf of the Company by any of its present or future
chief executive officers, presidents, senior vice presidents, vice
presidents, chief financial officers, chief legal officers,
treasurers, assistant treasurers, controllers, assistant
controllers, secretaries or assistant secretaries under its
corporate seal reproduced thereon. Such signatures may be manual or
facsimile signatures of such authorized officers and may be
imprinted or otherwise reproduced on the Warrant Certificates. The
seal of the Company may be in the form of a facsimile thereof and
may be impressed, affixed, imprinted or otherwise reproduced on the
Warrant Certificates.

 

(a)           No
Warrant Certificate shall be valid for any purpose, and no Warrant
evidenced thereby shall be exercisable, until such Warrant
Certificate has been countersigned by the manual signature of the
Warrant Agent. Such signature by the Warrant Agent upon any Warrant
Certificate executed by the Company shall be conclusive evidence
that the Warrant Certificate so countersigned has been duly issued
hereunder.

 

(b)           In
case any officer of the Company who shall have signed any of the
Warrant Certificates either manually or by facsimile signature
shall cease to be such officer before the Warrant Certificates so
signed shall have been countersigned and delivered by the Warrant
Agent, such Warrant Certificates may be countersigned and delivered
notwithstanding that the person who signed Warrant Certificates
ceased to be such officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by such persons
as, at the actual date of the execution of such Warrant
Certificate, shall be the proper officers of the Company, although
at the date of the execution of this Agreement any such person was
not such officer.

 

(c)           The
term “holder” or “holder of a Warrant
Certificate” as used herein shall mean any person in whose
name at the time any Warrant Certificate shall be registered upon
the books to be maintained by the Warrant Agent for that purpose
[If Other Securities and Warrants are not immediately detachable
— or upon the registration of the Other Securities prior to
the Detachable Date. Prior to the Detachable Date, the Company
will, or will cause the registrar of the Other Securities to, make
available at all times to the Warrant Agent such information as to
holders of the Other Securities as may be necessary to keep the
Warrant Agent’s records up to date].

 

1.3           Issuance
of Warrant Certificates. Warrant Certificates evidencing the
right to purchase Warrant Debt Securities may be executed by the
Company and delivered to the Warrant Agent upon the execution of
this Warrant Agreement or from time to time thereafter. The Warrant
Agent shall, upon receipt of Warrant Certificates duly executed on
behalf of the Company, countersign such Warrant Certificates and
shall deliver such Warrant Certificates to or upon the order of the
Company.

 

 

1

 

 

ARTICLE 2

 

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

 

2.1           Warrant
Price. During the period specified in Section 2.2, each Warrant
shall, subject to the terms of this Warrant Agreement and the
applicable Warrant Certificate, entitle the holder thereof, to
purchase the principal amount of Warrant Debt Securities specified
in the applicable Warrant Certificate at an exercise price of
[●]% of the principal amount thereof [plus accrued
amortization, if any, of the original issue discount of the Warrant
Debt Securities] [plus accrued interest, if any, from the most
recent date from which interest shall have been paid on the Warrant
Debt Securities or, if no interest shall have been paid on the
Warrant Debt Securities, from the date of their initial issuance.]
[The original issue discount ($[●] for each $1,000 principal
amount of Warrant Debt Securities) will be amortized at a
[●]% annual rate, computed on a[n] [semi-] annual basis
[using a 360-day year consisting of twelve 30-day months].] Such
purchase price for the Warrant Debt Securities is referred to in
this Agreement as the “Warrant
Price.”

 

2.2           Duration
of Warrants. Each Warrant may be exercised in whole or in
part at any time, as specified herein, on or after [the date
thereof] [ ] and at or before [ ] p.m., [City] time, on or such
later date as the Company may designate by notice to the Warrant
Agent and the holders of Warrant Certificates mailed to their
addresses as set forth in the record books of the Warrant Agent
(the “Expiration
Date”). Each Warrant not exercised at or before [ ]
p.m., [[●] City] time, on the Expiration Date shall become
void, and all rights of the holder of the Warrant Certificate
evidencing such Warrant under this Agreement shall
cease.

 

2.3           Exercise
Of Warrants.

 

(a)           During
the period specified in Section 2.2, the Warrants may
be exercised to purchase a whole number of Warrant Debt Securities
in registered form by providing certain information as set forth on
the reverse side of the Warrant Certificate and by paying in full,
in lawful money of the United States of America, [in cash or by
certified check or official bank check in New York Clearing House
funds] [by bank wire transfer in immediately available funds] the
Warrant Price for each Warrant Debt Security with respect to which
a Warrant is being exercised to the Warrant Agent at its corporate
trust office, provided that such exercise is subject to receipt
within five business days of such payment by the Warrant Agent of
the Warrant Certificate with the form of election to purchase
Warrant Debt Securities set forth on the reverse side of the
Warrant Certificate properly completed and duly executed. The date
on which payment in full of the Warrant Price is received by the
Warrant Agent shall, subject to receipt of the Warrant Certificate
as aforesaid, be deemed to be the date on which the Warrant is
exercised; provided, however, that if, at the date of receipt of
such Warrant Certificates and payment in full of the Warrant Price,
the transfer books for the Warrant Debt Securities purchasable upon
the exercise of such Warrants shall be closed, no such receipt of
such Warrant Certificates and no such payment of such Warrant Price
shall be effective to constitute the person so designated to be
named as the holder of record of such Warrant Debt Securities on
such date, but shall be effective to constitute such person as the
holder of record of such Warrant Debt Securities for all purposes
at the opening of business on the next succeeding day on which the
transfer books for the Warrant Debt Securities purchasable upon the
exercise of such Warrants shall be opened, and the certificates for
the Warrant Debt Securities in respect of which such Warrants are
then exercised shall be issuable as of the date on such next
succeeding day on which the transfer books shall next be opened,
and until such date the Company shall be under no duty to deliver
any certificate for such Warrant Debt Securities. The Warrant Agent
shall deposit all funds received by it in payment of the Warrant
Price in an account of the Company maintained with it and shall
advise the Company by telephone at the end of each day on which a
payment for the exercise of Warrants is received of the amount so
deposited to its account. The Warrant Agent shall promptly confirm
such telephone advice to the Company in writing.

 

(b)           The
Warrant Agent shall, from time to time, as promptly as practicable,
advise the Company of (i) the number of Warrant Debt Securities
with respect to which Warrants were exercised, (ii) the
instructions of each holder of the Warrant Certificates evidencing
such Warrants with respect to delivery of the Warrant Debt
Securities to which such holder is entitled upon such exercise,
(iii) delivery of Warrant Certificates evidencing the balance, if
any, of the Warrants for the remaining Warrant Debt Securities
after such exercise, and (iv) such other information as the Company
or the Trustee shall reasonably require.

 

(c)           As
soon as practicable after the exercise of any Warrant, the Company
shall issue, pursuant to the Indenture, in authorized
denominations, to or upon the order of the holder of the Warrant
Certificate evidencing such Warrant, the Warrant Debt Securities to
which such holder is entitled, in fully registered form, registered
in such name or names as may be directed by such holder. If fewer
than all of the Warrants evidenced by such Warrant Certificate are
exercised, the Company shall execute, and an authorized officer of
the Warrant Agent shall manually countersign and deliver, a new
Warrant Certificate evidencing Warrants for the number of Warrant
Debt Securities remaining unexercised.

 

(d)           The
Company shall not be required to pay any stamp or other tax or
other governmental charge required to be paid in connection with
any transfer involved in the issue of the Warrant Debt Securities,
and in the event that any such transfer is involved, the Company
shall not be required to issue or deliver any Warrant Debt
Securities until such tax or other charge shall have been paid or
it has been established to the Company’s satisfaction that no
such tax or other charge is due.

 

(e)           Prior
to the issuance of any Warrants there shall have been reserved, and
the Company shall at all times through the Expiration Date keep
reserved, out of its authorized but unissued Warrant Debt
Securities, a number of shares sufficient to provide for the
exercise of the Warrants.

 

 

2

 

 

ARTICLE 3

 

OTHER PROVISIONS RELATING TO

RIGHTS OF HOLDERS OF WARRANT CERTIFICATES

 

3.1           No
Rights As Holders of Warrant Debt Securities Conferred By Warrants
or Warrant Certificates. No Warrant Certificate or Warrant
evidenced thereby shall entitle the holder thereof to any of the
rights of a holder of Warrant Debt Securities, including, without
limitation, the right to receive the payment of principal of (or
premium, if any) or interest, if any, on the Warrant Debt
Securities or to enforce any of the covenants in the
Indenture.

 

3.2           Lost,
Stolen, Mutilated or Destroyed Warrant Certificates. Upon
receipt by the Warrant Agent of evidence reasonably satisfactory to
it and the Company of the ownership of and the loss, theft,
destruction or mutilation of any Warrant Certificate and/or
indemnity reasonably satisfactory to the Warrant Agent and the
Company and, in the case of mutilation, upon surrender of the
mutilated Warrant Certificate to the Warrant Agent for
cancellation, then, in the absence of notice to the Company or the
Warrant Agent that such Warrant Certificate has been acquired by a
bona fide purchaser, the Company shall execute, and an authorized
officer of the Warrant Agent shall manually countersign and
deliver, in exchange for or in lieu of the lost, stolen, destroyed
or mutilated Warrant Certificate, a new Warrant Certificate of the
same tenor and evidencing Warrants for a like principal amount of
Warrant Debt Securities. Upon the issuance of any new Warrant
Certificate under this Section 3.2, 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 Warrant
Agent) in connection therewith. Every substitute Warrant
Certificate executed and delivered pursuant to this Section 3.2 in lieu of any
lost, stolen or destroyed Warrant Certificate shall represent an
additional contractual obligation of the Company, whether or not
the lost, stolen or destroyed Warrant Certificate shall be at any
time enforceable by anyone, and shall be entitled to the benefits
of this Agreement equally and proportionately with any and all
other Warrant Certificates duly executed and delivered hereunder.
The provisions of this Section 3.2 are exclusive and
shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement of mutilated, lost, stolen or
destroyed Warrant Certificates.

 

3.3           Holder
Of Warrant Certificate May Enforce Rights. Notwithstanding
any of the provisions of this Agreement, any holder of any Warrant
Certificate, without the consent of the Warrant Agent, the Trustee,
the holder of any Warrant Debt Securities or the holder of any
other Warrant Certificate, may, in such holder’s own behalf
and for such holder’s own benefit, enforce, and may institute
and maintain any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, such
holder’s right to exercise the Warrants evidenced by such
holder’s Warrant Certificate in the manner provided in such
holder’s Warrant Certificates and in this
Agreement.

 

3.4           Merger,
Sale, Conveyance or Lease. In case of (a) any share
exchange, merger or similar transaction of the Company with or into
another person or entity (other than a share exchange, merger or
similar transaction in which the Company is the acquiring or
surviving corporation) or (b) the sale, exchange, lease, transfer
or other disposition of all or substantially all of the properties
and assets of the Company as an entirety (in any such case, a
“Reorganization
Event”), then, as a condition of such Reorganization
Event, lawful provisions shall be made, and duly executed documents
evidencing the same from the Company’s successor shall be
delivered to the holders of the Warrants, so that such successor
shall succeed to and be substituted for the Company, and assume all
the Company’s obligations under, this Agreement and the
Warrants. The Company shall thereupon be relieved of any further
obligation hereunder or under the Warrants, and the Company as the
predecessor corporation may thereupon or at any time thereafter be
dissolved, wound up or liquidated. Such successor or assuming
entity thereupon may cause to be signed, and may issue either in
its own name or in the name of the Company, any or all of the
Warrants issuable hereunder which heretofore shall not have been
signed by the Company, and may execute and deliver securities in
its own name, in fulfillment of its obligations to deliver Warrant
Debt Securities upon exercise of the Warrants. All the Warrants so
issued shall in all respects have the same legal rank and benefit
under this Agreement as the Warrants theretofore or thereafter
issued in accordance with the terms of this Agreement as though all
of such Warrants had been issued at the date of the execution
hereof. In any case of any such Reorganization Event, such changes
in phraseology and form (but not in substance) may be made in the
Warrants thereafter to be issued as may be appropriate. The Warrant
Agent may receive a written opinion of legal counsel as conclusive
evidence that any such Reorganization Event complies with the
provisions of this Section
3.4.

 

3.5           Notice
to Warrantholders. In case the Company shall (a) effect any
Reorganization Event or (b) make any distribution on or in respect
of the [title of Warrant Debt Securities] in connection with the
dissolution, liquidation or winding up of the Company, then the
Company shall mail to each holder of Warrants at such
holder’s address as it shall appear on the books of the
Warrant Agent, at least ten days prior to the applicable date
hereinafter specified, a notice stating the date on which such
Reorganization Event, dissolution, liquidation or winding up is
expected to become effective, and the date as of which it is
expected that holders of [title of Warrant Debt Securities] of
record shall be entitled to exchange their shares of [title of
Warrant Debt Securities] for securities or other property
deliverable upon such Reorganization Event, dissolution,
liquidation or winding up. No failure to mail such notice nor any
defect therein or in the mailing thereof shall affect any such
transaction.

 

 

3

 

 

ARTICLE 4

 

EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES

 

4.1           Exchange
and Transfer of Warrant Certificates. [If Other Securities
with Warrants which are immediately detachable — Upon] [If
Other Securities with Warrants which are not immediately detachable
— Prior to the Detachable Date, a Warrant Certificate may be
exchanged or transferred only together with the Other Security to
which the Warrant Certificate was initially attached, and only for
the purpose of effecting or in conjunction with an exchange or
transfer of such Other Security. Prior to any Detachable Date, each
transfer of the Other Security shall operate also to transfer the
related Warrant Certificates. After the Detachable Date, upon]
surrender at the corporate trust office of the Warrant Agent,
Warrant Certificates evidencing Warrants may be exchanged for
Warrant Certificates in other denominations evidencing such
Warrants or the transfer thereof may be registered in whole or in
part; provided that such other Warrant Certificates evidence
Warrants for the same aggregate principal amount of Warrant Debt
Securities as the Warrant Certificates so surrendered. The Warrant
Agent shall keep, at its corporate trust office, books in which,
subject to such reasonable regulations as it may prescribe, it
shall register Warrant Certificates and exchanges and transfers of
outstanding Warrant Certificates, upon surrender of the Warrant
Certificates to the Warrant Agent at its corporate trust office for
exchange or registration of transfer, properly endorsed or
accompanied by appropriate instruments of registration of transfer
and written instructions for transfer, all in form satisfactory to
the Company and the Warrant Agent. No service charge shall be made
for any exchange or registration of transfer of Warrant
Certificates, but the Company may require payment of a sum
sufficient to cover any stamp or other tax or other governmental
charge that may be imposed in connection with any such exchange or
registration of transfer. Whenever any Warrant Certificates are so
surrendered for exchange or registration of transfer, an authorized
officer of the Warrant Agent shall manually countersign and deliver
to the person or persons entitled thereto a Warrant Certificate or
Warrant Certificates duly authorized and executed by the Company,
as so requested. The Warrant Agent shall not be required to effect
any exchange or registration of transfer which will result in the
issuance of a Warrant Certificate evidencing a Warrant for a
fraction of a Warrant Debt Security or a number of Warrants for a
whole number of Warrant Debt Securities and a fraction of a Warrant
Debt Security. All Warrant Certificates issued upon any exchange or
registration of transfer of Warrant Certificates shall be the valid
obligations of the Company, evidencing the same obligations and
entitled to the same benefits under this Agreement as the Warrant
Certificate surrendered for such exchange or registration of
transfer.

 

4.2           Treatment
of Holders of Warrant Certificates. [If Other Securities and
Warrants are not immediately detachable — Prior to the
Detachable Date, the Company, the Warrant Agent and all other
persons may treat the owner of the Other Security as the owner of
the Warrant Certificates initially attached thereto for any purpose
and as the person entitled to exercise the rights represented by
the Warrants evidenced by such Warrant Certificates, any notice to
the contrary notwithstanding. After the Detachable Date and prior
to due presentment of a Warrant Certificate for registration of
transfer, the] [The] Company, the Warrant Agent and all other
persons may treat the registered holder of a Warrant Certificate as
the absolute owner thereof for any purpose and as the person
entitled to exercise the rights represented by the Warrants
evidenced thereby, any notice to the contrary
notwithstanding.

 

4.3           Cancellation
of Warrant Certificates. Any Warrant Certificate surrendered
for exchange, registration of transfer or exercise of the Warrants
evidenced thereby shall, if surrendered to the Company, be
delivered to the Warrant Agent and all Warrant Certificates
surrendered or so delivered to the Warrant Agent shall be promptly
canceled by the Warrant Agent and shall not be reissued and, except
as expressly permitted by this Agreement, no Warrant Certificate
shall be issued hereunder in exchange therefor or in lieu thereof.
The Warrant Agent shall deliver to the Company from time to time or
otherwise dispose of canceled Warrant Certificates in a manner
satisfactory to the Company.

 

ARTICLE 5

 

CONCERNING THE WARRANT AGENT

 

5.1           Warrant
Agent. The Company hereby appoints as Warrant Agent of the
Company in respect of the Warrants and the Warrant Certificates
upon the terms and subject to the conditions herein set forth, and
hereby accepts such appointment. The Warrant Agent shall have the
powers and authority granted to and conferred upon it in the
Warrant Certificates and hereby and such further powers and
authority to act on behalf of the Company as the Company may
hereafter grant to or confer upon it. All of the terms and
provisions with respect to such powers and authority contained in
the Warrant Certificates are subject to and governed by the terms
and provisions hereof.

 

5.2           Conditions
of Warrant Agent’s Obligations. The Warrant Agent
accepts its obligations herein set forth upon the terms and
conditions hereof, including the following to all of which the
Company agrees and to all of which the rights hereunder of the
holders from time to time of the Warrant Certificates shall be
subject:

 

(a)           Compensation
and Indemnification. The Company agrees promptly to pay the
Warrant Agent the compensation to be agreed upon with the Company
for all services rendered by the Warrant Agent and to reimburse the
Warrant Agent for reasonable out-of-pocket expenses (including
reasonable counsel fees) incurred without negligence, bad faith or
willful misconduct by the Warrant Agent in connection with the
services rendered hereunder by the Warrant Agent. The Company also
agrees to indemnify the Warrant Agent for, and to hold it harmless
against, any loss, liability or expense incurred without
negligence, bad faith or willful misconduct on the part of the
Warrant Agent, arising out of or in connection with its acting as
Warrant Agent hereunder, including the reasonable costs and
expenses of defending against any claim of such
liability.

 

(b)           Agent
for the Company. In acting under this Warrant Agreement and
in connection with the Warrant Certificates, the Warrant Agent is
acting solely as agent of the Company and does not assume any
obligations or relationship of agency or trust for or with any of
the holders of Warrant Certificates or beneficial owners of
Warrants.

 

(c)           Counsel.
The Warrant Agent may consult with counsel satisfactory to it,
which may include counsel for the Company, and the written advice
of such counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by
it hereunder in good faith and in accordance with the advice of
such counsel.

 

 

4

 

 

(d)           Documents.
The Warrant Agent shall be protected and shall incur no liability
for or in respect of any action taken or omitted by it in reliance
upon any Warrant Certificate, notice, direction, consent,
certificate, affidavit, statement or other paper or document
reasonably believed by it to be genuine and to have been presented
or signed by the proper parties.

 

(e)           Certain
Transactions. The Warrant Agent, and its officers, directors
and employees, may become the owner of, or acquire any interest in,
Warrants, with the same rights that it or they would have if it
were not the Warrant Agent hereunder, and, to the extent permitted
by applicable law, it or they may engage or be interested in any
financial or other transaction with the Company and may act on, or
as depositary, trustee or agent for, any committee or body of
holders of Warrant Debt Securities or other obligations of the
Company as freely as if it were not the Warrant Agent hereunder.
Nothing in this Warrant Agreement shall be deemed to prevent the
Warrant Agent from acting as Trustee under the
Indenture.

 

(f)           No
Liability for Interest. Unless otherwise agreed with the
Company, the Warrant Agent shall have no liability for interest on
any monies at any time received by it pursuant to any of the
provisions of this Agreement or of the Warrant
Certificates.

 

(g)           No
Liability for Invalidity. The Warrant Agent shall have no
liability with respect to any invalidity of this Agreement or any
of the Warrant Certificates (except as to the Warrant Agent’s
countersignature thereon).

 

(h)           No
Responsibility for Representations. The Warrant Agent shall
not be responsible for any of the recitals or representations
herein or in the Warrant Certificates (except as to the Warrant
Agent’s countersignature thereon), all of which are made
solely by the Company.

 

(i)           No
Implied Obligations. The Warrant Agent shall be obligated to
perform only such duties as are herein and in the Warrant
Certificates specifically set forth and no implied duties or
obligations shall be read into this Agreement or the Warrant
Certificates against the Warrant Agent. The Warrant Agent shall not
be under any obligation to take any action hereunder which may tend
to involve it in any expense or liability, the payment of which
within a reasonable time is not, in its reasonable opinion, assured
to it. The Warrant Agent shall not be accountable or under any duty
or responsibility for the use by the Company of any of the Warrant
Certificates authenticated by the Warrant Agent and delivered by it
to the Company pursuant to this Agreement or for the application by
the Company of the proceeds of the Warrant Certificates. The
Warrant Agent shall have no duty or responsibility in case of any
default by the Company in the performance of its covenants or
agreements contained herein or in the Warrant Certificates or in
the case of the receipt of any written demand from a holder of a
Warrant Certificate with respect to such default, including,
without limiting the generality of the foregoing, any duty or
responsibility to initiate or attempt to initiate any proceedings
at law or otherwise or, except as provided in Section 6.2 hereof, to make any
demand upon the Company.

 

5.3           Resignation,
Removal and Appointment of Successors.

 

(a)           The
Company agrees, for the benefit of the holders from time to time of
the Warrant Certificates, that there shall at all times be a
Warrant Agent hereunder until all the Warrants have been exercised
or are no longer exercisable.

 

(b)           The
Warrant Agent may at any time resign as agent by giving written
notice to the Company of such intention on its part, specifying the
date on which its desired resignation shall become effective;
provided that such date shall not be less than three months after
the date on which such notice is given unless the Company otherwise
agrees. The Warrant Agent hereunder may be removed at any time by
the filing with it an instrument in writing signed by or on behalf
of the Company and specifying such removal and the intended date
when it shall become effective. Such resignation or removal shall
take effect upon the appointment by the Company, as hereinafter
provided, of a successor Warrant Agent (which shall be a bank or
trust company authorized under the laws of the jurisdiction of its
organization to exercise corporate trust powers) and the acceptance
of such appointment by such successor Warrant Agent. The obligation
of the Company under Section 5.2(a) shall continue
to the extent set forth therein notwithstanding the resignation or
removal of the Warrant Agent.

 

(c)           In
case at any time the Warrant Agent shall resign, or shall be
removed, or shall become incapable of acting, or shall be adjudged
a bankrupt or insolvent, or shall commence a voluntary case under
the Federal bankruptcy laws, as now or hereafter constituted, or
under any other applicable Federal or state bankruptcy, insolvency
or similar law or shall consent to the appointment of or taking
possession by a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Warrant Agent or
its property or affairs, or shall make an assignment for the
benefit of creditors, or shall admit in writing its inability to
pay its debts generally as they become due, or shall take corporate
action in furtherance of any such action, or a decree or order for
relief by a court having jurisdiction in the premises shall have
been entered in respect of the Warrant Agent in an involuntary case
under the Federal bankruptcy laws, as now or hereafter constituted,
or any other applicable Federal or state bankruptcy, insolvency or
similar law, or a decree or order by a court having jurisdiction in
the premises shall have been entered for the appointment of a
receiver, custodian, liquidator, assignee, trustee, sequestrator
(or similar official) of the Warrant Agent or of its property or
affairs, or any public officer shall take charge or control of the
Warrant Agent or of its property or affairs for the purpose of
rehabilitation, conservation, winding up or liquidation, a
successor Warrant Agent, qualified as aforesaid, shall be appointed
by the Company by an instrument in writing, filed with the
successor Warrant Agent. Upon the appointment as aforesaid of a
successor Warrant Agent and acceptance by the successor Warrant
Agent of such appointment, the Warrant Agent shall cease to be
Warrant Agent hereunder.

 

 

5

 

 

(d)           Any
successor Warrant Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Company an
instrument accepting such appointment hereunder, and thereupon such
successor Warrant Agent, without any further act, deed or
conveyance, shall become vested with all the authority, rights,
powers, trusts, immunities, duties and obligations of such
predecessor with like effect as if originally named as Warrant
Agent hereunder, and such predecessor, upon payment of its charges
and disbursements then unpaid, shall thereupon become obligated to
transfer, deliver and pay over, and such successor Warrant Agent
shall be entitled to receive, all monies, securities and other
property on deposit with or held by such predecessor, as Warrant
Agent hereunder.

 

(e)           Any
corporation into which the Warrant Agent hereunder may be merged or
converted or any corporation with which the Warrant Agent may be
consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Warrant Agent shall be a
party, or any corporation to which the Warrant Agent shall sell or
otherwise transfer all or substantially all the assets and business
of the Warrant Agent, provided that it shall be qualified as
aforesaid, shall be the successor Warrant Agent under this
Agreement without the execution or filing of any paper or any
further act on the part of any of the parties hereto.

 

ARTICLE 6

 

MISCELLANEOUS

 

6.1           Amendment.
This Agreement may be amended by the parties hereto, without the
consent of the holder of any Warrant Certificate, for the purpose
of curing any ambiguity, or of curing, correcting or supplementing
any defective provision contained herein, or making any other
provisions with respect to matters or questions arising under this
Agreement as the Company and the Warrant Agent may deem necessary
or desirable; provided that such action shall not materially
adversely affect the interests of the holders of the Warrant
Certificates.

 

6.2           Notices
and Demands to the Company and Warrant Agent. If the Warrant
Agent shall receive any notice or demand addressed to the Company
by the holder of a Warrant Certificate pursuant to the provisions
of the Warrant Certificates, the Warrant Agent shall promptly
forward such notice or demand to the Company.

 

6.3           Addresses.
Any communication from the Company to the Warrant Agent with
respect to this Agreement shall be addressed to [●],
Attention: [●], and any communication from the Warrant Agent
to the Company with respect to this Agreement shall be addressed to
Dynatronics Corporation, at its principal executive offices,
Attention: [●] (or such other address as shall be specified
in writing by the Warrant Agent or by the Company).

 

6.4           Governing
Law. This Agreement and each Warrant Certificate issued
hereunder, and any claim, controversy or dispute arising under or
related to this Agreement or any Warrant Certificate, shall be
governed by and construed in accordance with the laws of the State
of [●].

 

6.5           Delivery
of Prospectus. The Company shall furnish to the Warrant
Agent sufficient copies of a prospectus meeting the requirements of
the Securities Act of 1933, as amended, relating to the Warrant
Debt Securities deliverable upon exercise of the Warrants (the
“Prospectus”),
and the Warrant Agent agrees that upon the exercise of any Warrant,
the Warrant Agent will deliver to the holder of the Warrant
Certificate evidencing such Warrant, prior to or concurrently with
the delivery of the Warrant Debt Securities issued upon such
exercise, the Prospectus. The Warrant Agent shall not, by reason of
any such delivery, assume any responsibility for the accuracy or
adequacy of such Prospectus.

 

6.6           Obtaining
of Governmental Approvals. The Company will from time to
time take all action which may be necessary to obtain and keep
effective any and all permits, consents and approvals of
governmental agencies and authorities and securities act filings
under United States Federal and state laws (including without
limitation a registration statement in respect of the Warrants and
Warrant Debt Securities under the Securities Act of 1933, as
amended), which may be or become requisite in connection with the
issuance, sale, transfer, and delivery of the Warrant Debt
Securities issued upon exercise of the Warrants, the issuance,
sale, transfer and delivery of the Warrants or upon the expiration
of the period during which the Warrants are
exercisable.

 

6.7           Persons
Having Rights Under Warrant Agreement. Nothing in this
Agreement shall give to any person other than the Company, the
Warrant Agent and the holders of the Warrant Certificates any
right, remedy or claim under or by reason of this
Agreement.

 

6.8           Headings.
The descriptive headings of the several Articles and Sections of
this Agreement are inserted for convenience only and shall not
control or affect the meaning or construction of any of the
provisions hereof.

 

6.9           Counterparts.
This Agreement may be executed in any number of counterparts, each
of which as so executed shall be deemed to be an original, but such
counterparts shall together constitute one and the same
instrument.

 

6.10        
Inspection of Agreement. A
copy of this Agreement shall be available at all reasonable times
at the principal corporate trust office of the Warrant Agent for
inspection by the holder of any Warrant Certificate. The Warrant
Agent may require such holder to submit his Warrant Certificate for
inspection by it.

 

 

 

6

 

 

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

	
 

	
 

	
 

	

DYNATRONICS CORPORATION

	
 

	
 

	

By:

	

__________________________________

	
 

	

Name:

	

__________________________________

	
 

	

Title:

	

__________________________________

	
 

	
 

	

[WARRANT AGENT], as Warrant Agent

	
 

	
 

	

By:

	

__________________________________

	
 

	

Name:

	

__________________________________

	
 

	

Title:

	

__________________________________

	
 

 

 

 

 

 

 

[SIGNATURE
PAGE TO DEBT SECURITIES WARRANT AGREEMENT]

 

 

7

 

 

EXHIBIT A

 

FORM OF WARRANT CERTIFICATE

 

[FACE OF WARRANT CERTIFICATE]

	
 

	
 

	
 

	

[[Form
if Warrants are attached to Other Securities and are not
immediately detachable.]

	
 

	

[Prior
to [●], this Warrant Certificate cannot be transferred or
exchanged unless attached to a [Title of Other
Securities].]

	
 

	
 

	

[Form
of Legend if Warrants are not immediately
exercisable.]

	
 

	

[Prior
to [●], Warrants evidenced by this Warrant Certificate cannot
be exercised.]

 

EXERCISABLE
ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED
HEREIN

 

VOID
AFTER [ ]
P.M., [ ]
TIME, ON [●].

 

 

8

 

 

DYNATRONICS CORPORATION

 

WARRANT CERTIFICATE REPRESENTING

 

WARRANTS TO PURCHASE

 

[TITLE OF WARRANT DEBT SECURITIES]

 

No.
Warrants [●]

 

This
certifies that or registered assigns is the registered owner of the
above indicated number of Warrants, each Warrant entitling such
owner [If Warrants are attached to Other Securities and are not
immediately detachable —, subject to the registered owner
qualifying as a “Holder” of this Warrant Certificate,
as hereinafter defined)] to purchase, at any time [after [ ] p.m.,
[[●] City] time, on and] on or before [ ] p.m., [[●]
City] time, on [●], $[●] principal amount of [Title of
Warrant Debt Securities] (the “Warrant Debt
Securities”), of Dynatronics Corporation (the
“Company”),
issued or to be issued under the Indenture (as hereinafter
defined), on the following basis: during the period from [●],
through and including [●], each Warrant shall entitle the
Holder thereof, subject to the provisions of this Agreement, to
purchase the principal amount of Warrant Debt Securities stated in
the Warrant Certificate at the warrant price (the
“Warrant
Price”) of [●]% of the principal amount thereof
[plus accrued amortization, if any, of the original issue discount
of the Warrant Debt Securities] [plus accrued interest, if any,
from the most recent date from which interest shall have been paid
on the Warrant Debt Securities or, if no interest shall have been
paid on the Warrant Debt Securities, from the date of their
original issuance]. [The original issue discount ($[●] for
each $1,000 principal amount of Warrant Debt Securities) will be
amortized at a [●]% annual rate, computed on a[n]
[semi-]annual basis [using a 360-day year consisting of twelve
30-day months]. The Holder may exercise the Warrants evidenced
hereby by providing certain information set forth on the back
hereof and by paying in full, in lawful money of the United States
of America, [in cash or by certified check or official bank check
in New York Clearing House funds] [by bank wire transfer in
immediately available funds], the Warrant Price for each Warrant
Debt Security with respect to which this Warrant is exercised to
the Warrant Agent (as hereinafter defined) and by surrendering this
Warrant Certificate, with the purchase form on the back hereof duly
executed, at the corporate trust office of [name of Warrant Agent],
or its successor as warrant agent (the “Warrant
Agent”), which is, on the date hereof, at the address
specified on the reverse hereof, and upon compliance with and
subject to the conditions set forth herein and in the Warrant
Agreement (as hereinafter defined).

 

The
term “Holder” as used herein shall mean [If Warrants
are attached to Other Securities and are not immediately detachable
—, prior to [●], (the “Detachable
Date”), the registered owner of the Company’s
[title of Other Securities] to which this Warrant Certificate was
initially attached, and after such Detachable Date,] the person in
whose name at the time this Warrant Certificate shall be registered
upon the books to be maintained by the Warrant Agent for that
purpose pursuant to Section 4 of the Warrant
Agreement.

 

The
Warrants evidenced by this Warrant Certificate may be exercised to
purchase Warrant Debt Securities in the principal amount of $1,000
or any integral multiple thereof in registered form. Upon any
exercise of fewer than all of the Warrants evidenced by this
Warrant Certificate, there shall be issued to the Holder hereof a
new Warrant Certificate evidencing Warrants for the aggregate
principal amount of Warrant Debt Securities remaining unexercised.
This Warrant Certificate is issued under and in accordance with the
Warrant Agreement dated as of [●], (the “Warrant
Agreement”), between the Company and the Warrant Agent
and is subject to the terms and provisions contained in the Warrant
Agreement, to all of which terms and provisions the Holder of this
Warrant Certificate consents by acceptance hereof. Copies of the
Warrant Agreement are on file at the above-mentioned office of the
Warrant Agent.

 

The
Warrant Debt Securities to be issued and delivered upon the
exercise of Warrants evidenced by this Warrant Certificate will be
issued under and in accordance with an Indenture, dated as of
[●], (the “Indenture”),
between the Company and [●], as trustee (such trustee, and
any successors to such trustee, the “Trustee”)] and
will be subject to the terms and provisions contained in the
Warrant Debt Securities and in the Indenture. Copies of the
Indenture, including the form of the Warrant Debt Securities, are
on file at the corporate trust office of the Trustee.

 

[If
Warrants are attached to Other Securities and are not immediately
detachable — Prior to the Detachable Date, this Warrant
Certificate may be exchanged or transferred only together with the
[Title of Other Securities] (the “Other
Securities”) to which this Warrant Certificate was
initially attached, and only for the purpose of effecting or in
conjunction with, an exchange or transfer of such Other Security.
Additionally, on or prior to the Detachable Date, each transfer of
such Other Security on the register of the Other Securities shall
operate also to transfer this Warrant Certificate. After such date,
transfer of this] [If Warrants are attached to Other Securities and
are immediately detachable-Transfer of this] Warrant Certificate
may be registered when this Warrant Certificate is surrendered at
the corporate trust office of the Warrant Agent by the registered
owner or such owner’s assigns, in the manner and subject to
the limitations provided in the Warrant Agreement.

 

[If
Other Securities with Warrants which are not immediately detachable
— Except as provided in the immediately preceding paragraph,
after] [If Other Securities with Warrants which are immediately
detachable or Warrants alone — After] countersignature by the
Warrant Agent and prior to the expiration of this Warrant
Certificate, this Warrant Certificate may be exchanged at the
corporate trust office of the Warrant Agent for Warrant
Certificates representing Warrants for the same aggregate principal
amount of Warrant Debt Securities.

 

This
Warrant Certificate shall not entitle the Holder hereof to any of
the rights of a holder of the Warrant Debt Securities, including,
without limitation, the right to receive payments of principal of
(and premium, if any) or interest, if any, on the Warrant Debt
Securities or to enforce any of the covenants of the
Indenture.

 

 

9

 

 

Reference
is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set
forth at this place.

 

This
Warrant Certificate shall not be valid or obligatory for any
purpose until countersigned by the Warrant Agent.

 

IN WITNESS WHEREOF, the Company has caused this Warrant to
be executed in its name and on its behalf by the facsimile
signatures of its duly authorized officers.

 

Dated:
_______________________________

	
 

	
 

	
 

	

DYNATRONICS CORPORATION

	
 

	
 

	

By:_____________________________________

	
 

	
 

	

Name:__________________________________

	
 

	
 

	

Title:___________________________________

	
 

	
 

	
 

	

[WARRANT AGENT], as Warrant Agent

	
 

	
 

	

By:______________________________________

	
 

	
 

	

Name:____________________________________

	
 

	
 

	

Title:_____________________________________

	
 

	
 

 

 

10

 

 

[REVERSE OF WARRANT CERTIFICATE]

 

(Instructions for Exercise of Warrant)

 

To
exercise any Warrants evidenced hereby for Warrant Debt Securities
(as hereinafter defined), the Holder must pay, in lawful money of
the United States of America, [in cash or by certified check or
official bank check in New York Clearing House funds] [by bank wire
transfer in immediately available funds], the Warrant Price in full
for Warrants exercised, to [Warrant Agent] [address of Warrant
Agent], Attn: [●], which payment must specify the name of the
Holder and the number of Warrants exercised by such Holder. In
addition, the Holder must complete the information required below
and present this Warrant Certificate in person or by mail
(certified or registered mail is recommended) to the Warrant Agent
at the appropriate address set forth above. This Warrant
Certificate, completed and duly executed, must be received by the
Warrant Agent within five business days of the
payment.

 

(To be
executed upon exercise of Warrants)

 

The
undersigned hereby irrevocably elects to exercise Warrants,
represented by this Warrant Certificate, to purchase $[●]
principal amount of the [Title of Warrant Debt Securities] (the
“Warrant
Debt Securities”) of Dynatronics Corporation and
represents that he has tendered payment for such Warrant Debt
Securities, in lawful money of the United States of America, [in
cash or by certified check or official bank check in New York
Clearing House funds] [by bank wire transfer in immediately
available funds], to the order of Dynatronics Corporation, c/o
[insert name and address of Warrant Agent], in the amount of
$[●] in accordance with the terms hereof. The undersigned
requests that said principal amount of Warrant Debt Securities be
in fully registered form in the authorized denominations,
registered in such names and delivered all as specified in
accordance with the instructions set forth below.

 

If the
number of Warrants exercised is less than all the Warrants
evidenced hereby, the undersigned requests that a new Warrant
Certificate evidencing the Warrants for the aggregate principal
amount of Warrant Debt Securities remaining unexercised be issued
and delivered to the undersigned unless otherwise specified in the
instructions below.

 

Dated
________________________________________

 

Name
________________________________________

 

Please
Print: ___________________________________

 

Address:
______________________________________

 

(Insert
Social Security or Other Identifying Number of Holder)
___________________________________

 

Signature
Guaranteed
____________________________________________________________________

 

Signature
______________________________________________________________________________

 

(Signature
must conform in all respects to name of holder as specified on the
face of this Warrant Certificate and must bear a signature
guarantee by a FINRA member firm).

 

This
Warrant may be exercised at the following addresses:

 

By hand
at
__________________________________________________________________________

 

By mail
at
___________________________________________________________________________

 

[Instructions
as to form and delivery of Warrant Debt Securities and, if
applicable, Warrant Certificates evidencing Warrants for the number
of Warrant Debt Securities remaining unexercised — complete
as appropriate.]

 

 

11

 

 

ASSIGNMENT

 

[Form
of assignment to be executed if Warrant Holder desires to transfer
Warrant]

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

FOR
VALUE RECEIVED, hereby sells, assigns and transfers
unto:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

(Please
print name and address including zip code)

	
 

	
 

	
 

	

Please
print Social Security or other identifying number

	
 

	
 

 

the
right represented by the within Warrant to purchase $[●]
aggregate principal amount of [Title of Warrant Debt Securities] of
Dynatronics Corporation to which the within Warrant relates and
appoints attorney to transfer such right on the books of the
Warrant Agent with full power of substitution in the
premises.

 

Dated
_____________________________________________

 

Signature
__________________________________________

 

(Signature
must conform in all respects to name of holder as specified on the
face of the Warrant)

 

Signature
Guaranteed
____________________________________________________________

 

 

 

12Blueprint

 

 

Exhibit 4.14

 

DYNATRONICS CORPORATION,

Issuer

 

AND

 

[TRUSTEE],

Trustee

 

INDENTURE

 

Dated as of [●],
20

 

Debt Securities

 

 

 

 

 

1

 

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

PAGE

	
 

	

ARTICLE 1

	
 

	

DEFINITIONS

	
 

	
 

	

5

	
 

	
 

	
 

	
 

	
 

	

Section 1.01

	
 

	

Definitions of
Terms

	
 

	
 

	

5

	
 

	
 

	
 

	
 

	
 

	

ARTICLE 2

	
 

	

ISSUE, DESCRIPTION, TERMS,
EXECUTION, REGISTRATION AND EXCHANGE OF
SECURITIES

	
 

	
 

	

7

	
 

	
 

	
 

	
 

	
 

	

Section 2.01

	
 

	

Designation and Terms of
Securities

	
 

	
 

	

7

	
 

	
 

	
 

	
 

	
 

	

Section 2.02

	
 

	

Form of Securities and
Trustee’s Certificate

	
 

	
 

	

8

	
 

	
 

	
 

	
 

	
 

	

Section 2.03

	
 

	

Denominations: Provisions for
Payment

	
 

	
 

	

9

	
 

	
 

	
 

	
 

	
 

	

Section 2.04

	
 

	

Execution and
Authentications

	
 

	
 

	

9

	
 

	
 

	
 

	
 

	
 

	

Section 2.05

	
 

	

Registration of Transfer and
Exchange

	
 

	
 

	

10

	
 

	
 

	
 

	
 

	
 

	

Section 2.06

	
 

	

Temporary
Securities

	
 

	
 

	

12

	
 

	
 

	
 

	
 

	
 

	

Section 2.07

	
 

	

Mutilated, Destroyed, Lost or
Stolen Securities

	
 

	
 

	

12

	
 

	
 

	
 

	
 

	
 

	

Section 2.08

	
 

	

Cancellation

	
 

	
 

	

11

	
 

	
 

	
 

	
 

	
 

	

Section 2.09

	
 

	

Benefits of
Indenture

	
 

	
 

	

11

	
 

	
 

	
 

	
 

	
 

	

Section 2.10

	
 

	

Authenticating
Agent

	
 

	
 

	

11

	
 

	
 

	
 

	
 

	
 

	

Section 2.11

	
 

	

Global
Securities

	
 

	
 

	

11

	
 

	
 

	
 

	
 

	
 

	

Section 2.12

	
 

	

CUSIP Numbers

	
 

	
 

	

12

	
 

	
 

	
 

	
 

	
 

	

ARTICLE 3

	
 

	

REDEMPTION OF SECURITIES AND
SINKING FUND PROVISIONS

	
 

	
 

	

12

	
 

	
 

	
 

	
 

	
 

	

Section 3.01

	
 

	

Redemption

	
 

	
 

	

12

	
 

	
 

	
 

	
 

	
 

	

Section 3.02

	
 

	

Notice of
Redemption

	
 

	
 

	

12

	
 

	
 

	
 

	
 

	
 

	

Section 3.03

	
 

	

Payment Upon
Redemption

	
 

	
 

	

13

	
 

	
 

	
 

	
 

	
 

	

Section 3.04

	
 

	

Sinking Fund

	
 

	
 

	

13

	
 

	
 

	
 

	
 

	
 

	

Section 3.05

	
 

	

Satisfaction of Sinking Fund
Payments with Securities

	
 

	
 

	

13

	
 

	
 

	
 

	
 

	
 

	

Section 3.06

	
 

	

Redemption of Securities for
Sinking Fund

	
 

	
 

	

13

	
 

	
 

	
 

	
 

	
 

	

ARTICLE 4

	
 

	

COVENANTS

	
 

	
 

	

14

	
 

	
 

	
 

	
 

	
 

	

Section 4.01

	
 

	

Payment of Principal, Premium and
Interest

	
 

	
 

	

14

	
 

	
 

	
 

	
 

	
 

	

Section 4.02

	
 

	

Maintenance of Office or
Agency

	
 

	
 

	

14

	
 

	
 

	
 

	
 

	
 

	

Section 4.03

	
 

	

Paying Agents

	
 

	
 

	

14

	
 

	
 

	
 

	
 

	
 

	

Section 4.04

	
 

	

Appointment to Fill Vacancy in
Office of Trustee

	
 

	
 

	

14 

	

ARTICLE 5

	
 

	

SECURITYHOLDERS’ LISTS AND
REPORTS BY THE COMPANY AND THE TRUSTEE

	
 

	
 

	

15

	
 

	
 

	
 

	
 

	
 

	

Section 5.01

	
 

	

Company to Furnish Trustee Names
and Addresses of Securityholders

	
 

	
 

	

15

	
 

	
 

	
 

	
 

	
 

	

Section 5.02

	
 

	

Preservation Of Information;
Communications With Securityholders

	
 

	
 

	

15

	
 

	
 

	
 

	
 

	
 

	

Section 5.03

	
 

	

Reports by the
Company

	
 

	
 

	

15

	
 

	
 

	
 

	
 

	
 

	

Section 5.04

	
 

	

Reports by the
Trustee

	
 

	
 

	

15

	
 

	
 

	
 

	
 

	
 

	

ARTICLE 6

	
 

	

REMEDIES OF THE TRUSTEE AND
SECURITYHOLDERS ON EVENT OF DEFAULT

	
 

	
 

	

15

	
 

	
 

	
 

	
 

	
 

	

Section 6.01

	
 

	

Events of
Default

	
 

	
 

	

15

	
 

 

2

 

 

	

Section 6.02

	
 

	

Collection of Indebtedness and
Suits for Enforcement by Trustee

	
 

	
 

	

16

	
 

	
 

	
 

	
 

	
 

	

Section 6.03

	
 

	

Application of Moneys
Collected

	
 

	
 

	

17

	
 

	
 

	
 

	
 

	
 

	

Section 6.04

	
 

	

Limitation on
Suits

	
 

	
 

	

17

	
 

	
 

	
 

	
 

	
 

	

Section 6.05

	
 

	

Rights and Remedies Cumulative;
Delay or Omission Not Waiver

	
 

	
 

	

18

	
 

	
 

	
 

	
 

	
 

	

Section 6.06

	
 

	

Control by
Securityholders

	
 

	
 

	

18

	
 

	
 

	
 

	
 

	
 

	

Section 6.07

	
 

	

Undertaking to Pay
Costs

	
 

	
 

	

18

	
 

	
 

	
 

	
 

	
 

	

ARTICLE 7

	
 

	

CONCERNING THE
TRUSTEE

	
 

	
 

	

18

	
 

	
 

	
 

	
 

	
 

	

Section 7.01

	
 

	

Certain Duties and
Responsibilities of Trustee

	
 

	
 

	

18

	
 

	
 

	
 

	
 

	
 

	

Section 7.02

	
 

	

Certain Rights of
Trustee

	
 

	
 

	

19

	
 

	
 

	
 

	
 

	
 

	

Section 7.03

	
 

	

Trustee Not Responsible for
Recitals or Issuance or Securities

	
 

	
 

	

20

	
 

	
 

	
 

	
 

	
 

	

Section 7.04

	
 

	

May Hold
Securities

	
 

	
 

	

20

	
 

	
 

	
 

	
 

	
 

	

Section 7.05

	
 

	

Moneys Held in
Trust

	
 

	
 

	

20

	
 

	
 

	
 

	
 

	
 

	

Section 7.06

	
 

	

Compensation and
Reimbursement

	
 

	
 

	

20

	
 

	
 

	
 

	
 

	
 

	

Section 7.07

	
 

	

Reliance on Officer’s
Certificate

	
 

	
 

	

21

	
 

	
 

	
 

	
 

	
 

	

Section 7.08

	
 

	

Disqualification; Conflicting
Interests

	
 

	
 

	

21

	
 

	
 

	
 

	
 

	
 

	

Section 7.09

	
 

	

Corporate Trustee Required;
Eligibility

	
 

	
 

	

21

	
 

	
 

	
 

	
 

	
 

	

Section 7.10

	
 

	

Resignation and Removal;
Appointment of Successor

	
 

	
 

	

21

	
 

	
 

	
 

	
 

	
 

	

Section 7.11

	
 

	

Acceptance of Appointment By
Successor

	
 

	
 

	

21

	
 

	
 

	
 

	
 

	
 

	

Section 7.12

	
 

	

Merger, Conversion, Consolidation
or Succession to Business

	
 

	
 

	

23

	
 

	
 

	
 

	
 

	
 

	

Section 7.13

	
 

	

Preferential Collection of Claims
Against the Company

	
 

	
 

	

23

	
 

	
 

	
 

	
 

	
 

	

Section 7.14

	
 

	

Notice of
Default

	
 

	
 

	

23

	
 

	

ARTICLE 8

	
 

	

CONCERNING THE
SECURITYHOLDERS

	
 

	
 

	

23

	
 

	
 

	
 

	
 

	
 

	

Section 8.01

	
 

	

Evidence of Action by
Securityholders

	
 

	
 

	

23

	
 

	
 

	
 

	
 

	
 

	

Section 8.02

	
 

	

Proof of Execution by
Securityholders

	
 

	
 

	

23

	
 

	
 

	
 

	
 

	
 

	

Section 8.03

	
 

	

Who May be Deemed
Owners

	
 

	
 

	

24

	
 

	
 

	
 

	
 

	
 

	

Section 8.04

	
 

	

Certain Securities Owned by
Company Disregarded

	
 

	
 

	

24

	
 

	
 

	
 

	
 

	
 

	

Section 8.05

	
 

	

Actions Binding on Future
Securityholders

	
 

	
 

	

24

	
 

	
 

	
 

	
 

	
 

	

ARTICLE 9

	
 

	

SUPPLEMENTAL
INDENTURES

	
 

	
 

	

24

	
 

	
 

	
 

	
 

	
 

	

Section 9.01

	
 

	

Supplemental Indentures Without
the Consent of Securityholders

	
 

	
 

	

24

	
 

	
 

	
 

	
 

	
 

	

Section 9.02

	
 

	

Supplemental Indentures With
Consent of Securityholders

	
 

	
 

	

25

	
 

	
 

	
 

	
 

	
 

	

Section 9.03

	
 

	

Effect of Supplemental
Indentures

	
 

	
 

	

25

	
 

	
 

	
 

	
 

	
 

	

Section 9.04

	
 

	

Securities Affected by
Supplemental Indentures

	
 

	
 

	

25

	
 

	
 

	
 

	
 

	
 

	

Section 9.05

	
 

	

Execution of Supplemental
Indentures

	
 

	
 

	

25

	
 

	
 

	
 

	
 

	
 

	

ARTICLE 10

	
 

	

SUCCESSOR
ENTITY

	
 

	
 

	

25

	
 

	
 

	
 

	
 

	
 

	

Section 10.01

	
 

	

Company May Consolidate,
Etc.

	
 

	
 

	

25

	
 

	
 

	
 

	
 

	
 

	

Section 10.02

	
 

	

Successor Entity
Substituted

	
 

	
 

	

26

	
 

	
 

	
 

	
 

	
 

	

ARTICLE 11

	
 

	

SATISFACTION AND
DISCHARGE

	
 

	
 

	

26

	
 

	
 

	
 

	
 

	
 

	

Section 11.01

	
 

	

Satisfaction and Discharge of
Indenture

	
 

	
 

	

26

	
 

 

 

3

 

 

	
 

	
 

	
 

	
 

	

Section 11.02

	
 

	

Discharge of
Obligations

	
 

	
 

	

26

	
 

	
 

	
 

	
 

	
 

	

Section 11.03

	
 

	

Deposited Moneys to be Held in
Trust

	
 

	
 

	

26

	
 

	
 

	
 

	
 

	
 

	

Section 11.04

	
 

	

Payment of Moneys Held by Paying
Agents

	
 

	
 

	

26

	
 

	
 

	
 

	
 

	
 

	

Section 11.05

	
 

	

Repayment to
Company

	
 

	
 

	

27

	
 

	
 

	
 

	
 

	
 

	

ARTICLE 12

	
 

	

IMMUNITY OF INCORPORATORS,
STOCKHOLDERS, OFFICERS AND DIRECTORS

	
 

	
 

	

27

	
 

	
 

	
 

	
 

	
 

	

Section 12.01

	
 

	

No Recourse

	
 

	
 

	

27

	
 

	
 

	
 

	
 

	
 

	

ARTICLE 13

	
 

	

MISCELLANEOUS
PROVISIONS

	
 

	
 

	

27

	
 

	
 

	
 

	
 

	
 

	

Section 13.01

	
 

	

Effect on Successors and
Assigns

	
 

	
 

	

27

	
 

	
 

	
 

	
 

	
 

	

Section 13.02

	
 

	

Actions by
Successor

	
 

	
 

	

27

	
 

	
 

	
 

	
 

	
 

	

Section 13.03

	
 

	

Surrender of Company
Powers

	
 

	
 

	

27

	
 

	

Section 13.04

	
 

	

Notices

	
 

	
 

	

27

	
 

	
 

	
 

	
 

	
 

	

Section 13.05

	
 

	

Governing Law; Jury Trial
Waiver

	
 

	
 

	

27

	
 

	
 

	
 

	
 

	
 

	

Section 13.06

	
 

	

Treatment of Securities as
Debt

	
 

	
 

	

28

	
 

	
 

	
 

	
 

	
 

	

Section 13.07

	
 

	

Certificates and Opinions as to
Conditions Precedent

	
 

	
 

	

28

	
 

	
 

	
 

	
 

	
 

	

Section 13.08

	
 

	

Payments on Business
Days

	
 

	
 

	

28

	
 

	
 

	
 

	
 

	
 

	

Section 13.09

	
 

	

Conflict with Trust Indenture
Act

	
 

	
 

	

28

	
 

	
 

	
 

	
 

	
 

	

Section 13.10

	
 

	

Counterparts

	
 

	
 

	

28

	
 

	
 

	
 

	
 

	
 

	

Section 13.11

	
 

	

Separability

	
 

	
 

	

28

	
 

	
 

	
 

	
 

	
 

	

Section 13.12

	
 

	

Compliance
Certificates

	
 

	
 

	

28

	
 

	
 

	
 

	
 

	
 

	

Section 13.13

	
 

	

Patriot Act

	
 

	
 

	

28

	
 

	
 

	
 

	
 

	
 

	

Section 13.14

	
 

	

Force Majeure

	
 

	
 

	

29

	
 

	
 

	
 

	
 

	
 

	

Section 13.15

	
 

	

Table of Contents;
Headings

	
 

	
 

	

29

	
 

 

 

4

 

 

INDENTURE

 

INDENTURE, dated as of [●], 20__,
among DYNATRONICS
CORPORATION, a
Utah corporation (the “Company”), and [TRUSTEE], as trustee (the
“Trustee”):

 

WHEREAS, for its lawful corporate
purposes, the Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance of debt
securities (hereinafter referred to as the “Securities”), in an
unlimited aggregate principal amount to be issued from time to time
in one or more series as in this Indenture provided, as registered
Securities without coupons, to be authenticated by the certificate
of the Trustee;

 

WHEREAS, to provide the terms and
conditions upon which the Securities are to be authenticated,
issued and delivered, the Company has duly authorized the execution
of this Indenture; and

 

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

 

NOW, THEREFORE, in consideration of the
premises and the purchase of the Securities by the holders thereof,
it is mutually covenanted and agreed as follows for the equal and
ratable benefit of the holders of Securities:

 

ARTICLE 1

DEFINITIONS

 

Section 1.01 Definitions of
Terms.

 

The
terms defined in this Section (except as in this Indenture or any
indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires) for all purposes of this
Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section and shall include the
plural as well as the singular. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939, as
amended, or that are by reference in such Act defined in the
Securities Act of 1933, as amended (except as herein or any
indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings
assigned to such terms in said Trust Indenture Act and in said
Securities Act as in force at the date of the execution of this
instrument.

 

“Authenticating
Agent” means the Trustee or an authenticating agent
with respect to all or any of the series of Securities appointed by
the Trustee pursuant to Section 2.10.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal
or state law for the relief of debtors.

 

“Board
of Directors” means the Board of Directors (or the
functional equivalent thereof) of the Company or any duly
authorized committee of such Board.

 

“Board
Resolution” means a copy of a resolution certified by
the Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors (or duly authorized
committee thereof) and to be in full force and effect on the date
of such certification.

 

“Business
Day” means, with respect to any series of Securities,
any day other than a day on which federal or state banking
institutions in the Borough of Manhattan, the City of New York, or
in the city of the Corporate Trust Office of the Trustee, are
authorized or obligated by law, executive order or regulation to
close.

 

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

 

“Company”
means DYNATRONICS
CORPORATION, a corporation duly organized and existing under
the laws of the State of Utah, and, subject to the provisions of
Article Ten, shall also include its successors and
assigns.

 

“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 hereof is
located at [●].

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar
official under any Bankruptcy Law.

 

“Defaulted
Interest” has the meaning set forth in Section 2.03.

 

“Depositary”
means, with respect to Securities of any series for which the
Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, another clearing
agency, or any successor registered as a clearing agency under the
Exchange Act, or other applicable statute or regulation, which, in
each case, shall be designated by the Company pursuant to either
Section 2.01 or
Section
2.11.

 

“Event
of Default” means, with respect to Securities of a
particular series, any event specified in Section 6.01, continued for the
period of time, if any, therein designated.

 

“Exchange
Act” means the United States Securities and Exchange
Act of 1934, as amended, and the rules and regulations promulgated
by the Commission thereunder.

 

“Global
Security” means a Security issued to evidence all or a
part of any series of Securities which is executed by the Company
and authenticated and delivered by the Trustee to the Depositary or
pursuant to the Depositary’s instruction, all in accordance
with the Indenture, which shall be registered in the name of the
Depositary or its nominee.

 

 

5

 

 

“Governmental
Obligations” means securities that are (a) direct
obligations of the United States of America for the 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 payment of
which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America that, in either case,
are not callable or redeemable at the option of the issuer thereof
at any time prior to the stated maturity of the Securities, and
shall also include a depositary receipt issued by a bank or trust
company as custodian with respect to any such Governmental
Obligation or a specific payment of principal of or interest on any
such Governmental Obligation held by such custodian for the account
of the holder of such depositary receipt; provided, however, that
(except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in
respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced
by such depositary receipt.

 

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

 

“Indenture”
means this instrument as originally executed or as it may from time
to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms
hereof and shall include the terms of particular series of
Securities established as contemplated by Section 2.01.

 

“Interest
Payment Date”, when used with respect to any
installment of interest on a Security of a particular series, means
the date specified in such Security or in a Board Resolution or in
an indenture supplemental hereto with respect to such series as the
fixed date on which an installment of interest with respect to
Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of
Directors, a chief executive officer, a president, a chief
financial officer, a chief operating officer, any executive vice
president, any senior vice president, any vice president, the
treasurer or any assistant treasurer, the controller or any
assistant controller or the secretary or any assistant
secretary.

 

“Officer’s
Certificate” means a certificate signed by any
Officer. Each such certificate shall include the statements
provided for in Section
13.07, if and to the extent required by the provisions
thereof.

 

“Opinion
of Counsel” means an opinion in writing subject to
customary exceptions of legal counsel, who may be an employee of or
counsel for the Company, that is delivered to the Trustee in
accordance with the terms hereof. Each such opinion shall include
the statements provided for in Section 13.07, if and to the
extent required by the provisions thereof.

 

“Outstanding”,
when used with reference to Securities of any series, means,
subject to the provisions of Section 8.04, as of any
particular time, all Securities of that series theretofore
authenticated and delivered by the Trustee under this Indenture,
except (a) Securities theretofore canceled by the Trustee or any
paying agent, or delivered to the Trustee or any paying agent for
cancellation or that have previously been canceled; (b) Securities
or portions thereof for the payment or redemption of which moneys
or Governmental Obligations in the necessary amount shall have been
deposited in trust with the Trustee or with any paying agent (other
than the Company) or shall have been set aside and segregated in
trust by the Company (if the Company shall act as its own paying
agent); provided, however, that if such Securities or portions of
such Securities are to be redeemed prior to the maturity thereof,
notice of such redemption shall have been given as provided in
Article Three, or provision satisfactory to the Trustee shall have
been made for giving such notice; and (c) Securities in lieu of or
in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Section 2.07.

 

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

 

“Predecessor
Security” of any particular Security means every
previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under
Section 2.07 in
lieu of a lost, destroyed or stolen Security shall be deemed to
evidence the same debt as the lost, destroyed or stolen
Security.

 

“Responsible
Officer” when used with respect to the Trustee means
any officer within the Corporate Trust Office of the Trustee (or
any successor group of the Trustee) or any other officer of the
Trustee customarily performing functions similar to those performed
by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his or her knowledge of
and familiarity with the particular subject and in each case who
shall have direct responsibility for the administration of this
Indenture.

 

“Securities”
has the meaning stated in the first recital of this Indenture and
more particularly means any Securities authenticated and delivered
under this Indenture.

 

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

 

“Securityholder”,
“holder
of Securities”, “registered
holder”, or other similar term, means the Person or
Persons in whose name or names a particular Security is registered
on the Security Register kept for that purpose in accordance with
the terms of this Indenture.

 

“Security
Register” and “Security
Registrar” shall have the meanings as set forth in
Section
2.05.

 

 

6

 

 

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

 

“Trustee”
means [●], and, subject to the provisions of
Article Seven, shall also include its successors and assigns, and,
if at any time there is more than one Person acting in such
capacity hereunder, “Trustee” shall mean each such
Person. The term “Trustee” as used with respect to a
particular series of the Securities shall mean the trustee with
respect to that series.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939,
as amended.

 

“U.S.A. Patriot Act” means the Uniting and
Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as
amended and signed into law October 26, 2001.

 

ARTICLE 2

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND

EXCHANGE OF SECURITIES

 

Section 2.01 Designation and
Terms of Securities.

 

(a)           The
aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is unlimited. The Securities may
be issued in one or more series up to the aggregate principal
amount of Securities of that series from time to time authorized by
or pursuant to a Board Resolution or pursuant to one or more
indentures supplemental hereto. Prior to the initial issuance of
Securities of any series, there shall be established in or pursuant
to a Board Resolution, and set forth in an Officer’s
Certificate, or established in one or more indentures supplemental
hereto:

 

(1)           the
title of the Securities of the series (which shall distinguish the
Securities of that series from all other Securities);

 

(2)           any
limit upon the aggregate principal amount of the Securities of that
series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of,
other Securities of that series);

 

(3)           the
maturity date or dates on which the principal of the Securities of
the series is payable;

 

(4)           the
form of the Securities of the series including the form of the
certificate of authentication for such series;

 

(5)           the
applicability of any guarantees;

 

(6)           whether
or not the Securities will be secured or unsecured, and the terms
of any secured debt;

 

(7)           whether
the Securities rank as senior debt, senior subordinated debt,
subordinated debt or any combination thereof, and the terms of any
subordination;

 

(8)           if
the price (expressed as a percentage of the aggregate principal
amount thereof) at which such Securities will be issued is a price
other than the principal amount thereof, the portion of the
principal amount thereof payable upon declaration of acceleration
of the maturity thereof, or if applicable, the portion of the
principal amount of such Securities that is convertible into
another security or the method by which any such portion shall be
determined;

 

(9)           the
interest rate or rates, which may be fixed or variable, or the
method for determining the rate and the date interest will begin to
accrue, the dates interest will be payable and the regular record
dates for interest payment dates or the method for determining such
dates;

 

(10)           the
Company’s right, if any, to defer the payment of interest and
the maximum length of any such deferral period;

 

(11)           if
applicable, the date or dates after which, or the period or periods
during which, and the price or prices at which, the Company may at
its option, redeem the series of Securities pursuant to any
optional or provisional redemption provisions and the terms of
those redemption provisions;

 

(12)           the
date or dates, if any, on which, and the price or prices at which
the Company is obligated, pursuant to any mandatory sinking fund or
analogous fund provisions or otherwise, to redeem, or at the
Securityholder’s option to purchase, the series of Securities
and the currency or currency unit in which the Securities are
payable;

 

(13)           the
denominations in which the Securities of the series shall be
issuable, if other than denominations of one thousand U.S. dollars
($1,000) or any integral multiple thereof;

 

(14)           any
and all terms, if applicable, relating to any auction or
remarketing of the Securities of that series and any security for
the obligations of the Company with respect to such Securities and
any other terms which may be advisable in connection with the
marketing of Securities of that series;

 

 

7

 

 

(15)           whether
the Securities of the series shall be issued in whole or in part in
the form of a Global Security or Securities; the terms and
conditions, if any, upon which such Global Security or Securities
may be exchanged in whole or in part for other individual
Securities; and the Depositary for such Global Security or
Securities;

 

(16)           if
applicable, the provisions relating to conversion or exchange of
any Securities of the series and the terms and conditions upon
which such Securities will be so convertible or exchangeable,
including the conversion or exchange price, as applicable, or how
it will be calculated and may be adjusted, any mandatory or
optional (at the Company’s option or the holders’
option) conversion or exchange features, the applicable conversion
or exchange period and the manner of settlement for any conversion
or exchange, which may, without limitation, include the payment of
cash as well as the delivery of securities;

 

(17)           if
other than the full principal amount thereof, the portion of the
principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant
to Section
6.01;

 

(18)           additions
to or changes in the covenants applicable to the series of
Securities being issued, including, among others, the
consolidation, merger or sale covenant;

 

(19)           additions
to or changes in the Events of Default with respect to the
Securities and any change in the right of the Trustee or the
Securityholders to declare the principal, premium, if any, and
interest, if any, with respect to such Securities to be due and
payable;

 

(20)           additions
to or changes in or deletions of the provisions relating to
covenant defeasance and legal defeasance;

 

(21)           additions
to or changes in the provisions relating to satisfaction and
discharge of this Indenture;

 

(22)           additions
to or changes in the provisions relating to the modification of
this Indenture both with and without the consent of Securityholders
of Securities issued under this Indenture;

 

(23)           the
currency of payment of Securities if other than U.S. dollars and
the manner of determining the equivalent amount in U.S.
dollars;

 

(24)           whether
interest will be payable in cash or additional Securities at the
Company’s or the Securityholders’ option and the terms
and conditions upon which the election may be made;

 

(25)           the
terms and conditions, if any, upon which the Company shall pay
amounts in addition to the stated interest, premium, if any and
principal amounts of the Securities of the series to any
Securityholder that is not a “United States person” for
federal tax purposes;

 

(26)           any
restrictions on transfer, sale or assignment of the Securities of
the series; and

 

(27)           any
other specific terms, preferences, rights or limitations of, or
restrictions on, the Securities, any other additions or changes in
the provisions of this Indenture, and any terms that may be
required by us or advisable under applicable laws or
regulations.

 

(b)           All
Securities of any one series shall be substantially identical
except as may otherwise be provided in or pursuant to any such
Board Resolution or in any indentures supplemental
hereto.

 

(c)           If
any of the terms of the series are established by action taken
pursuant to a Board Resolution of the Company, a copy of an
appropriate record of such action shall be certified by the
secretary or an assistant secretary of the Company and delivered to
the Trustee at or prior to the delivery of the Officer’s
Certificate of the Company setting forth the terms of the
series.

 

(d)           Securities
of any particular series may be issued at various times, with
different dates on which the principal or any installment of
principal is payable, with different rates of interest, if any, or
different methods by which rates of interest may be determined,
with different dates on which such interest may be payable and with
different redemption dates.

 

Section 2.02 Form of
Securities and Trustee’s Certificate.

 

The
Securities of any series and the Trustee’s certificate of
authentication to be borne by such Securities shall be
substantially of the tenor and purport as set forth in one or more
indentures supplemental hereto or as provided in a Board
Resolution, and set forth in an Officer’s Certificate, and
they may have such letters, numbers or other marks of
identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as the Company may deem
appropriate and as are not inconsistent with the provisions of this
Indenture, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or
regulation of any securities exchange on which Securities of that
series may be listed, or to conform to usage.

 

 

8

 

 

Section 2.03 Denominations:
Provisions for Payment.

 

(a)           The
Securities shall be issuable as registered Securities and in the
denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.01(a)(13). The
Securities of a particular series shall bear interest payable on
the dates and at the rate specified with respect to that series.
Subject to Section
2.01(a)(23), the principal of and the interest on the
Securities of any series, as well as any premium thereon in case of
redemption or repurchase thereof prior to maturity, and any cash
amount due upon conversion or exchange thereof, shall be payable in
the coin or currency of the United States of America that at the
time is legal tender for public and private debt, at the office or
agency of the Company maintained for that purpose. Each Security
shall be dated the date of its authentication. Interest on the
Securities shall be computed on the basis of a 360-day year
composed of twelve 30-day months.

 

(b)           The
interest installment on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date
for Securities of that series shall be paid to the Person in whose
name said Security (or one or more Predecessor Securities) is
registered at the close of business on the regular record date for
such interest installment. In the event that any Security of a
particular series or portion thereof is called for redemption and
the redemption date is subsequent to a regular record date with
respect to any Interest Payment Date and prior to such Interest
Payment Date, interest on such Security will be paid upon
presentation and surrender of such Security as provided in
Section
3.03.

 

(c)           Any
interest on any Security that is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date for
Securities of the same series (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the registered holder on the
relevant regular record date by virtue of having been such holder;
and such Defaulted Interest shall be paid by the Company, at its
election, as provided in clause (1) or clause (2)
below:

 

(1)           The
Company may make payment of any Defaulted Interest on Securities to
the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on
a special record date for the payment of such Defaulted Interest,
which shall be fixed in the following manner: the Company shall
notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Security and the date of the
proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall
make arrangements satisfactory to the Trustee for such deposit
prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a special record date for the
payment of such Defaulted Interest which shall not be more than 15
nor less than 10 days prior to the date of the proposed payment 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 therefor to
be mailed, first class postage prepaid, to each Securityholder at
his or her address as it appears in the Security Register (as
hereinafter defined), 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 therefor having been mailed as
aforesaid, such Defaulted Interest shall be paid to the Persons in
whose names such Securities (or their respective Predecessor
Securities) are registered on such special record
date.

 

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

 

(d)           Unless
otherwise set forth in a Board Resolution or one or more indentures
supplemental hereto establishing the terms of any series of
Securities pursuant to Section 2.01 hereof, the term
“regular record date” as used in this Section with
respect to a series of Securities and any Interest Payment Date for
such series shall mean either the fifteenth day of the month
immediately preceding the month in which an Interest Payment Date
established for such series pursuant to Section 2.01 hereof shall
occur, if such Interest Payment Date is the first day of a month,
or the first day of the month in which an Interest Payment Date
established for such series pursuant to Section 2.01 hereof shall
occur, if such Interest Payment Date is the fifteenth day of a
month, whether or not such date is a Business Day.

 

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

 

Section 2.04 Execution and
Authentications.

 

(a)           The
Securities shall be signed on behalf of the Company by one of its
Officers. Signatures may be in the form of a manual or facsimile
signature.

 

(b)           The
Company may use the facsimile signature of any Person who shall
have been an Officer (at the time of execution), notwithstanding
the fact that at the time the Securities shall be authenticated and
delivered or disposed of such Person shall have ceased to be such
an officer of the Company. The Securities may contain such
notations, legends or endorsements required by law, stock exchange
rule or usage. Each Security shall be dated the date of its
authentication by the Trustee.

 

(c)           A
Security shall not be valid until authenticated manually by an
authorized signatory of the Trustee, or by an Authenticating Agent.
Such signature shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder
and that the holder is entitled to the benefits of this Indenture.
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 for the authentication and
delivery of such Securities, signed by an Officer, and the Trustee
in accordance with such written order shall authenticate and
deliver such Securities.

 

(d)           Upon
the Company’s delivery of any such authentication order to
the Trustee at any time after the initial issuance of Securities
under this Indenture, the Trustee shall be provided with, and
(subject to Sections 315(a) through 315(d) of the Trust Indenture
Act) shall be fully protected in relying upon, (1) an Opinion of
Counsel or reliance letter and (2) an Officer’s Certificate
stating that all conditions precedent to the execution,
authentication and delivery of such Securities are in conformity
with the provisions of this Indenture.

 

 

9

 

 

(e)           The
Trustee shall not be required to authenticate such Securities if
the issue of such Securities pursuant to this Indenture will affect
the Trustee’s own rights, duties or immunities under the
Securities and this Indenture or otherwise in a manner that is not
reasonably acceptable to the Trustee.

 

Section 2.05 Registration of
Transfer and Exchange.

 

(a)           Securities
of any series may be exchanged upon presentation thereof at the
office or agency of the Company designated for such purpose, for
other Securities of such series of authorized denominations, and
for a like aggregate principal amount, upon payment of a sum
sufficient to cover any tax or other governmental charge in
relation thereto, all as provided in this Section. In respect of
any Securities so surrendered for exchange, the Company shall
execute, the Trustee shall authenticate and such office or agency
shall deliver in exchange therefor the Security or Securities of
the same series that the Securityholder making the exchange shall
be entitled to receive, bearing numbers not contemporaneously
outstanding.

 

(b)           The
Company shall keep, or cause to be kept, at its office or agency
designated for such purpose a register or registers (herein
referred to as the “Security Register”) in
which, subject to such reasonable regulations as it may prescribe,
the Company shall register the Securities and the transfers of
Securities as in this Article provided and which at all reasonable
times shall be open for inspection by the Trustee. The registrar
for the purpose of registering Securities and transfer of
Securities as herein provided shall be appointed as authorized by
Board Resolution (the “Security Registrar”).
Upon surrender for transfer of any Security at the office or agency
of the Company designated for such purpose, the Company shall
execute, the Trustee shall authenticate and such office or agency
shall deliver in the name of the transferee or transferees a new
Security or Securities of the same series as the Security presented
for a like aggregate principal amount. All Securities presented or
surrendered for exchange or registration of transfer, as provided
in this Section, shall be accompanied (if so required by the
Company or the Security Registrar) by a written instrument or
instruments of transfer, in form satisfactory to the Company or the
Security Registrar, duly executed by the registered holder or by
such holder’s duly authorized attorney in
writing.

 

(c)           Except
as provided pursuant to Section 2.01 pursuant to a
Board Resolution, and set forth in an Officer’s Certificate,
or established in one or more indentures supplemental to this
Indenture, no service charge shall be made for any exchange or
registration of transfer of Securities, or issue of new Securities
in case of partial redemption of any series or repurchase,
conversion or exchange of less than the entire principal amount of
a Security, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge in relation thereto,
other than exchanges pursuant to Section 2.06, Section 3.03(b), and
Section 9.04 not
involving any transfer.

 

(d)           The
Company shall not be required (i) to issue, exchange or register
the transfer of any Securities during a period beginning at the
opening of business 15 days before the day of the mailing of a
notice of redemption of less than all the Outstanding Securities of
the same series and ending at the close of business on the day of
such mailing, nor (ii) to register the transfer of or exchange any
Securities of any series or portions thereof called for redemption
or surrendered for repurchase, but not validly withdrawn, other
than the unredeemed portion of any such Securities being redeemed
in part or not surrendered for repurchase, as the case may be. The
provisions of this Section
2.05 are, with respect to any Global Security, subject to
Section 2.11
hereof.

 

(e)           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 depositary participants or beneficial owners of
interests 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.

 

Section 2.06 Temporary
Securities.

 

Pending
the preparation of definitive Securities of any series, the Company
may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any
authorized denomination. Such temporary Securities shall be
substantially in the form of the definitive Securities in lieu of
which they are issued, but with such omissions, insertions and
variations as may be appropriate for temporary Securities, all as
may be determined by the Company. Every temporary Security of any
series shall be executed by the Company and be authenticated by the
Trustee upon the same conditions and in substantially the same
manner, and with like effect, as the definitive Securities of such
series. Without unnecessary delay the Company will execute and will
furnish definitive Securities of such series and thereupon any or
all temporary Securities of such series may be surrendered in
exchange therefor (without charge to the holders), at the office or
agency of the Company designated for the purpose, and the Trustee
shall authenticate and such office or agency shall deliver in
exchange for such temporary Securities an equal aggregate principal
amount of definitive Securities of such series, unless the Company
advises the Trustee to the effect that definitive Securities need
not be executed and furnished until further notice from the
Company. Until so exchanged, the temporary Securities of such
series shall be entitled to the same benefits under this Indenture
as definitive Securities of such series authenticated and delivered
hereunder.

 

Section 2.07 Mutilated,
Destroyed, Lost or Stolen Securities.

 

(a)           In
case any temporary or definitive Security shall become mutilated or
be destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company’s
request the Trustee (subject as aforesaid) shall authenticate and
deliver, a new Security of the same series, bearing a number not
contemporaneously outstanding, in exchange and substitution for the
mutilated Security, or in lieu of and in substitution for the
Security so destroyed, lost or stolen. In every case the applicant
for a substituted Security shall furnish to the Company and the
Trustee such security or indemnity as may be required by them to
save each of them harmless, and, in every case of destruction, loss
or theft, the applicant shall also furnish to the Company and the
Trustee evidence to their satisfaction of the destruction, loss or
theft of the applicant’s Security and of the ownership
thereof. The Trustee may authenticate any such substituted Security
and deliver the same upon the written request or authorization of
any officer of the Company. Upon the issuance of any substituted
Security, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and
expenses of the Trustee) connected therewith.

 

 

10

 

 

(b)           In
case any Security that has matured or is about to mature shall
become mutilated or be destroyed, lost or stolen, the Company may,
instead of issuing a substitute Security, pay or authorize the
payment of the same (without surrender thereof except in the case
of a mutilated Security) if the applicant for such payment shall
furnish to the Company and the Trustee such security or indemnity
as they may require to save them harmless, and, in case of
destruction, loss or theft, evidence to the satisfaction of the
Company and the Trustee of the destruction, loss or theft of such
Security and of the ownership thereof.

 

(c)           Every
replacement Security issued pursuant to the provisions of this
Section shall constitute an additional contractual obligation of
the Company whether or not the mutilated, destroyed, lost or stolen
Security shall be found at any time, or be enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of the same
series duly issued hereunder. All Securities shall be held and
owned upon the express condition that the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities, and shall preclude (to the
extent lawful) any and all other rights or remedies,
notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their
surrender.

 

Section 2.08 Cancellation.

 

All
Securities surrendered for the purpose of payment, redemption,
repurchase, exchange, registration of transfer or conversion shall,
if surrendered to the Company or any paying agent (or any other
applicable agent), be delivered to the Trustee for cancellation,
or, if surrendered to the Trustee, shall be cancelled by it, and no
Securities shall be issued in lieu thereof except as expressly
required or permitted by any of the provisions of this Indenture.
On request of the Company at the time of such surrender, the
Trustee shall deliver to the Company canceled Securities held by
the Trustee. In the absence of such request the Trustee may dispose
of canceled Securities in accordance with its standard procedures
and deliver a certificate of disposition to the Company. If the
Company shall otherwise acquire any of the Securities, however,
such acquisition shall not operate as a redemption or satisfaction
of the indebtedness represented by such Securities unless and until
the same are delivered to the Trustee for
cancellation.

 

Section 2.09 Benefits of
Indenture.

 

Nothing
in this Indenture or in the Securities, express or implied, shall
give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities any legal or equitable
right, remedy or claim under or in respect of this Indenture, or
under any covenant, condition or provision herein contained; all
such covenants, conditions and provisions being for the sole
benefit of the parties hereto and of the holders of the
Securities.

 

Section 2.10 Authenticating
Agent.

 

(a)           So
long as any of the Securities of any series remain Outstanding
there may be an Authenticating Agent for any or all such series of
Securities which the Trustee shall have the right to appoint. Said
Authenticating Agent shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon
exchange, transfer or partial redemption, repurchase or conversion
thereof, and Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for
all purposes as if authenticated by the Trustee hereunder. All
references in this Indenture to the authentication of Securities by
the Trustee shall be deemed to include authentication by an
Authenticating Agent for such series. Each Authenticating Agent
shall be acceptable to the Company and shall be a corporation that
has a combined capital and surplus, as most recently reported or
determined by it, sufficient under the laws of any jurisdiction
under which it is organized or in which it is doing business to
conduct a trust business, and that is otherwise authorized under
such laws to conduct such business and is subject to supervision or
examination by federal or state authorities. If at any time any
Authenticating Agent shall cease to be eligible in accordance with
these provisions, it shall resign immediately.

 

(b)           Any
Authenticating Agent may at any time resign by giving written
notice of resignation to the Trustee and to the Company. The
Trustee may at any time (and upon request by the Company shall)
terminate the agency of any Authenticating Agent by giving written
notice of termination to such Authenticating Agent and to the
Company. Upon resignation, termination or cessation of eligibility
of any Authenticating Agent, the Trustee may appoint an eligible
successor Authenticating Agent acceptable to the Company. Any
successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and
duties of its predecessor hereunder as if originally named as an
Authenticating Agent pursuant hereto.

 

Section 2.11 Global
Securities.

 

(a)           If
the Company shall establish pursuant to Section 2.01 that the
Securities of a particular series are to be issued as a Global
Security, then the Company shall execute and the Trustee shall, in
accordance with Section
2.04, authenticate and deliver, a Global Security that (i)
shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, all of the Outstanding Securities of
such series, (ii) shall be registered in the name of the Depositary
or its nominee, (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction (or if
the Depositary names the Trustee as its custodian, retained by the
Trustee), and (iv) shall bear a legend substantially to the
following effect: “Except as otherwise provided in
Section 2.11 of the
Indenture, this Security may be transferred, in whole but not in
part, only to another nominee of the Depositary or to a successor
Depositary or to a nominee of such successor
Depositary.”

 

 

11

 

 

(b)           Notwithstanding
the provisions of Section
2.05, the Global Security of a series may be transferred, in
whole but not in part and in the manner provided in Section 2.05, only to another
nominee of the Depositary for such series, or to a successor
Depositary for such series selected or approved by the Company or
to a nominee of such successor Depositary.

 

(c)           If
at any time the Depositary for a series of the Securities notifies
the Company that it is unwilling or unable to continue as
Depositary for such series or if at any time the Depositary for
such series shall no longer be registered or in good standing under
the Exchange Act, or other applicable statute or regulation, and a
successor Depositary for such series is not appointed by the
Company within 90 days after the Company receives such notice or
becomes aware of such condition, as the case may be, or if an Event
of Default has occurred and is continuing and the Company has
received a request from the Depositary or from the Trustee, this
Section 2.11 shall
no longer be applicable to the Securities of such series and the
Company will execute, and subject to Section 2.04, the Trustee will
authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security of such series in exchange
for such Global Security. In addition, the Company may at any time
determine that the Securities of any series shall no longer be
represented by a Global Security and that the provisions of this
Section 2.11 shall
no longer apply to the Securities of such series. In such event the
Company will execute and, subject to Section 2.04, the Trustee, upon
receipt of an Officer’s Certificate evidencing such
determination by the Company, will authenticate and deliver the
Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal
amount equal to the principal amount of the Global Security of such
series in exchange for such Global Security. Upon the exchange of
the Global Security for such Securities in definitive registered
form without coupons, in authorized denominations, the Global
Security shall be canceled by the Trustee. Such Securities in
definitive registered form issued in exchange for the Global
Security pursuant to this Section 2.11(c) shall be
registered in such names and in such authorized denominations as
the Depositary, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee. The
Trustee shall deliver such Securities to the Depositary for
delivery to the Persons in whose names such Securities are so
registered.

 

Section 2.12 CUSIP
Numbers.

 

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

 

ARTICLE 3

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.01 Redemption.

 

The
Company may redeem the Securities of any series issued hereunder on
and after the dates and in accordance with the terms established
for such series pursuant to Section 2.01
hereof.

 

Section 3.02 Notice of
Redemption.

 

(a)           In
case the Company shall desire to exercise such right to redeem all
or, as the case may be, a portion of the Securities of any series
in accordance with any right the Company reserved for itself to do
so pursuant to Section
2.01 hereof, the Company shall, or shall cause the Trustee
to, give notice of such redemption to holders of the Securities of
such series to be redeemed by mailing, first class postage prepaid
(or with regard to any Global Security held in book entry form, by
electronic mail), a notice of such redemption not less than 30 days
and not more than 90 days before the date fixed for redemption of
that series to such holders at their last addresses as they shall
appear upon the Security Register, unless a shorter period is
specified in the Securities to be redeemed. Any notice that is
mailed in the manner herein provided shall be conclusively presumed
to have been duly given, whether or not the registered holder
receives the notice. In any case, failure duly to give such notice
to the holder of any Security of any series designated for
redemption in whole or in part, or any defect in the notice, shall
not affect the validity of the proceedings for the redemption of
any other Securities of such series or any other series. In the
case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such
Securities or elsewhere in this Indenture, the Company shall
furnish the Trustee with an Officer’s Certificate evidencing
compliance with any such restriction. Each such notice of
redemption shall identify the Securities to be redeemed (including
CUSIP numbers, if any), specify the date fixed for redemption and
the redemption price at which Securities of that series are to be
redeemed, and shall state that payment of the redemption price of
such Securities to be redeemed will be made at the office or agency
of the Company, upon presentation and surrender of such Securities,
that interest accrued to the date fixed for redemption will be paid
as specified in said notice, that from and after said date interest
will cease to accrue and that the redemption is from a sinking
fund, if such is the case. If less than all the Securities of a
series are to be redeemed, the notice to the holders of Securities
of that series to be redeemed in part shall specify the particular
Securities to be so redeemed. In case any Security is to be
redeemed in part only, the notice that relates to such Security
shall state the portion of the principal amount thereof to be
redeemed, and shall state that on and after the redemption date,
upon surrender of such Security, a new Security or Securities of
such series in principal amount equal to the unredeemed portion
thereof will be issued.

 

 

12

 

 

(b)           If
less than all the Securities of a series are to be redeemed, the
Company shall give the Trustee at least 45 days’ notice
(unless a shorter notice shall be satisfactory to the Trustee) in
advance of the date fixed for redemption as to the aggregate
principal amount of Securities of the series to be redeemed, and
thereupon the Trustee shall select, by lot or in such other manner
as it shall deem appropriate and fair in its discretion and that
may provide for the selection of a portion or portions (equal to
one thousand U.S. dollars ($1,000) or any integral multiple
thereof) of the principal amount of such Securities of a
denomination larger than $1,000, the Securities to be redeemed and
shall thereafter promptly notify the Company in writing of the
numbers of the Securities to be redeemed, in whole or in part. The
Company may, if and whenever it shall so elect, by delivery of
instructions signed on its behalf by an Officer, instruct the
Trustee or any paying agent to call all or any part of the
Securities of a particular series for redemption and to give notice
of redemption in the manner set forth in this Section, such notice
to be in the name of the Company or its own name as the Trustee or
such paying agent may deem advisable. In any case in which notice
of redemption is to be given by the Trustee or any such paying
agent, the Company shall deliver or cause to be delivered to, or
permit to remain with, the Trustee or such paying agent, as the
case may be, such Security Register, transfer books or other
records, or suitable copies or extracts therefrom, sufficient to
enable the Trustee or such paying agent to give any notice by mail
that may be required under the provisions of this Section 3.02.

 

Section 3.03 Payment Upon Redemption.

 

(a)           If
the giving of notice of redemption shall have been completed as
above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and
payable on the date and at the place stated in such notice at the
applicable redemption price, together with interest accrued to the
date fixed for redemption and interest on such Securities or
portions of Securities shall cease to accrue on and after the date
fixed for redemption, unless the Company shall default in the
payment of such redemption price and accrued interest with respect
to any such Security or portion thereof. On presentation and
surrender of such Securities on or after the date fixed for
redemption at the place of payment specified in the notice, said
Securities shall be paid and redeemed at the applicable redemption
price for such series, together with interest accrued thereon to
the date fixed for redemption (but if the date fixed for redemption
is an Interest Payment Date, the interest installment payable on
such date shall be payable to the registered holder at the close of
business on the applicable record date pursuant to Section 2.03).

 

(b)           Upon
presentation of any Security of such series that is to be redeemed
in part only, the Company shall execute and the Trustee shall
authenticate and the office or agency where the Security is
presented shall deliver to the holder thereof, at the expense of
the Company, a new Security of the same series of authorized
denominations in principal amount equal to the unredeemed portion
of the Security so presented.

 

Section 3.04 Sinking
Fund.

 

(a)           The
provisions of Sections
3.04, 3.05
and 3.06 shall be
applicable to any sinking fund for the retirement of Securities of
a series, except as otherwise specified as contemplated by
Section 2.01 for
Securities of such series.

 

(b)           The
minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a
“mandatory sinking fund payment,” and any payment in
excess of such minimum amount provided for by the terms of
Securities of any series is herein referred to as an
“optional sinking fund payment”. If provided for by the
terms of Securities of any series, the cash amount of any sinking
fund payment may be subject to reduction as provided in
Section 3.05. Each
sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities
of such series.

 

Section 3.05 Satisfaction of
Sinking Fund Payments with Securities.

 

The
Company (i) may deliver Outstanding Securities of a series and (ii)
may apply as a credit Securities of a series that have been
redeemed either at the election of the Company pursuant to the
terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series
required to be made pursuant to the terms of such Securities as
provided for by the terms of such series, provided that such
Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at
the redemption price specified in such Securities for redemption
through operation of the sinking fund and the amount of such
sinking fund payment shall be reduced accordingly.

 

Section 3.06 Redemption of
Securities for Sinking Fund.

 

Not
less than 45 days prior to each sinking fund payment date for any
series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an
Officer’s Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms
of the series, the portion thereof, if any, that is to be satisfied
by delivering and crediting Securities of that series pursuant to
Section 3.05 and
the basis for such credit and will, together with such
Officer’s Certificate, deliver to the Trustee any Securities
to be so delivered. Not less than 30 days before each such sinking
fund payment date the Trustee shall select the Securities to be
redeemed upon such sinking fund payment date in the manner
specified in Section
3.02 and cause notice of the redemption thereof to be given
in the name of and at the expense of the Company in the manner
provided in Section
3.02. Such notice having been duly given, the redemption of
such Securities shall be made upon the terms and in the manner
stated in Section
3.03.

 

 

13

 

 

ARTICLE 4

COVENANTS

 

Section 4.01 Payment of
Principal, Premium and Interest.

 

The
Company will duly and punctually pay or cause to be paid the
principal of (and premium, if any) and interest on the Securities
of that series at the time and place and in the manner provided
herein and established with respect to such Securities. Payments of
principal on the Securities may be made at the time provided herein
and established with respect to such Securities by U.S. dollar
check drawn on and mailed to the address of the Securityholder
entitled thereto as such address shall appear in the Security
Register, or U.S. dollar wire transfer to, a U.S. dollar account if
such Securityholder shall have furnished wire instructions to the
Trustee no later than 15 days prior to the relevant payment date.
Payments of interest on the Securities may be made at the time
provided herein and established with respect to such Securities by
U.S. dollar check mailed to the address of the Securityholder
entitled thereto as such address shall appear in the Security
Register, or U.S. dollar wire transfer to, a U.S. dollar account if
such Securityholder shall have furnished wire instructions in
writing to the Security Registrar and the Trustee no later than 15
days prior to the relevant payment date.

 

Section 4.02 Maintenance of
Office or Agency.

 

So long
as any series of the Securities remain Outstanding, the Company
agrees to maintain an office or agency with respect to each such
series and at such other location or locations as may be designated
as provided in this Section 4.02, where (i)
Securities of that series may be presented for payment, (ii)
Securities of that series may be presented as herein above
authorized for registration of transfer and exchange, and (iii)
notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be given or
served, such designation to continue with respect to such office or
agency until the Company shall, by written notice signed by any
officer authorized to sign an Officer’s Certificate and
delivered to the Trustee, designate some other office or agency for
such purposes or any of them. 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,
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, notices and
demands. The Company initially appoints the Corporate Trust Office
of the Trustee as its paying agent with respect to the
Securities.

 

Section 4.03 Paying
Agents.

 

(a)           If
the Company shall appoint one or more paying agents for all or any
series of the Securities, other than the Trustee, the Company will
cause each such paying agent to execute and deliver to the Trustee
an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section 4.03:

 

(1)           that
it will hold all sums held by it as such agent for the payment of
the principal of (and premium, if any) or interest on the
Securities of that series (whether such sums have been paid to it
by the Company or by any other obligor of such Securities) in trust
for the benefit of the Persons entitled thereto;

 

(2)           that
it will give the Trustee notice of any failure by the Company (or
by any other obligor of such Securities) to make any payment of the
principal of (and premium, if any) or interest on the Securities of
that series when the same shall be due and payable;

 

(3)           that
it will, at any time during the continuance of any failure referred
to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so
held in trust by such paying agent; and

 

(4)           that
it will perform all other duties of paying agent as set forth in
this Indenture.

 

(b)           If
the Company shall act as its own paying agent with respect to any
series of the Securities, it will on or before each due date of the
principal of (and premium, if any) or interest on Securities of
that series, set aside, segregate and hold in trust for the benefit
of the Persons entitled thereto a sum sufficient to pay such
principal (and premium, if any) or interest so becoming due on
Securities of that series until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of such action, or any failure (by it
or any other obligor on such Securities) to take such action.
Whenever the Company shall have one or more paying agents for any
series of Securities, it will, prior to each due date of the
principal of (and premium, if any) or interest on any Securities of
that series, deposit with the paying agent a sum sufficient to pay
the principal (and premium, if any) or interest so becoming due,
such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such
paying agent is the Trustee) the Company will promptly notify the
Trustee of this action or failure so to act.

 

(c)           Notwithstanding
anything in this Section
4.03 to the contrary, (i) the agreement to hold sums in
trust as provided in this Section is subject to the provisions of
Section 11.05, and
(ii) the Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other
purpose, pay, or direct any paying agent to pay, to the Trustee all
sums held in trust by the Company or such paying agent, such sums
to be held by the Trustee upon the same terms and conditions as
those upon which such sums were held by the Company or such paying
agent; and, upon such payment by the Company or any paying agent to
the Trustee, the Company or such paying agent shall be released
from all further liability with respect to such money.

 

Section 4.04 Appointment to
Fill Vacancy in Office of Trustee.

 

The
Company, whenever necessary to avoid or fill a vacancy in the
office of Trustee, will appoint, in the manner provided in
Section 7.10, a
Trustee, so that there shall at all times be a Trustee
hereunder.

 

 

14

 

 

ARTICLE 5

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE
TRUSTEE

 

Section 5.01 Company to
Furnish Trustee Names and Addresses of
Securityholders.

 

The
Company will furnish or cause to be furnished to the Trustee (a)
within 15 days after each regular record date (as defined in
Section 2.03) a
list, in such form as the Trustee may reasonably require, of the
names and addresses of the holders of each series of Securities as
of such regular record date, provided that the Company shall not be
obligated to furnish or cause to furnish such list at any time that
the list shall not differ in any respect from the most recent list
furnished to the Trustee by the Company and (b) at such other times
as the Trustee may request in writing within 30 days after the
receipt by the Company of any such request, a list of similar form
and content as of a date not more than 15 days prior to the time
such list is furnished; provided, however, that, in either case, no
such list need be furnished for any series for which the Trustee
shall be the Security Registrar.

 

Section 5.02 Preservation of
Information; Communications with
Securityholders.

 

(a)           The
Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the
holders of Securities contained in the most recent list furnished
to it as provided in Section 5.01 and as to the
names and addresses of holders of Securities received by the
Trustee in its capacity as Security Registrar (if acting in such
capacity).

 

(b)           The
Trustee may destroy any list furnished to it as provided in
Section 5.01 upon
receipt of a new list so furnished.

 

(c)           Securityholders
may communicate as provided in Section 312(b) of the Trust
Indenture Act with other Securityholders with respect to their
rights under this Indenture or under the Securities, and, in
connection with any such communications, the Trustee shall satisfy
its obligations under Section 312(b) of the Trust Indenture Act in
accordance with the provisions of Section 312(b) of the Trust
Indenture Act.

 

Section 5.03 Reports by the
Company.

 

(a)           The
Company will at all times comply with Section 314(a) of the Trust
Indenture Act. The Company covenants and agrees to provide (which
delivery may be via electronic mail) to the Trustee within 30 days,
after the Company files the same with the Commission, copies of the
annual reports and of the information, documents and other reports
(or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations
prescribe) that the Company is required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act;
provided, however, the Company shall not be required to deliver to
the Trustee any correspondence filed with the Commission or any
materials for which the Company has sought and received
confidential treatment by the Commission; and provided further,
that so long as such filings by the Company are available on the
Commission’s Electronic Data Gathering, Analysis and
Retrieval System (EDGAR), or any successor system, such filings
shall be deemed to have been filed with the Trustee for purposes
hereof without any further action required by the Company. For the
avoidance of doubt, a failure by the Company to file annual
reports, information and other reports with the SEC within the time
period prescribed thereof by the Commission shall not be deemed a
breach of this Section
5.03.

 

(b)           Delivery
of reports, information and documents to the Trustee under
Section 5.03 is for
informational purposes only and the information and the
Trustee’s receipt of the foregoing shall not constitute
constructive notice of any information contained therein, or
determinable from information contained therein including the
Company’s compliance with any of their covenants thereunder
(as to which the Trustee is entitled to rely exclusively on an
Officer’s Certificate). The Trustee is under no duty to
examine any such reports, information or documents delivered to the
Trustee or filed with the SEC via EDGAR to ensure compliance with
the provision of this Indenture or to ascertain the correctness or
otherwise of the information or the statements contained therein.
The Trustee shall have no responsibility or duty whatsoever to
ascertain or determine whether the above referenced filings with
the SEC on EDGAR (or any successor system) has
occurred.

 

Section 5.04 Reports by the
Trustee.

 

(a)           The
Trustee shall transmit any report if required by Section 313(a) of
the Trust Indenture Act on or before [●] in each year
following the date hereof, so long as any Securities are
Outstanding hereunder, and such report shall be dated as of a date
convenient to the Trustee but no more than 60 nor less than 45 days
prior thereto. The Trustee shall comply with Sections 313(b),
313(c) and 313(d) of the Trust Indenture Act.

 

(b)           The
Trustee shall comply with Section 313(b) and 313(c) of the Trust
Indenture Act.

 

(c)           A
copy of each such report shall, at the time of such transmission to
Securityholders, be filed by the Trustee with the Company, with
each securities exchange upon which any Securities are listed (if
so listed) and also with the Commission. The Company agrees to
notify the Trustee when any Securities become listed on any
securities exchange.

 

ARTICLE 6

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT

 

Section 6.01 Events of
Default.

 

(a)           Whenever
used herein with respect to Securities of a particular series,
“Event of
Default” means any one or more of the following events
that has occurred and is continuing:

 

(1)           the
Company defaults in the payment of any installment of interest upon
any of the Securities of that series, as and when the same shall
become due and payable, and such default continues for a period of
90 days; provided, however, that a valid extension of an interest
payment period by the Company in accordance with the terms of any
indenture supplemental hereto shall not constitute a default in the
payment of interest for this purpose;

 

 

15

 

 

(2)           the
Company defaults in the payment of the principal of (or premium, if
any, on) any of the Securities of that series as and when the same
shall become due and payable whether at maturity, upon redemption,
by declaration or otherwise, or in any payment required by any
sinking or analogous fund established with respect to that series;
provided, however, that a valid extension of the maturity of such
Securities in accordance with the terms of any indenture
supplemental hereto shall not constitute a default in the payment
of principal or premium, if any;

 

(3)           the
Company fails to observe or perform any other of its covenants or
agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities
pursuant to Section
2.01 hereof (other than a covenant or agreement that has
been expressly included in this Indenture solely for the benefit of
one or more series of Securities other than such series) for a
period of 90 days after the date on which written notice of such
failure, requiring the same to be remedied and stating that such
notice is a “Notice
of Default” hereunder, shall have been given to the
Company by the Trustee, by registered or certified mail, or to the
Company and the Trustee by the holders of at least 25% in principal
amount of the Securities of that series at the time
Outstanding;

 

(4)           the
Company pursuant to or within the meaning of any Bankruptcy Law (i)
commences a voluntary case, (ii) consents to the entry of an order
for relief against it in an involuntary case, (iii) consents to the
appointment of a Custodian of it or for all or substantially all of
its property or (iv) makes a general assignment for the benefit of
its creditors; or

 

(5) a court of competent jurisdiction
enters an order under any Bankruptcy Law that (i) is for relief
against the Company in an involuntary case, (ii) appoints a
Custodian of the Company for all or substantially all of its
property or (iii) orders the liquidation of the Company, and the
order or decree remains unstayed and in effect for 90
days.

 

(b)           In
each and every such case (other than an Event of Default specified
in clause (4) or clause (5) above), unless the principal of all the
Securities of that series shall have already become due and
payable, either the Trustee or the holders of not less than 25% in
aggregate principal amount of the Securities of that series then
Outstanding hereunder, by notice in writing to the Company (and to
the Trustee if given by such Securityholders), may declare the
principal of (and premium, if any, on) and accrued and unpaid
interest on all the Securities of that series to be due and payable
immediately, and upon any such declaration the same shall become
and shall be immediately due and payable. If an Event of Default
specified in clause (4) or clause (5) above occurs, the principal
of and accrued and unpaid interest on all the Securities of that
series shall automatically be immediately due and payable without
any declaration or other act on the part of the Trustee or the
holders of the Securities.

 

(c)           At
any time after the principal of (and premium, if any, on) and
accrued and unpaid interest on the Securities of that series shall
have been so declared due and payable, and before any judgment or
decree for the payment of the moneys due shall have been obtained
or entered as hereinafter provided, the holders of a majority in
aggregate principal amount of the Securities of that series then
Outstanding hereunder, 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 with the
Trustee a sum sufficient to pay all matured installments of
interest upon all the Securities of that series and the principal
of (and premium, if any, on) any and all Securities of that series
that shall have become due otherwise than by acceleration (with
interest upon such principal and premium, if any, and, to the
extent that such payment is enforceable under applicable law, upon
overdue installments of interest, at the rate per annum expressed
in the Securities of that series to the date of such payment or
deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and
all Events of Default under the Indenture with respect to such
series, other than the nonpayment of principal on (and premium, if
any, on) and accrued and unpaid interest on Securities of that
series that shall not have become due by their terms, shall have
been remedied or waived as provided in Section 6.06. No such
rescission and annulment shall extend to or shall affect any
subsequent default or impair any right consequent
thereon.

 

(d)           In
case the Trustee shall have proceeded to enforce any right with
respect to Securities of that series under this Indenture and such
proceedings shall have been discontinued or abandoned because of
such rescission or annulment or for any other reason or shall have
been determined adversely to the Trustee, then and in every such
case, subject to any determination in such proceedings, the Company
and the Trustee shall be restored respectively to their former
positions and rights hereunder, and all rights, remedies and powers
of the Company and the Trustee shall continue as though no such
proceedings had been taken.

 

Section 6.02 Collection of
Indebtedness and Suits for Enforcement by
Trustee.

 

(a)           The
Company covenants that (i) in case it shall default in the payment
of any installment of interest on any of the Securities of a
series, or in any payment required by any sinking or analogous fund
established with respect to that series as and when the same shall
have become due and payable, and such default shall have continued
for a period of 90 days, or (ii) in case it shall default in the
payment of the principal of (or premium, if any, on) any of the
Securities of a series when the same shall have become due and
payable, whether upon maturity of the Securities of a series or
upon redemption or upon declaration or otherwise then, upon demand
of the Trustee, the Company will pay to the Trustee, for the
benefit of the holders of the Securities of that series, the whole
amount that then shall have been become due and payable on all such
Securities for principal (and premium, if any) or interest, or
both, as the case may be, with interest upon the overdue principal
(and premium, if any) and (to the extent that payment of such
interest is enforceable under applicable law) upon overdue
installments of interest at the rate per annum expressed in the
Securities of that series; and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of
collection, and the amount payable to the Trustee under
Section
7.06.

 

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

 

 

16

 

 

(c)           In
case of any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial
proceedings affecting the Company, or its creditors or property,
the Trustee shall have power to intervene in such proceedings and
take any action therein that may be permitted by the court and
shall (except as may be otherwise provided by law) be entitled to
file such proofs of claim and other papers and documents as may be
necessary or advisable in order to have the claims of the Trustee
and of the holders of Securities of such series allowed for the
entire amount due and payable by the Company under the Indenture at
the date of institution of such proceedings and for any additional
amount that may become due and payable by the Company after such
date, and to collect and receive any moneys or other property
payable or deliverable on any such claim, and to distribute the
same after the deduction of the amount payable to the Trustee under
Section 7.06; and
any receiver, assignee or trustee in bankruptcy or reorganization
is hereby authorized by each of the holders of Securities of such
series to make such payments to the Trustee, and, in the event that
the Trustee shall consent to the making of such payments directly
to such Securityholders, to pay to the Trustee any amount due it
under Section
7.06.

 

(d)           All
rights of action and of asserting claims under this Indenture, or
under any of the terms established with respect to Securities of
that series, may be enforced by the Trustee without the possession
of any of such Securities, or the production thereof at any trial
or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment
shall, after provision for payment to the Trustee of any amounts
due under Section
7.06, be for the ratable benefit of the holders of the
Securities of such series.

 

(e)           In
case of an Event of Default hereunder, the Trustee may in its
discretion proceed to protect and enforce the rights vested in it
by this Indenture by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any of
such rights, either at law or in equity or in bankruptcy or
otherwise, whether for the specific enforcement of any covenant or
agreement contained in the Indenture or in aid of the exercise of
any power granted in this Indenture, or to enforce any other legal
or equitable right vested in the Trustee by this Indenture or by
law.

 

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

 

Section 6.03 Application of
Moneys Collected.

 

Any
moneys collected by the Trustee pursuant to this Article with
respect to a particular series of Securities shall be applied in
the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such moneys on account of principal
(or premium, if any) or interest, upon presentation of the
Securities of that series, and notation thereon of the payment, if
only partially paid, and upon surrender thereof if fully
paid:

 

FIRST:
To the payment of costs and expenses of collection and of all
amounts payable to the Trustee under Section 7.06;

 

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

 

THIRD:
To the payment of the remainder, if any, to the Company or any
other Person lawfully entitled thereto.

 

Section 6.04 Limitation on
Suits.

 

(a)           No
holder of any Security of any series shall have any right by virtue
or by availing of any provision of this Indenture to institute any
suit, action or proceeding in equity or at law upon or under or
with respect to this Indenture or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless (i) such
holder previously shall have given to the Trustee written notice of
an Event of Default and of the continuance thereof with respect to
the Securities of such series specifying such Event of Default, as
hereinbefore provided; (ii) the holders of not less than 25% in
aggregate principal amount of the Securities of such series then
Outstanding shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as
Trustee hereunder; (iii) such holder or holders shall have offered
to the Trustee indemnity satisfactory to it against the costs,
expenses and liabilities to be incurred in compliance with such
request; (iv) the Trustee for 90 days after its receipt of such
notice, request and offer of indemnity, shall have failed to
institute any such action, suit or proceeding and (v) during such
90 day period, the holders of a majority in principal amount of the
Securities of that series do not give the Trustee a direction
inconsistent with the request.

 

(b)           Notwithstanding
anything contained herein to the contrary or any other provisions
of this Indenture, the right of any holder of any Security to
receive payment of the principal of (and premium, if any) and
interest on such Security, as therein provided, on or after the
respective due dates expressed in such Security (or in the case of
redemption, on the redemption date), or to institute suit for the
enforcement of any such payment on or after such respective dates
or redemption date, shall not be impaired or affected without the
consent of such holder and by accepting a Security hereunder it is
expressly understood, intended and covenanted by the taker and
holder of every Security of such series with every other such taker
and holder and the Trustee, that no one or more holders of
Securities of such series shall have any right in any manner
whatsoever by virtue or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of the holders
of any other of such Securities, or to obtain or seek to obtain
priority over or preference to any other such holder, or to enforce
any right under this Indenture, except in the manner herein
provided and for the equal, ratable and common benefit of all
holders of Securities of such series. For the protection and
enforcement of the provisions of this Section, each and every
Securityholder and the Trustee shall be entitled to such relief as
can be given either at law or in equity.

 

 

17

 

 

Section 6.05 Rights and
Remedies Cumulative; Delay or Omission Not
Waiver.

 

(a)           Except
as otherwise provided in Section 2.07, all powers and
remedies given by this Article to the Trustee or to the
Securityholders shall, to the extent permitted by law, be deemed
cumulative and not exclusive of any other powers and remedies
available to the Trustee or the holders of the Securities, by
judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this
Indenture or otherwise established with respect to such
Securities.

 

(b)           No
delay or omission of the Trustee or of any holder of any of the
Securities to exercise any right or power accruing upon any Event
of Default occurring and continuing as aforesaid shall impair any
such right or power, or shall be construed to be a waiver of any
such default or an acquiescence therein; and, subject to the
provisions of Section
6.04, every power and remedy given by this Article or by law
to the Trustee or the Securityholders may be exercised from time to
time, and as often as shall be deemed expedient, by the Trustee or
by the Securityholders.

 

Section 6.06 Control by
Securityholders.

 

The
holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding, determined in
accordance with Section
8.04, shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred on the Trustee
with respect to such series; provided, however, that such direction
shall not be in conflict with any rule of law or with this
Indenture or subject the Trustee in its sole discretion to personal
liability. Subject to the provisions of Section 7.01, the Trustee shall
have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer or officers
of the Trustee, determine that the proceeding so directed, subject
to the Trustee’s duties under the Trust Indenture Act, would
involve the Trustee in personal liability or might be unduly
prejudicial to the Securityholders not involved in the proceeding.
The holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding affected thereby,
determined in accordance with Section 8.04, may on behalf of
the holders of all of the Securities of such series waive any past
default in the performance of any of the covenants contained herein
or established pursuant to Section 2.01 with respect to
such series and its consequences, except a default in the payment
of the principal of, or premium, if any, or interest on, any of the
Securities of that series as and when the same shall become due by
the terms of such Securities otherwise than by acceleration (unless
such default has been cured and a sum sufficient to pay all matured
installments of interest and principal and any premium has been
deposited with the Trustee (in accordance with Section 6.01(c)). Upon any such
waiver, the default covered thereby shall be deemed to be cured for
all purposes of this Indenture and the Company, the Trustee and the
holders of the Securities of such series shall be restored to their
former positions and rights hereunder, respectively; but no such
waiver shall extend to any subsequent or other default or impair
any right consequent thereon.

 

Section 6.07 Undertaking to
Pay Costs.

 

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

 

ARTICLE 7

CONCERNING THE TRUSTEE

 

Section 7.01 Certain Duties
and Responsibilities of Trustee.

 

(a)           The
Trustee, prior to the occurrence of an Event of Default with
respect to the Securities of a series and after the curing of all
Events of Default with respect to the Securities of that series
that may have occurred, shall undertake to perform with respect to
the Securities of such series such duties and only such duties as
are specifically set forth in this Indenture, and no implied
covenants shall be read into this Indenture against the Trustee. In
case an Event of Default with respect to the Securities of a series
has occurred (that has not been cured or waived), the Trustee shall
exercise with respect to Securities of that series such of 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 man would
exercise or use under the circumstances in the conduct of his or
her own affairs.

 

(b)           No
provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except
that:

 

(i)           prior
to the occurrence of an Event of Default with respect to the
Securities of a series and after the curing or waiving of all such
Events of Default with respect to that series that may have
occurred:

 

 

18

 

 

(A)           the
duties and obligations of the Trustee shall with respect to the
Securities of such series be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable
with respect to the Securities of such series except for the
performance of such duties and obligations as are specifically set
forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee;
and

 

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

 

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

 

(iii)           the
Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the
direction of the holders of not less than a majority in principal
amount of the Securities of any series at the time Outstanding
relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee under this Indenture with respect
to the Securities of that series;

 

(iv)          
none of the provisions contained in this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur
personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers if there
is reasonable ground for believing that the repayment of such funds
or liability is not reasonably assured to it under the terms of
this Indenture or adequate indemnity against such risk is not
reasonably assured to it;

 

(v)      
     The Trustee shall not be required to give any
bond or surety in respect of the performance of its powers or
duties hereunder;

 

(vi)           The
permissive right of the Trustee to do things enumerated in this
Indenture shall not be construed as a duty of the Trustee;
and

 

(vii)         
No Trustee shall have any duty or responsibility for any act or
omission of any other Trustee appointed with respect to a series of
Securities hereunder.

 

Section 7.02 Certain Rights
of Trustee.

 

Except
as otherwise provided in Section 7.01:

 

(a)           The
Trustee may conclusively rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order,
approval, bond, security or other paper or document believed by it
to be genuine and to have been signed or presented by the proper
party or parties;

 

(b)           Any
request, direction, order or demand of the Company mentioned herein
shall be sufficiently evidenced by a Board Resolution or an
instrument signed in the name of the Company by any authorized
officer of the Company (unless other evidence in respect thereof is
specifically prescribed herein);

 

(c)           The
Trustee may consult with counsel and the opinion or written advice
of such counsel or, if requested, any Opinion of Counsel shall be
full and complete authorization and protection in respect of any
action taken or suffered or omitted hereunder in good faith and in
reliance thereon;

 

(d)           The
Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request, order or
direction of any of the Securityholders pursuant to the provisions
of this Indenture, unless such Securityholders shall have offered
to the Trustee security or indemnity reasonably acceptable to the
Trustee against the costs, expenses and liabilities that may be
incurred therein or thereby; nothing contained herein shall,
however, relieve the Trustee of the obligation, upon the occurrence
of an Event of Default with respect to a series of the Securities
(that has not been cured or waived), to exercise with respect to
Securities of that series such of the rights and powers vested in
it by this Indenture, and to use the same degree of care and skill
in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his or her own
affairs;

 

(e)           The
Trustee shall not be liable for any action taken or omitted to be
taken by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this
Indenture;

 

(f)           The
Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order,
approval, bond, security, or other papers or documents or inquire
as to the performance by the Company of one of its covenants under
this Indenture, unless requested in writing so to do by the holders
of not less than a majority in principal amount of the Outstanding
Securities of the particular series affected thereby (determined as
provided in Section
8.04); provided, however, that if the payment within a
reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably
assured to the Trustee by the security afforded to it by the terms
of this Indenture, the Trustee may require security or indemnity
reasonably acceptable to the Trustee against such costs, expenses
or liabilities as a condition to so proceeding. The reasonable
expense of every such examination shall be paid by the Company or,
if paid by the Trustee, shall be repaid by the Company upon
demand;

 

19

 

 

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

 

(h)           In
no event shall the Trustee be responsible or liable for any failure
or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its
control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or
computer (software and hardware) services; it being understood that
the Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances;

 

(i)           In
no event shall the Trustee be responsible or liable for special,
indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of
action; and

 

(j)           The
Trustee agrees to accept and act upon instructions or directions
pursuant to this Indenture sent by unsecured e-mail, facsimile
transmission or other similar unsecured electronic methods;
provided, however, that (a) the party providing such written
instructions, subsequent to such transmission of written
instructions, shall provide the originally executed instructions or
directions to the Trustee in a timely manner, and (b) such
originally executed instructions or directions shall be signed by
an authorized representative of the party providing such
instructions or directions. If the party elects to give the Trustee
e-mail or facsimile instructions (or instructions by a similar
electronic method) and the Trustee in its discretion elects to act
upon such instructions, the Trustee’s understanding of such
instructions shall be deemed controlling. The Trustee shall not be
liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict
or are inconsistent with a subsequent written instruction. The
party providing electronic instructions agrees to assume all risks
arising out of the use of such electronic methods to submit
instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third
parties. 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 furnish the
Trustee with Officer’s Certificates, Company Orders and any
other matters or directions pursuant to this
Indenture.

 

(k)           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.

 

(l)           The
Trustee shall not be deemed to have knowledge of any Default or
Event of Default (other than an Event of Default relating to the
failure to pay the interest on, or the principal of, the
Securities) until the Trustee shall have received written
notification in the manner set forth in this Indenture or a
Responsible Officer of the Trustee shall have obtained actual
knowledge.

 

Section 7.03 Trustee Not
Responsible for Recitals or Issuance or
Securities.

 

(a)           The
recitals contained herein and in the Securities shall be taken as
the statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee shall
not be responsible for any statement in any registration statement,
prospectus, or any other document in connection with the sale of
Securities. The Trustee shall not be responsible for any rating on
the Securities or any action or omission of any rating
agency.

 

(b)           The
Trustee makes no representations as to the validity or sufficiency
of this Indenture or of the Securities.

 

(c)           The
Trustee shall not be accountable for the use or application by the
Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over
by the Trustee in accordance with any provision of this Indenture
or established pursuant to Section 2.01, or for the use or
application of any moneys received by any paying agent other than
the Trustee.

 

Section 7.04 May Hold
Securities.

 

The
Trustee or any paying agent or Security Registrar, in its
individual or any other capacity, may become the owner or pledgee
of Securities with the same rights it would have if it were not
Trustee, paying agent or Security Registrar.

 

Section 7.05 Moneys Held in
Trust.

 

Subject
to the provisions of Section 11.05, all moneys
received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the
extent required by law. The Trustee shall be under no liability for
interest on any moneys received by it hereunder except such as it
may agree with the Company to pay thereon.

 

Section 7.06 Compensation
and Reimbursement.

 

(a)           The
Company shall pay to the Trustee for each of its capacities
hereunder from time to time compensation for its services as the
Company and the Trustee shall from time to time agree upon in
writing. The Trustee’s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The
Company shall reimburse the Trustee upon request for all reasonable
out-of-pocket expenses incurred by it. Such expenses shall include
the reasonable compensation and expenses of the Trustee’s
agents and counsel.

 

20

 

 

(b)           The
Company shall indemnify each of the Trustee in each of its
capacities hereunder against any loss, liability or expense
(including the cost of defending itself and including the
reasonable compensation and expenses of the Trustee’s agents
and counsel) incurred by it except as set forth in Section 7.06(c) in the exercise
or performance of its powers, rights or duties under this Indenture
as Trustee or Agent. The Trustee shall notify the Company promptly
of any claim for which it may seek indemnity. The Company shall
defend the claim and the Trustee shall cooperate in the defense.
The Trustee may have one separate counsel and the Company shall pay
the reasonable fees and expenses of such counsel. The Company need
not pay for any settlement made without its consent, which consent
shall not be unreasonably withheld. This indemnification shall
apply to officers, directors, employees, shareholders and agents of
the Trustee.

 

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

 

(d)           To
ensure the Company’s payment obligations in this Section, the
Trustee shall have a lien prior to the Securities on all funds or
property held or collected by the Trustee, except that held in
trust to pay principal of or interest on particular Securities.
When the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 6.01(4) or (5), the expenses (including
the reasonable fees and expenses of its counsel) and the
compensation for services in connection therewith are to constitute
expenses of administration under any bankruptcy law. The provisions
of this Section
7.06 shall survive the termination of this Indenture and the
resignation or removal of the Trustee.

 

Section 7.07 Reliance on
Officer’s Certificate.

 

Except
as otherwise provided in Section 7.01, whenever in the
administration of the provisions of this Indenture the Trustee
shall deem it reasonably necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to
take any action hereunder, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may, in the
absence of negligence or bad faith on the part of the Trustee, be
deemed to be conclusively proved and established by an
Officer’s Certificate delivered to the Trustee and such
certificate, in the absence of negligence or bad faith on the part
of the Trustee, shall be full warrant to the Trustee for any action
taken, suffered or omitted to be taken by it under the provisions
of this Indenture upon the faith thereof.

 

Section 7.08 Disqualification; Conflicting
Interests.

 

If the
Trustee has or shall acquire any “conflicting interest”
within the meaning of Section 310(b) of the Trust Indenture Act,
the Trustee and the Company shall in all respects comply with the
provisions of Section 310(b) of the Trust Indenture
Act.

 

Section 7.09 Corporate
Trustee Required; Eligibility.

 

There
shall at all times be a Trustee with respect to the Securities
issued hereunder which shall at all times be a corporation
organized and doing business under the laws of the United States of
America or any state or territory thereof or of the District of
Columbia, or a corporation or other Person permitted to act as
trustee by the Commission, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at
least fifty million U.S. dollars ($50,000,000), and subject to
supervision or examination by federal, state, territorial, or
District of Columbia authority.

 

If such
corporation or other Person publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation or
other Person shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published.
The Company may not, nor may any Person directly or indirectly
controlling, controlled by, or under common control with the
Company, serve as Trustee. In case at any time the Trustee shall
cease to be eligible in accordance with the provisions of this
Section, the Trustee shall resign immediately in the manner and
with the effect specified in Section 7.10.

 

Section 7.10 Resignation and
Removal; Appointment of Successor.

 

(a)           The
Trustee or any successor hereafter appointed may at any time resign
with respect to the Securities of one or more series by giving
written notice thereof to the Company and by transmitting notice of
resignation by mail, first class postage prepaid, to the
Securityholders of such series, as their names and addresses appear
upon the Security Register. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee
with respect to Securities of such series by written instrument, in
duplicate, executed by order of the Board of Directors, one copy of
which instrument shall be delivered to the resigning Trustee and
one copy to the successor trustee. If no successor trustee shall
have been so appointed and have accepted appointment within 30 days
after the mailing of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee with respect to Securities of
such series, or any Securityholder of that series who has been a
bona fide holder of a Security or Securities for at least six
months may on behalf of himself and all others similarly situated,
petition any such court for the appointment of a successor trustee.
Such court may thereupon after such notice, if any, as it may deem
proper and prescribe, appoint a successor trustee.

 

 

21

 

 

(b)           In
case at any time any one of the following shall occur:

 

(i)           the
Trustee shall fail to comply with the provisions of Section 7.08 after written
request therefor by the Company or by any Securityholder who has
been a bona fide holder of a Security or Securities for at least
six months; or

 

(ii)         
the Trustee shall cease to be eligible in accordance with the
provisions of Section
7.09 and shall fail to resign after written request therefor
by the Company or by any such Securityholder; or

 

(iii)        
the Trustee shall become incapable of acting, or shall be adjudged
a bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall
be appointed or consented to, or any public officer shall take
charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or
liquidation;

 

then,
in any such case, the Company may remove the Trustee with respect
to all Securities and appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of
Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or any
Securityholder who has been a bona fide holder of a Security or
Securities for at least six months may, on behalf of that holder
and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of
a successor trustee. Such court may thereupon after such notice, if
any, as it may deem proper and prescribe, remove the Trustee and
appoint a successor trustee.

 

(c)           The
holders of a majority in aggregate principal amount of the
Securities of any series at the time Outstanding may at any time
remove the Trustee with respect to such series by so notifying the
Trustee and the Company and may appoint a successor Trustee for
such series with the consent of the Company.

 

(d)           Any
resignation or removal of the Trustee and appointment of a
successor trustee with respect to the Securities of a series
pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee
as provided in Section
7.11.

 

(e)           Any
successor trustee appointed pursuant to this Section may be
appointed with respect to the Securities of one or more series or
all of such series, and at any time there shall be only one Trustee
with respect to the Securities of any particular
series.

 

Section 7.11 Acceptance of
Appointment By Successor.

 

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

 

(b)           In
case of the appointment hereunder of a successor trustee with
respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor trustee with
respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor
trustee shall accept such appointment and which (i) shall contain
such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of
such successor trustee relates, (ii) shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the
retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (iii) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for
or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in
such supplemental indenture shall constitute such Trustees
co-trustees of the same trust, that each such Trustee shall be
trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Trustee
and that no Trustee shall be responsible for any act or failure to
act on the part of any other Trustee hereunder; and upon the
execution and delivery of such supplemental indenture the
resignation or removal of the retiring Trustee shall become
effective to the extent provided therein, such retiring Trustee
shall with respect to the Securities of that or those series to
which the appointment of such successor trustee relates have no
further responsibility for the exercise of rights and powers or for
the performance of the duties and obligations vested in the Trustee
under this Indenture, and each such successor trustee, without any
further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the
appointment of such successor trustee relates; but, on request of
the Company or any successor trustee, such retiring Trustee shall
duly assign, transfer and deliver to such successor trustee, to the
extent contemplated by such supplemental indenture, the property
and money held by such retiring Trustee hereunder with respect to
the Securities of that or those series to which the appointment of
such successor trustee relates.

 

(c)           Upon
request of any such successor trustee, the Company shall execute
any and all instruments for more fully and certainly vesting in and
confirming to such successor trustee all such rights, powers and
trusts referred to in paragraph (a) or (b) of this Section, as the
case may be.

 

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

 

(e)           Upon
acceptance of appointment by a successor trustee as provided in
this Section, the Company shall transmit notice of the succession
of such trustee hereunder by mail, first class postage prepaid, to
the Securityholders, as their names and addresses appear upon the
Security Register. If the Company fails to transmit such notice
within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company.

 

22

 

 

Section 7.12 Merger,
Conversion, Consolidation or Succession to
Business.

 

Any
corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of the Trustee,
including the administration of the trust created by this
Indenture, shall be the successor of the Trustee hereunder,
provided that such corporation shall be qualified under the
provisions of Section
7.08 and eligible under the provisions of Section 7.09, without the
execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary
notwithstanding. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office,
any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver
the Securities so authenticated with the same effect as if such
successor Trustee had itself authenticated such
Securities.

 

Section 7.13 Preferential
Collection of Claims Against the Company.

 

The
Trustee shall comply with Section 311(a) of the Trust Indenture
Act, excluding any creditor relationship described in Section
311(b) of the Trust Indenture Act. A Trustee who has resigned or
been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent included therein.

 

Section
7.14 Notice of Default.

 

If any
Event of Default occurs and is continuing and if such Event of
Default is known to a Responsible Officer of the Trustee, the
Trustee shall mail to each Securityholder in the manner and to the
extent provided in Section 313(c) of the Trust Indenture Act notice
of the Event of Default within the earlier of 90 days after it
occurs and 30 days after it is known to a Responsible Officer of
the Trustee or written notice of it is received by the Trustee,
unless such Event of Default has been cured; provided, however, that, except in the
case of a default in the payment of the principal of (or premium,
if any) or interest on any Security, the Trustee shall be protected
in withholding such notice if and so long as the Responsible
Officers of the Trustee in good faith determine that the
withholding of such notice is in the interest of the
Securityholders.

 

ARTICLE 8

CONCERNING THE SECURITYHOLDERS

 

Section 8.01 Evidence of
Action by Securityholders.

 

(a)           Whenever
in this Indenture it is provided that the holders of a majority or
specified percentage in aggregate principal amount of the
Securities of a particular series may take any action (including
the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action), the fact that
at the time of taking any such action the holders of such majority
or specified percentage of that series have joined therein may be
evidenced by any instrument or any number of instruments of similar
tenor executed by such holders of Securities of that series in
person or by agent or proxy appointed in writing.

 

(b)           If
the Company shall solicit from the Securityholders of any series
any request, demand, authorization, direction, notice, consent,
waiver or other action, the Company may, at its option, as
evidenced by an Officer’s Certificate, fix in advance a
record date for such series for the determination of
Securityholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action,
but the Company shall have no obligation to do so. If such a record
date is fixed, such request, demand, authorization, direction,
notice, consent, waiver or other action may be given before or
after the record date, but only the Securityholders of record at
the close of business on the record date shall be deemed to be
Securityholders for the purposes of determining whether
Securityholders of the requisite proportion of Outstanding
Securities of that series have authorized or agreed or consented to
such request, demand, authorization, direction, notice, consent,
waiver or other action, and for that purpose the Outstanding
Securities of that series shall be computed as of the record date;
provided, however, that no such authorization, agreement or consent
by such Securityholders on the record date shall be deemed
effective unless it shall become effective pursuant to the
provisions of this Indenture not later than six months after the
record date.

 

Section 8.02 Proof of
Execution by Securityholders.

 

Subject
to the provisions of Section 7.01, proof of the
execution of any instrument by a Securityholder (such proof will
not require notarization) or his or her agent or proxy and proof of
the holding by any Person of any of the Securities shall be
sufficient if made in the following manner:

 

(a)           The
fact and date of the execution by any such Person of any instrument
may be proved in any reasonable manner acceptable to the
Trustee.

 

(b)           The
ownership of Securities shall be proved by the Security Register of
such Securities or by a certificate of the Security Registrar
thereof.

 

The
Trustee may require such additional proof of any matter referred to
in this Section as it shall deem necessary.

 

Section 8.03 Who May be
Deemed Owners.

 

Prior
to the due presentment for registration of transfer of any
Security, the Company, the Trustee, any paying agent and any
Security Registrar may deem and treat the Person in whose name such
Security shall be registered upon the books of the Security
Registrar as the absolute owner of such Security (whether or not
such Security shall be overdue and notwithstanding any notice of
ownership or writing thereon made by anyone other than the Security
Registrar) for the purpose of receiving payment of or on account of
the principal of, premium, if any, and (subject to Section 2.03) interest on such
Security and for all other purposes; and neither the Company nor
the Trustee nor any paying agent nor any Security Registrar shall
be affected by any notice to the contrary.

 

 

23

 

 

Section 8.04 Certain
Securities Owned by Company Disregarded.

 

In
determining whether the holders of the requisite aggregate
principal amount of Securities of a particular series have
concurred in any direction, consent or waiver under this Indenture,
the Securities of that series that are owned by the Company or any
other obligor on the Securities of that series or by any Person
directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of
that series shall be disregarded and deemed not to be Outstanding
for the purpose of any such determination, except that for the
purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Securities
of such series that the Trustee actually knows are so owned shall
be so disregarded. The Securities so owned that have been pledged
in good faith may be regarded as Outstanding for the purposes of
this Section, if the pledgee shall establish to the satisfaction of
the Trustee the pledgee’s right so to act with respect to
such Securities and that the pledgee is not a Person directly or
indirectly controlling or controlled by or under direct or indirect
common control with the Company or any such other obligor. In case
of a dispute as to such right, any decision by the Trustee taken
upon the advice of counsel shall be full protection to the
Trustee.

 

Section 8.05 Actions Binding
on Future Securityholders.

 

At any
time prior to (but not after) the evidencing to the Trustee, as
provided in Section
8.01, of the taking of any action by the holders of the
majority or percentage in aggregate principal amount of the
Securities of a particular series specified in this Indenture in
connection with such action, any holder of a Security of that
series that is shown by the evidence to be included in the
Securities the holders of which have consented to such action may,
by filing written notice with the Trustee, and upon proof of
holding as provided in Section 8.02, revoke such
action so far as concerns such Security. Except as aforesaid any
such action taken by the holder of any Security shall be conclusive
and binding upon such holder and upon all future holders and owners
of such Security, and of any Security issued in exchange therefor,
on registration of transfer thereof or in place thereof,
irrespective of whether or not any notation in regard thereto is
made upon such Security. Any action taken by the holders of the
majority or percentage in aggregate principal amount of the
Securities of a particular series specified in this Indenture in
connection with such action shall be conclusively binding upon the
Company, the Trustee and the holders of all the Securities of that
series.

 

ARTICLE 9

SUPPLEMENTAL INDENTURES

 

Section 9.01 Supplemental
Indentures Without the Consent of
Securityholders.

 

In
addition to any supplemental indenture otherwise authorized by this
Indenture, the Company and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act
as then in effect), without the consent of the Securityholders, for
one or more of the following purposes:

 

(a)           to
cure any ambiguity, defect, or inconsistency herein or in the
Securities of any series;

 

(b)           to
comply with Article Ten;

 

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

 

(d)           to
add to the covenants, restrictions, conditions or provisions
relating to the Company for the benefit of the holders of all or
any series of Securities (and if such covenants, restrictions,
conditions or provisions are to be for the benefit of less than all
series of Securities, stating that such covenants, restrictions,
conditions or provisions are expressly being included solely for
the benefit of such series), to make the occurrence, or the
occurrence and the continuance, of a default in any such additional
covenants, restrictions, conditions or provisions an Event of
Default, or to surrender any right or power herein conferred upon
the Company;

 

(e)           to
add to, delete from, or revise the conditions, limitations, and
restrictions on the authorized amount, terms, or purposes of issue,
authentication, and delivery of Securities, as herein set
forth;

 

(f)           to
make any change that does not adversely affect the rights of any
Securityholder in any material respect;

 

(g)           to
provide for the issuance of and establish the form and terms and
conditions of the Securities of any series as provided in
Section 2.01, to
establish the form of any certifications required to be furnished
pursuant to the terms of this Indenture or any series of
Securities, or to add to the rights of the holders of any series of
Securities;

 

(h)           to
evidence and provide for the acceptance of appointment hereunder by
a successor trustee; or

 

(i)           to
comply with any requirements of the Commission or any successor in
connection with the qualification of this Indenture under the Trust
Indenture Act.

 

The
Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, and to make any
further appropriate agreements and stipulations that may be therein
contained, but the Trustee shall not be obligated to enter into any
such supplemental indenture that affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise. Any
supplemental indenture authorized by the provisions of this Section
may be executed by the Company and the Trustee without the consent
of the holders of any of the Securities at the time Outstanding,
notwithstanding any of the provisions of Section 9.02.

 

 

24

 

 

Section 9.02 Supplemental
Indentures With Consent of Securityholders.

 

With
the consent (evidenced as provided in Section 8.01) of the holders of
not less than a majority in aggregate principal amount of the
Securities of each series affected by such supplemental indenture
or indentures at the time Outstanding, the Company, when authorized
by a Board Resolution, and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act
as then in effect) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or of modifying in any
manner not covered by Section 9.01 the rights of the
holders of the Securities of such series under this Indenture;
provided, however, that no such supplemental indenture shall,
without the consent of the holders of each Security then
Outstanding and affected thereby, (a) extend the fixed maturity of
any Securities of any series, or reduce the principal amount
thereof, or reduce the rate or extend the time of payment of
interest thereon, or reduce any premium payable upon the redemption
thereof or (b) reduce the aforesaid percentage of Securities, the
holders of which are required to consent to any such supplemental
indenture. It shall not be necessary for the consent of the
Securityholders of any series affected thereby under this Section
to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve
the substance thereof.

 

Section 9.03 Effect of
Supplemental Indentures.

 

Upon
the execution of any supplemental indenture pursuant to the
provisions of this Article or of Section 10.01, this Indenture
shall, with respect to such series, be and be deemed to be modified
and amended in accordance therewith and the respective rights,
limitations of rights, obligations, duties and immunities under
this Indenture of the Trustee, the Company and the holders of
Securities of the series affected thereby shall thereafter be
determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for
any and all purposes.

 

Section 9.04 Securities
Affected by Supplemental Indentures.

 

Securities
of any series affected by a supplemental indenture, authenticated
and delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article or of Section 10.01, may bear a
notation in form approved by the Company, provided such form meets
the requirements of any securities exchange upon which such series
may be listed, as to any matter provided for in such supplemental
indenture. If the Company shall so determine, new Securities of
that series so modified as to conform, in the opinion of the Board
of Directors, to any modification of this Indenture contained in
any such supplemental indenture may be prepared by the Company,
authenticated by the Trustee and delivered in exchange for the
Securities of that series then Outstanding.

 

Section 9.05 Execution of
Supplemental Indentures.

 

Upon
the request of the Company, accompanied by its Board Resolutions
authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of
Securityholders required to consent thereto as aforesaid, the
Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its
discretion but shall not be obligated to enter into such
supplemental indenture. The Trustee, subject to the provisions of
Section 7.01, shall
receive an Officer’s Certificate or an Opinion of Counsel as
conclusive evidence that any supplemental indenture executed
pursuant to this Article is authorized or permitted by the terms of
this Article and that all conditions precedent to the execution of
the supplemental indenture have been complied with; provided,
however, that such Officer’s Certificate or Opinion of
Counsel need not be provided in connection with the execution of a
supplemental indenture that establishes the terms of a series of
Securities pursuant to Section 2.01
hereof.

 

Promptly
after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section,
the Company shall (or shall direct the Trustee to) transmit by
mail, first class postage prepaid, a notice, setting forth in
general terms the substance of such supplemental indenture, to the
Securityholders of all series affected thereby .as their names and
addresses appear upon the Security Register. Any failure of the
Company to mail, or cause the mailing of, such notice, or any
defect therein, shall not, however, in any way impair or affect the
validity of any such supplemental indenture.

 

ARTICLE 10

SUCCESSOR ENTITY

 

Section 10.01 Company May Consolidate, Etc.

 

Nothing
contained in this Indenture shall prevent any consolidation or
merger of the Company with or into any other Person (whether or not
affiliated with the Company) or successive consolidations or
mergers in which the Company or its successor or successors shall
be a party or parties, or shall prevent any sale, conveyance,
transfer or other disposition of the property of the Company or its
successor or successors as an entirety, or substantially as an
entirety, to any other Person (whether or not affiliated with the
Company or its successor or successors); provided, however, the Company hereby
covenants and agrees that, upon any such consolidation or merger
(in each case, if the Company is not the survivor of such
transaction) or any such sale, conveyance, transfer or other
disposition (other than a sale, conveyance, transfer or other
disposition to a Subsidiary of the Company), the due and punctual
payment of the principal of (premium, if any) and interest on all
of the Securities of all series in accordance with the terms of
each series, according to their tenor, and the due and punctual
performance and observance of all the covenants and conditions of
this Indenture with respect to each series or established with
respect to such series pursuant to Section 2.01 to be kept or
performed by the Company shall be expressly assumed, by
supplemental indenture (which shall conform to the provisions of
the Trust Indenture Act, as then in effect) reasonably satisfactory
in form to the Trustee executed and delivered to the Trustee by the
entity formed by such consolidation, or into which the Company
shall have been merged, or by the entity which shall have acquired
such property.

 

 

25

 

 

Section 10.02 Successor
Entity Substituted.

 

(a)           In
case of any such consolidation, merger, sale, conveyance, transfer
or other disposition and upon the assumption by the successor
entity by supplemental indenture, executed and delivered to the
Trustee and satisfactory in form to the Trustee, of the obligations
set forth under Section
10.01 on all of the Securities of all series Outstanding,
such successor entity shall succeed to and be substituted for the
Company with the same effect as if it had been named as the Company
herein, and thereupon the predecessor corporation shall be relieved
of all obligations and covenants under this Indenture and the
Securities.

 

(b)           In
case of any such consolidation, merger, sale, conveyance, transfer
or other disposition, such changes in phraseology and form (but not
in substance) may be made in the Securities thereafter to be issued
as may be appropriate.

 

(c)           Nothing
contained in this Article shall require any action by the Company
in the case of a consolidation or merger of any Person into the
Company where the Company is the survivor of such transaction, or
the acquisition by the Company, by purchase or otherwise, of all or
any part of the property of any other Person (whether or not
affiliated with the Company).

 

ARTICLE 11

SATISFACTION AND DISCHARGE

 

Section 11.01 Satisfaction
and Discharge of Indenture.

 

If at
any time: (a) the Company shall have delivered to the Trustee for
cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any
Securities that shall have been destroyed, lost or stolen and that
shall have been replaced or paid as provided in Section 2.07 and Securities for
whose payment money or Governmental Obligations have theretofore
been deposited in trust or segregated and held in trust by the
Company and thereupon repaid to the Company or discharged from such
trust, as provided in Section 11.05); or (b) all such
Securities of a particular series not theretofore delivered to the
Trustee for cancellation shall have become due and payable, or are
by their terms to 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,
and the Company shall deposit or cause to be deposited with the
Trustee as trust funds the entire amount in moneys or Governmental
Obligations or a combination thereof, 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 at maturity or upon redemption all Securities of
that series not theretofore delivered to the Trustee for
cancellation, including principal (and premium, if any) and
interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall
also pay or cause to be paid all other sums payable hereunder with
respect to such series by the Company then this Indenture shall
thereupon cease to be of further effect with respect to such series
except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until
the date of maturity or redemption date, as the case may be, and
Sections 7.06 and
11.05, that shall
survive to such date and thereafter, and the Trustee, on demand of
the Company and at the cost and expense of the Company shall
execute proper instruments acknowledging satisfaction of and
discharging this Indenture with respect to such
series.

 

Section 11.02 Discharge of
Obligations.

 

If at
any time all such Securities of a particular series not heretofore
delivered to the Trustee for cancellation or that have not become
due and payable as described in Section 11.01 shall have been
paid by the Company by depositing irrevocably with the Trustee as
trust funds moneys or an amount of Governmental Obligations
sufficient to pay at maturity or upon redemption all such
Securities of that series not theretofore delivered to the Trustee
for cancellation, including principal (and premium, if any) and
interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall
also pay or cause to be paid all other sums payable hereunder by
the Company with respect to such series, then after the date such
moneys or Governmental Obligations, as the case may be, are
deposited with the Trustee the obligations of the Company under
this Indenture with respect to such series shall cease to be of
further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall survive
until such Securities shall mature and be paid. Thereafter,
Sections 7.06 and
11.05 shall
survive.

 

Section 11.03 Deposited
Moneys to be Held in Trust.

 

All
moneys or Governmental Obligations deposited with the Trustee
pursuant to Sections
11.01 or 11.02 shall be held in trust
and shall be available for payment as due, either directly or
through any paying agent (including the Company acting as its own
paying agent), to the holders of the particular series of
Securities for the payment or redemption of which such moneys or
Governmental Obligations have been deposited with the
Trustee.

 

Section 11.04 Payment of
Moneys Held by Paying Agents.

 

In
connection with the satisfaction and discharge of this Indenture
all moneys or Governmental Obligations then held by any paying
agent under the provisions of this Indenture shall, upon demand of
the Company, be paid to the Trustee and thereupon such paying agent
shall be released from all further liability with respect to such
moneys or Governmental Obligations.

 

 

26

 

 

Section 11.05 Repayment to
Company.

 

Any
moneys or Governmental Obligations deposited with any paying agent
or the Trustee, or then held by the Company, in trust for payment
of principal of or premium, if any, or interest on the Securities
of a particular series that are not applied but remain unclaimed by
the holders of such Securities for at least two years after the
date upon which the principal of (and premium, if any) or interest
on such Securities shall have respectively become due and payable,
or such other shorter period set forth in applicable escheat or
abandoned or unclaimed property law, shall be repaid to the Company
on [●] of each year or upon the Company’s request or
(if then held by the Company) shall be discharged from such trust;
and thereupon the paying agent and the Trustee shall be released
from all further liability with respect to such moneys or
Governmental Obligations, and the holder of any of the Securities
entitled to receive such payment shall thereafter, as a general
creditor, look only to the Company for the payment
thereof.

 

ARTICLE 12

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS

 

Section 12.01 No
Recourse.

 

No
recourse under or upon any obligation, covenant or agreement of
this Indenture, or of any Security, or for any claim based thereon
or otherwise in respect thereof, shall be had against any
incorporator, stockholder, officer or director, past, present or
future as such, of the Company or of any predecessor or successor
corporation, either directly or through the Company or any such
predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise; it being expressly understood
that this Indenture and the obligations issued hereunder are solely
corporate obligations, and that no such personal liability whatever
shall attach to, or is or shall be incurred by, the incorporators,
stockholders, officers or directors as such, of the Company or of
any predecessor or successor corporation, or any of them, because
of the creation of the indebtedness hereby authorized, or under or
by reason of the obligations, covenants or agreements contained in
this Indenture or in any of the Securities or implied therefrom;
and that any and all such personal liability of every name and
nature, either at common law or in equity or by constitution or
statute, of, and any and all such rights and claims against, every
such incorporator, stockholder, officer or director as such,
because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or implied
therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and
the issuance of such Securities.

 

ARTICLE 13

MISCELLANEOUS PROVISIONS

 

Section 13.01 Effect on
Successors and Assigns.

 

All the
covenants, stipulations, promises and agreements in this Indenture
made by or on behalf of the Company shall bind its successors and
assigns, whether so expressed or not.

 

Section 13.02 Actions by
Successor.

 

Any act
or proceeding by any provision of this Indenture authorized or
required to be done or performed by any board, committee or officer
of the Company shall and may be done and performed with like force
and effect by the corresponding board, committee or officer of any
corporation that shall at the time be the lawful successor of the
Company.

 

Section 13.03 Surrender of
Company Powers.

 

The
Company by instrument in writing executed by authority of its Board
of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so
surrendered shall terminate both as to the Company and as to any
successor corporation.

 

Section 13.04 Notices.

 

Except
as otherwise expressly provided herein, any notice, request or
demand that by any provision of this Indenture is required or
permitted to be given, made or served by the Trustee, the Security
Registrar, any paying or other agent under this Indenture or by the
holders of Securities or by any other Person pursuant to this
Indenture to or on the Company may be given or served by being
deposited in first class mail, postage prepaid, addressed (until
another address is filed in writing by the Company with the
Trustee), as follows: . Any notice, election, request or demand by
the Company or any Securityholder or by any other Person pursuant
to this Indenture to or upon the Trustee shall be deemed to have
been sufficiently given or made, for all purposes, if given or made
in writing at the Corporate Trust Office of the
Trustee.

 

Section 13.05 Governing Law;
Jury Trial Waiver.

 

This
Indenture and each Security shall be governed by, and construed in
accordance with, the internal laws of the State of New York, except
to the extent that the Trust Indenture Act is
applicable.

 

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

 

 

27

 

 

Section 13.06 Treatment of Securities as Debt.

 

It is
intended that the Securities will be treated as indebtedness and
not as equity for federal income tax purposes. The provisions of
this Indenture shall be interpreted to further this
intention.

 

Section 13.07 Certificates
and Opinions as to Conditions Precedent.

 

(a)           Upon
any application or demand by the Company to the Trustee to take any
action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officer’s Certificate stating
that all conditions precedent provided for in this Indenture (other
than the certificate to be delivered pursuant to Section 13.12) relating to the
proposed action have been complied with and, if requested, an
Opinion of Counsel stating that in the opinion of such counsel all
such conditions precedent have been complied with, except that in
the case of any such application or demand as to which the
furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application
or demand, no additional certificate or opinion need be
furnished.

 

(b)           Each
certificate or opinion provided for in this Indenture and delivered
to the Trustee with respect to compliance with a condition or
covenant in this Indenture (other than the certificate to be
delivered pursuant to Section 13.12 or Section
314(a)(1) of the Trust Indenture Act) shall include (i) a statement
that the Person making such certificate or opinion has read such
covenant or condition; (ii) a brief statement as to the nature and
scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based;
(iii) a statement that, in the opinion of such Person, he has made
such examination or investigation as is reasonably necessary to
enable him to express an informed opinion as to whether or not such
covenant or condition has been complied with; and (iv) a statement
as to whether or not, in the opinion of such Person, such condition
or covenant has been complied with.

 

Section 13.08 Payments on
Business Days.

 

Except
as provided pursuant to Section 2.01 pursuant to a
Board Resolution, and set forth in an Officer’s Certificate,
or established in one or more indentures supplemental to this
Indenture, in any case where the date of maturity of interest or
principal of any Security or the date of redemption of any Security
shall not be a Business Day, then payment of interest or principal
(and premium, if any) may be made on the next succeeding Business
Day with the same force and effect as if made on the nominal date
of maturity or redemption, and no interest shall accrue for the
period after such nominal date.

 

Section 13.09 Conflict with
Trust Indenture Act.

 

If and
to the extent that any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by Section 318(c) of
the Trust Indenture Act, such imposed duties shall
control.

 

Section 13.10 Counterparts.

 

This
Indenture may be executed in any number of counterparts, each of
which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies
of this Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of
this Indenture as to the parties hereto and may be used in lieu of
the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or PDF shall be deemed to be their
original signatures for all purposes.

 

Section 13.11 Separability.

 

In case
any one or more of the provisions contained in this Indenture or in
the Securities of any series shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other
provisions of this Indenture or of such Securities, but this
Indenture and such Securities shall be construed as if such invalid
or illegal or unenforceable provision had never been contained
herein or therein.

 

Section 13.12 Compliance
Certificates.

 

The
Company shall deliver to the Trustee, within 120 days after the end
of each fiscal year during which any Securities of any series were
outstanding, an officer’s certificate stating whether or not
the signers know of any Event of Default that occurred during such
fiscal year. Such certificate shall contain a certification from
the principal executive officer, principal financial officer or
principal accounting officer of the Company that a review has been
conducted of the activities of the Company and the Company’s
performance under this Indenture and that the Company has complied
with all conditions and covenants under this Indenture. For
purposes of this Section
13.12, such compliance shall be determined without regard to
any period of grace or requirement of notice provided under this
Indenture. If the officer of the Company signing such certificate
has knowledge of such an Event of Default, the certificate shall
describe any such Event of Default and its status.

 

Section 13.13 U.S.A Patriot
Act.

 

The
parties hereto acknowledge that in accordance with Section 326 of
the U.S.A. Patriot Act, the Trustee, like all financial
institutions and in order to help fight the funding of terrorism
and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that
establishes a relationship or opens an account with the Trustee.
The parties to this Indenture agree that they will provide the
Trustee with such information as it may request in order for the
Trustee to satisfy the requirements of the U.S.A. Patriot
Act.

 

 

28

 

 

Section 13.14 Force Majeure.

 

In no
event shall the Trustee, the Security Registrar, any paying agent
or any other agent under this Indenture be responsible or liable
for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions or utilities,
communications or computer (software and hardware) services; it
being understood that the Trustee, the Security Registrar, any
paying agent or any other agent under this Indenture shall use
reasonable efforts which are consistent with accepted practices in
the banking industry to resume performance as soon as practicable
under the circumstances.

 

Section 13.15 Table of Contents; Headings.

 

The
table of contents 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 will not modify or
restrict any of the terms or provisions hereof.

 

[Remainder
of this page is blank. Signatures appear on following
page.]

 

 

29

 

 

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

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

DYNATRONICS CORPORATION

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

By:

	
 

	
 

	
 

	
 

	
 

	

Name:

	
 

	
 

	
 

	
 

	
 

	

Title:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

[TRUSTEE], as Trustee

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

By:

	
 

	
 

	
 

	
 

	
 

	

Name:

	
 

	
 

	
 

	
 

	
 

	

Title:

	
 

	
 

	
 

	
 

 

 

 

30

 

 

CROSS-REFERENCE TABLE (1)

	
 

	
 

	
 

	

Section of
Trust Indenture Act of 1939, as Amended

	
 

	

Section of
Indenture

	

310(a)

	
 

	

7.09

	

310(b)

	
 

	

7.08

	
 

	
 

	

7.10

	

310(c)

	
 

	

Inapplicable

	

311(a)

	
 

	

7.13

	

311(b)

	
 

	

7.13

	

311(c)

	
 

	

Inapplicable

	

312(a)

	
 

	

5.01

	
 

	
 

	

5.02(a)

	

312(b)

	
 

	

5.02(c)

	

312(c)

	
 

	

5.02(c)

	

313(a)

	
 

	

5.04(a)

	

313(b)

	
 

	

5.04(b)

	

313(c)

	
 

	

5.04(a)

	
 

	
 

	

5.04(b)

	

313(d)

	
 

	

5.04(c)

	

314(a)

	
 

	

5.03

	
 

	
 

	

13.12

	

314(b)

	
 

	

Inapplicable

	

314(c)

	
 

	

13.07(a)

	

314(d)

	
 

	

Inapplicable

	

314(e)

	
 

	

13.07(b)

	

314(f)

	
 

	

Inapplicable

	

315(a)

	
 

	

7.01(a)

	
 

	
 

	

7.01(b)

	

315(b)

	
 

	

7.14

	

315(c)

	
 

	

7.01

	

315(d)

	
 

	

7.01(b)

	

315(e)

	
 

	

6.07

	

316(a)

	
 

	

6.06

	
 

	
 

	

8.04

	

316(b)

	
 

	

6.04

	

316(c)

	
 

	

8.01

	

317(a)

	
 

	

6.02

	

317(b)

	
 

	

4.03

	

318(a)

	
 

	

13.09

	

___________

(1)

	

 

This
Cross-Reference Table does not constitute part of the Indenture and
shall not have any bearing on the interpretation of any of its
terms or provisions.

 

 

31

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