Document:

Exhibit 4.11 - Subordinated Indenture - Amarin Finance and Amarin Corporation

    Exhibit 4.11

     

    
      

      

    

    

     

    AMARIN
      FINANCE LTD.,

    as
      Issuer,

     

    AMARIN
      CORPORATION PLC,

    as
      Guarantor

     

    and

     

    [                      ],
      as Trustee

     

    SUBORDINATED
      INDENTURE

     

    Dated
      as
      of _____________, _____

     

    

     

    
      

      

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    

      TABLE
        OF CONTENTS

       

      
        	 	 	
                Page

              
	 	
                ARTICLE
                  1.

              	 
	 	
                DEFINITIONS

              	 
	 	 	 
	
                Section
                  1.01.

              	
                Certain
                  Terms Defined

              	
                1

              
	 	 	 
	 	
                ARTICLE
                  2.

              	 
	 	
                SECURITIES

              	 
	 	 	 
	
                Section
                  2.01.

              	
                Forms
                  Generally

              	
                5

              
	
                Section
                  2.02.

              	
                Form
                  of Trustee’s Certification of Authentication

              	
                6

              
	
                Section
                  2.03.

              	
                Amount
                  Unlimited; Issuable in Series

              	
                6

              
	
                Section
                  2.04.

              	
                Authentication
                  and Delivery of Securities

              	
                8

              
	
                Section
                  2.05.

              	
                Execution
                  of Securities

              	
                9

              
	
                Section
                  2.06.

              	
                Certificate
                  of Authorization

              	
                10

              
	
                Section
                  2.07.

              	
                Denomination
                  and Date of Securities; Payments of Interest

              	
                10

              
	
                Section
                  2.08.

              	
                Registration,
                  Transfer and Exchange

              	
                10

              
	
                Section
                  2.09.

              	
                Mutilated,
                  Defaced, Destroyed, Lost and Stolen Securities

              	
                11

              
	
                Section
                  2.10.

              	
                Cancellation
                  of Securities

              	
                12

              
	
                Section
                  2.11.

              	
                Temporary
                  Securities

              	
                12

              
	
                Section
                  2.12.

              	
                CUSIP
                  Numbers, “ISINs” and Common Codes

              	
                12

              
	 	 	 
	 	
                ARTICLE
                  3.

              	 
	 	
                COVENANTS
                  OF THE ISSUER, THE GUARANTOR AND THE TRUSTEE

              	 
	 	 	 
	
                Section
                  3.01.

              	
                Payment
                  of Principal and Interest

              	
                13

              
	
                Section
                  3.02.

              	
                Offices
                  for Payments, etc

              	
                13

              
	
                Section
                  3.03.

              	
                Appointment
                  to Fill a Vacancy in Office of Trustee

              	
                13

              
	
                Section
                  3.04.

              	
                Paying
                  Agents

              	
                13

              
	
                Section
                  3.05.

              	
                Certificates
                  of the Issuer and the Guarantor

              	
                14

              
	
                Section
                  3.06.

              	
                Securityholders
                  Lists

              	
                14

              
	
                Section
                  3.07.

              	
                Reports
                  by the Issuer

              	
                15

              
	
                Section
                  3.08.

              	
                Reports
                  by the Trustee

              	
                15

              
	
                Section
                  3.09.

              	
                Calculation
                  of Original Issue Discount

              	
                15

              
	 	 	 
	 	
                ARTICLE
                  4.

              	 
	 	
                REMEDIES
                  OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

              	 
	 	 	 
	
                Section
                  4.01.

              	
                Event
                  of Default; Acceleration of Maturity; Waiver of Default

              	
                15

              
	
                Section
                  4.02.

              	
                Collection
                  of Indebtedness by Trustee; Trustee May Prove Debt

              	
                17

              
	
                Section
                  4.03.

              	
                Application
                  of Proceeds

              	
                19

              
	
                Section
                  4.04.

              	
                Suits
                  for Enforcement

              	
                20

              
	
                Section
                  4.05.

              	
                Restoration
                  of Rights on Abandonment of Proceeding

              	
                20

              
	
                Section
                  4.06.

              	
                Limitations
                  on Suits by Securityholder

              	
                20

              

      

      
        
          
          

        

        
          -i-

          
            

          

        

        
          
          

        

      

      

      
        	
                Section
                  4.07.

              	
                Unconditional
                  Right of Securityholders to Institute Certain Suits

              	
                20

              
	
                Section
                  4.08.

              	
                Powers
                  and Remedies Cumulative; Delay or Omission Not Waiver of
                  Default

              	
                21

              
	
                Section
                  4.09.

              	
                Control
                  by Securityholders

              	
                21

              
	
                Section
                  4.10.

              	
                Waiver
                  of Past Defaults

              	
                21

              
	
                Section
                  4.11.

              	
                Trustee
                  to Give Notice of Default, But May Withhold in Certain
                  Circumstances

              	
                22

              
	
                Section
                  4.12.

              	
                Right
                  of Court to Require Filing of Undertaking to Pay Costs

              	
                22

              
	 	 	 
	 	
                ARTICLE
                  5.

              	 
	 	
                CONCERNING
                  THE TRUSTEE

              	 
	 	 	 
	
                Section
                  5.01.

              	
                Duties
                  and Responsibilities of the Trustee; During Default; Prior to
                  Default

              	
                22

              
	
                Section
                  5.02.

              	
                Certain
                  Rights of the Trustee

              	
                23

              
	
                Section
                  5.03.

              	
                Trustee
                  Not Responsible for Recitals, Disposition of Securities or Application
                  of
                  Proceeds Thereof

              	
                25

              
	
                Section
                  5.04.

              	
                Trustee
                  and Agents May Hold Securities; Collections, etc

              	
                25

              
	
                Section
                  5.05.

              	
                Moneys
                  Held by Trustee

              	
                25

              
	
                Section
                  5.06.

              	
                Compensation
                  and Indemnification of Trustee and Its Prior Claim

              	
                25

              
	
                Section
                  5.07.

              	
                Right
                  of Trustee to Rely on Officers’ Certificate, etc

              	
                26

              
	
                Section
                  5.08.

              	
                Persons
                  Eligible for Appointment as Trustee

              	
                26

              
	
                Section
                  5.09.

              	
                Resignation
                  and Removal; Appointment of Successor Trustee

              	
                26

              
	
                Section
                  5.10.

              	
                Acceptance
                  of Appointment By Successor Trustee

              	
                27

              
	
                Section
                  5.11.

              	
                Merger,
                  Conversion, Consolidation or Succession to Business of
                  Trustee

              	
                28

              
	 	 	 
	 	
                ARTICLE
                  6.

              	 
	 	
                CONCERNING
                  THE SECURITYHOLDERS

              	 
	 	 	 
	
                Section
                  6.01.

              	
                Evidence
                  of Action Taken by Securityholders

              	
                28

              
	
                Section
                  6.02.

              	
                Proof
                  of Execution of Instruments and of Holding of Securities; Record
                  Date

              	
                28

              
	
                Section
                  6.03.

              	
                Holders
                  to Be Treated as Owners

              	
                29

              
	
                Section
                  6.04.

              	
                Securities
                  Owned by Issuer Deemed Not Outstanding

              	
                29

              
	
                Section
                  6.05.

              	
                Right
                  of Revocation of Action Taken

              	
                29

              
	 	 	 
	 	
                ARTICLE
                  7.

              	 
	 	
                SUPPLEMENTAL
                  INDENTURES

              	 
	 	 	 
	
                Section
                  7.01.

              	
                Supplemental
                  Indentures Without Consent of Securityholders

              	
                30

              
	
                Section
                  7.02.

              	
                Supplemental
                  Indentures With Consent of Securityholders

              	
                31

              
	
                Section
                  7.03.

              	
                Effect
                  of Supplemental Indenture

              	
                32

              
	
                Section
                  7.04.

              	
                Documents
                  to Be Given to Trustee

              	
                32

              
	
                Section
                  7.05.

              	
                Notation
                  on Securities in Respect of Supplemental Indentures

              	
                32

              
	 	 	 
	 	
                ARTICLE
                  8.

              	 
	 	
                CONSOLIDATION,
                  MERGER, SALE OR CONVEYANCE

              	 
	 	 	 
	
                Section
                  8.01.

              	
                Issuer
                  May Consolidate, etc., on Certain Terms

              	
                33

              

      

      
        
          
          

        

        
          -ii-

          
            

          

        

        
          
          

        

      

      

      
        	
                Section
                  8.02.

              	
                Successor
                  Substituted

              	
                33

              
	
                Section
                  8.03.

              	
                Guarantor
                  May Consolidate, etc., on Certain Terms

              	
                33

              
	
                Section
                  8.04.

              	
                Successor
                  Legal Entity Substituted for the Guarantor

              	
                34

              
	
                Section
                  8.05.

              	
                Opinion
                  of Counsel to Trustee

              	
                34

              
	 	 	 
	 	
                ARTICLE
                  9.

              	 
	 	
                SATISFACTION
                  AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

              	 
	 	 	 
	
                Section
                  9.01.

              	
                Satisfaction
                  and Discharge of Indenture

              	
                34

              
	
                Section
                  9.02.

              	
                Application
                  by Trustee of Funds Deposited for Payment of Securities

              	
                37

              
	
                Section
                  9.03.

              	
                Repayment
                  of Moneys Held by Paying Agent

              	
                37

              
	
                Section
                  9.04.

              	
                Return
                  of Moneys Held by Trustee and Paying Agent Unclaimed for Two
                  Years

              	
                37

              
	 	 	 
	 	
                ARTICLE
                  10.

              	 
	 	
                MISCELLANEOUS
                  PROVISIONS

              	 
	 	 	 
	
                Section
                  10.01.

              	
                Incorporators,
                  Stockholders, Members, Officers and Directors of Issuer and Guarantor
                  Exempt from Individual Liability

              	
                38

              
	
                Section
                  10.02.

              	
                Provisions
                  of Indenture for the Sole Benefit of Parties and
                  Securityholders

              	
                38

              
	
                Section
                  10.03.

              	
                Successors
                  and Assigns of Issuer and Guarantor Bound by Indenture

              	
                38

              
	
                Section
                  10.04.

              	
                Notices
                  and Demands on Issuer, Trustee and Securityholders

              	
                38

              
	
                Section
                  10.05.

              	
                Officers’
                  Certificates and Opinions of Counsel; Statements to Be Contained
                  Therein

              	
                39

              
	
                Section
                  10.06.

              	
                Payments
                  Due on Saturdays, Sundays and Holidays

              	
                40

              
	
                Section
                  10.07.

              	
                Conflict
                  of Any Provision of Indenture with Trust Indenture Act of
                  1939

              	
                40

              
	
                Section
                  10.08.

              	
                New
                  York Law to Govern

              	
                40

              
	
                Section
                  10.09.

              	
                Counterparts

              	
                40

              
	
                Section
                  10.10.

              	
                Effect
                  of Headings

              	
                41

              
	
                Section
                  10.11.

              	
                Securities
                  in a Non-U.S. Currency

              	
                41

              
	
                Section
                  10.12.

              	
                Submission
                  to Jurisdiction

              	
                41

              
	
                Section
                  10.13.

              	
                Judgment
                  Currency

              	
                41

              
	 	 	 
	 	
                ARTICLE
                  11.

              	 
	 	
                REDEMPTION
                  OF SECURITIES AND SINKING FUNDS

              	 
	 	 	 
	
                Section
                  11.01.

              	
                Applicability
                  of Article

              	
                42

              
	
                Section
                  11.02.

              	
                Notice
                  of Redemption; Partial Redemptions

              	
                42

              
	
                Section
                  11.03.

              	
                Payment
                  of Securities Called for Redemption

              	
                43

              
	
                Section
                  11.04.

              	
                Exclusion
                  of Certain Securities from Eligibility for Selection for
                  Redemption

              	
                43

              
	
                Section
                  11.05.

              	
                Mandatory
                  and Optional Sinking Funds

              	
                44

              
	 	 	 
	 	
                ARTICLE
                  12.

              	 
	 	
                GUARANTEE

              	 
	 	 	 
	
                Section
                  12.01.

              	
                The
                  Guarantee

              	
                45

              

      

      
        
          
          

        

        
          -iii-

          
            

          

        

        
          
          

        

      

      

      
        	
                Section
                  12.02.

              	
                Net
                  Payments

              	
                46

              
	
                Section
                  12.03.

              	
                Guarantee
                  Unconditional, etc

              	
                47

              
	
                Section
                  12.04.

              	
                Reinstatement

              	
                47

              
	
                Section
                  12.05.

              	
                Subrogation

              	
                48

              
	
                Section
                  12.06.

              	
                Limitation
                  on Liability

              	
                48

              
	
                Section
                  12.07.

              	
                Assumption
                  by Guarantor

              	
                48

              
	 	 	 
	 	
                ARTICLE
                  13.

              	 
	 	
                SUBORDINATION
                  OF SECURITIES

              	 
	 	 	 
	
                Section
                  13.01.

              	
                Agreement
                  to Subordinate

              	
                48

              
	
                Section
                  13.02.

              	
                Payments
                  to Holders of Securities

              	
                48

              
	
                Section
                  13.03.

              	
                No
                  Payment When Senior Debt Is in Default

              	
                49

              
	
                Section
                  13.04.

              	
                Payment
                  Permitted in Certain Situations

              	
                50

              
	
                Section
                  13.05.

              	
                Subrogation
                  to Rights of Holders of Senior Debt

              	
                50

              
	
                Section
                  13.06.

              	
                Provisions
                  Solely to Define Relative Rights

              	
                50

              
	
                Section
                  13.07.

              	
                Trustee
                  to Effectuate Subordination

              	
                51

              
	
                Section
                  13.08.

              	
                No
                  Waiver of Subordination Provisions

              	
                51

              
	
                Section
                  13.09.

              	
                Notice
                  to Trustee

              	
                51

              
	
                Section
                  13.10.

              	
                Reliance
                  on Judicial Order or Certificate of Liquidating Agent

              	
                51

              
	
                Section
                  13.11.

              	
                Trustee
                  Not Fiduciary for Holders of Senior Debt

              	
                52

              
	
                Section
                  13.12.

              	
                Rights
                  of Trustee as Holder of Senior Debt; Preservation of Trustee’s
                  Rights

              	
                52

              
	
                Section
                  13.13.

              	
                Article
                  Applicable to Paying Agents

              	
                52

              

      

      

       

    

     

    
      
        
        

      

      
        -iv-

        
          

        

      

      
        
        

      

    

    THIS
      INDENTURE, dated as of _____________, _____, among AMARIN FINANCE LTD., a
      Bermuda exempted company limited by shares (the “Issuer”), AMARIN CORPORATION
      PLC, a public limited company incorporated under the laws of England (the
“Guarantor”) and
      [                         ]
      (the “Trustee”).

     

    W
      I T N E
      S S E T H:

     

    WHEREAS,
      the Issuer has duly authorized the issue from time to time of its unsecured
      debentures, notes or other evidences of indebtedness to be issued in one or
      more
      series (the “Securities”) up to such principal amount or amounts as may from
      time to time be authorized in accordance with the terms of this
      Indenture;

     

    WHEREAS,
      the Issuer has duly authorized the execution and delivery of this Indenture
      to
      provide, among other things, for the issuance, authentication, delivery and
      administration of the Securities;

     

    WHEREAS,
      the Issuer is a wholly owned subsidiary of the Guarantor;

     

    WHEREAS,
      for value received, the Guarantor has duly authorized the execution and delivery
      of this Indenture to provide for the issuance of the Guarantee provided for
      herein. All things necessary to make this Indenture a valid agreement of the
      Guarantor, in accordance with its terms, have been done; and

     

    WHEREAS,
      all things necessary to make this Indenture a valid indenture and agreement
      according to its terms have been done;

     

    NOW,
      THEREFORE:

     

    In
      consideration of the premises and the purchases of the Securities by the holders
      thereof, the Issuer, the Guarantor and the Trustee mutually covenant and agree
      for the equal and proportionate benefit of the respective holders from time
      to
      time of the Securities as follows:

     

    ARTICLE
      1.

     

    DEFINITIONS

     

    Section
      1.01.  Certain
      Terms Defined.
      The
      following terms (except as otherwise expressly provided herein or in any
      indenture supplemental hereto, or unless the context otherwise clearly requires)
      for all purposes of this Indenture and of any indenture supplemental hereto
      shall have the respective meanings specified in this Section. All other terms
      used in this Indenture that are defined in the Trust Indenture Act of 1939
      or
      the definitions of which in the Securities Act of 1933 are referred to in the
      Trust Indenture Act of 1939, including terms defined therein by reference to
      the
      Securities Act of 1933 (except as herein otherwise expressly provided or unless
      the context otherwise clearly 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 this Indenture. All accounting terms used herein and not expressly
      defined shall have the meanings assigned to such terms in accordance with
      generally accepted accounting principles, and the term “generally accepted
      accounting principles” means such accounting principles as are generally
      accepted at the time of any computation. The words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole
      and not to any particular Article, Section or other subdivision. The terms
      defined in this Article have the meanings assigned to them in this Article
      and
      include the plural as well as the singular.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    “Authorized
      Agent” shall have the meaning set forth in Section 10.12.

     

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

     

    “Bearer
      Security” means any Security other than a Registered Security.

     

    “Board”
      means the board of directors or the board of managers of the Issuer, or any
      other body or Person authorized by the organizational documents or by the
      members of the Issuer to act for it.

     

    “Board
      Resolution” means one or more resolutions, certified by the secretary of the
      Board to have been duly adopted or consented to by the Board and to be in full
      force and effect, and delivered to the Trustee.

     

    “Business
      Day” means, with respect to any Security, a day that in the city (or in any of
      the cities, if more than one) in which amounts are payable, as specified in
      the
      form of such Security, is not a day on which banking institutions are authorized
      by law or regulation to close.

     

    “Capital
      Stock” means:

     

    (1) in
      the
      case of a corporation or a company, corporate stock or shares;

     

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

     

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

     

    (4) any
      other
      interest or participation that confers on a Person the right to receive a share
      of the profits and losses of, or distributions of assets of, the issuing
      Person.

     

    “Commission”
      means the Securities and Exchange Commission, as from time to time constituted,
      created under the Securities Exchange Act of 1934, or if at any time after
      the
      execution and delivery of this Indenture such Commission is not existing and
      performing the duties now assigned to it under the Trust Indenture Act, then
      the
      body performing such duties on such date.

     

    “Corporate
      Trust Office” means the office[s] of the Trustee located in New York [or London,
      as applicable] at which at any particular time its corporate trust business
      shall be administered of this Indenture is located in New York [or London,
      respectively]).

     

    “Depositary”
      means, with respect to the Securities of any series issuable or issued in the
      form of one or more Registered Global Securities, the Person designated as
      Depositary by the Issuer pursuant to Section 2.03 until a successor Depositary
      shall have become such pursuant to the applicable provisions of this Indenture,
      and thereafter “Depositary” shall mean or include each Person who is then a
      Depositary hereunder, and if at any time there is more than one such Person,
      “Depositary” as used with respect to the Securities of any such series shall
      mean the Depositary with respect to the Registered Global Securities of that
      series.

     

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

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

     

    “Event
      of
      Default” means any event or condition specified as such in Section
      4.01.

     

    “Guarantee”
      means the unconditional guarantee of the payment of the principal of, any
      premium or interest on, and any additional amounts with respect to the
      Securities by the Guarantor, as more fully set forth in Article 12.

     

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

     

    “Guarantor’s
      Board of Directors” means the Board of Directors of the Guarantor or any
      committee of such Board duly authorized to act hereunder.

     

    “Guarantor’s
      Officers’ Certificate” means a certificate (i) signed by any two officers of any
      Guarantor duly authorized to execute any such certificate and (ii) delivered
      to
      the Trustee. Each such certificate shall comply with the requirements of Section
      314 of the Trust Indenture Act of 1939.

     

    “Holder”,
      “Holder of Securities”, “Securityholder” or other similar terms mean the
      registered holder of any Security.

     

    “Indenture”
      means this instrument as originally executed and delivered or, if amended or
      supplemented as herein provided, as so amended or supplemented or both, and
      shall include the forms and terms of particular series of Securities established
      as contemplated hereunder.

     

    “Interest”
      means, when used with respect to non-interest bearing Securities, interest
      payable after maturity.

     

    “Issuer”
      means (except as otherwise provided in Article 5) Amarin Finance Ltd., a Bermuda
      exempted company limited by shares, and, subject to Article 8, its successors
      and assigns.

     

    “Judgment
      Currency” shall have the meaning set forth in Section 10.13.

     

    “New
      York
      Banking Day” shall have the meaning set forth in Section 10.13.

     

    “Non-U.S.
      Currency” means a currency issued by the government of a country other than the
      United States (or any currency unit comprised of any such
      currencies).

     

    “Officers’
      Certificate” means a certificate (i) signed by any two officers of the Issuer
      authorized by the Board to execute any such certificate and (ii) delivered
      to
      the Trustee. Each such certificate shall comply with Section 314 of the Trust
      Indenture Act of 1939.

     

    “Opinion
      of Counsel” means an opinion in writing signed by legal counsel to the Issuer or
      the Guarantor, who may be an employee of or counsel to the Issuer or the
      Guarantor and who shall be reasonably satisfactory to the Trustee. Each such
      opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and
      include the statements provided for in Section 10.05, if and to the extent
      required hereby.

     

    “Original
      Issue Date” of any Security (or portion thereof) means the earlier of (a) the
      date of such Security or (b) the date of any Security (or portion thereof)
      for
      which such Security was issued (directly or indirectly) on registration of
      transfer, exchange or substitution.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

     

    “Original
      Issue Discount Security” means any Security that provides for an amount less
      than the principal amount thereof to be due and payable upon a declaration
      of
      acceleration of the maturity thereof pursuant to Section 4.01.

     

    “Outstanding”,
      when used with reference to Securities, shall, subject to the provisions of
      Section 6.04, mean, as of any particular time, all Securities authenticated
      and
      delivered by the Trustee under this Indenture, except:

     

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

     

    (b)  Securities,
      or portions thereof, for the payment or redemption of which moneys in the
      necessary amount shall have been deposited in trust with the Trustee or with
      any
      paying agent (other than the Issuer or the Guarantor) or shall have been set
      aside, segregated and held in trust by the Issuer or the Guarantor for the
      holders of such Securities (if the Issuer shall act as its own, or authorize
      the
      Guarantor to act as, paying agent), provided that if such Securities, or
      portions thereof, are to be redeemed prior to the maturity thereof, notice
      of
      such redemption shall have been given as herein provided, or provision
      satisfactory to the Trustee shall have been made for giving such notice;
      and

     

    (c)  Securities
      in substitution for which other Securities shall have been authenticated and
      delivered, or which shall have been paid, pursuant to the terms of Section
      2.09
      (except with respect to any such Security as to which proof satisfactory to
      the
      Trustee is presented that such Security is held by a person in whose hands
      such
      Security is a legal, valid and binding obligation of the Issuer).

     

    In
      determining whether the holders of the requisite principal amount of Outstanding
      Securities of any or all series have given any request, demand, authorization,
      direction, notice, consent or waiver hereunder, the principal amount of an
      Original Issue Discount Security that shall be deemed to be Outstanding for
      such
      purposes shall be the amount of the principal thereof that would be due and
      payable as of the date of such determination upon a declaration of acceleration
      of the maturity thereof pursuant to Section 4.01.

     

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

     

    “Principal”
      whenever used with reference to the Securities or any Security or any portion
      thereof, shall be deemed to include “and premium, if any”.

     

    “Registered
      Global Security”, means a Security evidencing all or a part of a series of
      Registered Securities, issued to the Depositary for such series in accordance
      with Section 2.03, and bearing the legend prescribed by the applicable
      supplemental indenture.

     

    “Registered
      Security” means any Security registered on the Security register of the
      Issuer.

     

    “Required
      Currency” shall have the meaning set forth in Section 10.13.

     

    “Responsible
      Officer” when used with respect to the Trustee means any officer of the Trustee,
      including any vice president, assistant vice president, secretary, assistant
      secretary, any assistant 

     

    
      
        
        

      

      
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    treasurer,
      any trust officer, 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 such officer’s knowledge of
      and familiarity with that particular subject and who shall have direct
      responsibility for the administration of this Indenture.

     

    “Security”
      or “Securities” has the meaning stated in the first recital of this Indenture,
      or, as the case may be, Securities that have been authenticated and delivered
      under this Indenture.

     

    “Senior
      Debt” means, unless otherwise specified in an applicable supplemental indenture,
      the principal of (and premium, if any) and interest, if any, on all obligations
      and indebtedness (other than the Securities) of, or guaranteed or assumed by,
      the Issuer or the Guarantor that are for borrowed money or are evidenced by
      bonds, debentures, notes or other similar instruments, whether outstanding
      on
      the date of this Indenture or thereafter created, incurred, assumed or
      guaranteed, and all amendments, renewals, extensions, modifications and
      refundings of such indebtedness and obligations, unless in any such case the
      instrument by which such indebtedness or obligations are created, incurred,
      assumed or guaranteed by the Issuer or the Guarantor, or are evidenced, provides
      that they are subordinate, or not superior, in right of payment to the
      Securities.

     

    “Trustee”
      means the Person identified as “Trustee” in the first paragraph hereof and,
      subject to the provisions of Article 5, shall also include any successor
      trustee.

     

    “Trust
      Indenture Act of 1939” (except as otherwise provided in Sections 7.01 and 7.02)
      means the Trust Indenture Act of 1939 as in force at the date as of which this
      Indenture was originally executed.

     

    “U.S.
      Government Obligations” shall have the meaning set forth in Section
      9.01.

     

    “vice
      president” when used with respect to the Issuer or the Trustee, means any vice
      president, whether or not designated by a number or a word or words added before
      or after the title of “vice president”.

     

    “Yield
      to
      Maturity” means the yield to maturity on a series of securities, calculated at
      the time of issuance of such series, or, if applicable, at the most recent
      redetermination of interest on such series, and calculated in accordance with
      accepted financial practice.

     

    ARTICLE
      2.

     

    SECURITIES

     

    Section
      2.01.  Forms
      Generally.
      The
      Securities of each series shall be substantially in such form (not inconsistent
      with this Indenture) as shall be established by or pursuant to a resolution
      of
      the Board or in one or more indentures supplemental hereto, in each case with
      such appropriate insertions, omissions, substitutions and other variations
      as
      are required or permitted by this Indenture and may have imprinted or otherwise
      reproduced thereon such legend or legends, not inconsistent with the provisions
      of this Indenture, as may be required to comply with any law or with any rules
      or regulations pursuant thereto, or with any rules of any securities exchange
      or
      to conform to general usage, all as may be determined by the officers executing
      such Securities, as evidenced by their execution of the Securities.

     

    
      
        
        

      

      
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    The
      definitive Securities shall be printed or lithographed on security printed
      paper
      or may be produced in any other manner, all as determined by the officers
      executing such Securities, as evidenced by their execution of such
      Securities.

     

    Section
      2.02.  Form
      of
      Trustee’s Certification of Authentication.
      The
      Trustee’s certificate of authentication on all Securities shall be in
      substantially the following form:

     

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

     

    [                                             ]

    _______________________

    as
      Trustee

     

    By:

    ___________________

    Authorized
      Signatory

     

    Section
      2.03.  Amount
      Unlimited; Issuable in Series.
      The
      aggregate principal amount of Securities which may be authenticated and
      delivered under this Indenture is unlimited.

     

    The
      Securities may be issued in one or more series and unless provided for otherwise
      in an indenture supplemental hereto, each such series shall be subordinated
      and
      subject in right to all Senior Debt in accordance with Article 13. There shall
      be established in or pursuant to a resolution of the Board and set forth in
      an
      Officers’ Certificate, or established in one or more indentures supplemental
      hereto, prior to the issuance of Securities of any series,

     

    (a)  the
      designation of the Securities of the series (which shall distinguish the
      Securities of the series from all other Securities);

     

    (b)  any
      limit
      on the aggregate principal amount of the Securities of the series that may
      be
      authenticated and delivered under this Indenture (except for Securities
      authenticated and delivered upon registration of transfer of, or in exchange
      for, or in lieu of, other Securities of the series pursuant to Section 2.08,
      2.09, 2.11 or 11.03);

     

    (c)  the
      percentage or percentages of the principal amount at which the debt securities
      will be issued;

     

    (d)  if
      other
      than Dollars, the coin or currency in which the Securities of that series are
      denominated (including, but not limited to, any Non-U.S. Currency);

     

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

     

    (f)  the
      rate
      or rates at which the Securities of the series shall bear interest, if any,
      or
      the method by which such rate shall be determined, the date or dates from which
      such interest shall accrue, the interest payment dates on which such interest
      shall be payable and the record dates for the determination of Holders to whom
      interest is payable and/or the method by which such rate or rates or date or
      dates shall be determined;

     

    
      
        
        

      

      
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    (g)  the
      place
      or places where the principal of and any interest on Securities of the series
      shall be payable (if other than as provided in Section 3.02);

     

    (h)  the
      price
      or prices at which, the period or periods within which and the terms and
      conditions upon which Securities of the series may be redeemed, in whole or
      in
      part, at the option of the Issuer, pursuant to any sinking fund or
      otherwise;

     

    (i)  the
      obligation, if any, of the Issuer to redeem, purchase or repay Securities of
      the
      series pursuant to any mandatory redemption sinking fund or analogous provisions
      or at the option of a Holder thereof and the price or prices at which and the
      period or periods within which and the terms and conditions upon which
      Securities of the series shall be redeemed, purchased or repaid, in whole or
      in
      part, pursuant to such obligation;

     

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

     

    (k)  if
      other
      than the 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 4.01 or provable in bankruptcy
      pursuant to Section 4.02;

     

    (l)  if
      other
      than the coin or currency in which the Securities of that series are
      denominated, the coin or currency in which payment of the principal of or
      interest on the Securities of such series shall be payable;

     

    (m)  if
      the
      principal of or interest on the Securities of such series are to be payable,
      at
      the election of the Issuer or a Holder thereof, in a coin or currency other
      than
      that in which the Securities are denominated, the period or periods within
      which, and the terms and conditions upon which, such election may be
      made;

     

    (n)  if
      the
      amount of payments of principal of and interest on the Securities of the series
      may be determined with reference to an index based on a coin or currency other
      than that in which the Securities of the series are denominated, or with
      reference to any currencies, securities or baskets of securities, commodities
      or
      indices, the manner in which such amounts shall be determined;

     

    (o)  if
      the
      Holders of the Securities of the series may convert or exchange the Securities
      of the series into or for securities of the Issuer or of other entities or
      other
      property (or the cash value thereof), the specific terms of and period during
      which such conversion or exchange may be made;

     

    (p)  whether
      the Securities of the series will be issuable as Registered Securities (and
      if
      so, whether such Securities will be issuable in whole or in part in the form
      of
      Registered Global Securities) or Bearer Securities (with or without coupons),
      or
      any combination of the foregoing, any restrictions applicable to the offer,
      sale, transfer, exchange or delivery of Bearer Securities or Registered
      Securities or the payment of interest thereon and, if other than as provided
      herein, the terms upon which Bearer Securities of any series may be exchanged
      for Registered Securities of such series and vice versa;

     

    (q)  the
      identity of the Depositary;

     

    
      
        
        

      

      
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    (r)  whether
      and under what circumstances the Issuer will pay additional amounts on the
      Securities of the series held by a Person who is not a U.S. Person in respect
      of
      any tax, assessment or governmental charge withheld or deducted and, if so,
      whether the Issuer will have the option to redeem such Securities rather than
      pay such additional amounts;

     

    (s)  if
      the
      Securities of such series are to be issuable in definitive form (whether upon
      original issue or upon exchange of a temporary Security of such series) only
      upon receipt of certain certificates or other documents or satisfaction of
      other
      conditions, the form and terms of such certificates, documents or
      conditions;

     

    (t)  any
      trustees, depositaries, authenticating or paying agents, transfer agents or
      registrars or any other agents with respect to the Securities of such
      series;

     

    (u)  any
      applicable United States federal income tax and English income tax consequences,
      and, if applicable, Bermuda income tax consequences, including, but not limited
      to: whether and under what circumstances the Issuer will pay additional amounts
      on Securities for any tax, assessment or governmental charge withheld or
      deducted and, if so, whether it will have the option to redeem those Securities
      rather than pay the additional amounts; tax considerations applicable to any
      discounted Securities or to Securities issued at par that are treated as having
      been issued at a discount for United States federal income tax purposes; and
      tax
      considerations applicable to any Securities denominated and payable in foreign
      currencies;

     

    (v)  whether
      the Securities of such series will be secured;

     

    (w)  any
      applicable selling restrictions;

     

    (x)  whether
      the Securities of such series will be entitled to the benefits of
      guarantees;

     

    (y)  any
      other
      events of default, modifications or elimination of any acceleration rights,
      or
      covenants with respect to the Securities of such series and any terms required
      by or advisable under applicable laws or regulations; and

     

    (z)  any
      other
      terms of the Securities of such series.

     

    All
      Securities of any one series shall be substantially identical except as to
      denomination and except as may otherwise be provided in or pursuant to such
      resolution of the Board or in any such indenture supplemental hereto. All
      Securities of any one series need not be issued at the same time and may be
      issued from time to time, consistent with the terms of this Indenture, if so
      provided by or pursuant to such Board Resolution or in any such indenture
      supplemental hereto.

     

    Section
      2.04.  Authentication
      and Delivery of Securities.
      At any
      time and from time to time after the execution and delivery of this Indenture,
      the Issuer may deliver Securities of any series executed by the Issuer to the
      Trustee for authentication, and the Trustee shall thereupon authenticate and
      deliver such Securities to or upon the written order of the Issuer, signed
      by
      any two officers of the Issuer authorized by the Board to execute any such
      order, without any further action by the Issuer. In authenticating such
      Securities and accepting the additional responsibilities under this Indenture
      in
      relation to such Securities the Trustee shall be entitled to receive, and
      (subject to Section 5.01) shall be fully protected in relying upon:

     

    
      
        
        

      

      
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    (a)  a
      certified copy of any resolution or resolutions of the Board authorizing the
      action taken pursuant to the resolution or resolutions delivered under clause
      2.04(b) below;

     

    (b)  a
      copy of
      any resolution or resolutions of the Board relating to such series, in each
      case
      certified by the Secretary or an Assistant Secretary of the Issuer;

     

    (c)  an
      executed supplemental indenture, if any;

     

    (d)  an
      Officers’ Certificate setting forth the form and terms of the Securities as
      required pursuant to Sections 2.01 and 2.03, respectively and prepared in
      accordance with Section 10.05;

     

    (e)  an
      Opinion
      of Counsel, prepared in accordance with Section 10.05, to the effect
      that

     

    (i)  the
      form
      or forms and terms of such Securities have been established by or pursuant
      to a
      resolution of the Board or by a supplemental indenture as permitted by Sections
      2.01 and 2.03 in conformity with the provisions of this Indenture;

     

    (ii)  such
      Securities, when authenticated and delivered by the Trustee and issued by the
      Issuer in the manner and subject to any conditions specified in such Opinion
      of
      Counsel, will constitute valid and binding obligations of the Issuer;
      and

     

    (iii)  all
      laws
      and requirements in respect of the execution and delivery by the Issuer of
      the
      Securities have been complied with; and

     

    (iv)  covering
      such other matters as the Trustee may reasonably request.

     

    The
      Trustee shall have the right to decline to authenticate and deliver any
      Securities under this Section if the Trustee, being advised by counsel,
      determines that such action may not lawfully be taken by the Issuer or if the
      Trustee in good faith by its board of directors or board of trustees, executive
      committee, or a trust committee of directors or trustees or Responsible Officers
      shall determine that such action would expose the Trustee to personal liability
      to existing Holders.

     

    Section
      2.05.  Execution
      of Securities.
      The
      Securities shall be signed on behalf of the Issuer by any two officers of the
      Issuer authorized by the Board to execute such Securities, which Securities
      may,
      but need not, be attested. Such signatures may be the manual or facsimile
      signatures of the present or any future such officers. Typographical and other
      minor errors or defects in any such reproduction of the seal or any such
      signature shall not affect the validity or enforceability of any Security that
      has been duly authenticated and delivered by the Trustee.

     

    In
      case
      any officer of the Issuer who shall have signed any of the Securities shall
      cease to be such officer before the Security so signed shall be authenticated
      and delivered by the Trustee or disposed of by the Issuer, such Security
      nevertheless may be authenticated and delivered or disposed of as though the
      person who signed such Security had not ceased to be such officer of the Issuer;
      and any Security may be signed on behalf of the Issuer by such persons as,
      at
      the actual date of the execution of such Security, shall be the proper officers
      of the Issuer, although at the date of the execution and delivery of this
      Indenture any such person was not such an officer.

     

    
      
        
        

      

      
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    Section
      2.06.  Certificate
      of Authorization.
      Only
      such Securities as shall bear thereon a certificate of authentication
      substantially in the form hereinbefore recited, executed by the Trustee by
      the
      manual signature of one of its authorized officers, shall be entitled to the
      benefits of this Indenture or be valid or obligatory for any purpose. Such
      certificate by the Trustee upon any Security executed by the Issuer 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.

     

    Section
      2.07.  Denomination
      and Date of Securities; Payments of Interest.
      The
      Securities shall be issuable as registered securities without coupons and in
      denominations as shall be specified as contemplated by Section 2.03. In the
      absence of any such specification with respect to the Securities of any series,
      the Securities of such series shall be issuable in denominations of $1,000
      and
      any multiple thereof. The Securities shall be numbered, lettered, or otherwise
      distinguished in such manner or in accordance with such plan as the officers
      of
      the Issuer executing the same may determine with the approval of the Trustee
      as
      evidenced by the execution and authentication thereof.

     

    Each
      Security shall be dated the date of its authentication, shall bear interest,
      if
      any, from the date and shall be payable on the dates, in each case, which shall
      be specified as contemplated by Section 2.03.

     

    The
      person
      in whose name any Security of any series is registered at the close of business
      on any record date applicable to a particular series with respect to any
      interest payment date for such series shall be entitled to receive the interest,
      if any, payable on such interest payment date notwithstanding any transfer
      or
      exchange of such Security subsequent to the record date and prior to such
      interest payment date, except if and to the extent the Issuer and the Guarantor
      shall default in the payment of the interest due on such interest payment date
      for such series, in which case such defaulted interest shall be paid to the
      persons in whose names Outstanding Securities for such series are registered
      at
      the close of business on a subsequent record date (which shall be not less
      than
      five Business Days prior to the date of payment of such defaulted interest)
      established by notice given by mail by or on behalf of the Issuer or the
      Guarantor to the holders of Securities not less than 15 days preceding such
      subsequent record date. The term “record date” as used with respect to any
      interest payment date (except a date for payment of defaulted interest) shall
      mean the date specified as such in the terms of the Securities of any particular
      series, or, if no such date is so specified, if such interest payment date
      is
      the first day of a calendar month, the fifteenth day of the next preceding
      calendar month or, if such interest payment date is the fifteenth day of a
      calendar month, the first day of such calendar month, whether or not such record
      date is a Business Day.

     

    Section
      2.08.  Registration,
      Transfer and Exchange.
      The
      Issuer will keep or cause to be kept at each office or agency to be maintained
      for the purpose as provided in Section 3.02 a register or registers in which,
      subject to such reasonable regulations as it may prescribe, it will register,
      and will register the transfer of, Securities as in this Article provided.
      Such
      register shall be in written form in the English language or in any other form
      capable of being converted into such form within a reasonable time. At all
      reasonable times such register or registers shall be open for inspection by
      the
      Trustee.

     

    Upon
      due
      presentation for registration of transfer of any Security of any series at
      any
      such office or agency to be maintained for the purpose as provided in Section
      3.02, the Issuer shall execute and the Trustee shall authenticate and deliver
      in
      the name of the transferee or transferees a new Security or Securities of the
      same series in authorized denominations for a like aggregate principal
      amount.

     

    Any
      Security or Securities of any series may be exchanged for a Security or
      Securities of the same series in other authorized denominations, in an equal
      aggregate principal amount. Securities of any series to be exchanged shall
      be
      surrendered at any office or agency to be maintained by the Issuer for the
      purpose as provided in Section 3.02, and the Issuer shall execute and the
      Trustee shall authenticate 

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    and
      deliver in exchange therefor the Security or Securities of the same series
      which
      the Securityholder making the exchange shall be entitled to receive, bearing
      numbers not contemporaneously outstanding.

     

    All
      Securities presented for registration of transfer, exchange, redemption or
      payment shall (if so required by the Issuer or the Trustee) be duly endorsed
      by,
      or be accompanied by a written instrument or instruments of transfer in form
      satisfactory to the Issuer and the Trustee duly executed by, the holder or
      his
      attorney duly authorized in writing.

     

    The
      Issuer
      may require payment of a sum sufficient to cover any tax or other governmental
      charge that may be imposed in connection with any exchange or registration
      of
      transfer of Securities. No service charge shall be made for any such
      transaction.

     

    The
      Issuer
      shall not be required to exchange or register a transfer of (a) any Securities
      of any series for a period of 15 days next preceding the first mailing of notice
      of redemption of Securities of such series to be redeemed, or (b) any Securities
      selected, called or being called for redemption except, in the case of any
      Security where notice has been given that such Security is to be redeemed in
      part, the portion thereof not so to be redeemed.

     

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

     

    Section
      2.09.  Mutilated,
      Defaced, Destroyed, Lost and Stolen Securities.
      In case
      any temporary or definitive Security shall become mutilated, defaced or be
      destroyed, lost or stolen, the Issuer in its discretion may execute, and upon
      the written request of any officer of the Issuer, the Trustee shall authenticate
      and deliver, a new Security of the same series, bearing a number not
      contemporaneously outstanding, in exchange and substitution for the mutilated
      or
      defaced Security, or in lieu of and substitution for the Security so destroyed,
      lost or stolen. In every case the applicant for a substitute Security shall
      furnish to the Issuer, the Guarantor, and the Trustee and any agent of the
      Issuer, the Guarantor or the Trustee such security or indemnity as may be
      required by them to indemnify and defend and to save each of them harmless
      and,
      in every case of destruction, loss or theft, evidence to their satisfaction
      of
      the destruction, loss or theft of such Security and of the ownership thereof
      in
      the case of mutilation or defacement shall surrender the Security to the Trustee
      or such agent.

     

    Upon
      the
      issuance of any substitute Security, the Issuer 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 or its agent) connected therewith. In case any Security which has
      matured or is about to mature or has been called for redemption in full shall
      become mutilated or defaced or be destroyed, lost or stolen, the Issuer 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 or defaced
      Security), if the applicant for such payment shall furnish to the Issuer, the
      Guarantor and the Trustee and any agent of the Issuer, the Guarantor or the
      Trustee such security or indemnity as any of them may require to save each
      of
      them harmless, and, in every case of destruction, loss or theft, the applicant
      shall also furnish to the Issuer, the Guarantor and the Trustee and any agent
      of
      the Issuer, the Guarantor or the Trustee evidence to their satisfaction of
      the
      destruction, loss or theft of such Security and of the ownership
      thereof.

     

    Every
      substitute Security of any series issued pursuant to the provisions of this
      section by virtue of the fact that any such Security is destroyed, lost or
      stolen shall constitute an additional contractual obligation of the Issuer
      and
      the Guarantor, whether or not the destroyed, lost or stolen Security shall
      be at
      any time enforceable by anyone and shall be entitled to all the benefits of
      (but
      shall be subject to all 

     

    
      
        
        

      

      
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    the
      limitations of rights set forth in) this Indenture equally and proportionately
      with any and all other Securities of such series duly authenticated and
      delivered hereunder. All Securities shall be held and owned upon the express
      condition that, to the extent permitted by law, the foregoing provisions are
      exclusive with respect to the replacement or payment of mutilated, defaced
      or
      destroyed, lost or stolen Securities and shall preclude 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
      2.10.  Cancellation
      of Securities.
      All
      Securities surrendered for payment, redemption, registration of transfer or
      exchange, or for credit against any payment in respect of a sinking or analogous
      fund, if surrendered to the Issuer or any agent of the Issuer or the Trustee,
      shall 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 permitted by any of the provisions of this
      Indenture. The Trustee shall dispose of cancelled Securities held by it in
      accordance with its procedures for the disposition of cancelled Securities
      and
      deliver a certificate of disposition to the Issuer. If the Issuer shall acquire
      any of the Securities, such acquisition shall not operate as a redemption or
      satisfaction of the indebtedness represented by such Securities unless and
      until
      the same are delivered to the Trustee for cancellation.

     

    Section
      2.11.  Temporary
      Securities.
      Pending
      the preparation of definitive Securities for any series, the Issuer may execute
      and the Trustee shall authenticate and deliver temporary Securities for such
      series (printed, lithographed, typewritten or otherwise reproduced, in each
      case
      in form satisfactory to the Trustee). Temporary Securities of any series shall
      be issuable as registered Securities without coupons, of any authorized
      denomination, and substantially in the form of the definitive Securities of
      such
      series but with such omissions, insertions and variations as may be appropriate
      for temporary Securities, all as may be determined by the Issuer with the
      concurrence of the Trustee. Temporary Securities may contain such reference
      to
      any provisions of this Indenture as may be appropriate. Every temporary Security
      shall be executed by the Issuer and be authenticated by the Trustee upon the
      same conditions and in substantially the same manner, and with like effect,
      as
      the definitive Securities. Without unreasonable delay the Issuer shall execute
      and shall furnish definitive Securities of such series and thereupon temporary
      Securities of such series may be surrendered in exchange therefor without charge
      at each office or agency to be maintained by the Issuer for that purpose
      pursuant to Section 3.02, and the Trustee shall authenticate and deliver in
      exchange for such temporary Securities of such series a like aggregate principal
      amount of definitive Securities of the same series of authorized denominations.
      Until so exchanged, the temporary Securities of any series shall be entitled
      to
      the same benefits under this Indenture as definitive Securities of such series
      unless otherwise established pursuant to Section 2.03.

     

    Section
      2.12.  CUSIP
      Numbers,
      ISINs
      and Common Codes.
      The
      Issuer in issuing the Securities may use one or more “CUSIP” numbers “ISINs”
and/or Common Codes, and, if so, the Trustee shall use such CUSIP numbers,
      ISINs
      and Common Codes 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
      identification numbers printed on the Securities, and any such redemption shall
      not be affected by any defect in or omission of such numbers. The Issuer will
      promptly notify the Trustee in writing of any change in the CUSIP numbers,
      ISINs
      and/or Common Codes.

     

    
      
        
        

      

      
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    ARTICLE
      3.

     

    COVENANTS
      OF THE ISSUER, THE GUARANTOR AND THE TRUSTEE

     

    Section
      3.01.  Payment
      of Principal and Interest.
      The
      Issuer covenants and agrees for the benefit of each series of Securities that
      it
      will duly and punctually pay or cause to be paid the principal of, and interest
      on, each of the Securities of such series (together with any additional amounts
      payable pursuant to the terms of such Securities) at the place or places, at
      the
      respective times and in the manner provided in such Securities. Subject to
      any
      other provisions that may be established pursuant to Section 2.03, the interest
      on Securities (together with any additional amounts payable pursuant to the
      terms of such Securities) shall be payable only to or upon the written order
      of
      the Holders thereof and, at the option of the Issuer, may be paid by wire
      transfer or by mailing checks for such interest payable to or upon the written
      order of such Holders at their last addresses as they appear on the registry
      books of the Issuer.

     

    Section
      3.02.  Offices
      for Payments, etc.
      So long
      as any of the Securities remain outstanding, the Issuer will maintain in the
      Borough of Manhattan, The City of New York [or London, England], the following
      for each series: an office or agency (a) where the Securities may be presented
      for payment, (b) where the Securities may be presented for registration of
      transfer and for exchange as in this Indenture provided and (c) where notices
      and demands to or upon the Issuer in respect of the Securities or of this
      Indenture may be served. The Issuer will give to the Trustee written notice
      of
      the location of any such office or agency and of any change of location thereof.
      [Unless otherwise specified in accordance with Section 2.03, the Issuer hereby
      initially designates the Corporate Trust Office of the Trustee, as the office
      to
      be maintained by it for each such purpose.] In case the Issuer shall fail to
      so
      designate or maintain any such office or agency or shall fail to give such
      notice of the location or of any change in the location thereof, presentations
      and demands may be made and notices may be served at the Corporate Trust
      Office.

     

    The
      Issuer
      may from time to time designate one or more additional offices or agencies
      where
      the Securities of a series may be presented for payment, where the Securities
      of
      that series may be presented for exchange as provided in this Indenture and
      pursuant to Section 2.03 and where the Securities of that series may be
      presented for registration of transfer as provided in this Indenture, and the
      Issuer may from time to time rescind any such designation, as the Issuer may
      deem desirable or expedient; provided, however, that no such designation or
      rescission shall in any manner relieve the Issuer of its obligation to maintain
      the agencies provided for in this Section. The Issuer will give to the Trustee
      prompt written notice of any such designation or rescission
      thereof.

     

    Section
      3.03.  Appointment
      to Fill a Vacancy in Office of Trustee.
      The
      Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee,
      will appoint, in the manner provided in Section 5.09, a Trustee, so that there
      shall at all times be a Trustee with respect to each series of Securities
      hereunder.

     

    Section
      3.04.  Paying
      Agents.
      Whenever
      the Issuer shall appoint a paying agent other than the Trustee with respect
      to
      the Securities of any series, it will cause 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,

     

    (a)  that
      it
      will hold all sums received by it as such agent for the payment of the principal
      of or interest on the Securities of such series (whether such sums have been
      paid to it by the Issuer, any Guarantor or by any other obligor on the
      Securities of such series) in trust for the benefit of the holders of the
      Securities of such series or of the Trustee,

     

    
      
        
        

      

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

     

    (c)  that
      it
      will pay any such sums so held in trust by it to the Trustee upon the Trustee’s
      written request at any time during the continuance of the failure referred
      to in
      clause 3.04(b) above.

     

    The
      Issuer
      will, on or prior to each due date of the principal of or interest on the
      Securities of such series, deposit with the paying agent a sum sufficient to
      pay
      such principal or interest so becoming due, and (unless such paying agent is
      the
      Trustee) the Issuer will promptly notify the Trustee of any failure to take
      such
      action.

     

    If
      the
      Issuer shall act as its own paying agent with respect to the Securities of
      any
      series, it will, on or before each due date of the principal of or interest
      on
      the Securities of such series, set aside, segregate and hold in trust for the
      benefit of the holders of the Securities of such series a sum sufficient to
      pay
      such principal or interest so becoming due. The Issuer will promptly notify
      the
      Trustee of any failure to take such action.

     

    Anything
      in this section to the contrary notwithstanding, the Issuer may at any time,
      for
      the purpose of obtaining a satisfaction and discharge with respect to one or
      more or all series of Securities hereunder, or for any other reason, pay or
      cause to be paid to the Trustee all sums held in trust for any such series
      by
      the Issuer or any paying agent hereunder, as required by this Section, such
      sums
      to be held by the Trustee upon the trusts herein contained.

     

    Anything
      in this section to the contrary notwithstanding, the agreement to hold sums
      in
      trust as provided in this section is subject to the provisions of Section 9.03
      and 9.04.

     

    Section
      3.05.  Certificates
      of the Issuer and the Guarantor.
      The
      Issuer and the Guarantor will each furnish to the Trustee within 120 days after
      the end of each fiscal year of the Issuer or Guarantor, as the case may be
      (beginning with [__]), an Officers’ Certificate of the Issuer or the Guarantor,
      as the case may be, as to the signers’ knowledge of the Issuer’s or the
      Guarantor’s compliance with all conditions and covenants under this Indenture
      (such compliance to be determined without regard to any period of grace or
      requirement of notice provided under this Indenture). In the event an Officer
      of
      the Issuer or the Guarantor comes to have actual knowledge of an Event of
      Default or an event which, with notice or the lapse of time or both, would
      constitute an Event of Default, regardless of the date, the Issuer shall deliver
      an Officers’ Certificate to the Trustee specifying such Default and the nature
      and status thereof.

     

    Section
      3.06.  Securityholders
      Lists.
      If and
      so long as the Trustee shall not be the Security registrar for the Securities
      of
      any series, the Issuer will furnish or cause to be furnished to the Trustee
      a
      list in such form as the Trustee may reasonably require of the names and
      addresses of the holders of the Securities of such series pursuant to Section
      312 of the Trust Indenture Act of 1939 (a) semi-annually not more than 15 days
      after each record date for the payment of interest on such Securities, as
      hereinabove specified, as of such record date and on dates to be determined
      pursuant to Section 2.03 for non-interest bearing securities in each year,
      and
      (b) at such other times as the Trustee may request in writing, within thirty
      days after receipt by the Issuer of any such request as of a date not more
      than
      15 days prior to the time such information is furnished.

     

    
      
        
        

      

      
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    Section
      3.07.  Reports
      by the Issuer.
      Each of
      the Issuer and the Guarantor covenants to file with the Trustee, within 15
      days
      after the Issuer or the Guarantor, as the case may be, is required to file
      the
      same with the Commission, copies of the annual reports and of the information,
      documents, and other reports that the Issuer or the Guarantor may be required
      to
      file with the Commission pursuant to Section 13 or Section 15(d) of the
      Securities Exchange Act of 1934. Delivery of such reports, information and
      documents to the Trustee is for informational purposes only and the Trustee’s
      receipt of such shall not constitute constructive notice of any information
      contained therein or determinable from information contained therein, including
      the Issuer’s or the Guarantor’s compliance with any of its covenants hereunder
      (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates).

     

    Section
      3.08.  Reports
      by the Trustee.
      Any
      Trustee’s report required under Section 313(a) of the Trust Indenture Act of
      1939 shall be transmitted on or before July 15 in each year following the date
      hereof, so long as any Securities are outstanding hereunder, and shall be dated
      as of a date convenient to the Trustee no more than 60 nor less than 45 days
      prior thereto.

     

    Section
      3.09.  Calculation
      of Original Issue Discount.
      The
      Issuer shall provide to the Trustee on a timely basis such information as the
      Trustee requires to enable the Trustee to prepare and file any form required
      to
      be submitted by the Trustee on behalf of the Issuer with the Internal Revenue
      Service and the Holders of Securities relating to original issue discount,
      including, without limitation, Form 1099-OID or any successor form.

     

    ARTICLE
      4.

     

    REMEDIES
      OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

     

    Section
      4.01.  Event
      of Default; Acceleration of Maturity; Waiver of Default.
      Unless
      otherwise established in accordance with Section 2.03 or by any applicable
      supplemental indenture, “Event of Default” with respect to Securities of any
      series wherever used herein, means each one of the following events which shall
      have occurred and be continuing (whatever the reason for such Event of Default
      and whether it shall be voluntary or involuntary or be effected by operation
      of
      law or pursuant to any judgment, decree or order of any court or any order,
      rule
      or regulation of any administrative or governmental body):

     

    (a)  default
      in
      the payment of premium or principal in respect of the Securities;
      or

     

    (b)  default
      for more than 30 days in the payment of interest in respect of the Securities;
      or

     

    (c)  the
      failure by the Issuer and/or the Guarantor to perform or observe any other
      obligations under the Securities which failure continues for the period of
      60
      days after they receive notice of default stating they are in breach;
      or

     

    (d)  the
      entry
      by a court having jurisdiction in the premises of:

     

    (i)  a
      decree
      or order for relief in respect of the Issuer or the Guarantor in an involuntary
      case or proceeding under any applicable Bankruptcy Law; or

     

    (ii)  a
      decree
      or order adjudging the Issuer or the Guarantor a bankrupt or insolvent, or
      approving as properly filed a petition seeking reorganization, arrangement,
      adjustment or composition of or in respect of the Issuer or the Guarantor under
      any appli-

     

    
      
        
        

      

      
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    cable
      Bankruptcy Law, or appointing a custodian, receiver, liquidator, assignee,
      trustee, sequestrator or other similar official of the Issuer or the Guarantor
      or of any substantial part of its property, or ordering the winding up or
      liquidation of its affairs, and the continuance of any such decree or order
      for
      relief or any such other decree or order unstayed and in effect for a period
      of
      60 consecutive days; or

     

    (e)  the
      commencement by the Issuer or the Guarantor of a voluntary case or proceeding
      under any applicable Bankruptcy Law other similar law or of any other case
      or
      proceeding to be adjudicated a bankrupt or insolvent, or the consent by the
      Guarantor to the entry of a decree or order for relief in respect of the Issuer
      or the Guarantor in an involuntary case or proceeding under any applicable
      Bankruptcy Law or other similar law or to the commencement of any bankruptcy
      or
      insolvency case or proceeding against the Issuer or the Guarantor, or the filing
      by the Issuer or the Guarantor of a petition or answer or consent seeking
      reorganization or relief under any applicable Bankruptcy Law, or the consent
      by
      the Issuer or the Guarantor to the filing of such petition or to the appointment
      of or the taking possession by a custodian, receiver, liquidator, assignee,
      trustee, sequestrator or other similar official of the Issuer or the Guarantor
      or of any substantial part of its property, or the making by the Issuer or
      the
      Guarantor of an assignment for the benefit or creditors, or the admission by
      the
      Issuer or the Guarantor in writing of its inability to pay its debts generally
      as they become due, or the taking of corporate action by the Issuer or the
      Guarantor expressly in furtherance of any such action; or

     

    (f)  any
      other
      Event of Default provided in the supplemental indenture or resolution of the
      Board under which such series of Securities is issued or in the form of Security
      for such series.

     

    Unless
      otherwise set forth in any applicable supplemental indenture, if an Event of
      Default described in clauses 4.01(a), 4.01(b), 4.01(c) or 4.01(f) above (if
      the
      Event of Default under clauses 4.01(c) or 4.01(f) is with respect to less than
      all series of Securities then Outstanding) occurs and is continuing, then,
      and
      in each and every such case, except for any series the principal of which 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 all series
      affected thereby then Outstanding hereunder (treated as one class) by notice
      in
      writing to the Issuer and the Guarantor (and to the Trustee if given by
      Securityholders), may declare the entire principal (or, if the Securities of
      any
      such affected series are Original Issue Discount Securities, such portion of
      the
      principal amount as may be specified in the terms of such series) of all
      Securities of such affected series and the interest accrued thereon, if any,
      to
      be due and payable immediately, and upon any such declaration the same shall
      become immediately due and payable. Unless otherwise set forth in any applicable
      supplemental indenture, if an Event of Default described in clauses 4.01(c)
      or
      4.01(f) (if the Event of Default under clauses 4.01(c) or 4.01(f) is with
      respect to all series of Securities at the time Outstanding) occurs and is
      continuing, then and in each and every such case, unless the principal of all
      the Securities shall have already become due and payable, either the Trustee
      or
      the holders of not less than 25% in aggregate principal amount of all the then
      Outstanding Securities hereunder (treated as one class) for which any applicable
      supplemental indenture does not prevent acceleration under the relevant
      circumstances, by notice in writing to the Issuer and the Guarantor (and to
      the
      Trustee if given by Securityholders), may declare the entire principal (or,
      if
      any Securities are Original Issue Discount Securities, such portion of the
      principal as may be specified in the terms thereof) of all the Securities then
      Outstanding and interest accrued thereon, if any, to be due and payable
      immediately, and upon any such declaration the same shall become immediately
      due
      and payable. Unless otherwise set forth in any applicable supplemental
      indenture, if an Event of Default described in clauses 4.01(d) or 4.01(e),
      then
      the principal and accrued and unpaid interest, and premium of any, with respect
      to any Secu-

     

    
      
        
        

      

      
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    rities
      then Outstanding shall ipso facto become and be immediately due and payable
      without any declaration or other act on the part of the Trustee or any
      Holder.

     

    The
      foregoing provisions, however, are subject to the condition that if, at any
      time
      after the principal (or, if the Securities are Original Issue Discount
      Securities, such portion of the principal as may be specified in the terms
      thereof) of the Securities of any series (or of all the Securities, as the
      case
      may be) 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 Issuer or the Guarantor shall pay or shall deposit
      with the Trustee a sum sufficient to pay all matured installments of interest
      upon all the Securities of such series (or of all the Securities, as the case
      may be) and the principal of any and all Securities of such series (or of all
      the Securities, as the case may be) which shall have become due otherwise than
      by acceleration (with interest upon such principal and, to the extent that
      payment of such interest is enforceable under applicable law, on overdue
      installments of interest, at the same rate as the rate of interest or Yield
      to
      Maturity (in the case of Original Issue Discount Securities) specified in the
      Securities of such series (or at the respective rates of interest or Yields
      to
      Maturity of all the Securities, as the case may be) to the date of such payment
      or deposit) and such amount as shall be sufficient to cover reasonable
      compensation to the Trustee, its agents, attorneys and counsel, and all other
      expenses and liabilities incurred, and all advances made, by the Trustee except
      as a result of negligence or bad faith, and if any and all Events of Default
      under the Indenture, other than the non-payment of the principal of Securities
      which shall have become due by acceleration, shall have been cured, waived
      or
      otherwise remedied as provided herein--then and in every such case the holders
      of a majority in aggregate principal amount of all the Securities of each such
      series (or of all the Securities, as the case may be), then Outstanding (in
      each
      case treated as one class), by written notice to the Issuer, the Guarantor
      and
      the Trustee, may waive all defaults with respect to each such series (or with
      respect to all the Securities, as the case may be) and rescind and annul such
      declaration and its consequences, but no such waiver or rescission and annulment
      shall extend to or shall affect any subsequent default or shall impair any
      right
      consequent thereon.

     

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

     

    Section
      4.02.  Collection
      of Indebtedness by Trustee; Trustee May Prove Debt.
      Each of
      the Issuer and the Guarantor covenants that (a) in case default shall be made
      in
      the payment of any installment of interest on any of the Securities of any
      series when such interest shall have become due and payable, and such default
      shall have continued for a period of 30 days or (b) in case default shall be
      made in the payment of all or any part of the principal of any of the Securities
      of any series when the same shall have become due and payable, whether upon
      maturity of the Securities of such series or upon any redemption or by
      declaration or otherwise then upon demand of the Trustee, the Issuer or the
      Guarantor, as the case may be, will pay to the Trustee for the benefit of the
      Holders of the Securities of such series the whole amount that then shall have
      become due and payable on all Securities of such series for principal or
      interest, as the case may be (with interest to the date of such payment upon
      the
      overdue principal and, to the extent that payment of such interest is
      enforceable under applicable law, on overdue installments of interest at the
      same rate as the rate of interest or Yield to Maturity (in the case of Original
      Issue Discount Securities) specified in the Securities of such series); and
      in
      addition thereto, such further amount as shall be sufficient to cover the costs
      and expenses of collection, including reasonable compensation to the
      Trus-

     

    
      
        
        

      

      
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    tee
      and
      each predecessor Trustee, their respective agents, attorneys and counsel, and
      any expenses and liabilities incurred, and all advances made, by the Trustee
      and
      each predecessor Trustee except as a result of its negligence or bad
      faith.

     

    Until
      such
      demand is made by the Trustee, the Issuer may pay the principal of and interest
      on the Securities of any series to the registered holders, whether or not the
      principal of and interest on the Securities of such series be
      overdue.

     

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

     

    In
      case
      there shall be pending proceedings relative to the Issuer, the Guarantor or
      any
      other obligor of the Securities under Bankruptcy Law, or in case a receiver,
      assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator
      or
      similar official shall have been appointed for or taken possession of the Issuer
      or the Guarantor or its property or such other obligor, or in case of any other
      comparable judicial proceedings relative to the Issuer, the Guarantor or other
      obligor of the Securities of any series, or to the creditors or property of
      the
      Issuer, the Guarantor or such other obligor, the Trustee, irrespective of
      whether the principal of any Securities shall then be due and payable as therein
      expressed or by declaration or otherwise and irrespective of whether the Trustee
      shall have made any demand pursuant to the provisions of this Section, shall
      be
      entitled and empowered, by intervention in such proceedings or
      otherwise:

     

    (a)  to
      file
      and prove a claim or claims for the whole amount of principal and interest
      (or,
      if the Securities of any series are Original Issue Discount Securities, such
      portion of the principal amount as may be specified in the terms of such series)
      owing and unpaid in respect of the Securities of any series, and to file such
      other papers or documents as may be necessary or advisable in order to have
      the
      claims of the Trustee (including any claim for reasonable compensation to the
      Trustee and each predecessor Trustee, and their respective agents, attorneys
      and
      counsel, and for reimbursement of all expenses and liabilities incurred, and
      all
      advances made, by the Trustee and each predecessor Trustee, except as a result
      of negligence or bad faith) and of the Securityholders allowed in any judicial
      proceedings relative to the Issuer, Guarantor or other obligor of the Securities
      of any series, or to the creditors or property of the Issuer, Guarantor or
      such
      other obligor,

     

    (b)  unless
      prohibited by applicable law and regulations, to vote on behalf of the holders
      of the Securities of any series in any election of a trustee or a standby
      trustee in arrangement, reorganization, liquidation or other bankruptcy or
      insolvency proceedings or person performing similar functions in comparable
      proceedings, and

     

    (c)  to
      collect
      and receive any moneys or other property payable or deliverable on any such
      claims, and to distribute all amounts received with respect to the claims of
      the
      Securityholders and of the Trustee on their behalf; and any trustee, receiver,
      or liquidator, custodian or other similar official is hereby authorized by
      each
      of the Securityholders to make payments to the Trustee, and, in the event that
      the Trustee shall consent to the making of payments directly to the
      Securityholders, to pay to the Trustee such amounts as shall be sufficient
      to
      cover reasonable com-

     

    
      
        
        

      

      
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    pensation
      to the Trustee, each predecessor Trustee and their respective agents, attorneys
      and counsel, and all other expenses and liabilities incurred, and all advances
      made, by the Trustee and each predecessor Trustee except as a result of
      negligence or bad faith.

     

    Nothing
      herein contained shall be deemed to authorize the Trustee to authorize or
      consent to or vote for or accept or adopt on behalf of any Securityholder any
      plan or reorganization, arrangement, adjustment or composition affecting the
      Securities of any 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 except, as aforesaid, to vote for the election of a trustee in
      bankruptcy or similar person.

     

    All
      rights
      of action and of asserting claims under this Indenture, or under any of the
      Securities, may be enforced by the Trustee without the possession of any of
      the
      Securities or the production thereof on any trial or other proceedings relative
      thereto, and any such action or proceedings instituted by the Trustee shall
      be
      brought in its own name as trustee of an express trust, and any recovery of
      judgment, subject to the payment of the expenses, disbursements and compensation
      of the Trustee, each predecessor Trustee and their respective agents and
      attorneys, shall be for the ratable benefit of the holders of the Securities
      in
      respect of which such action was taken.

     

    In
      any
      proceedings brought by the Trustee (and also any proceedings involving the
      interpretation of any provision of this Indenture to which the Trustee shall
      be
      a party) the Trustee shall be held to represent all the holders of the
      Securities in respect to which such action was taken, and it shall not be
      necessary to make any holders of such Securities parties to any such
      proceedings.

     

    Section
      4.03.  Application
      of Proceeds.
      Subject
      to the subordination provisions in this Indenture, any moneys collected by
      the
      Trustee pursuant to this Article in respect of the Securities of any series
      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 interest, upon presentation of the several Securities in respect of which
      monies have been collected and stamping (or otherwise noting) thereon the
      payment, or issuing Securities of such series in reduced principal amounts
      in
      exchange for the presented Securities of like series if only partially paid,
      or
      upon surrender thereof if fully paid:

     

    FIRST:
      To
      the payment of costs and expenses applicable to such series in respect of which
      monies have been collected, including reasonable compensation to the Trustee
      and
      each predecessor Trustee and their respective agents and attorneys and of all
      expenses and liabilities incurred, and all advances made, by the Trustee and
      each predecessor Trustee except as a result of negligence or bad
      faith;

     

    SECOND
      :
      In case the principal of the Securities of such series in respect of which
      moneys have been collected shall not have become and be then due and payable,
      to
      the payment of interest on the Securities of such series in default in the
      order
      of the maturity of the installments of such interest, with interest (to the
      extent that such interest has been collected by the Trustee) upon the overdue
      installments of interest at the same rate as the rate of interest or Yield
      to
      Maturity (in the case of Original Issue Discount Securities) specified in such
      Securities, such payments to be made ratably to the persons entitled thereto,
      without discrimination or preference;

     

    THIRD:
      In
      case the principal of the Securities of such series in respect of which moneys
      have been collected shall have become and shall be then due and payable, to
      the
      payment of the whole amount then owing and unpaid upon all the Securities of
      such series for principal and interest, with interest upon the overdue
      principal, and (to the extent that such interest has been collected by the
      Trustee) upon overdue installments of interest at the same rate as the rate
      of
      interest or Yield to Maturity (in the case of Original Issue Discount
      Securities) specified in the Securities 

     

    
      
        
        

      

      
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    of
      such
      series; and in case such moneys shall be insufficient to pay in full the whole
      amount so due and unpaid upon the Securities of such series, then to the payment
      of such principal and interest or Yield to Maturity, without preference or
      priority of principal over interest or Yield to Maturity, or of interest or
      Yield to Maturity over principal, or of any installment of interest over any
      other installment of interest, or of any Security of such series over any other
      Security of such series, ratably to the aggregate of such principal and accrued
      and unpaid interest or Yield to Maturity; and

     

    FOURTH:
      To
      the payment of the remainder, if any, to the Issuer or any other person lawfully
      entitled thereto.

     

    Section
      4.04.  Suits
      for Enforcement.
      In case
      an Event of Default has occurred, has not been waived and is continuing, 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 this 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.

     

    Section
      4.05.  Restoration
      of Rights on Abandonment of Proceeding.
      In case
      the Trustee shall have proceeded to enforce any right under this Indenture
      and
      such proceedings shall have been discontinued or abandoned for any reason,
      or
      shall have been determined adversely to the Trustee, then and in every such
      case
      the Issuer and the Trustee shall be restored respectively to their former
      positions and rights hereunder, and all rights, remedies and powers of the
      Issuer, the Trustee and the Securityholders shall continue as though no such
      proceedings had been taken.

     

    Section
      4.06.  Limitations
      on Suits by Securityholder.
      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 action or
      proceeding at law or in equity or in bankruptcy or otherwise upon or under
      or
      with respect to this Indenture, or for the appointment of a trustee, receiver,
      liquidator, custodian or other similar official or for any other remedy
      hereunder, unless such Holder previously shall have given to the Trustee written
      notice of default and of the continuance thereof, as hereinbefore provided,
      and
      unless also the Holders of not less than 25% in aggregate principal amount
      of
      the Securities of each affected series then Outstanding (treated as a single
      class) shall have made written request upon the Trustee to institute such action
      or proceedings in its own name as trustee hereunder and shall have offered
      to
      the Trustee such reasonable indemnity as it may require against the costs,
      expenses and liabilities to be incurred therein or thereby and the Trustee
      for
      60 days after its receipt of such notice, request and offer of indemnity shall
      have failed to institute any such action or proceeding and no direction
      inconsistent with such written request shall have been given to the Trustee
      pursuant to Section 4.09; it being understood and intended, and being expressly
      covenanted by the taker and Holder of every Security with every other taker
      and
      Holder and the Trustee, that no one or more Holders of Securities of any series
      shall have any right in any manner whatever by virtue or by availing of any
      provision of this Indenture to affect, disturb or prejudice the rights of any
      other such Holder of 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 the applicable 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.

     

    Section
      4.07.  Unconditional
      Right of Securityholders to Institute Certain Suits.
      Notwithstanding any other provision in this Indenture and any provision of
      any
      Security, the right of any 

     

    
      
        
        

      

      
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    Holder
      of
      any Security to receive payment of the principal of and interest on such
      Security on or after the respective due dates expressed in such Security, or
      to
      institute suit for the enforcement of any such payment on or after such
      respective dates, shall not be impaired or affected without the consent of
      such
      Holder.

     

    Section
      4.08.  Powers
      and Remedies Cumulative; Delay or Omission Not Waiver of Default.
      Except
      as provided in Section 4.06, no right or remedy herein conferred upon or
      reserved to the Trustee or to the Securityholders is intended to be exclusive
      of
      any other right or remedy, and every right and remedy shall, to the extent
      permitted by law, be cumulative and in addition to every other right and remedy
      given hereunder or now or hereafter existing at law or in equity or otherwise.
      The assertion or employment of any right or remedy hereunder, or otherwise,
      shall not prevent the concurrent assertion or employment of any other
      appropriate right or remedy.

     

    No
      delay
      or omission of the Trustee or of any Securityholder 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 Event of Default or an acquiescence therein; and, subject to Section 4.06,
      every power and remedy given by this Indenture or by law to the Trustee or
      to
      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
      4.09.  Control
      by Securityholders.
      The
      Holders of a majority in aggregate principal amount of the Securities of each
      series affected (with all such series voting as a single class) at the time
      Outstanding shall have the right to direct the time, method, and place of
      conducting any proceeding for any remedy available to the Trustee, or exercising
      any trust or power conferred on the Trustee with respect to the Securities
      of
      such series by this Indenture; provided that such direction shall not be
      otherwise than in accordance with law and the provisions of this Indenture
      and
      provided further that (subject to the provisions of Section 5.01) the Trustee
      shall have the right to decline to follow any such direction if the Trustee
      shall determine that the action or proceeding so directed may not lawfully
      be
      taken or if the Trustee in good faith by its board of directors, the executive
      committee, or a trust committee of directors or Responsible Officers of the
      Trustee shall determine that the action or proceedings so directed would involve
      the Trustee in personal liability or if the Trustee in good faith shall so
      determine that the actions or forebearances specified in or pursuant to such
      direction would be unduly prejudicial to the interests of Holders of the
      Securities of all series so affected not joining in the giving of said
      direction, it being understood that (subject to Section 5.01) the Trustee shall
      have no duty to ascertain whether or not such actions or forebearances are
      unduly prejudicial to such Holders.

     

    Nothing
      in
      this Indenture shall impair the right of the Trustee in its discretion to take
      any action deemed proper by the Trustee and which is not inconsistent with
      such
      direction or directions by Securityholders.

     

    Section
      4.10.  Waiver
      of Past Defaults.
      Prior to
      the acceleration of the maturity of any Securities as provided in Section 4.01,
      the Holders of a majority in aggregate principal amount of the Securities of
      all
      series at the time Outstanding with respect to which an Event of Default shall
      have occurred and be continuing (voting as a single class) may on behalf of
      the
      Holders of all such Securities waive any past default or Event of Default
      described in Section 4.01 and its consequences, except a default in respect
      of a
      covenant or provision hereof which cannot be modified or amended without the
      consent of the Holder of each Security affected. In the case of any such waiver,
      the Issuer, the Guarantor, the Trustee and the Holders of all such Securities
      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.

     

    
      
        
        

      

      
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    Upon
      any
      such waiver, such default shall cease to exist and be deemed to have been cured
      and not to have occurred, and any Event of Default arising therefrom shall
      be
      deemed to have been cured, and not to have occurred for every purpose of this
      Indenture; but no such waiver shall extend to any subsequent or other default
      or
      Event of Default or impair any right consequent thereon.

     

    Section
      4.11.  Trustee
      to Give Notice of Default, But May Withhold in Certain
      Circumstances.
      The
      Trustee shall give to the Securityholders of any series, as the names and
      addresses of such Holders appear on the registry books, notice by mail of all
      defaults known to the Trustee which have occurred with respect to such series,
      such notice to be transmitted within 90 days after the occurrence thereof,
      unless such defaults shall have been cured before the giving of such notice
      (the
      term “default” or “defaults” for the purposes of this section being hereby
      defined to mean any event or condition which is, or with notice or lapse of
      time
      or both would become, an Event of Default); provided that, except in the case
      of
      default in the payment of the principal of or interest on any of the Securities
      of such series, or in the payment of any sinking or purchase fund installment
      with respect to the Securities of such series, the Trustee shall be protected
      in
      withholding such notice if and so long as the board of directors, the executive
      committee, or a trust committee of directors or trustees and/or Responsible
      Officers of the Trustee in good faith determines that the withholding of such
      notice is in the interests of the Securityholders of such series.

     

    Section
      4.12.  Right
      of Court to Require Filing of Undertaking to Pay Costs.
      All
      parties to this Indenture agree, and each Holder of any Security by his
      acceptance thereof shall be deemed to have agreed, that any court may in its
      discretion require, in any suit for the enforcement of any right or remedy
      under
      this Indenture or in any suit against the Trustee for any action taken, suffered
      or omitted by it as Trustee, the filing by any party litigant in such suit
      of an
      undertaking to pay the costs of such suit, and that such court may in its
      discretion assess reasonable costs, including reasonable attorneys’ fees,
      against any party litigant in such suit, having due regard to the merits and
      good faith of the claims or defenses made by such party litigant; but the
      provisions of this section shall not apply to any suit instituted by the
      Trustee, to any suit instituted by any Securityholder or group of
      Securityholders of any series holding in the aggregate more than 10% in
      aggregate principal amount of the Securities of such series, or, in the case
      of
      any suit relating to or arising under clauses 4.01(c) or 4.01(f) (if the suit
      relates to Securities of more than one but less than all series), 10% in
      aggregate principal amount of Securities Outstanding affected thereby, or in
      the
      case of any suit relating to or arising under clauses 4.01(c) or 4.01(f) (if
      the
      suit relates to all the Securities then Outstanding), 4.01(d) or 4.01(e), 10%
      in
      aggregate principal amount of all Securities Outstanding, or to any suit
      instituted by any Securityholder for the enforcement of the payment of the
      principal of or interest on any Security on or after the due date expressed
      in
      such Security.

     

    ARTICLE
      5.

     

    CONCERNING
      THE TRUSTEE

     

    Section
      5.01.  Duties
      and Responsibilities of the Trustee; During Default; Prior to
      Default.
      With
      respect to the Holders of any series of Securities issued hereunder, the
      Trustee, prior to the occurrence of an Event of Default with respect to the
      Securities of a particular series and after the curing or waiving of all Events
      of Default which may have occurred with respect to such series, undertakes
      to
      perform such duties and only such duties as are specifically set forth in this
      Indenture. In case an Event of Default with respect to the Securities of a
      series has occurred (which has not been cured or waived) the Trustee shall
      exercise with respect to such series of Securities 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 person would exercise or use under the
      circumstances in the conduct of his or her own affairs.

     

    
      
        
        

      

      
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    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

     

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

     

    (i)  the
      duties
      and obligations of the Trustee with respect to the Securities of any series
      shall be determined solely by the express provisions of this Indenture, and
      the
      Trustee shall not be liable 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

     

    (ii)  in
      the
      absence of bad faith on the part of the Trustee, the Trustee may conclusively
      rely, as to the truth of the statements and the correctness of the opinions
      expressed therein, upon any statements, certificates or opinions furnished
      to
      the Trustee and conforming to the requirements of this Indenture; but in the
      case of any such statements, certificates or opinions which 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 (but need not confirm or
      investigate the accuracy of mathematical calculations or other facts stated
      therein);

     

    (b)  the
      Trustee shall not be liable 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;
      and

     

    (c)  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
      pursuant to Section 4.09 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.

     

    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 shall be reasonable ground for believing that the repayment
      of
      such funds or adequate indemnity against such liability is not reasonably
      assured to it.

     

    The
      provisions of this Section 5.01 are in furtherance of and subject to Sections
      315 and 316 of the Trust Indenture Act of 1939.

     

    Section
      5.02.  Certain
      Rights of the Trustee

     

    .
      In
      furtherance of and subject to the Trust Indenture Act of 1939, and subject
      to
      Section 5.01:

     

    (a)  the
      Trustee may conclusively rely and shall be protected in acting or refraining
      from acting upon any resolution, Officers’ Certificate, Guarantor’s Officers’
Certificate or any other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, bond, debenture, note, coupon, 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 Issuer or the Guarantor mentioned
      herein shall be sufficiently evidenced by an Officers’ Certificate or a
      Guarantor’s Officers’ Cer-

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

    tificate,
      as the case may be, (unless other evidence in respect thereof be herein
      specifically prescribed); and any resolution of the Board or of the Guarantor’s
      Board of Directors may be evidenced to the Trustee by a copy thereof certified
      by the secretary or an assistant secretary of the Issuer or the Guarantor,
      as
      the case may be;

     

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

     

    (d)  the
      Trustee shall be under no obligation to exercise any of the trusts 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
      satisfactory to it against the costs, expenses and liabilities which might
      be
      incurred therein or thereby;

     

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

     

    (f)  prior
      to
      the occurrence of an Event of Default hereunder and after the curing or waiving
      of all Events of Default, 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, appraisal, bond, debenture, note, coupon, security, or other paper
      or
      document unless requested in writing so to do by the Holders of not less than
      a
      majority in aggregate principal amount of the Securities of all series affected
      then outstanding; provided 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 indemnity satisfactory to it against such
      expenses or liabilities as a condition to proceeding; the reasonable expenses
      of
      every such investigation shall be paid by the Issuer or, if paid by the Trustee
      or any predecessor trustee, shall be repaid by the Issuer upon demand;
      and

     

    (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 not regularly
      in
      its employ and the Trustee shall not be responsible for any misconduct or
      negligence on the part of any such agent or attorney appointed with due care
      by
      it hereunder;

     

    (h)  whenever
      in the administration of this Indenture the Trustee shall deem it desirable
      that
      a matter be proved or established prior to taking, suffering or omitting any
      action hereunder, the Trustee (unless other evidence be herein specifically
      prescribed) may, in the absence of bad faith on its part, conclusively rely
      upon
      an Officers’ Certificate;

     

    (i)  the
      Trustee shall not be deemed to have notice of any Event of Default or an event
      which, with notice or lapse of time or both, would constitute an Event of
      Default unless a Responsible Officer of the Trustee has actual knowledge thereof
      or unless written notice of any event which is in fact such a default is
      received by the Trustee at the Corporate Trust Office of the Trustee, and such
      notice references the Securities and this Indenture;

     

    
      
        
        

      

      
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    (j)  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, and
      each agent, custodian and other Person employed to act hereunder;
      and

     

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

     

    Section
      5.03.  Trustee
      Not Responsible for Recitals, Disposition of Securities or Application of
      Proceeds Thereof.
      The
      recitals contained herein and in the Securities, except the Trustee’s
      certificates of authentication, shall be taken as the statements of the Issuer
      or the Guarantor, as the case may be, and the Trustee assumes no responsibility
      for the correctness of the same. The Trustee makes no representation as to
      the
      validity or sufficiency of this Indenture or of the Securities. The Trustee
      shall not be accountable for the use or application by the Issuer of any of
      the
      Securities or of the proceeds thereof.

     

    Section
      5.04.  Trustee
      and Agents May Hold Securities; Collections, etc.
      The
      Trustee or any agent of the Issuer, the Guarantor or the Trustee, 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 the Trustee or such agent
      and
      may otherwise deal with the Issuer or the Guarantor and receive, collect, hold
      and retain collections from the Issuer or the Guarantor with the same rights
      it
      would have if it were not the Trustee or such agent.

     

    Section
      5.05.  Moneys
      Held by Trustee.
      Subject
      to the provisions of Section 9.04 hereof, 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 mandatory provisions of law. Neither
      the
      Trustee nor any agent of the Issuer or the Trustee shall be under any liability
      for interest on any moneys received by it hereunder.

     

    Section
      5.06.  Compensation
      and Indemnification of Trustee and Its Prior Claim.
      The
      Issuer covenants and agrees to pay to the Trustee from time to time, and the
      Trustee shall be entitled to, compensation as the Issuer and the Trustee shall
      from time to time agree in writing (which shall not be limited by any provision
      of law in regard to the compensation of a trustee of an express trust) and
      the
      Issuer covenants and agrees to pay or reimburse the Trustee and each predecessor
      Trustee upon its request for all reasonable expenses, disbursements and advances
      incurred or made by or on behalf of it in accordance with any of the provisions
      of this Indenture (including the reasonable compensation and the expenses and
      disbursements of its counsel and of all agents and other persons not regularly
      in its employ) except to the extent any such expense, disbursement or advance
      may arise from its negligence or bad faith. The Issuer also covenants to
      indemnify the Trustee and each predecessor Trustee and their agents for, and
      to
      hold it harmless against, any loss, liability or expense arising out of or
      in
      connection with the acceptance or administration of this Indenture or the trusts
      hereunder and the performance of its duties hereunder, including the costs
      and
      expenses of defending itself against or investigating any claim of liability
      in
      the premises, except to the extent such loss, liability or expense is due to
      the
      negligence or bad faith of the Trustee, its agents or employees or such
      predecessor Trustee. The obligations of the Issuer under this section to
      compensate and indemnify the Trustee and each predecessor Trustee and to pay
      or
      reimburse the Trustee and each predecessor Trustee for expenses, disbursements
      and advances shall constitute additional indebtedness hereunder and shall
      survive the satisfaction and discharge of this Indenture. Such additional
      indebtedness shall be a senior claim to that of the Securities upon all property
      and funds 

     

    
      
        
        

      

      
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    held
      or
      collected by the Trustee as such, except funds held in trust for the benefit
      of
      the holders of particular Securities, and the Securities are hereby subordinated
      to such senior claim.

     

    When
      the
      Trustee incurs expenses or renders services in connection with an Event of
      Default specified in clauses (d) or (e) of Section 4.01, the expenses (including
      the reasonable charges and expenses of its counsel) and the compensation for
      the
      services are intended to constitute expenses of administration under any
      applicable federal or state bankruptcy, insolvency or other similar
      law.

     

    Section
      5.07.  Right
      of Trustee to Rely on Officers’ Certificate, etc.
      Subject
      to Sections 5.01 and 5.02, whenever in the administration of the trusts of
      this
      Indenture the Trustee shall deem it necessary or desirable that a matter be
      proved or established prior to taking or suffering or omitting 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
      Officers’ 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 by it under
      the
      provisions of this Indenture upon the faith thereof.

     

    Section
      5.08.  Persons
      Eligible for Appointment as Trustee.
      The
      Trustee for each series of Securities hereunder shall at all times be a
      corporation organized and doing business under the laws of the United States
      of
      America or the District of Columbia having a combined capital and surplus of
      at
      least $25,000,000, and which is eligible in accordance with the provisions
      of
      Section 310(a) of the Trust Indenture Act of 1939. If such corporation publishes
      reports of condition at least annually, pursuant to law or to the requirements
      of a federal, state or District of Columbia supervising or examining authority,
      then for the purposes of this Section, the combined capital and surplus of
      such
      corporation shall be deemed to be its combined capital and surplus as set forth
      in its most recent report of condition so published.

     

    Section
      5.09.  Resignation
      and Removal; Appointment of Successor Trustee.

     

    (a)  The
      Trustee, or any trustee or trustees hereafter appointed, may at any time resign
      with respect to one or more or all series of Securities by giving written notice
      of resignation to the Issuer and by mailing notice thereof by first class mail
      to Holders of the applicable series of Securities at their last addresses as
      they shall appear on the Security register. Upon receiving such notice of
      resignation, the Issuer shall promptly appoint a successor trustee or trustees
      with respect to the applicable series by written instrument in duplicate,
      executed by authority of the Board, one copy of which instrument shall be
      delivered to the resigning Trustee and one copy to the successor trustee or
      trustees. If no successor trustee shall have been so appointed with respect
      to
      any series and have accepted appointment within 30 days after the mailing of
      such notice of resignation, the resigning trustee at the Issuer’s expense may
      petition any court of competent jurisdiction for the appointment of a successor
      trustee, or any Securityholder who has been a bona fide Holder of a Security
      or
      Securities of the applicable series for at least six months may, subject to
      the
      provisions of Section 4.12, 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.

     

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

     

    (i)  the
      Trustee shall fail to comply with the provisions of Section 310(b) of the Trust
      Indenture Act of 1939 with respect to any series of Securities after written
      request therefor by the Issuer or by any Securityholder who has been a bona
      fide
      Holder of a Security or Securities of such series for at least six months;
      or

     

    
      
        
        

      

      
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    (ii)  the
      Trustee shall cease to be eligible in accordance with the provisions of Section
      310(a) of the Trust Indenture Act of 1939 and shall fail to resign after written
      request therefor by the Issuer or by any Securityholder; or

     

    (iii)  the
      Trustee shall become incapable of acting with respect to any series of
      Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or
      liquidator of the Trustee or of its property shall be appointed, or any public
      officer shall take charge or control of the Trustee or of its property or
      affairs for the purpose of rehabilitation, conservation or
      liquidation;

     

    then,
      in
      any such case, the Issuer may remove the Trustee with respect to the applicable
      series of Securities and appoint a successor trustee for such series by written
      instrument, in duplicate, executed by order of the Board of the Issuer, one
      copy
      of which instrument shall be delivered to the Trustee so removed and one copy
      to
      the successor trustee, or, subject to Section 315(e) of the Trust Indenture
      Act
      of 1939, any Securityholder who has been a bona fide Holder of a Security or
      Securities of such series for at least six months may on behalf of himself
      and
      all others similarly situated, petition any court of competent jurisdiction
      for
      the removal of the Trustee and the appointment of a successor trustee with
      respect to such series. 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 each
      series at the time outstanding may at any time remove the Trustee with respect
      to Securities of such series and appoint a successor trustee with respect to
      the
      Securities of such series by delivering to the Trustee so removed, to the
      successor trustee so appointed and to the Issuer the evidence provided for
      in
      Section 6.01 of the action in that regard taken by the
      Securityholders.

     

    (d)  Any
      resignation or removal of the Trustee with respect to any series and any
      appointment of a successor trustee with respect to such series pursuant to
      any
      of the provisions of this Section 5.09 shall become effective upon acceptance
      of
      appointment by the successor trustee as provided in Section 5.10.

     

    Section
      5.10.  Acceptance
      of Appointment By Successor Trustee.
      Any
      successor trustee appointed as provided in Section 5.09 shall execute and
      deliver to the Issuer and to its predecessor trustee an instrument accepting
      such appointment hereunder, and thereupon the resignation or removal of the
      predecessor trustee with respect to all or any applicable series shall become
      effective and such successor trustee, without any further act, deed or
      conveyance, shall become vested with all rights, powers, duties and obligations
      with respect to such series of its predecessor hereunder, with like effect
      as if
      originally named as trustee for such series hereunder; but, nevertheless, on
      the
      written request of the Issuer or of the successor trustee, upon payment of
      its
      charges then unpaid, the trustee ceasing to act shall, subject to Section 9.04,
      pay over to the successor trustee all moneys at the time held by it hereunder
      and shall execute and deliver an instrument transferring to such successor
      trustee all such rights, powers, duties and obligations. Upon request of any
      such successor trustee, the Issuer shall execute any and all instruments in
      writing for more fully and certainly vesting in and confirming to such successor
      trustee all such rights and powers. Any trustee ceasing to act shall,
      nevertheless, retain a prior claim upon all property or funds held or collected
      by such trustee to secure any amounts then due it pursuant to the provisions
      of
      Section 5.06.

     

    If
      a
      successor trustee is appointed with respect to the Securities of one or more
      (but not all) series, the Issuer, the predecessor Trustee and each successor
      trustee with respect to the Securities of any applicable series shall execute
      and deliver an indenture supplemental hereto which shall contain such provisions
      as shall be deemed necessary or desirable to confirm that all the rights,
      powers, trusts and du-

     

    
      
        
        

      

      
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    ties
      of
      the predecessor Trustee with respect to the Securities of any series as to
      which
      the predecessor Trustee is not retiring shall continue to be vested in the
      predecessor Trustee, and 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 and that each such trustee shall be trustee of
      a
      trust or trusts under separate indentures.

     

    Upon
      acceptance of appointment by any successor trustee as provided in this Section
      5.10, the Issuer shall mail notice thereof by first-class mail to the Holders
      of
      Securities of any series for which such successor trustee is acting as trustee
      at their last addresses as they shall appear in the Security register. If the
      acceptance of appointment is substantially contemporaneous with the resignation,
      then the notice called for by the preceding sentence may be combined with the
      notice called for by Section 5.09. If the Issuer fails to mail such notice
      within ten days after acceptance of appointment by the successor trustee, the
      successor trustee shall cause such notice to be mailed at the expense of the
      Issuer.

     

    Section
      5.11.  Merger,
      Conversion, Consolidation or Succession to Business of Trustee.
      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 of the corporate trust business of the
      Trustee, shall be the successor of the Trustee hereunder, provided that such
      corporation shall be eligible under the provisions of Section 5.08, 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 at
      the time such successor to the Trustee shall succeed to the trusts created
      by
      this Indenture any of the Securities of any series shall have been authenticated
      but not delivered, any such successor to the Trustee may adopt the certificate
      of authentication of any predecessor Trustee and deliver such Securities so
      authenticated; and, in case at that time any of the Securities of any series
      shall not have been authenticated, any successor to the Trustee may authenticate
      such Securities either in the name of any predecessor hereunder or in the name
      of the successor Trustee; and in all such cases such certificate shall have
      the
      full force which it is anywhere in the Securities of such series or in this
      Indenture provided that the certificate of the Trustee shall have; provided,
      that the right to adopt the certificate of authentication of any predecessor
      Trustee or to authenticate Securities of any series in the name of any
      predecessor Trustee shall apply only to its successor or successors by merger,
      conversion or consolidation.

     

    ARTICLE
      6.

     

    CONCERNING
      THE SECURITYHOLDERS

     

    Section
      6.01.  Evidence
      of Action Taken by Securityholders.
      Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by a specified percentage
      in principal amount of the Securityholders of any or all series may be embodied
      in and evidenced by one or more instruments of substantially similar tenor
      signed by such specified percentage of Securityholders in person or by agent
      duly appointed in writing; and, except as herein otherwise expressly provided,
      such action shall become effective when such instrument or instruments are
      delivered to the Trustee. Proof of execution of any instrument or of a writing
      appointing any such agent shall be sufficient for any purpose of this Indenture
      and (subject to Sections 5.01 and 5.02) conclusive in favor of the Trustee
      and
      the Issuer, if made in the manner provided in this Article.

     

    Section
      6.02.  Proof
      of Execution of Instruments and of Holding of Securities; Record
      Date.
      Subject
      to Sections 5.01 and 5.02, the execution of any instrument by a Securityholder
      or his agent 

     

    
      
        
        

      

      
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    or
      proxy
      may be proved in accordance with such reasonable rules and regulations as may
      be
      prescribed by the Trustee or in such manner as shall be satisfactory to the
      Trustee. The holding of Securities shall be proved by the Security register
      or
      by a certificate of the registrar thereof. The Issuer may set a record date
      for
      purposes of determining the identity of holders of Securities of any series
      entitled to vote or consent to any action referred to in Section 6.01, which
      record date may be set at any time or from time to time by notice to the
      Trustee, for any date or dates (in the case of any adjournment or
      reconsideration) not more than 60 days nor less than five days prior to the
      proposed date of such vote or consent, and thereafter, notwithstanding any
      other
      provisions hereof, only holders of Securities of such series of record on such
      record date shall be entitled to so vote or give such consent or revoke such
      vote or consent.

     

    Section
      6.03.  Holders
      to Be Treated as Owners.
      The
      Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor
      or
      the Trustee may deem and treat the person in whose name any Security shall
      be
      registered upon the Security register for such series as the absolute owner
      of
      such Security (whether or not such Security shall be overdue and notwithstanding
      any notation of ownership or other writing thereon) for the purpose of receiving
      payment of or on account of the principal of and, subject to the provisions
      of
      this Indenture, interest on such Security and for all other purposes; and none
      of the Issuer, the Guarantor, the Trustee or any agent of the Issuer, the
      Guarantor or the Trustee shall be affected by any notice to the contrary. All
      such payments so made to any such person, or upon his order, shall be valid,
      and, to the extent of the sum or sums so paid, effectual to satisfy and
      discharge the liability for moneys payable upon any such Security.

     

    Section
      6.04.  Securities
      Owned by Issuer Deemed Not Outstanding.
      In
      determining whether the Holders of the requisite aggregate principal amount
      of
      Outstanding Securities of any or all series have concurred in any direction,
      consent or waiver under this Indenture, Securities which are owned by the Issuer
      or any other obligor on the Securities with respect to which such determination
      is being made or by any person directly or indirectly controlling or controlled
      by or under direct or indirect common control with the Issuer or any other
      obligor on the Securities with respect to which such determination is being
      made
      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 which a Responsible Officer of the Trustee actually knows are
      so
      owned shall be so disregarded. Securities so owned which have been pledged
      in
      good faith may be regarded as Outstanding if the pledgee establishes to the
      satisfaction of the Trustee the pledgee’s right so to act with respect to such
      Securities and that the pledgee is not the Issuer or any other obligor upon
      the
      Securities or any person directly or indirectly controlling or controlled by
      or
      under direct or indirect common control with the Issuer or any other obligor
      on
      the Securities. In case of a dispute as to such right, the advice of counsel
      shall be full protection in respect of any decision made by the Trustee in
      accordance with such advice. Upon request of the Trustee, the Issuer shall
      furnish to the Trustee promptly an Officers’ Certificate listing and identifying
      all Securities, if any, known by the Issuer to be owned or held by or for the
      account of any of the above-described persons; and, subject to Sections 5.01
      and
      5.02, the Trustee shall be entitled to accept such Officers’ Certificate as
      conclusive evidence of the facts therein set forth and of the fact that all
      Securities not listed therein are Outstanding for the purpose of any such
      determination.

     

    Section
      6.05.  Right
      of Revocation of Action Taken.
      At any
      time prior to (but not after) the evidencing to the Trustee, as provided in
      Section 6.01, of the taking of any action by the Holders of the percentage
      in
      aggregate principal amount of the Securities of any or all series, as the case
      may be, specified in this Indenture in connection with such action, any Holder
      of a Security the serial number of which is shown by the evidence to be included
      among the serial numbers of the Securities the Holders of which have consented
      to such action may, by filing written notice at the Corporate Trust Office
      and
      upon proof of holding as provided in this Article, 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 

     

    
      
        
        

      

      
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    binding
      upon such Holder and upon all future Holders and owners of such Security and
      of
      any Securities issued in exchange or substitution therefor or on registration
      of
      transfer thereof, irrespective of whether or not any notation in regard thereto
      is made upon any such Security. Any action taken by the Holders of the
      percentage in aggregate principal amount of the Securities of any or all series,
      as the case may be, specified in this Indenture in connection with such action
      shall be conclusively binding upon the Issuer, the Trustee and the Holders
      of
      all the Securities affected by such action.

     

    ARTICLE
      7.

     

    SUPPLEMENTAL
      INDENTURES

     

    Section
      7.01.  Supplemental
      Indentures Without Consent of Securityholders.
      The
      Issuer, when authorized by a resolution of its Board (which resolutions may
      provide general authorization for such action and may provide that the specific
      terms of such action may be determined by officers of the Issuer authorized
      thereby), and the Guarantor, when authorized by a resolution of the Guarantor’s
      Board of Directors, and the Trustee may from time to time and at any time enter
      into an indenture or indentures supplemental hereto for one or more of the
      following purposes:

     

    (a)  to
      convey,
      transfer, assign, mortgage or pledge to the Trustee as security for the
      Securities of one or more series any property or assets;

     

    (b)  to
      evidence the succession of another legal entity to the Issuer or the Guarantor,
      as the case may be, or successive successions, and the assumption by the
      successor legal entity of the covenants, agreements and obligations of the
      Issuer or the Guarantor, as the case may be, pursuant to Article 8;

     

    (c)  to
      add to
      the covenants of the Issuer or the Guarantor such further covenants,
      restrictions, conditions or provisions as the Issuer, the Guarantor and the
      Trustee shall consider to be for the protection of the Holders of Securities,
      and to make the occurrence, or the occurrence and continuance, of a default
      in
      any such additional covenants, restrictions, conditions or provisions an Event
      of Default permitting the enforcement of all or any of the several remedies
      provided in this Indenture as herein set forth; provided, that in respect of
      any
      such additional covenant, restriction, condition or provision such supplemental
      indenture may provide for a particular period of grace after default (which
      period may be shorter or longer than that allowed in the case of other defaults)
      or may provide for an immediate enforcement upon such an Event of Default or
      may
      limit the remedies available to the Trustee upon such an Event of Default or
      may
      limit the right of the Holders of a majority in aggregate principal amount
      of
      the Securities of such series to waive such an Event of Default;

     

    (d)  to
      cure
      any ambiguity or to correct or supplement any provision contained herein or
      in
      any supplemental indenture which may be defective or inconsistent with any
      other
      provision contained herein or in any supplemental indenture; or to make such
      other provisions in regard to matters or questions arising under this Indenture
      or under any supplemental indenture as the Issuer or the Guarantor may deem
      necessary or desirable and which shall not adversely affect the interests of
      the
      Holders of the Securities in any material respect;

     

    (e)  to
      establish the form or terms of Securities of any series as permitted by Sections
      2.01 and 2.03; and

     

    
      
        
        

      

      
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    (f)  to
      evidence and provide for the acceptance of appointment hereunder by a successor
      trustee with respect to the Securities of one or more series and to add to
      or
      change any of the provisions of this Indenture as shall be necessary to provide
      for or facilitate the administration of the trusts hereunder by more than one
      trustee, pursuant to the requirements of Section 5.10.

     

    The
      Trustee is hereby authorized to join with the Issuer and the Guarantor in the
      execution of any such supplemental indenture, to make any further appropriate
      agreements and stipulations which may be therein contained and to accept the
      conveyance, transfer, assignment, mortgage or pledge of any property thereunder,
      but the Trustee shall not be obligated to enter into any such supplemental
      indenture which 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 without the consent of the Holders of any of the Securities at the
      time
      outstanding, notwithstanding any of the provisions of Section 7.02.

     

    Section
      7.02.  Supplemental
      Indentures With Consent of Securityholders.
      With the
      consent (evidenced as provided in Article 6) of the Holders of not less than
      a
      majority in aggregate principal amount of the Securities at the time Outstanding
      of all series affected by such supplemental indenture (voting as one class),
      the
      Issuer, when authorized by a resolution of its Board (which resolutions may
      provide general authorization for such action and may provide that the specific
      terms of such action may be determined by officers of the Issuer authorized
      thereby), and the Guarantor, when authorized by a resolution of the Guarantor’s
      Board of Directors, and the Trustee may, from time to time and at any time,
      enter into an indenture or indentures supplemental hereto for the purpose of
      adding any provisions to or changing in any manner or eliminating any of the
      provisions of this Indenture or of any supplemental indenture or of modifying
      in
      any manner the rights of the Holders of the Securities of each such series;
      provided that no such supplemental indenture shall (a) (i) extend the final
      maturity of any Security, (ii) reduce the principal amount thereof, (iii) reduce
      the rate or extend the time of payment of interest thereon, (iv) reduce any
      amount payable on redemption thereof, (v) make the principal thereof (including
      any amount in respect of original issue discount), or interest thereon payable
      in any coin or currency other than that provided in the Securities or in
      accordance with the terms thereof, (vi) modify or amend any provisions for
      converting any currency into any other currency as provided in the Securities
      or
      in accordance with the terms thereof, (vii) reduce the amount of the principal
      of an Original Issue Discount Security that would be due and payable upon an
      acceleration of the maturity thereof pursuant to Section 4.01 or the amount
      thereof provable in bankruptcy pursuant to Section 4.02, (viii) modify or amend
      any provisions relating to the conversion or exchange of the Securities for
      securities of the Issuer or the Guarantor or of other entities or other property
      (or the cash value thereof), including the determination of the amount of
      securities or other property (or cash) into which the Securities shall be
      converted or exchanged, other than as provided in the antidilution provisions
      or
      other similar adjustment provisions of the Securities or otherwise in accordance
      with the terms thereof, or (ix) alter the provisions of Section 10.11 or Section
      10.13 or impair or affect the right of any Securityholder to institute suit
      for
      the payment thereof or, if the Securities provide therefor, any right of
      repayment at the option of the Securityholder, in each case without the consent
      of the Holder of each Security so affected, or (b) reduce the aforesaid
      percentage of Securities of any series, the consent of the Holders of which
      is
      required for any such supplemental indenture, without the consent of the Holders
      of each Security so affected.

     

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

     

    
      
        
        

      

      
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    Upon
      the
      request of the Issuer, accompanied by a copy of a resolution of the Board (which
      resolutions may provide general authorization for such action and may provide
      that the specific terms of such action may be determined by officers of the
      Issuer authorized thereby) certified by the secretary or an assistant secretary
      of the Issuer authorizing the execution of any such supplemental indenture,
      and
      upon the filing with the Trustee of evidence of the consent of Securityholders
      as aforesaid and other documents, if any, required by Section 6.01, the Trustee
      shall join with the Issuer and the Guarantor 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.

     

    It
      shall
      not be necessary for the consent of the Securityholders 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.

     

    Promptly
      after the execution by the Issuer, the Guarantor and the Trustee of any
      supplemental indenture pursuant to the provisions of this Section, the Trustee
      shall give notice thereof by (a) first class mail to the Holders of Securities
      of each series affected thereby at their addresses as they shall appear on
      the
      registry books of the Issuer or (b) by any other means set forth in such
      supplemental indenture, setting forth in general terms the substance of such
      supplemental indenture. Any failure of the Trustee to mail such notice, or
      any
      defect therein, shall not, however, in any way impair or affect the validity
      of
      any such supplemental indenture.

     

    Section
      7.03.  Effect
      of Supplemental Indenture.
      Upon the
      execution of any supplemental indenture pursuant to the provisions hereof,
      this
      Indenture shall 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 Issuer, the Guarantor
      and the Holders of Securities of each 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
      7.04.  Documents
      to Be Given to Trustee.
      In
      executing, or accepting the additional trusts created by, any supplemental
      indenture permitted by this Article or the modification thereby of the trusts
      created by this Indenture, the Trustee shall be entitled to receive, and shall
      be fully protected in relying upon, an Opinion of Counsel stating that the
      execution of such supplemental indenture is authorized or permitted by this
      Indenture. The Trustee may, but shall not be obligated to, enter into any such
      supplemental indenture which adversely affects the Trustee’s own rights, duties
      or immunities under this Indenture or otherwise.

     

    Section
      7.05.  Notation
      on Securities in Respect of Supplemental Indentures.
      Securities of any series authenticated and delivered after the execution of
      any
      supplemental indenture pursuant to the provisions of this Article may bear
      a
      notation in form approved by the Trustee for such series as to any matter
      provided for by such supplemental indenture or as to any action taken by
      Securityholders. If the Issuer or the Trustee shall so determine, new Securities
      of any series so modified as to conform, in the opinion of the Trustee and
      the
      Board, to any modification of this Indenture contained in any such supplemental
      indenture may be prepared by the Issuer, authenticated by the Trustee and
      delivered in exchange for the Securities of such series then
      Outstanding.

     

    
      
        
        

      

      
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    ARTICLE
      8.

     

    CONSOLIDATION,
      MERGER, SALE OR CONVEYANCE

     

    Section
      8.01.  Issuer
      May Consolidate, etc., on Certain Terms.
      The
      Issuer covenants that it will not merge or consolidate with any other Person
      other than the Guarantor or sell or convey all or substantially all of its
      assets to any Person other than the Guarantor, unless (i) either the Issuer
      shall be the continuing legal entity, or the successor legal entity or the
      Person which acquires by sale or conveyance substantially all the assets of
      the
      Issuer (if other than the Issuer) shall expressly assume the due and punctual
      payment of the principal of and interest on all the Securities, according to
      their tenor, and the due and punctual performance and observance of all of
      the
      covenants and conditions of this Indenture to be performed or observed by the
      Issuer, by supplemental indenture satisfactory to the Trustee, executed and
      delivered to the Trustee by such successor legal entity, and (ii) the Issuer
      or
      such successor legal entity, as the case may be, shall not, immediately after
      such merger or consolidation, or such sale or conveyance, be in default in
      the
      performance of any such covenant or condition.

     

    Section
      8.02.  Successor
      Substituted.
      In case
      of any such consolidation, merger, sale or conveyance, and following such an
      assumption by the successor legal entity, all in the manner described in Section
      8.01, such successor legal entity shall succeed to and be substituted for the
      Issuer, with the same effect as if it had been named herein. Such successor
      legal entity may cause to be signed, and may issue either in its own name or
      in
      the name of the Issuer prior to such succession any or all of the Securities
      issuable hereunder which theretofore shall not have been signed by the Issuer
      and delivered to the Trustee; and, upon the order of such successor legal entity
      instead of the Issuer and subject to all the terms, conditions and limitations
      in this Indenture prescribed, the Trustee shall authenticate and shall deliver
      any Securities which previously shall have been signed and delivered by the
      officers of the Issuer to the Trustee for authentication, and any Securities
      which such successor legal entity thereafter shall cause to be signed and
      delivered to the Trustee for that purpose. All of the Securities so issued
      shall
      in all respects have the same legal rank and benefit under this Indenture as
      the
      Securities theretofore or thereafter issued in accordance with the terms of
      this
      Indenture as though all of such Securities had been issued at the date of the
      execution hereof. Any required changes in phrasing and form (but not in
      substance) may be made in the Securities thereafter to be issued as may be
      appropriate.

     

    In
      the
      event of such assumption following any sale or conveyance in accordance with
      Section 8.01 and this Section 8.02 (other than a conveyance by way of lease)
      the
      Issuer (including any successor legal entity that has been further substituted
      in accordance with Section 8.01 and this Section 8.02) shall be discharged
      from
      all obligations and covenants under this Indenture and the Securities and may
      be
      liquidated and dissolved.

     

    Section
      8.03.  Guarantor
      May Consolidate, etc., on Certain Terms.
      The
      Guarantor covenants that it will not merge or consolidate with any other Person
      other than the Issuer or sell, lease or convey all or substantially all of
      its
      assets to any other Person other than the Issuer, unless (i) either the
      Guarantor shall be the continuing legal entity, or the successor legal entity
      or
      the Person which acquires by sale, lease or conveyance substantially all the
      assets of the Guarantor shall expressly assume the due and punctual payment
      of
      the principal of and interest on all the Securities and the due and punctual
      performance and observance of all of the covenants and conditions of this
      Indenture to be performed or observed by the Guarantor, by supplemental
      indenture satisfactory to the Trustee, executed and delivered to the Trustee
      by
      such successor legal entity, and (ii) the Guarantor, such Person or such
      successor legal entity, as the case may be, shall not, immediately after such
      merger or consolidation, or such sale, lease or conveyance, be in default in
      the
      performance of any such covenant or condition.

     

    
      
        
        

      

      
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    Section
      8.04.  Successor
      Legal Entity Substituted for the Guarantor.
      In case
      of any such consolidation, merger, sale, lease or conveyance, and following
      such
      an assumption by the successor legal entity, all in the manner described in
      Section 8.03, such successor legal entity shall succeed to and be substituted
      for the Guarantor with the same effect as if it had been named herein and any
      required changes in phrasing and form (but not in substance) may be made in
      the
      Securities thereafter to be issued as may be appropriate.

     

    In
      the
      event of such assumption following any sale or conveyance in accordance with
      Section 8.03 and this Section 8.04 (other than a conveyance by way of lease)
      the
      Guarantor (including any successor legal entity that has been further
      substituted in accordance with section 8.03 and this section 8.04) shall be
      discharged from all obligations and covenants under this Indenture and the
      Securities and may be liquidated and dissolved.

     

    Section
      8.05.  Opinion
      of Counsel to Trustee.
      The
      Trustee, subject to the provisions of Sections 5.01 and 5.02, shall receive
      an
      Opinion of Counsel, prepared in accordance with Section 10.05, as conclusive
      evidence that any such consolidation, merger, sale, lease or conveyance, and
      any
      such assumption, and any such liquidation or dissolution, complies with the
      applicable provisions of this Indenture.

     

    ARTICLE
      9.

     

    SATISFACTION
      AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

     

    Section
      9.01.  Satisfaction
      and Discharge of Indenture.

     

    (a)  If
      at any
      time (i) the Issuer or the Guarantor shall have paid or caused to be paid the
      principal of and interest on all the Securities of any series outstanding
      hereunder (other than Securities of such series which have been destroyed,
      lost
      or stolen and which have been replaced or paid as provided in Section 2.09)
      as
      and when the same shall have become due and payable, or (ii) the Issuer shall
      have delivered to the Trustee for cancellation all Securities of any series
      theretofore authenticated (other than any Securities of such series which shall
      have been destroyed, lost or stolen and which shall have been replaced or paid
      as provided in Section 2.09) or (iii) (A) all the securities of such 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 (B) the Issuer or the
      Guarantor shall have irrevocably deposited or caused to be deposited with the
      Trustee as trust funds the entire amount in cash (other than moneys repaid
      by
      the Trustee or any paying agent to the Issuer in accordance with Section 9.04)
      in the case of any series of Securities the payments on which may only be made
      in United States dollars, direct obligations of the United States of America,
      backed by its full faith and credit (“U.S. Government Obligations”), maturing as
      to principal and interest at such times and in such amounts as will insure
      the
      availability of cash, or a combination thereof, sufficient to pay at maturity
      or
      upon redemption all Securities of such series (other than any Securities of
      such
      series which shall have been destroyed, lost or stolen and which shall have
      been
      replaced or paid as provided in Section 2.09) not theretofore delivered to
      the
      Trustee for cancellation, including principal and interest due or to become
      due
      on or prior to such date of maturity as the case may be, and if, in any such
      case, the Issuer or the Guarantor shall also pay or cause to be paid all other
      sums payable hereunder by the Issuer or the Guarantor with respect to Securities
      of such series, then this Indenture shall cease to be of further effect with
      respect to Securities of such series (except as to (i) rights of registration
      of
      transfer and exchange of securities of such series, and the Issuer’s right of
      optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed,
      lost or stolen Securities, (iii) rights of holders to receive payments of
      principal thereof and in

     

    
      
        
        

      

      
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    terest
      thereon upon the original stated due date therefor (but no upon acceleration),
      and remaining rights of the holders to receive mandatory sinking fund payments,
      if any, (iv) the rights, obligations and immunities of the Trustee hereunder
      and
      (v) the rights of the Securityholders of such series as beneficiaries hereof
      with respect to the property so deposited with the Trustee payable to all or
      any
      of them), and the Trustee, on demand of the Issuer or the Guarantor accompanied
      by an Officers’ Certificate (or Guarantor’s Officer’s Certificate respectively)
      and an Opinion of Counsel and at the cost and expense of the Issuer, shall
      execute proper instruments acknowledging such satisfaction of and discharging
      this Indenture with respect to such series; provided, that the rights of Holders
      of the Securities to receive amounts in respect of principal of and interest
      on
      the Securities held by them shall not be delayed longer than required by
      then-applicable mandatory rules or policies of any securities exchange upon
      which the Securities are listed. The Issuer agrees to reimburse the Trustee
      for
      any costs or expenses thereafter reasonably and properly incurred and to
      compensate the Trustee for any services thereafter reasonably and properly
      rendered by the Trustee in connection with this Indenture or the Securities
      of
      such series.

     

    (b)  The
      following provisions shall apply to the Securities of each series unless
      specifically otherwise provided in a Board Resolution, Officers’ Certificate or
      indenture supplemental hereto provided pursuant to Section 2.03. In addition
      to
      discharge of the Indenture pursuant to the next preceding paragraph, in the
      case
      of any series of Securities the exact amounts (including the currency of
      payment) of principal of and interest due on which can be determined at the
      time
      of making the deposit referred to in clause 9.01(b)(i) below, the Issuer and
      the
      Guarantor shall be deemed to have paid and discharged the entire indebtedness
      on
      all the Securities of such a series on the 91st day after the date of the
      deposit referred to in clause 9.01(b)(i) below, and the provisions of this
      Indenture with respect to the Securities of such series thereto shall no longer
      be in effect (except as to (1) rights of registration of transfer and exchange
      of Securities of such series and the Issuer’s right of optional redemption, if
      any, (2) substitution of mutilated, defaced, destroyed, lost or stolen
      Securities, (3) rights of Holders of Securities to receive payments of principal
      thereof and interest thereon, upon the original stated due dates therefor (but
      not upon acceleration), and remaining rights of the Holders to receive mandatory
      sinking fund payments, if any, (4) the rights, obligations, duties and
      immunities of the Trustee hereunder, (5) the rights of the Holders of Securities
      of such series as beneficiaries hereof with respect to the property so deposited
      with the Trustee payable to all or any of them and (6) the obligations of the
      Issuer under Section 3.02) and the Trustee, at the expense of the Issuer or
      the
      Guarantor, shall at the Issuer’s or the Guarantor’s request, execute proper
      instruments acknowledging the same, if:

     

    (i)  with
      reference to this provision the Issuer or the Guarantor has irrevocably
      deposited or caused to be irrevocably deposited with the Trustee as trust funds
      in trust, specifically pledged as security for, and dedicated solely to, the
      benefit of the Holders of the Securities of such series (A) cash in an amount,
      or (B) in the case of any series of Securities the payments on which may only
      be
      made in Dollars, U.S. Government Obligations, maturing as to principal and
      interest at such times and in such amounts as will insure the availability
      of
      cash or (C) 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 (1) the principal and
      interest on all Securities of such series and coupons appertaining thereto
      on
      each date that such principal or interest is due and payable and (2) any
      mandatory sinking fund payments on the dates on which such payments are due
      and
      payable in accordance with the terms of the Indenture and the Securities of
      such
      series;

     

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

     

    
      
        
        

      

      
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    (iii)  the
      Issuer
      or the Guarantor has delivered to the Trustee an Opinion of Counsel based on
      the
      fact that (x) the Issuer has received from, or there has been published by,
      the
      Internal Revenue Service a ruling or (y) since the date hereof, there has been
      a
      change in the applicable federal income tax law, in either case to the effect
      that, and such opinion shall confirm that, the Holders of the Securities of
      such
      series and coupons appertaining thereto will not recognize income, gain or
      loss
      for federal income tax purposes as a result of such deposit, defeasance and
      discharge and will be subject to federal income tax on the same amount and
      in
      the same manner and at the same times, as would have been the case if such
      deposit, defeasance and discharge had not occurred; and

     

    (iv)  the
      Issuer
      or the Guarantor has delivered to the Trustee an Officers’ Certificate or
      Guarantor’s Officers’ Certificate and an Opinion of Counsel, each stating that
      all conditions precedent provided for relating to the defeasance contemplated
      by
      this provision have been complied with.

     

    (c)  Each
      of
      the Issuer and the Guarantor shall be released from its obligations under
      Section 8.01 with respect to the Securities of any series, Outstanding, and
      under any guarantee in respect thereof, on and after the date the conditions
      set
      forth below are satisfied (hereinafter, “covenant defeasance”). For this
      purpose, such covenant defeasance means that, with respect to the Outstanding
      Securities of any series, and under a guarantee in respect thereof, the Issuer
      and the Guarantor may omit to comply with and shall have no liability in respect
      of any term, condition or limitation set forth in such Sections, whether
      directly or indirectly by reason of any reference elsewhere herein to such
      Sections or by reason of any reference in such Sections to any other provision
      herein or in any other document and such omission to comply shall not constitute
      an Event of Default under Section 4.01, but the remainder of this Indenture
      and
      such Securities and coupons and the Guarantee shall be unaffected thereby.
      The
      following shall be the conditions to application of this subsection (c) of
      this
      Section 9.01:

     

    (i)  the
      Issuer
      or the Guarantor has irrevocably deposited or caused to be deposited with the
      Trustee as trust funds in trust for the purpose of making the following
      payments, specifically pledged as security for, and dedicated solely to, the
      benefit of the holders of the Securities of such series, (A) cash in an amount,
      or (B) in the case of any series of Securities the payments on which may only
      be
      made in Dollars, U.S. Government Obligations maturing as to principal and
      interest at such times and in such amounts as will insure the availability
      of
      cash or (C) 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 (1) the principal and
      interest on all Securities of such series and coupons appertaining thereto
      and
      (2) any mandatory sinking fund payments on the day on which such payments are
      due and payable in accordance with the terms of the Indenture and the Securities
      of such series;

     

    (ii)  no
      Event
      of Default or event which with notice or lapse of time or both would become
      an
      Event of Default with respect to the Securities shall have occurred and be
      continuing on the date of such deposit or, insofar as subsections 4.01(c) and
      4.01(d) are concerned, at any time during the period ending on the 91st day
      after the date of such deposit (it being understood that this condition shall
      not be deemed satisfied until the expiration of such period);

     

    (iii)  such
      covenant defeasance shall not cause the Trustee to have a conflicting interest
      for purposes of the Trust Indenture Act of 1939 with respect to any securities
      of the Issuer;

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

    

     

    (iv)  such
      covenant defeasance shall not result in a breach or violation of, or constitute
      a default under, this Indenture or any other agreement or instrument to which
      the Issuer or any Guarantor is a party or by which either of them is
      bound;

     

    (v)  such
      covenant defeasance shall not cause any Securities then listed on any registered
      national securities exchange under the Securities Exchange Act of 1934, as
      amended, to be delisted;

     

    (vi)  the
      Issuer
      or the Guarantor shall have delivered to the Trustee an Officers’ Certificate or
      Guarantor’s Officers’ Certificate, as the case may be, and Opinion of Counsel to
      the effect that the Holders of the Securities of such series will not recognize
      income, gain or loss for federal income tax purposes as a result of such
      covenant defeasance and will be subject to federal income tax on the same
      amounts, in the same manner and at the same times as would have been the case
      if
      such covenant defeasance had not occurred; and

     

    (vii)  the
      Issuer
      or the Guarantor shall have delivered to the Trustee an Officers’ Certificate or
      Guarantor’s Officers’ Certificate, as the case may be, and an Opinion of
      Counsel, each stating that all conditions precedent provided for relating to
      the
      covenant defeasance contemplated by this provision have been complied
      with.

     

    Section
      9.02.  Application
      by Trustee of Funds Deposited for Payment of Securities.
      Subject
      to Section 9.04 and any subordination provisions applicable to the Securities,
      all moneys deposited with the Trustee pursuant to Section 9.01 shall be held
      in
      trust and applied by it to the payment, either directly or through any paying
      agent (including the Issuer acting as its own paying agent), to the Holders
      of
      the particular Securities of such series for the payment or redemption of which
      such moneys have been deposited with the Trustee, of all sums due and to become
      due thereon for principal and interest; but such money need not be segregated
      from other funds except to the extent required by law.

     

    Section
      9.03.  Repayment
      of Moneys Held by Paying Agent.
      In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      Securities of any series, all moneys then held by any paying agent under the
      provisions of this Indenture with respect to such series of Securities shall,
      upon demand of the Issuer, be repaid to it or paid to the Trustee and thereupon
      such paying agent shall be released from all further liability with respect
      to
      such moneys.

     

    Section
      9.04.  Return
      of Moneys Held by Trustee and Paying Agent Unclaimed for Two
      Years.
      Any
      moneys deposited with or paid to the Trustee or any paying agent for the payment
      of the principal of or interest on any Security of any series and not applied
      but remaining unclaimed for two years after the date upon which such principal
      or interest shall have become due and payable, shall, upon the written request
      of the Issuer and unless otherwise required by mandatory provisions of
      applicable escheat or abandoned or unclaimed property law, be repaid to the
      Issuer by the Trustee for such series or such paying agent, and the Holder
      of
      the Security of such series shall, unless otherwise required by mandatory
      provisions of applicable escheat or abandoned or unclaimed property laws,
      thereafter look only to the Issuer for any payment which such Holder may be
      entitled to collect, and all liability of the Trustee or any paying agent with
      respect to such moneys shall thereupon cease.

     

    The
      Issuer
      shall pay and indemnify the Trustee against any tax, fee or other charge imposed
      on or assessed against the U.S. Government Obligations deposited pursuant to
      Section 9.01 or the principal and interest received in respect thereof other
      than any such tax, fee or other charge which by law is for the account of the
      Holders of Outstanding Securities.

     

    
      
        
        

      

      
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    ARTICLE
      10.

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      10.01.  Incorporators,
      Stockholders, Members, Officers and Directors of Issuer and Guarantor Exempt
      from Individual Liability.
      No
      recourse under or upon any obligation, covenant or agreement contained in this
      Indenture, or in any Security, or because of any indebtedness evidenced thereby,
      shall be had against any incorporator, as such or against any past, present
      or
      future stockholder (except in a stockholder’s corporate capacity as Guarantor),
      member, officer or director, as such, of the Issuer or the Guarantor or of
      any
      successor, either directly or through the Issuer or the Guarantor, as the case
      may be, or any successor, under any rule of law, statute or constitutional
      provision or by the enforcement of any assessment or by any legal or equitable
      proceeding or otherwise, all such liability being expressly waived and released
      by the acceptance of the Securities by the holders thereof and as part of the
      consideration for the issue of the Securities.

     

    Section
      10.02.  Provisions
      of Indenture for the Sole Benefit of Parties and Securityholders.
      Nothing
      in this Indenture or in the Securities, expressed or implied, shall give or
      be
      construed to give to any person, firm or corporation, other than the parties
      hereto and their successors, the holders of Senior Debt and the Holders of
      the
      Securities, any legal or equitable right, remedy or claim under this Indenture
      or under any covenant or provision herein contained, all such covenants and
      provisions being for the sole benefit of the parties hereto and their
      successors, the holders of Senior Debt and of the Holders of the
      Securities.

     

    Section
      10.03.  Successors
      and Assigns of Issuer and Guarantor Bound by Indenture.
      All the
      covenants, stipulations, promises and agreements in this Indenture contained
      by
      or in behalf of the Issuer shall bind its successors and assigns, whether so
      expressed or not. All the covenants, stipulations, promises and agreements
      in
      this Indenture contained by or in behalf of the Guarantor shall bind its
      successors and assigns, whether so expressed or not.

     

    Section
      10.04.  Notices
      and Demands on Issuer, Trustee and Securityholders.
      Any
      notice or demand which by any provision of this Indenture is required or
      permitted to be given or served by the Trustee or by the Holders of Securities
      to or on the Issuer or the Guarantor may be given or served by being deposited
      postage prepaid, first-class mail (except as otherwise specifically provided
      herein) addressed (until another address is filed with the Trustee) as
      follows:

     

    If
      to the
      Issuer:

     

    Amarin
      Finance Ltd.

    Clarendon
      House

    2
      Church
      Street

    Hamilton
      HM11

    Bermuda

     

    If
      to the
      Guarantor:

     

    Amarin
      Corporation plc

    7
      Curzon
      Street

    Mayfair

    London
      WIJ
      5HG

    England

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

    

     

    Attention:
      Chief Financial Officer

    Fax:

     

    with
      copies to:

     

    Amarin
      Corporation plc

    50
      Pembroke Road

    Ballsbridge

    Dublin
      4

    Ireland

    Attention:
      General Counsel

    Fax:

     

    Cahill
      Gordon & Reindel LLP

    80
      Pine
      Street

    New
      York,
      New York 10005

    Attention:
      Christopher T. Cox

    Fax:
      (212)
      269-5420

     

    Any
      notice, direction, request or demand by the Issuer, the Guarantor or any
      Securityholder to or upon the Trustee shall be deemed to have been sufficiently
      given or made, for all purposes, if delivered in person or mailed by first-class
      mail to the Trustee at
      [                        ],
      Attention:
      [                   ].

     

    Where
      this
      Indenture provides for notice to Holders, such notice shall be sufficiently
      given (unless otherwise herein expressly provided) if in writing and mailed,
      first-class postage prepaid, to each Holder entitled thereto, at his last
      address as it appears in the Security register. In any case where notice to
      Holders is given by mail, neither the failure to mail such notice, nor any
      defect in any notice so mailed, to any particular Holder shall affect the
      sufficiency of such notice with respect to other Holders. Where this Indenture
      provides for notice in any manner, such notice may be waived in writing by
      the
      person entitled to receive such notice, either before or after the event, and
      such waiver shall be the equivalent of such notice. Waivers of notice by Holders
      shall be filed with the Trustee, but such filing shall not be a condition
      precedent to the validity of any action taken in reliance upon such
      waiver.

     

    In
      case,
      by reason of the suspension of or irregularities in regular mail service, it
      shall be impracticable to mail notice to the Issuer, the Guarantor or the
      Securityholders when such notice is required to be given pursuant to any
      provision of this Indenture, then any manner of giving such notice as shall
      be
      satisfactory to the Trustee shall be deemed to be a sufficient giving of such
      notice.

     

    Section
      10.05.  Officers’
      Certificates and Opinions of Counsel; Statements to Be Contained
      Therein.
      Upon any
      application or demand by the Issuer or the Guarantor to the Trustee to take
      any
      action under any of the provisions of this Indenture, the Issuer or the
      Guarantor, as the case may be, shall furnish to the Trustee an Officers’
Certificate or Guarantor’s Officers’ Certificate, as the case may be, stating
      that all conditions precedent provided for in this Indenture relating to the
      proposed action have been complied with and an Opinion of Counsel stating that
      in the opinion of such counsel all such conditions precedent have been complied
      with, except that in the case of any such application or demand as to which
      the
      furnishing of such 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.

     

    Each
      certificate or opinion provided for in this Indenture and delivered to the
      Trustee with respect to compliance with a condition or covenant provided for
      in
      this Indenture shall include (a) a 

     

    
      
        
        

      

      
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    statement
      that the person making such certificate or opinion has read such covenant or
      condition, (b) a brief statement as to the nature and scope of the examination
      or investigation upon which the statements or opinions contained in such
      certificate or opinion are based, (c) a statement that, in the opinion of such
      person, he has made such examination or investigation as is necessary to enable
      him to express an informed opinion as to whether or not such covenant or
      condition has been complied with and (d) a statement as to whether or not,
      in
      the opinion of such person, such condition or covenant has been complied
      with.

     

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

     

    Any
      certificate, statement or opinion of an officer of the Issuer or the Guarantor
      or of counsel may be based, insofar as it relates to accounting matters, upon
      a
      certificate or opinion of or representations by an accountant or firm of
      accountants in the employ of the Issuer, unless such officer or counsel, as
      the
      case may be, knows that the certificate or opinion or representations with
      respect to the accounting matters upon which his certificate, statement or
      opinion may be based as aforesaid are erroneous, or in the exercise of
      reasonable care should know that the same are erroneous.

     

    Any
      certificate or opinion of any independent firm of public accountants filed
      with
      the Trustee shall contain a statement that such firm is
      independent.

     

    Section
      10.06.  Payments
      Due on Saturdays, Sundays and Holidays.
      If the
      date of maturity of interest on or principal of the Securities of any series
      or
      the date fixed for redemption or repayment of any such Security shall not be
      a
      Business Day, then payment of interest or principal need not be made on such
      date, but may be made on the next succeeding Business Day with the same force
      and effect as if made on the date of maturity or the date fixed for redemption,
      and no interest shall accrue for the period after such date.

     

    Section
      10.07.  Conflict
      of Any Provision of Indenture with Trust Indenture Act of 1939.
      If and
      to the extent that any provision of this Indenture limits, qualifies or
      conflicts with another provision included in this Indenture by operation of
      Sections 310 to 317, inclusive, of the Trust Indenture Act of 1939 (an
“incorporated provision”), such incorporated provision shall
      control.

     

    Section
      10.08.  New
      York Law to Govern.
      This
      Indenture and each Security shall be deemed to be a contract under the laws
      of
      the State of New York, and for all purposes shall be governed by and construed
      in accordance with the laws of the State of New York without regard to
      principles of conflicts of law.

     

    Section
      10.09.  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.

     

    
      
        
        

      

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

     

    Section
      10.11.  Securities
      in a Non-U.S. Currency.
      Unless
      otherwise specified in an Officers’ Certificate delivered pursuant to Section
      2.03 of this Indenture with respect to a particular series of Securities,
      whenever for purposes of this Indenture any action may be taken by the Holders
      of a specified percentage in aggregate principal amount of Securities of all
      series or all series affected by a particular action at the time Outstanding
      and, at such time, there are Outstanding Securities of any series which are
      denominated in a coin or currency other than Dollars, then the principal amount
      of Securities of such series which shall be deemed to be Outstanding for the
      purpose of taking such action shall be that amount of Dollars that could be
      obtained for such amount at the Market Exchange Rate. For purposes of this
      Section 10.11, Market Exchange Rate shall mean the noon Dollar buying rate
      in
      New York City for cable transfers of that currency as published by the Federal
      Reserve Bank of New York. If such Market Exchange Rate is not available for
      any
      reason with respect to such currency, the Trustee shall use, in its sole
      discretion and without liability on its part, such quotation of the Federal
      Reserve Bank of New York as of the most recent available date, or quotations
      from one or more major banks in The City of New York or in the country of issue
      of the currency in question, or such other quotations as the Trustee shall
      deem
      appropriate. The provisions of this paragraph shall apply in determining the
      equivalent principal amount in respect of Securities of a series denominated
      in
      a currency other than Dollars in connection with any action taken by Holders
      of
      Securities pursuant to the terms of this Indenture.

     

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

     

    Section
      10.12.  Submission
      to Jurisdiction.
      Each of
      the Issuer and the Guarantor agrees that any legal suit, action or proceeding
      arising out of or based upon this Indenture may be instituted in any federal
      or
      state court sitting in New York City, and, to the fullest extent permitted
      by
      law, waives any objection which it may now or hereafter have to the laying
      of
      venue of any such proceeding, and irrevocably submits to the jurisdiction of
      such court in any suit, action or proceeding. Each of the Issuer and the
      Guarantor, as long as any of the Securities remain Outstanding or the parties
      hereto have any obligation under this Indenture, shall have an authorized agent
      (the “Authorized Agent”) in the United States upon whom process may be served in
      any such legal action or proceeding. Service of process upon such agent and
      written notice of such service mailed or delivered to it shall to the extent
      permitted by law be deemed in every respect effective service of process upon
      it
      in any such legal action or proceeding and, if it fails to maintain such agent,
      any such process or summons may be served by mailing a copy thereof by
      registered mail, or a form of mail substantially equivalent thereto, addressed
      to it at its address as provided for notices hereunder. Each of the Issuer
      and
      the Guarantor hereby appoints Mr. Donald J. Puglisi, Managing Director,
      Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware, as
      its agent for such purposes, and covenants and agrees that service of process
      in
      any legal action or proceeding may be made upon it at such office of such
      agent.

     

    Section
      10.13.  Judgment
      Currency.
      Each of
      the Issuer and the Guarantor agrees, to the fullest extent that it may
      effectively do so under applicable law, that (a) if for the purpose of obtaining
      judgment in any court it is necessary to convert the sum due in respect of
      the
      principal of or interest on the Securities of any series (the “Required
      Currency”) into a currency in which a judgment will be rendered (the “Judgment
      Currency”), the rate of exchange used shall be the rate at which in accordance
      with normal banking procedures the Trustee could purchase in The City of New
      York the Required Currency with the Judgment Currency on the day on which final
      unappealable judgment is entered, unless such day 

     

    
      
        
        

      

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

     

    ARTICLE
      11.

     

    REDEMPTION
      OF SECURITIES AND SINKING FUNDS

     

    Section
      11.01.  Applicability
      of Article.
      The
      provisions of this Article shall be applicable to the Securities of any series
      which are redeemable before their maturity or to any sinking fund for the
      retirement of Securities of a series except as otherwise specified as
      contemplated by Section 2.03 for Securities of such series.

     

    Section
      11.02.  Notice
      of Redemption; Partial Redemptions.
      Notice
      of redemption to the Holders of Securities of any series to be redeemed as
      a
      whole or in part at the option of the Issuer shall be given by mailing notice
      of
      such redemption by first class mail, postage prepaid, at least 30 days and
      not
      more than 60 days prior to the date fixed for redemption to such Holders of
      Securities of such series at their last addresses as they shall appear upon
      the
      registry books. Any notice which is mailed in the manner herein provided shall
      be conclusively presumed to have been duly given, whether or not the Holder
      receives the notice. Failure to give notice by mail, or any defect in the notice
      to the Holder of any Security of a series designated for redemption as a whole
      or in part shall not affect the validity of the proceedings for the redemption
      of any other Security of such series.

     

    The
      notice
      of redemption to each such Holder shall specify the principal amount of each
      Security of such series held by such Holder to be redeemed, the date fixed
      for
      redemption, the redemption price, the place or places of payment, that payment
      will be made upon presentation and surrender of such Securities, that such
      redemption is pursuant to the mandatory or optional sinking fund, or both,
      if
      such be the case, that interest accrued to the date fixed for redemption will
      be
      paid as specified in such notice and that on and after said date interest
      thereon or on the portions thereof to be redeemed will cease to accrue. In
      case
      any Security of a series is to be redeemed in part only the notice of redemption
      shall state the portion of the principal amount thereof to be redeemed and
      shall
      state that on and after the date fixed for redemption, 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.

     

    The
      notice
      of redemption of Securities of any series to be redeemed at the option of the
      Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee
      in the name and at the expense of the Issuer.

     

    
      
        
        

      

      
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    On
      or
      before the redemption date specified in the notice of redemption given as
      provided in this Section, the Issuer will deposit with the Trustee or with
      one
      or more paying agents (or, if the Issuer is acting as its own paying agent,
      set
      aside, segregate and hold in trust as provided in Section 3.04) an amount of
      money or other property sufficient to redeem on the redemption date all the
      Securities of such series so called for redemption at the appropriate redemption
      price, together with accrued interest to the date fixed for redemption. If
      less
      than all the outstanding Securities of a series are to be redeemed, the Issuer
      will deliver to the Trustee at least 70 days prior to the date fixed for
      redemption an Officers’ Certificate stating the aggregate principal amount of
      Securities to be redeemed.

     

    If
      less
      than all the Securities of a series are to be redeemed, the Trustee shall
      select, in such manner as it shall deem appropriate and fair, Securities of
      such
      series to be redeemed in whole or in part. Securities may be redeemed in part
      in
      multiples equal to the minimum authorized denomination for Securities of such
      series or any multiple thereof. The Trustee shall promptly notify the Issuer
      in
      writing of the Securities of such series selected for redemption and, in the
      case of any Securities of such series selected for partial redemption, the
      principal amount thereof to be redeemed. For all purposes of this Indenture,
      unless the context otherwise requires, all provisions relating to the redemption
      of Securities of any series shall relate, in the case of any Security redeemed
      or to be redeemed only in part, to the portion of the principal amount of such
      Security which has been or is to be redeemed.

     

    Section
      11.03.  Payment
      of Securities Called for Redemption.
      If
      notice of redemption has been given as above provided, the Securities or
      portions of Securities 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
      on
      and after said date (unless the Issuer shall default in the payment of such
      Securities at the redemption price, together with interest accrued to said
      date)
      interest on the Securities or portions of Securities so called for redemption
      shall cease to accrue and, except as provided in Sections 5.05 and 9.04, such
      Securities shall cease from and after the date fixed for redemption to be
      entitled to any benefit or security under this Indenture, and the Holders
      thereof shall have no right in respect of such Securities except the right
      to
      receive the redemption price thereof and unpaid interest to the date fixed
      for
      redemption. On presentation and surrender of such Securities at a place of
      payment specified in said notice, said Securities or the specified portions
      thereof shall be paid and redeemed by the Issuer at the applicable redemption
      price, together with interest accrued thereon to the date fixed for redemption;
      provided that any semiannual payment of interest becoming due on the date fixed
      for redemption shall be payable to the Holders of such Securities registered
      as
      such on the relevant record date subject to the terms and provisions of Sections
      2.03 and 2.04 hereof.

     

    If
      any
      Security called for redemption shall not be so paid upon surrender thereof
      for
      redemption, the principal shall, until paid or duly provided for, bear interest
      from the date fixed for redemption at the rate of interest or Yield to Maturity
      (in the case of an Original Issue Discount Security) borne by such
      Security.

     

    Upon
      presentation of any Security redeemed in part only, the Issuer shall execute
      and
      the Trustee shall authenticate and deliver to or on the order of the Holder
      thereof, at the expense of the Issuer, a new Security or Securities of such
      series, of authorized denominations, in principal amount equal to the unredeemed
      portion of the Security so presented.

     

    Section
      11.04.  Exclusion
      of Certain Securities from Eligibility for Selection for
      Redemption.
      Securities shall be excluded from eligibility for selection for redemption
      if
      they are identified by registration and certificate number in a written
      statement signed by an authorized officer of the Issuer and delivered to the
      Trustee at least 40 days prior to the last date on which notice of redemption
      may be given as being owned of record and beneficially by, and not pledged
      or
      hypothecated by either (a) 

     

    
      
        
        

      

      
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    the
      Issuer
      or (b) an entity specifically identified in such written statement as directly
      or indirectly controlling or controlled by or under direct or indirect common
      control with the Issuer.

     

    Section
      11.05.  Mandatory
      and Optional Sinking Funds.
      The
      minimum amount of any sinking fund payment provided for by the terms of the
      Securities of any series is herein referred to as a “mandatory sinking fund
      payment”, and any 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”. The date on which a sinking fund payment is to be made is herein
      referred to as the “sinking fund payment date”.

     

    In
      lieu of
      making all or any part of any mandatory sinking fund payment with respect to
      any
      series of Securities in cash, the Issuer may at its option (a) deliver to the
      Trustee Securities of such series theretofore purchased or otherwise acquired
      (except upon redemption pursuant to the mandatory sinking fund) by the Issuer
      or
      receive credit for Securities of such series (not previously so credited)
      theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer
      and delivered to the Trustee for cancellation pursuant to Section 2.07, (b)
      receive credit for optional sinking fund payments (not previously so credited)
      made pursuant to this Section, or (c) receive credit for Securities of such
      series (not previously so credited) redeemed by the Issuer through any optional
      redemption provision contained in the terms of such series. Securities so
      delivered or credited shall be received or credited by the Trustee at the
      sinking fund redemption price specified in such Securities.

     

    On
      or
      before the sixtieth day next preceding each sinking fund payment date for any
      series, the Issuer will deliver to the Trustee a written statement (which need
      not contain the statements required by Section 10.05) signed by an authorized
      officer of the Issuer (a) specifying the portion of the mandatory sinking fund
      payment to be satisfied by payment of cash and the portion to be satisfied
      by
      credit of Securities of such series, (b) stating that none of the Securities
      of
      such series has theretofore been so credited, (c) stating that no defaults
      in
      the payment of interest or Events of Default with respect to such series have
      occurred (which have not been waived or cured) and are continuing and (d)
      stating whether or not the Issuer intends to exercise its right to make an
      optional sinking fund payment with respect to such series and, if so, specifying
      the amount of such optional sinking fund payment which the Issuer intends to
      pay
      on or before the next succeeding sinking fund payment date. Any Securities
      of
      such series to be credited and required to be delivered to the Trustee in order
      for the Issuer to be entitled to credit therefor as aforesaid which have not
      theretofore been delivered to the Trustee shall be delivered for cancellation
      pursuant to Section 2.10 to the Trustee with such written statement (or
      reasonably promptly thereafter if acceptable to the Trustee). Such written
      statement shall be irrevocable and upon its receipt by the Trustee the Issuer
      shall become unconditionally obligated to make all the cash payments or payments
      therein referred to, if any, on or before the next succeeding sinking fund
      payment date. Failure of the Issuer, on or before any such sixtieth day, to
      deliver such written statement and Securities specified in this paragraph,
      if
      any, shall not constitute a default but shall constitute, on and as of such
      date, the irrevocable election of the Issuer (i) that the mandatory sinking
      fund
      payment for such series due on the next succeeding sinking fund payment date
      shall be paid entirely in cash without the option to deliver or credit
      Securities of such series in respect thereof and (ii) that the Issuer will
      make
      no optional sinking fund payment with respect to such series as provided in
      this
      Section.

     

    If
      the
      sinking fund payment or payments (mandatory or optional or both) to be made
      in
      cash on the next succeeding sinking fund payment date plus any unused balance
      of
      any preceding sinking fund payments made in cash shall exceed $50,000 (or a
      lesser sum if the Issuer shall so request) with respect to the Securities of
      any
      particular series, such cash shall be applied on the next succeeding sinking
      fund payment date to the redemption of Securities of such series at the sinking
      fund redemption price together with accrued interest to the date fixed for
      redemption. If such amount shall be $50,000 or less and the Issuer makes no
      such
      request then it shall be carried over until a sum in excess of $50,000 is
      available. 

     

    
      
        
        

      

      
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    The
      Trustee shall select, in the manner provided in Section 11.02, for redemption
      on
      such sinking fund payment date a sufficient principal amount of Securities
      of
      such series to absorb said cash, as nearly as may be, and shall (if requested
      in
      writing by the Issuer) inform the Issuer of the serial numbers of the Securities
      of such series (or portions thereof) so selected. Securities of any series
      which
      are (a) owned by the Issuer or an entity known by the Trustee to be directly
      or
      indirectly controlling or controlled by or under direct or indirect common
      control with the Issuer, as shown by the Security register, and not known to
      the
      Trustee to have been pledged or hypothecated by the Issuer or any such entity
      or
      (b) identified in an Officers’ Certificate at least 60 days prior to the sinking
      fund payment date as being beneficially owned by, and not pledged or
      hypothecated by, the Issuer or an entity directly or indirectly controlling
      or
      controlled by or under direct or indirect common control with the Issuer shall
      be excluded from Securities of such series eligible for selection for
      redemption. The Trustee, in the name and at the expense of the Issuer (or the
      Issuer, if it shall so request the Trustee in writing) shall cause notice of
      redemption of the Securities of such series to be given in substantially the
      manner provided in Section 11.02 (and with the effect provided in Section 11.03)
      for the redemption of Securities of such series in part at the option of the
      Issuer. The amount of any sinking fund payments not so applied or allocated
      to
      the redemption of Securities of such series shall be added to the next cash
      sinking fund payment for such series and, together with such payment, shall
      be
      applied in accordance with the provisions of this Section. Any and all sinking
      fund moneys held on the stated maturity date of the Securities of any particular
      series (or earlier, if such maturity is accelerated), which are not held for
      the
      payment or redemption of particular Securities of such series shall be applied,
      together with other moneys, if necessary, sufficient for the purpose, to the
      payment of the principal of, and interest on, the Securities of such series
      at
      maturity.

     

    On
      or
      before each sinking fund payment date, the Issuer shall pay to the Trustee
      in
      cash or shall otherwise provide for the payment of all interest accrued to
      the
      date fixed for redemption on Securities to be redeemed on the next following
      sinking fund payment date.

     

    The
      Trustee shall not redeem or cause to be redeemed any Securities of a series
      with
      sinking fund moneys or give any notice of redemption of Securities for such
      series by operation of the sinking fund during the continuance of a default
      in
      payment of interest on such Securities or of any Event of Default except that,
      where the mailing of notice of redemption of any Securities shall theretofore
      have been made, the Trustee shall redeem or cause to be redeemed such
      Securities, provided that it shall have received from the Issuer a sum
      sufficient for such redemption. Except as aforesaid, any moneys in the sinking
      fund for such series at the time when any such default or Event of Default
      shall
      occur, and any moneys thereafter paid into the sinking fund, shall, during
      the
      continuance of such default or Event of Default, be deemed to have been
      collected under Article 4 and held for the payment of all such Securities.
      In
      case such Event of Default shall have been waived as provided in Section 4.09
      or
      the default cured on or before the sixtieth day preceding the sinking fund
      payment date in any year, such moneys shall thereafter be applied on the next
      succeeding sinking fund payment date in accordance with this Section to the
      redemption of such Securities.

     

    ARTICLE
      12.

     

    GUARANTEE

     

    Section
      12.01.  The
      Guarantee.
      The
      Guarantor hereby jointly and severally unconditionally guarantees to each Holder
      of a Security of any series with respect to which an Officers’ Certificate or
      supplemental indenture relating to such series indicates that the Securities
      of
      such series are entitled to the benefits of the Guarantee that has been
      authenticated and delivered by the Trustee the due and punctual payment of
      the
      principal of, any premium and interest on, and any additional amounts with
      respect to such Security and the due and punctual payment of the sinking fund
      payments (if any) provided 

     

    
      
        
        

      

      
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    for
      pursuant to the terms of such Security, when and as the same shall become due
      and payable, whether at maturity, by acceleration, redemption, repayment or
      otherwise, in accordance with the terms of such Security and of this Indenture.
      In case of the failure of the Issuer punctually to pay any such principal,
      premium, interest, additional amounts or sinking fund payment, the Guarantor
      hereby jointly and severally agrees to cause any such payment to be made
      punctually when and as the same shall become due and payable, whether at
      maturity, upon acceleration, redemption, repayment or otherwise, and as if
      such
      payment were made by the Issuer.

     

    Section
      12.02.  Net
      Payments.
      All
      payments of principal of and premium, if any, interest and any other amounts
      on,
      or in respect of, the Securities of any series shall be made by the Guarantor
      without withholding or deduction at source for, or on account of, any present
      or
      future taxes, fees, duties, assessments or governmental charges of whatever
      nature imposed or levied by or on behalf of Bermuda, or another jurisdiction
      in
      which the Issuer or Guarantor, or a successor of any of them, is organized,
      is
      resident or engaged in business for tax purposes or through which payments
      are
      made on or in connection with the Securities, (the “taxing jurisdiction”) or any
      political subdivision or taxing authority thereof or therein, unless such taxes,
      fees, duties, assessments or governmental charges are required to be withheld
      or
      deducted by (i) the laws (or any regulations or ruling promulgated thereunder)
      of a taxing jurisdiction or any political subdivision or taxing authority
      thereof or therein or (ii) an official position regarding the application,
      administration, interpretation or enforcement of any such laws, regulations
      or
      rulings (including, without limitation, a holding by a court of competent
      jurisdiction or by a taxing authority in a taxing jurisdiction or any political
      subdivision thereof). If a withholding or deduction at source is required,
      the
      Guarantor shall, subject to certain limitations and exceptions set forth below,
      pay to the Holder of any such Security such additional amounts as may be
      necessary so that every net payment of principal, premium, if any, interest
      or
      any other amount made to such Holder, after such withholding or deduction,
      shall
      not be less than the amount provided for in such Security, and this Indenture
      to
      be then due and payable; provided, however, that the Guarantor shall not be
      required to make payment of such additional amounts for or on account
      of:

     

    (a)  any
      tax,
      fee, duty, assessment or governmental charge of whatever nature which would
      not
      have been imposed but for the fact that such Holder: (A) was a resident,
      domiciliary or national of, or engaged in business or maintained a permanent
      establishment or was physically present in, the relevant taxing jurisdiction
      or
      any political subdivision thereof or otherwise had some connection with the
      relevant taxing jurisdiction other than by reason of the mere ownership of,
      or
      receipt of payment under, such Security; (B) presented such Security for payment
      in the relevant taxing jurisdiction or any political subdivision thereof, unless
      such Security could not have been presented for payment elsewhere; or (C)
      presented such Security more than thirty (30) days after the date on which
      the
      payment in respect of such Security first became due and payable or provided
      for, whichever is later, except to the extent that the Holder would have been
      entitled to such additional amounts if it had presented such Security for
      payment on any day within such period of thirty (30) days;

     

    (b)  any
      estate, inheritance, gift, sale, transfer, personal property or similar tax,
      assessment or other governmental charge;

     

    (c)  any
      tax,
      assessment or other governmental charge that is imposed or withheld by reason
      of
      the failure by the Holder or the beneficial owner of such Security to comply
      with any reasonable request by the Guarantor addressed to the Holder within
      90
      days of such request (A) to provide information concerning the nationality,
      residence or identity of the Holder or such beneficial owner or (B) to make
      any
      declaration or other similar claim or satisfy any information or reporting
      requirement, which, in the case of (A) or (B), is required or imposed by
      statute, treaty, 

     

    
      
        
        

      

      
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    regulation
      or administrative practice of the relevant taxing jurisdiction or any political
      subdivision thereof as a precondition to exemption from all or part of such
      tax,
      assessment or other governmental charge; or

     

    (d)  any
      combination of items (a), (b) and (c);

     

    (e)  nor
      shall
      additional amounts be paid with respect to any payment of the principal of,
      or
      premium, if any, interest or any other amounts on, any such Security to any
      Holder who is a fiduciary or partnership or other than the sole beneficial
      owner
      of such Security to the extent such payment would be required by the laws of
      the
      relevant taxing jurisdiction (or any political subdivision or relevant taxing
      authority thereof or therein) to be included in the income for tax purposes
      of a
      beneficiary or partner or settlor with respect to such fiduciary or a member
      of
      such partnership or a beneficial owner who would not have been entitled to
      such
      additional amounts had it been the Holder of the Security.

     

    Whenever
      in this Indenture there is mentioned, in any context, the payment of the
      principal of or any premium, interest or any other amounts on, or in respect
      of,
      any Security of any series or the net proceeds received on the sale or exchange
      of any Security of any series, such mention shall be deemed to include mention
      of the payment of additional amounts provided by the terms of such series
      established hereby or pursuant hereto to the extent that, in such context,
      additional amounts are, were or would be payable in respect thereof pursuant
      to
      such terms, and express mention of the payment of additional amounts (if
      applicable) in any provision hereof shall not be construed as excluding the
      payment of additional amounts in those provisions hereof where such express
      mention is not made.

     

    Section
      12.03.  Guarantee
      Unconditional, etc.
      The
      Guarantor hereby agrees that its obligations hereunder shall be as principal
      and
      not merely as surety, and shall be absolute, irrevocable and unconditional,
      irrespective of, and shall be unaffected by, any invalidity, irregularity or
      unenforceability of any Security or this Indenture, any failure to enforce
      the
      provisions of any Security or this Indenture, or any waiver, modification,
      consent or indulgence granted with respect thereto by the Holder of such
      Security or the Trustee, the recovery of any judgment against the Issuer or
      any
      action to enforce the same, or any other circumstances which may otherwise
      constitute a legal or equitable discharge of a surety or guarantor. The
      Guarantor hereby waives diligence, presentment, demand of payment, filing of
      claims with a court in the event of merger, insolvency or bankruptcy of the
      Issuer, any right to require a proceeding first against the Issuer, protest
      or
      notice with respect to any such Security or the indebtedness evidenced thereby
      and all demands whatsoever, and covenants that this Guarantee will not be
      discharged except by payment in full of the principal of, any premium and
      interest on, and any additional amounts and sinking fund payments required
      with
      respect to, the Securities and the complete performance of all other obligations
      contained in the Securities. The Guarantor further agrees, to the fullest extent
      that it lawfully may do so, that, as between the Guarantor, on the one hand,
      and
      the Holders and the Trustee, on the other hand, the maturity of the obligations
      guaranteed hereby may be accelerated as provided in Section 4.01 hereof for
      the
      purposes of this Guarantee, notwithstanding any stay, injunction or prohibition
      extant under any bankruptcy, insolvency, reorganization or other similar law
      of
      any jurisdiction preventing such acceleration in respect of the obligations
      guaranteed hereby.

     

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

     

    
      
        
        

      

      
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    Section
      12.05.  Subrogation.
      The
      Guarantor agrees that it shall not be entitled to any right of subrogation
      in
      relation to the Holders of any Security against the Issuer in respect of any
      amounts paid to such Holder by the Guarantor pursuant to the provisions of
      this
      Guarantee; provided, however, that the Guarantor shall not be entitled to
      enforce, or to receive any payments arising out of or based upon, such right
      of
      subrogation until the principal of, any premium and interest on, and any
      additional amounts and sinking fund payments required with respect to, all
      Securities shall have been paid in full.

     

    Section
      12.06.  Limitation
      on Liability.
      

     

    The
      Guarantor, and by his acceptance of Securities, each Holder, hereby confirms
      that it is the intention of all such parties that the Guarantee of the Guarantor
      not constitute a fraudulent transfer or conveyance for purposes of any state
      law
      for the relief of debtors or any fraudulent conveyance law or fraudulent
      transfer law to the extent applicable to the Guarantor.

     

    Section
      12.07.  Assumption
      by Guarantor.

     

    (a)  The
      Guarantor may, without the consent of the Holders, assume all of the rights
      and
      obligations of the Issuer hereunder with respect to a series of Securities
      and
      under the Securities of such series if, after giving effect to such assumption,
      no Event of Default or event which with the giving of notice or lapse of time,
      or both, would become an Event of Default, shall have occurred and be
      continuing. Upon such an assumption, the Guarantor shall execute a supplemental
      indenture evidencing its assumption of all such rights and obligations of the
      Issuer and the Issuer shall be released from its liabilities hereunder and
      under
      such Securities as obligor on the Securities of such series.

     

    (b)  The
      Guarantor shall assume all of the rights and obligations of the Issuer hereunder
      with respect to a series of Securities and under the Securities of such series
      if, upon a default by the Issuer in the due and punctual payment of the
      principal, sinking fund payment, if any, premium, if any, or interest on such
      Securities, the Guarantor is prevented by any court order or judicial proceeding
      from fulfilling its obligations under Section 12.01 with respect to such series
      of Securities. Such assumption shall result in the Securities of such series
      becoming the direct obligations of the Guarantor and shall be effected without
      the consent of the Holders of the Securities of any series. Upon such an
      assumption, the Guarantor shall execute a supplemental indenture evidencing
      its
      assumption of all such rights and obligations of the Issuer, and the Issuer
      shall be released from its liabilities hereunder and under such Securities
      as
      obligor on the Securities of such series.

     

    ARTICLE
      13.

     

    SUBORDINATION
      OF SECURITIES

     

    Section
      13.01.  Agreement
      to Subordinate.
      Each of
      the Issuer and the Guarantor covenants and agrees, and each Holder of a Security
      issued hereunder by his acceptance thereof likewise covenants and agrees, that
      all Securities shall be issued subject to the provisions of this Article; and
      each person holding any Security, whether upon original issue or upon transfer,
      assignment or exchange thereof, accepts and agrees that the principal of (and
      premium, if any) and interest on all Securities issued hereunder shall, to
      the
      extent and in the manner set forth herein, subject to any modifications or
      additional terms set forth in any applicable supplemental indenture, be
      subordinated and subject in right to the prior payment in full of all Senior
      Debt.

     

    Section
      13.02.  Payments
      to Holders of Securities.
      In the
      event of (a) any insolvency or bankruptcy case or proceeding, or any
      receivership, liquidation, reorganization or other similar case or 

     

    
      
        
        

      

      
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    proceeding
      in connection therewith, relative to the Issuer or the Guarantor or to its
      creditors, as such, or to its assets, or (b) any liquidation, dissolution or
      other winding up of the Issuer or the Guarantor, whether voluntary or
      involuntary and whether or not involving insolvency or bankruptcy, and (c)
      any
      assignment for the benefit of creditors or any other marshalling of assets
      and
      liabilities of the Issuer or the Guarantor, then and in any such event the
      holders of Senior Debt shall be entitled to receive payment in full of all
      amounts due or to become due on or in respect of all Senior Debt (including
      any
      interest accruing thereon after the commencement of any such case or
      proceeding), or provision shall be made for such payment in cash or cash
      equivalents or otherwise in a manner satisfactory to the holders of Senior
      Debt,
      before the Holders of the Securities are entitled to receive any payment on
      account of principal of (or premium, if any) or interest on the Securities,
      and
      to that end the holders of Senior Debt shall be entitled to receive, for
      application to the payment thereof, any payment or distribution of any kind
      or
      character, whether in cash, property or securities, including any such payment
      or distribution which may be payable or deliverable by reason of the payment
      of
      any other indebtedness of the Issuer or the Guarantor being subordinated to
      the
      payment of the Securities, which may be payable or deliverable in respect of
      the
      Securities in any such case, proceeding, dissolution or other winding up
      event.

     

    In
      the
      event that, notwithstanding the foregoing provisions of this Section, the
      Trustee or the Holder of any Security shall have received any payment or
      distribution of assets of the Issuer or the Guarantor of any kind or character,
      whether in cash, property or securities, including any such payment or
      distribution which may be payable or deliverable by reason of the payment of
      any
      other indebtedness of the Issuer or the Guarantor being subordinated to the
      payment of the Securities, before all Senior Debt is paid in full or payment
      thereof provided for, and if such fact shall, at or prior to the time of such
      payment or distribution, have been made known to the Trustee or, as the case
      may
      be, such Holder, then and in such event such payment or distribution shall
      be
      paid over or delivered forthwith to the trustee in bankruptcy, receiver,
      liquidating trustee, custodian, assignee, agent or other Person making payment
      or distribution of assets of the Issuer or the Guarantor for application to
      the
      payment of all Senior Debt remaining unpaid, to the extent necessary to pay
      all
      Senior Debt in full, after giving effect to any concurrent payment or
      distribution to or for the holders of Senior Debt.

     

    For
      purposes of this Article only, the words “cash, property or securities” shall
      not be deemed to include shares of stock of the Issuer or the Guarantor as
      reorganized or readjusted, or securities of the Issuer or the Guarantor or
      any
      other corporation or other entity provided for by a plan of reorganization
      or
      readjustment which are subordinated in right of payment to all Senior Debt
      which
      may at the time be outstanding to substantially the same extent as, or to a
      greater extent than, the Securities are pursuant to the provisions in this
      Article. The consolidation of the Issuer or the Guarantor with, or the merger
      of
      the Issuer or the Guarantor into, another legal entity or the liquidation or
      dissolution of the Issuer or the Guarantor following the conveyance or transfer
      of its property as an entirety, or substantially as an entirety, to another
      legal entity upon the terms and conditions provided in Article 8 shall not
      be
      deemed a dissolution, winding-up, liquidation or reorganization for the purposes
      of this section if such other corporation shall, as a part of such
      consolidation, merger, conveyance or transfer, comply with the conditions stated
      in Article 8.

     

    Section
      13.03.  No
      Payment When Senior Debt Is in Default.
      Subject
      to the last paragraph of this Section, (a) in the event and during the
      continuation of any default in the payment of principal of (or premium, if
      any)
      or interest on any Senior Debt beyond any applicable grace period with respect
      thereto (but not if such default in payment shall have been cured or waived
      or
      shall have ceased to exist), or (b) in the event that the holders of such Senior
      Debt (or a trustee on behalf of the holders thereof) have declared such Senior
      Debt due and payable prior to the date on which it would otherwise have become
      due and payable by reason of an event of default (but not if such declaration
      of
      acceleration shall have been rescinded or annulled), then no payment (including
      any payment which may be payable 

     

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

    

    by
      reason
      of the payment of any other indebtedness of the Issuer or the Guarantor being
      subordinated to the payment of the Securities) shall be made by the Issuer
      or
      the Guarantor on account of principal of (or premium, if any) or interest on
      the
      Securities or on account of the purchase or other acquisition of Securities,
      other than pursuant to their conversion, if any; provided, however, that nothing
      in this Section shall prevent the satisfaction of any sinking fund payment
      in
      accordance with Article 11 by delivering and crediting pursuant to Section
      11.05
      Securities which have been acquired (upon redemption or otherwise) prior to
      such
      default in payment.

     

    In
      the
      event that, notwithstanding the foregoing, the Issuer or the Guarantor shall
      make any payment to the Trustee or the Holder of any Security prohibited by
      the
      provisions of this Section, and if such fact shall, at or prior to the time
      of
      such payment, have been made known to the Trustee or, as the case may be, such
      Holder, then and in such event such payment shall be paid over and delivered
      forthwith to the Issuer or the Guarantor, as the case may be.

     

    Section
      13.04.  Payment
      Permitted in Certain Situations.
      Nothing
      contained in this Article or elsewhere in this Indenture or in any of the
      Securities shall prevent (a) the Issuer or the Guarantor, at any time except
      during the pendency of any case, proceeding, dissolution, liquidation or other
      winding up, assignment for the benefit of creditors or other marshalling of
      assets and liabilities of the Issuer or the Guarantor, as the case may be,
      referred to in Section 13.02 or under the conditions described in Section 13.03,
      from making payments at any time of or on account of the principal of (and
      premium, if any) or interest on the Securities or on account of the purchase
      or
      other acquisition of the Securities, or (b) the application by the Trustee
      of
      any money deposited with it hereunder to the payment of or on account of the
      principal of (and premium, if any) or interest on the Securities or the
      retention of such payment by the Holders, if, at the time of such application
      by
      the Trustee, it did not have knowledge that such payment would have been
      prohibited by the provisions of this Article.

     

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

     

    Section
      13.06.  Provisions
      Solely to Define Relative Rights.
      The
      provisions of this Article are and are intended solely for the purpose of
      defining the relative rights of the Holders of the Securities on the one hand
      and the holders of Senior Debt on the other hand. Nothing contained in this
      Article or elsewhere in this Indenture or in the Securities is intended to
      or
      shall (a) impair, as among the Issuer or the Guarantor, as the case may be,
      its
      creditors other than holders of Senior Debt and the Holders of the Securities,
      the obligation of the Issuer or the Guarantor, which is absolute and
      unconditional, to pay to the Holders of the Securities the principal of (and
      premium, if any) and interest on the Securities as and when the same shall
      become due and payable in accordance with their terms; or 

     

    
      
        
        

      

      
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    (b)
      affect
      the relative rights against the Issuer or the Guarantor of the Holders of the
      Securities and creditors of the Issuer or the Guarantor, as the case may be,
      other than the holders of Senior Debt; or (c) prevent the Trustee or the Holder
      of any Security from exercising all remedies otherwise permitted by applicable
      law upon default under this Indenture, subject to the rights, if any, under
      this
      Article of the holders of Senior Debt to receive cash, property and securities
      otherwise payable or deliverable to the Trustee or such Holder.

     

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

     

    Section
      13.08.  No
      Waiver of Subordination Provisions.
      No right
      of any present or future holder of any Senior Debt to enforce subordination
      as
      herein provided shall at any time in any way be prejudiced or impaired by any
      act or failure to act on the part of the Issuer or the Guarantor or by any
      act
      or failure to act, in good faith, by any such holder, or by any non compliance
      by the Issuer or the Guarantor with the terms, provisions and covenants of
      this
      Indenture, regardless of any knowledge thereof any such holder may have or
      be
      otherwise charged with.

     

    Section
      13.09.  Notice
      to Trustee.
      The
      Issuer or the Guarantor shall give prompt written notice to the Trustee of
      any
      fact known to the Issuer or the Guarantor, as the case may be, which would
      prohibit the making of any payment to or by the Trustee in respect of the
      Securities. Notwithstanding the provisions of this Article or any other
      provision of this Indenture, the Trustee shall not be charged with knowledge
      of
      the existence of any facts which would prohibit the making of any payment to
      or
      by the Trustee in respect of the Securities, unless and until the Trustee shall
      have received written notice thereof from the Issuer or the Guarantor or a
      holder of Senior Debt or from any trustee therefor; and, prior to the receipt
      of
      any such written notice, the Trustee, subject to the provisions of Section
      5.01,
      shall be entitled in all respects to assume that no such facts
      exist.

     

    Subject
      to
      the provisions of Section 5.01, the Trustee shall be entitled to rely on the
      delivery to it of a written notice by a Person representing himself to be a
      holder of Senior Debt (or a trustee therefor) to establish that such notice
      has
      been given by a holder of Senior Debt (or a trustee therefor). In the event
      that
      the Trustee determines in good faith that further evidence is required with
      respect to the right of any Person as a holder of Senior Debt to participate
      in
      any payment or distribution pursuant to this Article, the Trustee may request
      such Person to furnish evidence to the reasonable satisfaction of the Trustee
      as
      to the amount of Senior Debt held by such Person, the extent to which such
      Person is entitled to participate in such payment or distribution and any other
      facts pertinent to the rights of such Person under this Article, and if such
      evidence is not furnished, the Trustee may defer any payment to such Person
      pending judicial determination as to the right of such Person to receive such
      payment.

     

    Section
      13.10.  Reliance
      on Judicial Order or Certificate of Liquidating Agent.
      Upon any
      payment or distribution of assets of the Issuer or the Guarantor referred to
      in
      this Article, the Trustee, subject to the provisions of Section 5.01, and the
      Holders of the Securities shall be entitled to rely upon any order or decree
      entered by any court of competent jurisdiction in which such insolvency,
      bankruptcy, receivership, liquidation, reorganization, dissolution, winding
      up
      or similar case or proceeding is pending, or a certificate of the trustee in
      bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit
      of creditors, agent or other Person making such payment or distribution,
      delivered to the Trustee or to the Holders of Securities, for the purpose of
      ascertaining the Persons entitled to participate in such payment or
      distribution, the holders of Senior Debt and other indebtedness of the Issuer
      or
      the Guarantor, as 

     

    
      
        
        

      

      
        -51-

        
          

        

      

      
        
        

      

    

    the
      case
      may be, the amount thereof or payable thereon, the amount or amounts paid or
      distributed thereon and all other facts pertinent thereto or to this
      Article.

     

    Section
      13.11.  Trustee
      Not Fiduciary for Holders of Senior Debt.
      The
      Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
      Debt and shall not be liable to any such holders or creditors if it shall in
      good faith pay over or distribute to Holders of Securities or to the Issuer
      or
      the Guarantor or to any other Person cash, property or securities to which
      any
      holders of Senior Debt shall be entitled by virtue of this Article or
      otherwise.

     

    Section
      13.12.  Rights
      of Trustee as Holder of Senior Debt; Preservation of Trustee’s
      Rights.
      The
      Trustee in its individual capacity shall be entitled to all the rights set
      forth
      in this Article with respect to any Senior Debt which may at any time be held
      by
      it, to the same extent as any other holder of Senior Debt and nothing in this
      Indenture shall deprive the Trustee of any of its rights as such
      holder.

     

    Nothing
      in
      this Article shall apply to claims of, or payments to, the Trustee under or
      pursuant to Section 5.06.

     

    Section
      13.13.  Article
      Applicable to Paying Agents.
      In case
      at any time any paying agent other than the Trustee shall have been appointed
      by
      the Issuer and be then acting hereunder, the term “Trustee” as used in this
      Article shall in such case (unless the context otherwise requires) be construed
      as extending to and including such paying agent within its meaning as fully
      for
      all intents and purposes as if such paying agent were named in this Article
      in
      addition to or in place of the Trustee.

     

    

    
      
        
        

      

      
        -52-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS
      WHEREOF, the parties hereto have caused this Indenture to be duly executed
      as of
      _____________, ____.

     

     

    EXECUTED
      AND DELIVERED

    AS
      A DEED
      BY

     

     

    AMARIN
      FINANCE LTD.,
      AS
      ISSUER

     

     

    
By: 
      _________________________________________  

    Name:

    Title:

     

    EXECUTED
      AND DELIVERED

    AS
      A DEED
      BY

     

     

    AMARIN
      CORPORATION PLC,

    AS
      GUARANTOR, ACTING BY,

     

     

    
By: 
      _________________________________________  

    Name:

    Title:
      Director

     

    
By: 
      _________________________________________  

    Name:

    Title:
      Director/Company Secretary

     

     

    [                                        ],
      AS
      TRUSTEE

     

    
By: 
      _________________________________________XOMA Ltd. 8K - 07/07/06

    Exhibit
      10.1

     

    FORM
      OF

     

    EMPLOYMENT
      AGREEMENT  

     

    This
      Employment Agreement (“Agreement”), effective as of this ____ day
      of
      ______, 2006, by and between XOMA (US) LLC (“XOMA” or the “Company”), a Delaware
      limited liability company with its principal office at 2910 Seventh Street,
      Berkeley, California, and ________________________ (“Employee”), an individual
      residing at _____________________________________________.
       

     

    WHEREAS,
      the Company wishes to enter into this Agreement to assure the Company of the
      continued services of Employee; and  

     

    WHEREAS,
      Employee is willing to enter into this Agreement and to continue to serve in
      the
      employ of the Company upon the terms and conditions hereinafter provided;
 

     

    NOW,
      THEREFORE, in consideration of the mutual covenants herein contained, the
      parties hereto hereby agree as follows:  

     

    1.  Employment.
      The
      Company agrees to continue to employ Employee, and Employee agrees to continue
      to be employed by the Company, for the period referred to in Section 3 hereof
      and upon the other terms and conditions herein provided.  

     

    2.  Position
      and Responsibilities.
      The
      Company agrees to employ Employee in the position of
      _____________________________, and Employee agrees to serve as
      _______________________________________, for the term and on the conditions
      hereinafter set forth. Employee agrees to perform such services not inconsistent
      with her/his position as shall from time to time be assigned to her/him by
      the
      Chairman of the Board, President and Chief Executive Officer of the Company
      (the
“Chairman”).  

     

    3.  Term
      and
      Duties.  

     

    (a)  Term
      of
      Employment.
      This
      Agreement shall become effective and the term of employment pursuant to this
      Agreement shall commence on __________, 2006 and will continue until
      _____________________, ____, and will be automatically extended (without further
      action by the parties) for one year thereafter and again on each subsequent
      anniversary thereof unless terminated by mutual written consent of Employee
      and
      the Company more than 90 days prior to the next scheduled expiration date or
      unless Employee’s employment is terminated by the Company or he/she resigns from
      the Company’s employ as described herein. 

     

    (b)  Duties.
      During
      the period of her/his employment hereunder Employee shall serve the Company
      as
      its _______________________________________, and except for illnesses, vacation
      periods and reasonable leaves of absence, Employee shall devote all of her/his
      business time, attention, skill and efforts to the faithful performance of
      her/his duties hereunder. So long as Employee is
      ________________________________ of the Company, he/she will discharge all
      duties incidental to such office and such further duties as may be reasonably
      assigned to her/him from time to time by the Chairman.  

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

     

    4.  Compensation
      and Reimbursement of Expenses.  

     

    (a)  Compensation.
      For all
      services rendered by Employee as _____________________________________
      during her/his employment under this Agreement, the Company shall pay Employee
      as compensation a base salary at a rate of not less than $________ per annum.
      All taxes and governmentally required withholding shall be deducted in
      conformity with applicable laws. 

     

    (b)  Reimbursement
      of Expenses.
      The
      Company shall pay or reimburse Employee for all reasonable travel and other
      expenses incurred by Employee in performing her/his obligations under this
      Agreement in a manner consistent with past Company practice. The Company further
      agrees to furnish Employee with such assistance and accommodations as shall
      be
      suitable to the character of Employee’s position with the Company, adequate for
      the performance of her/his duties and consistent with past Company practice.
      

     

    5.  Participation
      in Benefit Plans.
      The
      payments provided in Section 4 hereof are in addition to benefits Employee
      is
      entitled to under any group hospitalization, health, dental care, disability
      insurance, surety bond, death benefit plan, travel and/or accident insurance,
      other allowance and/or executive compensation plan, including, without
      limitation, any senior staff incentive plan, capital accumulation and
      termination pay programs, restricted or non-restricted share purchase plan,
      share option plan, retirement income or pension plan or other present or future
      group employee benefit plan or program of the Company for which key executives
      are or shall become eligible, and Employee shall be eligible to receive during
      the period of her/his employment under this Agreement, and during any subsequent
      period(s) for which he/she shall be entitled to receive payment from the Company
      under paragraph 6(b) below, all benefits and emoluments for which key executives
      are eligible under every such plan or program to the extent permissible under
      the general terms and provisions of such plans or programs and in accordance
      with the provisions thereof.  

     

    6.  Payments
      to Employee Upon Termination of Employment.  

     

    (a)  Termination.
      Upon the
      occurrence of an event of termination (as hereinafter defined) during the period
      of Employee’s employment under this Agreement, the provisions of this paragraph
      6(a) and paragraph 6(b) shall apply. As used in this Agreement, an “event of
      termination” shall mean and include any one or more of the following:
 

     

    (i)  The
      termination by the Company of Employee’s employment hereunder for any reason
      other than pursuant to paragraph 6(c); or  

     

    (ii)  Employee’s
      resignation from the Company’s employ for Good Reason, upon not less than thirty
      (30) days’ prior written notice. 
      “Good
      Reason” means, without the Employee's written consent, (A) the material
      diminution of any material duties or responsibilities of the Employee without
      the same being corrected within ten (10) days after being given written notice
      thereof; (B) a material reduction in the Employee's base salary; or (C) the
      Company giving written 

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    notice
      of
      its intention not to extend the term of this Agreement as provided in paragraph
      3(a).

     

    (b)  Severance
      Pay and Other Benefits.
      The
      following provisions of this Section 6(b) shall apply upon the occurrence of
      an
      event of termination under paragraph 6(a).

     

    (i)  Cash
      Severance Pay.
      Upon the
      occurrence of an event of termination under paragraph 6(a), the Company shall,
      subject to the provisions of Section 7 below, pay Employee, or in the event
      of
      her/his subsequent death, her/his beneficiary or beneficiaries of her/his
      estate, as the case may be, as severance pay or liquidated damages, or both,
      (A)
      a severance payment in an amount equal to ____ times the Employee’s annual base
      salary as in effect immediately prior to the termination, and (B) a severance
      payment equal to the sum of (1) ____ times the Employee’s annual target
      bonus as in effect for the fiscal year in which the termination occurs, and
      (2)
      an amount equal to a pro-rated portion of the Employee’s annual target bonus as
      in effect for the fiscal year in which the termination occurs calculated by
      multiplying the annual target bonus by a fraction, the numerator of which shall
      be the number of calendar months (including a portion of any such month) that
      the Employee was employed with the Company prior to the occurrence of the
      termination during such fiscal year, and the denominator of which shall be
      12.
      Such severance payments shall be in lieu of any other severance payment to
      which
      the Employee shall be entitled as a result of such termination pursuant to
      this
      Agreement, any other employment agreement with or offer letter from the Company
      or any of its affiliates or the Company’s or any of its affiliate’s then
      existing severance plans and policies, except in those circumstances where
      the
      provisions of the Change of Control Severance Agreement, effective as of
      _______, 2006, between Employee and XOMA Ltd., by such agreement’s express
      terms, apply, in which case the provisions of such agreement providing for
      severance payment(s) to Employee as a result of such termination shall apply
      in
      lieu of the provisions of this Agreement relating thereto. The severance payment
      described in Section 6(b)(i)(A) shall be paid in monthly installments over
      ______ months (the “Severance Payment Period”), beginning within thirty (30)
      days of the termination, provided, however, if the Employee is employed with
      another employer at any time within ______ months following the termination,
      then, to the extent permitted under Section 409A of the Internal Revenue Code
      of
      1986, as amended (the “Code”), and the final rules and regulations promulgated
      thereunder, any remaining unpaid installment payments shall be paid in a lump
      sum within 30 days of the receipt by the Company of written notice and
      confirmation of such new employment. The severance payment described in Section
      6(b)(i)(B) shall be paid in a lump sum within thirty (30) days of the
      termination.

     

    (ii)  Group
      Health Coverage and Certain Other Benefits.
      In
      addition, during a period of ______ months following an event of termination
      under paragraph 6(a), (A) the Company shall pay for the full cost of the
      coverage (plus an additional amount to pay for the taxes on such payments,
      if
      any, plus any taxes on such additional amount) of the Employee and Employee’s
      spouse and eligible dependents under any group health plans of the Company
      on
      the date of such termi-

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    nation
      of
      employment at the same level of health (i.e., medical, vision and dental)
      coverage and benefits as in effect for the Employee or such covered dependents
      on the date immediately preceding the date of the Employee’s termination;
provided,
      however,
      that
      (1) the Employee and Employee’s spouse and eligible dependents each
      constitutes a qualified beneficiary, as defined in Section 4980B(g)(1) of
      the Code; and (2) the Employee elects continuation coverage pursuant to the
      Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
      within the time period prescribed pursuant to COBRA; and (B) if Employee is,
      at
      the time of such termination, an eligible participant in the Company’s mortgage
      differential program, the Company shall continue to make mortgage assistance
      payments to Employee pursuant to such program as in effect at the time of such
      termination. Notwithstanding the foregoing, the payments by the Company for
      such
      group health coverage and/or mortgage assistance, as applicable, shall cease
      prior to the expiration of the ______ month period in this Section 6(b)(ii)
      upon
      the employment of the Employment by another employer. Furthermore, if, at the
      time of the termination of Employee’s employment under paragraph 6(a), Employee
      is the obligor of a “forgivable” loan (i.e., a loan which by its terms is to be
      considered forgiven by the Company and paid by the obligor in circumstances
      other than actual repayment) from the Company, then, notwithstanding any
      provisions of such loan to the contrary, such loan shall remain outstanding,
      and
      the forgiveness thereof shall continue, for a period of ______ months following
      such termination in accordance with the terms of such loan in effect at the
      time
      of such termination; provided,
      however, that
      at
      the end of such period of ______ months, the outstanding balance of such loan
      shall be immediately due and payable, together with any accrued and unpaid
      interest thereon.

     

    (iii)  Section
      409A of the Code.
      Notwithstanding the foregoing clauses (i) and (ii), to the extent any of the
      severance payments, mortgage assistance payments or loan forgiveness referred
      to
      therein, or any taxes payable on the health benefits referred to therein, would
      be deemed made in connection with a “separation from service” within the meaning
      of the term in Section 409A(a)(2)(A)(i) of the Code to a “specified employee”
within the meaning of the term in Section 409A(a)(2)(B(i) of the Code, and
      not
      exempt from the requirements of Section 409A of the Code, then such payments
      or
      forgiveness, as the case may be, shall be postponed until six (6) months
      following the Employee’s termination from employment as required by Section 409A
      of the Code, provided,
      however,
      if prior
      to the expiration of such six-month period, the Employee dies or becomes
“disabled” within the meaning of the term in Section 409A(a)(2)(c) of the Code,
      or suffers an “unforeseeable emergency” within the meaning of the term in
      Section 409A(a)(2)(B)(ii), or there has occurred a “change in the ownership or
      effective control” of the Company or in the “ownership of a substantial portion
      of the assets” of the Company within the meaning of such phrases in Section
      409A(a)(2)(A)(v) of the Code, then such payments or forgiveness, as the case
      may
      be, shall commence prior to expiration of the six month period according to
      the
      original payment schedule for such payments to the extent permitted by Section
      409A of the Code. Thus, for example, if the provision in the preceding sentence
      applies, the first six (6) monthly installments of the severance payments

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    provided
      for in clause (i) above shall be paid immediately following the six (6) month
      period in a lump sum and the seventh (7th) through ______ installments shall
      be
      paid according to their original schedule provided that the Employee does not
      die, become “disabled,” or suffer an “unforeseeable emergency,”
and
      there has not occurred a “change in the ownership or effective control” of the
      Company or in the “ownership of a substantial portion of the assets” of the
      Company during such six-month period. 

     

    (iv)  Outplacement
      Program.
      Upon the
      occurrence of an event of termination under paragraph 6(a), the Employee will
      immediately become entitled to participate in a ______ month executive
      outplacement program provided by an executive outplacement service, at the
      Company’s expense not to exceed ______.

     

    (v)  Release
      of Claims.
      As a
      condition of entering into this Agreement and receiving the severance benefits
      under this Section 6(b), the Employee agrees to execute and not revoke a
      release of claims agreement substantially in the form attached hereto as
Exhibit A
      upon the
      termination of the Employee’s employment with the Company. Such release shall
      not, however, apply to the rights and claims of the Employee under this
      Agreement, any indemnification agreement between the Employee and XOMA Ltd.
      (or
      its successor or acquirer), the bye-laws of XOMA Ltd. (or its successor or
      acquirer), the share award agreements between the Employee and XOMA Ltd. (or
      its
      successor or acquirer), or any employee benefit plan of which the Employee
      is a
      participant and under which all benefits due under such plan have not yet been
      paid or provided.

     

    (c)  Other
      Termination of Employment.
      Notwithstanding paragraphs 6(a) and (b) or any other provision of this Agreement
      to the contrary, if on or after the date of this Agreement and prior to the
      end
      of the term hereof: 

     

    (i)   Employee
      has been convicted of any crime or offense constituting a felony under
      applicable law, including, without limitation, any act of dishonesty such as
      embezzlement, theft or larceny; 

     

    (ii)  Employee
      shall act or refrain from acting in respect of any of the duties and
      responsibilities which have been assigned to her/him in accordance with this
      Agreement and shall fail to desist from such action or inaction within thirty
      (30) days after Employee’s receipt of notice from the Company of such action or
      inaction and the Board of Directors determines that such action or inaction
      constituted gross negligence or a willful act of malfeasance or misfeasance
      of
      Employee in respect of such duties; or 

     

    (iii)  Employee
      shall breach any material term of this Agreement and shall fail to correct
      such
      breach within thirty (30) days after Employee’s receipt of notice from the
      Company of such breach (provided such breach can be cured);  

     

    then,
      and
      in each such case, the Company shall have the right to give notice of
      termination of Employee’s services hereunder (or pay Employee in lieu of notice)
      as of a date 

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    (not
      earlier than fourteen (14) days from such notice) to be specified in such notice
      and this Agreement (other than the provisions of Section 7 hereof) shall
      terminate on such date.  

     

    7.  Post-Termination
      Obligations.
      All
      payments and benefits to Employee under this Agreement shall be subject to
      Employee’s compliance with the following provisions during the term of her/his
      employment and for the Severance Payment Period:  

     

    (a)  Confidential
      Information and Competitive Conduct.
      Employee
      shall not, to the detriment of the Company, disclose or reveal to any
      unauthorized person any trade secret or other confidential information relating
      to the Company or its affiliates or to any businesses operated by them, and
      Employee confirms that such information constitutes the exclusive property
      of
      the Company. Employee shall not otherwise act or conduct her/himself to the
      material detriment of the Company or its affiliates, or in a manner which is
      inimical or contrary to the interests thereof, and, for a period of twelve
      (12)
      months following an event of termination under paragraph 6(a), shall not,
      directly or indirectly, engage in or render any service (whether to a person,
      firm or business) in direct competition with the Company; provided,
      however,
      that
      Employee’s ownership of less than five percent (5%) of the outstanding stock of
      a corporation shall not be itself be deemed to constitute such competition.
      Employee recognizes that the possible restrictions on her/his activities which
      may occur as a result of her/his performance of her/his obligations under this
      paragraph 7(a) are required for the reasonable protection of the Company and
      its
      investments. For purposes hereof, “in direct competition” means engaged in the
      research, development and/or production of biological materials intended for
      use
      as therapeutic, prophylactic or diagnostic products in one or more of the same
      indications, and that utilize one or more of the same scientific bases (e.g.,
      in
      the case of a therapeutic antibody, targets the same signal initiating pathway),
      as a product or product candidate the research, development and/or production
      of
      which is an active part of the Company’s business plan at the time of Employee’s
      termination.

     

    (b)  Non-Disparagement.
      The
      Employee and the Company agree to refrain from any defamation, libel or slander
      of the other and its respective officers, directors, employees, representatives,
      investors, shareholders, administrators, affiliates, divisions, subsidiaries,
      predecessor and successor corporations and assigns or tortious interference
      with
      the contracts and relationships of the other and its respective officers,
      directors, employees, representatives, investors, shareholders, administrators,
      affiliates, divisions, subsidiaries, predecessor and successor corporations
      and
      assigns.  

     

    (c)  Failure
      of Employee to Comply.
      If, for
      any reason other than death or disability, Employee shall, without written
      consent of the Company, fail to comply with the provisions of paragraphs 7(a)
      or
      7(b) above, her/his rights to any future payments or other benefits hereunder
      shall terminate, and the Company’s obligations to make such payments and provide
      such benefits shall cease.  

     

    (d)  Remedies.
      Employee
      agrees that monetary damages would not be adequate compensation for any loss
      incurred by the Company by reason of a breach of the 

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    provisions
      of this Section 7 and hereby agrees to waive the defense in any action for
      specific performance that a remedy at law would be adequate.  

     

    8.  Effect
      of Prior Agreements.
      This
      Agreement contains the entire understanding between the parties hereto and
      supersedes any prior employment agreements between the Company and Employee,
      but
      shall not supersede the Change of Control Severance Agreement referred to above,
      any indemnification agreement between the Employee and XOMA Ltd. (or its
      successor or acquirer), the share award agreements between the Employee and
      XOMA
      Ltd. (or its successor or acquirer), or any employee benefit plan of which
      the
      Employee is a participant and under which all benefits due under such plan
      have
      not yet been paid or provided.  

     

    9.  General
      Provisions.  

     

    (a)  Binding
      Agreement.
      This
      Agreement shall be binding upon, and inure to the benefit of, Employee and
      the
      Company and their respective permitted successors and assigns.  

     

    (b)  Legal
      Expenses.
      In the
      event that Employee incurs legal expenses in contesting any provision of this
      Agreement and such contest results in a determination that the Company has
      breached any of its obligations hereunder, Employee shall be reimbursed by
      the
      Company for such legal expenses. 

     

    (c)  Compliance
      with Section 409A of the Code.
      Any
      payments under this Agreement which would be subject to Section 409A of the
      Code
      shall be administered in compliance with the requirements of Section 409A of
      the
      Code.

     

    10.  Successors
      and Assigns.  

     

    (a)  Assignment
      by the Company.
      This
      Agreement shall be binding upon and inure to the benefit of the successors
      and
      assigns of the Company and, unless clearly inapplicable, reference herein to
      the
      Company shall be deemed to include its successors and assigns.  

     

    (b)  Assignment
      by Employee.
      Employee
      may not assign this Agreement in whole or in part.  

     

    11.  Modification
      and Waiver.  

     

    (a)  Amendment
      of Agreement.
      This
      Agreement may not be modified or amended except by an instrument in writing
      signed by the parties hereto.  

     

    (b)  Waiver.
      No term
      or condition of this Agreement shall be deemed to have been waived except by
      written instrument of the party charged with such waiver. No such written waiver
      shall be deemed a continuing waiver unless specifically stated therein, and
      each
      such waiver shall operate only as to the specific term or condition waived.
       

     

    12.  Severability.
      In the
      event any provision of this Agreement or any part hereof is held invalid, such
      invalidity shall not affect any remaining part of such provision or any

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    other
      provision. If any court construes any provision of this Agreement to be illegal,
      void or unenforceable because of the duration or the area or matter covered
      thereby, such court shall reduce the duration, area or matter of such provision,
      and, in its reduced form, such provision shall then be enforceable and shall
      be
      enforced.  

     

    13.  Governing
      Law.
      This
      Agreement has been executed and delivered in the State of California, and its
      validity interpretation, performance, and enforcement shall be governed by
      the
      laws of said State. 

     

    IN
      WITNESS
      WHEREOF, XOMA has caused this Agreement to be executed by its duly authorized
      officer, and Employee has signed this Agreement, all as of the day and year
      first above written.  

     

    
      	
              XOMA
                (US) LLC

               

               

              /s/
                John L. Castello

              By:
                John L. Castello

              Chairman
                of the Board, President

              and
                Chief Executive Officer

               

               

              _______________________________

              Employee

               

            

    

     

     

     

    
 

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    FORM
      RELEASE OF CLAIMS AGREEMENT

     

     

    This
      Release of Claims Agreement (this “Agreement”) is made and entered into by and
      between XOMA (US) LLC (the “Company”) and ________ (the
“Employee”).

     

    WHEREAS,
      the Employee was employed by the Company; and

     

    WHEREAS,
      the Company and the Employee have entered into an employment agreement effective
      as of ________, 2006 (the “Employment Agreement”).

     

    NOW
      THEREFORE, in consideration of the mutual promises made herein and other good
      and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the Company and the Employee (collectively referred to as the
      “Parties”) desiring to be legally bound do hereby agree as follows:

     

    1.  Termination.
      The
      Employee’s employment with the Company terminated on ___________,
      20__.

     

    2.  Consideration.
      Subject
      to and in consideration of the Employee’s release of claims as provided herein,
      the Company has agreed to pay the Employee certain benefits and the Employee
      has
      agreed to provide certain benefits to the Company, both as set forth in the
      Employment Agreement.

     

    3.  Release
      of Claims.
      The
      Employee agrees that the foregoing consideration represents settlement in full
      of all currently outstanding obligations owed to the Employee by the Company.
      The Employee, on the Employee’s own behalf and the Employee’s respective heirs,
      family members, executors and assigns, hereby fully and forever releases the
      Company and its past, present and future officers, agents, directors, employees,
      investors, shareholders, administrators, affiliates, divisions, subsidiaries,
      parents, predecessor and successor corporations, and assigns, from, and agrees
      not to sue or otherwise institute or cause to be instituted any legal or
      administrative proceedings concerning any claim, duty, obligation or cause
      of
      action relating to any matters of any kind, whether presently known or unknown,
      suspected or unsuspected, that the Employee may possess arising from any
      omissions, acts or facts that have occurred up until and including the Effective
      Date (as defined below) of this Agreement including, without
      limitation:

     

    (a)  any
      and
      all claims relating to or arising from the Employee’s employment relationship
      with the Company and the termination of that relationship;

     

    (b)  any
      and
      all claims relating to, or arising from, the Employee’s right to purchase, or
      actual purchase of shares of stock of the Company, including, without
      limitation, any claims for fraud, misrepresentation, breach of fiduciary duty,
      breach of duty under applicable state corporate law and securities fraud under
      any state or federal law;

     

    (c)  any
      and
      all claims for wrongful discharge of employment, termination in violation of
      public policy, discrimination, breach of contract (both express and implied),
      breach of a covenant of good faith and fair dealing (both express and implied),
      promissory estoppel, negli-

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    gent
      or
      intentional infliction of emotional distress, negligent or intentional
      misrepresentation, negligent or intentional interference with contract or
      prospective economic advantage, unfair business practices, defamation, libel,
      slander, negligence, personal injury, assault, battery, invasion of privacy,
      false imprisonment and conversion;

     

    (d)  any
      and
      all claims for violation of any federal, state or municipal statute, including,
      but not limited to, Title VII of the Civil Rights Act of 1964, the Civil
      Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the
      Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the
      Employee Retirement Income Security Act of 1974, The Worker Adjustment and
      Retraining Notification Act, the California Fair Employment and Housing Act,
      and
      Labor Code Section 201, et
      seq.
      and
      Section 970, et
      seq.
      and all
      amendments to each such Act as well as the regulations issued
      thereunder;

     

    (e)  any
      and
      all claims for violation of the federal or any state constitution;

     

    (f)  any
      and
      all claims arising out of any other laws and regulations relating to employment
      or employment discrimination; and

     

    (g)  any
      and
      all claims for attorneys’ fees and costs.

     

    The
      Employee agrees that the release set forth in this Section 4 shall be and
      remain in effect in all respects as a complete general release as to the matters
      released. Notwithstanding the foregoing, this release does not extend to any
      obligations now or subsequently incurred under this Agreement, the Employment
      Agreement, the Indemnification Agreement between the Employee and the Company
      (or its successor or acquirer), the outstanding stock award agreements between
      the Employee and the Company (or its successor or acquirer), or any employee
      benefit plan of which the Employee is a participant and under which all benefits
      due under such plan have not yet been paid or provided.

     

    4.  Acknowledgment
      of Waiver of Claims under ADEA.
      The
      Employee acknowledges that the Employee is waiving and releasing any rights
      the
      Employee may have under the Age Discrimination in Employment Act of 1967
      (“ADEA”) and that this waiver and release is knowing and voluntary. The Employee
      and the Company agree that this waiver and release does not apply to any rights
      or claims that may arise under the ADEA after the Effective Date of this
      Agreement. The Employee acknowledges that the consideration given for this
      waiver and release agreement is in addition to anything of value to which the
      Employee was already entitled. The Employee further acknowledges that the
      Employee has been advised by this writing that (a) the Employee should
      consult with an attorney prior
      to
      executing this Agreement; (b) the Employee has at least twenty-one (21)
      days within which to consider this Agreement; (c) the Employee has seven
      (7) days following the execution of this Agreement by the Parties to revoke
      the
      Agreement; and (d) this Agreement shall not be effective until the
      revocation period has expired. Any revocation should be in writing and delivered
      to the Company by the close of business on the seventh (7th)
      day from
      the date that the Employee signs this Agreement.

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    

     

    5.  Civil
      Code Section 1542.
      The
      Employee represents that the Employee is not aware of any claims against the
      Company other than the claims that are released by this Agreement. The Employee
      acknowledges that the Employee has been advised by legal counsel and is familiar
      with the provisions of California Civil Code Section 1542, which provides
      as follows:

     

    A
      GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
      OR
      SUSPECT TO EXIST IN HER OR HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE,
      WHICH
      IF KNOWN BY HER OR HIM MUST HAVE MATERIALLY AFFECTED HER OR HIS SETTLEMENT
      WITH
      THE DEBTOR.

     

    The
      Employee, being aware of said code section, agrees to expressly waive any rights
      the Employee may have thereunder, as well as under any other statute or common
      law principles of similar effect.

     

    6.  No
      Pending or Future Lawsuits.
      The
      Employee represents that the Employee has no lawsuits, claims or actions pending
      in the Employee’s name, or on behalf of any other person or entity, against the
      Company or any other person or entity referred to herein. The Employee also
      represents that the Employee does not intend to bring any claims on the
      Employee’s own behalf or on behalf of any other person or entity against the
      Company or any other person or entity referred to herein except, if necessary,
      with respect to the agreements listed in the last sentence of Section 4 of
      this
      Agreement. 

     

    7.  Confidentiality.
      The
      Employee agrees to use the Employee’s best efforts to maintain in confidence the
      existence of this Agreement, the contents and terms of this Agreement, and
      the
      consideration for this Agreement (hereinafter collectively referred to as
“Release Information”). The Employee agrees to take every reasonable precaution
      to prevent disclosure of any Release Information to third parties and agrees
      that there will be no publicity, directly or indirectly, concerning any Release
      Information. The Employee agrees to take every precaution to disclose Release
      Information only to those attorneys, accountants, governmental entities and
      family members who have a reasonable need to know of such Release
      Information.

     

    8.  No
      Adverse Cooperation.
      The
      Employee agrees the Employee will not act in any manner that might damage the
      business of the Company. The Employee agrees that the Employee will not counsel
      or assist any attorneys or their clients in the presentation or prosecution
      of
      any disputes, differences, grievances, claims, charges or complaints by any
      third party against the Company and/or any officer, director, employee, agent,
      representative, shareholder or attorney of the Company, unless compelled under
      a
      subpoena or other court order to do so.

     

    9.  Costs.
      The
      Parties shall each bear their own costs, expert fees, attorneys’ fees and other
      fees incurred in connection with this Agreement.

     

    10.  Authority.
      The
      Company represents and warrants that the undersigned has the authority to act
      on
      behalf of the Company and to bind the Company and all who may claim through
      it
      to the terms and conditions of this Agreement. The Employee represents and
      warrants that the 

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    Employee
      has the capacity to act on the Employee’s own behalf and on behalf of all who
      might claim through the Employee to bind them to the terms and conditions of
      this Agreement.

     

    11.  No
      Representations.
      The
      Employee represents that the Employee has had the opportunity to consult with
      an
      attorney, and has carefully read and understands the scope and effect of the
      provisions of this Agreement. Neither party has relied upon any representations
      or statements made by the other party hereto which are not specifically set
      forth in this Agreement.

     

    12.  Severability.
      In the
      event that any provision hereof becomes or is declared by a court of competent
      jurisdiction to be illegal, unenforceable or void, this Agreement shall continue
      in full force and effect without said provision.

     

    13.  Entire
      Agreement.
      This
      Agreement and the Employment Agreement and the agreements and plans referenced
      therein represent the entire agreement and understanding between the Company
      and
      the Employee concerning the Employee’s separation from the Company, and
      supersede and replace any and all prior agreements and understandings concerning
      the Employee’s relationship with the Company and the Employee’s compensation by
      the Company. This Agreement may only be amended in writing signed by the
      Employee and an executive officer of the Company.

     

    14.  Governing
      Law.
      This
      Agreement shall be governed by the internal substantive laws, but not the choice
      of law rules, of the State of California.

     

    15.  Effective
      Date.
      This
      Agreement is effective eight
      (8)
      days after it has been signed by the Parties (the “Effective Date”) unless it is
      revoked by the Employee within seven (7) days of the execution of this Agreement
      by the Employee.

     

    16.  Counterparts.
      This
      Agreement may be executed in counterparts, and each counterpart shall have
      the
      same force and effect as an original and shall constitute an effective, binding
      agreement on the part of each of the undersigned.

     

    17.  Voluntary
      Execution of Agreement.
      This
      Agreement is executed voluntarily and without any duress or undue influence
      on
      the part or behalf of the Parties hereto, with the full intent of releasing
      all
      claims. The Parties acknowledge that:

     

    (a)  they
      have
      read this Agreement;

     

    (b)  they
      have
      been represented in the preparation, negotiation and execution of this Agreement
      by legal counsel of their own choice or that they have voluntarily declined
      to
      seek such counsel;

     

    (c)  they
      understand the terms and consequences of this Agreement and of the releases
      it
      contains; and

     

    (d)  they
      are
      fully aware of the legal and binding effect of this Agreement.

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS
      WHEREOF, the Parties have executed this Agreement on the respective dates set
      forth below.

     

    XOMA
      (US) LLC

    

     

    By:
      ___________________________________

     

    Title:
      _________________________________

     

    Date:
      _________________________________

    

     

    EMPLOYEE

     

     

    ______________________________________
Name

     

    Date:
      _________________________________

    

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

     

    Terms
      of
      Individual Executive Officer Employment Agreements
(to be read in conjuntion
      with Form of Employment Agreement)

    

    
      	
              Name

               

            	
              Title

            	
              Current
                
Salary

            	
              Paragraph
                6(b)(i)

               

            	
              Paragraph
                
6(b)(ii)

               

            	
              Paragraph
                6(b)(iv)

               

            
	
              John
                L. Castello

               

            	
              Chairman
                of the Board, President and Chief Executive Officer

               

            	
              $500,000

               

            	
              1.5

               

            	
              18

              months

               

            	
              18

              months

               

            	
              12
                
months

               

            	
              $15,000

               

            
	
              Patrick
                J. Scannon, MD, PhD

               

            	
              Chief
                Biotechnology Officer

               

            	
              $360,000

               

            	
              .75

               

            	
              9

              months

               

            	
              9

              months

               

            	
              6
                
months

               

            	
              $8,000

               

            
	
              Christopher
                J. Margolin

               

            	
              Vice
                President, General Counsel and Secretary

               

            	
              $300,000

               

            	
              .75

               

            	
              9

              months

               

            	
              9

              months

               

            	
              6
                
months

               

            	
              $8,000

               

            
	
              J.
                David Boyle II

               

            	
              Vice
                President, Finance and Chief Financial Officer

               

            	
              $260,000

               

            	
              .75

               

            	
              9
                
months

               

            	
              9

              months

               

            	
              6
                
months

               

            	
              $8,000

               

            

    

    
 

     

    -15-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]